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MAR 27 1939
TV
oittmetria
COPYRIGHTED IN 1939 8 V WILLIAM
B.
DANA
COMPANY, NEW YORK.
VOL. 148.
ENTERED AS 8CCOND-CLA8S MATTER JUNE 23, 1879, AT THE POST OPriCE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NEW YORK, MARCH 25,1939
brooklyn
William
cor.
trust
THE CHASE
BANK
company
NATIONAL BANK
Chartered 1866
OF THE CITY OF NEW YORK
OF
/
1
£
George V McLaughlin
y
The chase
President
NEW YORK
BROOKLYN
N E W
ditionally
For
Member Federal
NO. 3848.
Spruce Sts., N.Y.City
Deposit Insurance
Corporation
of
years
and
banks
New
and
York
it
has
number
large
a
tra-
bankers' bank.
many
served
YORK
a
is
bankers
as
correspondent
depository.
reserve
Member Federal Deposit Insurance
Corporation
FUNDAMENTAL
INVESTORS
PREFERRED
INC.
STOCKS
Harriman
Ripley & Co.
Incorporated
Prospectus available from
local dealers
Underwriters of
and
Tthc
dealers in
ment
FIRST BOSTON
capital issues
U.
S.
Govern¬
Bonds, Municipal Bonds
and other investment securities.
CORPORATION
NEW YORK
Hallgarten Si Co.
Established 1SS0
BOSTON
63 Wall
chicago
philadelphia
Boston
san francisco
and other principal cities
Street, New York
Philadelphia
Chicago
Representatives in other leading Cities
NEW YORK
London
Chicago
h
.
.
City of
The
Philadelphia
NewTbrkTrust
BEAR, STEARNS & CO.
ONE WALL STREET
Commonwealth of
Pennsylvania
Company
Bonds
NEW YORK
Capital Funds
.
.
$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
HI
IOO
I
BROADWAY
40TH ST. & MADISON AVE.
HOMER & CO., Inc.
40
FIFTH
Exchange Place, New York
AVE. & 57TH ST.
Service
to
Banks and
Dealers since
NEW YORK
1888
HORNBLOWER
European Representative's Office:
8
Carl m. Loeb, Rhoades & Co.
61
&
WEEKS
Established 1888
KING WILLIAM STREET
40 Wall Street
LONDON, E. C. 4
NEW YORK
BROADWAY
•A
*
NEW YORK
London
Paris
Amsterdam
Member of the Federal Deposit Insurance Corporation
Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
Members New York,
Financial
n
This is under
circumstances to be construed
no
an
.
NEW ISSUE
,
offer to buy,
any
as an
Mar.
Chronicle
offering of these Bonds for sale, or as an offer to buy, or as a
of such Bonds. The offer is made only by means of
25,
1939
solicitation of
the Prospectus.
;
$17,500,000
POWER COMPANY
NORTHERN STATES
(A Wisconsin Corporation)
First
Mortgage Bonds, 3*/2% Series due March 1, 1964
Price
106% and accrued interest
Copies of the Prospectus
are
obtainable from the undersigned.
•
SMITH, BARNEY & CO.
THE FIRST BOSTON CORPORATION
MELLON SECURITIES CORPORATION
HARRIMAN RIPLEY & CO.
Incorporated
BLYTH &
SCHRODER ROCKEFELLER & CO.
LEHMAN BROTHERS
CO., INC.
Incorporated
.
H. M. BYLLESBY AND COMPANY
W. C. LANGLEY & CO.
BLAIR & CO.
Incorporated
Inc.
A. C. ALLYN AND COMPANY
^
HARRIS, HALL & COMPANY
Incorporated
March 22, 1939.
'
(Incorporated)
,
h.
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Leading Out-of-Town
Meetings
'•
■
.
Notices
Investment Bankers & Brokers
THE
NEW
YORK
HONDURAS
AND
ROSARIO
RAILROAD
NOTICE
The
OF
STOCKHOLDERS ANNUAL MEETING
The
NEW
Annual
Meeting
of
the
stockholders
of
PUBLIC
UTILITY
BONDS
AND
HONDURAS
ROSARIO
COMPANY will be held at the office
YORK
MINING
of the
Company at Room 1919, No. 120 Broad¬
way, New York, N. Y., on Wednesday, April
.5th, 1939, at 2:00 P. M., for the following pur¬
poses, viz.:
1.
The
election
of
2.
The
ratification
Directors
eleven
ensuing year or until their
and qualified.
and
successors
for
are
the
Members of Detroit Stock
Exchange
elected
PENOBSCOT BUILDING, DETROIT, MICH.
of the acts
the officers and. Directors of this Company
in acquiring, in conjunction with others, certain
mining properties in Nicaragua, as .set forth in
the Notice sent to the stockholders on March
11th, 1939.
The
3.
transaction
other
of such
business
properly come before the meeting
adjournment or adjournments thereof. ,
of
or
the meeting, the
L.
THE
BORDEN, Vice-President.
MILWAUKEE
transfer
BOARD
Specialists in Connecticut
WISCONSIN
CORPORATION SECURITIES
Teletype—Milwaukee 92
OF
PUTNAM & CO.
J. PERLMAN, Secretary.
Dated, March 23, 1939.
Members New York Stock Exchange
EDGAR, RICKER& CO.
207
,
6
CENTRAL ROW
HARTFORD
Tel. 5-0151. A. T. T. Teletype—;Hertford 664
East Michigan
St.,
Milwaukee, Wis.
WESTERN
RAILWAY COMPANY
Broad Street Station
ST. LOUIS
Building
Philadelphia
\
BIRMINGHAM
March 11, 1939.
NOTICE
OF
ANNUAL
MEETING'
OF
STOCKHOLDERS
The
of
will
Annual
Meeting
of the
Stockholders
Norfolk
and
Western
Railway
Company
MARX & CO.
be held
at the principal office of the Com¬
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 meeting.
Stockholders of record at the close
of business March 24, 1939, will be entitled to
vote at such meeting.
pany
L.
.
as
DIRECTORS.
NORFOLK AND
H.
Leading Out-of-Town
Securitiea
OF
ROAD
COAST LINE RAILCOMPANY, SUCCESSOR.
Investment Bankers & Brokers
HARTFORD
1939.
ORDER
COMPANY
ATLANTIC
any
books of the Company will be closed from noon,
March 25th, 1939, until ten A. M., April 6th,
BY
CAROLINA
NORFOLK AND
RAILROAD
By
approval
may
For the purpose
$1,314,000. outstanding 5% Bonds,secured
by First Mortgage of The Norfolk and Carolina
Railroad Company, maturing April
1st, 1939,
together with interest coupon maturing April 1st,
1939, will be paid on and after April 1st upon
presentation at office of Central Hanover Bank
and
Trust
Company,
Successor
Trustee,
70
Broadway, New York City.
THE
Charles A. Parcel Is & Co.
of
•
COMPANY
DETROIT
COMPANY
MINING
NORFOLK AND CAROLINA
W.
COX, Secretary.
BIRMINGHAM, ALABAMA
Sirrx
s,
'Co.
SAINT LOUIS
0O9 0UVC ST.
SOUTHERN
MUNICIPAL
CORPORATION
AND
BONDS
Member* St. Louis Stock Exchange
Volume
148
Financial
This announcement is neither
an
ojjer to sett,
The
NEW
Chronicle
ill
solicitation oj ojjers to buy
nor a
any
oj these Debentures.
offering is made only by the Prospectus.
ISSUE
$22,500,000
National Distillers Products
Corporation
Ten-Year Convertible 3%% Debentures
Dated March 1, 1939
Due March 1,1949
^
Price 100%% plus accrued interest to date of
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1
i
delivery
'
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.
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'
Copies oj the Prospectus
may be obtained jrom any oj the several Underwriters,
including the undersigned, only in Stales in which such Underwriters
are
a
qualified to act as dealers in securities and in which
the Prospectus may legally be distributed.
•
Glore, Forgan & Co.
Harriman Ripley & Co.
'
Incorporated
..
Blyth & Co., Inc.
Hayden, Stone
Mellon Securities Corporation
The First Boston Corporation
Co.
&
Goldman, Sachs & Co.
W. C. Langley & Co.
Stone
Kidder, Peabody & Co.
& Webster
and Blodget
Incorporated
March 21,1939.
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Dividends
Dividends
GITY INVESTING COMPANY
55
Packing Company
pacific Gas and electric co.
COMMON DIVIDEND No. 251
the
on
common
A cash dividend declared
of Directors
stock "of the
of
record
at
(1H%)
by the Board
March 15, 1939, for
on
.
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March 31, 1939,
equal to 29fo of its par value, will be paid
upon the Common Capital Stock of this
„
the close of
Company by check
business March 25, 1939.
1939,
to
15,
1939,
centum
G.
.
F.
GUNTHER, Secretary/.
shareholders of record at the
close of business
R. M. Waples, Secretary
April
on
per
the issued and outstanding Preferred Capital
stock of the
Company, other than Preferred
stock owned by the Company, payable
April 1,
1939, to holders (other than the Company),
of the Preferred Capital stock of record on the
books of the Company at the close of business
on March 28, 1939.
upon
the quarter ending
Company, payable March 31, 1939, to
stockholders
dend for the three months ending March
31,
of one and three-quarters
Common Slock Diridend No. 93
regular meeting of the Board of
Directors, held in Palmyra, N. Y., this
day, a dividend of 500 per share was
declared
The Board of Directors has this
day declared,
out of surplus earnings of the
Company, a divi¬
dividend notice
a
BROADWAY, NEW YORK
March 21, 1939
March 21. 1939
rTT".! TT"!
At
Dividends
The Garlock
fie
•
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March 31, 1939.
The Transfer Books will not be closed.
.
on
D. H. Foote,
KAUFMANN DEPARTMENT
San Francisco,
Secretary-Treasurer.
Electric Bond and Share
Company
$6 and 15 Preferred Stock Dividends
California.
The
STORES, Inc.
per
Common Dividend No. 74
AMERICAN
Pittsburgh, Pa., March 21, 1939.
The
twelve
Directors
have
(12c)
cents
a
dividend
share on the Common
28, 1939, to all holders
1939.
Cheques
will
be
mailed.
E.
BOSTON
R.
CLARKSON, Treasurer.
A
Quarterly dividend
Directors
of
the
A.
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.
1,
per
share has
INDIANA
1939, to Stock¬
on
Company, Boston.
April
,
21,
TONER, Treasurer/,
1939.
PIPE
26
A
JAMES V.
B.
C.
RAY,
BROWN, Treasurer.
has
dividend
been
of
LINE
COMPANY
Broadway,
New York, March 17, 1939.
Thirty (30) Cents per share
Stock ($10.00
par value) of this Company, payable May
15,
1939, to stockholders or record at the close of
declared
business April
21,
on
the Capital
1939.
J.
R.
Treasurer.
American
UNITED
REFINING
SMELTING
STATES
AND
MINING
The Directors have declared
1939.
March
of
ROBERT
Checks will be mailed from Old Colony Trust
Boston,
Board
COMPANY
of $2.00
payable May
share
Brooklyn, New York
The
NO. 200
holders of record at the close of business
10,
COMPANY
1939.
EDISON
DIVIDEND
been declared,
MANUFACTURING
Noble and West Streets
of
per
payable April
record
April
10,
Stock,
of
declared
regular
quarterly
dividends
of $1.50
share on the $6 Preferred Stock and $1.25
on the $5 Preferred Stock of the Com¬
pany have been declared for payment May 1,
1939, to the stockholders of record at the closs
of business April 6, 1939.
per
FAST, Secretary.
a
COMPANY
quarterly divi¬
dend of 1&% (87y2 cents per
share) on the
Preferred Capital Stock, and a dividend of
One Dollar ($1.00) per share on the Com¬
mon
Capital
Stock,
both
payable
on
April
15, 1939 to stockholders of record at the
close of business March 30, 1939.
GEORGE MIXTER,
March 21, 1939.,
•
* Treasurer.
Mar. 25,
Chronicle
Financial
IT
CORPORATION
FOODS
GENERAL
ASSETS
CURRENT ASSETS:
receivable:
Customers' accounts.
.................:..
Miscellaneous, including deposits and working
,
• • •... •
8,233,488
1,029,011
444,588
$
V.
funds. ;,
receivable..........
Notes, drafts and acceptances
whichever is lower (quantities and
officials of the companies):
Inventories, at cost or market,
mined under the direction of
semifinished stock.
Finished and
....
.....
.
.
$14,715,686
14,453,449
—........
^. ....
298,950
9.532,456
$17,282,513
11,894,321
965,431
_
.29,865,216
696,081
........................,.........
30,142,265
$45,292,596
$53,203,547
,'
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ASSETS::
OTHER
.
9,831,406
condition deter¬
Supplies.......... i..............';..
Total current assets.
$
. .......
Raw materials,
■
202.294
9,400,321
306,766
and for doubtful accounts and notes.
8,355,764
1,273.348
•
9,707,087
$
Less—Reserves for discounts
$
controlled companies (not consolidated) at propor¬
tionate share of book value of net assets, less reserve of $130,644 ($128,794 in 1937)
Due from officers and employees,".
.
...
...
Investment in The Best Foods, Inc. (29% of capital stock)........ .... >...., > >:
Other stocks and bonds, at cost, less reserve of $385,000. ...,.......,..........
Balances in suspended banks, less reserve of $163,400.
Long-term notes and accounts receivable, , .
V
..../......
Advances to growers under production agreements. . . .................... ......,
Investments in and advances to
870,260
210,130
3,149,776
615,599
162,319
164,383
201,201
$ 1,026,199
185,667
3,149,776
623,362
94,302
149,809
"249,186
5,373,668
5,478,301
ACCOUNTS:
PROPERTY
.
$
Land, factory sites, etc., . , . . . . .
.., .
Buildings, docks, etc...... .... ........ ... . ....,.
Machinery, equipment, motor trucks, vessels, etc..
$
4,039,571
16,059,243
30,563,545
depreciation.
...
:.
.
28,793,046
20,641,878
24,116,214
1,545,130
21,869,313
......
... . .,, ... .... ... . . . .
...
.
3,731,125
13,978,606
27,048,361
$44,758,092
$50,662,359
Less—Reserves for
1937
5,617,875
$
$13,938,010
,,
Cssh.
Accounts and notes
December 31,
1938
31,
December
SHEET
BALANCE
CONSOLIDATED
COMPARATIVE
1939
449,472
493,320
328,746
1,271,538
stated at cost, excepting certairi properties appraised at sound
balance at December 31, 1938 of the appraised
of cost, not yet covered by depreciation was $993,732—
$1,037,313 in 1937).
,
■ .
v
(Properties
are
1916 and 1926; the
values in
in
values
excess
AND GOOD WILL (Note 1)
TRADE-MARKS, PATENTS,
DEFERRED
CHARGES TO OPERATIONS:
457,932
782,954
304,244
Prepaid advertising expense and supplies, . ..... .......... .*...............,..
Prepaid insurance premiums and other expenses........... .. .......... .......
Purchase contract
rights—balance unamortized.
. .
.■.... .........................
$76,054,017
$89,020,025
"
COMPARATIVE CONSOLIDATED
FOR THE YEARS
\
ENDED DECEMBER 31, 1938 AND DECEMBER
■
'•
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STATEMENT OF PROFIT AND LOSS
..
.
...
....
..
December
"
-
Net sales,
.....
.
..
.
....
....
.
f.
.,
.....
goods sold, including provision for depreciation and freight charges ......
Selling, administrative and general expenses and other charges. . . . . . . . .......... .
Provision for Profit Incentive Plan Fund......................................
Cost of
$135,221,301
... ...
$88,288,687
31,065,592
293,244
'
31, 1937
,
Y^J* Oil clod
•
31, 1938
December 31, 1937
' /
;
$93,322,787
29,560,776
. ..
Profit from
operations. .......................:..........
Best Foods, Inc.. .
Other dividends and interest.............
Cancellation of 1936 reserve for adverse judgment
. .
/.......
,:
V.'.„
Other income:
.,...... ... ..
....... .
614,800
110,299
$
.
reversed on appeal.
'
'
—
. ... . . ...
,
16,0^8
.
Provision for Federal surtax on
.
undistributed profits.
—
104,189
Provision for foreign income taxes.
Loss
on
Interest
sale of securities (net)
.;....
—
...
issuance.
.
,
.
.
53,347
•
$ 1,822,925
1,093,389
$ 11,336,332
24,453
113,061
84,197
—
2,929,559
2,130,037
......$ 13,577,075
$ 9,206,295
,
Net
242,483
85,401
21,115
91,441
paid
Preferred stock—ekpense of
'
565,500
112,612
119,447
932,856
w16,506,634
$ 2,712,814
Total income
Provision for Federal income tax,
\ $ 10,242,943
$
1
223,805
Royalties and miscellaneous income........
....................... .
Proportionate share of net profits or losses of controlled companies' not consolidated
(applied in adjustment of reserve for impairment of investments therein) ......
122,883,563
••
,$ 15,573,778
'.v.-
■
Dividends received from The
..
-*•'
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'119,647,523
$133,126,506
profit, carried to surplus account
NOTES
1—Intangibles consisting of good will, trade-marks, patents, etc., carried in
the accounts at substantial amounts, have been applied against surplus
accounts, including
capital surplus arising from reduction of
capital stock
liability account, and, consistent with the procedure followed since 1922,
are shown at the nominal amount of $1.00 for the purpose of the published
financial statements. No deduction has been made in the foregoing statement
amortization of patents included in such intangibles.
2—Net current assets and deferred expenses of foreign subsidiary companies
(chiefly in Canada, aggregating $2,829,172 at December 31, 1938) and the
results of their operations have been included in the foregoing balance sheet
of
profit and loss for
and
related
statement of
profit and loss at amounts reflecting rates
not
exceeding the rate of exchange at the close of the respective fiscal years;
property accounts have been included on the basis of Canadian dollars at
$1.00; pounds sterling at $4.80, and Philippine pesos at 50 cents.
3—Depreciation
1937)
of which
provided for 1938 aggregated $2,357,760
$705,505 ($342,350 in 1937) has been
general expenses and other charges.
($1,816,205 in
included in selling,
administrative and
4—The
consolidated statements reflect the accounts
sidiary companies on the basis
of three foreign sub¬
of their fiscal yfear ending November
30th.
Volume
AND
148
Financial
SUBSIDIARY
DECEMBER
31,
1938
AND
Chronicle
v
COMPANIES
DECEMBER
19 37
31,
LIABILITIES
December 31, 1938
CURRENT
December 31, 1937
LIABILITIES:
Notes payable to banks.
.
.
.
...
$
Acceptances' and drafts payable
Preferred dividend payable
February 1, 1939.
Foreign drafts discounted
Accounts payable
.
1,433,649
168,750
V.
...
80.346
,
.
Accrued salaries, wages, etc.,
.
...
tax and surtax and for
foreign income taxes.
.
77,240
3,576.971
1,046.123
522,213
818,565
3,241,701
........
Accrued expenses
Accrued taxes.
Provision for Federal income
4,000,000
3,232,518
3,825,371
720,971
168,129
713,099
2,391,764
Total current liabilities
$10,888,318
$15,129,092
RESERVES:
For tax contingencies.
on commitments for
purchase of raw materials
700,000
41,633
For loss
700,000
155,296
741,633
(aggregate
CAPITAL
STOCK
AND
par
855,296
1
MINORITY INTERESTS IN PREFERENCE STOCK AND CLASS "A"
COM¬
MON STOCK OF SUBSIDIARY
COMPANIES
1
value—$1,871,100)
SURPLUS:
Preferred stock:
„
"
Authorized—350,000 shares without par value
Issued—150,000 shares $4.50 cumulative preferred
preference $100
a
.
(involuntary
•
•,
liquidation
share)
$15,000,000
(i
"
Common stock:
Authorized—6,000,000 shares without
Issued
par
value
-r5,359,751, shares.
$48,402,798
$48,402,798
$19,118 729
..
(Including 85,778 shares held by a subsidiary
Class "A" stock in hands of public).
$16,798,284
for conversion of its
company
.
,
Capital surplus (Note 1)
Earned surplus, statement attached.
..................
Less—Amount allocated in respect of
ury
.
.,,.
.
.
.
.
..
.
stock reacquired and held in treas¬
common
(108,311 shares at cost)
.
.
5,131,454
...
5,131,454
$13,987,275
Total
capital stock and surplus.
.
'
.
$11,666,830
77,390,073
60,069,628
$89,020,025
t
$76,054,017
COMPARATIVE CONSOLIDATED STATEMENT OF EARNED
SURPLUS
FOR THE YEARS ENDED. DECEMBER
31, 1938 AND DECEMBER 31, 1937
■
.
.
„
'
'
Year'ended
\
,
December 31, 1938
.
Balance at
Net
beginning of
year....
December 31, 1937
$16,798,284
profit, from consolidated statement of profit and loss.
$19,766,859
13,577,075
*
9,206,295
'
f
,
Dividends
on
stock in hands of
Common—$2.00
a
public:
share
Preferred—$3.27p£
a
$30,375,359
.
.
.
•••••.
..............
A
of
...
preferred stock liability
.
.
,,
.
net
$10,502,880
491,250
!—
k
over
$10,502,880
.
...
4
Excess
.
share (including dividend payable February 1, 1939)
Cost of intangibles acquired during year,
$28,973,154
-
"
.
'.....
'
ti
$10,994,130
•
consideration received for shares upon
—
1,671,990
'
,
12,174,870
'
1
"
issuance, charged to surplus.
.
262,500
..
'
.
Earned surplus at end of year
11,256;630
,
'
ACCOUNTANTS'
•
$19,118,729
$16,798,284
OPINION
To the Board of Directors of
General Foods
We have made
an
March 8, 1939
Corporation:
examination of the consolidated balance sheet of General
Foods Corporation and subsidiary companies as at December
31, 1938 and
of the related statements of profit and loss and earned
surplus for the year
1938. In connection therewith, we examined or tested
and other
accounting records
supporting evidence of the parent corporation and subsidiary and
controlled companies in United States and Canada and obtained
information
and explanations from officers and
employes of those 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. We have been furnished with reports of other
public accountants
56
Pine Street, New York, N. Y.
pertaining to the accounts of five foreign subsidiary and controlled com¬
panies; the aggregate assets of such companies represent approximately 1%
of the consolidated assets.
In
opinion, based upon such examination, the accompanying consoli¬
balance sheet and related statements of profit and loss and earned
surplus fairly present, in accordance with accepted principles of accounting
consistently maintained by the companies during the year under review, the
combined position of the companies at December 31, 1938 and the results of
their operations for the year 1938.
our
dated
Pkice, Watekhouse & Co.
Mai.
Chronicle
Financial
VI
CORPORATION
PARAMOUNT BR
DECEMBER 31, 1938
BALANCE SHEET AT
BANKS
IN
NOTES
•
.
^
CASH
ASSETS
...
$2,830.24
.
INTEREST AND ACCOUNTS
RECEIVABLE AND ACCRUED
deducting reserves.
RECEIVABLE, after
AFFILIATED COMPANY:
34,071.06
------
Hercules Theatre Corporation..
FIXED ASSETS,
at cost:
1
Land
23,332.11
-
-
- —
RECEIVABLE FROM AN
ACCOUNT
25. 1939
Equipment, after deducting reserve
Art objects (at approximate cost).
$4,017,301.49
7,044,375.39
83,221.25
-
-
—
— -
amounting to' $3,998,229.04
deducting reserve for depreciation
Building, after
—
*
for depreciation amounting to
$286,244.62.
11,304,535.57
159,637.44
41.73
SINKING
PREPAID
BY TRUSTEE.
FUND CASH HELD
INSURANCE, etc
23,530.09
CHARGES:
DEFERRED
Leasing commissions
$17,787.25
unamortized
Bond discount and expense
418,067.01
400,279.76
unamortized
...
$11,806,407.81
LIABILITIES AND
■
CAPITAL
$4,525.64
ACCOUNTS PAYABLE......
LIABILITIES:
ACCRUED
$82,709.99
Interest.....
-
1935 AND DUE
FEBRUARY 15
(pursuant to the terms of the Supplemental Indenture dated as of February 15,1935, a sinking fund
payment amounting to $152,778*74 is due and payable on or prior to February 15, 1939).
(See
FIRST MORTGAGE
FEBRUARY 15,
SINKING FUND LOAN BOND DATED FEBRUARY 15,
1955, INTEREST AT 3% PAYABLE AUGUST 15 AND
Note A below):
Leas:
.
.
Outstanding bonds
—
.
...
...
Treasury bonds
111,414.42
28,704.43
income) and miscellaneous accruals.
(other than Federal
Taxes
purchased for sinking fund purposes
.
.
■'
•
$8,352,500.00
1,018,500.00
-
_
7,334,000.00
538.32
DEPOSITS
LEASE
RENTS RECEIVED
IN ADVANCE:
affiliated company:
From
Paramount Pictures
$7,839.47
Inc
Others
173,019.43
165,179.96
*
$7,623,497.81
Total
CAPITAL
liabilities
STOCK:
Authorized—2,000 shares with no par
Issued and
CAPITAL SURPLUS, as^at
DEFICIT
value
100,000.00
outstanding—1,950 shares.
4,620,274.94
July 1, 1935......
<,687,864.94
'.
FROM JULY.l, 1935
.....
\
Note A—The
i>
operations
Operating expenses, including
supplies and sundriesi
salaries and wages, light and power,
.
•
•
repairs and maintenance,
'.
Insurance
_
J...
....
(other than Federal income)
Interest.....
...J.
....
Leasing commission
'
•
$231J210.90
9,000.74
364,330.45
227,695.05
1
838,155.48
5,918.34
(including amortized portion)
'
.
Deduct:
■
Depreciation of fixed assets acquired prior to
Amortization of bond discount and expense
Net
'
.
operating loss for the period
1937
•
'
'.
$152,778.74
•
Deduct—Discount on bonds
$235,307.27
transferred to deficit account..-
1
purchased
applicable to bonds purchased
1938
,
T—
'
'
388,086.01
'
25,101.95
...
Less—Bond discount and expense
Deficit at December 31,
$362,984.06
July 1, 1935..
Deficit at December ,31,
'
\
$990,934.22
"
...
'
,
certain
the Year Ending December 31, 1938
1
-
,
•
•
and Loss and Deficit Account for
,
Expenses:
Taxes
-
0
.
Condensed Statement of Profit
Income from
the opinion of the corporation's counsel as to
fund payment was based on
specifically provided for in the indenture.
calculation of the above sinking
treatment of which is not
items the
$11,806,407.81
V.
449,143.58
-
$684,450.85
...
$171,731.87
24,645.96
147,085.91
$537,364.94
.
56 Pine Street
To the Board of
Directors of
Paramount Broadway
Corporation
New York,
February 15, 1939.
Broadway Corporation as at December 31, 1938 and of the state¬
for the year ending December 3,1,1938. In connection therewith we examined or tested account¬
ing records of the corporation and other supporting evidence and obtained information and explanation from the officers and employees
of the corporation; we also made a general review of the income and operating accounts for the year ending December 31, 1938, but we
did not make a detailed audit of the transactions. Income appearing on the books from several tenants in,the commercial portion of the
building, under leases wherein the rental is determined in whole, or in part, by the gross receipts of the tenant, was tested by reference to
the statements and other evidence furnished by such tenants without further verification by us.
We have made an
ment of
In
examination of the balance sheet of Paramount
profit and loss and deficit account
our
of the
the above balance sheet and related statement of profit and loss and deficit account
with accepted principles of accounting consistently maintained during the year under review, the position
the results of Its operations for the year ending December 31,1938.
(Signed) PRICE, WATERHOUSE & CO.
opinion, based upon such examination,
fairly present, in accordance
corporation at December 31,1938 and
Vol.148
MARCH 25, 1939
i
,
*
No. 3848.
.
^
CONTENTS
Editorials
PA GIB
The Financial Situation
The Revision of the
The
-1691
Neutrality Actr
1704
Morgenthau-Hopkins Axis Meets Defiance
1707
Comment and Review
Week
on
the European Stock
Exchanges
Foreigu Political and Economic Situation,
1695
—
1696
Foreign Exchange Rates and Comment
—-
.1701 & 1745
Course of the Bond Market.
1708
Indications of Business Activity
Week on the New York Stock
Exchange
Week
on
11709
1694
the New York Curb Exchange.
1743
News
Current Events and Discussions
Bank and Trust
...—1721
Company Items-
1742
General
Corporation and Investment News.,
Dry Goods Trade
1791
...
State and Municipal Department,
—
1838
1839
Stocks and Bonds
Foreign Stock Exchange Quotations
,
1755 & 1757
Bonds Called and Sinking Fund Notices
1749
Dividends Declared
.....
Auction Sales..New York Stock
...
.■
.
Exchange—Stock Quotations
1749
1749
1758
New York Stock
Exchange—Bond Quotations.-1758 & 1768
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
-.1774
-1778
-.1780
1784
Over-the-Counter Securities—Stock & Bond Quotations .1787
Reports
,
Foreign Bank Statements.Course of Bank Clearings
1700
Federal Reserve Bank Statements--.General
-
1743
-
....1721 & 1755
Corporation and Investment News
1791
Commodities
The Commercial Markets and the Crops,..,-
1827
Cotton
1830
Breadstuffs.
-
*
—1835
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York
City.
Herbert D. Seibert, 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 & 8mith, 1 Drapers' Gardens, London, E. C.
Copyright 1939 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the poet office at New York, N. Y.t under the Act of March 3,1879. Subscriptions in
United States and Possessions, $18 00 per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 ror 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.
YALE
THE
Mar.
Chronicle
Financial
nn
25,
1939
TOWNE
&
MANUFACTURING COMPANY
ANNUAL REPORT—1938
New York,
To the Stockholders:
Total current assets of $10,736,768
Item 27.
March 20, 1939.
Your|Directors submit the Consolidated Income and Surplus Accounts
major subsidiaries for the
of our auditors.
For ease in reference, the
Explanations in the following report also
carry numbers to tie the written comments to the various Income and
Surplusland Balance Sheet Items.
and the Balance Sheet of the Company and its
year 1938, with the certificate
two statements are numbered.
reflect a decline of
10.2 to 1.
(formerly
liabilities ($1,045,822—see Item 37) was at December 31, 1938,
Item 38.
It is hoped that the reserve for foreign contingencies
referred to as reserve for foreign exchange contingencies) amounting
STATEMENT OF INCOME AND
1938
■I
1 .JNetlSales
2.jk*Cost of
$13,936,448.00 $18,948,286.59
-
Sales—Factory
SURPLUS
1937
selling,
cost,
13,769,351.99
17,049,058-0£
167,096.01
administrative and general expenses
1,899,228.56
to
required.
be
never
etc
Add: Miscellaneous Income, Dividends
and Interest received less charges
for 1938. $355.50 and 1937, $986.49
It.
395,531.07
2,187,021.90
226,572.88
685,941.79
Provision for Federal, State
Deduct:
6.
287,793.34
228,435.06
Net Profit from ordinary operations be¬
fore
Federal,
State and
Foreign
Income Taxes
5.
168,958.19
Reserve for
gencies
Deduct:
Profit
Net
9.
1,501,080.11
100,000.00
175,000.00
68,958.19
Net Profit from ordinary operations
7.
1,326,080.11
foreign contin¬
-
—
*
.,.$ 5,484,087.52 $ 4,517,045.97
Surplus—January 1st
Earned
11.
Earned
Surplus
charges
following
the
before
5,843,126.08
Deduct:
199,000.50
Flood Losses
—
Adjustment In connection with the
conversion of net current assets
lit.
Addition to Reserve for foreign con¬
in foreign
7,496.06
10,556.33
countries
266,807.63
Cash Dividends—
291,993.60
16.
active, he was elected Chairman of the Board of Directors.
Mr. Allen's contribution to the Company cannot possibly
In his search for renewed strength he takes with him not only
of all of his associates.
January 1, Mr. John H. Towne, who started with the Company in
1890 ana who has served in a number of important positions, including that
On
of Secretary, which he held
Board.
At the same time,
Earned Surplus—December
Fred Dunning was made Secretary,
Mr.
in
,
Viggo E. Bird, President
of the Connecticut Power Company and the Hartford Electric Light Com¬
pany, and Mr. S. Bayard Colgate, Chairman of the Board of ColgatePalmolive-Peet Company, have expressed their willingness to be included
in the list of nominees for Directors to be presented at the Annual Stock¬
holders' Meeting.
These gentlemen, by virtue of their knowledge, ability
and character, are ideally fitted for membership on the Board of Directors
Company is unusually fortunate in that Mr.
The
$GENERALlCOMMENTS
An excellent spirit of unity has been evident throughout the Company
during the entire year.
No unfortunate labor disturbance has occurred.
Although it has been a difficult time for everyone concerned, there is little
135,113.50
486,656.00
768,358.06 $
359,038.56
Capital Surplus—January
paid in)
„
1st
5,484,087.52
4,784,687.65
31st
19.
doubt that the
this situation
personnel is stronger and more determined than ever. For
grateful because it is
the Officers and Directors are deeply
appreciated fully that the major strength of any organization lies in the
loyalty, ability and character of its men and women.
' ^
W. GIBSON CAREY, JR.
(wholly
768,192.37 $
$
768,192.37
II.
*
469,902.97
Depreciation
COMMENTS
23.
Cost
Repairs
ON
INCOME
607,454.72
--
AND
SURPLUS
by the too great rigidity inherent in our present economic
structure in this country.
Your management believes that such a situation
disadvantage of everyone, including those employed
as well as those seeking work in private industry.
Item 8.
In conformity with the Company's conservative financial policy,
an addition of $100,000 for 1938 to the reserve for foreign contingencies
(formerly referred to as foreign exchange contingencies) has been thought
advisable.
This does not represent ascertained losses.
The balance of
this reserve, amounting, at the end of 1938, to $465,000, is merged in the
Balance Sheet (see Item 38) with other amounts set up from earned and
capital surplus, as shown in Items 14 and 20.
Item 9.
The net profit from ordinary operations of $68,958 was insuffi¬
cient to meet even the moderate dividend of $.60 per share paid during
1938 (see Item 16).
The reasons for this have been commented on briefly in
Items 1 and 2.
The fact that we operate in the durable goods field, where
volume and price fluctuations have been greater, especially of recent years,
than in consumption products, does not solve the problem of making a
fair return on the money invested in the business.
Naturally, your manage¬
ment has this necessity constantly in mind.
The earnings of foreign Divisions were calculated at the average exchange
rate existing during the year, except in Germany where the old par of $.238
the long term
Reichsmark was used.
The charge to earned surplus of $199,000 was necessitated by
to the
Item 12.
operated at that location since 1868,no similar catastrophe has ever occurred.
Item 13.
The surplus deduction of $10,556 resulted from figuring the
net current assets of our foreign plants at $.90 for the Canadian Dollar,
$4.50 for the Pound Sterling and $.238 for the Reichsmark.
These rates
have been used for several years.
The
Company's net current assets in Germany at the end of 1938 were
$1,299,977.
This figure is mentioned because a free exchange does not
exist in that country.
Items lit and 20.
The
will
be noted later in
makes
a
total
connection
reserve
for
with
Item
established, but it is rather
an
38 in the
Balance Sheet.
foreign contingencies of $1,500,000.
cover
conformity with our regular conservative practice, to possible eventualities.
BALANCE
SHEET
(See below)
Item 23.
From
the
end
of
1937
to
the
close
of
1938
cash
increased
total of $1,677,358.
Of this amount $268,528 (figured at
$.238 to the Reischmark) was in Germany where funds are not free for
$323,962, to
a
transfer to other countries.
Item 24.
The securities amounting to $504,000 consist of U. S. Govern¬
ment
---$10,736,768.08 $11,693,369.91
Employees' Loans for Stock and Home
154,671.96
Purchases (Secured).
1
115,448.37
Plant and Equipment
(16,649,888.25 16,319,872.83
8,356,179.13
8,7 bit,lUt.9 k
Less: Reserve for Depreciation
\ '
28.
29.
25.
The reduction of $330,021, making receivables at December 31,
„
7,252,333.35
$7,963,693.70
$7,895,773.31
30.
in
investments
and
Advances
Sub¬
to
"
Companies
31. Trademarks, Patents and Goodwill
32. Prepaid Insurance, Taxes, etc
-
1.00
1.00
101,012.11
94,783.73
-$19,496,909.92 $20,559,594.74
:
Total
33.
653,074.44
647,907.05
sidiaries and Other
LIABILITIES
Dec. 31,1938
It
<36.
Dividends Payable January 3rd..
Reserves for Taxes and Other Accruals--
38.
394,424.41
822,233.29
72,998.40
870,683.16
$ 1,045,822.27 $ 1,765,914.85
Total Current Liabilities
Reserve for Foreign Contingencies
39.
Dec. 31,1937
578,399.46 $
72,998.40
$
Accounts Payable
Capital Stock
37.
1,500,000.00
375,000.00
(1,000,000 shares.of $25.00 par value)
Issued—486,656 shares...12,166,400.00
12,166,400.00
$25,000,000.00
Authorized
ItO.
768,192.37
Surplus—Capital
Earned
4,784,687.65
—
$
TO
THE
BOARD
OF
DIRECTORS,
THE YALE & TOWNE
We have made
5,484,087.52
4,784,687.65 $ 6,252,279.89
$19,496,909.92 $20,559,594.74
Total.
hi.
an
MANUFACTURING COMPANY.
examination of the Consolidated Balance Sheet of The Yale
Manufacturing Company and its major subsidiaries as at December 31,
and of the related Consolidated Statement of Income and Surplus for the
& Towne
1938,
year ended Dec.
In connection therewith, we examined or tested
31, 1938.
account¬
ing records and other supporting evidence and obtained information and explana¬
tions from officers and employees: we also
made a general review of the accounting
methods and of the operating and income accounts
a
for the year, but we did not make
detailed audit of the transactions.
also
examined
consolidated.
the
corporate records of the minor subsidiaries not
general
The aggregate equities in subsidiaries not
moderate amount, the investments in and advances to
consolidated exceed, by a
such subsidiaries, and the
operating results of these subsidiaries for 1938 have been substantially reflected in
the
Company's accounts.
The current assets and current liabilities in foreign countries have been converted
at
$4.50
German
for the
pound sterling,
reichsmark,
these
$.90 for the Canadian dollar, and $.238 for the
rates
being
considerably
below
the
quoted rates at
December 31,
1938. Plant and equipment Is stated at $358,634.56 less than cost,
after allowing for appreciation of land $198,665.70 recorded prior to 1910. The
assets are shown net after providing adequate reserves aggregating $9,138,321,08
against possible losses, depreciation and obsolescence.
Directors, the
reserve
By resolution of the Board of
aforementioned
for foreign contingencies, not included In the
aggregate, has been increased to $1,600,000.00 of which $768,192.37 has been pro¬
vided out of capital surplus and the balance out of earned surplus and income.
The Company's practice in calculating the profit or loss of foreign Divisions
the generally accepted one of using the average
bonds.
Item
Lower
Merchandise Inventories—at
Cost or Market
It
losses which have been
attempt to adjust our Financial Report, in
COMMENTS ON
$2,583,640.09
Total Current Assets
We
Board of Directors has considered it wise to set up
$266,807 from earned surplus and $768,192 from capital surplus as an
addition to the reserve for foreign contingencies mentioned in Item 8 above,
This
200,000.00
$2,253,619.13
of
6,301,790.39
27.
the damage sustained through flood at the Stamford Division at the time
of the hurricane on September 21, 1938..
Although the Company has
should be understood that this reserve does not
504,000.00
2,783,640.09
200,000.00
\
Doubtful Accounts.
26.
STATEMENT
caused
to
504,000.00
(2,453,619.13
Market
Less: Reserve for
.
(See Above)
Throughout 1938 an intense effort was made to maintain the
Company's sales.
In our foreign Divisions this was successful, but in the
United States there was a decided decline in volume, and in many lines
of product a weakening of price.
The result for the Company as a whole
was a contraction of business of 26% compared with 1937.
Item 2.
Constant analysis of expenses of all kinds and an unremitting
attempt to raise production and distribution efficiency did not offset the
reduction of volume, and prices, referred to a bove.
In general, th is situation
Item 1.
was
or
$1,353,396.47
of
Lower
Securities—at
Receivables
433,863.48
782,990.38
1937
$1,677,358.56
Cash
2It. Marketable
25.
Including:
Maintenance and
Dec. 31,
Dec. 31, 1938
768,192.37
— ----.$
4,784,687.65 .$ 6,252,279.89
Surplus—December 31st
22.
SHEET
ASSETS
768,192.37
Capital Surplus- -December 31st (wholly
paid in)
-
21.
BALANCE
COMPARATIVE
Addition to Reserve for foreign con¬
tingencies
20.
President.
TOWNE,
Chairman of the Board.
JOHN
Deduct:
as
of the
for 35 years, was elected as Chairman
_
18.
is
be recorded
adequately.
His vision and unusual capacity have been in large measure
responsible for the great increase in the size of the Company and its scope of
m
Total Charges to Earned Surplus_$
17.
which time by
""
tingencies
Profits or Losses on sales of invest¬
ments during the year and ad¬
justment to the lower of cost or
market value of investments held
at December 31st
;
15.
Mr. Allen came to the Company in 1892, since
his great energy, unusual ability and fine character be rose to the presidency
1915.
In 1932, due to his health which required that he become less
in
addition to his position as Treasurer.
5,553,045.71
13.
12.
Board,
by whom he will be sorely missed.
Because of illness, Mr. Walter C. Allen resigned as Chairman of the Board
of Directors as of January 1, 1939, and asked that his name should not be
included in the slate of Directors to be voted on at the Annual Meeting on
the best wishes but also the admiration and affection
.
Add:
10.
in forming the policy and in conducting the general affairs of the Company.
His passing has brought much sadness to all of the members of the
operations.
ordinary operations
Reserve for foreign
(from
after deducting
contingencies)-
Mr. Philip L. Spalding took from us a
Company faithfully and well since 1922. His
helpful attitude have been of great assistance
Director who has served the
wise counsel and unfailingly
April 13.
Income Taxes (includ¬
ing $167,124.78 of Federal Surtax
on Undistributed Profits for 1937)
and Foreign
8.
,
The death on December 4, 1938 of
Net Profit before Miscellaneous Income,
3.
at tne
$1,500,000, explained in full under Items 8, 14 and 20,
This blanket reserve simply reflects the best
judgment of the Directors and of the Company auditors.
It does not cover
any known loss.
...
Item ItO.
The transfer of the balance of capital surplus and the reduction
of earned surplus at the end of 1938 to $4,784,687 is clearly shown m the
Comparative Statement of Income and Surplus and is carefully explamed in
the comments thereon.
DIRECTORS AND OFFICERS
1938
of
end
may
,
COMPARATIVE
$956,601
($10,<36,768) to current
The ratio of current assets
from the close of 1937.
'
year except in the case of
1938, $2,253,619, was generally in line with the decline in business done.
All known bad debts were absorbed in the year's operations, as usual.
The
of $.238 for years
blanket
Sheet and related Consolidated Statement of Income and Surplus, together with
1935 to 1938 inclusive.
In our opinion, based upon such
of $200,000 is to cover unforeseen contingencies.
Item 26.
A realistic attitude toward inventory position was felt to be
essential to a balanced conduct of the business.
Consequently, in 1938,
despite the difficulty of doing so at a time of declining sales, inventories
were reduced $950,543, to a total of $6,301,790.
Our usual care was taken
to make sure that the inventory was accurately checked and to eliminate
examination, the foregoing Consolidated Balance
the
above comments, fairly present, in
of their operations for the year.
obsolete
reserve
or
otherwise unsalable items.
is
exchange rates existing during the
the German reichmark which has been taken at the old par
accordance with accepted principles of accounting
consistently maintained by the Companies, the position of The Yale & Towne Manu¬
facturing Company and its major subsidiaries as at December 31, 1938 and the results
BARROW,
New York, N. Y., March 13, 1939.
WADE,
GUTHRIE & CO.
Accountants and Auditors.
Volume 148
Financial
PRICE $8.50
The
Chronicle
nt
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SINGLE COPIES $6.00
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a
complex and rapidly changing picture—increasing Government
competition—stringent Federal regulation-—splitting
up
great utility systems—mergers and reorganizations.
The
It
covers
Public
the
Gas and Water
Utility
entire
Compendium
has
the
and reintegration
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of
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facts.
•
..
utility field—Communications,. Electric,
Companies—giving all essential details
of
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Control, Field of Operations, Description of Properties,
Earnings and Divi¬
dends.
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twice
yearly. Indispensable to Investors, Bankers and Utility Executives.
Company
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The Financial Situation
action in
of
a
currently reported to be prohibitive levels
is
Federal Government have been re¬
of the
officials
raising import duties
what
FOR a State while past the President, the Secretary
long and number of other responsible
are
put forward officially as a "protective measure"
designed to offset trade restrictions and export sub¬
peatedly giving utterance to their feelings about the
behavior of the so-called dictators of Europe, and
sidies that have been
about the
tised by Germany, but in view
general course of events across the Atlantic.
anything but pru¬
action and of many
These statements have often been
Some of them, if not
dent.
practised and
being
are
prac¬
of the timing of the
semi-official explanations emanat¬
ing from Washington, there can scarcely be any doubt
all of them, were appar¬
ently designed to give the impression
German goods to
on
that the action is
generally (par¬
regarded by the President
of
as one
of
but
ticularly to the dictators)
those short
that this country was
stronger-than-mere-words
heart
Let's Proceed!
Excellent!
and soul with the democra¬
would without
and
cies,
short of war, to
in
special Senate committee
in
this
out,
great that,
was
rather
by. side
England and
with
France, so
according
much the better,
the friends and
to some of
apologists for the Adminis¬
tration, for, reasoned these
observers, such
sion
would do
an
impres¬
than
more
anything else could do to
hold the aggressor
world
the
of
nations
check.
in
bankers'
to
power
ends
quite -without
was
accomplish the
thus
envisaged, for
Nazism
more
once
been, and is,
on
certainly with
has
the march,
no
less bold¬
One result of all this is
that the business commu¬
nity, and doubtless official
are
anxiously
scanning the map of Eu¬
rope
and reports from that
in
Continent,
almost;
an
feverish effort to determine
where
children and
should
unless
.
.
more
can
that
the best
my program,
sion
as
mode of
but if,
us
Great Britain and
in the nature of the case be
in as safe a position in this perilous situa¬
It cannot, however, be said that
that have been
wisdom characterizes some of the steps
number of others that are now being pro¬
taken and
a
posed by
one
group
or
arises.
Another movement afoot
another.
which to
Washington
in
many seems
almost incred¬
which is said to
but
ible
have the
support of many
members of Congress, some
influential, is the
of them
proposal "to take the prof¬
its out of war"
The President's
by the levy
specially designed
of taxes
for the purpose.
This
pro¬
draw its
support from several
seems
gram
to
One of them is
sources.
that group
cling to
modern
rapidly
normal
any
fomented
profits.
If there is
appreciable number of
that war can be pre¬
or even made sub¬
pose
as
vented,
wished.
of large means
war
in
such
wars are
American citizens who sup¬
a
men
which
pitiable.
of dreamers who
the notion that
by large industrialists and
financiers in search of ab¬
stantially less probable, by
such
Perhaps it is as natural
legislators at Washington are
study of existing legislation bearing
be.
in
of War
as
coping with
full face value and proceed as
than conjecture.
may
they lead—
participation
Taking the Profits Out
program
feasible with the program suggested.
'Tis a consummation devoutly to be
relations to the situation and to possible steps
place
matter
armed conflict if the occa¬
we
legislative notice to
take part,
their plight is indeed
apparently of the notion that
would make certain that all members
Others
a measure
a
that they will not profit from any
are
would share equally, or more equally, in
the sacrifices of any war,
tion
as a
determined to fol¬
to
even
stimulated to
to
be resorted to
low wherever
of society
on our
preg¬
danger and
have
our
that the officials and
a
are
.
the
be, which is natural enough even if the
conclusions reached
never
we
of fact
lightning will strike
France will
courses
with
nant
situation of this sort is to take the statement
at
think about them.
we
All such
of the major¬
ity, they should assume full responsibility
for it and put it into effect without delay and
without compromises for the benefit of any
special groups."
FeW observers of experience will fail to
recognize the low political cunning with
which this otherwise straightforward state¬
ment of the case is marred, but the fact re¬
next, and what the response of
hardly
our
"This would not be
mains
of letting the
balanced
would appear, it is
than in the past.
Washington,
m
-
groups,
made effective.
not to say baldness,
ness,
a
what
personal
pression was not given, or
it
re¬
-
dictators know
European
and—as I can testify from
experience—-by the overwhelming
majority of newspaper editorials.
.
.
.
"A majority of both houses of Congress have
indicated
that
they also hold this view.
While I am convinced that such a policy of re¬
trenchment under present conditions would
have disastrous results, we live in a democ¬
racy and, therefore, I believe that the view¬
point of the majority should be promptly
Evidently the desired im¬
else
until
burden of debt which
found
be
quickly
Thursday, added:
however, be¬
grandchildren will have to pay off.
"Senator Byrd has stated that he believes
that for every dollar the Government borrows
and spends private enterprise is deterred from
spending two.
"A similar viewpoint has been expressed by
the United States Chamber of Commerce, by
stockholders replying to a questionnaire sent
out by the National Association of Manufac¬
turers, by the New York State Bankers Asso¬
ciation, and by the American Institute of
Steel Construction, representing an impor¬
tant element in heavy industry.
"It is not too much to say, in fact, that this
appears to be the prevailing point "of view
among business men and the public generally,
as reflected by a recent Gallup poll, by innum¬
erable resolutions of trade associations, by
would
country
side
again
break
war
on
war
appropriate for
as
the purpose
budget is assured
through reduction of Government expendi¬
ture, that continued deficits are holding back
private investment, that Government employ¬
ment is demoralizing and destructive of the
moral fibre of our people, that the public ex¬
penditures are wasteful and are piling up a
dation for belief that the
actual
formal memorandum
stored
further and laid the foun¬
probability
a
lieves that business confidence cannot be
actual effect went still
should
the
silver legislation
"Another school of thought,
Ger¬
If they
and Italy.
on
the benefit of his well-known spending views
aid them
with
clash
their
many
in
the Federal Reserve System, after giving
question do all it could,
any
ferred to
-
which he has re¬
programs
The Chairman of the Board of Governors of
-
which is considered more
event, and rather likely to have a
sobering effect upon the rank and file who might
otherwise be rather too ready to plunge into war as a
equitable, in
any
result of aroused emotions
better
of
one
sort or another.
fluence to refrain from
arousing or
A
positions of in¬
aiding in the stir-
plan would be for all those in
Financial
1692
of crusading psychology in this country—
ring
up
most
especially the President and several members
of
The fact of the matter is
his immediate entourage.
highly improbable that any such law would
that it is
book after the out¬
break of a really important war, if it is rigorously and
effectively enforced, or if by chance it did remain
long remain
the statute
upon
there in these circumstances,
armed conflict.
should be
we
par¬
had much
presently what
appears
mounting seriousness of developments in
testimony
people in Europe fully shared
few
to the fact that
something wholly different, and they were
over
itself
sented
majority of the vot¬
country lost their illusions in time to
nately, for various reasons, the
of this
prevent us from launching ourselves upon a
scheme to clean up
been able to
of
action
President Wilson had not
build up
ating the blunders which
It
retaliatory sort apparently designed in
a
the vain
other
hope of frightening the expansion crazed
in Europe on the one hand, while on the
trying to devise trick schemes with vague as¬
piration^ of discouraging the bellicose elements in
our
population
own
empire of peace and democracy.
sort of world
a
reflection
the
on
to engage in some sober
were
of history since the bomb
course
exploded in 1914, and to draw some helpful lessons
therefrom.
they
Since, however,
ularly likely to do
with
so
not partic¬
are
whole heart unless the
a
with the League of Nations idea throughout
way
the
lesson, or thought we had, and
tend to
with its
henceforth would at¬
knitting and leave Europe to cope
own
our
It was a wise de¬
involved problems.
own
cision, and one which we should do well to leave
It
unaltered.
for
us
might
another
major
indefinitely in the event of
practically
invoMng
war
might not prove feasible
or
to remain aloof
science,
as
things,
the
all
other
Times change and
of the world.
powers
to other
applied to the conduct of war as well as
existence is
thinking about these matters.
We had learned our
country or in Congress.
utmost
realistic
impossible for
President, or any group, to make much head¬
any
people themselves inspire such action, it is of the
importance that the rank and file do some
Now?
And
day to this it has been
From that
heating popular feeling to a fever pitch
epithets aimed at Germany and Italy and with
action of
powers
keep out of the treaty, and to
helpful if these latter, instead of running
the risk of
with
part of the powers that be.
Utopian
world politics, gradually elimin¬
thought and result in a wholly different course
the
Fortu¬
profit from its outcome.
to
of
on
opportunity which pre¬
mood to sacrifice any
no
Europe were to stimulate an entirely different line
would be
To them, the war had
President Wilson's idealism.
in
The
form of government.
treaty of peace bore eloquent
terms of the
been
1939
25,
their minds other than the preserva¬
on
the democratic
of
tion
ers
-
It would be fortunate if
to be the
that
prosecution of a large
in the
ticularly successful
Mar.
Chronicle
A desperate struggle for
moves on.
likely to bring forth desperate efforts
capable of placing great strain upon international
in
the
■When
1914
conflagration
looked
years ago, we
:
started
with regret.
on
ruthless
We
not
were
of the "despotisms" and
particularly enamoured
the "militarism" of that age.
the
Europe 25
in
We
were
shocked by
We Regarded
spoliation of Belgium.
the march of the German hrmies into France with
trepidation.
some
matter
of
our
as
affair.
.
of
none
However,
our
Little
viewed the whole
we
making, and at bottom
at least—of the common
interests and
of the democracies of the world.
We
two
years
we
proceeded
neutrality—neutrality
in
1916 the managers
re-election
our
thoughts,
beset
us
idea of
It
a
Many said that it
desperate
of this magnitude
war
was
still later that the
"making the world safe for democracy" be¬
us
participation had taken
save
on
democracy.
the aspect of a
Our
directly and indirectly, and in addition,
and financed
our
allies with great
$11,099,000,000—after
substantial
acknowledged indebtedness to
in
mainly the
are
same
danger, still stand
fault.
Of
ferences
officially
was
own
efforts
lives and untold" billions of dollars
many
course,
no
us
Some
reductions—of
now
allegedly
the books in open de¬
sooner
had
the
peace
our
con¬
allies
effort to
an
tangles
that
is, likewise,
no
somehow
to
it to the
owe
Ave
straighten out well-nigh
are
of
none
making.
our
good excuse for steps
or
words
by influential figures in public life which, for Avhatever
purposes
the risk of
Ave
designed, needlessly incur
making it the
more
at all events to
can
or
difficult for
create
us
to do
keep ourselves free of
people's quarrels—whatever
Ave may
think of
philosophies expounded, objectives sought or meth¬
ods
employed.
Whatever
•
Ave
may
presently find it necessary or
advisable to do, should
much feared
war come on a
large scale in Europe, we should never in any cir¬
cumstances
permit ourselves again to become the
unrealistic, fanciful notion that
morality, cruelty, greed, brutality,
or
at least that
with any
we
or
despotism—
engaged in such
are
a
crusade
Avell founded expectation of success.
Since, hoAvever, it is quite impossible to be
tain
that,
Avisest
could
even
cer¬
with the best of intentions and the
management
of
our
foreign
relations,
we
keep aloof indefinitely in the eveqt of the out¬
break of another World
War, and since it is equally
impossible to be certain—we
fact—that another such
us
we
engaged in a crusade against international im¬
are
supplied
from these allies,
democracies
upon
Ave
liberality.
begun than it became elear that
hopeless
that
ourselves
to
or
There
for
no excuse
conflict, and upon the once thoroughly
notion
discarded
world
propaganda
difficulty in such times.
of potentially warring countries in ad¬
of open
vance
remain
to
Modern iheans of
public emotion in behalf of one or the
victims of the
before the World War
sort of crusade to
however, be
can,
up
other group
so
to make real headway.
over, our
who
the
was
later that difficulties
was
seriously, and if
At any rate,
There
build
immeiise
of
sources
are
other
"he-kept-us-out-of-war"
circumstances.
such
communications and the modern art of
of President Wilson's campaign
the
undertakes
which
power
neutral in
.Avhat
slogan rather effective.
likely to arise in
the
so
world
any
In the fall of
found
deciding factor.
For at least
the idea of strict
upon
even
then President viewed the situation.
cost
lot
saw no reason
inject ourselves into the controversies.
gan
common
the face of things at that time why we should
upon
for
none
heard—in official quarters
was
and forbearance of
law, and upon the discretion
without much
further
war
may as
well face the
will not break upon
warning, it is obviously
Volume
Financial
148
the
part of wisdom and of prudence to be prepared
for
any
prepared, that is? not merely
adequate fighting equipment and with a reason-
wit
a
nucleus of trained men,
e
u
emergency,
important
y as
brief
our
connection, too, the history
participation in the l&st
lightening.
1917.
of having our own domestic
In this
house in order.
of
We entered the
By;June 30, 1918-
later and less than
efforts
war
a
$2,976,000,000
our
way,
than
we
found it
we
necessary
allies to continue their
our
effectively.
V
•
What would have
the
World
last
Government
three
of
quarters
around
times!
lesser
us?
dollars
per
with
or
already developed the
much,
as
peace
a
modest
expending their current income
staggering
present day load of debt, and currently
squandering their funds
as
is the usual practice
The banking position in 1917 was, relatively
today !
speaking, comfortable, and the assets of the banks,
again speaking in relative terms, were reasonably
Today, the banks
liquid.
and their assets
are
In those earlier
his pay
a
are
enormously distended,
anything but liquid.
days
a man was
reasonable number of hours each
We had
so.
no
Government
of
comfort
labor
expected to
earn
by working with reasonable application for
large did
such
organizations
week, and by and
growth (with the aid and
itself)
as
of trouble-making
exist today,
always
ready and eager to take advantage of every opportunity to demand more wages for less work.
generally
ness
ulations
on
every
of what the
side until it lived in constant fear
morrow
might bring forth as is the
case
In fine, both industry and finance entered
today.
the
Busi-
not restricted by law and reg-
was
World
War, in 1917, in a relatively favorable
diathesis,
as
the physician would say. .Today the
situation
is
wrholly
thesis exists.
means,
the
a
Yet
different.
we
The
precise
anti-
did not find it easy by any
in 1917 and 1918, to meet the demands that
war
placed upon us.
Here is a set of facts and
state of affairs which the current world situation
with its threats
fore
us
all.
vigorous
If
ought to bring into sharp focus be-
reason
effort
existed before for prompt and
to straighten
out our affairs as
promptly as possible, that reason is doubly strong
Congress and the Administration turn to such
thoughts as these and leave tricky cure-alls for a
more
xhe
convenient season—if they must engage their
attention at any time.
another
of
passage
$i5,000,000,000-mark
March 22,
scares
and for the last 52 weeks it
Recurrent European
$2,294,000,000.
are
calculated at
were
The increase for the week was no
than $92,000,000
amounted to
war
passed in the week to
gold possessions
monetary
iess
was
week,
milestone,
figurative
and at the close of the statement period
$15,075,000,000.
factor in this
the chief contributing
rapid upbuilding of
our
undervalued dollar and
swollen gold stocks, but the
generally favorable trade
the flow of
our
and financial balances also stimulate
It is calculated that we
metal to the United States.
hold 57% of the monetary gold stocks of
now
we are
Redistribution of
gold holdings would be
a
some
of
throughout
needless
our
far more hopeful sign than
the continued accumulation of the metal.
It seems
to be idle, however, to look for any change in
trend while all of Europe hovers
general
the
absorbing more
metal than currently is being produced
the world.
on
the
the brink of a
The gold inflow naturally occasions
war.
financial problems here, but the lack of any
demand
for credit accommodation makes this a minor factor,
Whether it will remain a minor
for the time being.
factor in the future is another matter,
The
passage
of the $15,000,000,000 gold mark was
available,
with expectations.
Owing to the usual heavy income tax
payments of the March quarter-date, member bank
anticipated in the banking statistics now
and in other respects also the trends accord
reserve
over
balances fell $88,103,000.,
Excess reserves
legal requirements were marked
$80,000,000
Advances of excess reserves now appear likely for some weeks to come and
it is easily predictable that the total will rise over the
$4,000,000,000 mark if no restrictive action is taken.
For the time being there is little requirement for
credit. The condition statement of the reporting
member banks in New York shows no change in the
$1,366,000,000 total of business loans.
Completion
of the March refunding by the Treasury made for a
reduction of loans to brokers and dealers on security
collateral by $71,000,000 to $644,000,000. The
lower to $3,360,000,000.
Treasury deposited $53,959,000
gold certificates with
holdings
the 12 Federal Reserve banks, raising their
Other cash was
$12,307,721,000.
to
and total
up
reserves
$56,977,000
serve
in
notes
12 regional
up
slightly,
of the regional institutions moved
to $12,723,435,000.
Federal Re-'
actual circulation advanced only
$103,000 to $4,335,416,000.
Total deposits with the
banks increased $34,435,000 to $10,722,-
484,000, with the account variations consisting
of a
drop of member bank balances by $88,103,000 to
$8,989,181,000; an increase of the Treasury
account balance
a
general
by $163,492,000 to $1,222,206,000;
decline of foreign bank
balances by $34,531,000 to
$234,761,000, and a drop of other deposits by $6,423,-
The
000 to $276,336,000.
reserve
ratio moved up to
by the regional
Industrial advances were up $32,000 to $14,091,000, while cornmitments to make such advances dropped $21,000
to $12,524,000.
Open market holdings of bankers'
bills were motionless at $554,000, and the total hold84.5%
banks
now.
Let
through
States and the sundry
of prudence, had been
degree
a
year,
capita in ordinary
Suppose that the
under their
was
the Federal
political units, instead of carrying
of debt and
load
we
much per
as
it
as
spending less than
practice of spending twelve times
ten times
our
How different the situa-
tion would have been had
or
upon
billion
a
in
$45,000,000,000
$3,000,000,000
broke
$7.50 per capita.
settled
some
in the habit of
was
war or
operations in 1917? When
war
War
of
operations
happened at that time if
really began
their reflection in the banking statistics, this
world, and it is evident that
all told instead of less than
we
war
year
to spend
>
national debt had amounted to
when
got our
$12,244,000^000 against
$12,698,000,000 in the prosecution of the
enabling
a year
the debt of the United
During the first full fiscal
participation,
en-
earlier, and $1,225,000,000 two
a year
earlier.
more
from the time
year
really under
is
war
Federal Reserve Bank Statement
INCREASES of American monetary gold stocks on
±
spectacular scale common in recent years find
in the spring of
war
little
a
States Go\ernment stood at
years
but in the larger and
sense
1693
Chronicle
from
fell
84.3%.
$18,000
to
Discounts
$3,439,000.
'
^
.
Chronicle
Financial
1694
The New York Stock Market
this
week
York
New
the
on
Speculative bonds in the domestic list
velopments.
POLITICAL developments in the European arena
provided the chief motivating force for price
changes
Mar. 25, 1939
bands were offered and found quick buyers. The
high grade investment market as a whole remained
relatively calm, in the face of the European de-
ings of United States Treasury obligations also were
unchanged at $2,564,015,000.
American stocks moved
markets.
market
0f the
abruptly downward and up-
drive
kets
the
whether
vousness
Memel
result
this
on
territory
point
of
settled
flections of the German
Economic
As
Rumania.
week
the
the
further
re-
the
Oil
touched
progressed, however, the
Stock
York
New
.
30
Exchange
Curb Exchange
be
stocks
while 370
high levels for the year
new
On the New York
stocks touched new low levels.
opinion gained ground that there will not actually
an(j 151 stocks touched new
widespread warfare at this time, and stock prices
tended to
whatever losses
recover
yesterday
were
mostly within
figures prevailing
suffered dur-
were
Closing levels
ing the spells of acute nervousness.
small
week earlier, with the small
a
the New York Stock
on
over
hardly
market
Monday, to
Wednesday, when the
on
weakest.
was
Turn-
Exchange ranged from
than 500,000 shares on
more
nearly 1,500,000 shares
gave
fairly good account of itself.
a
clining tendencies
were
the rule
De-
Monday, when
on
European reports told of German demands
Rumania.
A
break
sharp
occurred
firm and the advances
was
offset the losses of the weak
periods.
scraped the bottom levels of the
set
was
were
during the
year
up-
established.
Some
attention
naturally
paid the domestic sphere, but indications
mained
inconclusive.
No
curred in the business
no
The market
Wednesday,, and hundreds of lows for 1939
on
then
But in
important
change
situation, and there
was
reoc-
also
apparent tendency in Administration circles to
take
The
reasonable
a
view
of
national
the
problems,
appointment by Mr. Roosevelt of SEC Chair-
man
William
vacancy
O.
viewed
was
circles.
Douglas to
cations
Supreme
apathetically
Discussions between
sociated stock
the
in
the SEC
securities
no
let loose last week
legislation
as-
enthusiasm, in view of the blast
by Mr. Douglas.
the future of the
Wednesday, when
resumed,
were
The underlying
pessimism of the New York financial
to
financial
and the
exchanges of the country for modifi-
of the
but occasioned
spect
Court
a
market
area
was
Stock Exchange seat
with
re-
indicated
was
sold
half-day session on Saturday last were 1,007,240
shares; on Monday they were 947,000
shares;
on
Thursday, 833,640 shares, and on Friday,
On the New York Curb Exchange
were 160,975 shares; on
645,730 shares.
sales
Monday,
last
Saturday
shares;
152,730
tlay, 131,360 shares, and on Friday,
Further threats of
0f
the
Reich
German
sent
merits in the domestic market
the start gave up
from
one
scale.
United
slightly
lower
States
when
Treasury obligations drifted
war
Europe, but improved again
a
silver
lining.
on a more modest
clouds
on
hovered
over
any appearance
of
Several sizable issues of corporate
on
but
were
like period in many months,
depressed the greater part of the day,
managed to display some firmness toward the
Wide declines,
close.
the
day.
tinued
however, were registered for
The dark shadow of European events conto the background any worthy
to relegate
consideration of domestic
quence
the market
affairs, and
Monday, after
on
cessful attempt to
up
Sales turnover almost
previous short session, and ex-
c-eeded the total of any
Equities
here, and prices from
to three or more points
prominent stocks;!
among
doubled that of the
a
a conse-
as
partially suc-
throw off this depressant, gave
further resistance and followed an irregularly
lower trend
which
Efforts
persisted to the end.
taken by England and France to enlist the
Russia and lesser European
a
stimulating effect
kets, and equities
on
ing and maintained
issues.
limited
a
world mar-
higher trend in the face of a
demand.
the
of totalitarian
upon
Tuesday advanced at the open-
Developments
with
stage
aid of
States in presenting a
united front to the aggressiveness
Powers had
gains approximating two
equities, although
the part
on
investors
foreign
Saturday last scurrying to liquidate their invest-
March 8.
much
115,685 shares.
warlike nature
a
on
were
116,120
Tuesday,
on
shares; on Wednesday, 208,405 shares; on Thurs-
rather
market, variations
shares; on
1,440,350
Tuesday, 688,910 shares; on Wednesday,
$60,000, off $10,000 from the last previous sale
In the listed bond
un-
Stock Exchange the sales at
New York
the
On
the
at
like those in
Exchange remained
Stock
York
New
the
36 stocks touched new high levels
low levels.
Call loans
changed at 1%.
upon
Wednesday,
owing to the German march into Memel.
other sessions the trend
on
the
„
Apart from the foreign developments, the stock
market
.
fractions of
gains and losses about equally numerous.
f
European units
hardly more than nominal,
were
were
New York,
shipments to
gold
enormous
quotations of some Eastern
The
capital
of
pressure
the United States were
movements from Europe to
Reich domination of
the treaty for
in
apparent
"Drang nach Osten"
maintained by the several
of
Indicative
controls.
apprehension regarding fighting between Hun-
un-
sharply by the foreign incidents, but the
leading units were well
garian and Slovakian troops, and continued mobiL
izing by the Rumanian Government.
Leading
the
other in see-saw fashion.
Ner-
There was also a good deal
ernment, Wednesday.
quiet, with weakness and strength suc-
each
grains show only small price variations for
week.
The foreign exchange markets were
by the Berlin Gov-
over
were
ceeding
pronounced when the
was
taken
was
drifted
The commodity mar-
for the week.
seiz-
from the territorial
dictator, Adolf Hitler.
German
the
Eastern
Western
The question in all minds was
will
war
of
of
the
by
counter-moves
European Powers.
ures
domination
complete
and
Foreign dollar bonds
strong.
was
acutely weak at times, and in general
were
to lower levels
Europe,
equitieswhen the rest
during the
rallied
were marked lower with
moments of uncertainty, and
ward, in accordance with the reports of the German
toward
''
Closing
or more
abroad
annexation
reflected
levels
points in leading
reached
of Memel,
an
a
acute
part
of
Lithuania, by Chancellor Hitler for the greater German
Reich.
The
dent's remarks
effect
upon
foregoing, coupled with the Presion
tax
revision
and
business, caused prices
011
its
ultimate
Wednesday
Volume
to break
sharply in
clines marked
a very
two
five
to
noon
the reac-
Losses ranging
tionary movement had spent itself.
from
(Pacific at 11 against 11. Among the oil stocks,
Standard Oil of N. J. closed yesterday at 47%
against 47% on Friday of last week; Shell Union
Oil at 12% against 12%, and Atlantic Refining at
20% against 21%. In the copper group, Anaconda
Wide de-
active session.
opening prices, but by
points were chalked up against
representative stocks, and wider declines were registered
thy
Copper closed yesterday at 27% against 27 on Friday of last week; American Smelting & Refining at
43% against 44%, and Phelps Dodge at 37%
against 38%.
Trade and industrial reports were again colorless
this week, but a degree of optimism nevertheless
was
by less activity without benefit of any worSome hope for the future
in prices.
recovery
of Europe
peace
The afternoon session
others.
among
marked
reflected in foreign markets
was
Thursday, and stock prices at home soared up-
on
ward in the first hour to show
points.
gains of about three
Unfortunately, this trend
was
1695
Chronicle
Financial
148
prevailed with respect to the rest of the year.
not main-
Steel
production for the week ending today was estitically wiping away all former gains.
An effort
mated by American Iron and Steel Institute at
toward recovery was made in the final hour, and
55.4% of capacity against 55.7% last week, 53.7%
equities on the whole closed moderately higher,
a month ago, and 33.7% a year ago.
Production
Trading proceeded yesterday in a quiet manner, and
of electric power for the week ended March 18 was
opening sales found prices somewhat higher.
The
reported by Edison Electric Institute at 2,225,noon hour saw the peak of the forward movement,
486,000 kilowatt hours against 2,237,935,000 kilo:
and thereafter sales slackened and quotations rewatt hours in the previous week and 2,017,653,000
vealed fractional changes on the downside.
At the
kilowatt hours in the corresponding week of last
close, however, the main body of stocks showed adyear.
Car loadings of revenue freight for the week
vances of a little more than a point. " As compared
to March 18 amounted to 954,568 cars, according
with closing levels on Friday of last week, prices at
to the Association of American Railroads.
This
yesterday's close were mostly lower. General Elecwas an increase of 2,877 cars over the previous week
trie closed yesterday at 42 against 39% on Friday
and of 54,203 cars over the same week of 1938.
of last week; Consolidated Edison Co. of N. Y. at
As indicating the course of the commodity mar32 against 32; Columbia Gas & Elec. at 7% against
kets, the May option for wheat in Chicago closed
7%; Public Service of N. J. at 35% against 35%yesterday at 67%c. as against 67%c. the close on
J. I. Case Threshing Machine at 83 against 85%;
Friday of last week. May corn at Chicago closed
International
Harvester
at
58% against 61%;
yesterday at 47%c. as against 47%c. the close on
Sears, Roebuck & Co. at 71% against 73% ; MontFriday of last week. May oats at Chicago closed
gomery Ward & Co. at 48% against 49%; Woolyesterday at 29%c. as against 28%e. the close on
worth at 47% against 48%, and American Tel. &
Friday of last week.
Tel. at 158% against 160.
Western Union closed
The spot price for cotton here in New York closed
yesterday at 20% against 21 on Friday of last week;
yesterday at 8.90c. as against 9.02c. the close on
Allied Chemical & Dye at 168% against 171%; E. I.
Friday of last week.
The spot price for rubber
du Pont de Nemours at 149 against 149%; National
yesterday was 16.10c. as against 16.12c. the close
Cash Register at 21% against 23; National Dairy
on Friday of last week.
Domestic copper closed
Products at 15% against 14%; National Biscuit at
yesterday at ll%c., the close on Friday of last
tained, and quotations receded from then on, prac^
,
27%
against
25%;
Texas
Gulf
Sulphur
at
week.
30
Eastman
Brands
Kodak
at
at
170% against 172;
16% against 17;
tillers at
stocks show fractional changes for the
United States Steel closed yesterday at 57%
week.
against 57%
at
Schenley
15% against 15%, and National Dis-
27% against 26%.
The steel
82%
on
Friday of last week; Inland Steel
84%;
against
Bethlehem
of last week.
Steel "at 67%
against 67%, and Youngstown Sheet & Tube at 43%
In the motor group, Auburn Auto
yesterday at 3% bid against 3% on Friday
against 44%.
closed
of last
week; General Motors at 46% against 47;
Chrysler
at "75%
against 76%;
Packard
at
3%
against 3%, and Hupp Motors at 1% against 1%.
In the rubber group,
Goodyear Tire & Rubber closed
yesterday at 31% against 32 on Friday of last week;
F.
B.
Goodrich
States Rubber at
were
at
20%
against 21, and United
43% against 44%.
Slight changes
reflected in railroad shares the present week,
Pennsylvania RR. closed yesterday at 20% against
20%
on
Friday of last week; Atchison Topeka &
33% against 34%; New York Central
Santa Fe at
at
17% against 17%; Union Pacific at 98 against
98; Southern Pacific at 16% against
ern
Railway at 18%
.
.
yesterday was
20% pence per ounce
the close on Friday of last week, and spot silver in
New York closed yesterday at 42%c., the close on
Friday of last week.
In the matter of the foreign exchanges cable
transfers on London closed yesterday at $4.68% as
against $4.68 3/16 the close on Friday of last week,
and cable transfers on Paris closed yesterday at
2.64%c. as against 2.64 ll/16c. the close on Friday
6% against 6%; Westinghouse Elec. &
22%; Canada Dry at
-
Standard ° 20 pence per ouuee as against
Mfg. at 105 against 109; Lorillard at 22% against
Distillers at
.
In London the price of bar silver
against 30%; Continental Can at 39% against 39%;
16%; South-
against 18%,* and Northern
•
,
.
«
•
_
European Stock Markets
DRICE trends were highly erratic this week on
the leading European securities markets, owing
to the universal nervousness occasioned by the Ger-
*
expansionist drive in Eastern Europe. Wide
downward and upward swings developed at London
and Paris, and even the closely controlled German
Boerse felt the impact of the widespread uneertainty. The movements tended to cancel out in succeeding sessions, so that net changes for the week
were relatively small. After a gloomy start on Monday, the markets tended to rally. A severe set-back
occurred in the mid-week period, when Germany resumed sovereignty over the Memel area. But there^after the tone improved and prices again were
brought back approximately to where they started
man
Chronicle
Financial
1696
the week.
One
was small, however, owing to the stringent
control of the German authorities. In a listless
session on Tuesday, small gains were scored, but
they failed to make up the previous recessions.
Fixed-interest securities remained at low figures,
There was a little buying on Wednesday, owing to
the return of Memel to the Reich, but it was ternpered by apprehensions of international developments of a less agreeable nature for Germany.
Most advances were fractional, but there were a few
gain§ of one to two points. Quiet strength prevailed Thursday at Berlin, on the basis of the rapid
economic strides in Eastern Europe. Small gains
again were the rule among equities, while fixedincome securities were soft and dull. The Boerse
remained firm yesterday, on predictions of business
perturbing development was an ag-
over
gravation of the capital flight from Europe to the
United States,
and
corresponding increase of gold
a
free European markets,
shipments from the few
War fears
becoming steadily more pronounced
are
Europe and are, of course, responsible for the
in
current
tries from
change in the leading European coun-
previous weeks.
Trading
with
Trade reports
shiftings of capital funds.
indicate little
'
the London Stock Exchange started
on
sharp break in prices, last Monday, which
a
readily could be traced to semi-official reports of
Rumania, and fears of still
German demands upon
Brit-
surprise moves by the German dictator.
more
ish funds
down
were
one
trial stocks showed even
points and indus-
to two
Mining and
larger losses.
gains from the recent conquests,
commodity stocks fell with the rest until late in the
day, when a rally developed that cut the losses
in
During most of the session, however, dollars
half.
appeared to be the only thing in demand.
In
im-
an
Mar. 25, 1939
proved atmosphere on Tuesday, buying was resumed
on
a cautious scale.
The advance was steady in
.
,
,
p
oreign Policy
P RAVE apprehensions as to American foreign
policy have been aroused in almost all circles
by activities of the Roosevelt Administration in con-
nection with the German annexation of CzechoSlovakia. Without in any way approving the Gergained.
Foreign securities remained dull.
The
man seizure of an alien people, it still is possible to
London market sagged sharply on Wednesday, owquestion State and Treasury Department measures
ing to the German seizure of Memel and assurances
that tend to align the United States, morally at
by Premier Mussolini that the Rome-Berlin axis
least, with one side and against the other in the destands unshaken.
Gilt-edged stocks led the decline,
veloping balance of power and the ultimate clash
which also was pronounced in industrial, mining
which many observers hold inevitable in Europe,
and commodity issues.
The foreign list reflected, The strongly condemnatory terms used last week
gilt-edged and industrial issues, and in the mining
also, the losses of the previous day were re-
group,
wide losses in Continental issues and also some rer
cessions in
Opinion
Anglo-American favorites.
on
Thursday was that the previous pessimism had been
Gilt-edged
overdone, and again a rally developed.
industrial
and
stocks
issues regained
the greater
part of their losses, while, mining stocks also were
demand.
in
securities
Foreign
neglected,
were
Gilt-edged issues showed strength in modest deal-
ings yesterday, and industrial stocks also were firm,
The Paris Bourse was
tional
ing
perturbed by the interna-
developments of the last week-end, and trad-
on
Monday resulted in a general fall of prices,
recessions
Drastic
appeared in rentes and French
international
while
equities,
issues
the decline.
Notable improvement
contributed
to
followed
Tuesday, mainly because
on
of the international
taken
was
advanced
recorded
in
to three
one
issues also
French
a
Levels
were
unfortunate
near
dency duplicates
the
"road
to
war"
which the
United States took in the Wilson Administration,
which also was of the "missionary minded" variety,
It is a course that contrasts sharply with the isola-
tionism that the great majority of Americans un-
was
hesitant,
finally
The stern denunciation voiced last week by Mr.
Memel
took
Welles was subject to question, for it implied a re-
developments
sent
Sentiment im-
the close.
questionably favor.
on
tumbling at Paris, with only faint
rallying tendencies
lier
were
depressed sharply
of
Fears
all imports of dutiable German goods, in a manthat was calculated to give the impression of a
punitive measure against the Reich. In a highly
important sense such activities provide comfort for
the European democracies and the nations of Eastern Europe which may be threatened by the German expansionism. The impression is fostered that
this country definitely is ranged with the antifascist bloc and would be found on the side of
Britain and France in a European war. The tenon
Some international
Germany
rentes and stocks
Rentes
points, and larger gains
equities.
when
Wednesday,
better view
situation.
improved, although buying
in that section.
back.
heavy
were
The market was thin and this factor
throughout.
by Acting Secretary of State Sumner Welles, as a
rebuke to the German Government, were this week
elevated to the status of an official communication
to Berlin. The Treasury Department last Saturday
announced a "countervailing" duty increase of 25%
fusal
on
the part of the Washington Government to
recognize the existing situation.
the
rape
The description of
of Czechoslovakia as an "act of wanton
truthful, but in question-
proved Thursday, when it was made known that
lawlessness" doubtless
Rumanian
able diplomatic taste was the reference to the "tem-
economic
sovereignty is unimpaired by the German
penetration of Eastern Europe.
of securities
rentes in
session
rentes
also
improved generally
the
van
yesterday
and
fresh
French
gains
equities,
Prices
the Bourse, with
of the movement.
were
In
an
quotations.
some
in
while internationals
a
was
reflected
on
the Berlin
general and drastic lowering
Leading
issues
larger losses
fell
were
one
to
reported.
porary" extinguishment of the liberties of a free
Germany formally noti-
and independent people.
fied the State Department,
of the protectorate
a
reply, published
over
on
under date of March 17,
Bohemia and Moravia.
In
Tuesday, the State Depart-
ment briefly acknowledged receipt of the German
,
Boerse, Monday, by
points, and
active
recorded
improved.
International tension
of
on
was
four
Turn-
message
and added that the United States "does not
recognize that any legal basis exists for the status
so
indicated."
In addition, a copy of the intem-
perate remarks by Mr. Welles was inclosed for the
Volume
Financial
Hi
perusal of the German authorities.
of the
duty increase
time in Treasury
some
subsidization
ment.
The
of
and fast alliance.
to be no
under considera-
was
Attorney General issued
Reich
justified
were
was
a
about the
was
dis-
closed that Rumania is likely to be dominated
opinion last
an
concerned about the threat of
diplomatic protests against the absorption of Bohernia and Moravia.
Memel was rejoined to the
circles, owing to the
Saturday that countervailing duties
more
hard
a
The Berlin Government affected
genuine anti-Hitler coalition than it
by the German Govern-
exports
1697
British and French which would amount to
on
25% of import duties
tion for
The incident
German goods is equally inWashington reports suggests that the
structive.
extra
Chronicle
Wednesday, and on Thursday it
eco-
on
by the German methods, and the Treasury Depart-
nomically by the German Government.
ment
when the lightning next will strike was an anx-
immediately announced that the 25% increase
would be
applied and made effective April 22.
though the State Department thought
exists for the
iously debated question which kept all of Europe
Al-
legal basis
no
All European diplomatic events of the week
to apply to
colored
merchandise from Czech areas, as well as Germany,
though
some
expansionist drive,
by the German
Care
proper.
avoid any
exercised by the Treasury to
was
suggestion that the duty increase
matter of
mere
Roosevelt's
of them
were
were
even
arranged weeks ago.
Albert Lebrun, President of France, paid a visit
of State to London, from Tuesday to Friday, and on
was a
trade
reprisal, and the impression
all sides the question
that the
fostered
was
are
on
tenterhooks.
protectorate status of Bohemia and
Moravia, the countervailing duties
Where and
step was in line with Mr.
ment ^between Great Britain and France would be
a
assertion
that
sentiments
the
people could be brought home to
of
reduced to
our
was
asked whether the
agree-
writing in the course of the visit.
At
a
nations
State dinner, King George VI and President Lebrun
by "many methods short of war, but stronger and
pledged the friendship of the two countries and ex-
more
effective than
mere
aggressor
words."
pressed their willingness to stand together against
This drift toward war, through alignment of the
United
against the fascist regimes, is the
pointed in view of the strenuous and unremit-
more
ting
efforts
statesmen
American
of
to
the
people.
active
French
regime, and attention centered rather on the joint
efforts to enlist other countries in a larger and
and
The matter w.aS summarized ad-
of State William R.
Ohio.
Castle, in
a
speech at Canton,
Mr. Castle found of dubious merit the argu-
ment that open
It has long been known,
however, that London and Paris would meet together any threat to either from the German Nazi
sympathies of the
British
leading
enlist the
mirably last Saturday by former Under-Secretary
cies
international lawlessness.
States
support of the European democra-
by the United States would prevent
war.
He
-
more
effective grouping against Herr Hitler.
Over-
tures were made especially to Poland and Russia,
with
view to an agreement for prompt consulta-
a
tion in the event of German aggression. To this
suggestion the Russian Government finally was said
on
Thursday to have expressed its approval.
The
insisted that the only proper course is that of avoid-
Polish view was lukewarm, owing to the exposed
ing European entanglements.
our own
position of that country and its possession of the
powder dry," said Mr. Castle,
famous corridor which was German territory utftil
after the World War ended, and which Herr Hitler
business and
keep
our
"We cannot assert that the
"Let's mind
of wisdom and fair-
sum
is with Great Britain and France.
ness
had their moments of
this country
imperialism.
who should have and do have the final
voice when it is
question of
a
war are not
ment officials but the American
And
I
have
On
dead
am
certain that the American
people
European
war.
unquestionably wishes to regain for the Reich,
Firm guarantees were demanded by the Warsaw
regime, which is anxious not1 to antagonize Germany unless assured of prompt and effective support from other members of the
coalition.
It was, perhaps, in realization of the rapidlygrowing armaments of Great Britain and France,
deter-
and their tendency to form an opposing bloc, that
It is not, therefore, playing fair
Herr Hitler decided to proceed immediately toward
contrary^ I
mined to
Govern-
people themselves,
desire to get into another
no
the
They too
The people in
keep out.
am
that they
sure
are
with the American
people to lure them along a path
which, although it is bordered with pious phrases,
leads inevitably toward war.''
a
tt*
•
i
absorption of Memel and the economic subjugation
Whether the moral indignation of the
rest of the world was considered at all significant
of Rumania.
by the German leader is questionable.
r»i
Anti-Hitler Bloc
The denun-
ciations voiced late last week in. the United
States,
WHILE Chancellor Adolf, Hitler continued to - Great Britain and France, with respect to the seizforge ahead with additions to the territory
of
alien'people, produced no reaction in the
an
ure
of the German
Reich, arrangements
were
under
con-
Reich.
When the United States Government made
templation throughout almost all the rest of Europe
the statement by Acting Secretary of State Sumner
for
Welles
a
and
coalition
prestige
course,
and
plan
But
were
against the rapidly expanding
dictator.
is hardly likely to join
of the Balkan nations
some
a
were
for
started
with
Poland
Russia.
The precise nature of the
not
clear.
yet
whether
more
such entente,
might regard the
and French
mood to
versations
any
power
Italy, of
their immediate safety,
Governments plainly
take energetic measures, and con-
dangerous
too
the British
in
the German
of
It
than
may
a
be
loose
and
Soviet
developments is
questioned,
defensive
however,
compact is
likely to result from the consultations, since Poland
and Russia
apparently desire commitments by the
a
formal document, this week, the Reich was
said to have tossed the matter off with a figurative
shrug of the shoulders.
addressed
reasons
a
The Russian Government
note to Berlin, last Sunday, in which
alleged by the Germans for their establish-
ment of a protectorate over
were
described
world.
as
Bohemia and Moravia
contrary to facts known to all the
Like the official expressions of other na-
tions; the Russian note was couched in unusually
forceful terms, but Berlin paid no attention.
The
"for consaltation" its Ambassador to Berlin, Robert CouFrench Government last Saturday recalled
londre, and thus put itself on precisely the same.
Financial
1698
footing with Great Britain and the United States.
Reich
The
merely recalled its
from London and
the
on
Ambassadors
dents.
Some
bloc under consideration there.
re¬
interested
mainly in an agreement to which the United States
might adhere, while others insisted that a wide
grouping of European nations might best serve the
ports suggested that the British
purpose
were
That the protection of East¬
of the British.
European nations was under consideration is
ern
stimu¬
Italian Deputies and stu¬
speech to the Italian Legislature,
pretext.
own
same
respect to the extent and nature of the anti-
German
for French territorial concessions
demands
lated late last year among
uncertainty apparently existed in London
Some
with
Paris,
1939
25
Mar.
Chronicle
In
a
remarked that
Thursday, King Victor Emmanuel
of the Italian views re¬
France has been informed
and the im¬
problems might
garding questions of mutual interest,
pression spread that Mediterranean
adjusted without much delay.
be
Central Europe
RAPIDCentral EuropeGermany's powerthis week
expansion of
over all
indicated
of
was
fairly evident, but London seemingly was not dis¬
by
posed to engage in definite commitments in behalf
disputed Memel area and by trade agreements
of Rumania and other small Eastern
Lithuania, Rumania and Slovakia which bring those
tions in the
was
na¬
It was inti¬
path of the German drive.
that Russia
mated
European
quite prepared to back up
Poland, Rumania Yugoslavia, Greece, Bulgaria and
Turkey, provide^ definite assurances of a ljke na¬
ture
The Soviet Government gave
tion of such
indicated
London
from
forthcoming
were
and Paris.
only partial confirma¬
reports in a statement, Tuesday, which
that
a
proposal had been made for an
immediate
conference
ernments,
with
a
of the larger
view
interested
definite
formulating
to
gov¬
arrangements.
The British Government found that
this
was
proposal
in
statement
of
House
the
Thursday,
Commons,
which clarified the British
degree.
Opposing blocs of countries
position to
in
a
the
Prime Minister Neville
official Russian statement.
Chamberlain, made
according to
premature,
a
Europe, with different ideas about the forms of
their internal
the
administration,
said.
British, he
"We
not favored by
were
solely concerned
are
resumption of Reich sovereignty over the much-
a
Berlin.
of
domination
the
under
definitely
rather
countries
events
The
of
economic
week
the
succession, with little regard to any
moved in swift
objections that might be entertained
Paris
with
in London,
Moscow, and not much more concern about
or
of the countries directly affected.
the sensibilities
alignment of Bohemia and Moravia as German
The
"protectorates" apparently was completed without
Slovakia was permitted to retain a
much' trouble.
degree of political independence, and promptly be¬
came
a
battl^ ground for Slovakian and Hungarian
frontier.
troops, who disputed the undefined
mania
trade matters, and a
virtual German ultimatum on
Reich-Rumanian treaty
new
Ru¬
reported from London as subject to a
was
completely under German economic
Balkan country
But Rumanian
domination.
apparently
a
political independence
not compromised
was
which caused
seemingly brings the
by the treaty,
degree of satisfaction in Bucharest.
indication that the General Euro¬
here," he added, "with the proposition that we can¬
There
not submit to a
procedure under which independent
pean
pot will continue to boil furiously for some
subjected to such pressure under threat
time
to
States
are
of force
to be
as
obliged to yield
dence, and we are resolved by
all meaps in our
world
put such
France
proceeded
methodically
and
rapidly to
put its house in order for any eventualities.
decree powers
as a
defense
sought by Premier Edouard Daladier
measure were
Deputies last
its
added
Saturday,
approval.
promulgated
voted
by the Chamber of
and the
Senate quickly
A series of 16 decrees was
Monday, designed to increase the
on
effectiveness of the defense
increase
The
production.
forces, lower taxes and
The working week
was
ex¬
In
the face of the
voys
foreign danger.
diverse
indications
official reports
the close
emanated
from
Rome.
All
from the Italian capital emphasized
functioning of the1 Rome-Berlin axis dur¬
up
late
Tuesday, which ended with
of
on
a
meeting
declaration
solidarity with the German Nazi remige.
But
deeper forces apparently were at work, for hints of
some
from
sort of settlement with France
Rome
on
Wednesday.
French resident of Rome and
of Premier
began to
come
a
close
slovakia
new
of little
are
were
termed
provides
a
than symbolic in¬
"grossly exaggerated" by the
country.
In the
Government bill was passed
gold and foreign ex¬
that Czech
change holdings are not to be reliquished to the
Reich
the
or
balances
and
its
new
citizens.
was
the
completed in London on Wednesday,
possibility thus was introduced of a dis¬
Czech
external
Information
the
Legislative approval of
impounding of Czech gold and foreign exchange
of
day, reputedly with a plan for adjustment of the
more
German masters of the small
funds.
Wednes¬
passed out of existence.
Reports of suicides and arrests in Czecho¬
terest.
charge
on
German
the
territory late last week,
refused to vacate Embassy buildings, but such
manifestations
a
Mussolini, arrived in Paris
rapid tour of his
conquest,
Washington and a few other capitals, Czech en¬
personal friend
Hubert Lagardelle,
endeavoring to hide
a
by former President Emil Hacha, and the
democratic country
which
a
After
greeted by the title of "Aggrandizer of the
and also
during the resumption of sovereignty over
possible anti-German bloc
a
to Reich
British Parliament
The Fascist Grand Council held
a
the possibility of an economic
Moravian
ing the German seizure of Bohemia and Moravia,
Memel.
matters with
Reich," which smacks broadly of Roman and . Medi¬
eval traditions.
The Czech Parliament was dis¬
political problems thus easily being surmounted in
position of Italy aroused much interest, for
and
leader returned
small
The
brings
Bohemian
solved
of the most difficult of all French
Adolf Hitler pushed
crisis which the Germans are
be
every¬
speed that suggests profound apprehensions
by foreign excursions.
to
entertained
war.
even
for
one
were
might well start another
that
within the Reich about
and
tended, and provision made for added compensation
overtime,
fears
and
clash
a
Chancellor
frantic
procedure into operation."
a
every
come,
of
where
up
to oppose attempts, if they should be made,
power
to
their indepen¬
was
real
British
sequestered
was
obligations
lacking,
intentions
with
gold arid exchange.
from
however,
respect
as
to
the
to
the
Volume
Financial
148
Having gained
of
control
complete
Czech
the
1699
Chronicle
and
the Rumanian
envoy
in London was recalled.
plateau, which affords a military vantage point of
importance, Chancellor Hitler and his
A trade
tremendous
under
aides
signed Thursday and promptly published.
promptly resumed the expansionist drive of
the Nazi Reich.
The small Memel
territory, which
originally torn from Germany under the Ver¬
was
settlement
sailles
Lithuania,
as
outlet
an
to
Baltic
the
for
rejoined to the Reich with breath¬
was
taking speed, under circumstances that need some
It
clarification.
in
announced
was
Berlin, Mon¬
day, that the Lithuanian Foreign Minister, Juozas
Urbsys, had appeared in the German capital for
conferences
the problem
on
along the northern border of East
strip of land
Prussia has
This thin
of Memel.
population of 160,000, predominantly
a
German, and it has been a trouble spot in Europe
ever since it was detached from the Reich and taken
over
moye or
less completely by the Lithuanians in
At first
1923.
"decision" along Reich lines was
a
But the Germans apparently
reported due today.
found
delay not in the least to their liking, and an
"agreement"
Memel
under
announced
was
simply
was
on
restored to Reich sov¬
Herr Hitler made "
ereignty, effective immediately.
a
Thursday where-
hasty sea voyage to Memel, where he declared
late
Thursday that in essentials Germany now
on
completion of the plan of "restitu¬
arrived at
has
tion."
version
official
the
In
of the address,
given out in Berlin, the German leader was
as
made
to say
negotiation
from
than
more
vides, according to
a
month, finally was
It pro¬
Associated Press dispatch
an
Bucharest, for extensive economic cooperation,
but leaves Rumanian
Ger¬
sovereignty unimpaired.
capital is to gain advantages in the exploita¬
man
Rumanian
of
free
ports are to be provided for the Reich on the
and
and the Black
Danube River
Reich
oil
mineral
tion
resources,
The Rumanian
Sea, thus giving the
agriculture is to be adjusted to Ger¬
requirements, and preference is to be given to
man
German machine and other industrial
the
and
clear economic line down to Eastern Asia.
a
Balkan
about
will
these
remain
products by
There is nothing exclusive
country.
arrangements, however, and Rumania
free
trade
to
on
an
equal basis with
other
countries, it is indicated.
over,
will observe stipulations for the supply of
from
arms
The Reich, more¬
factories
Czech
former
which satisfied the Rumanian
to
Rumania,
Government that
no
military adventures are contemplated in Berlin, so
far
its
as
territory is concerned.
ernment also announced on
The German Gov¬
Thursday the conclusion
of commercial treaties with Lithuania and
Berlin
which
regarded,
as
two countries satellites
Slovakia,
extensions of "economic
In effect the
elbow room."
merely that the sufferings inflicted upon Ger¬
many
agreement between Germany and Rumania,
new
treaties made the
of the Reich.
"'must come to an end."
Still
moving with unprecedented speed, the Ger¬
authorities clarified
man
Thursday the status of
indepen¬
whence came the demand for
Slovakia,
dence that
for
on
provided Herr Hitler with the pretext
splitting
up
Czechoslovakia and annexing Bo¬
A treaty was promulgated in
hemia and Moravia.
Slovakia retains its political
which
under
Berlin
Close collab¬
Germany in all matters was written
accord, and it is evident that the small
State will have little real
independence.
The Hun¬
garian troops obviously presumed too much on the
definite frontier between the Ruthenian
lack
of
area
which they
nejv
Slovakian region.
started last week to occupy and the
Attempting to take over all
territory which they regarded as Ruthenian, the
Hungarians
penetrated
miles
12
which the Slovaks considered
their
into
own.
a
section
Strenuous
representations promptly were made by the Slovak
authorities, and all indications pointed to full sup¬
The Hungarians, of
alternative to acceptance of
port of their views by Berlin.
course,
will have no
the German-Slovak
views.
minor clash rests in the
The significance of this
circumstance that the dis¬
puted area contains highway and rail communica¬
tions
which
between
the
control
to
Germany
German
for
and the Polish Ukraine,
Government apparently wishes
possible
moves
in the direction of
Germany's drive eastward through the Balkans
pushed in spectacular fashion, by means of eco¬
nomic demands upon
Rumania which that country
found it inadvisable to resist.
to the
London reports were
effect, early in the week, that political capitu¬
lation also was
on
servic¬
ing the dollar bonds of the country in a manner that
the
Bondholders Protective Council, for
Foreign
reasons
that
quite sound, found it impos¬
appear
sible to recommend to
holders.
The default
the acceptance
of the bond¬
by the Central American re¬
demanded by Berlin, but it appeared
Thursday that such accounts were exaggerated,
Beeche, the Costa Rican Minister to Washington.
explained, the goodwill
As Dr. Castro Beeche later
of his
country toward its creditors is indicated by'
the effort to resume service
payments, but there are
aspects of the matter which need elucidation, as
the Protective Council indicated.
The Costa Rican
proposal is for payment of 30% of the contractual
rates of interest on
$8,131,000 governmental dollar
bonds for the three years
while
of 1939, 1940 and 1941,
previously unpaid coupons are to be
retired
through 1% annual payments on the face value of
This
bonds.
the
plan, it is indicated, would be
temporary and subject to a final
settlement to be
arrived at hereafter.
objecting to the proposal, the Foreign Bond¬
In
holders Protective Council
ice offered is
points out that the serv¬
"unjustifiedly low in view of the fact
Costa Rican
that
revenues
in the past two years
highest in the country's history," and—
have been the
represents only 3.4% of the Government's
this year.
for
trasted with
the Russian Ukraine.
was
the authorities
posal which was put forward by Dr. Ricardo Castro
oration with
the
made by
public would be remedied, to a degree, by the pro¬
integrity
German Reich and its armed forces.
a
was
of Costa Rica, Tuesday, of a plan for
being aligned under the protection of the
while still
the
ANNOUNCEMENT
r\
of its; territory,
and the
independence
into
Costa Rican Debts
is
claimed,
ors,
on
payments of 50% to 62%% which, it
are
being made to certain other credit¬
and with the relatively high rates
internal debts.
while
being paid
It is noted also that Costa Rica,
depriving its creditors of debt payments, re¬
patriated a large part of its dollar bonds
were
budget
The 30% interest proposal is con¬
which
purchased at the low levels occasioned by the
default.
Defending the proposal, Dr. Castro Beeche
1700
Financial
Chronicle
The
apparently attempted to justify the low level of
debt service
payments in the offer
the basis of
on
shortage of foreign exchange, but little
said about the
been
exchange that
purchase dollar bonds while
being tendered.
were
of Costa
countries,
used to
appear
calculations rather than
hoped that the views of
to be based
ability to
our
on
political
It is to be
pay.
Protective Council will
prevail in this matter, unless better arguments
be advanced
can
by the Costa Rican authorities than
far have been
so
presented.
of March 22, shows
as
decrease of
a
gain,
a
over
securities
Government
other
increased
securities, £2,202,404.
£1,472,599 represented
£158,881.
rose
£1,875,000
and
Of the latter amount,
addition to discounts and
an
advances, and £729,805, to securities.
The
reserve
proportion dropped to 31.7% from 32.6%
earlier and compares with
29.6% last
show the different items
preceding
The
accounts, which fell off
£14,264,645, and other accounts, which
we
1939
£14,105,764 in other deposits.
latter consists of bankers'
payments whatever
number of other Latin
a
statement,
25.
previous week, of £18,072,000 in public deposits,
and
re¬
The debt payment tendencies
Rica, like those of
American
no
a
have
seems to
was
the
Mar.
with
week
a
Below
year.
comparisons for
years.
BANK OF ENGLAND'S
COMPARATIVE STATEMENT
Sino-Japanese War
Mar. 22,
WITH the approachbeingmild weather, military
of resumed
operations
large
are
scale
in
forced
the
which
war
China.
upon
on
the
a
Japanese militarists
The situation is highly con¬
masses
of crack Japanese
far
concentrated along the Siberian border,
are
the
from
fighting in China, and the
question remains
as
of
Tokio
forces.
such
to the
use
reports
that may be made
of
gested
that intensive
among
_
_
.
_
and
ways
means
in
are
of
Japan.
An
by which the current
Province of Siberia is
possibilities.
the
on
the
Maritime
hardly to be ruled out of the
The guerrilla activities which marked
undeclared
the winter
attack
Sino-Japanese struggle throughout
now
are
being augmented by positional
warfare, and huge armies apparently
ployed in such fighting.
that clashes have taken
be
are to
em¬
Recent reports indicate
place between regular army
units in the five
provinces of Hupeh, Chekiang, Hu¬
Kiangsi and Kiangsu.
Japanese claimed the
nan,
hand in
upper
in
others
Also
a
Chinese
the
factor of
apparently
made
possible importance is
tendency toward
There is talk
of these engagements,
some
some
a
progress.
ment
to
reported
a
a
peace
which would per¬
sovereign State, while grant¬
ing extensive rights to Japan along with
an agree¬
cooperate against Soviet Russia.
such settlement
touch off
a
war
If
25,613 ,442
as this was partly offset by a gain of
£60,gold holdings, the consequent drop in re¬
amounted to £104,000.
The rate used by the
,
as
per
holdings in the latest
fine ounce, was the
prevailed in the London market
on
state¬
same
rate
that
day; the
have found, was used in valuing the
Bank's holdings on March
15, although the market
same
rate,
rate then
we
148s. 5%<L; a similar difference
isted between the two rates on March
was
the market
of
course,
financial
tion
the
price
as
was
basis of
valuation, while
148s. 2%d.
The difference,
a
is slight, and according to
journal, "may be taken as a
of the
a
London
demonstra¬
freedom left to the Bank in
price to be used."
2%
2%
6
635,138
to liabilities
*
'
2%
148s.
Gold val. per fine oz.
5d.
84s.
11 Hd. 84s.
2%
ll^d. 84s.
ll^d. 84s.
2
•
.
ll^d
Bank of France Statement
THE statement for the weekcirculation 472,ended' March 16
showed
decline
in
a
note
of
000,000 francs, which further reduced the total
standing to
circulation
the
113,414,000,000 .francs.
aggregated
before
year
discounted
736,000,000 francs,
certifying
A
94,163,661,035
85,377,977,245
bills
commercial
francs.
registered
advances
46,000,000 francs, while
the
item
ago
and
French
of
loss
of
securities
against
abroad increased 1,000,000 francs.
out¬
year
francs
30,000,000 francs, and creditor current
of
a
accounts of
bills
bought
The Bank's gold
holdings showed no change, the total remaining at
87,265,942,141 francs, compared with 55,806,957,832
francs the corresponding period last
year, when the
valuation
of
rate
the
franc
The proportion of
fine.
ities is
now
Below
we
at
63.37%;
furnish
the
parisons for previous
BANK
OF
.
gold
on
a year
Credit, current accts
Temp. advs. with¬
out int. to State..
Propor'n of gold
it
ago
different
was
items
47.38%.
with
com¬
FRANCE'S COMPARATIVE STATEMENT
Changes
Mar. 16,1939
Francs
No change
Mar.
17,193,8
Francs
Mar. 19,1937
Francs
87,265,942,141 55,806,959,832 57,358,742,140
♦15,932,828
20,387,599
12,872,116
—736,000.000
+ 1,000,000
—30,000,000
6,408,000,000 11,001,484,897
745,000,000
826,464,197
3,340,000,000 3,717,971,274
8,120,146,429
1,275,320,883
3,725,214,076
—472,000,000 113414 000,000 94,163,661,035
85,377,977,245
—46,000,000 24,289,000,000 23,610,410,383
18,761,390,455
No change
20,627,000,000 35,353,974,773 20,072,095,857
on
hand to sight liab.
Figures
gold, 0.9
years:
French commercial
*
mg.
hand to sight liabil¬
t
Note circulation
c
43
was
for Week
T—*—**
as of Mar.
+ 0.24%
63.37%
47.38%
55.08 %
2,1939
Includes bills purchased in France,
b Includes bills discounted abroad
c In
the process of revaluing the Bank's
gold under the decree of Nov. 13, 1938, the
a
three entries on the Bank's books
representing temporary advances to the State
were wiped out and the unsatisfied
balance ®f such loans was transferred
to a new
entry of non-interest bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg.
gold, 0.9 fine, per franc), under the
decree of Nov. 13, 1938, was effected in the Statement of
Nov. 17, 1938; prior to
that date and from June 20,1937, valuation had been at
the rate, 43 mg. gold, 0.9
fine, per franc; previous to that time and subsequent to
Sept. 26, 1936, the value
was 49 mg. per
franc; and before Sept. 26. 1936, there were 65.5
mg. of gold to
the franc.
Foreign Money Rates
ex¬
1, when the
Bank used 148s. 2d.
44, 092,621
Bank rate.
b Bills bought abr'd.
an
ment, 148s. 5d.
4, 756,238
22, 350,359
47, 791,571
41,227,195
87,636,044
16,934,204
4 962,781
5,552,118
16 711,331
11,382,086
54, 899,406
71,682,772
Coin and bullion
227,144 746 327.,276,791 314, 618,939 201, 393,634 193,123.088
31 7%
Proportion of reserve
29.6%
29.90%
39.61%
45.37%
bills discounted-.
England Statement
Bank to value its
gold
26 ,730,894
20 095,756
49,732 000
Gold holdings
Credit bals. abroad,
ways.
tion, but
serves
80 304,996
21 674,112
Francs
THE statement for the £164,00b in note circula¬
expansion of week ended March 22
in
36 ,958,728
94 549,300
27 106,597
3,179 ,287
22,434 ,155
Securities—
Adv. against secure.
078
37 ,567,747
36 ,646,985
99,406 ,164 105 ,086,164
Other securities
a
shows
96,625,016
35,708 ,192
well
involving Japan and Russia
directly and other countries in various
Bank of
£
.
any
may
eventuates, the Far East
larger
while
sort of peaceful compromise.
abroad of
mit China to remain
£
progress
uncertainty in Europe might be turned to the ad¬
vantage
1935
£
_
Other accounts—
the Japanese political and military leaders
regarding
discussions
Thursday sug¬
Mar. 27
1936
477,412 ,000 479 ,485,220 470 ,526,318 406 ,494,228 381,440,316
Public deposits
15 556,839
28,597 000
27 ,908,416
18 ,000,366
20,106,890
Other deposits
127,914 005 145 ,789,562 119 ,553,876 120 ,576,184
137,852,211
Bankers' accounts.
92,205 ,813 109 ,142,577
81 ,986,129
83 617,456
Reserve notes & coin
of
scene
Mar. 25
1937
£
Disct. & advances.
troops
Mar. 24
1938
Circulation
Govt, securities
fused, however, for great
Mar. 23
1939
IN bills Friday market discount rates 9-16%
LONDON open 11-16% against for short
on
were
as
on
Friday of last week, and %% for three-months
as
against 9-16%
on
call at London
open
on
on
Friday of last week.
Friday
was
J^%.
bills
Money
At Paris the
market rate remains at 2)4% and in Switzer¬
land at
1%.
Volume
Financial
148
Discount Rates of Foreign Central
1701
Chronicle
DISCOUNT RATES OP FEDERAL RESERVE BANKS
Banks
*
'HERE have been
Rate in
changes during the week in
no
the discount rates of any
Federal Reserve Bank
Present
rates
the
at
Date
Mar. 24
Established
of the foreign central
Boston
J>anks.
Effect on
leading centersi&re
..........
1H
.......
New York................
1H
Cleveland
...
IH
1H
1H
1H
1H
1H
1H
1H
,
Richmond.
Atlanta
Rate in
Pre¬
Date
vious
Mar 24
Established
Rate
Argentina..
Batavia
m
11936
Mar.
4
July
2H
Oct.
27 1938
Bulgaria.—
Canada....
6
Holland
1 1935
Belgium...
Aug. 15 1935
...
Cli lie
Established
*2 H
4H
ZH
4H
...
2 1936
Aug. 29 1935
Nov. 28 1935
May 18 1936
r.
Japan.....
Apr.
6 1936
4
Java..!.—
3
Jan.
14 1937
5
Lithuania i.
5
July
Morocco...
6H
1 1938
May 28 1935
13 1933
Czechoslo¬
vakia..
3.29
Jan.
11936
3H
Norway
4
Jan.
21937
5
...
.........
...
San Francisco
1H
1H
2
2
2
2
2
2
2
.
2
5H
4^
STERLING
O
Jan.
5 1938
4
Dec. 17 1937
5
4H
*H
AH
Feb. 23 1939
4
Portugal...
4
Aug. 11 1937
Eire.......
3
June 30 1932
3H
Rumania
2
June 30.1932
2H
South Africa
ZH
3H
May
England...
Estonia... i
4H
Oct.
1 1935
5
Spain
5
4
July. 15 1935
Dec.
1 1933
2
and
all
the
leading exchanges
are
steady with the exception of the Holland guilder
3
2
2
Course of Sterling Exchange
4
3H
Poland
■
.
3.65
4H
3
Danzig
........... ..
'
.
5
Mar. 11 1935
„
Kansas City
Dallas
Dec.
Dec. 16 1936
3
4
Minneapolis.
3
July
2H
...
Rate
2
.
7
St. Louis.................
4
...
Hungary..
India......
Italy
3~
■
Colombia..
Denmark
Date
Country
..........
Chicago..................
vious]
Effect
Mar 24
Effect
Country
Pre¬
Rate in
Rate
2
Sept. 2,1937
Aug. 27,1937
Sept. 4,1937
May 11,1935
Aug, 27,1937
Aug. 21,1937
Aug, 21,1937
Sept. 2,1937
Aug. 24,1937
Sept. 3,1937
Aug. 31,1937
Sept. 3,1937
1
Philadelphia-.—.-.
shown in the table which follows:
Previous
.
3H
..
Finland
France
.
.
Germany
_
_
...
5 1938
May 15 1933
Dec.
3 1934
_
2
Jan.
2 1939
4%
2H
Switzerland
1H
Nov. 25 1936
..
4
Sept. 22 1932
5
Yugoslavia.
5
Feb.
6
Jan.
4 1937
7
.
Greece....
2)4
Sweden.
1 1935
5
6H
,
Market
mained dull
previous weeks and months.
commercial
business is
supplies
paper
on
Monday
a
from
was
are
loans
the New York Stock
on
for all
as
has
range
$4.68
Call
Exchange held at 1%
again
were
ruling quotation all through the week for both new
market for time
in
prime
commercial
brisk this week.
and the
have been fairly
paper
Rates
are
un¬
week.
the
There
been
has
light but is slowly
no
Bank of New York for bills up to
days
are
for four
change in
rates.
and including 90
%% bid and 7-16% asked; for bills running
months 9-16% bid and l/i% asked; for five
and six months,
of between
range
markets
,
the
few months.
On the whole, how¬
disturbed than at
are more
Munich crisis
at the
the
Austria in
time
any
end of September.
general business outlook is perhaps
German
more
un¬
March, 1938.
It is
since
singular to note that
of this week there
confidence .in
all
was
an
absorption
of
Monday and Tuesday
of return of
on
appearance
financial
markets,
especially in
London, Paris, and Amsterdam, despite the German
on
Wednesday followed the seizure of Memel
that
day.
■
The.renewed
flected in
the
but
reported by the Federal Reserve
as
a
week ago.
an
./v;
;V
■
<'
■
spread of anxiety in Europe is
increased flow of foreign capital and
United
The
States.
on
-
re¬
gold
migration of Jewish-
owned funds is largely
The demand has been good throughout
Dealers' rates
a
above, the exchange equalization funds
than
to
Acceptances
very
compared with
ably steady, and at levels not varying much from
Paper is coming out in gopd supply
high class bills is still
9-16,
The reversal of trend in the markets which occurred
Transac¬
THE market for strongerbankers' acceptances has
been slightly prime
this week. The supply
of
of
The
aggression in Czechoslovakia on March 14 and 16.
to 90
changed at %@%% for all maturities.
improving.
range
days and
up
demand has been strong.
Bankers'
a
for
previously reported.
1}^%
V/%% for four to six months maturities.
tions
money
The only transactions reported
occasional renewals at rates
compared with
favorable
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
Rates continued nominal at
$4.68 7-16
for cable transfers has been between $4.68 and
those of the past
The
New York Money Rates
were
and
hold the spot rates for the various currencies reason¬
since
datings.
quiet.
com¬
for sterling this week
range
$4.67 13-16
bills,
sight
As noted
awards ranged
to six months'
The
The
between
$4.68 1-16 and $4.69 5-16
ever
and renewals.
the part of
between $4.67 15-16 and $4.69 3-16 last week.
The
transactions, while time loans
continues
the whole limited,
which is confined to the buying of
exchange.
been
1%% for maturities to 90 days, and 1%% for four
loans
on
low and
down to 99.999."
par
future
issue of $100,-
new
virtually costless,
"slightly above
exchange equalization
various
While the market is
bankers'
000,000 discount bills due in 91 days, and the bor¬
rowing
the
of
The spot
entirely from the
Bankers'
conspicuous chiefly by its absence.
Treasury sold
funds.
mercial interests,
DEALINGS on this New York moneymerely con¬
the week, with rates market re¬
bills and
intervention
there has been marked activity on
New York Money
tinued from
and the Swiss franc, which show weakness.
rates have derived their steadiness
bid and 9-16% asked.
The
responsible for this movement,
apart from this factor it is clear that other foreign
capital is seeking refuge here.
Not only is foreign
capital coming here, but gold is being sent here by
the
central banks of Europe.
British
A large part of the
Exchange Equalization Fund gold is steadily
being earmarked in New York.
cannot be
divulged by official
In addition the British
The precise amount
sources.
exchange fund is constantly
increasing its earmarked gold in South Africa.
understood that virtually the entire
It is
production of
bill-buying rate of the New York Reserve Bank is
gold in South Africa, which is well in excess of
1,000,000 fine ounces per month, is being earmarked
}/2% for bills running from 1 to 90 days.
there for
Reserve
Bank's
holdings
unchanged at $554,000.
of
The Federal
acceptances
remain
•
gold
Discount Rates of the Federal Reserve Banks
rates
The
for
following is the schedule of rates
the
various
classes
Reserve banks:
of
paper
at
now
in effect
the
different
fund, which is accumulating
there, far removed from possible war
This process was begun last autumn at the
reserves
areas.
time
THERE have been of the Federal Reserve banks.
no changes this week in the
rediscount
foreign account, believed to be largely for
account of the British
of the
714,902
on
£6,381,270.
Munich
Dec. 31,
crisis and amounted to
an
£20,-
increase during the month of
At the current rate of earmarking, the
amount of British funds stored in Africa will com¬
pare
favorably with most central bank holdings.
Another evidence of the
concern
felt abroad is the
Financial
1702
England by private hoarders.
all destined for shipment to New York.
gold is
From all accounts
gold
now on
to
New York from London amounts
for shipment to
approximately $75,000,000.
In this connection it is
interesting to note that on
total gold stocks of the
United States passed the $15,000,000,000 mark,
representing an increase of $8,172,000,000 over the
$6,829,000,000 of gold in the United States on
Jan. 31, 1934 when President Roosevelt revalued the
dollar at 59.06% of its former parity.
The present
total compares with $4,033,000,000 gold, as measured
in former dollars, held just prior to devaluation.
The United States now holds approximately 57%
of all the publicly reported monetary gold in the
/
approximately $26,244,000,000.
dollar, the present
world, amounting to
United States would be equal to
which is more than double the
$4,033,000,000 held prior to devaluation of the dollar.
Not all the money coming here from Europe goes
into stocks, bonds, or United States securities. - A
$8,859,000,000,
deposit in the banks. The
anxiety prevailing in Europe finds reflection in the
circulation figures of the United States.
Total cir¬
culation amounts to $6,758,000,000.
It is believed
hoarding United
of small means are
States currency.
Anglo-German trade talks are of course
The
ended.
negotiations between the Federation of
Industries and the Reichsgruppe Industrie
trade
The
British
partial agreement at Dusseldorf
which culminated in a
last week have been
definitely terminated by action
In
of the British authorities.
tions
any
event the negotia¬
expected to result in
the German industrialists
could hardly have been
mutual trade advantages, as
they were anxious to
reach an agreement with British manufacturers, they
were
handicapped by the necessity of obeying
frequent conflicting demands from their Govern¬
ment.
They asserted that they were unable to exert
Exports
Imports
$6,342,000 from England
4,065,000 from Belgium
2,478,000 from
effective influence
on
the commercial policy of
the
$13,471,000 total
Hudson,
S.
Robert
Department of Overseas
the
of
Secretary
British
Trade, has apparently been
successful in his efforts at Warsaw to improve
trade and financial relations between Great
Poland.
and
On
No Change
approximately $4,236,000 of gold was
$3,806,000 came from Australia,
from China and $57,000 from New Zealand.
Note—We have been notified that
received
San
at
$373,000
Francisco, of
figures are for the
above
The
and $2,181,000
of the
metal,
foreign account
ported
on
there he is
Friday
from Japan.
at San Francisco
Eastern
expected to proceed to Bucharest and other
European capitals.
discount in terms
ranged during the week between a discount
treal funds
of
43-64% and
a
The following
rate
discount of %%.
tables show the mean London
Paris, the London open
on
and the price
in
trade
negotiations,
trade
be
observers feel that
disrupted for an
international trade will be seriously
indefinite
period.
Mar. 20
Tuesday, Mar. 21
in London show a slight
Short-term money rates
During the week ended March 18 bill
hardening.
rates in London were
quoted
as
follows:
Two- and
three-months bills 9-16%, four-months bills
and six-months bills 21-32%.
bills
are
19-32%,
Currently two-months
quoted at 19-32%, three-months bills at
%%, four-months bills at 23-32%, and six-months
bills
15-16%.
Call
money
continues in supply at
Wo to %%.
All the
Monday,
Mar. 20.
Tuesday, Mar. 21
continues to
Mar. 24
Monday,
Thursday,
Mar. 23
__148s. 5d.
148s. 5d.
Friday,
Mar. 24
148s. 5d.
Tuesday,
Mar. 21.
UNITED STATES (FEDERAL
BANK)
Wednesday, Mar. 22
$35.00
35.00
...
35.00
Mar. 20
176.83
GOLD PRICE
Wednesday, Mar. 22
RESERVE
Saturday, Mar. 18
,
Thiirdsay,
Mar. 23
Friday,
Mar. 24
Referring to day-to-day rates
.$35.00
35.00
35.00
sterling exchange on
Saturday last was steady, off from previous
close.
$4.68@$4.68 3-16; cable transfers
3-16@$4.68 5-16.
On Monday sterling was
Bankers'
steady.
sight
was
The range was $4.67 13-16@$4.68 3-16 for
sight and $4.68@$4.68% for cable trans¬
On Tuesday sterling was slightly firmer.
bankers'
fers.
Bankers'
sight
$4.68 1-16@$4.68%; cable trans¬
was
$4.68%@$4.68 9-16.
steady.
$4.68 5-16;
cable
Thursday
On Wednesday the pound
was
$4,68 1-16®
$4.68 3-16@$4.68 7-16.
Bankers'■ sight
transfers
exchange
continued steady.
The
$4.68 5-16@$4.68 7-16 for bankers' sight
$4.68%@$4.68% for cable transfers. On Fri¬
range was
and
day sterling was steady in
The
range
was
light demand except for
$4.68 1-16®$4.68% for
$4.68 3-16®$4.68% f°r cable
transfers. Closing quotations on Friday were $4.68%
for demand and $4.68% for cable transfers.
Com¬
bankers'
mercial
at
sight
and
payment (60 days) at
bills
at
60-day bills
documents for
sight bills finished at $4.68 1-16;
$4.6734; 90-day bills at $4.66%;
$4.67% a^d seven-day grain
Cotton and grain for payment
$4.67%.
closed at $4.68 1-16.
and Other Foreign Exchange
on
there
Saturday
last
Monday
£766,000,
Mar. 23.
Friday,
FOR GOLD BY THE
PRICE PAID
Continental
offer in the London open market
be taken for unknown destination.
On
gold
Thursday,
_148s. 6Md.
148s. 6d.
148s. 5d.
Saturday, Mar. 18
..176.83
176.82
Wednesday, Mar. 22
LONDON OPEN MARKET
futures.
—
*
CHECK RATE ON PARIS
176.85
176.90
176.83
Saturday, Mar. 18
Monday,
check
market gold price,
paid for gold by the United States:
MEAN LONDON
On
<
However successful the British authorities may
.
relatively steady but at a
of the United States dollar. Mon¬
Canadian exchange is
*
similar trade discussions. From
Warsaw
left
were no
change in gold held
exports of the
or
exports
earmarked for
On Friday there were no imports
metal, but gold held earmarked for
decreased $3,724,000. It was re¬
that $8,643,000 of gold was received
There
from Canada.
or
foreign account.
was
he
week eneded on
On Thursday $8,108,000 for gold was
received of which $5,927,000 came from England,
fers
22
which
Wednesday.
for
March
Moscow to engage in
the
Britain
Foreign Account
in Gold Earmarked for
Net Change
$4.68
Reich regime.
None
Switzerland
586,000 from India
freely admitted that though
an
16-MAR. 22, INCLUSIVE
NEW YORK, MAR.
GOLD MOVEMENT AT
large part remains on
that Europeans
reported by the Federal
was as follows:
York,
Reserve Bank of New
Valued in terms of -the former
gold holdings of the
York the gold movement for
At the Port of New
the week ended March 22, as
Saturday last, March 18, the
■
Friday £406,000.
on
the water or engaged
1939
25,
Thursday £543,000, and
Wednesday £1,371,000, on
dumping of gold held in
This
Mar.
Chronicle
was
on
£125,000,
£1,178,000,
available
Tuesday
on
on
FRENCH francs are rulingrate is concerned. The
far
the spot slightly easier than last
week
so
as
easier tone of the franc
is due largely to the weakness
Volume
of
Financial
148
rate for spot belgas has been kept relatively steady
change,
just abipve the shipping point for gold from Brussels
to New York, due to official intervention and to
week
at
no
Paris ruled
on
during the
slightly better than 176.83 francs to the
gold shipments to London and New York to support
the
pound.
There
been
has
demand for
a
which
has
not
offset
by
repatriation
been excessive
of
dollars
improved industrial business in France.
March
partly
purpose
due
capital
belgas
to
Despite the
francs
against
francs is not severe,
guilders, of 3
than 50 points
essentially sound.
The French equalization fund,
90-day belgas.
on
Bank of Belgium
now
40
now
The financial and banking position of Belgium is
the United States, and
like those of Great Britain,
30-day
points under spot.
on
the Swiss francs, and
on
March 14 and is
on
points below the basic cable rate, and is
more
discount of 12 points
a
on
The discount
8 points from spot
90-day belgas has widened from 38 points to 50
on
90-day
as
only 2 points under the basic cable rate,
are
points
future
on
and
9
Bank of Belgium shipped for this
74,200,000 belgas.
was
March
Between
currency.
16 the
from 10 to 15 points under spot, while the discount
greatly disturbed condition of foreign exchange the
discount
Belgian
Paris,
in
and has been
French
1703
In terms of
sterling with reference to the dollar.
sterling itself the franc shows practically
and the London check rate
Chronicle
The total gold holdings of the
are
given
3,117,900,000 belgas
as
and the ratio of gold to notes is 72.99%, while the
Holland, has been active throughout the week in
ratio of gold to total sight liabilities is
supporting the exchange.
The Bank's rate of rediscount continues at 2%%.
The
most
relating
factor
important
and
industrial
financial
affairs
practically unlimited dictatorial
Daladier
measures
showing evidence of strain.
all
stressed
was
German position as at the end of 1938 stated that all
available statistics relative to German financial
and
structure indicate evidence of "expansion and strain."
measures
of
March
week of 48 hours
a
ment and related
Paris
Discussing increases in German
in arma-
or more
plants.
21
tion, which
,
dispatches stated that the
commercial
Franco-German
negotiations
marks,
be
will
commercial
recent,
have
to
was
currency
circula-
10,404,000,000.
was
7,143,000,000 marks
on
Jan.
"These increases
25,
are
of
employment of labor and production facilities, mere
April 1.
agreement between France
Czechoslovakia which
against
Dec. 26, 1938
special significance when considered in the light of
the growing realization that with an approach to full
automatically Renewable for one year
unless it is denounced before
on
1938, the Department said:
had been
The existing agreement expires on July 31
stopped.
effect
This conclusion
Tuesday of this week when the United
States Department of Commerce in a survey of the
the imposition
and
on
One
adopted by the Cabinet was the
suspension of the 40-hour week in all industries
A
time been point-
essential to the national defense without the
of the first
but
some
ing out that the German economic position has been
expire in
necessity of obtaining Parliamentary sanction.
On
change from recent weeks,
no
Impartial observers have for
to Premier
Cabinet to take
and will enable the
December
powers
German marks show
voting of
The powers are to
March 18.
on
French
to
the
was
67.90%.
creation
into
gone
of
credit
additional
can
not
increase
production."
considered void and it is
The Reichsbank still carries its gold holdings at
expected that all imports from former Czechoslovakia
around 70,772,000 reichsmarks, approximately $29,-
are
April 1 is
on
to be
now
000,000, but it is believed that actually Germany
prohibited after April 1.
On March 22 France and Poland after
signed
negotiations
their
crease
agreement
an
prolonged
holds about
designed to in-
commercial exchanges,
least
which is to be
For
Czechoslovak
some
weeks the French and Rumanian auth-
conducting negotiations to effect
trade agreement.
It would
that the
seem
as
of
on
-r-v
.
that the Treasury
1
j
short-term bond
French
gold,
1
-r,
,
,
,
,1.,
last
of
October.
France
are
The
gold holdings in the
estimated
at
approximately
$2,435,000,000,
the
When
most
economic features
favorable
are
possible
fiscal
and
enumerated, it is nevertheless
manifest that all interests feel that France,
-with the rest of
together
Europe, is likely to undergo
a
long
period of tension.
Belgian
Pressure
currency
on
continues under
the belga was
severe pressure,
due originally to political
disputes, but since the invasion of Czechoslovakia on
March
14, the unit has been weakened by the dis-
turbed
political condition
on
the Continent.
11-16^2.65
The
TeT
13.90
16.95
8.91
5.26^
19.36
32.67
22.45^
to 22.64
40.20
m
««
to 53.10
soiled (guilder).. ...
New dollar parity as
a
, i
He also disclosed that the
increase of $150,000,000 from the holdings
revealed
Range
Italy (lira)
Switzerland (franc)
J
of the Chamber of Deputies
1
Tj_
United States dollar:
New Dollar
T«2
bcFrance (franc)........
holds large amounts derived from
issues.
currency,
Belgium (beiga)
'
equalization fund has about $600,000,000 in
an
Bank
.
Czech
Old Dollar
days ago, Iinance Minister Reynaud stated
to the Finance Committee
^1
-«ir.
.
nominally quoted in
Many banks refused
ing European currencies to the
March 23 precludes the possibility
1
r
A few
are
The following table shows the relation of the lead-
new com-
Franco-Rumanian trade agreement.
a
result of the recent aggression,
to make commitments in
a
mercial accord concluded between Rumania and the
German Reich
a
crowns
New York at around 3.42%.
•
orities have been
$200,000,000 of gold and will get at
additional $90,000,000 from the Bank of
Czechoslovakia
appended to their trade accord concluded in Decernber, 1937.
an
^
5.26,
2.64
to
5.26^
before devaluation of the European currencies
between Sept. 30 and Oct. 3. 1936.
b Francs cut from gold and allowed to "float" on June 30, 1937.
c Qn May
1938, the franc was devalued on a de facto basis of 179
francs to the pound, or 2.79 cents a franc,
The London check rate on Paris closed on Friday
Friday of last week. In
finished at
2.64%, against 2.64%; cable transfers at 2.64%,
against 2.64 11-16. Antwerp belgas finished at
16.82% for bankers' sight bills and at 16.82% for
cable transfers, against 16.82% and 16.82%. Final
quotations for Berlin marks were 40.09 for bankers'
sight bills and 40.10 for cable transfers, in comparison
with 40.13 and 40.13%. Italian lire closed at 5.26%
for bankers' sight bills and at 5.26% for cable transfers, against 5.26% and 5.26%. Exchange on
Czechoclovakia is nominally quoted in New York at
3.43. Most banks, however, refuse to quote on
at 176.83, against 176.85 on
New York sight bills on the French center
>•
Exchange
Czechoslovakia.
Bucharest closed at
on
Poland at 18.89%, against
Greek
exchange closed at 0.86, against 0.86.
0.72%, against 0.73;
18.88; ^and
on
Finland at 2.07, against 2.07,
on
EXCHANGE on theeasier. Holland guilders and
countries neutral during the
generally
is
war
extremely
Swiss francs have been
Currently the guilder seems to have been
weeks.
stabilized
prevailing this week, that is,
levels
at
guilders.
It is the conclusion
observers that the
market
Manila at 49.80, against
deliberately allowed the currency to decline to
relation to
current
its
For
sterling.
than
more
a
previous to last September guilder futures were
quoted flat
guilders
At present 90-day
discount of 10 points below spot.
at a slight premium.
or
at a
are
like the guilder, had long
The Swiss franc,
manded
few
com¬
premium over the spot rate until the past
a
Now 90-day francs are at a
weeks.
discount
THE following table indicates the amounts of gold
(converted into pounds sterling at the
bullion
Aside from the general
points under spot.
uneasiness created
by the German aggressions on the
Continent, there appears to be no substantial reason
decline
the
for
the
followed
Swiss
on
Dec.. 26 in
from the pound.
Market
be, convinced that the Swiss
to
following
are
Switzerland
unit.
of Holland
currency
appear
authorities
the
in
example
detaching its
observers
lead of Holland in
the
allowing the unit to approach the level of sterling,
Both
currencies
members of the
Bankers'
thus
may
be regarded
again
sterling bloc.
.
as
/
„
sight
Amsterdam finished
on
dates
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
four years:
1939
of—
England.
1938
1937
£
£
£
♦130,024,466
295,815,871
_.
Copenhagen checks
finished at 20.91 and cable transfers at 20.91, against
24.14 and cable transfers at
Sweden closed at
24.14, against 24.10%
and
on
Checks
24.10%;
while
checks
and
cable
on
transfers
23.53%
23.52 and 23.52.
Norway
closed at
23.53%,
at
a25,232,000
Netherlands
117,583,000
111,771,000
122,150,000
99,590,000
104,314,000
95,425,000
112,500,000
33,055,000
77,868,000
83,522.000
48,109,000
26,299,000
25,635,000
Denmark..
6,555,000
6,542,000
6,550,000
23,897,000
6.554,000
67,201,000
16,186,000
7,395,000
Norway
8,222,000
7,442,000
6,603,000
6,602,000
6,852,000
c63,667,000
;
Nat. Belg..
Switzerland
Sweden
*
...
no new
action
the
of
are
various
Bank Notes Act, 1939, the Bank of England
1, 1939, and since, have carried the gold holdings of the Bank
of the statutory price,
On the market price basis (about 148s. 5d.
£227.144,746, equivalent, however,
to
(84s. llMd. 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. 5d. per fine opnce,
at the market value
held steady through
which was formerly the
In the absence of specific
a
Amount held Dec.
Bank of Germany are
reported at £529,300.
controls.
pesos
closed
on
the
.
Friday at 31.23
sight bills, against 31.21
on
Friday of
week; cable transfers at 31.23, against 31.21.
free market close
Brazilian milreis
(official), against 5.90.
5.19
at
.
c
As of April 30, 1938, latest figure available.
Also firBt
of France Is presently calculated, In accordance
with the decree of Nov. 13, 1938, at the rate of 27.5 mg. gold, 0.9 fine, equals one
franc; previously and subsequent to July 23, 1937. gold In the Bank was valued at
43 mg. gold, 0.9 fine, per franc; before then and after Sept. 26, 1936, there were
49 mg. to the franc; prior to Sept. 26,1936,65.5 mg. gold, 0.9 fine, equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values Its gold
holdings (7.9881 gr; gold ll-12ths fine equals £1 sterling), the sterling equivalent
of 296 francs gold In the Bank of France Is now Just about £1; when there were 43 mg.
gold to the franc, the rate was about 190 francs to the £1; when 49 mg., about 165
francs per £1; when 65.5 mg., about 125 francs equaled £1.
The Revision of the
It would be well for
Neutrality Act
Congress when revising the
Neutrality Act to bear in mind its caption in the
of
Code
tions
States
United
the
of
"Preservation
reads:
Generally."
frame
more
Laws.
That
caption
Foreign
Friendly
Rela¬
It is difficult in six words to
accurately the sound general objective
of legislation in support of neutrality.
The
existing neutrality legislation began with the
As
come
of the
was
are
23.05, against
quoted at 5.90
Chilean exchange is quoted
(official), against 5.19.
Peru is nominally
quoted at 20%, against 20 3-16.
.
^
originally enacted, it
eign
years
largely the out¬
was
popular desire then prevailing for the
enactment of
legislation to keep
us
out of any for¬
Consequently the principal provisions of
war.
a
23.05@23.10.
information.
31, 1936, latest figures available,
b Gold holdings of the
exclusive of gold held abroad, the amount of which is now
report subsequent to Aug. 1, 1936.
The value of gold held by the Bank
as
or
basis of value.
fine ounce), the Bank reported holdings of
only about £130.024,466 at the statutory rate
trol, is permitted to move in close relation to sterling.
exchange
while still under official
paper peso,
The unofficial
current as of the statement date. Instead
per
con¬
last
67,718.000
71,032,000
58,057,000
76,630,000
Pursuant to the Currency and
the
paper
62.979,000
888,378,963 1,074,734,545 1,098,981,359 1,099,032,641 1,247,740,291
*
on
Argentine
90,761,000
42,575,000
Prev. week.
the -Act
for bankers'
2,959,900
90,117,000
42,575,000
907.432,687 1,075,965,534 1,098,826,879 1,100,908,205 1,246*981,344
The
Argentine
2,575,200
2,432,200
87,323,000
Total week.
old.
EXCHANGE on the South from those of recent
presents
features Ameriqan countries
units
525,603,371
Italy
3,007,350
Germany b.
Neutrality Act of 1935, and is thus only four
—♦—
These
£
193,123,088
660,774.356
201,393,634
293,720,843
2,521,900
87,323,000
25,232,000
France
against
*
'
weeks.
314,618,939
347,628,740
327.276,791
on
22.49% for checks and at 22.49% for cable trans--
20.89% and 20.89%.
1935
1936
£
sight bills at 53.03; against 53.03. Swiss francs closed
fers, against 22.65 and 22.65.
fine ounce)
per
principal European banks as #of respective
of most recent statements, reported to us by
the
in
Friday
at 53.09, against 53.08 on Friday of last week; cable
transfers at 53.09, against 53.08%; and commercial
at
ll%d.>
rate, 84s.
British statutory
statements for March
of two
Banks
Gold Bullion in European
Spain
year
35.05.
Calcutta at 35.07, against
Banks
have
35.05; and
against 54.50; Bombay at 35.07, against
Dec. 26,
which detached the unit from sterling on
1939
25,
49.80; Singapore at 54.50,
Holland authorities,
around 53.10 for spot
of
the guilder
easy,
January and the Swiss franc in the last two
since
Mar.
Financial Chronicle
1704
were
a
mandatory and impartial embargo
exportation of
arms to
belligerents,
well
as
registration and license system covering the
export of munitions and implements of war.
embargo, being impartial,
international rules of
subjected to
some
was
neutrality.
criticism
This
not contrary to the
as
a
It was, however,
practical policy,
since it favored those Powers which could afford to
maintain
tuted
a
great munitions
works.
It
restricting ordinance against
tries not
also
consti¬
our own
indus¬
required by the principles of international
law.
EXCHANGE on have Far Easternchange in trend
the shown
countries can
said
not be
for
many
response
to
months.
any
These
units
move
strict
in
Closing quotations for
on
yen
checks yesterday
Friday of last week.
were
Hong¬
kong closed at 29 3-16@29 7-32, against 29%@29%;
Shanghai
at
16%@16 7-16,
against
1936
16%@16%;
anti-Italian
to enforce sanctions
effort to
to the course of sterling.
27.32, against 27.30
In
sentiment
over
the
war
in
Ethiopia and sympathy with the League's attempts
lay
an
embargo
mandatory
especially
in the
against the Italians led' to
give the President discretionary
as
on
list.
commodities not already
This
was
the discretion
was
strongly
an
power to
on
the
opposed,
to be granted both
application and in the selection of the
com-
Volume
Financial
148
1705
Chronicle
recent Gallup poll indi-
modities, and might tend in practice to reduce to
of
impotence the constitutional
cates a change in public opinion since 1934-35, when
declare
for the
The
The
war.
The 1936
proposal
prohibition of loans to foreign belligerents,
by the Spanish civil
the
fact that
the
Spain
as
This
arena.
international
elected
and
and France win, except
law
required
the
spite
Act
ditions,
contained
and
changes
response
In this Act
we
find
bellig-
of our people
dictatorships
paring to forbid, in the event of hostilities, its
chant vessels from
In
war
materials, but only
17% wished to send our army and navy abroad to
help those countries in the event of war.
While this opinion may not be entirely satisfac-
first-class Power pre-
a
ourselves."
poll would have been in March, 1914. This, coupled
with the fact that the sympathies of the majority
ad-
to the demand to
insulate the United States from contact with
erents.
go to war
of March 11, 76% favored selling Eng-
tory to England and France, it is undoubtedly true
that it is more favorable to them than a similar
Act was passed,
a new
numerous
of them in
some
.
legislation expired by limita-
on.May 1, 1937, when
survey
land food supplies, 52%
to
us
Government of
recognized
its sole lawful government until the bellig-
The 1935 and 1936
This
done in
was
a
"favor doing everything possible to help England
congressional
of the rebels had been recognized.
erency
tion
a
extending the prohibitions of the Neu-
tralitv Act to that
treat
resulted in
war
However,
investigation by the Senate Munitions Committee aroused such a widespread demand for "keepus-out-of-war" legislation.
The Gallup poll, published Feb. 22, shows that 69% of the voters would
provision
a
our people.
' the
defeated.
wras
legislation, however, added
strong sentiment aroused here early in 1937
resolution
of
of Congress to
power
are more
than
strongly engaged against the
they
against
were
Germany
prior to the outbreak of the war in 1914, demon-
mer-
carrying not only arms, but also
strates the importance of the exercise of prudence
undetermined list of other articles and materials,
an
and wisdom, if we are to remain neutral should war
Provision
so-called
is
for
the
strife,
break out.
application of the
materials what-
islation leaving all or most of the measures in
by
foreign
support of neutrality to the President's discretion,
transshipped to countries engaged in
or
These two
or
to neutral States, if the goods are to
Perhaps this plan is inspired by the theory that it
is easier and more rapid to influence the decisions
civil
or
ex-
transportation from the United States
or even
be used
wars.
•
clauses, which expire by limitation
of one
on
May 1 of this year, have been subjected to expert
criticism
our
Our reaction to the events of last week
belligerent States, to States engaged in civil
or
carry" rule forbidding the
American-owned articles
to
ever
made
and
in Central Europe only emphasizes this truth,
The anti-aggressor school is emerging from hibernation with the suggestion that Congress adopt leg-
portation
of any
also
"cash
the
on
and
commerce
merchant marine
Until
few months ago
a
unnecessarily
public's interest in neutrality legislation
tion.
sea.
the dominant note of
our
the
was
than of Congress.
The Supreme Court
decision of Dec. 21, 1936, in the case against the
Curtiss-Wright Corp. for the violation of the Chaco
embargo resolution, lends support to such delega-
ground that they tend to restrict
and to favor the nations which control the
man
'
That
case
holds that Congress can, if it de-
sires, delegate to the President a greater degree of
discretion and freedom'from statutory restriction
desire to
in the international field than if domestic affairs
more
were
keep this country out of foreign wgr, or,
radically, to completely insulate it should war
The
ensue.
existing Neutrality Act indicates that
concerned.
The change in public opinion has considerable
Congress has hitherto endeavored to cater to this
importance, Since, according to reports from Wash-
wish.
the
ington, Senator Pittman's committee was to. hold
This
position is based principally
on
assumption that the United States'became involved
hearings to develop "the outlines of the current
in the last
war
The
of
state of public opinion." The Senator was then to
introduce a bill "which will sail as close to the Ad-
truth
lenged, both
general
through efforts to protect its trade,
this
theory has been seriously chal-
to the direct
as
One of
cause.'
cause
and
as
to the
greatest leaders in the
our
field of international law has stated:
"We,,became involved in
of
directly
as
armed
our
the result
taking the position that
belligerent merchantmen
were
to be consid-
Many observers believe that the underlying
was
the
fact
that
generally
we
of
a
one
side strongly.
our
us
and
our
a
aggressors.
press
on
events
appear
of
group
con-
leaders, with the inevitable result,
The isolationist group was
1936, by
sym-
In the stress
long and desperate war those sympathies
trolled
the
cause
had not remained
psychologically neutral, but had allowed
pathies to favor
opposed, especially in
advocating intervention against
At that time it failed to place its im-
our
neutrality legislation, but the dire
this
year
and last in Europe and Asia
to have weakened to a considerable extent
position of those whose main preoccupation is
by legislation to endeavor to make war impossibly,
At
present
the
extreme
anti-aggressor
school
of
thought appears still to represent a small minority
President,
after
announcing
a
policy
of
bringing home to aggressor governments the aggregate sentiments of our people by
war
methods" short of
but stronger and more effective than mere
words," has indicated an intention to leave the sub-
He is,
of restrictions such as the mandatory embargo on arms and
munitions, but favoring a continuation of the "cash
and carry" clause.
The most powerful neutral
nation in the world, we are facing troubled times
ject of neutrality legislation to Congress.
peaceful vessels."
as
cally feasible."
The
undertaking to guarantee the safety of bellig-
our
erent merchantmen and
ered
war
•
■
ministration's desired course as is deemed politi-
however, reported as desiring the removal
without a settled neutrality policy.
misconception, held
governmental circles, of
the function of domestic legislation in support of
neutrality, and what can be accomplished thereby
in this very practical world.
Common sense dietates that in drafting such legislation a long view
should be taken, and that knowledge, obtained from
past experience as well as familiarity with the subject, be used.
The subject has its technical and
esoteric aspects, and does not lend itself to a sysThe difficulty is primarily a
not only in popular but in
Financial
1706
of responses
tem
events.
assigned to
be revised
"current
sacrifice
of neutral
interests
in
for such
nation
a
national economic
should not be contemplated
wartimes
legislation.
conception of
neutral
a
.
implies two nations at war, and a third in
In more modern times the
obligations of
the
between
A
belligerents.
nation's neutrality
policy should be well defined and continuous.
executive discretion is too largely
representing a single nation's aspirations. Any
should be in harmony with our
national psychology.
We are the most powerful
such legislation
industrial and commercial nation in the world, with
men as enterprising and as resourceful as
business
Legislation which would attempt to restrict
their operations far beyond the requirements of real
neutrality would probably not last after the beginning of hostilities.
The existing Neutrality Act contemplates, in sev-
If
to deal
on
of
Examples of
to be found in some of the pro-
eral places, our making too great concessions
neutral rights in time of war.
our
such concessions are
visions of the mandatory arms embargo clauses, the
they arise, the Nation's position
clause prohibiting American vessels from carrying
neutral will be weakened in its relations with
goods under embargo, and the cash and carry clause
with situations
as
relied
1939
national law is stronger and less resented than one
neutral nation are to abstain from
a
and to observe genuine impartiality
conflict,
25,
A position based on inter-
events of the time.
any.
law
friendship with both.
the
or
will
Too great
changes.
position
international
The
It is evi-
opinion" legislation
situation
the
as
task should not be
a
expected from such laws.
or
such
that
dent
to popular reactions on current
Moreover, too great
Mar.
Chronicle
a
those
belligerents whose interests may be adversely
affected
by the Executive's policies.
On the
here
as
subject of trade, with which
mainly
we are
concerned, international law does not permit
a
All these clauses contain express
above mentioned.
recognition of the so-called continuous voyage doctrine, which permits a belligerent to confiscate
goods capable of assisting the enemy, even though
government to supply commodities to a bel-
consigned to neutral territory, if ultimately des-
ligerent, or to allow the fitting out in neutral terri-
tined for the domain of the enemy. It has been
authoritatively stated that this doctrine is a belligerent, not a neutral, doctrine, and that "neither in
the late war nor in any previous war did it occur
neutral
tory of armed expeditions or ships for belligerent
service.
However, since
nation is involved in
no
and the growth of industry and trade
war,
every
makes nations
dependent for their economic life
the
exchange of goods,
has
developed whereby private neutral traders
even
privileged to continue their trade,
This
erents.
articles
applies
are
warlike
Belligerents
any absolute contraband
visiting ships
ditional
may
that a neutral government
man
.
...
against bellig-
This thought seems
erents, belligerent measures."
applicable, though in the case of this Act it was
intended that the doctrine be impartially applied
to all belligerents.
Nevertheless, to turn from the unnecessarily re-
in turn confiscate
strictive provisions of the/Neutrality Act, confer-
they may find
as
contraband, provided they
well
as
as
ring a wide discretion on the Executive, as seems
the result
well
as
con-
definitely
can
the contemplation of Congress,
to be within
now
or some
elements therein, would be to overlook the
It would be safer
history of the years 1914 to 1917.
that the latter is destined for the enemy's
prove
of
as
the high seas,
on
mind
contraband
(articles capable of peaceful
use).
the
to
would assume to enforce,
with bellig-
even
absolute
(arms and munitions) and to conditional
contraband
of
to-
on
in wartime, the rule
army or navy.
The responsibility of enforcing these
and sounder for Congress to guide the President,
rules
the
free
rests
neutral
on
belligerents and not
These
the
are
national law
on
were
established
torn
based
tinuity in policy,
phrased mandatory legislation.
subject of neutral trade.
by multilateral treaties,
and
skilful
stand
acquiescence of
measures
in
an
security of neutral nations.
these
war
Great
to
still
in
effect.
a
liberal delegation of powers by Congress to the
to the extent of such power of delegation,
Any such legislation to endure the stress of war
important role
should not take in too much ground, be practical
They
and technically correct and sincerely impartial—
are re-
not
unneutrality in disguise.
The President has
war
and
been reported to favor a cash and carry clause
the economy
and
some
a
disregarded
are
This seems particu-
young
Nevertheless, they
They
certain amount of well-
Executive in foreign affairs, set no definite limit
or
some
are
brake
over-extensive business
to avoid
operations with belligerents.
Perhaps,
a
simpler
method for reaching the same end could be devised,
held
The
thus available for
guide neutral nations safely through
in
form for the purpose of having it act as an
automatic
of
rules, particularly those relating to contra-
be
use
of
It is true that during
Britain
band and to blockades.
to
on
a
Supreme^ Court, in upholding the constitutionality
long
nation,
by
larly wise, because in the Curtiss-Wright case the
the chief bulwark of civilization
diminish its disastrous effects
last
cus-
adopted and enforced by
wartime, since they tend to localize
the
over
one
developing and establishing them.
as
by
Our country, even when
comparatively weak, played
garded by many
or
They
They cannot be changed by
or
belligerent Powers.
in
personal responsibility,
much
too
principal neutrality rules of inter-
the unilateral acts
by belligerent
from
the
firm
on
him
and fortify him with the backing of assured con-
periods by neutrals.
and
the
upon
government.
legislation
might
diplomatic protection
also
our
advisedly
deprive
citizens sailing
on
of
bel-
war-
ligerent ships, and treat, in our ports, armed bel-
they have done in the past, when
intelligently and firmly employed.
ligerent merchantmen as war vessels. Some of these
measures are already in the Act and might wisely
times to peace, as
Undoubtedly,
a
a neutral State may advisedly, as
policy, if not duty, enact domestic legispreventing, or regulating, certain acts affect-
be retained with others not here mentioned, though
matter of
lation
ing belligerents by
control.
follow
Such
persons
legislation
within places under its
^should
not,
however,
solely the dictates of ephemeral reactions to
in
some cases a
drastic revision of wording and con-
tent would improve them.
'
If this task
would
be
were
skilfully accomplished, America
prepared,
as
far
as
legislation
could
achieve it, to reassume the historic role it played
Volume
in the
a
Whether
war.
we
rights of neutrals during
take part
should be left to
was
Meanwhile,
sobering
reflections, no
doubt
strengthened and stimulated bj association with
John W. Hanes, permeated the deliberations of the
past, but abandoned during the late war, of
staunch defender of the
in the next European
deliberate decision
a
Secretary of the Treasury.
that
on
be forced in because of
conceived in the
"neutrality" policies hastily
spirit of trial and error.
ing
======
The
MorgenthaU'Hopkins Axis
stage
was
for his Caribbean
February,
in
cruise, contributed the impulse from which rapidly
developed all the abounding hopes now evaporating.
He had been
the
heavy
ill, he
with overwork and
was weary
of extended paternalistic obliga-
cares
tions, he needed rest and recuperation, and his mood
naturally have been tinged with discon-
may very
with
tent
doubt
existing, status and weighted with
the
to the future.
as
Perhaps, he
was
tempor-
arily willing to interrupt the prolonged process of
reconstruction
business and
begun six years before and to allow
industry to resume some material frac-
tion
principal form
He said little, merely
of the initiative.
one
had
and that business had
his
to
Then he went
and the veil of mimic warfare
activities
and
home.
enveloped his
more
The little that he had said sufficed to arouse new
nothing less than continued unrest and sporadic at-
recognition of
sites of recovery are
excited
an
and
It did
even
fiance
than that within the limited Administration
circles where
direct
and
a
some
determination to
doctrinaire reconstruction
shape
transferred from a field in
Just
-which he func-
he
was
merce
commercial
totally unfamiliar.
he had the
orientation
uniformly his supporters, who had promptly enthe tentatives towards tax revision, and
anxious and
the
dorsed
which
had cautheir
positions. He saw and conferred with others whose
positions are less recognized and whose names appear somewhat more rarely in the public records,
and from them received subtle suggestions that the
political and personal prestige of the Administration might be at stake. Arthurdale was recalled to
mind and perhaps it was unnecessary to remind him
those less independent Democrats who
As Secretary of Com-
tiously awaited his return before announcing
good sense to realize that his re-
ought to be complete and immediate,
The consequences
self to
environment with
need have surprised no one.
An
inquiring mind, freshly addressing it-
problems of American industry,
could
reasonably have reached no conclusion other than
that there had been
that
in
a
great deal of lost motion and
subordinating
recovery
to
reconstruction,
that, from the strange forum
much valuable time had been lost and much effort
wastefully expended.
He
saw
clearly that his
en-
larged obligations to the people called for boldness
in
adopting and proclaiming new policies partic-
ularly in the vital and pressing matter of taxation,
Accordingly, he swung strongly and promptly to the
right, abandoning his former associates of the reconstruction-at-any-cost school, and the Des Moines
speech was his declaration of intention, though not
of
independence.
He conferred repeat-
edly with Mr. Morgenthau and Mr. Hopkins, as well
as with leaders in Congress, including those not
completely concealed political preoccupaand
The President returned re-
curring during his absence
unem-
tions, Harry S. Hopkins suddenly confronted an industrial
final annihilation of the profit-motive in industry,
invigorated by rest and recreation and received, at
first in silence, reports concerning the incidents oc-
ployed and indigent, with scarcely admitted but
far from
of the mildest direct opposition es-
But it was not to be.
of all the
connection with the
exclusively in
even
mi tted to the subjugation of capitalism and the
.
principal relations of the economic system.
tioned
or
caped from the camp of those believed to be corn-
of the pre-requi-
not wholly submerged beneath
emotional
was
and Cohens of officialdom appeared to heed the general demand and for many days no sound of de-
against business could be expected throughout
the remainder of this Administration.
more
..
present tax schedules, and that really ameliorating
revision was in sight.
Even the Cbrcorans
hopes in minds that had been almost convinced that
tacks
in-
dealing
"
\
by
needed except to formulate legislation
effectively with the almost self-evident
elements of useless and sterilizing oppression in the
separated him from occurrences at
v
accompanied
great fiscal committees of the Houses of Congress,
were exceptionally cordial in tendering their cooperation and prompt in registering their conviction that early revision was feasible and to be desired.
It seemed, for the moment, that nothing
already reason to be aware of
frinedly instincts and intentions.
sea
that
of tax-sUpported competition
planned extensions within his present vision
no
debt,
While the President was at sea, the attention of
the Secretary of Commerce and the Secretary of the
Treasury turned to a field of mutual interest, that
of taxation, and agreement in the nature of an alliance became inevitable. Frankly, the Treasury
Department admitted that features of the system
of internal revenue taxation require revision and
invited a complete re-examination of all the categories and rates with the end in view of removing
every element unnecessarily injurious to industry,
"Tax deterrents," was the term used, and the re¬
sponse from Congress was so immediate and enthusiastic as to suggest that the Administrative
declaration in favor of revision had its welcome prepared in advance. At any rate, Senator Harrison
and Representative Doughton, as chairmen of the
all, business appeasement
curiously arranged when the Presi-
departing,
dent,
of
disaster.
rocky road.
pursues a
The
it travels at
as
accumulations
creased taxation, could continue unchecked without
Meets Defiance
As far
Mr. Morgenthau, per-
haps never completely converted to the New Deal,
has long been suspected by the extremists of doubting whether recklessness, expenditures and mount-
We should not allow ourselves to drift or
subject.
1707
Chronicle
Financial
148
-
of an address to the
pupils of a public school, he had not long before
amazed the Nation by speaking over the heads of
his audience to proclaim implacable adherence to a
principle of taxation highly obnoxious to industry
and just then limited by Congress to a bare minimum of application. This particular tax, on undistributed gains of corporations, is presently to
expire in accordance with the limitation established
when it was adopted,, and it is inconceivable that it
Financial
1708
should be revived
survive any
or
legislative revision
Administration
the
within
struggle
has
plainly been intense/although only occasional dis¬
closures of its nature have emerged through press
and
conferences
otherwise, and, most disappoint¬
ingly if not unexpectedly, it appears that the pro¬
gram upon
in
which the two Secretaries had united is
peril of rejection in response to influences even
those constitu¬
closer to the Chief Executive than
Senator Barkley, preserved to the
tional advisers.
Senate
there is
indication of
no
any
action to be taken by Congress
Wheeler-Truman Bill
by a primary in which he was vigorously
supported by the Works Progress Administration,
leader of the Democratic majority in that body,
drafted to ameliorate one phase of the railroad industry's
present dilemma.
Apprehension regarding European developments, which
has affected all markets this
Speaker Bankhead, of the House of Represen¬
but speculative issues, such as American
all disturbing
at
Light 6s, 2016, down % at 93; Associated Gas &
Power &
Electric 5s, 1950, up 2% at
45%, and International Tel. &
1955, unchanged at 69, receded substantially, re¬
Tel. 5s,
covering,
however,
Northern States
later in the week.
(Wis.) 1st 3%s, 1964, in the amount of $17,500,000
Power
the
was
week, has weakened the utility
Reaction in high grades has not been
bond price structure.
now
and
Mar* 2S> 1939
regarding the Chandler Bill and the
of the tax laws.
The
Chronicle
principal
Although
offering.
new
few scattered gains were shown, the industrial
a
section of the list
as a
whole has been lower this week, follow¬
tatives, have united in a public statement extremely
ing the general market trend and evidently reflecting pri¬
discouraging to all those who had hoped for sane
marily disturbed European conditions.
tax-revision, and the President, smilingly non-com¬
rule may
mittal, but plainly aware that to assume neutrality
which recovered % to 105% on
in this situation
news
is equivalent to declared opposi¬
tion, blandly announces that he has yet to be con¬
action
that
vinced
is,
at
this time, practicable.
higher despite
a
their
;:
'
a
No well-defined trend
and the
Is discernible from this week's bond
It is true that governments and high-grade
corporates have continued the fractional declines of last week,
still
apparently under the influence of the disturbed European
situation.
Lower-grade corporates,
have tended to "blow hot and blow cold"
closing the week with little net change,
last
other hand,
the
on
on
on
alternate days,
the
average/over
Friday's close.
sharply, although some slight betterment was
toward the close of the week.
The
shifting
sentiment at
close
<
There has been
early selling pressure ceased but the rally has not
as
been sufficient to raise
prices above last week's closing levels.
Among individual issues, the Italian 7s, 1951, declined 1%
points and more, while German issues churned around last
lows.
fractional rally toward the close, net changes being
week's
Slight gains have been made by Norwegian obligations but
Danish loans continued depressed.
The South American
Pacific 4s, 2008, were up % at 108.
characteristic
for
bonds, but rallies
Lower prices have been
section has
medium-grade and speculative railroad
on
Friday left
some
bonds with gains.
Southern Pacific 4 %s, 1981,
% at 51%.
were up
As yet
Japanese 6%s, 1954, lost 3 points at 75.
been somewhat
from renewed
are
V. 8.
AU
Govt.
Domes¬
Bonds
120 Domestic
by Ratings
Corporate by Groups *
All
1939
120
Aa
AVERAGES f
120 Domestic
by Ratings
Corporate by Groups
tlr
IK
Averages
Corp.
Baa
RR.
U.
Indus.
Mar,24r— 114.70
104.48
119.92
115.14
102.12
85.79
92.28
109.64
113.27
23- 114.54
104.30
119.47
114.72
101.94
85.65
92.12
109.44
113.07
23—
114.51
104.11
119.25
114.72
101.76
85.52
92.12
109.24
112.86
22...
21.. 114.61
104.48
119.69
114.72
102.30
85.79
92.43
109.44
113.07
20- 114.45
104.11
119.69
114.72
101.94
85.38
91.97
109.44
112.86
18- 114.36
104.30
119.69
114.93
101.94
85.65
92.28
109.44
113.07
17-. 114.64
16— 114.74
15.. 114.77
104.67
119.92
92.43
109.64
120.14
102.30
102.66
86.07
104.85
114.93
115.14
86.60
93.06
109.84
104.85
102.66
86.64
93.06
105.22
87.07
93.53
105.22
102.84
120.59
103.02
87.07
87.21
93.37
105.41
114.93
115.14
115.14
102.84
13.. 114.74
U.. 114.73
120.14
120.69
120.37
114.93
14— 114.77
93.53
10- 114.79
105.22
120.37
114.93
102.84
87.21
9— 114.49
105.22
120.59
115.14
102.84
86.92
8- 114.39
104.85
120.37
114.93
102.66
7.. 114.28
104.67
120.14
114.72
102.48
6- 114.05
104.67
120.14
114.72
102.48
4_
113.93
104.67
120.14
114.93
3.
113.59
104.48
120.14
2- 113.74
1-. 113.74
104.11
P.
120 Domestic Corporals
Domes-
L/UUy
Aaa,
points.
CBased on Individual Closing Prices)
120 Domestic Corporate *
Corp.*
to three
MOODY'S BOND YIELD
tic
120
one
given in the following tables:
(Based on Average Yields)
1030
cheerful and stimulated
Moody's computed bond prices and bond yield averages
MOODY'S BOND PRICES f
Daily
Averages
more
strength in Brazilian bonds which recorded
advances of from
Delaware & Hudson 4s, 1943 were unchanged at 64%, while
22..
in Southern Europe kept speculative
noticeable extent from last week's shocking experi¬
a slight improvement towards the
to any
ence *
scene
low ebb and foreign bonds failed to recover
a
Atchison gen. 4s, 1995, advanced % to 109; Union
a
mixed.
Special
points to 63; Polish Government loans suffered losses of 2
High-grade railroad bonds have been dull this week but
staged
unchanged at 77%.
the Phelps Dodge conv. 3%s, 1952,
as
Remington Rand 4%s, 1956, (with warrants) were
rather
off
seen
market action.
point, meat packing company obligations
mixed and retail selling issues were down, with the
were
feature issues such
The Course of the Bond Market
Steels were
grade issues in the amusement group.
United Cigar-Whelan 5s, 1952,
.
1950,
encouraging
moderately downward trend registered by
down fractions to
pected.
more
the Loew's 3%s, 1946, which were fractionally
lower
present conditions, such a denouement was unex-
somewhat
respect to the proposed Chilean copper export
with
tax; and
Business leaders will regret the postponement of
hopies but there are very few to whom, under
Exceptions to this
be found in th8 Anaconda Copper 4%s,
Aaa
"■
Aa
A
Baa
P.
U.
Indus.
3.48
3.30
4.92
4.48
3.49
3.31
4.93
4.48
3.50
3.32
3.31
2.99
3.21
3.88
4.91
3.76
3.01
3.22
3.89
3.77
—
RR.
4.47
3.75
Mar. 24
3.02
3.22
3.90
21
3.75
3.00
3.22
3.87
4.91
4.46
3.49,
20-..-
3.77
3.00
3.23
3.89
4.94
4.49
3.49
18
3.76
3.00
3.22
3.89
4.92
4.47
3.49
3.31
113.27
17
3.74
2.99
3.22
3.87
4.89
4.46
3.48
3.30
16
3.73
2.98
3.21
3.85
4-86
4.42
3.47
3.28
109.84
113.68
113.68
3.73
2.98
3.22
3.85
4.85
4.42
3.47
3.28
109.84
113.89
14—......
3.71
2.96
3.22
3.84
4.82
4.39
3.47
110.04
113.89
13
3;71
2.97
3.21
3.84
4.82
4.40
3.46
3.27
3.27
110.04
113.89
11
3.70
2.96
3.21
4:81
4.39
3.46
3.27
93.53
110.04
113.68
10...
3.71
2.97
3.22
3.83
3.84
4.81
4.39
3.46
3.28
93.21
110.04
114.09
9.
3.71
2.96
3.21
3.84
4.83
4.41
3.46
3.26
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
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
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
3.87
4.90
4.47
3.47
114.72
102.30
85.52
91.97
109.64
113.48
3..
3.75
2.98
3.22
3.23
3.87
4.93
4.49
3.48
3.29
119.92
114.51
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
104.11
119.92
114.51
101.94
101.94
85.10
91.20
109.44
113.48
1..
3.77
2.99
3.24
3.89
4.96
4.54
3.49
3.29
Feb. 24— 113.38
103.38
119.69
114.30
101.06
84.14
90.14
109.05
113.27
Feb. 24
3.81
3.00
3.25
3.94
5.03
4.61
3.51
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
83.60
89.69
108.85
112.45
10
3.82
3.00
3,26
3.94
5.07
4.64
3.52
3.29
3„ 113.16
Jan. 27— 112.59
20.. 113.18
102.84
119.47
113.68
100.88
83.19
89.10
108.66
113.48
3
3.84
3.01
3.28
3.95
5.10
4.68
3.53
3.29
101.94
119.03
82.00
87.93
107.88
112.86
Jan. 27
3.89
3.03
3.31
4.01
5.19
4.76
3.57
3.32
119.69
119.47
119.25
113.07
113.48
99.83
103.20
101.06
83.87
89.55
3.82
3.00
3.29
3.94
5.05
4.65
3.53
3.29
100.53
83.06
89.10
13
3.85
3.01
3.31
3.97
5.11
4.68
4.57
3.30
100.53
83 06
88.80
113.48
113.27
112.86
20
113.07
112.25
108.66
107.88
107.69
3.86
3.02
3.35
3.97
5.11
4.70
3.58
115.14
103.02
87.21
93.53
110.04
114.09
High 1939
3.89
3.05
3.37
4.01
3.60
3.34
99.83
82.00
87.93
107.30
112.45
Low 1939
3.70
2.96
3.21
3.83
5.19
4.81
4.76
111.84
4.39
3.46
3.26
107.11
112.05
High 1938..
4.70
3.34
3.85
4.68
6.98
6.11
4.23
3.76
3.36
Weekly—
■
15...
...
._
3.32
3.28
Weekly—
13- 112.93
6-
,•
112.95
102.66
102.48
High 1939 114.79
Low 1939 112.59
High 1938 112.81
106.41
Low 1038 109.68
1 Yr. Ago
Mar 24'38 110.35
2 Yrs.Ago
Mar24'37 108.51
...
6...
3.30
3.32
111.43
100.18
82.27
88.80
120.59
118.60
118.60
112.45
102.66
89.10
62.76
88.36
71.15
96.11
104.30
Low 1938
3.90
3.05
3.39
3.99
5.17
4.73
3.61
92.59
114.30
107.11
92.75
67.28
76.05
98.97
107.11
Mar. 24,1938-2 Years Ago—
4.45
3.25
3.61
4.44
6.49
5.67
4.06
3.61
101.23
111.84
108.08
99.31
87.93
96.28
100.53
107.11
Mar. 24,1937-„
3.93
3.37
3.56
4.04
4.76
4.22
3.97
3.61
101.94
101.76
1 Year Ago—
*
These prices are computed from average yields on the basis of one
"typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average
or the average movement of actual
price Quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
t The lastest complete list of bonds used In computing these Indexes was published In the Issue of Feb. 18.1939, pages 939 and 940.
level
Volume
Financial
148
1709J
Chronicle
Indications of Business
THE
STATE
EPITOME
TRADE—COMMERCIAL
OF
While
business
activity
sentiment is
steady,
holding
is
The anticipated
late March upturn has failed to materialize thus far, and
earlier estimates of the extent of prospective April and May
improvement are being revised downward.
Much has hap¬
too
any
cheerful
outlook.
the
over
confidence.
After Secretary Hopkins's
speech the feeling prevailed generally that at last the Gov¬
ernment was about to give tangible proof of its desire to
pened
unsettle
to
confidence.
Those
hopes have been dashed by recent statements of the Presi¬
dent and another left wing appointment.
That all is not
harmony in Administration circles seems quite clear in the
light of recent developments, and this is not being lost
sight of by the business world.
With the European crisis
and so little of encouragement coming from Washington,
it is only natural that business leaders should exercise
caution, and this apparently is being reflected in many
lines.
According to the "Journal of Commerce," business
activity showed very little change for the week, the index
figure being 86.0 compared with 86.3 for a week ago, and
70.6 a year ago.
According to this source, car loadings,
steel operations and crude runs-to-stills gained moderately,
but declines for electric output, bituminous coal production
and automotive activity sent the index fractionally lower.
Unless there is a sharp increase in steel output and demand
over the balance of March, the total of products produced
will be little, if any, above February, despite the longer
month, "Iron Age" reports in its mid-week summary.
The
cooperate
business
with
<
industry at
week ago.
slight reversal in the moderately
magazine
capacity,
operations of
estimates current
55.5%
of
restore
and
half
down
The survey observes that a
the
point from
a
a
upward trend in steel bookings and output is now ill evi¬
dence, offsetting slight gains in activity at Pittsburgh and *■
some, other. centers.
New bookings are stated to be lower
at
Chicago.
with
be
"The
halting
the
of
advance
fresh political disturbances in
entirely ascribed
to
coincided
Europe, but it cannot
situation
that
has
because
there
were
slight decline in new busi¬
ness two weeks ago,"
the summary says.
"Whatever has
caused the present flattening-out of steel demand, the situa¬
signs in Chicago of at least
tion
of
that
of
a
is believed to be only temporary,
a
serious
more
barring development
Europe.
It is recognized
in
condition
considerable volume of steel for which commitments
a
one
kind
been
have
another
or
made
will
from the mills during the second quarter.
ordered
be
The steel indus¬
try calculates that second-quarter steel production will aver¬
not less than 60%, against a probable average for the
age
first
54%."
of
quarter
The
review
emphasizes
that
the
barometric scrap market continues to show signs
of strength
hlthough prices are no higher in major markets, Pittsburgh
and Chicago.
Reflecting a decline in most geographical
regions
to
the
of
the power
United
States,
production
of electricity
by
hours,
the
week
week
according
ended
March
19, 1938.
Engineering construc¬
$57,893,000,
are
25% higher than
ago
1938,
by 20%, due to the high industrial building volume.
Public
awards are 18% above the preceding week and 16% above
the 1938 week.
The current week's volume brings the 1939
cumulative total to $742,058,000, 20%
576,000
reported
Association
of
cars
of
last
Saturday.
of
revenue
12-week
the
for
American
higher than the $617,-
period
Railroads
last
cars,
of
decrease
The
year.
reported today 594,56S
freight were loaded during the week ending
This
was
an
increase of 2,877 cars,
1%, compared with the" preceding week;
54,203
an
10%, .compared with a year
160,354 cars, or 21.2%, compared
or
Class I railroads had
a
net deficit of
or
0.5
increase of
ago,
and
a
with 1937.
$8,721,000 after fixed
charges in January, the Association of American Railroads
reported today.
In January, 1938, Class I railroads had a
net deficit of $33,320,000 after fixed charges.
In January,
1939,
carrier
the
income of
railroads
$32,901,000.
income
was
nomics
estimated
farm
had
a
net
railway
$7,144,000.
The
today
Bureau
farmers
of
latter
March
in
February
received
two
last year
at
$487,000,000.
Benefit
pay¬
February totaled $56,000,000, compared with $41,-
000,000 in
"Further rises are in immediate
January.
part of
prospect,"
service reported.
Although sales in midmomentarily, the outlook is that the month
the
ebbed
will finish farther ahead of last year
either
January
conditions
or
proportionately than
The present improved weather
Fabruary.
also expected to aid
were
The vaga¬
production.
weather made results in retail trade highly
ries of March
said today.
10% above
the corresponding week a year ago for the country at
large, but in comparison with the third week before Easter
of last year the gain was much smaller and in some centers
a
loss was
registered, according to the credit agency's
weekly review.
The general level of business activity was
reported as retarded by late developments in Europe.
These developments, the review said, had direct effect only
in financial markets, but served elsewhere to depress senti¬
ment and put caution brakes on forward buying.
There
were no striking developments in the weather during the
past week.
Only one storm of consequence appeared on the
daily weather maps.
During the week generally fair and
unseasonably cool conditions prevailed in the East.
The
temperature for the week as a whole averaged much below
normal in practically the entire eastern half of the country.
According to Government advices, sub-zero temperatures
occurred over a belt of considerable width from the north¬
irregular
Plains
Great
ern
&
Dun
week,
this
Total volume of stores
was
eastward
Bradstreet,
Inc.,
estimated at 4% to
to New
While tem¬
England.
unfavorably low in central and northern
portions of the country, fair weather and but little rain
were features of the week's weather, and farm work made
peratures
were
generally
better
Southern
States.
progress than previously, especially in
In the South much plowing was accom¬
plished and there was considerable activity in spring plant¬
Some corn was planted as far north as Oklahoma,
planting was fairly active in east Gulf sections.
Truck crops made fairly good progress in Southern areas.
In the New York City area the weather during the week
ing.
while
Today it was fair and warm
generally clear and cold.
was
temperatures ranging from 36 to 69 degrees.
The forecast was for partly cloudy and warmer tonight.
with
here,
colder by night.
Over¬
Baltimore, 38 to
50; Pittsburgh, 44 to 64; Portland, Me., 28 to 36; Chicago,
58 to 76; Cincinnati, 58 to 80; Cleveland, 50 to 64; Detroit,
42 to 62; Charleston, 56 to 66; Milwaukee, 44 to 74; Sa¬
vannah, 54 to 74; Dallas, GO to 72; Kansas City, 52 to 84;
Springfield, Mo., 54 to 78; Salt Lake City, 44 to 60; Seattle,
48 to 66; Montreal, 26 to 32, and Winnipeg, 26 to 52.
Saturday,
cloudiness;
increasing
night at Boston it was 36 to 42 degrees;
♦
January.
months
of
this
Equipment Ordered by Class I Railroad on
New
March 1
.
Class I railroads on
tives
American
of
March
on
The cash farm income for the first
wras placed at $1,105,000,000, or
year
1,
Railroads
Feb. 1, the Association
on
March 20.
On
new steam
locomotives
1938,
there
announced
were
101
order.
New electric and Diesel locomotives on
this yedr
and 26 on March
New
March 1,
In
the
service
on
March 1
this year,
1, 1938.
freight cars on
compared
order
totaled 38 compared with 59 on Feb. 1
with' 6,637
order March 1, 1939,
on
1
Feb.
this year
totaled 6,788
and 5,568 on
last year.
first
2,722
months
two
new
1939
of
the
railroads put
in
freight cars compared with 3,478 in the
period last year and 6,135 in the same period in 1937.
railroads also installed in service in the first two
months of 1939 seven new steam locomotives and 28 new
same
The
compared with 39 steam
locomotives installed
in the first two months of 1938 and 22 steam and seven
electric and Diesel locomotives installed in the correspond¬
electric
and
locomotives
Diesel
locomotives and 22 electric and Diesel
ing period in
New
1937.
freight
and
cars
locomotives
leased
otherwise
or
acquired are not included in the above figures.
■
Revenue
Freight Car Loadings Reach 594,668 Cars in
Week Ended March 18
Loading of revenue freight for the week ended March 18
totaled 594,568 cars, the Association of American Railroads
announced on March 23.
This was an increase of 54,203
cars
or
10.0% above the corresponding week in
a
preceding week. The Association further reported:
cars
and Canada
corresponding week in 1938.
registered the fourth successive weekly advance
1938 but
21.2% below the same week in
1937.
Loading of revenue freight for the week of March 18
was an increase of 2,877 cars or 5-10ths of
1% above the
decrease of 160,354 cars or
$2,000,000 less than during the corresponding period last
Government subsidies were $25,000,000 greater this
year.
Production of automobile trucks in the United States
year.
March 1 had 63 new steam locomo¬
order compared with 25 on
on
Agricultural Eco¬
$486,000,000 in
income and Government payments during February.
ments in
week
operating
In January, 1938, the net operating
Similar receipts in January were estimated at $619,000,000,
and
like
the
this week,
Inc.
preceding week.
Ward's said that output this
week registered the best comparison with a year ago so far
recorded this year.
It is also the highest point since the
a drop of 12,449,000 kilowatt
week's total of 2,237,935,000 kilo¬
to the Edison Electric Institute.
and 18% higher than the corresponding week
"Engineering News-Record" reported yesterday.
Private construction tops last wreek by 36% and last year
in
according to Ward's
This was a rise of 32,500 units
of last year, and 2,675 units better
units
the
than
the previous
tion awards for the week,
a
above
2,225,486,000 kilowatt hours,
Output for the latest week, however, was 207,833,000 kilcnwatt hours, or 10.3% above the 2,017,653,000 kilowatt hours
in
89,400
industry for the wreek ended March 18 amounted
hours below
watt
totaled
Automotive Reports,
Friday Night, March 24, 1939.
not
and
Activity
Miscellaneous freight loading totaled
above the preceding
242,300 cars, an increase of 3,183
week, and an increase of 21.351 cais above the
Financial
1710
freight totaled 152,325 cars,
Loading of merchandise less than carload lot
a
decrease of 97 cars below the
Loaded
grain products loading totaled
and
29,984 cars, a
1,227 cars below the preceding week, and a decrease
corresponding week in
decrease
of
the corresponding
of 468 cars below the
11,219 cars, an increase of 1,044 cars
Live stock loading amounted to
preceding week, but a decrease of 305 cars below the corresponding
1938.
In the western districts alone, loading of live stock for the
above the
18, totaled 8,243 cars, an increase of 596 cars above the
week of March
preceding week, but a decrease of 535 cars below
"
in 1938.
Forest
the corresponding week
the preceding
week, but a
in 1938.
Ore loading amounted to
8,932 cars, an increase of 1,373 cars above the
preceding week, and an increase
week in
of 1,037 cars above th3 corresponding
1938.
amounted to 7,314 cars, an increase of 348 cars above the
Coke loading
above the corresponding
preceding week, and an increase of 2,551 cars
week in
All
18,974
18,063
19,664
5,235
5.157
4,672
26,873
26,484
23,471
14,625
14,251
13.574
Chesapeake & Ohio Ry
19,537
20,133
16,053
8,883
8,521
6,969
Chicago Burlington A
Quincy RR.
Ry
Chicago 6c North Western Ry...
13,930
13,700
12,998
6,948
7,072
6,998
Chicago Milw. St. Paul & Pac.
17,131
17,707
16,155
6,721
7,494
6,788
12,497
12,826
12,559
9,127
9,588
8,638
Gulf Coast Lines
3,391
3,741
3,808
1,492
1,456
1,541
International Great Northern RR
1,659
1,566
1,948
2,468
2,470
2,626
Missouri-Kansas-Texas RR
3,738
3,686
4,018
2,596
2,563
2,358
Ry.
Atchison Topeka & Santa Fe
—
11,982
12,006
12,172
8,595
8,755
8,318
...
New York Central Lines
N. Y. Chicago & St. Louis
Norfolk & Western Ry
34,563
34,544
30,863
36,068
35,321
30,631
4,722
4.696
3,736
9,041
9,332
8,403
Ry...
18,111
reported increases compared with
4,131
4,149
3,641
47,417
4,203
35,589
4,820
34,426
4,975
30,314
4,285
1939
5,391
3,474
4,600
23,996
22,745
8,223
7,828
8,460
5,106
4,558
7,844
8,107
7,385
280,507 279,626 255,515 177.006 175,971 159.037
Total
AND
LOADINGS
TOTAL
RECEIPTS
2,256,717
2,714,449
2,155,536
2,763,4.57
552,892
730,329
556,730
744,499
594,568
540,365
6,062,240
7,707,656
.......
Week ended March 18
Total.....'
...
Weeks Ended—
754,922
6,384,802
4
11.
Mar. 18, 1939
railroads to report for the week ended
March 18, 1939, loaded a total of 280,507 cars of revenue
freight on their own lines, compared with 279,626 cars in
The first 18 major
Total Revenue
28,858
11,847
Pacific Ry.
28,056
27,086
11,728
11,816
40.705
Chicago Rock Island A
Not available
62.603
38.902
St. Louis-San Francisco Ry
In the
following
undertake to show also the loadings
we
for the week ended March 11,
roads showed increases when
week last year.
for separate roads and systems
1939.
During this period 81
compared with the same
CARS)—WEEK ENDED MARCH 11
1938
1939
1937
Total Loads Received
Total Revenue
from Connections
1939
Mar. 19, 1938
1939
22,819
Total Loads Received
Freight Loaded
Railroads
Mar. 11,
Not available
Illinois Central System
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF
Freight Loaded
Railroads
1939
1938
1938
from Connections
1938
1939
1937
Southern District—(Concl.)
Eastern District—
574
607
523
1,132
1,984
2,210
6,881
1,446
2,463
9,166
1,758
185
174
9,870
1,900
9,200
1,606
Ann Arbor..
Bangor A Aroostook..
...
7,022
1,621
Maine
Boston A
CONNECTIONS
FROM
(Number of Cars)
1937
591,691
Four weeks in February
1938
2,302,464
2,297,388
598,691
Four weeks in January
Week ended March.
3,436
5,255
4,941
which reported a decrease.
1938 except the southwestern
Week ended March
4,897
4,584
24,631
Wabash Ry
the corresponding week
15,673
53,289
4,902
—
17,717
53,670
Pennsylvania RR
Pere Marquette Ry
Pittsburgh A Lake Erie RR
Southern Pacific Lines
All districts
reported decreases compared with the corresponding week in 1937.
in
1938
1939
1938.
districts
Mar. 19
1939
1939
1938
1939
Missouri Pacific RR
203 cars above
decrease of 313 cars below the corresponding week
products loading totaled 26,130 cars, an increase of
Connections
Weeks Ended—
Mar. 18 Mar. 11 Mar. 19 Mar. 18 Mar. 11
Baltimore A Ohio RR.......
week in 1938.
Received from
Own Lines
on
Weeks Ended—
In the western districts alone, grain and
1938,
RECEIVED FROM CONNECTIONS
(Number of Cars)
above the corresponding
grain products loading for the week of March 18 totaled 17,854 cars, a de¬
crease of 975 cars below the preceding week, and a decrease of 608 cars below
week in
preceding week and 255,515 cars in the seven days ended
A comparative table follows:
1938.
in
Grain
1939
25,
March 19, 1938.
REVENUE FREIGHT LOADED AND
preceding week, but an increase of 28,846 cars
week
the
amounted to 116,364 cars, a decrease of 1,950 cars below
Coal loading
the
preceding week, but an increase of 1,504 cars
corresponding week in 1938.
above the
Mar.
Chronicle
Chicago Indianapolis & Louisv.
1,010
Mobile & Ohio
Nashville Chattanooga A St. L.
Norfolk Southern
-
1,839
2,643
1,188
2.547
2,138
3,453
1,408
1,907
2,494
1,015
1,976
2,558
1,073
919
2,203
450
.* 932
850
334
292
373
4,507
4,689
8,671
19,203
8,975
18,181
10,245
23,984
4,213
4,210
12,719
361
375
558
710
650
140
162
182
647
692
94,032
92,283
119,164
12,683
15,920
2,493
19,301
3,553
410
Piedmont Northern
15
29
23
59
39
1,825
1,650
Seaboard Air Line
8,770
5,695
.11,039
7,104
5,256
6,556
5,750
Southern System
Delaware Lackawanna A West.
1,251
4,235
9,077
1,506
Delaware A Hudson.
1,220
4,502
222
292
377
114
123
2,162
1,485
3,473
1,086
2,896
Total
9,894
6,009
1,752
371
1,168
Northwestern District—
Central Indiana....
Central Vermont
Detroit A Mackinac
Detroit Toledo A Ironton
,
272
190
360
11,222
10,637
13,369
4,303
3,530
5,706
Richmond Fred. A Potomac...
Tennessee Central..
Southbound—
Winston-Salem
193
188
3,074
11,088
6,995
1,781
1.695
1,549
949
6,964
3,059
6,866
Chicago Milw. St. P. A Pacific-
Maine Central...
7,357
2,657
1,795
9,318
3,830
979
7,717
2,573
2,865
Chicago St. P. Minn. A Omaha.
Monongahela.
3,752
3,209
5,557
176
209
Montour
1,840
1,518
31,476
8,451
1,403
2,667
30
18
43,662
35,321
11,191
33,089
10,266
1,736
Detroit A Toledo Shore Line...
Erie
Grand Trunk Western
■'
Lehigh A Hudson River
Lehigh & New England
Lehigh Valley
34,544
New York Central Lines.
9,160
1,326
4.696
5,496
N. Y. N. H. 6c Hartford......
New York Ontario A
156
Western.
■
3,876
11,495
1,279
4,975
Pittsburgh A Lake Erie
...
Pere Marquette.
3,569
4,655
371
N. Y. Chicago & St. Louis....
.5,073
8,861
6,983
312
1,670
9,332
4,479
000
Pittsburgh & Shawmut
Pittsburgh Shawmut & North..
4,897
8,409
3,822
4,456
30
-
34
354
372
450
193
167
■666
851
1,297
1,368
1,217
525
504
631
972
853
5,106
3,392
4,631
5,765
4,840
121,150
169,549
143,166
,
A
388
411
603
795
743
26,484
Ohio
23,681
1,264
36,501
14,251
13,283
2,747
1,220
902
1,606
Bessemer & Lake Erie
363
Buffalo Creek & Gauley
Cambria & Indiana
.....
Central RR. of New Jersey...
4
394
422
1,250
5,534
1,630
5,396
1,648
12
8
6,910
10,502
10,003
'
756
305
335
9,101
5,570
4,281
Green Bay A Western
Lake Superior A Ishpeming
352
1,721
5,171
9,460
1,674
2,301
86
65
1,489
4,293
8,237
173
Northern
Pacific.
339
J
1,608
2,121
5
Total
2,598
Chicago
Chicago
Chicago
Chicago
Southern.
162
115
231
29
31
Fort Worth A Denver City
568
524
702
2,892
2,878
1,372
34,426
15,575
"1,338
1,092
11,829
10,001
5,497
66,129
79,912
40,734
35,419
5,157
2,026
4,463
20,596
-
18.063
18,018
2,696
2,691
344
422
78
67
13,700
1,672
10,388
2,483
12,964
16,929
7,072
6,446
1,621
631
715
10,884
2,513
11,952
8,667
2,413
3,421
2,419
7,974
2,262
682
955
2,353
1,818
3,031
1,232
2,172
327
508
17
1,140
Rock Island A PacificA Eastern Illinois
Colorado A
Ligonier
70,392
15,409
16,059
1,132
547
A Illinois Midland
Denver A Salt Lake
820
259
1,284
782
Burlington A Quincy..
Denver A Rio Grande Western.
49,260
11,637
154
1,294
329
Bingham A Garfield
28
979
1,144
1,132
969
1,073
1,026
287
3,047-
Terminal
1,733
2,132
1.241
1,405
30,773
Missouri-Illinois.
1,135
391
646
346
938
1,390
1,765
131
14,379
North Western Pacific
457
336
634
348
29
15
36
19,111
19,016
20,399
4,091
283
262
288
1,118
12,617
12,219
14,602
6,213
1,276
39
60
95
2,988
2,741
4,016
5",651
5,039
116,566
103,985
157,201
88,155
80,809
1
179'
110
"1,420
Central Western District—
55
53,289
3,235
100
International
Spokane Portland A Seattle...
1,249
69,594
Spokane
53
Illinois
Nevada
Northern..
Peoria A Pekln Union...
Southern
Pacific
(Pacific)
Toledo Peoria A Western
Union Pacific System
Total.
491
1,518
35
;
190
2,285
542
4,657
7,859
1
Maryland
173
2,555
590
Minn. St. Paul A 8. 8. M._...
373
Western
429
8,673
532
Minneapolis A St. Louis
178
West Virginia Northern.
389
9.117
547
Great Northern
394
9,346
Ft. Dodge Des Moines A South-
599
...
161
146
512
4,027
612
Penn-Reading Seashore Lines.
Pennsylvania System
Reading Co
Union (Pittsburgh)
8,653
2,334
6,340
2,625
6,604
Elgin Joliet A Eastern
232
"
.'
944
488
.
543
Cumberland A Pennsylvania..
Cornwall
Valley
Long Island
3,397
9,588
2,677
7,494
2,866
443
Atch. Top. A Santa Fe System.
Alton
Alleghany District—1
Akron Canton A Youngstown.
Baltimore
2,447
16,649
Duluth South Shore A Atlantic.
132,565
...
Total.
17,707
3,345
62,025
Duluth Missabe A I. R
2,467
132,233
Rutland
Wheeling 6c Lake Erie
Chicago Great Western
63,4341
7,315
2,697
8,107
2,929
Pittsburgh & West Virginia
Wabash
12,826
2,283
Chicago A North Western
12,999
1,658
,
.
-
-
-
1,899
1,373
1,983
3
98
351
*--
m
5,331
1,012
6,108
484
572
'5
6
1,247
1,453
1,701
1,589
92,055
Western Pacific
216
1,115
Utah
89,656
107,033
45,634
44,066
.
'
Pocahontas District—
20,133
17,717
4,510
Norfolk A Western..
Virginian
17,600
16,072
27,711
8,521
4.149
7,039
3,462
Total
24,830
4,135
4,586
1.150
1,166
Southwestern District—
42,360
Chesapeake & Ohio
37,807
56,927
13,820
11,667
369
183
3,936
4,291
1,456
1,610
1,566
1,927
2,276
2,470
2,598
127
Fort Smith A Western.x
-
Gulf Coast Lines
Southern District—
283
173
3,741
Burllngton-Rock Island
Total.
International-Great Northern.
_
-
146
174
177
975
Alabama Tennessee A Northern
224
181
300
167
222
Atl. & W. P.—W, RR. of Ala-
663
707
884
1,246
Atlanta Birmingham &
549
552
754
1,058
1,149
1,127
9,988
4,072
10,469
11,212
5,593
4,613
4,740
Louisiana Arkansas A Texas...
89
137
3,992
2,810
2,636
Litchfield A Madison
352
216
412
397
376
529
1,229
1,666
Midland
571
525
542
229
157
159
202
300
191
3,686
3,913
2,563
12,035
11,918
4,644
15,493
2,281
8,425
Atlantic Coast
Coast-
Line
Central of Georgia
Charleston & Western Carolina
&
Valley
Georgia
Georgia A Florida
368
387
443
375
Missouri-Kansas-Texas
186
166
319
291
Missouri Pacific
2,144
1,337
735
761
Quanah Acme A Pacific
32
Florida East Coast
Gainsville Midland
1,507
304
1,291
Durham A Southern..
1,111
1,211
2,005
47
50
97
115
St
802
868
1,076
1,535
1,433
Missouri A Arkansas
Lines.
St.
Louis
296
421
538
612
1,711
1,943
18,458
24,261
1,158
9,626
16,380
25,501
5,338
4,766
Wetherford M
Macon Dublin & Savannah
151
127
216
614
137
131
230
330
358
1,026
166
452
429
755
713
.
8,755
164
139
118
110
97
6,084
4,018
3,899
2,499
2,100
2,384
7,662
2,436
6.649
6.389
7,320
2,911
3,686
3,964
4,743
3,991
2,985
3,930
176
165
256
49
68
29
26
36
44
42
44,851
45.740
54.713
34.382
33,653
535
Mississippi Central
1,574
999
2,120
Texas A Pacific
18,951
18,558
1,055
9,859
895
1,603
97
Southwestern
264
135
1,943
1,681
6,289
Louis-San Francisco
1,610
154
1,827
1,558
1,495
Louisiana A Arkansas
151
Greenville
188
1,798
Gulf
City Southern
1,099
Clinchfleld
Columbus
Kansas Oklahoma A
Kansas
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
.<
Note—Previous year's figures revised.
* Previous figures,
x
Texas A New Orleans
...
Wichita Falls A Southern
Discontinued Jan. 24,
Total
1939.
W. A N. W.
..
Volume
Financial
148
The
Moody's Commodity Index Lower
Moody's Commodity Index declined from 143.5 a week ago
Friday.
The principal factors in this moderate
change were the lower prices for cotton, hides and wheat.
The movement of the index
March
March
Mon„
March
Tues.,
March
Wed.,
March
Thurs., March
Fri.,
March
was as
17
Sat.,
follows:
18--.
-142.3
20---—,
---142.4
21
142.2
22
—
-142.2
23
-----142.5
24--- - -142.4
Low—Jan. 26
for
price
-----
— -
-
the
building
brick,
ported in
materials
building
advances
lumber, and turpentine
were
yellow
pine
The
prices
following
commodities for
furniture
of
announced
20 that wholesale
March
on
18, with the balance on
index closed at 78.7
"Annalist"
five
and 0.2 of
weeks
the
of
dropped to
Mar.
'
,■
',
'
•
^
'
66.1
66.0
65.9
65.6
67.8
77.6
70.4
68.8
Fuel and lighting materials—
73.7
73.6
73.3
73.4
73.6
78.1
76.8
76.7
74.0
March 18, the lowest in
Metals and metal products-
94.4
94.5
94.5
94.5
94.5
86.1
96.0
85.9
84.9
Building materials-
90.2
90.2
period.
but
89.6
90.0
89.4
90.6
96.2
85.1
85.0
76.2
76.3
76.2
76.0
76.0
78.4
87.3
79.0
80.9
86.6
86.6
86.6
86.6
89.6
89.8
82.6
81.9
Miscellaneous
73.9
73.4
83.2
73.0
72.9
74.5
78.8
68.2
68.8
70.6
71.2
70.7
70.9
70.4
73.1
90.3
77.4
*
Semi-manufactured articles..
74.5
74.5
74.5
74.4
74.4
75.5
90.3
74.5
*
Finished products
80.3
80.5
80.4
80.4
80.3
83.5
86.4
81.2
78.8
79.0
78.9
78.8
78.8
81.5
86.1
79.9
79.0
80.7
80.6
80.4
80.4
80.4
82.8
85.6
78.8
77.3
Raw materials..
farm
All
59.4
69.6
a84.3
—
other
commodities
102.8
67.8
71.2
86.4
88.6
69.7
71.9
78.9
69.1
78.7
82.8
—-
other
Wholesale
Declined 0.4% During Week
Prices
7H
*
Not computed.
of Labor Index of
products and foods,
farm
prin¬
0.4% during the week ended March 18, Commissioner Lubin
announced on March 23.
'The decline offset last week's
all-commodity index to 76.7% of the
average," Mr. Lubin said.
"The index is about the
same level as that prevailing a month ago and 3.5% below
the level of last year, aside from decreases in prices of
farm products and foods, prices of the other major groups
of commodities showed little change."
The Commissioner
gain and brought the
1926
''
added
March
a
76.0%,
lowest
two
88.6%.
at
ago
years
With
products.
The Association's
milk
and
poultry
all
the
leVels,
which
week,
preceding
the same level as in
the low point for the current recession.
was
foods
general average for all commodities other than
rose
fractionally to the highest point recorded
The
group
and
textiles
and
farm products and
since last summer.
building materials, fuels,
The effect of
slightly.
offset the small declines occurring in the
metal,
and farm machinery indexes.
and fertilizer,
drug,
of
commodities advanced
miscellaneous
these increases more than
chemical
the prices
representing
indexes
index declined during the
in some of the more im¬
portant and more heavily weighted commodities resulted in the downturn
in the all-commodity index.
In the preceding week there were 22 declines
and 25 advances;
in the second preceding week there were 17 declines
Although
week
same
advances.
25
and
prices series included in the
number advanced, declines
24
the
ahd
•
WEEKLY WHOLESALE
COMMODITY PRICE INDEX
Fertilizer Association.
Latesl
Per Cent
Bears to the
Month
Year
Ago
Ago
Week
Mar. 18, Mar. 11, Feb.
18, Mar. 19,
1938
1939
1939
1939
Croup
,
„
(1926-1928=100)
Preced'g
Week
Each Croup
Total Index
69.0
69.0
69.8
74.2
50.4
52.6
51.7
64.5
Cottonseed oil—
65.9
67.2
65.3
78.8
1
63.5
64.6
64.2
67.7
48.3
48.9
47.2
49.8
Foods
25.3
Fats and oils..
Farm
23.0
;
commodities other than farm products,"
non-agricultural commodities fell 0.3% during the
industrial commodities rose 0.1%.
hogs,
grains,
cotton,
farm product price average receded to the
point reached since 1934.
Changes in the food group offset each
lower
to
I''
products
Cotton.--
'
s
52.3
Livestock.-
—
53.0
63.0
67.4
69.7
Grains
of
prices
(the lowest point in the current
other, resulting in the food price index remaining at
The
group
According to the index for "all
wholesale
by the
the week
during
in the preceding week.
Based on the
of 100%, a year ago the index stood at
average
and
farm
moving
ago.
year
dropped
Association
from 72.8%
1926-28
is
below
price index compiled
commodity
Fertilizer
Compiled by the National
the decrease in prices of agricultural commodities,
for coffee, raw silk, and crude rubber, prices
a
18,
ended March 18 to 72.6%
year)
-/v.-
prices
as
wholesale
National
declined 0.8%.
The index for this group
0.3«% above a month ago and 3.4% below a year ago.
For the third
consecutive week the -index for semi-manufactured commodities has re¬
mained
at
74.5% of the 1926 average.
Wholesale prices of finished
products dropped 0.2% to equal the level of a month ago, and are 3.8%
materials
Prices Decline During Week
Reaching New Low Point for
Commodity
1939, According to National Fertilizer Association
The
the
prices .for
lower
than
products and foods..
announcement, under date of March 20, went on to say:
The decline in the all-commodity index was largely due to lower prices
cipally livestock, poultry, grains, and dairy products, caused
the United States Department of Labor, Bureau of Labor
Statistics' index of wholesale commodity prices to drop
raw
*
than
87.8
97.4
67.8
Revised.
Largely because of
.—
products.
farm
73.4
Ended March 18
together with
—
—
commodities
All
for
of
65.5
86.6
—
Chemicals and drugs.
Wholesale
84.0
United States Department
Weakening
77.6
81.1
0
Commodity
78.8
76.7
85.8
80.4
.—
—
79.3
94.4
79.9
69.4
—
a
87.6
70.5
95.3
86.0
Preliminary,
79.5
66.9
87.9
77.2
Chemicals..
*
76.6
67.7
94.2 105.0
74.7
—
All commodities
76.8
67.2
73.4
69.6
Metals.-
Miscellaneous
76.7
68.0
71.3
97.4
-----
77.0
67.1
92.5
*59.9
—
1935
U •
i—
...
1936
71.4
wheat prices held fairly well,
-----
Building materials
1937
Housefurnishing goods
Textile products
Fuels
1938
,
Ended
'
1939
76.7
All commodities
Farm products—.
Mar. 18, 1939 Mar. 11, 1939 Mar. 16, 1938
'
23
1939
92.4
(1926=100)
•'
Mar.
21
20
1939
WHOLESALE COMMODITY PRICES
•'ANNALIST- WEEKLY INDEX OF
Food products
19
18
1939
71.5
were
Farm products
Mar. Mar. Mar.
Feb.
25
4
1939
92.3
Most of the speculative com¬
easy
in sympathy with stock prices.
Sugar enjoyed a
sharp rise because the Government reversed itself on the quotas.
modities
Feb.
Mar.
11
18
Commodity Croups
71.4
price-3upporting structure collapsed.
the
as
1935.
(1926=100)
92.5
five-year low.
a
20,
92.6
Hogs were weak with corn, but other
livestock quotations were firm.
Cotton fell to the lowest level 'in more
than a month, but textile prices improved largely because of a renewed
rise in silk fabrics.
Milk prices suffered the worst break in 20 years
corn
of
March
70.7
on
European crisis,
new
from
groups
Hides and leather products—
Textile products-------
The "Annalist" further stated:
Because
unchanged
Foods.-
point below the preceding
a
were
shows
week ended
the unfavorable side.
The
commodity prices were highly irregular in the
March
furnishings
and
index numbers for the main
the past five weeks and for March 19, 1938,
table
1937, March 21, 1936, and March 23,
Commodity
"Annalist"
The
at
pine
week.
last
Mar.
,
unchanged
lath and flooring, maple
counterbalanced by lower prices for common
timbers, and shellac.
No changes were re¬
-141.8
Prices Declined 0.2 of Point
During
Week Ended March
18, According to
"Annalist" Index
Wholesale
remained
group
yellow
for
of cement and structural 6teel.
prices
Wholesale
March 10
144.8
Month ago, Feb. 24
.—144.5
Year ago, March 24
— _-__145.6
1938 High—Jan. 10- — — -w—152.9
Low—June 1
130.1
1939 High—March 6
----145.8
Two weeks ago,
143.5
Fri.,
index
Minor
90.2.
to 142.4 this
1711
Chronicle
71.2
70.7
72.2 1
75.9
75.9
of
80.8
announcement Issued
The
17.3
Fuels.
10.8
Prices
week.
76.1
Miscellaneous commodities..
77.6
77.5
76.7
77.3
Textiles.--
61.1
61.0
60.0
60.7
90.4
90.5
90.4
96.6
8.2
March 23 by the Department
quoting Commissioner Lubin as above, also stated:
Average prices of farm products in the wholesale markets of the coun¬
try dropped 1.3%, principally as a result of, decreases of 3.8% for livestock
and poultry and '1.5% for grains.
Quotations were lower for barley,
corn,
rye, wheat,
calves, hogs, sheep, live, poultry, cotton, eggs, apples
(Chicago), sweet potatoes, and wool.
Higher prices were reported for
cows,
steers, apples (New York), oranges, lemons, tobacco, onions, and
white potatoes.
This week's farm products index, 67.1, is 0.3% above
the corresponding week of
February and 4.8% below the week' ended
7.1
of Labor,
March,, 19,
1.0% tp the lowest level since June,'
for meats, 0.5% for
"other foods,"
and 0.1% for cereal products largely accounted for the
decline.
Food items for which prices declined were butter, cheese, flour,
cured and fresh pork, veal, coffee, lard, pepper, and vegetable oils.
Prices
were
higher for fruits, vegetables, mutton, and canned salmon.
The
current food index, 70.7% of the 1926 average is 0.8% below a month
of foods declined
Wholesale prices
Decreases
1934.
ago
4.9%
of
for dairy
products, 0.6%
and 3.7% below a year ago.
Lower
products
prices
group
for malleable iron castings caused the metals and metal
index to decline slightly.
Prices of pig lead and soldbr
advanced.
«
chemicals
the
In
and
drugs
group
The
prices
index for
for
sheeting,
prices
products group rose
0.2% because of higher
declined.
products
and
skins,
fuel
were
and
recorded
lighting
in
the indexes for hides and leather
materials.
and Oklahoma gasoline were
Advancing prices for hides
responsible for the upward move¬
71.4
71.1
0.3
Fertilizers.
77.6
77.7
77.7
77.8
0.3
.
71.4
Farm machinery
94.8
94.9
94.9
98.0
72.6
72.8
72.7
prices
-
All groups
100.0
combined—,..—
Electric Output for
The
of
crude
0.4%.
rubber
fell
1.4% and cattle feed advanced
72.1
■
Week Ended March 18, 1939,
Above
a
76.0
10.3%
Year Ago
Edison Electric Institute, in its current
weekly re¬
estimated that production 6f electricity by the elec¬
tric light and power industry of the United States for the
week ended March 18, 1939, was 2,225,486,000 kwh.
The
current week's output is 10.3% above the output of the cor¬
responding week of 1938, when production totaled 2,017,653,000 kwh.
The output for the week ended March 11,
1939, was estimated to be 2,237,935,000 kwh., an increase
of 11,1% over the like week a year ago.
port,
FROM PREVIOUS YEAR
PERCENTAGE INCREASE
Major Geographic
New
Week Ended
Mar.
Regions
Week Ended
18, 1939 Mar. 11, 1939
13.1
12.3
England..
-
Central Industrial-...
West Central
Week
Ended
Mar. 4, 1939
Week Ended
Feb.
25,
13.1
12.2
8.0
9.2
8.3
8.1
12.8
13.8
12.0
12.1
7.0
4.0
5.4
3.7
7.3
Total United States.
10.5
7.2
9.3
Southern States
Pacific Coast
ment.
Average
95.0
Chemicals and drugs
Fertilizer materials
Middle Atlantic.
0.1%
81.7
92.4
1.3
cotton
of
83.7
92.4
of 0.1%.
goods, principally drillings, muslin, print cloth, and
also burlap, and raw jute.
Japanese raw silk and silk yarn
Advances
and
the textile
84.3
0.3
weakening prices for fats, oils, and
tankage were responsible for a decrease
84.4
*92.2
Building materials
6.1
ago.
year
a
-
10.2
8.7
10.0
9.4
9.9
9.3
7.1
10.3
11.1
10.2
6.2
'
*
9.6
1939
Financial
1712
DATA
(THOUSANDS
WEEKS
RECENT
FOE
OF
KILOWATT-HOURS)
Percent
Change
1929
1932
1936
1938
1937
1938
Week Ended
from
1937
Dec.
Dec.
2,318,550
Dec. 24
2,120,555
Dec.
17..
2,278,303
+13.3
2,274,508
2,080,954
+ 6.2
+ 6.1
1,718,002
1,806,225
1,840,863
1,860,021
1,510,337
1,518,922
1,563,384
1,554,473
1,414,710
2,133,611
2,242,916
+ 5.9
2,202,200
2,085,186
1,998,135
2,332,978
2,362,947
Dec. 31
+ 5.6
2,152,643
2,196,105
2.285.523
3—
10
1,637,683
1938
•
from
1938
Jan.
14
Jan.
21
Jan.
28
Feb.
4
11...
Feb.
18
25
2,225,690
Feb.
Mar.
+ 10.5
2,059,165
+ 9.2
2,031,412
2,035,673
+ 10.2
2,014,729
+ 11.1
2,017,653
DISTRICTS
Week Ended—
of
Centers
March 8, 1939
March 15, 1939
Incl.
March 16,1938
17
$444,877,000
$434,368,000
$444,368,000
15
4,368,866,000
18
430.342,000
4,030,607,000
407,316,000
4,061,371,000
388.042,000
465,570,000
481,286,000
284,716,000
462,390,000
25
24
273,818,000
265.390.000
26
236,516,000
237,734,000
237,400,000
41
1,105,018,000
993,067,000
1,081,534,000
16
219,501,000
208,335,000
228,257,000
135,352,000
17
137,856,000
142,066,000
28
250,551,000
219,664,000
277,043,000
18
190,722,000
184,552,000
213,233,000
12—San Francisco
+ 9.8
2,225,486
Mar. 1I_
Mar. 18
No.
Federal Reserve District
29
626,566,000
669,642,000
642,012,000
274
8,747,023,000
8,258.311,000
8.474,614.000
9—Minneapolis.
+ 9.2
2,244,014
.
1—Dal s
,
SUMMARY BY FEDERAL RESERVE
10—Kansas City
+ 8.6
2,237,935
4
364571——CBPARohhtesicilvtaadmgneonlph-dia.
1939
ing week and $7,826,000,000 the week ended March 16 of
last year.
These figures are as reported on March 20,
1939, by the Board of Governors of the Federal Reserve
System.
8—St. Louis
+ 7.3
2,052,302
2,268,387
2,248,7«7
Feb
+ 1.4
2,139,582
2,115,134
2,108,968
2,098,968
2,082,447
2,169,470
2,269,846
2,289,659
2,292,594
2,287,248
7
Jan.
Mar. 25,
2—New York
1939
1939
Chronicle
+ 10.3
Total
+ 9.6
Expected to Improve in Spring
According
to
Bank
of
Montreal
Business
Canadian
Months,
Light and Power
Apart from the threat of further upheavals in Europe,
Canadian business would begin the spring with justifiable
The following statistics for the month of December,
covering 100% of the electric light and power industry, were
released on March 13 by the Edison Electric Institute:
expectancies of improvement, according to the monthly
"Business Summary" of March 23 issued by the Bank of
Montreal which states that "one favorable and potentially
December
Statistics
Electric
the
of
Industry
SOURCE AND DISPOSAL OF ENERGY DURING MONTH OF DECEMBER
Source of Energy
Percent
1937
1938
Kilowatt-hours
(net):
generated
.
Change
important factor is the persisting betterment
conditions in the United States, accompanied by
in the American demand for Canadian products
the trade returns for the first two months of
in business
the increase
revealed by
this year."
The Bank further said in part:
Actually there has not been much change in the general level of business
.
By fuel-burning plants
6,691,295,000
By water power
3,554,6/5,000
6,182,601,000
3,317,033,000
+8.2
+ 7.2
Retail trade has been hampered in the country districts
during the month.
by rigorous weather, but the stocks of merchants are now reported to be
Total generation
10,245,970,000
-
+ 7.9
9,499,634.000
and
low
increased movement
an
360,882,000
327,085,000
+ 10.3
109,157,000
105,783,000
+ 3.2
470,039,000
432,868,000
+ 8.6
10.716,009.000
9,932,502,000
+ 7.9
-
Net international imports
The construction industry has got off to a
Input--.-
January and $6,551,000 in February,
car loading
below their capacity.
been operating about 30%
some
orders for
new
Percent
Total sales...--
8,779,316,000
Change
8,049,162,000
figuro of pig iron production which
the
compared
1938.
For the
...
and slackness in the heavy industries generally is
1937
as
railway equipment were placed
Canadian National Railways, but the equipment
1938
season,
of Canada have, all in all,
first two months of the year the industrial plants
Recently
Disposal of Energy
good start for the
being $11,322,000
value of new contracts placed in February
with $7,260,000 in
Total purchased power (net)
Total
of merchandise, reflected in
figures for recent weeks, is an indication of better buying.
Net purchases:
From other sources
by the
firms are not very busy
reflected in the February
4L.333 tons as compared with
was
57,660 tons in January and 61,447 tons in February, 1938.
There is still
a
good demand for machinery for which the mines provide a steady market.
a
Armament orders have not so far reached the dimensions which were ex¬
Energy not reported as sold:
Used in electric railway departments
Used lq electric and other departments
Furnished free
or
In the forestry industries, production of newsprint at 200,631 tons
38,062,000
61,179,000
a
pected.
150,954,000
151,749,000
a
was'relatively
a
below the figure of 202,601 tons produced in
Not shown
2,367,000
exchanged in kind
212,920,000
191,383,000
with
8,262,082,000
+ 8.6
flour milling industry is being maintained.
1,670,420,000
+ 4.5
on a
9,932,502.000
+ 7.9
(In Thousands of Kilowatt-Hours)
Based on FPC Classification
1,842,852
Rural
*
Commercial—
5,939,898
.
1,706,862
Domestic..
Small light and power
1,591,729
3,866,515
Public street & h'way lighting.
Other public authorities
206,398
205.294
Municipal street lighting
423,400
Sales to railroad & railways
547,248
Street & lnterurban railways..
Electrified steam railroads
421,993
118,117
Municipal and miscellaneous..
100,546
Sales to ultimate customers.
8,049,162
Inter-departmental
27,297
10,329
Other sales
Total
sales
:
on
FPC
or
of
Customers
Classification
Dec. 31,
Residential
Large light and power
8,779,316
Classification
Based
Based
1938
domestic
*
Commercial and Industrial
26,407
76,905
Railroad and railways
.
Others....
'
Total customers
Large light and power
Municipal street lighting
Street & lnterurban railways..
Electrified steam railroads.27
3,753
(b)
-
Total
on EEI Classification
December, 1937
Revenue from
revenue
37,729
Total ultimate customers...27,163,987
Based
exel.
262
Municipal and miscellaneous._
Classification
sales to other public utlls.$197,111,200
Other
3,891,584
578,581
35,687
ultimate
customers
$189,276,500
1,879,500
revenue
activity
The
Francisco.
to
Wells-Fargo
January and 95.6 in February, 1938.
the
preceding
month
industrial
showed
a
of
unascertalnable
amount
%
853
802
"revenue"
may not have been Included In the 1937 data.
In
4.40c
car
for
Insurance
Sales
States During First
29% Above Year Ago—Febru¬
ary Sales 9% Higher than 1938—Canadian Sales
also Reported
in
United
Two Months of 1939
Figures released March 21 by the Life Insurance Sales
Bureau, Hartford, Conn., in their "Monthly Survey," show
that during the first two months of 1939 over $275,000,000
more of ordinary life insurance was sold in the United States
same
Although
a
total
ordinary
the reports of 54 companies raised to represent
insurance
Below
—3.9
are
paid
shown the sales volumes and
for
The
and the two-month
period in the nine sections of the United States.
b Data not comparable because
December, 1938, which may
* Allocated to other classes.
February, 1939
or
reported by banks in
leading cities for the week ended March 15, aggregated
$8,747,000,000, or 6% above the total reported for ths pre¬
ceding week and 3% above the total for the corresponding
as
week of last year.
Aggregate debits for the 141 cities for which a separate
total has been maintained since
January, 1919, amounted to
$8,123,000,000, compared with $7,637,000,000 the preced¬
Year to Date
Ratios
Sales Volume
(exclusive of group).
comparative ratios for February
1939 to
Ratios
Sales Volume
1938
Three Per Cent Increase Noted in Bank Debits
#to individual accounts,
variations),
+.—.—
Life
Sections
D©bits
seasonal
loadings and bank debits
February issue also gives the average size of policies sold in 1938 as $2,338.
+ 2.2
4.23c
of
(allowing
production,
declines.
estimated
+ 6.4
$35.29
Data for two years not strictly
comparable,
an
Of the four
period a year ago, representing a gain of
high January was responsible for most of
of the year-to-date lead, February sales also were 9% ahead
of February, 1938.
The Bureau further said:
,$36.08
Revenue per kilowatt-hour
busi¬
department store sales held even with
These figures are based on
1937
which measures
100, stood, preliminarily* at 96.4 in February as against
29%.
12(Months Ended Dec. 31
Kilowatt-hours per customer.
Average annual bill
index,
activity in terms of the 1923:25 average being equal
ness
than in the
$198,990,700
Estimated Domestic Electric Service Ratios
1938
during
below the previous month, was slightly
while
280
27,921,6931
sales,
22,620,117
Small light and power..
December, 1938
from
31,1937
Domestic
Revenue
Revenue
Co., San Francisco
business
factors of the index,
EEI Classification
276
Inter-departmental
FPC
on
Commercial—
4.602,939
Public street & h'way lighting,.
Other public authorities
on
Packing plants are operating
year ago.
February,' although
above the levels of
a year earlier, according to the current "Business Outlook"
released by Wells Fargo Bank & Union Trust Co., San
California
100.1 in
,
Dec.
.23,211,313
Rural
Based
a
December, 1937
domestic
Commercial and Industrial
& Union Trust
Based on EEI Classification
December, 1938
or
somewhat lower scale than
California Business Activity During February Slightly
Above Year Ago, According to Wells Fargo Bank
Classification of Kilowatt-Hour Sales
Residential
higher output than at this time last year, and improvement in the
a
10,716.009.000
"Input").
The export
Sugar refineries are busy,
a
8,970,699,000
1,745,310,000
Total energy accounted for
Losses and energy unaccounted for
Total output (to check above
February, 1938.
for lumber remains reasonably good.
demand
Total not reported as sold
higher than the January figure of 208,382 tons and slightly
1939 to
1938
$102,459,000
$43,632,000
124%
Middle Atlantic.
140,911,000
103
335,368,000
121
East North Central
122,242,000
114
West North Central
54,148,000
109
296,612,000
130,646.000
132
South Atlantic
48,038,000
106
111,338,000
124
East South Central
20,386,000
109
47,487,000
126
West South Central
42,233,000
104
95,435,000
123
Mountain
13,677,000
103
31,483,000
117
Pacific
46,765,000
118
110.970,000
140
New England
United States total
$532,032,000
109% $1/261.798,000
146%
135
129%
Volume
1.5%
The Research Bureau also announced the
sales
insurance
date
figures for life
February and the year to
Canada for
in
A
resulted
from
for
primarily
was
1.4%
rise
due to
rise in the price of white
1.0% advance in ColumbuB
6.7%
a
Minneapolis
in
and
a
increased fresh fruit prices and greater
than
advances
average
meats.
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
Year to Date
February, 1939
increase
bread.
follows:
as
1713
Chronicle
Financial
14€
Three-year Average 1923-25=100
Ratios
Ratios
Sales Volume
1939 to
Sales Volume
1939 to
Feb.
1938
1938
British Cnltimhia
106
Dec.
17,
13,
Feb.
Feb.
15,
15,
1933
1929
76.4
76.5
60.6
101.4
79.9
79.0
61.3
102.2
79.2
58.7
104.0
80.7
80.9
59.1
103.9
76.7
77.5
77.5
58.9
100.5
70.6
70.9
72.2
73.6
55.6
102.2
102.1
New England
74.8
75.7
Middle Atlantic-
77.8
78.6
East North Central
77.1
77.6
78.4
West North Central.,
79.8
79.7
South Atlantic
75.9
103
East South Central
1938
108%
114
15, Feb.
1938
1939
$2,661,000
4,754,000
116%
2,546,000
1,792,000
Jan.
14,
1939*
Regional Area
$ 1,428,000
Alberta...
98
699,000
87
1,306,000
13,561.000
115
93
3,729,000
1,427,000
2,372,000
27,440,000
143,000
135
290,000
8,307,000
806,000
291,000
99
16,558,000
102
West South Central.;
74.4
75.9
77.6
77.1
57.9
1,488,000
594,000
107
Mountain
78.5
77.7
80.4
80.6
59.8
99.8
102
Pacific
76.3
76.4
77.7
76.5
62.1
100.2
76.8
77.5
78.6
78.4
60.1
102.3
Manitoba
Nova Scotia
Prince Edward Island
....
-
Saskatchewan
Newfoundland
Canada total
_
118
108
88
103
95
United States
99%
$61,313,000
99%
$30,879,000
^
_
108
*
Preliminary.
United States
Department of Labor Reports Decrease
0.8% in Retail Costs of Food Between Jan. 17
of
Feb.
and
Employment
July
retail cost of food in 51 cities of the country
Commissioner
The average
United StatesfDe-
costs
Beef
and
lower
were
announced on March 14.
"Average
all commodity groups except meats.
Labor,
of
partment
fresh
for
pork
He added:
' "
by the Bureau declined, 22 increased,
,
and
showed ho
three
higher
were
Western
in
The
February
was
It
2.0% lower than
index
current
below
the
year
a
February,
index,
1929,
which
in
February.
with
and
wheat
pared
this
in
items
The
fresh
the consumer paid an average of 0.9c.
ago,
There
pork.
been
White
Com¬
pound
per
significant price changes for other
no
the beef
of
All
0.6%,
rose
due to higher
for beef,
prices
veal and
plate showed increases which
1.0% for round steak and 1.3% for
items except
for rib roast to
2.5%.
Veal cutlets advanced
The increase of 2.9%
for pork chops
and
3.3% for loin roast meant a return to the price level of last December.
The
price movement for cured pork continued downward,
decrease
of
0.7%
reported
the cost
for
these
of
with an average
Lamb declined
items.
0.7%; roasting chickens decreased slightly and were 13.3% lower than a
year
The
ago.
downward
has been
which
0.4%,
declined
of canned salmon
price
movement
continuous
maintaining the
the
for
past
year.
show
that
average
Three-year Average 1923-25=100
17, Dbc.
14, Jan.
\
13, Feb.
*
■
Feb.
15,
December-January
and Research
employment and
Statistics
of
Division
the
in
changes
declines of 2.3% and 3.1%, respectively./ .
.
.
current January declines in employment and payrolls are the first
payrolls
are
in
both series
be reported
to
since July,
These decreases
1938.
largely the result of seasonal reductions in the manufacturing
are
industries
retail trade.
As more than the usual
number of temporary workers
for the Christmas season were added in
December somewhat greater than average December-January declines in
the
and
post-Christmas layoffs
in
employment and payrolls were to be expected.
As compared with January,
1938, the January,
industries
reporting
in
show
Illinois
of
decreases
1929, indexes for all
in employment
5.2%
The index of employment for all reporting
2.3% in payrolls.
indus¬
1939, while
the index of payrolls fell
from 68.7 to 67.1 during the same period
(1925-27 average equals 100).
In other words, for every 1,000 persons
who were employed
in January, 1938, approximately 948 persons were
employed in January, 1939.
For every $1,000 paid in wages during
January, 1938, approximately $977 were paid during January, 1939.
Thirty-one reports of wage rate increases were received by the Division
dropped from .78.9 in January, 1938, to 74.8 in January,
tries
during
Research
and
Statistics
of
increases affected the
pay
the
month
Of
Wage
January.
rate
envelopes of 763 workers in manufacturing and
of workers
rate of increase was 7.0%.
affecting 87 workers.
The
rate of decrease amounted to 14.9%.
Feb.
firms
weighted average
15,
,Commodity Group
1939*
1939
1938
1938
1933
1929
Cereals & bakery products
85.6
86.1
86.5
93.2
69.2
98.2
Meats
93.4
The
employed.
reported
reported
Six
15,
the
of
non-manufacturing industries, or 0.1 ,of 1% of the total number,
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
Feb.
records
seasonal
For the 16-yea* period, 1923-
employment and payrolls.
the
greater than
represent
December-January changes
both
in
inclusive,
and
mpats
from 0.1%
ranged
were
non-manufacturing
and
current
decreases
group.
of
cost
liver.
has
decline which
the
bread closely followed those for white bread.
rye
year
a
his white bread.
for
of
continuation
a
was
The
declines
The
.v
decreased 0.6% between January
The price of flour decreased 0.1%.
lower, showing a decrease of 1.0%.
Price declines for
continued
whole
less
This
"
Labor. The changes
from 6,838 manu¬
establishments, the De¬
partment explained, adding:
It is 24.9%
for many months.
progress
bread
1923-25 average.
The
the
102.3.
was
The cost of cereals and bakery products
and
and
when the index stood at 78.4.
ago,
facturing
Costs
■'
Central
27$% above the level of February, 1933.'
is
Research of the Illinois Department of
1938,
76.8% of
foods was
all
for
index
of
13
North
the
which were in
city showed no change.
One
area3.
36 cities.
Declines were reported in
change.
cities,
14
.
.
Prices of 59 of the 84 foods priced
4.0% during
December-January period, and payrolls declined 3.8%,
it was announced Feb. 27 by the Division of Statistics and
the
during January are based upon reports
Lubin said.
Mr.
slightly,"
advanced
■.
Employment in Illinois industries decreased
decreased 0.8% between Jan. 17 and Feb. 14,
Lubin of the Bureau of Labor Statistics,
Illinois Industries De¬
for First Time Since
and Payrolls in
During January
creased
14
wage
weighted average
rate reductions
Changes in Employment and Total Wages
Paid According to Sex
88.7
4,703 manufacturing and non-manufacturing enterprises
which designated the sex of their working forces showed decreases of 1.8%
and 7.8% in the employment of male and female workers, respectively.
Total wage payments to male workers decreased 2.5% while those paid to
60.0
60.0
58.2
56.9
51.3
86.9
female
Canned
74.1
74.4
74.5
79.4
65.5
96.6
Dried
56.9
56.8
57.3
60.6
48.0
100.2
Beverages and chocolate-
66.2
66.3
66.3
67.7
69.5
110.8
Fats and oils_-.i-.,
64.1
64.8
65.8
69.5
45.2
93.7
Sugar and sweets
62.0
62.3
62.6
65.9
57.1
75.4
76.8
77.5
78.6
78.4
60.1
102.3
'
116.7
92.7
90.6
63.9
Dairy products
77.1
77.9
79.1
81.9
60.7
105.7
Eggs
58,7
65.9
84.5
59.4
45.3
101.0
Fruits and vegetables
61.0
61.1
59.6
58.8
52.1
Fresh.
.....
All foods
-
92.9
,
♦Preliminary.
1.1%.
decrease of
of
1.3%;
fell 2.0c.
milk
where
milk,
an
Prices were lower for all
decrease
average
decline of 10.9%, and were 1.3%
period in 1938.
"
lower than
Eggs showed a seasonal
for
the
same
The
and
fruits
vegetables showed little dhange.
movements
4.7%,
of
decrease
change
the greatest
showed
reported
for
fresh
fruits.
Green beans advanced
12.1%; cabbage rose 3.9%; sweet potatoes increased
3.1%;
held steady.
from
prices
potato
0.1%
decreased
for onions
1.1%;
10.4%
to
dried
Decreases
fresh vegetables ranged
The price of canned peas
fox
for spinach.
black-eyed
1.3%.
advanced
peas
Minor
price
The cost of
this
beverages and chocolate declined 0.2%.
group
which
of
been
has
further
price of
the average
For
17
of
than
sugar
36
1.0%
cities
price of
9.4%
4.4%.
Cincinnati
cartons
Lard
was
showed
1.1%
a
lower.)
This change, together with lesser
resulted in
decline of
a
for
which
where
contrary
showed
the
prices
of meats.
cities
recorded.
and of
prices
1.0%
declined
fresh milk decreased 2.0c.
fruits and
in
11
were
a
0.5%
in
more
in
an
average
vegetables.
to
the
Prices
general
decrease of
Increases
or
15%
a
of
for
more
reported
three
and
the
of beef
a
and
for
reduction
fresh
these
A reduction of
pork
items.
2.9c.
a
milk more than offset increases in the
Food cost increases were greatest for Denver, where a
average
price of
classification
of
2,205
industries,
enterprises
decrease of 3.2% in the total man-hours worked by male and
combined.
Within this classification, 2,089 establishments
a
female workers
decreases
showed
In
and
9.1%
group,
in
the man-hours worked by male
"
>
2,333
firms
total hours worked by male and
classification of industries, 1,720
in
this
2.6% and 9.0%,
of
2.6%
respectively.
non-manufacturing
the
8.7%
of
workers,
female
and
reported
a
workers
female
concerns
decrease
of
combined.
showed decreases
respectively, in the total hours worked by men and
Average actual
or
a
In
were
hours worked per week in January by 463,166 workers
37.8 as compared with 38.6 in December,
reporting industries were
all
in
decrease
of 2.1%.
the manufacturing group
the average actual hours worked per week
January as compared with 38.0 in
37.3 in
December, or a decrease
1.8%.
of
per
non-manufacturing
the
classification,
the
number of hours worked
week during January averaged 39.2, or a decrease
of 2.0%.
less
showed the greatest
result of
movement
2.6%.«
or
about
quart,
In Dallas costs decreased 2.7% as
fresh
quart
declines
bread
manufacturing
the
In
In
food costs decreased by 1.0%
14
Dallas,
for
in
and
4.9% during Januafy, 1939, in comparison with Decem¬
Hours worked in 3,809 establishments reporting man-hours for
female workers separately decreased 2.6% for male workers and
9.1% for female workers.
downward trend
months.
past
the group,
in
reported for
were
average
declined
18
shortening in
3.2%;
ended Feb.
Pittsburgh,
of
the
for
decreased 0.7%.
items
cities.
decrease,
decreased
ber, 1938.
women.
oils continued the
cost for the group as a whole.
the month
the
male
other items in the group were negligible.
for other
decreases
Comparison with December
reporting
.
for fats and
evidence
decrease of
price
The
1.1%
in
Price changes for
Prices for all items
slightly lower.
were
decrease
The
;■
industries, 4,538 enterprises reported man-hours for
and female workers combined, and in these enterprises total hours
all
In
Within
changes were reported for other canned and dried items.
in
^1
■
Changes in Man-Hours During January in
male
For the fresh
price increases and decreases offset each other. 'The current price
for most of the fresh items were seasonal.
Oranges, with a
items,
establish¬
.
of
cost
women.
worked
'
„
2,299
,
'
.
enterprises, t2,404.
reported decreases of 4.3% in the number of male workers
and 17.7% in the number of female workers.
Decreases of 3.4% and
14.2%, respectively, were reported in the total wages paid to men and
of
quart.
per
industry
of
establishments
During the current month butter showed
fresh
classification
1.0% and 4.4%, respectively, in the number
workers employed.
Total wages paid to men declined
2.2%, while those paid to women decreased 6.0%.
In the non-manufacturing classification of industrial
a seasonal
1.0%.
Few citiefc
reported changes in the price of milk, with the exception of Cincinnati,
where there was an average decrease of 2.9c. per quart, and Pittsburgh,
decline
female
male and
of
7.9%.
manufacturing
the
reported decreases of
ments
The cost for this group was 5.9% below the level of
items in the group.
February of last year.
workers declined
Within
•
,
Dairy products showed a
Reports 'from
of Wage Earners in United States
0.6% from December to January, Ac¬
cording to National Industrial Conference Board
Cost
of
Living
Declined
The cost
creases
of living of wage earners in the
United States
from December to January, because of de¬
in the cost of food, clothing, and gas and electricity,
declined
0.5%
according to the regular monthly survey made by the Statis¬
tical Division of the Conference Board.
Living costs in
Financial
1714
1939,
January*
2.4% lower than in January, 1938;
were
higher than
made public
14.4% lower than in January, 1929, but 19.1%
at the low point of 1933.
The survey recently
went
iWl prices declined
to
3.4%
level
a
Rents
than
lower
December to January, bringing them
1938; 24.5% below that of
1.4% from
of
that
below
January,
1929, but 29.6% above the 1933 low point.
averaged the same in January as in December.
January,
a
They were 2.3%
in January, 1929, but 37.5%
6.3% lower than
ago,
year
higher than at the beginning of 1934, their low point.
Clothing prices in January were 0.4% lower than
lower than in January, 1938; 26.8% lower than in
in December; 5.2%
January, 1929, but
higher than at the low of 1933.
19.8%
December to January.
They were
and 8.2% lower than in January, 1929.
The cost of gas and electricity, data concerning which are collected semi¬
annually, was 0.3% lower in January, 1939, than in July, 1938, primarily
because of the decline in the index of electricity rates.
The combined
Coal
did
prices
from
change
not
0.5% lower than in January, 1938,
1929.
January,
„
0.8% lower than a year ago; 3.7% lower than in
It was
months.
four
January as in the preceding
sundries averaged the same in
of
The cost
and 7.3% higher than at the low of 1933.
The purchasing value of the dollar in January was 0.4% higher than
December; 2.4% higher than in January, 1938, and 16.9% higher
1929,
January,
in
1929.
January,
in
tlian
Living (1923=100)
Importance
Budget
Jan., 1939
33
79.2
86.2
72.7
Jan., 1939
80.3
12
to
Dec., 1938
20
Food*
-
'38
uom Dec
..
in Family
Item
% of Inc. (4-)
or Dec. (--)
Indexes of Ute Cost of
Relative
Housing
86.2
0
73.0
•
■
—0.4
78.6
78.9
—0.4
67.1
—0.4
85.9
86.0
85.8
S5;8
0
86.2
86.5
—0.3
30
96.8
96.8
0
100
85.4
85.8
—0.5
116.6
4-0.4
Women's..-5
Fuel and light
Coal
Gas and electricity
-
Sundries
Weighted aver, of all Items
117.1
Purchasing value of dollar..
AUUU
oil
iuuoacb
ynuc
tor Jan. ,1, 1939, and Dec.
■
—0.1
VU
UJL
13, 1938.
———
i
Unemployment Increased 7.4% from December to Janu¬
ary, According to National Industrial Conference
Board—Total Estimated at 10,645,000
to
January,
of
estimate
The
Board.
ference
unemployed
those
was
Employment, how¬
10,645,000 at the end of January.
about
declined only 1.5% in January as compared with
December, 1038, bringing the number of the Nation's work¬
ers
to about 43,667,000 in January, 1939.
The Board, in
its announcement of March 2, further reported:
ever,
The
finance,
were
in
169,000
minerals,
in
28,000;
•
miscellaneous industries and services dropped 2.6%,
fewer workers.
In forestry and fishing, 4,000 fewer em¬
in
Employment
agriculture'
there
also
was
2.1%
rose
slight
a
December.
<
from December to January, as
increased
listed
workers
of
number
208,000.
by
rise,
20,000
as
•
the
In
additional
service
workers
hired.
were
The estimate given
includes
as
utili¬
public
in
ployees were reported in January than in
industries
and' in
'
„
24,000
the
;
decreases in employment
in construction, 128,000;
9,000;
5,000.
Employment
with
from December to January,
Principal
off.
laid
were
In " manufacturing,"
transportation,
ties,
and
Corps
labor
ment
force
November
and
the
Government
labor
emergency
force,
Progress Administration, the Civilian Con¬
Projects Works Program.
This Govern¬
the Federal
about
declined
according
distribution
The
in
by the Works
represented
December,
above of the total number of unemployed in January
workers
3,311,000
servation
to
of
2.5%
in
latest estimates
January
with
compared
as
December,
1938,
and
January,
1939,
shown
are
the
in
.
'
'
*
'
1933
1938
1938
1938
Mar.,
Jan.,
Nov.,
*Dec.,
1939
*Jan.,
469
14,706
10,907
10,645
47,885
35,940
42,761
10,048
44,156
9,913
Employment total
44,345
43,667
Agriculture
10,539
9,961
10,286
10,675
10,072
Unemployment total
267
136
174
188
181
10,280
177
19,102
10,980
14.544
15,763
15,935
15,596
Forestry and fishing
Total industry
Extraction of minerals
1,067
645
820
11,064
6,980
9,404
9,857
9,927
9,758
3,340
941
2,326
2,457
2,329
Transportation
2.465
1,549
1,516
1,834
1,885
1,858
1,830
Public utilities
1,167
865
971
939
936
931
Trade, distribution and finance..
8,007
6,407
7,325
7,349
7,768
7,229
Service industries
8,960
7,752
9,550
9,273
9,460
9,480
1,011
704
880
907
929
905
Manufacturing
_
Construction
....
Miscell. industries and services._
747
756
755
Preliminary.
vehicles.
Loss
covered
in
employment in
February
from
New York
the
State
seasonal
more
loss
than
sustained
re¬
in
January, and the indexes of both employment and payrolls
rose
to the highest point recorded since November, 1937,
according
to a
statement
issued
March
10
by
Industrial
January,
loss in
the severest
of baked goods and brick,
]
-
January to February, 1939
Employment
Utica
Payrolls
4-9.2
4-8.9
+ 1.8
r
4-2.5
4-1.9
Albany-Schenectady-Troy
Rochester
Syracuse.,.
New York
4-3.7
Binghamton-Endicott-Johnson City
D
—.»
+ 3.7
—0.1
—0.5
—0.8
—
Buffalo
+ 3.5
+ 3.9
4-0.4
--
City,,,.*,
—1.6
and Payrolls in January Decline
Seasonally—Secretary of Labor Perkins Reports
Decrease of 880,000 Workers from December
Industrial Employment
employment declines in retail stores, factories
were primary factors contributing to the
and construction
approximately 880,000 workers engaged in non-
decrease of
agricultural industries in January, Secretary of Labor Fran¬
ces
Perkins reported on Feb. 24.
This decline is only
slightly larger than that which took place from December,
1936, to January, 1937, and is much smaller than the unusu¬
ally sharp decline from December, 1937, to January, 1938.
"About 100,000 fewer workers were employed in January
in
non-agricultural industries than a year ago at this time,"
said.
"These figures do not include employees on
she
Works Progress
Administration and National Youth Admin¬
projects, enrollees in the Civilian Conservation
Corps, nor certain part-time workeTs who are hired only
during peaks of activity in some industries."
Secretary
istration
continued
Perkins
in
Employment
peak
from
trade,
Christmas
the
of
:
and
factory
the January curtailihent in employ¬
factories and stores conformed to about the usual seasonal
both
in
a large reduction after the
employment normally declines.
retail stores. always shows
This
December to January.
year
well-sustained basic level of activity.
The number
by Class I railroads was reduced by 14,000.
Inprivate building construction the decline was slightly less than the aver¬
age
for January in recent years, while highway and street work was
considerably curtailed.
Telephone and telegraph companies and insurance
and brokerage
offices reported small employment gains.
The decrease of 2.1% in
factory employment indicates the release of
indicating a
workers
employed
in
by a decrease of 3.0%
of $6,500,000 in aggregate weekly
about the usual January reduction.
for January (89.3% of the 1923-25
150,000 wage earners, accompanied
approximately
factory payrolls, representing a loss
These
wages.
The
index
average)
reduction
in
represent
decreases
employment
factory
1.7%
the
above
industrial
(83.2%
payrolls
year
of
was
of
activity
the
level
1923-25
of
1938,
January,
under
way.
The
average)
was
when a sharp
index
jl0.9%
was
of
higher
factory
than
a
*
ago.
reported by 19 of the 87 manufacturing
by the Bureau of Labor Statistics, and
of the manufacturing industries.
For the
durable goods group of industries there was a 2.0% decrease in employ¬
ment, slightly less than seasonal, and 4.7% recession in payrolls.
For
the
non-durable
goods industries there was a somewhat greater than
seasonal decline of 2.0% in employment, and a 3.1% drop in payrolls.
in
Gains
industries
Employment and Payrolls in New York State Factories
Recovered
in
February from January Seasonal
more
was
industrial groups except
reemployment of workers
was made by a firm making cotton goods and by one
In the Albany-Schenectady-Troy area substantial in¬
the exception
With
increases
Factory
suffered
had
packing plant.
of
1929
wages
reported by a few large firms much more
pattern,
Average
♦
but the loss in
than offset decreases in
the net change in
all industrial groups was an increase.
In Rochester, only textiles showed
a
drop this month.
All other industries were as busy or busier.
In
Syracuse a 6mall net gain in employment was accompanied by a much
larger gain in payrolls.
This can be accounted for mainly by the action
of two large firmB making office appliances.
One of these sharply cur¬
tailed forces; the other, with the same force, increased hours and pay¬
rolls.
The larger relative position that the apparel group of industries
has in the New York City industrial picture and the large seasonal gain
in these industries caused a larger gain in both employment and payrolls
for New York City than for the State as a whole.
Slight gains made in
the shoe and
wood products industries in Binghamton-Endicott-Johnson
City were more than offset by losses in" the machinery and chemicals
groups.
The main factors in the decrease in the Buffalo district were
drops in a few large metal and machinery firms and one large meat
ment
EMPLOYMENT
(In Thousands)
,
laid off last month
by the Conference Board.
UNEMPLOYMENT AND
'
which
district,
Utica
•making
employment and the totals of unemployment during
following table:
"
slight,
also
was
reported the largest increases this month.
All
reported sizable gains.
The most notable
Seasonal
employment declined 2.1%
employees
follows:
as
district
'
rood
rush.
industrial
339,000
as
were
Buffalo
the
in
539,000
as
Christmas
Total
City
severe.
employment occurred in trade, distribution and
workers were dropped from the payrolls after the
drop
greatest
total wage disbursements.
and
seasonal declines in employment appeared
as
trade, manufacturing and construction, according
the Statistical Division of the National Industrial Con¬
in retail
to
Albany-Schenectady-Troy reported net gains in both forces
The losses in Binghamton-Endicott-Johnson
slight, since they were less than 1%.
The loss in forces in
and
Syracuse
from December
increased 7.4%
unemployment
National
by five of the seven
New York City, Utica, Rochester,
the State.
industrial districts of
others.
66.8
Men's
*
These increases
employment and payrolls were reported
Increased
main
creases
—1.4
-
.
from the middle
favorably with the average increase of 1.4% in
both employment and payrolls from January to February
over the last 24 years.
The comparison with last February
is even more favorable.
It reveals an increase of 5.1% in
forces and 7.6% in total wage disbursements.
The state¬
ment, issued March 10 in Albany, continued:
The New York State Department of Labor's index of factory employ¬
ment rose to 81.7.
The corresponding payroll index was 76.1.
These
indexes, based on the average of the years 1925-27 as 100, are higher than
any recorded during 1938 and the highest shown
since November, 1937.
These
figures
are
based
on
preliminary tabulations covering 2,034
factories which employed 385,028 workers on a total weekly payroll of
$10,348,265.
The reports were collected and analyzed in the Division
of Statstics and Information under the direction of Dr. E. B. Patton.
Increased Employment and Payrolls in Five Industrial Districts
The
•
,
payrolls rose 2.1% and 2.2%, respectively,
of January to the middle of February.
in January, 1938, was 11.0% lower than in
electricity index
and
gas
1939
Factory employment and
Miller.
S.
Frieda
Commissioner
25.
compare
to say:
on
Mar.
Chronicle
The
employment
payrolls
industries
in
were
monthly
surveyed
in
by
which
14
substantial
numbers
of
workers
were
laid
off
(11,000), knit goods (8,600), con¬
fectionery (7,200), cigars and cigarette^ (7,000), furniture (6,100), baking
(5,600), men's furnishings (5,100), newspapers (4,500), and stoves (4,400).
The
following industries showed declines ranging from 3,000 to 3,300
include
beet
sugar
(17,700), sawmills
Volume
workers;
radios
their
plants
1,900
In retail trade there
well
or
index,
year
82.9%
reflected
for
the
ice,
ployees
of
less
and
workers.
trade.
of
The
January,
1.4%
the
but
1.4%
was
4%
by
as
supplies,
a
above
the
level
December,
manufacturing
who
retail
The other
increased
of
their
industries
records.
em¬
January,
is
used
industries
non-manufacturing
groups
number
the
and
for
as
prior
indexes
reduced
reductions
increased
reporting
forest
products,
minerals.
'
coal
mines
mines
employment
their
Payrolls
in
working
the
coal
ipt
gain
a
forces
operating
quarries
declined
January,
over
1.2%,
by
virtually unchanged.
seasonal
A
cut.
there
workers,
and
loss of
Personnel
in
and
Industry
.
less
1938,
while
showed
industries
more
in
West
5.4%,
seasonally
Oil
employment
by
decreased
in
wells
mines
metal
and
their
States.
These'
71,868
employing
reported
a
small
offices
of
the
occurring
in
the
financed
projects
by
—1.6
—2.7
75.3
—0.6
—15.8
—1.4
70.2
—12.1
+0.1
—36.5
+ 1.4
86.4
—31.4
+ 2.1
—6.6
—2.2
66.9
—5.0
—0.4
-f 0.4
—4.2
92.4
—0.1
—1.5
89.8
—1.8
—4.3
95.4
—2.9
—3.5
69.1
-—0.5
—4.4
70.8
+ 1.4
+ 0.2
50.3
—2.5
—16.0
38.0
—10.6
—18.4
—0.7
—8.5
77.1
—4.7
+ 9.5
62.2
—0.2
—7.7
54.7
+ 1.2
—7.4
39.2
—5.4
+2.5
30.6
—8.9
+ 10.5
67.0
—1.2
—11.0
60.7
—2.8
—10.9
—1.5
&
non-metallic
mining
Crude petroleum producing
Qrtfxrl noo •
oervices.
91.8
'
*
c
Preliminary,
—3.8
+0.3
+0.4
—7.8
b
+ 1.0
—8.7
+ 0.9
+ 2.3
b
+0.3
40.7
—11.5
—12.9
b
—14.2
—10.8
Interstate Commerce Commission,
Source:
a
—0.8
65.7
b
Building construction.
—1.0
79.4
—2.7
b
...
c80.3
—3.9
—3.9
b
Insurance
—2.7
—0.4
94.2
Dyeing and cleaning.....
Brokerage
—0.2
93.0
Hotels (year-round).,....
Laundries...
PAYROLLS IN
MANUFACTURING INDUSTRIES
Payrolls
Employment
Payrolls
Manufacturing Industries
Jan.,
Jan.*
Dec.,
Jan.,
Jan.*
Dec.,
Jan.,
Jan.*
1938
1938
1939
1938
1938
1939
1938
1938
1939
Goods
85.8
87.4
86.4
77.4
80.8
90.7
91.1
94.5
81.8
Bolts, nuts, washers, and rivets
90.9
91.6
83.1
89.5
94.4
57.4,
Cast-iron pipe
65.8
66.1
61.4
52.6
'55.7
44.7
—
83.2
(not including silver
and plated cutlery), and edge
:<
60.7
-
81.2
.
i-
82.9
82.7
74.8
78.6
'.
48.4
49.6
51.6
45.7
49.4
37.4
84.9
86.3
75.2
81.4
90.1
55.5
Knitted underwear
71.8
72.6
70.6
58.1
60.4
53.3
Knit cloth
128.7
134.3
122.5
125.8
136.0
67.9
64.6
53.9
56.4
47.8
65.3
74.7
61.1
49.9
61.4
41.7
61.6
61.9
66.2
51.8
53.2
Tin cans and other tinware
82.2
84.1
87.9
86.3
87.9
89.6
Tools (not including edge tools.
machine tools, files, & saws)
83.3
83.9
81.3
79.8
82.0
70.8
162.8
171.6
148.1
157.5
185.9
125.4
Including
not
trans¬
portation equipment....—.
Agricultural
implements
91.5
91.8
104.0
89.2
87.5
95.1
158.7
113.6
113.5
169.1
Cash registers, adding machines
and calculating machines
133.3
134.6
143.0
117.5
118.8
134.2
82.4
83.7
96.0
80.7
82.4
87.3-
Engines, turbines, water wh'ls
85.3
92.0
98.3'
98.0
98.8
81.9
81.7
92.4
74.9
75.9
79.8
121.0
119.9
148.1
119.7
120.0
151.2
106.7
Typewriters and parts.—.
118.0
Transportation equipment
67.7
127.9
86.0
67.0
125.9
Textile machinery and parts
95.3
66.5
64.4
119.5
118.6
....
Cars, electric & Steam railroad.
62.7
58.5
73.3
51.8
67.9
71.2
63.0
57.4
62.4
48.2
160.2
139.4
116.9
126.8
100.1
51.8
40.1
72.8
51.0
63.2,
57.8
51.0
85.3
61.9
70.5
112.2
105.3
82.2
.
84.7
97.1
90.5
68.7
»
68.3
58.4
160.6
160.0
111.1
114.8
102.9
99.5
99.6
96.0
97.7
102.8
83.7
84.3
.
72.6
107.5
101.4
143.3
81.6
57.8
70.2
55.1
43.2
54.6
92.8
93.5
105.3
72.2
92.8
88.6
89.6
77.9
70.0
69.0
92.6
87.6
91.5
73.2
63 3
86.0
85.3
74.9
88.2
87.6
69.9
113.6
120.1
114.7
115,0
120.9
116.6
140.0
143.5
141.8
135.5
"138.2
136.3
223.6
Leather and its manufactures
Leather
.......
67.2
223.3
221.5
251.8
257.2
250.6
Butter
92.4
95.1
97.7
79.7
80.4
82.4
78.3
85.3
84.6
71.3
77.4
74.9
Confectionery ——s.
79.8
91.3
79.0
77.0
91.5
74;7
77.3
78.1
76.2
74.6
73.0
74.5
68.0
68.7
68.0
59.4
60.0
58.4
94.1
98.7
67:6
911.8
879.6
786.8
106.1
106.9
84.7
102.3
108.4
64.4
26.7
102.4
102,3
111.2
112.5
118.7
230.7
37.9
66.2
221.9
41.9
84.8
84.4
78,1
75.2
72.9
60.0
65.2
55.7
50.3
59.6
Slaughtering and meat packing.
99.9
Sugar, beet
75.5
;
.
67.0
48.0
tobacco
60.5
62.1
62.8
,
66.4
73.0
,68.0
59.9
65.6
54.8
48.2
57.9
45.4
105.3
108.0
106.1
101.8
107.3
100.3
98.4
103.9
93.0
100.0
109.4
87.5
37.7
15.3
13.7
37.6
106.3
107.3
109.8
91.7
94.8
88.8
84.8
90.1
74.9
137.7
140.4
138.0
141.6
144.0
124.9
98.5
100.2
93.1
93.0
98.9
77.1
■
104.9
106.3
105.5
101.9
103.4
96.3
102.3
103.7
105.4
93.5
96.9
95.3
104.2
108.0
105.5
104.4
113.2
105.3
111.8
112.7'
114.6
119.8
120.1
115.7
Petroleum refining
117.1
118.1
122.8
134.7
134.1
135.9
Other than petroleum refining.
28.2
42.9
104.8
and time-
...
Cigars and cigarettes
Paper and printing..
Boxes, paper
Paper and pulp..
Printing and publishing:
82.6
877.6
39.4
— ........
Chewing and smoking
and snuff.
96.1
29.8
Ice cream...
.-.
Sugar refining, cane
845.1
29.3
i.
Tobacco manufactures
17.4
recording devices
79.0
77.5
116.4
88.0
100.5
watches
132.2
149.0
54.9
18.6
Clocks and
94.2
164.1
68.3
Shirts and collars
72.7
100.9
Brass, bronze & copper products
119.5
156.4
123.7
Men's furnishings...
66.9
Locomotives
Aluminum manufactures..
110.9
134.6
114.9
•
130.3
Shipbuilding
Non-ferrous metals & their prods.
103.4
145.7
Baking
,
107.6
.
'
95.7
Automobiles
115.1
"
859.5
Aircraft
84.1
75.3
158.3
Corsets and allied garments.
Flour.
87.1
Radios and phonographs..
59.0
97.2
79'.8
Canning and preserving
Electrical machinery, apparatus
Foundry & machine-shop prods.
82.2
97.0
91.3
96.2
Clothing, men's
Clothing, women's
Food and kindred products
105.0
Machine tools
71.4
103.8
82.4
110.6
Boots and shoes
110.9
and windmills
79.2
84.5
112.1
Beverages
H
(incl.
and supplies
64.3
63.3
Silk and rayon goods
Millinery
..........
tractors).....
75.7
145.0
Wearing apparel..
54.2
....
Wlrework..
"
Woolen and worsted goods..
'
Structural & ornamental metal-
Machinery,
73.8
"
apparatus and steam fittings
Stoves
work
82.6
67.6
Knitted outerwear
104.2
65.9
40.5
87.1
143.5
;
Plumbers 'supplies
heating
64.4
71.1
80.6
110.4
Hosiery...
Forgings, iron and steel.—
hot-water
81.1
"67.0
84.7
Hardware..
Stamped and enameled ware..
78.4
66.2
83.8
fur-felt
Knit goods...
66.6
82.1
81.5
113.8
Dyeing & finishing textiles—
Hats
"
68,0
89.7
91.8
86.6
Cotton goods...
Cotton small wares
Cutlery
'
....
98.6
90.7
Carpets and rugs
rolling mills
83.3
1938
97.3
Fabrics
60.9
Jan.,
80.8
Textiles and their products.——
including machinery
Dec.,
1938
Goods
Non-durable
Blast furnaces, steel works, and
and
b Not available,
(Three-year Average 1923-25=100.0)
Dec.,
Iron and steel and their products.
Steam
—0.9
Cash payments only; value of board, room, and tips cannot be computed.
1939
,;
—0.2
88.7
Quarrying
Jan.,*
tools
b
Metalliferous
Manufacturing Industries
not
+ 10.9
b
•
Bituminous coal..
Adjusted to Census Totals for 1935.
Durable
—3.9
b
74.5
Anthracite.
were
supplied by 9,491 contractors
January, do not cover public construction
Public Works Administration, Reconstruction
Employment
83.2
1938
Mining:
Coast
AND
—3.1
Jan.,
1938
80.3
bus oper. & maintenance
which
INDE3£ NUMBERS OF EMPLOYMENT
+ 1.7
—1.4
•
Electric railroad & motor-
in
the
1938
Dec.,
82.9
light and power
and manufactured gas..
Central
reports,
*1939
Electric
slightly by
Pacific
Change from—
%
92.7
merchandising.
Telephone and telegraph..
country reported reduced employ¬
losses
Index
Public utilities:
employment
increased
was
Jan.,
V'
chandising
remained
(1.8%), while telephone and telegraph firms
the smallest
workers
Bureau's
Other than general mer¬
States, while the largest declines were
shown in the New England, the East and West North Central and Mountain
the
Jan.,
Dec.,
—2.1
88.6
General
3.9% occurred in dyeing and cleaning plants,-and
in, laundries and hotels.
South
non-manufacturing
from
Payrolls
52.1
a
Wholesale
electric railroads
All" parts
construction,
East and
the
Trade:
production
reduced
and 0.9%, respectively.
The gain in insurance companies raised
employment level 2.3% above the corresponding month of 1938.
private building construction the decrease of 11.5% in employment
was, with the exception of January, 1937, the smallest January reduction
and
for
Change from—
%
(1929=100)
In
ment
the
for
12-month
for seasonal variation:
89.3
Class I steam railroads
and bituminous
Retail...
than
2.5%.
of
brokerage and insurance
1933.
the
and
available
not
adjusted
index
(1923-25=100)
Manufacturing
0.4%
since
three-year
indexes
computing the index numbers of the
is
1938
the
reported
The
the
railroads,
Jan.,
slight reductions
were
not
1939*
Power and light companies reported about the usual
January employment decline
some
steam
Information
1929
farm
in
metals
and
2.5%,
forces
reflecting
.
Employment
added
lumber;
mining
declines
than
employment,
during the first half of January.
pronounced
showed
dealing
those
were
finished
except
reduced
0.7%.
I
below.
computing
Employment
.
•
Anthracite
in
base in
a
1.6%.
food products,
firms selling
in
by
seasonally
employment
were
2.8%; groceries, 2.3 J&; machinery, 1.4%; dry goods and apparel, 1.1% ;
products, 0.5%, and automobiles, equipment and parts, 0.4%.
The
groups
Class
to
are
farm
only
regular
respectively.
group
principal employment
supplies;
by
governments.
shown
are
base
a
industries.
years
These
1938,
as
and
for 1929 is used
average
of 20.8% ;
employment losses
6.4%.
1938,
1923-25,
average,
merchandising
of January of
,
local
or
or
manufacturing
taken
force
extra
general
State
Federal,
Administration,
Indexes of employment and payrolls for January, 1939, for all manu¬
facturing industries combined, ClasB I steam railroads, and selected nonindustries, where available, and percentage changes from
a
slightly greater than
large
the
of
the
Progress
reporting these remarks of Secretary Perkins the
Labor Department's announcement of Feb. 24 also presented
the following indexes:
jewelry,
showed
with the exception of dealers in wood, coal
5%,
and 0.4%,
trade
in
level
the
of
Works
or
In
employment
1939,
below
was
unusually
Employment
8.1%; cigars,
farm
workers,
was
average,
lay-off
than
in
Wholesale
The
2,700
added
1715
Corporation,
appropriations
factories
and fertil¬
earners,
wage
post-holiday decline in employment of 15.8%,
a
1929
36.5%,
furniture,
reductions
and
the
Finance
meat
,
Apparel stores reported
year.
18.8%;
was
the
holiday
decreased
group
last
of
3,300
on
implements
cement,
men.
million
a
took
The December-January decline, which
ago.
seasonal,
on
half
over
at
firms
agricultural
rehired
automobiles,
clothing.
millinery
Chronicle
packing,
Shoe factories added 10,700 workers
phonographs,
women's
payrolls,
manufacturing
izer
and
boxes, and
paper
to
Financial
148
110.5
111.4
112.6
115.2
115.8
109.5
115.5
116.9
120.2
127.9
129.8
Book and Job—
Newspapers and periodicals.
Chemicals and allied
products.
and petroleum refining
80.9
82.9
83.2
82.0
Chemicals
Jewelry
87.1
96.9
84.1
71.7
84.9
68.0
Cottonseed—Oil, cake & meal
Lighting equipment...
88.5
92.6
73.9
79.7
82.9
53.7
Druggists' preparations
Silverware and plated ware
62.9
66.9
59.7
57.8
68.3
46.3
Explosives
92.3
82.3
92.1
75.4
70.0
78.7
72.1
72.5
76.5
67.9
68.2
73.3
Paints and varnishes
111.9
112.4
112.5
113.2
115.4
104.0
61.5
64.1
60.0
51.4
56.1
45.1
Rayon and allied products..
312.9
311.3
294.3
309.2
302.4
258.3
89.1
84.5
80.5
Smelting and refining—Copper,
lead and
zinc
Lumber and allied products
Furniture
76.3
79.8
75.1
60.3
67.8
52.0
53.0
54.0
48.4
42.7
44.6
34.7
Sawmills
48.6
50.9
47.9
41.3
44.9
66.3
70.5
63.1
56.5
63.5
48.6
51.3
42.8
36!0
39.4
113.9
124.9
77.1
95.5
107.4
109.2
109.8
118.8
120.2
118.0
81.4
Fertilizers
Mill work
125.3
94.7
107.5
82.7
85.0
89.9
95.1
80.1
26.9
88.6
87.1
91.8
89.7
87.5
80.9
83.6
77.9
84.4
89.0
66.1
Rubber boots and shoes
58.4
65.1
59.6
56.8
65.9
37.5
Rubber tires and inner tubes...
67.1
67.2
68.8
76.6
79.0
60.0
47.9
Rubber
129.2
134.7
112.2
126.1
133.7
95.5
89.3
91.2
87.8
83.2
86.6
75.0
81.4
83.1
81.7
76.6
80.4
76.1
96 8
98.8
93.7
90.6
93.5
84 0
Lumber:
Soap
Rubber products
Stone, clay, and glass products..
Brick, tile, and terra cotta
goods, other
Cement
53.8
62.6
54.3
47.1
57.2
43.9
Glass.
89.2
93.0
87.6
90.6
99.4
77.7
36.6
42.3
36.7
25.6
31.4
24.9
Durable goods..
78.6
79.9
74.4
68.5
75.5
57.6
Non-durable goods
48.9
Summary
All Industries
Marble, granite, slate & other
products
Pottery
♦
January,
—...
1939, indexes preliminary, subject to revision.
—
Financial
1716
January
from
creased
and Payrolls In¬
February—Gains Also
Factory Employment
Pennsylvania
Noted in Delaware
to
Factories
Pennsylvania in¬
Febru¬
ary, according to figures compiled by the Federal Reserve
Bank of Philadelphia.
These gains were closely in line
and payrolls In
employment
Factory
respectively, from January to
creased 2% and 4%,
and followed smaller than cus¬
seasonal expectations
with
reductions from December to January.
The Bank's
announcement further said:
The roost favorable changes in wage payments in February were reported
1939
Mar. 25.
Chronicle
changes exercise a tremenduous
has been no adequate statistical
device for measuring such changes until these indexes were created.
In
the absence of specific, dependable estimates of inventory accumulation
and depletion, it has been impossible to adjust production to actual con¬
pointed outfthat while inventory
It Is
business fluctuations, there
Influence on
sumption.
The
country
received a painful demonstration
that this is true in the
Economists and business men generally did not
recognize that excessive stocks had been accumulated in many industries
until we were well into the recession of 1937-1938.
of 1937.
part
latter
tomary
transportation equipment, non-ferrous metal products,
cigars and tobacco, and musical instruments.
In the case of
other than clothing, certain building materials, and leather and
products, however, wage disbursements last month did not measure
by manufacturers of
clothing,
textiles,
chemical
seasonal levels.
to
up
employed at Pennsylvania factories in February
earlier for the first time in 16 months. Payrolls,
on the other hand,
have been above the level of the preceding year since
last November and exceeded wage disbursemnts in Fbruary, 1938, by 13%.
number of workers
The
greater than a year
was
Increases
in employment
1938
over
were
reported in the transportation
leather
larger
clothing, stone, clay and glass, lumber, and
products classifications.
The volume of payrolls in February was
equipment, textile and
than
in all major groups.
year ago
a
number
total
The
worked increased over 4% from
employee-hours
of
and was 15% greater than last year.
Working time
averaged 35.7 hours a week as against 34.7 hours in January and 31.5 hours
a year
ago.
Average hourly earnings approximated 69c., or virtually the
January to February,
1938.
February,
in
as
same
Reserve Bank
stated:
and total employee-
employment, wage payments
factories
Delaware
In
Compared with a
1% over January.
worked showed gains of about
hours
the Philadelphia
in Delaware factories,
As to conditions
the number of wage earners employed was 8% larger, payrolls
10% greater, and working time registered an increase of 14%.
ago,
year
were
Average Weekly Earnings in
Automobile Financing in January
of retail financing for January, 1939,
organizations amounted to $81,751,989, a de¬
crease
of 17.8% when compared with December, 1938;
an increase of 19.1% as compared with January, 1938, and
a decrease of 24% as compared with January,
1937. The
volume of wholesale financing for January, 1939, amounted
to $138,899,015, a decrease of 15.1% when compared with
December, 1938; an increase of 71.3% compared with
January, 1938, and a decrease of 12.6% as compared with
January, 1937.
The volume of retail automobile receivables outstanding
at the end of January, 1939, as reported by the 224 or¬
The dollar volume
for the 456
ganizations, amounted to $696,959,547. .These 224 or¬
ganizations accounted for 93.8% of the total volume of
retail financing ($81,751,989) reported for that month by
the 456 organizations.
Figures of automobile financing for the month of December
were published in the Feb. 18,1939, issue of the "Chornicle,"
page 948.
The following tabulations show the volume of financing
for the month of January, 1939, 1938, and 1937, and the
amount of automobile receivables outstanding at the close
of each month, January, 1938 to January,, 1939, inclusive.
The figures are as reported to the Bureau of the Census of
the Department of Commerce.
Manufacturing Industries
AUTOMOBILE FINANCING
o
0.3% in January from December, Reports
National Industrial Conference Board
Declined
Summary fur 456
.
0.3% lower
were
Retail Financing
Wholesale
ing
and
cost
the
in
earnings,
living,
of
and
December,
were
earnings
Hourly
actual weekly earnings adjusted for changes
0.2% in January, 1939, as compared with
or
rose
16.3% higher than in January, 1938.
averaged about 72c. in both December
Volume
and January.
manufacturers of rubber tires and
hourly earnings were reported in the
average
the
in
Board's
Conference
for
analysis
January,
average
rubber tire and tube industry, $34.44 ;
in the printing and newspapers and magazines, $34.40; and in the auto¬
mobile industry, $31.57.
Lowest weekly earnings appeared in the silk,
hosiery and knit goods, northern cotton, and boot and shoe industries.
weekly earnings were highest in the
Board also
Conference
announced that the average
in these 25 manu¬
facturing industries in January was 36.6 hours, or the
length of the work week of wage earners
same as
'
in
Number
in
of
Thou¬
of
Thou¬
sand
Cars
sand
Cars
1939—
138,899 b206,239
81,752
67,312
42,573
138,927
39,179
237,606
99,419
91,362
67,245
146,244
41,173
81,070
175,292
68,669
53,816
34,1*1
121,476
34,528
138,979
215,953
90,678
80,556
51,297
135,397
39,382
158,936
January
264,751
107,537
109,568
63,665
155,183
43,872
347,339
148,100
165,823
97,119
1^1,516
50,981
163,508
December
1938—
January
t)
December..
1937r->-
January
1936—
185,578
December..
Of these organizations,
number 32.6%
financing, b Of this
used cars, and 0.5% unclassified.
37 have discontinued automobile
were new cars,
66.9% were
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF
AS REPORTED BY 224 IDENTICAL ORGANIZATIONS
1939
1938
1939
industries declined
0.5%
January
February
compared with December.
696,959,547 1,064,815,488
1,012,305,493
Indexes
Board Creates Three
Inventory Improvement—
Cover
Showing
Raw Materials,
806,713,720
967,096,723
September.
932,526,760
904,154,673
October.-
June
867,737,238
December
Semi-finished and Finished
Notable improvement in the inventory
situation of Ameri¬
industry is shown by three new monthly indexes de¬
veloped during the past year by the Economic Research
Division of the National Industrial Conference Board, and
announced
on
March 23 by Virgil Jordan, President.
Im¬
portant declines in manufacturers' stocks of raw materials,
semi-finished and finished goods during the past six months,
revealed in the indexes, said the board, are interpreted as
going far to correct the overexpansion of inventories which
occurred late in 1936 and throughout 1937, and which is
regarded as one of the maior causes of the recent recession.
Further details as reported by the board follow:
as
According to these indexes, based on the volume of stocks held in 1936,
the shrinkage in finished goods
that in
raw
inventories began in February, 1938, and
materials and semi-finished goods began in the spring of last
Between June, 1938
follows:
and the end of January, 1939, the index declines were
Raw materials,
semi-finished goods, from
including cotton at mills, from 113.7 to 101.2:
121.5 to 110.8. and finished goods, from 113.4
to 109.7.
The
new
Conference Board indexes are based on
80 individual commodities from Jan.
cover
_
_
765,892,109
.
721,982,338
710,882,434
.
706,847,563
Factory sales of automobiles
manufactured in thd Uhited
(including foreign assemblies from parts made in the
United States and reported as complete units or vehicles)
for February, 1939, consisted of 297,841 vehicale, of which
239,983 were passenger cars, and 57,858 were commercial
cars, trucks and road tractors, as compared with 339,152
vehicles in January, 1939, 186,531 vehicles in February,
1938 and 364,193 vehicles in February, 1937.
These statis¬
tics, comprising data for the entire industry, were released
this week by Director William L. Austin, Bureau of the
Census, Department of Commerce.
Statistics for the months of 1939 are based on data re¬
ceived from 73 manufacturers in the United States, 22 mak¬
States
trucks
passenger cars and 62 making commercial cars,
and road tractors (11 of the 22 passenger car manufacturers
ing
making commercial cars, trucks and road tractors).
those making both passenger cars
and commercial cars, trucks and road tractors have been
included in the number shown as making passenger cars or
commercial cars, trucks and road tractors respectively. The
also
It should be noted that
year.
as
November.
Automobile Output in February
Goods
can
$
August
March
Industrial Conference
New
1938
838,516,497
May
National
MONTH
July-.
April
♦
.
,
8
S
Total man-hours worked in these
as
Dollars
Dollars
Dollars
in December, 1938.
in Janfiary
Number
sand
Cars
a
The
of
.
in
Thou¬
Number
Dollars
1937—
industry.
cotton
shown
As
lowest
the
while
tubes,
northern
Thousand
Volume
Volume
Volume
in
Month
1938—
highest average rate was paid by
The
Unclassified Cars
New Cars
Total
Year
$26.02, according to the latest re¬
ports from 25 manufacturing industries analyzed by the
Statistical Division of the National Industrial Conference
Board/ The Board on March 6 further explained:
weekly
Used and
Financ¬
dropping to $25.95 from
Real
•
the productive industries
in January, 1939, than in December, 1938,
in
earnings
weekly
Average
.
Identical Organization? (a)
a
industrial holdings of
1, 1933 through Jan. 31, 1939, and
representative sample of approximately one-fifth
ventories.
The data used in their
of all such in¬
preparation were gathered from trade
associations, Government sources and direct from manufacturing concerns.
The creation
of these composite,
month-to-month
indexes of industrial
holdings of raw materials, semi-finished and finished goods, is expected to
provide American business with
valuable current information about the
balance or unbalance of production
and consumption, and give due warning
of any
trend toward serious overproduction in relation to current consump¬
tion.
They should go far to eliminate one of the most serious "blind spots"
in American business statistics.
figures for passenger cars include those for taxicabs.
The
figures for commercial cars, trucks and road tractors in¬
clude those for ambulance, funeral cars, fire apparatus,
and buses, but the number of special purpose
small and hence a negligible factor in any
analysis for which the figures may be used.^ Canadian rpostreet sweepers
vehicles is very
duction figures
are
supplied by the Dominion Bureau of
Statistics.
#
and 1937
page
.
production in January, 1939, 1938
appeared in the Feb. 25 issue of the "Chronicle",
Figures of automobile
1091.
Volume
148
Financial
NUMBER OF VEHICLES
(INCLUDING CHASSIS)
United Stater (Factory Sales)
Canada (Production)
1717
Production in the United States for February was 70,868
tons, against 77,264 tons in January and 61,357 tons in
Pas¬
Comm'l
senger
Car8 <fc
February, 1938.
United States shipments were 71,926 tons
against 72,967 tons and 62,480 tons,
respectively, a month
Cars
Trucks
and
Year and
Month
Chronicle
Total
(All
Passenger
Trucks,
Vehicles)
Cars
&c.
Total
a
year
ago.
-
-
1939—
January
339,152
280.040
297,841
239,983
57,858
636,993
520.023
116,970
January
209,528
186,531
155,505
139,380
54,023
February
396,059
February
59,112
14,794
3,390
14,300
11,404
10,914
29,094
22,318
6,776
47,151
17.624
16,066
13,385
11,753
4,239
4,313
294.885
101,174
33,690
25,138
8,552
Record
Wheat
3,386
Crop of 469,000,000 Bushels Estimated
for
Tot. 2
end. Feb.
mos.
J(1938—
Danube
Basin
The 1938 wheat crop in the Danube Basin—in
Rumania,
Yugoslavia, Hungary and Bulgaria—is estimated officially
at the record level of
469,000,000 bushels,
according
to a
report received
&Tot. 2
'
end. Feb.
mos.
'■
1937—
January.
379,603
309,494
70,109
19,583
14,697
4,886
February
364,193
296,788
67,405
19,707
14,173
5,534
743,796
606,282
137,514
39,290
28,870
10,420
"
in the Foreign Agricultural Service of the
United States Department of Agriculture on March 11 from
its Belgrade office. * In 1937 the
crop amounted to 361,-
000,000 bushels, while the average for the five
with the 1936 crop was
K
► Tot. 2
mos. end. Feb.
ing
the
to
years ended
305,000,000 bushels annually, accord¬
Department's
which
announcement,
further
stated:
Weekly
Report
Lumber
of
Movement;
March 11, 1939
The
lumber
Ended
Week
industry
during the week ended March 11,
1939, stood at 54% of the 1929 weekly average of produc¬
tion and 60% of average 1929 shipments.
Production was
about 59% of the corresponding week of 1929; shipments,
about
61%
60%
of
of
that
week's
shipments;
orders,
new
about
week's
that
orders, according to reports to the
National Lumber Manufacturers Association from regional
associations covering the operations of important softwood
and hardwood mills.
Reported shipments were 8% less and
production
was
ported
orders
new
2% less than in the preceding week.
Re¬
were 4% less.
They were 2% below the
week of 1938.
Reported production was
corresponding
0.5% below and shipments
The July 1, 1938,
amounted
bushels
.
countries
of 1939
New business for the 10 weeks
10% above output; shipments
was
were
11% above.
The Association further reported:
During the week ended March 11, 1939, 523 mills produced 174,896,000
feet
of
softwoods
booked
week
orders
796,000
All
and
of
feet;
hardwoods
187,347,000
Mills,
were:
535;;
orders,
combined;
feet.
production,
195,406,000
shipped
Revised
191,600,000
figures
179,117,000
for
feet;
the
feet;
Danube
Basin
for
crop
207,-
feet.
regions except Southern Pine, Southern Cypress and Northern Hard¬
new orders above production in the week ended March
11,
wood
reported
1939.
The same regions reported shipments above
output.
All regions
reported orders above those of corresponding week of 1938 except Western
Pine, Southern Cypress and Northern Pine.
All but these three reported
shipments above last year.
Southern Pine, West Coast, California Red¬
wood
and
Southern
Lumber
softwood
mills.
same
feet,
orders
mills
above
Reports from
or
reported
totaled
for
production.
100
week
reported
as
hardwood
18% above production.
9,466,000 feet,
the
178,093,000 feet,
Shipments
9%
or
Cypress reported production above the
ended
the
Production
mills
Shipments
week
same
by
Production
438
of#the
182,134,000
were
feet.
feet,
week
were
7,875,000
feet.
same
was
into
This
compares
exports
Identical
feet,
week's
and
tively,
a
year
180,404,000
reported
9,490,000
it
ago
083,000 feet and
mills
Mill
Reports
feet
and
174,494,000
181,948,000 feet.
production
feet;
163,694,000
was
last
shipments,,
feet;
feet,
In the
case
week
and
a
8,278,000
feet
and
was
shipments
and
of
year
165,573,000
were,
ago
6,858,000
feet
and
orders,
Car-Makers Group Estimates February Sales at
317,200
Units
A
decrease of 10% in motor vehicle shipments was indi¬
cated for the month of February as compared with
January
operations,
preliminary estimate of the industry's
according to the figures contained in the' March, 1939, issue
of "Automobile -Facts," a publication of the Automobile
Manufacturers
The
ume
Association.
Association
at
317,200
industry's
estimated
On
units.
operations
in
the corresponding month
The
Association's
industry's
basis
February
February
of
this
were
57%
vol¬
estimate
last
months
is
1939-40
with
to
season
the
aside
set
higher
summarized
of
the
1938-39
amounted
7,000,000
with
available
in
those
quantities
the
of
the
of
1938
to
surplus
to
the
about
Danube
marketing
season
for
to
133,000,000
63,000,000
55,000,000
Basin
bushels.
bushels.
countries
carry¬
bushels.
Actual
.
during the first 11
(July 1, 1938, to Jan. 31,
season
approximately
1937-38
of
quan¬
50,000,000
bushels.
In
the
1939)
same
seven
exports amounted to 40,000,000 bushels.
Wheat
Insurance
Policies
1939
on
Crop Estimated at 299,501 by FCIC
More
than
1>4,000
in the eight principal spring
applications for "all-risk" crop
insurance policies on their 1939 harvests, the Federal
Crop
Insurance Corporation estimated on March 8, following a
preliminary report made by States at the close of the sign¬
up for spring wheat growers on March 1.
The total num¬
wheat
ber
States
of
growers
have
filed
applications received by the Corporation for wheat
insurance
on
the 1939 crop now stands at 299,501,
including 197,137 from growers in the Western winter wheat
belt, 7,467 from Eastern growers,, and 94,897 from spring
wheat States.
The announcement issued by the
Department
of Agriculture, from which the following is also
taken, went
crop
to say:
on
Leroy
pletion
K.
of
Smith,
collections
policies will be in operation
Established Feb.
to
be
crop
harvested
winter
16,
the
of
manager
premium
culture, the
for
on
1938,
wheat
the
last
of
fall
program
to a close for the first'year.
obtain
spring
wheat
areas
insurance policies which
and
brings
assure
yield against unavoidable hazards.
75%
the
request
on
about
com¬
150,000
winter,
the
for agri¬
program
growers
the
on
Applications
and. the
crop
taken
were
of
the
phase
application
end
of
the
Under the program wheiat farmers
filed
farmers
the Federal
1939.
cations
by
belt,
first offered to
in
the
estimates that
wheat
crop.
part of
a
was
summer
growers
spring
the 1939
as
insurance plan
during
Corporation,
the
sign-up
FSCC
to
than
follows:
January, 1939, 353,946; February,
_
Purchase
CCC
them of
50%
or
The greater part
coverage.
75% of their
of
the appli¬
-
All
Under
Unredeemed|Wheat Held
1938
Loan
by
Program
The
Department of Agriculture announced on March 20
approval in principle of a plan under which the Federal Sur¬
plus Commodities Corporation will purchase all wheat held
under the 1938 wheat loan program to which the
Commodity
Credit Corporation takes title at the maturity of the loans.
Producers have the opportunity, between April I and June
15,1939, of redeeming
any
pledged
or
mortgaged wheat held
under the loan program.
Wheat which is not redeemed by
the maturity dates, and on which producers have not obtained
the extension of loan permitted in certain areas, will become
the property of the CCC.
This unredeemed wheat will be
taken over from the CCC by the FSCC.
The Agriculture
Department's announcement further stated:
A total of approximately 81,000,000
as
bushels is being held by the CCC
security under the 1938 loan program.
will
which
as
certain
apparently amounts
1937-38
amounted
season
Applications
the
last year.
report
February, 1939, 317,200;
1938, 202,597.
\
the
the
the
and
-
the
wheat
respec¬
orders received, 176,hardwoods, 88 identical
5,920,000 feet,
8,124,000 feet and 5,518,000 feet.
in
plan
average
production of 425 identical softwood mills
compared
of
reserves.
Exports of wheat from
may
Last
countries
emergency
over
from
9,254,000
as
reported for the
as
1930,
167,021,000
was
give new business
20% above production.
or
11,
week.
7% abovd the production
or
for
March
1938
supply
Deducting the amounts estimated for domestic disappearance, the
tity available for export during the 1938-39 marketing season and
preceding
shipments,
total
season,
on farms is increased in years of large
crops.
In addition, con¬
sumption will be increased considerably in Bulgaria and Yugoslavia because
of
the low 1938 corn crop in
those countries.
Moreover, all of the
corresponding week of 1938.
of the 1938 period.
The
1938-39
sumption
have
orders
1937.
1,
the
wheat in Danube Basin countries
bushels,
It
months
production for the 10 weeks of the year to date was 21%
above corresponding weeks of 1938; shipments were
13%
above the shipments, and new orders were
4% above the
July
for
8,000,000
is
anticipated that domestic disappearance in 1938-39 will reach
344,000,000 byshels, compared with 305,000,000 bushels in 1937-38." Con¬
5% above last year's week.
For softwoods: production, shipments and new orders
were,
respectively, 1% greater,- 3% greater and 3% less than in
softwoods) was 5% above production, and shipments were
10% above output in the week ended March 11.
Reported
carryover of old crop
approximately
therefore, amounts to approximately
477,000,000 bushels, compared with 368,000,000 bushels in 1937-38.
were
New business (hardwoods and
to
on
be sold
the
to
FSCC
will
The proportion of this
depend
upon
the
extent
amount
to
which
producers take advantage of the opportunity to redeem their pledged
mortgaged wheat or to extend their loans.
Except for relatively small amounts
relief purposes, the
which
will
be
used
for
or
domestic
wheat purchased by the FSCC will become part of the
stocks available for future export.
Canadian
Newsprint Production in February Below
Ago—Shipments Down 11.7%—United States
Output Above Last Year
Year
Production
amounted
to
from
the
CCC
was
of types
needed for domastic milling,
newsprint by Canadian mills in February
200,631 tons, compared with 208,382 tons in
issued
by
the
February, 1938, according to
Newsprint Association of Canada.
February shipments amounted to 178,236 tons, a decrease
of 11.7% from January shipments of 201,852
tons, and an
increase of 9.4%
over
February's 162,906 tons.
or
quality, such wheat would be exchanged for other wheat which
was
was
of low
suitable
for export.
*.
of
January and 202,601 tons in
figures
Officials of the FSCC said that in special cases where the wheat purchased
Crude
Oil Production During Week
Ended March 18, 1939, Placed at 3,384,150 Barrels
Daily
Average
The
daily
American
Petroleum
average gross
Institute
estimates
that
the
crude oil production for the week ended
March 18, 1939, was 3,384,150 barrels.
This was a gain of
31,150 barrels over the output of the previous week, and the
Financial
1718
above the 3,340,000 barrels cal¬
week's figure was
current
Mar. 25,
Chronicle
1939
Railroad Commission in an announcement released
on March 22.
The allowable basis will not be
Texas
culated
in Austin
to
altered, it
by the United States Department of the Interior
be the total of the restrictions imposed by the various oil-
producing States during March.
Daily average production
for the four weeks ended March IS, 1939, is estimated at
3,345,200 barrels.
The daily average output for the week
ended March 19, 1938, totaled 3,433,550 barrels.
Further
details as reported by the Institute follow:
domestic use and receipts in bond at principal
week ended March 18 totaled 958,000 barrels,
Imports of petroleum for
United States ports for the
a
daily average of 136,857 barrels,
barrels for the week ended March
compared with a daily average of 112,857
11 and 128,643 barrels daily for the four
Atlantic and Gulf Coast ports for-the week
totaled 62,000 barrels, a daily .average of 8,857 barrels,
Receipts of California oil at
ended
March
18
for the four weeks ended March 18.
companies owning 85.8% of the 4,268,000
capacity of the United States,
whole ran to stills, on a Bureau of Mines'
compared with 18,929 barrels daily
Reports received from refining
barrel
estimated daily potential refining
indicate that the industry as a
oil daily 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, 87,291,000 barrels of finished and un¬
finished gasoline; 21,710,000 barrels of gas and distillate fuel oil, and 108,basis, 3.250,000 barrels of crude
barrels of heavy fuel oil.
661,000
84.9% of the total dailyof the country amounted to 9,654,000 barrels.
production by companies owning
Total gasoline
refinery capacity
DAILY AVERAGE
CRUDE OIL PRODUCTION
(Figures In Barrels)
a
Four
B. of M.
Week
Calcu¬
State
Week
Change
Weeks
lated
Allowable
Ended
from
Ended
Ended
Require¬
Mar. 1
Mar. 18
Previous
Mar. 18
Mar. 19
1939
Week
1939
1938
ments
{March)
Oklahoma
473,200
150,300
+ 200
446,500
161,150 +22,150
428,000
Kansas
156,850
.
445,950
519,000
148,950
172,050
—2,350
65,500
—250
80,400
30,600
+ 650
209,000
95,350
372,700
247,650
216,700
63,350
Texas
Panhandle
80.450
North Texas
30,600
210,000
West Central Texas—
West Texas
96,100
372,850
+ 1,450
+ 900
Coastal Texas
Total Texas
1,363,900 b1805757 1,319,700
Texas
Texas
Southwest
72,900
'
"
248,700
217,650
East Central Texas—
East
+ 50
+ 100
70,350
27,300
187,300
98,650
428,450
227,800
200,100
+ 550 1,317,900 1,312,850
70,450
192,600
North Louisiana
Coastal
Louisiana
Total
Lousiana
—3,000
+ 1,100
71,750
78,150
193,650
182,250
265,400
260,400
259,700
254,220
263,050
—1,900
50,000
53,090
63,300
—150
Arkansas
49,150
161,100 1 141,000
53,200
Illinois
125,500
168,200
+ 2,950
Eastern (not incl. 111.)«
100,300
96,100
—1,400
96,550
Michigan...
47,700
59,000
Wyoming
53,600
50,900
13,500
13,650
Montana
3,900
108,600
4,200
Colorado
New
109,700
109,700
Mexico
+ 500
50,200
450
62,950
62,100
11,600
57,100
—100
14,000
—
+200
3,800
4,000
—3,300
106,100
104,950
588,400
2,744,050 + 19,250 2,720,250 2,680,050
753,500
c602,000
624,950
640,100 + 11,900
Total United States. 3,340,000
3,384,150 + 31,150 3,345*,200 3,433,550
Total east of Calif.. 2,751,600
California
additional days.
Sunday shut-downs will continue in effect during April,
pointed out. "These extra days' produc¬
tion during April will not flood the market," said the Com¬
mission members in a unanimously-signed statement.
The
Rodessa field on the Louisiana border, however, will be
allowed to run on a full seven-day week basis, the statement
the announcement
disclosed.
The April allowables recently recommended by the
Bureau of Mines gave Texas an allocation
States
18.
weeks ended March
disclosed, but production will be permitted
was
five
the
on
United
nearly
100,000 barrels daily over the current production orders of
the Railroad Commission. However, it was pointed out that
even with the new order permitting
Saturday flow, daily
production will be held down to 1,550,000 barrels.
average
"Texas," the Commission declared, "is
far below that being
hoped that we may
restricting production
other States, and it is
be joined in this effort at keeping pro¬
exercised in
some
duction within the market demand."
The United States Bureau of Mines
estimated daily
aver¬
demand for crude oil during April at 3,434,000 barrels,
which is 94,000 barrels, or 3%, above the March market
demand forecast, but almost 1% less than the actual demand
for crude oil during the comparable month last year.
The
disparity is even more noticeable when it is remembered
that the estimated daily runs to stills are nearly 82,000 bar¬
rels above those reported for the like 1938 period. The Bureau
of Mines pointed out that this was due to the fact that the
estimates for crude oil exports and fuel and losses for April
are so much lower than the actual for April last year.
Sharp gains in production in Kansas and California were
responsible for an increase of 31,150 barrels in daily average
production of crude oil in the United States during the week
ended March 18. "The American Petroleum Institute report
disclosed that stocks totaled 3,384,150 barrels at the end of
age
period.
This compared with the March indicated daily
market demand for crude oil on 3,340,000 barrels
by the United States Bureau of Mines.
Kansas producers showed an expansion of 22,150 barrels in
their daily average production of crude oil to 161,150 barrels,
while California's jump of 11,900 barrels lifted the daily
average for the West Coast producer .to 640,100 barrels.
Oklahoma showed only a nominal gain, marking up a 200barrel increase to send its daily average to 446,500 barrels.
Texas also showed little change, a 550-barrel increase there
lifting total average daily production to 1,319,700 barrels.
Louisiana was the only member of the "Big-Five" to show a
decline, production dipping 1,900 barrels there to 263,050
the
average
set
barrels.
Opposition to any move to establish oil-production pro¬
bation control in Illinois was voiced in a letter from acting
Governor Stelle, of Illinois, to the Petroleum Association of
Illinois.
Note—The figures Indicated above
do not Include
might have been surreptitiously produced.
These
a
are
estimate ofany oil which
any
Bureau of Mines calculations of the requirements of domestic crude
oil based upon certain premises outlined In Its detailed forecast for the
month of
supplied either from stocks or from new produc¬
tion, contemplated withdrawals from crude oil Inventories must be deducted from
the Bureau's estimated requirements to determine the amount of new crude to be
March.
As requirements may be
produced.
b Base
.
allowable effective March 14.
and Sundays during
March.,
k
Shutdowns
ordered for all Saturdays
are
Calculated net basic seven-day allowable for week
ended Saturday morning, March 18, approximately 1,296,800 barrels dally.
^
Recommendation of Central Committee of California Oil Producers.
c
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED MAR. 18,
1939j1
(Figures in thousands of barrels of 42 gallons each)
m
Daily Refining
Crude Runs
Capacity
to Stills
Slocks of
Finished and
Unfinished Gasoline
Stocks
of
District
Finished
,
Poten¬
East Coast..
C.
Daily
Total
P.
P.
Aver¬
Reporting
tial
Rale
Oper¬ At Re¬
C.
615 100.0
615
ated
age
80.5
and
in
Term'is Nap'tha
7,101
Fuel
Oil
Distil.
&c.
fineries
495
Gas
Unfin'd
12,688
7,731
1,309
Appalachian.
149
128
85.9
108
84.4
1,584
1,581
297
742
Ind.,Ul.,Ky.
574
514
89.5
463
90.1
11,143
3,928
583
5,213
Okla., Kan.,
419
81.6
2*38
286
3,997
159
50.3
123
77.4
4,555
1,607
3,188
316
66
323
Texas Gulf..
1,000
895
89.5
775
86.6
9,054
241
1,755
La. Gulf....
149
145
97.3
116
80.0
1,544
616
434
1,809
6,993
1,392
No. La., Ark
100
55
55.0
39
70.9
,297
144
61
118
64
54.2
42
65.6
727
745
90.0
505
67,8
1,820
12,066
87
828
2,385
1,368
98,030
3,662
85.8
2,904
79.3
50,771
24,837
4,360
710
Rocky
Mtn.
California
Reported
342
Est. unrepd.
606
69.6
346
"
777
6,503 127,411
110
2,960
Mar 18 '39
4,268
4,268
3,250
55,131
25,547
6,613 130,371
Mar 11 '39
4,268
4,268
3,205
Z54.826
24,998
6,526 130,646
y3,093
59,583
25,445
7,275 121,590
U.S.B. of M.
xMar 18 '38
Estimated Bureau of Mines basis,
y
March 1938 dally average,
z
Revised in
Indiana-Illinols-Kentucky district.
the develop¬
stopping of the prosperity
wh\ch will be in the many towns and cities in Illinois."
The first anniversary of the exprorpiation of some $500,000,000 of foreign oil properties in Mexico was widely cele¬
brated in our "sister Republic" but the meetings between
Donald R. Richberg, attorney for the Standard Oil and Royal
Dutch Shell groups, and President Cardenas came to an end
ment of our
in
oil resources, and a
mid-week
with
little
results noticeable.
concrete
Mr.
Richberg left Mexico City for Washington on March 23, due
to the necessity of making an appearance in a case coming
before the U. S. Supreme Court at this time. *
While he did not state whether
or
not he would return to
Mexico
City for futher conferences with President Cardenas,
rumor in Mexico's capital was that he would be back shortly
after having conferred with the major executives of the, com¬
panies which he is representing in the legal struggle over the
expropriated properties.
He held in all, eight conferences
with President Cardenas, but apparently was
unable to arrive
solution with the head of the present Administration
below the Rio Grande.
In
statement issued in Mexico
City some time prior to
said that there were three board
principles involved in the discussions, to wit: 1. An understanding of the well-defined desire and in¬
a
his departure, Mr. Richberg
tention of the Government of Mexico to exercise that control
the development of natural resources, particularly over
production and distribution of oil and oil products,
which prevailing opinion regards as essential to promote and
protect the general welfare.
2. An understanding of the value to the Mexican people
of funds and property and related services which have been
and can be distributed from other countries to the develop¬
over
ment of this
industry in Mexico.
need for providing adequate
compensation and security for contributions while at the same
time safeguarding the interests of the people and the natural
An understanding of the
3.
Petroleum
sessions of the
Association, that "proration laws mean an end to
the
xEst.tot .U.S
x
read at recent executive committee
was
at any
Inland Texas
Mo
The Lieutenant-Governor contended in his letter,
which
and
Its
Products—Texas
Six-Day Week
During April—Bureau of Mines Sets April Allow¬
able at 3)434,000 Barrels—Daily Average Produc¬
tion Spurts—Richberg-Cardenas Talks Unsuccess¬
ful—Richberg Returns to United States—Mexico
Celebrates First Anniversary of
Return of Texas oil wells to
during April, with
a
a
on
Expropriation
six-day production week
Resulting gain in production of 6,750,000
barrels of crude oil during the month, was ordered by the
resources
of
Mexico.
He refused,
not
answer
whether
these
or
however, to clarify these points and
any
not
would
questions asked which raised the point of
he had been successful in the discussion of
principles with President Cardenas4
He did say,
however, that "no agreement is implied or can be assumed
until such an agreement has been expressly stated by both."
Volume
148
Financial
Stocks of
foreign and domestic petroleum held in the United
States on March 11 showed a decline ox
119,000 barrels from
the previous week,
totaling 272,852,000 barrels, the United
States Bureau of Mines
reported
crude inventories, reflecting a
March 23.
Chronicle
$80,559,400 reported for January, 1938, it was
on
March 23 by Paul Ryan, Chief Statistician
announced
of
the American
Domestic
Revenues
sharp drop in California, were
gained 119,000
gas utilities
on
off 238,000 barrels but
foreign crude stocks
barrels.
March 23 adopted the Connally "hot-oil" bill which makes permanent Federal legisla¬
prohibiting interstate
are
movements
crude oil price
no
Prices of
of crude
refined
or
changes.
Typical Crude
per
$2.00
Lima (Ohio Oil
Co.)
_
$1.05
Darst Creek
1.09
Michigan crude
Sunburst, Mont
Huntington, Calif., 30 and
.782
1.10
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and
1.25
over
.75
REFINED
YORK
Kettleman Hills, 39 and
STANDARD—SHARP
1.22
PRICES
GAIN
IN
STOCKS
CUT
APRIL
BY
NEW
GASOLINE
INCREASE—REFIN¬
RISE
cent a gallon in dealer
tank-wagon prices
posted in Manhattan, Brooklyn,
Queens, the Bronx,
County, Mount Vernon
by Standard
and Yonkers.
The an¬
of New York also
gave its
nouncement released
dealers 24-hours notice
that it is
reducing its minimum retail
postings from 11.4 to 10.5 cents a gallon, exclusive of taxes.
The reduction, which comes on
the eve of the
beginning of
the seasonal rise in
consumption of motor fuel, was laid to
the increasingly-weak
statistical position of the
gasoline
markets.
The recent advance in
third-grade gasoline prices
in the mid-continent area failed
to bring about
any corrective
movement in retail
prices in general, and increased
refinery
might result in a price-cut which would
quotations to the old level.
this
restore
manufactured
Sales
of
manufactured
•
April motor-fuel
demand was estimated
by the United
Bureau of Mines at
46,300,000 barrels, which rep¬
resents an increase of 7
% over the total consumed in the
States
While
for
January,
increase of 3.1%,
129,397,-
were
waterrefrigeration,^ etc., were 1.0% above a year ago.
Sales for house heating
purposes registered a gain of 7.0%
heating,
the
preceding
of
year.
natural
The
for
gas
Quantity
of
domestic
increased
purposes
natural
gas used for generating
electric energy was
12.4% above the previous year. Natural
gas sales for other industrial
purposes registered a
of
gain
3.6%.
The latest weekly coal
report of the National Bituminous
Coal Commission disclosed that the total
production of soft
coal for the
country in the week ended March 11 is estimated
at 8,000,000 net
tons, a decrease of 442,000 tons, or
5.2%
from the
preceding week. Production in the
corresponding
week of
1938 amounted to 6,439,000 tons.
The United States Bureau of Mines in its
current weekly
coal report stated that
production of anthracite in Penn¬
sylvania for the week ended March 11 amounted to
769,000
tons, a decrease of 146,000 tons, or 16% in
comparison with
the week of March 4, and of
24% when compared with the
corresponding
week
ESTIMATED
of
UNITED
1938.
STATES
PRODUCTION OF SOFT COAL
(In Thousands of Net Tons)
Week Lnded
Mar. 11
•
Coal Year to Date b
Mar. 4 Mar. 12
1939
Bituminous Coal
1939
1938
1938-39 1937-38 1929-30
a—
Total, including mine fuel
Daily average..-.
8,000
8,442
1,333
1,407
6,439 339,276 376,618 494,295
1,073
1,178
1,309
1,714
Includes for purposes of historical comparison and
statistical convenience the
production of lignite and seml-antbraclte and anthracite outside
of
a
b Sum
of 49 full weeks ended March
Pennsylvania,
11, 1939, and corresponding periods In other
coal years.
ESTIMATED
PRODUCTION
OF
PENNSYLVANIA
BEEHIVE
a
part of this increase can
slightly sub-normal demand last year, the
Bureau held that the main reasons
are the
improved business
conditions and the upward trend in
motor-fuel demand per
motor vehicle.
Motor fuel exports were
pet at 4,300,000
barrels, 174,000 barrels less than the actual in
April, 1938.
The statistical picture
presented in the weekly report of
the American Petroleum
Institute presented a much less
cheerful appearance. Stocks of
finished and unfinished motor
fuel climbed 941,000 barrels
during the March 18 to total
87,291,000 barrels, which is some
5,000,000 barrels above
the figure suggested
by petroleum economists.
Stocks of
gasoline thus far this month have shown a net
gain of around
3,000,000 barrelp in contrast to
only nominal increases in
stocks during the like 1938
month.
A gain of 1.3
point in refinery operations during the
March 18 week lifted the
figure to 79.3% of capacity, which
is far too high for this time
of the year.
Daily average runs
of crude oil to stills
climbed 45,000 barrels to
3,250,000
barrels.
The general trend for the past several weeks in
crude oil runs has been around
200,000 barrels daily above
the figure held best
by gasoline economists.
Gas and fuel
oil stocks were off
be attributed to
an
for domestic cooking,
gas
week
comparable 1938 period.
reported
gas,
34,760,500,000 cubic feet,
2.15
A reduction of
runs
revenues of
1.25
over
Standard Oil Co. of New
Nassau
aggregated
The natural
$50,278,900, or 5.5% above
1.24
over
York on
Wednesday initiated
sharp reductions in wholesale and retail
prices of gasoline
throughout the metropolitan New York
area, with other
major companies following the lead of the
marketing sub¬
sidiary of the Socony-Vacuum Oil Co., Inc.
was
industry
gas
increase of 2.6%.
an
Weekly Coal Production Statistics
FUEL
SEEN—GASOLINE
OPERATIONS
1.02
over
Petrolia, Canada
PRODUCTS—MOTOR
DEMAND
manufactured
month,
6.0%.
5.7%.
Eldorado, Ark., 40
Rusk, Texas, 40 and
1.20
and above..
the
while natural gas
utility sales for the month
500,000 cubic feet, an increase of
Sales
shown)
1.02
„
Kentucky
Mid-Cont't, Okla., 40
Gas Association.
the
reported
of
amounted to
Wells
1.25
Corning, Pa
Illinois
ERY
at
are not
1.25
Western
Sales
from
Barrel
(All gravities where A. P. I. degrees
Bradford, Pa
$33,734,200 for
on
petroleum products produced in violation of State oil
pro¬
duction regulations.
Once the legislation is
passed by the
House of Representatives, it then
goes to the White House
for President Roosevelt's consideration.
There
of
January, 1938.
The United States Senate
tion
1719
the figure of
a
Week Ended
Mar. 11
'
•
Total,
AND
(In Net Tons)
.
Penna.
ANTHRACITE
COKE
1939
S
Calendar Year to Date
Mar. 4
1939
,
Mar. 12
1938
1939
1938c
1929c
Anthracite—
including
col¬
liery fuel
a.
769,000 915,000 1,012,000 10,315,000 10,213,000
15,263,000
Daily average
128,200 152,500
168,700
176,300
174,600
260,900
Commercial produc'n b 731,000 869,000
961,000 9,799,000 9,702,000 14,164,000
"
Beehive Coke—
United States total—
14,900
16,900
21,400
174,400
2,483
2,817
3,567
2,907
Daily average
a
259,200
4,320
1,186,000
19,767
Includes washery and dredge coal, and coal shipped
by truck from authorized
operations,
b Excludes colliery fuel,
o( working days in the three
ESTIMATED
,
Adjusted to make comparable the number
years.
WEEKLY
.
c
PRODUCTION OF COAL, BY STATES
(In Thousands of Net Tons)
[The current weekly estimates are based on railroad carloadings and river
ship¬
ments and are subject to revision on receipt of
monthly tonnage reports from
and State sources or of final annual returns from the
district
operators.]
,
only 275,000 barrels
to
130,371,000
seasonal
lagging demand made its appearance.
Representative price changes follow:
cent
a
U. S. Gasoline (Above 65
New York-
Arkansas and Oklahoma
Stand. Oil N. J.
.$.06^
Texas
.$.07 y2
.06
Gulf
Tide Water Oil Co
.08 ^
Shell Eastern
Richfield OiKCal.)
New
Gulf
$.05
-.05J4
.0634--07
.0534
04^ .-05
Orleans.
.07 Y
ports...
.07^
Warner-Quinlan..
Chicago...
.0834
.07
Tulsa
I North
(Bayonne)
Texas
Fuel Oil, F.O.B.
N.
Y.
(Bayonne)—
Bunker
C
$.04
f.04M I Los Angeles..
i
New
.03^- 05
|
Tulsa...
Refinery
...$0.95
Diesel
Y.
(Bayonne)—
27 plus...
i
$1.00-1.25
I
I
$.04
Orleans.$.05K-.05J4
03K--04
$0.90
PhUa., Bunker C
1.45
I
or
z
New York
$.195 i Newark
.195
zNot including
$.02%-.03
I
totalled
of
Revenues
1
.135-.15
and
an
natural
77
195
757
1,490
1,436
1,684
415
324
503
445
575
89
71
119
112
162
159
128
191
186
144
719
688
483
872
969
560
203
211
149
260
356
215
30
30
26
38
62
5
10
13
18
24
32
64
71
52
73
84
68
Western
Maryland...
Michigan...
*
-
Montana
New Mexico
—
26
27
20
41
s
8
54
52
53
57
-
Virginia
Washington
Other Western States.c
48
s48
834
359
634
440
740
1,908
1,534
2,794
2,837
3,249
111
-
30
460
1,880
Tennessee
67
450
Pennsylvania bituminous
Total, all coal
122
126
82
118
120
118
17
17
15
14
25
68
74
43
109
145
68
262
276
212
320
279
230
19
35
42
26
44
62
74
1,560
1,557
1,198
2,040
2,029
1,172
546
553
453
746
696
717
112
112
83
142
149
136
*
2
8,442
♦
1
8.570
6,405
11,156
84
87
11,358
10,764
915
973
1,051
689
1,437
2,040
9,357
9.543
7,456
11,845
12.795
12,804
a Includes operations on the N. & W., C. & O.,
Virginia, K. & M., B. C. & G.
and on the B. & O. in Kanawha, Mason, and Clay counties,
b Rest of State'
including the Panhandle District and Grant, Mineral and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
Up in January
$84,013,100 in January,
*
$.17
,1851 Philadelphia
manufactured
256
423
144
176
1,182
Pennsylvania anthracite.d—
..$.1591 Buffalo
Boston...
396
60
92
97
Total bituminous coal
2% city sales tax.
Gas
Revenues
|
304
26
♦
443
Indiana.
Wyoming
$.053
224
64
157
e
8
1,106
Illinois
Northern, b
I Tulsa
28-30 D
272
s
1
West Virginia—Southern.a
Terminal
Chicago—
2
Avge.
1923
1
Utah
New Orleans C
Gasoline, Service Station, Tax Included
zBrooklyn
Georgia and North Carolina
Ohio..
Terminal
1.651
Gas Oil, F.O.B.
Refinery
N.
or
1929
4
154
—
Texas
I California 24
plus D
Mar. 2
1937
2
56
Colorado
North and South Dakota
Kerosene, 41-43 Water White, Tank
Car, F.O.B. Refinery
New York—
Mar. 6
1938
Kentucky—Eastern
Other Cities—
Socony-Vacuum..
Mar. 5
Kansas and Missouri
Car Lots, F.O.B. Refinery
New York—
p
2
Iowa
Octane), Tank
1939
274
Alabama
gallon
Feb. 25
1939 p
Alaska
prices of
through the metropolitan New York area, and
also cut its minimum
retail postings from 11.4
cents to 10-5 cents a gallon,
less taxes.
Other companies followed.
Yi
Mar.
Mar. 4
as
March 22—Standard of New
York reduced dealer
tank-wagon
gasoline
Week Ended—
State
gas
utilities
increase of 4.3% from
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
p Preliminary.
• Alaska, Georgia, North Carolina, and South
.Dakota included with "other Western States."
* Less than
1,000 tons.
Financial
1720
lowing figures
refinery basis,
pertaining to world production of silver on
Month of—
December,
January,
December,
January,
'
■
United States.,..
Canada
4,624,000
4,669,000
1,575,000
rr
1,552,000
b
.
1939
1938
875.000
*5,000,000
Burma, refined...
485,000
370,000
Belgian Congo
Europe
1,800,000
774,000
375,000
Daily London
Copper, Std.
Prices
Zinc
Lead
Tin, Std.
Copper
90,000
Other Africa
Electro.
19,565,000
14,565,000
3M
3M
(Bid)
42%
42 in.
47 H
215
214%
47%
Spot
16
Mar.
Total
Spot
3M
Spot
13%
14%
14%
14%
3M
Spot
13%
17
42 %.
42ui»
14%
13b.
i3in.
20
42%
42'n.
48
213%
214%
213
Mar.
213%
14%
14in.
13%
13»1.
Mar.
d Estimated.
Included New Zealand.
Mar.
21
43b.
43 %
48%
215%
214%
14»i.
15b.
13%
14b.
Mar.
14,8i7\666
Tot. ex-Mexico.
c
b Not yet reported.
Conjectural,
a
quotation.
94,000
760,000
550,000
refinery
210,000
South Africa
1,500,000
1,800,000
210,000
90,000
1,850,000
f.o.b.
above
94,000
1,825,000
1,500,000
...
refineries on the Atlantic seaboard.
Deliv¬
England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic seahoard.
On foreign business in copper sellers usually name a c.i.f. price—Hamburg,
Havre and Liverpool.
The c.i.f. baste commands a premium of 0.325c. per pound
figures shown above are net prices at
350,000
Other America
&c
plants.
livered at consumers'
485,000
Other Asia
d Japan
Peru
Australia, refined,
c Other Australia,
quoted on a delivered basis; that Is, de¬
As delivery charges vary with the destination, the
875,000
1938
1939
delivery only.
In the trade, domestic copper prices are
ered prices In New
fine ounces.
in
Month of—
Mexico.
deliveries; tin quotations are for prompt
released the fol¬
1939
25,
both prompt and future
Copper, lead and zinc quotations are based on sales for
January World Silver Production
The American Bureau of Metal Statistics
Mar.
Chronicle
22
421b«
43b.
48 %
214%
213%
14%
15b.
13ib.
131*!.
session of the
closing buyers'
Prices for lead and zinc are the official buyers' prices for the first
Trade
Domestic
Metals
Non-Ferrous
in
Slows
Down
Over Uncertainties Abroad
"Metal and Mineral Markets" in its issue of Mar. 23 re¬
ported that signs were not lacking last week that actual con¬
sumption of non-ferrous metals here is slowing expanding,
but the trade became alarmed over the rapidly changing
political situation on the Continent, and the buying move¬
ment suffered in comparison with recent weeks.
Prices
showed no changes of consequence, though London developed
an easier tone yesterday.
The weakness in securities had a
depressing influence on the market.
The publication fur¬
ther stated:
■
London Metal Exchange: prices for copper and tin are the official
Copper
Steel Bookings Lower—Second Quarter
The "Iron
elected to do nothing to disturb the market during the last week.
amounted to 6,113 tons, the rate of buying
Domestic sales for thp period
totaled
Producers continued to hold to 11 He., Connecticut
19,110 tons.
Valley, but there was little hope of heavy buying at that level until the
world situation, greatly disturbed by the latest upheaval on the
Some
buying for account of Japan took place last week, which relieved
market
the
Continent,
The outside market here ruled fairly steady.
quiets down again.
active
considerably.
Italy
was
buyer,
a
though
abroad.
chiefly
there is a
Unless
sharp increase in business
the remainder of the
over
month, the March totals for all products will be little, if any, above those
of February, even though this is a longer month.
The halting of the advance has coincided with fresh political
Sales booked so far this month
being about the same as in recent weeks.
Outlook Good
Age" in its issue of March 22 reported that a
slight reversal of the moderately upward trend in steel book¬
ings and production is in evidence.
Steel ingot output is *
lower in some districts, offsetting slight gains in the major
districts, Pittsburgh and Chicago, and resulting in a de¬
cline of half a point to 55>£% for the industry as a whole.
New bookings are lower in the Chicago district and are
barely holding steady in other areas.
The publication
further reported:
Owing to the political tension abroad, both producers and consumers of
copper
All are in pounds sterling per long ton (2,240 lb.)
prices.
in
but it
Europe,
11993376245
be entirely
cannot
ascribed
Chicago at least of
there were signs in
a
to
distrubance
because
that situation
slight decline in new business in
week before last.
the
believed
the
flattening
present
demand, the
of steel
out
be only temporary, barring the development of a
to
condition
serious
more
Caused
has
Whatever
situation is
in
Europe.
It
is
recognized
that
a
considerable
Japan has not been very active so far this year, owing in part to foreign ex¬
change conditions.
made
been
volume of steel for which commitments of one kind or another have
About
the
most
encouraging development in the situation here was a
be
wil'
ordered
from
the
mills
the second
during
commitments include more than a half million tons of rails and
accessories
Public Works
slight improvement in the rate of activity at the fabricating plants and the
yet to be rolled; several hundred thousand tons of steel for
wire and cable mills.
Administration projects that are now under way; materials for cars
The Senate Finance Committee of Chile voted to eliminate the
proposed
export tax from the revenue measure and replace it with an additional tax
levied
the earnings
against
However, It was
of the mining companies.
said that further study of the problem is in progress, as the bill will not
come
Demand for lead during the last week moderated, following the previous
four weeks of active bookings by producers.
Sales for the week involved
4,230 tons, against 6,000 tons in the previous week and 8,576
and
area
assume
,
in line with forecasts in the trade, but
the high production for the month to be a result of the
continuande of cleaning
were not
up
stocks of lead
concentrates
in the
Tri-State
Quotations here remained firm at 4.85c., New York, which was also the
contract
settling basis of the American Smelting & Refining Company, and
,
jj^The four months' labor strike at the Monterrey lead refinery of the
American Refining & Smelting Company, in Mexico, ended on March 21.
Production continues at the Chihuahua lead smelter company, in Mexico,
negotiations
as
are
accelerating volume of motor
expanding volume of tin plate orders as the
an
production will average not less than 60%
The barometric scrap
market continues to show signs of strength.
Zinc
there has been an advance of 50c. a ton
where
advances of 25c. and 50c.
a ton
No scrap
'
purchases for the International Scrap Convention have yet re¬
abroad, but the
critical situation in Europe has brought about a speeding up
is
ill
the democratic countries.
in
programs
Detroit,
in steel grades in
bundles offered by anauto-
10,000 tons of hydraulic compressed
mobile body concern brought a relatively high price.
developing
maintain the
will
which
of armament
Britain a tighter steel
Great
the importation of scrap to
necessitate
required production.
The imposition of countervailing
from Germany where
Buyers of zinc
were
disturbed
over
year
the fresh uncertainties that surrounded
the London market during the last week, and demand for Prime
a
setback.
Sales of the
common
4,671 tons, which compares with
the last two days the trade was
continued
unchanged
at
4%c.,
grades for the week amounted to
orders
now
total
41,081
In
15,584 tons in the preceding week.
quiet.
The quotation for Prime Western
Louis.
St.
duties by the United States on imports
evidence exists of
a
good showing.
a
German subsidy will not
injure
Germany are seriously
Last
tonnages
in
the control plan at
.
40%
of
The question of
year.
existing over-exports was discussed and the Committee made arrangements
for
the liquidation
of this surplus.
Production in the first quarter was
maintained at 45% of standard tonnages, with 35% allocated for immediate
consumption and 10% for the Buffer stock.
,
Consumers of tin displayed little interest in the market during the last
week
cal
following the active buying in the previous seven-day period.
developments abroad disturbed traders.
Politi¬
Meanwhile the rate of tin-
plate operations moved higher between 55 and 60% of capacity.
Chinese
tin,
99%,
was
nominally
as
follows:
March
16th,
44.500c.
17th, 44.275c;. 18th. 44.300c.; 20th, 44.400c.; 21st, 44.525c.; 22d, 44.350c
DAILY
PRICES OF METALS
Electrolytic Copper
Domestic,
Refinery
Straits
&
M.
QUOTATIONS)
J."
Tin
Zinc
Lead
New York
New York
St. Louis
St. Louis
Mar.
16
11.025
9.875
46.100
4.85
4.70
4.50
Mar.
17
11.025
9.850
45.875
4.85
4.70
4.50
Mar.
18
11.025
9.876
45.900
4.85
4.70
4.50
20
11.025
9.875
46.000
4.85
4.70
4.50
Mar. 21
11.025
9.900
46.125
4.85
4.70
4.50
22
11.025
9.925
45.950
4.85
4.70
4.50
Average..
11.025
4.70
4.50
Mar.
Mar.
for oil.
were
48,745
some
ferromanganese has
Building
construction
45.992
4.85
Average prices for calendar week ended March 18
are:
Domestic copper f.o.b.
11.025c.; export copper, 9.896c.; Straits tin, 46.038c.; New York lead,
4.850c.; St. Louis lead, 4.700c.; St. Louis zinc, 4.500c.; and silver, 42.750c.
refinery,
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets based on sales reported by producers and agencies.
They are reduced to
the baste of cash, New York or St. Louis, as noted.
All prices are in cents per pound.
which was
oil companies in barter
Our iron and steel trade with Czechoslovakia has been
negligible,
been coming from that country, last year's
•'
prospects
are
slightly
more
encouraging, nearly
15,000 tons of reinforcing
bars having come out for bids during the week.
Lettings of fabricated
structural steel were 16,000 tons, while reinforcing bar awards totaled
of fabricated structural steel and
Although public work still predominates in the building
9,800 tons.
field,
the^e are occasional evidences of private enterprise, notably 3,500 tons
structural steel awarded for
and 5,800 tons of plates for
THE
15 Mississippi River barges.
"IRON AGE"
COMPOSITE PRICES
Finished
Mar. 21, 1939, 2.286c. a
of
machine tool plant at West Hartford, Conn.,
a
Steel
fBased
Lb.
on
steel bars, beams, tank plates,
One week ago
2.286c.•{
wire, rails, black pipe, sheets and hot
One month ago
2.286c.
rolled strips. These products represent
85% of the United States output.
One year ago
2.512c. [
.
High
1
1933.,
,
1927
2.016c.
2.056c.
1.945c.
1.792c.
1.870c.
1.962c.
2.212c.
$20.61 \
20.611
23.25f
One month ago
One year ago.
High
-
'
1934
1927
Oct.
8
Mar. 2
Mar. 10
Jan.
8
Jan.
2
May 2
Mar. 15
Oct. 29
Nov. 1
2.249c.
fBased on average of basic Iron at Valley
furnace and foundry irons at Chicago,
Philadelphia,
Buffalo,
Valley
and
Southern Iron at Cincinnati.
1939, $20.61 a Gross Ton
One week ago
1930
Apr. 24
3
6
7
4
Oct.
Sept.
Jan.
Jan.
Low
2.211c.
Pig Iron
Mar. 21,
1932
May 17
Mar. 9
Dec. 28
Oct.
1
2.512c.
2.512c.
2.249c.
2.062c.
2.118c.
1.953c.
1.915c.
.2.192c.
2.402c.
1938
1938
9.883
tons, the principal item of
gross
and pipe, largely taken by American
1930
Export,
Refinery
("E.
year
25,000 tons
;
for the second quarter of the
Our imports of iron and steel from Ger¬
last
many
oil well casing
total having been 3,044 tons.
Tin
quotas of the countries participating
$4,464,682 worth of industrial machinery,
Undeliv¬
The International Tin Committee met in London on March 22 znd fixed
th
us
large part for the textile trade.
$1,125,184, but Germany sold
a
to Germany amounted to
of metal,working machinery
but
dustry increasing, the call for High Grade has picked up again.
standard
exports
our
common
the
activity in the automobile in¬
With
tons.
of
Shipments
grades amounted to 4,369 tons for the week,
ered
Western
Al¬
and Chicago,
in steel and blast furnace grades
though prices are no higher in the major markets, Pittsburgh
the American steel industry, but, if our exports to
still under way to avert a threatened strike.
against
probable average for the first quarter of about 54%.
a
affected, the machine tool industry will suffer some loss of business.
suffered
1939
draws closer.
crop season
market
4.70c., St. Louis.
at
and loco¬
will be; larger takings
or soon
an
sulted from the visit to this country of a delegation from
added production because of the silver situation.
some
assemblies, and
car
at Cleveland and
good part of the business.
||February lead statistics
producers
tons two
Storage-battery manufacturers and sheet lead and pipe fabri¬
weeks ago.
either recently purchased
that second quarter steel
Lead
cators accounted for a
were
by the automobile industry for
Reckoning all these expectations together, the steel industry calculates
for debate before next Tuesday, (March 28).
up
motives that
of steel
These
quarter.
..
...$23.25
23.25
19.73
18.84
17.90
16.90
14.81
18.21
....
19.71
—
June 21
Mar. 9
Nov. 24
Nov. 5
May
1
Dec.
5
Jan.
5
Jan.
7
Jan,
4
Low
$19.61
20.25
18.73
17.83
16.90
13.56
13.56
15.90
17.54
July
6
Feb. 16
Aug. 11
May 14
Jan. 27
Jan.
3
Dec.
6
Dec. 16
Nov. 1
Volume
Financial
148
Steel
Scrap
Mar. 21, 1939, $15.17 a Gross Ton
One week ago
One month ago
No.
on
1
steel
melting
heavy
and Chicago.
Low
Mar.
31
$14,875 Jan.
7
1938
15.00
Nov. 22
11.00
June
1937.
21.92
Mar. 30
12.92
Nov. 16
1936
17.75
purchases
car
before
the
middle
9
Dec. 21
12.67
June
9
1935
13.42
Dec.
10
10.33
Apr.
23
1934
13.00
Mar. 13
9.50
1933
12.25
Aug.
6.75
1932
8.50
Jan.
8
12
Sept. 25
Jan.
3
6.43
July
5
1930
15.00
Feb.
18
11.25
Dec.
9
1927...
15.25
Jan.
17
13.08
Nov. 22
March 20
on
an¬
nounced that
telegraphic reports which it had received indi¬
operating rate of steel companies having
96% of the steel capacity of the industry will be 55.4% of
capacity for the week beginning March 20, compared with
55.7% one week ago, 53.7% one month ago, and 33.7% one
year ago.
This represents a decrease of 0.3 point, or,
0.5%, from the estimate for the week ended March 13
1939.
Weekly indicated rates of steel operations since
Feb. 7, 1938, follow:
that
the
1938—
Mar.
1938—
7
Mar. 21
Oct.
Rock
Island
Oct.
10
33.7% July
Mar. 28,-,.35.7% July
Apr.
Apr.
4.
__32.6% July
11.....32.7% July
18
.32.4% Aug.
28.0%
27
28.7%
5
22.4%
11.....32.3%
18. ,...36.4%
25
37.0%
Apr. 25.....32.0% Aug.
May
2
30.7%
May
9
30.4%
May 16.. ...30.7%
May 23.....29.0%
May 31.....26.1%
June
6.....26.2%
June
1
24
Oct.
31...
50.7%
9-...
has
awarded
stream-lined
two
49.4% Jan.
.53.7% Jan.
30_....52.8%
61.0% Feb.
7
23-..,.51.2%
56.8% Jan.
6 -_.__53.4%
16-—.. 52.7%
14____*.62.6% Feb.
13- —..54.8%
20-....53.7%
Aug. 15-__._40.4%
Nov. 28
Aug. 22.....42.8%
Aug. 29
.44.0%
Dec.
60.7% Feb. 27-.
55.8%
59.9% Mar. 6. —55.1%
12-.._.57.6% Mar. 13.....55.7%
Sept.
Dec.
19-....51.7%
Dec.
26.....38.8%
Dec.
6
39.9%
Sept. 12.....45.3%
—
5
Mar. 20-.
—
55.4%
Raritan
River bridge in New Jersey.
active in
Concrete reinforcing bars continue
districts, principally because of public works projects.
some
of
demand
continues
to
but gains
improve slowly,
spotty and
are
been expected.
Ingot production showed divergent
trends in the different centers last
week, leaving the national average unchanged at 56^ %.
pending for another unit.
•
The
largest single order for cast-iron pipe in many months involves
16,000 tons for Greenville, S. C., awarded to American Cast Iron Pipe Co.
Foundry operations show only minor changes, but pig Iron orders and
shipments both
current
Tin
prices
tending upward.
are
on
All producers
ditional improvement has appeared in demand.
Finished
steel
prices
also
have
generally at unchanged levels
a
been
for
Steelmaking
quantity differentails for bars, sheets and
rose 2
A
to
54K, while Cincinnati recovered 12 points to 55.
Birmingham dropped
5 points to 78 and Wheeling was off 1 point to 73.
Other districts were unchanged, including eastern
Pennsylvania at 40,
Detroit at 76, New England at 65, Buffalo at 32H, and St. Louis at 57
.
Scrap continues strong but rather quiet
regards mill buying in most
as
The scrap composite is unchanged at $14.96 for the third week.
areas.
2)4, points in the output of subsidiaries of
Corp. for .the week ended March 20,
a drop of a point
by the leading independ¬
ents, and lifted the average for the entire industry a fraction,
according to the "Wall Street Journal" of March 23, which
the United States Steel
than offset
more
further stated:
,
For the
industry the rate for the week is placed at 56%, compared with
independents
.
Moderate quickening in railroad equipment markets and the third con¬
major steel
among
Motor
to
rising requirements of smaller consumers.
assemblies
car
have
moved
back to
the
are
The
with
following table gives
the nearest
industry
expected
in
into
last
The rising trend is
1938
1937
accounted for most of the increase, assembling 20,570 units, against 16,200
1936
..............
1935
—
the
April.
week's
production
56
previous
week.
General
Motors
increased
a
year
from
ago.
36,165
to
+214
32
+3
3314
83
+2
94
+1
50J4
+ 1
—714
43
—9
56
—6
46J4
—114
45
—114
47
—2
47
—1
42'
—
1934
1933
14
1932
25
■'
11,690.
—X
+2
5614
+ 214
33
11,305
Ford dropped from 20,425 to 17,950 and all others increased from
55
14
89
_
36.515,
to
+
Independents
U. S. Steel
Industry
1939
Chrysler
carry
with 84,095 the week before and 57,555
comparison of the percentage of production
seven
of 86,725 units
to
compares
a
approximate changes, in points, from.the week immediately percedingl
highest level
restricted to relatively small lots.
are
Leading
corresponding week of previous years, together with the
weeks, reflecting recent expansion in retail buying, but steel orders from
this
S. Steel is
U.
ago.
52J^% in the two preceding weeks.
against
credited with 56H%, compared with 57in the week
before and 59 M % two weeks ago.
production are favorable developments
An upturn in sales by warehouses in most dis¬
users.
ton
points to 50% at Pittsburgh last week, but Chicago
55H% in the previous week and 56H% two weeks
tricts attests
period,
Mill prices on most products generally are steady.
estimated at 55%,
secutive weekly gain in automobile
next
slipped m points to 56M%. following six consecutive weekly increases.
Youngstown also was up 2 points to 54%, Cleveland increased 2H points
Finished steel
before attainment of the first-half peak.
32%.
the
Cold-finished bars out of warehouse have been reduced $5 a
number of centers.
consumption still is expanding, however, and the outlook is favorable for
gains in operations
Little ad¬
,
established
for what minor revisions result in
except
net quotations as a result of new
in
have reaffirmed
now
second-quarter business.
plate production is unchanged at slightly under 55%.
further
year ago steelmaking was at
At
subway section, with 3,650
a
An increase of
.46.7%
Cleveland, in its summary of the iron and
steel markets, on March 20 stated:
Steel
tons
The finished steel composite holds at $56.50.
Sept. 19... ..47.3%
somewhat less than had
including
trains,
passenger
large tonnage is pending, although private construction Is improving only
gradually.
Outstanding among recent inquiries is 10,000 tons for a
151.7%
Nov. 21.....61.9% Feb.
Nov.
39.8%
8-....39.4%
13-....27.1% Sept. 26
"Steel"
17
Oct.
Nov.
2
47.9% Jan.
51.4% Jan.
Oct.
number
year
Bookings of fabricated structural shapes generally continue small, one
exception being 3,000 tons for a power plant, Oswego, N. Y.
A fairly
strip.
1939—
3
32.1% June
Mar. 14.
Apr.
1938—
29.9% June 20
the
diesel-electric locomotives.
Chicago 2,450 tons of bars has been placed for
The American Iron and Steel Institute
cated
of
Rio
High
....$15.17
freight
current inquiries and contemplated orders.
Lehigh Valley has placed 500 hopper cars and 10 coaches.
Denver &
Grande Western is a prospective buyer of 600
freight cars.
The
Milwaukee road has ordered six diesel switching locomotives, while the
13.54
1939
1721
8,000, it is estimated from
quotations at Pittsburgh, Philadelphia
15.08
One year ago
Probable
Based
$15.17
Chronicle
^
.........
—
—
50
14
14
14
4-
—2
,
14
14
—
26
1
J4
—
,
,
14
—14
24
—
14
+
H
(
Only
a
few rail orders
Plate, but
some
additional business will be forthcoming from roads not
yet heard from, this year.
is counted
on
pending, including 4,000 tons for the Nickel
are
to stimulate
Further improvement in traffic and
earnings
buying of both track material and equipment.
The Week with the Federal Reserve Banks 1
During the week ended March 22 member bank
balances
bank
decreased
reserves
arose
$88,000,000.
Reductions
in
1931
57
.
1930
1'928
in
5714
-
of
80
68
97
92H
85'
......
1 OIT
Returns
member
55H
14
9414
1929
—'
+ 1
90
+ 1
no
Member
IS
New
in
+1
79
1 u
Banks
.
—114
8614
York
and
City
Chicago—Brokers' Loans
reserve
from increases of $7,000,000 in money
+
74
........—
*
Below is the statement of the Board of Governors of the
Federal
Reserve
System for the New York City member
circulation, $31,000,000 in Treasury cash and $163,000,000
banks and also for the Chicago member banks for the current
in
week, issued in advance of full statements of the member
Treasury deposits with Federal Reserve banks and a
of $22,000,000 in Reserve bank credit, offset in
part by increases of $92,000,000 in gold stock and $2,000,000
in Treasury currency and a decrease of $42,000,000 in nonmember deposits and other Federal Reserve accounts. Excess
decrease
reserves
of member banks
on
March 22
approximately $3,360,000,000,
a
were
+
principal changes in holdings of bills and securities
were an increase of $31,000,000 in United States Treasury
notes and a corresponding decrease in United States Treasury
bills.
The statement in full for the week ended March 22 will be
found
on pages 1756 and 1757.
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
Increase
Mar. 22, 1939
$
discounted
bought
3,000,000
1,000,000
2,564,000,000
U. S. Government securities
Industrial
advances
(not
(+)
Mar. 15,
1939
or Decrease
Since
Total Reserve bank credit
Gold stock
(—)
Mar. 23, 1938
$
$
—7,000,000
—3,000,000
—9,000,000
—22,000,000
—?10,000,000
2,573,000.000
—15,075,000,000
—22,000,000
+ 92,000,000
+ 2,000,000
—19,000,000
+2,294,000,000
+160,000,000
2,834,000,000
Treasury currency
—88,000,000 +1,656,000,000
6,758,000,000
+ 7,000,000
+ 433,000,000
Treasury cash
2,743,000,000
+ 31,000,000
—802,000,000
Treasuiy deposits with F. R. bank— 1,222,000,000 +163,000,000
+952,000,000
Non-member deposits and other Fed¬
eral Reserve accounts—
—
769,000,000
—42,000,000
+194,000,000
Member bank reserve balances
Money in circulation
...
8,989,000,000
1939
.
-Chicago-
Mar. 15 Mar. 23
Mar. 22 Mar. 15
Loans and Investments—total.
Loans—total
_
Commercial,
industrial
agricultural loans—
Open market paper
1938
1939
1939
$
$
$
Mar. 23
1938
$
7,957
2,963
7,584
3,187
2,091
2.132
,529
531
1,969
606
1,366
119
1,366
1,657
355
352
408
117
152
16
15
27
644
715
575
30
36
33
208
68
66
13
13
7,942
2,896
:
1939
$
1
and
.»
Loans to brokers and dealers.
.
Other loans for purchasing or
190
192
Real estate loans
108
108
118
Loans to banks.........
75
394
67
55
398
422
securities.
carrying
Other
loans
Treasury
bills
Treasury
-
notes
United States bonds
...
Obligations fully guaranteed by
United States Government—
88
749
1,975
766
\
"49
"47
240
2,851
1,938)
12
210
208
1
1
1*0
279]
664
91]
71
1
666
980
1,037
429
124
125
101
1,162
4,301
1,117
324
323
282
2,938
672
687
578
...
1,052
1,182
4,282
53
92
386
6,958
620
113
6,938
5,966
,439
1,515
1,303
615
646
472
472
468
United States Govt, deposits...
116
307
83
83
116
2,724
2,832
2,043
754
738
578
544
504
313
10
10
7
"301
"361
"15
"h"l5
"l8
1.482
1,479
257
256
242
Cash in vault
'
CITIES
New York City
Mar.22
Reserve with Fed, Res. banks..
— --
14,000,000
RESERVE
(In Millions of Dollars)
Other securities
including
$13,000,000 commitm'ts—Mar .22)
Other Reserve bank credit
CENTRAL
■
jLssctti
The
Bills
IN
•
estimated to be
decrease of $80,000,000 for
the week.
Bills
banks, which will not be available until the coming Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
u
Balances with domestic banks..
Other assets—net
49
25
26
21
90
69
193
194
115
390
475
49
50
J9
50
Liabilities—
Demand deposits—adjusted
Time
deposits
Inter-bank deposits:
Domestic
banks
Foreign banks
—
.......
Borrowings
Other liabilities
Capital account
314
1,482
„
Financial
1722
Complete
Member Banks of the Federal
the Preceding Week
of
Returns
Reserve System for
As
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until
the following Monday, before which time the statistics cov¬
ering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business March 15:
Chronicle
assaults
Northern Hunan.
Lake,
The condition statement of weekly reporting member banks in 101 leading
for the week ended March 15:
and
Haichow.
Chinese
Kuomin,
airfield
Japanese
said
of
The
reporting member banks.
creased
killed
Loans to brokers and dealers in securities de¬
member banks.
Nanking
Russia
Shanghai
from
advices
extended between Lakes Tung-
continuous rains,
and
fighting
Wuning,
at
drive toward
reported
a
were,
miles
50
west
of
Holdings of Treasury bills increased $33,000,000 In the Chicago district,
had
Great
denounced
France
Britain,
declared those Powers
China and
of
Domei quoted
should
unnamed spokesman
an
as
"When and if Japan reopens the Yangtze River to international
priority should be given Germany and Italy, Powers friendly
The spokesman was said to have attacked Russia, France and
China."
to
for
Britain
Great
Government
enemies
as
the country.
from
navigation,
while
he
allegedly
to
Chinese
and
assistance
killed
Gen¬
.•
nearly
for
today
month,
a
shot
Wong
official of the Japanese-sponsored Shipping Control Bureau,
an
shaving in his hotel
was
their
continuing
Kai-shek.
inactive
Terrorists,
Sliih-Zung,
banks.
district, the principal
Press
100
expelled
$17,000,000 in the Dallas district, and $31,000,000 at all reporting member
every
the
miles southeast of Hankow.
Domei, the Japanese news agency, announced meanwhile that the Japa¬
Poyang and
eralissimo Chiang
Holdings of Treasury notes decreased in
Associated
bombardment
the
in
saying:
$43,000,000 in New York City and $48,000,000 at aU reporting
blocked
had
resistance
French
Kuomin
fires.
where the Japanese sought to resume
Kiangsi capital.
More than 1,000 Chinese
be
Commercial, industrial and agricultural loans increased $21,000,000 at all
off
Hainan,
several
interior.
flooded by
front,
banks,
deposits credited to domestic banks.
Chinese
stiffened
of
caused
ting and Poyang,
and Soviet
and $139,000,000 in
island
have
to
said:
nese-fostered
demand deposits—adjusted
21
March
On
and
Hainan
the
the
on
said
was
had bombed a
reported Chinese planes
agency,
Hoihow,
attacks
guerrilla
invasion
news
near
attack
The
Indo-China.
holdings ofU.8. Government bonds, $127,000,000 in balances with domestic
in
Szeyang
recapturing Fowning,
Japanese,
Paoying, pushing the battle line back nearer Japanese-occupied Hwaiyin
$375,000,000 in holdings of Treasury notes, and increases of $448,000,000 in
$57,000,000
the
and
in securities and
Decreases of $48,000,000 in loans to brokers and dealers
1939
100 miles westward to Tungting
runs
...
attack
Chinese
Kiangsu:
Nanchang,
cities shows the following principal changes
Mar. 25,
The battle line
Wuning.
on
in the International Settlement.
room
decreases being $97,000,000 in New York City, $78,000,000 in the Chicago
district and $45,000,000 in the Richmond district, and
being $375,000,000.
Holdings of United
States
Also from
the total decrease
bonds in¬
Government
creased in nearly all districts, the principal Increases being
Press)
$197,000,000 in
.
.
invaders
The
(Associated
Shanghai we quote the following
:
sent
large
numbers
of
troops
Chientang River
the
across
New York City, $77,000,000 in the Chicago district and $49,000,000 in the
below the
Richmond district, and the total increase being $448,000,000.
They had not been able to advance beyond the stream since then.
guaranteed
by
United
the
States
Government
decreased
Obligations
$24,000,000
New York City and $7,000,000 at all reporting member banks.
in
Holdings
of "Other securities" decreased $6,000,000.
Demand deposits—adjusted increased
district and
The
back
$57,000,000 at all reporting member
banks.
Francisco
Time deposits
member banks.
'
A Summary of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended March 15, 1939, follows:
Increase
(+)
Decrease
or
(—)
Since
Assets—
Mar.
15, 1939
1939
8,
16,
Mar.
investments—total..21,822,000,000
1938
+ 34,000,000
—57,000,000
+678,000,000
—608,000,000
3,794,000,000
310,000,000
+ 21,000,000
-541,000,000
—3,000,000
-118,000,000
875,000,000
-48,000,000
—1,000,000
+ 1,000,000
—28,000.000
—84,000,000
+ 1,000,000
+ 31,000,000
8,281,000,000
Commercial, industrial and agri¬
cultural loans
Open-market
Loans
-
paper
brokers
to
and
dealers
Other
loans
carrying
for
purchasing
or
Real estate loans
1,136,000,000
Loans to banks
83,000,000
1,552,000,000
Other
loans
Treasury bills.....
Treasury notes
473,000,000
fully
+ 448,000,000
+ 191,000,000
7,464,000,000
402,000,000
+ 55,000,000
—18,000,000
2,659,000,000
Chinese
12
+ 127,000,000
+ 614,000,000
16,143,000,000
5,198,000,000
+ 57,000,000
—26,000,000
633,000,000
+ 1,000,000
—92,000,000
6,657,000,000
+ 139,000,000
+ 4,000,000
...
Foreign banks
■
1,000,000
+120,000,000
—25,000,000
Japanese Push Drive in Hunan and Kiangsi Provinces
—Hope of Compromise in Soviet-Japanese Fisheries
Dispute Expressed in Moscow
Japanese troop commanders in China reported this week
they
had
in
northern Hunan and Kiangsi Provinces, where 13 Japanese
units, aided by heavy artillery bombardments, opposed 17
Chinese divisions, with a total of between 100,000 and
170,000
driving
as
Hangchow,
offensive
in
in
along
progress
While the Japanese
men.
week
made
were
170-mile
line
reported early in
unconquered area south of
appeared the start of a widescale
Central
accounts
conflict,
once
Chekiang Province, Associated Press
Shanghai on March 22 indicated that the
from
characterized
more
warfare in addition to guerrilla
toward
a
into the
which
Siu River,
offensive
to the
the
mise may
;
■
reported
was
fisheries
recent
observers
some
Moscow that the
from
auctions
Vladivostok
at
indication that
as an
out¬
is
a compro¬
be reached in the fisheries dispute between Japan
and Soviet Russia.
A Moscow dispatch of March 17 to the
Associated Press said:
about one-tenth
Only
fisheries
were
purchased
Japanese if
about
that
The
lots
in
lots
the
in
Soviet Far
The Japanese did
Eastern
not
par¬
This leaves several hundred lots available for the
the
fishing,
the situation
all
season
still
allocated
lots
ment must continue to
be
available
the
by Russian bidders.
they decide to bid when new auctions are held on April 3—
the time
fiowever,
of
take
them
to
Soviet
turn
previous
the
if
Japanese
temporary
agree¬
disposal.
Government
important
serious
a
under 8 a
be placed at their
which, the
strategically
actually begins.
may
wants
to
withhold
said
to
issue of
a
are
waters.
A
the
to
reference
conflict
appeared
in
our
1561.
+236,000,000
>
+1,269,000,000
+225,000,000
+ 1,000,000
—4,000,000
573,000,000
Borrowings..
the
of
regarded by
+1,808,000,000
United States Government deposits
Inter-bank deposits:
that
general
a
the
on
mountain resort where 55 foreigners, including
isolated.
it
Meanwhile
come
Kuling,
are
United States Declines to Recognize Legality of German
Protectorate Over Czechoslovak Provinces of Bo¬
hemia
Domestic banks
foreshadowed
campaign
through
The troops thrust through the
reported the repulse of another Japanese effort to shatter Chinese
Americans,
LiaMlilies—
Time deposits..........
Kiangsi Province.
+ 1,731,000,000
Balances with domestic banks
deposits—adjusted
Kinwah,
+859,000,000
3,238,000,000
;
vault
Demand
the
week ago, page
—7,000,000
—6,000,000
2,023,000,000
Reserve with Fed. Res. banks
Cash in
believed
defenses protecting
+ 7,000,000
by
United States Government
Other securities
—19,000,000
—375,000,000
5,755,000,000
guaranteed
Shanghai's
against
+ 31,000,000
2,052,000,000
United States bonds.
Obligations
almost to
attack
an
against Nanchang.
insist
securities.
warfare
to
towards Wuning, important town
the Canton and Nanchang railways.
ticipate in the bidding.
in
securities
of
corner
between
was
south
+116,000,000
531,000,000
Loans—total
the
prelude
$
$
♦
Loans and
It
15.
Mar.
the
was
the interior Japanese resumed their southward drive
Deeper in
Deposits credited to foreign banks increased $4,000,000 in
Borrowings of weekly reporting member banks amounted to $1,000,000
March
brought
operations
possibly
1937.
Christmas Eve,
Wanyang Mountains
midway
New York City.
of
zone
and
the northwest
Deposits credited to domestic banks increased $52,000,000 in New York
City, $40,000,000 in the Chicago district, and $139,000,000 at all reporting
on
new
door
on
headquarters of Chinese defenders south of the Yangtze.
$39,000,000 in the 8an
decreased $18,000,000 in New York City and $26,003,000 at all reporting
member banks.
provincial capital, which they captured
by
positional
far-flung
operations, surged that day
decisions in five disputed provinces.
these advices said:
new
In part,
and
Moravia—Sumner
Welles'
Advices
in
Note to German Charge
The State Department at Washington on March 21 made
public the text of a note from Acting Secretary of State
Sumner Welles,
addressed to Hans Thomsen, German
Charge d'Affaires, in which the United States declines to
recognize the legal right of the German Government to
assume a protectorate over the former Czechoslovak prov¬
inces of Bohemia and Moravia.
Mr. Welles'note, referring
to a German communication of March 17, observed that
the "provinces referred to are now under the de facto
administration
of
the, German
authorities," but it added
that "the Government of the United States does not recog¬
nize that any legal basis exists for the status so indicated."
Mr.
Welles
enclosed,
as
a
clarification of the attitude of
this the statement made by him on March 17, and given in
our issue of a week ago (page 1567) , in whcih he spoke of
Germany's taking over of the provinces 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 independence, the people of
th8 United States have maintained specially close and
friendly relations."
Mr. Welles' note of March 20 follows:
March 20. 1939
Herr Hans Thomsen,
It
marked
was
South
China
airfield
and
Advices
and
on
Kiangsu
Here
is
a
in
by naval and aerial operations along the East and
and
munitions
the
turn
resume
Northern
of
reports
events
were
Chinese
air
raids
on
a
Japanese
in
divided
Japanese
Kiangsi,
Hupeh,
as
to
Chekiang,
victory
Hunan,
gains.
.
.
Kiangsi
smash
advancing
12
acknowledge the receipt of your note of March 17 in which, by direction
of your
Government, you inform the Government of the United States
of the terms of the decree issued on March
.
Reich announcing the
through
miles
three
down
Chinese
the
defense
Kiukiang-Nan-
Railway.
The Chinese leave 1,100 dead.
The Japanese occupy
Shansiatu, within 30 miles of Nanchang, Hunan capital.
Japanese artillery
continues
assault
on
Wuning. 1 Chinese turn back attempted bayonet
Charge d'Affaires ad interim of Germany
Sir
I
reports by fronts:
The
chang
of
depot.
of
Provinces
Kiangsi-Hunan:
lines
also
Coasts
a
assumption of
a
16 by the Government of the
protectorate over the provinces of
Bohemia and Moravia.
The Government of the United States has
referred
to
authorities.
are
now
The
under
the
Government
de
facto
of the
observed that the provinces
administration
United
that any legal basis exists for the status so
of the
States does
indicated.
not
German
recognize
Volume
The
views of this
ferred to,
March
a
well
as
17.
I
Government
with
as
inclose
with
regard to the situation above re¬
made known
regard to related facts, were
herewith
for
the information
of the statement in which those views
copy
Accept, sir, the rendwed
of your
An
■
"In my letter (to Secretary of State Cordell Hull) announced in' Wash¬
ington, March 9," Senor Aranha's statement said. "1 said the Government's
■
of my high consideration.
assurances
economic plan considered resumption in July, of the payment
WELLES,
SUMNER
its
"My theory in making this assertion
a
Washington bureau advices to the New York
Thomson last
articles
Friday, which
issued
March
16
nothing
the
German
more
of the
the attention
German
of the United
States
not
This note said that by
Government, this decree
Brazil and
Spinners
Produced
At
Fix
Government.
Minimum
from
United
with
the
Secretary
bankers—all depending naturally,
Hull, which
March 13, a
on
declared
ing
of
minimum
States cotton.
(March 13)
The
prices
for
agreement for the fix¬
quote:
culminating a six-month trade
upon
an
increase in our
"it
was
decided to
resume
payment
of
July 1," under the temporary agreement,, some
settlement might be worked out with the
bondholders
From
an
Exports
Germany for]"Compen-
to
sation" Marks Suspended |
Associated Press dispatch from Rio de Janeiro,
March 22, the following is
Press advices
Manchester Associated
From
**
United
from
produced
yarns
a
Brazilian 'Cotton
^
an
an
would
in the next three months.
representing the principal spinners using Amer¬
ican cotton in their mills reached
have
Cotton
meeting in Manchester, England,
a
committee
observers believed
Yarns
for
Prices
States
cannot
one
Although the statement seemed slightly at variance with the letter to
interest and amortization
British
because
also
exportations and our surplus."
being brought to
was
bonds, whose attitude during our stay was the most
upon non-payment.
be discussed by the Brazilian Government directly with the bondholders,
Prague setting
at
based
to tranquilize more than half
was
"I declared, however, the scale of payments and other conditions
than the text of the 13
authorities
forth the further status of Bohemia and Moravia.
direction
presented by Herr
our
possible for
economic plan
was
by
million holders of
sympathetic
"Herald Tribune" March 21 said:
Also made public was the text of the German note
of interest 1
and amortization on the dollar debt.
Acting Secretary of State.
From
agreementpvas signed in Washington, March 9, for a liberal extension
of credit to Brazil.
on
Government
expressed.
were
1723
Chronicle
Financial
148
taken_
'
Suspension of cotton exports from Brazil to Germany for compensation
we
marks "until further notice"
was
announced today.
immediate
lift in yarn
prices.
The Lancashire Cotton Corporation increased the
quotation for United States yarns %c. a pound, following a similar rise
by the fact that sales from northern Brazil
less
21,000 tons of the 36,000 tons allotted annually the northern district had
move,
than
Final
of
weeks
two
brought
war,
an
Manuel Araujo Pena, chief of the Government's banking and financial
department, said that the suspension
ago.
adoption of the committee's draft agreement will rest with owners
300
mills
spinning United
States
cotton.
by
Acceptance
The
until
ahead of quotas and that
The rest of the 72,000-ton annual quota for all Brazil is allotted southern
producers, mostly in Sao Paulo Province, whose cotton is now practically
Thus the movement of cotton to Germany will con
ready for shipment.
and is to continue
price-fixing action is voluntary,
were
been shipped or contracted for already this year.
90% of the
number is necessary to make the proposal effective.
.
and could be explained
was temporary
tinue, informed circles said, with the next northern crop ready in October-
the Government cotton reorganization bill has been
approved by Parliament.
The "Wall Street Journal" of
March 10 had the following to report regarding the bill:
j
The
bill
is
designed
main
proposals
scrap
redundant
of export
The
Merchants
is
measure
market
to
on
plans
in
for
to
policy
maintain
to
bring about larger cloth exports.
Federation
of
policies,
present
<
Master Gotton
Export
Mining
March
on
21,
The advices continued:
The committee removed the export tax from the bill,
been passed
German Economics Minister Walther Funk has issued
industry.
The 10% profits tax, to
Foreign Securities
category of the
a
which already has
by the Chamber of Deputies, after copper companies warned
that it might ruin the
German Decree Calls for Surrender of
on
considering the Government's earthquake reconstructionnational development bill, voted to eliminate the contro¬
versial copper export tax from the measure and replace it
with a 10% levy on profits from mining operations, it is
learned from United Press Santiago advices of March 21.
noted in these columns March 4, page 1238.
as was
Copper
Levy
,
^
Spinners Asso¬
had previously protested the United States cotton
ciation
with
*
Chilean^ Senate'Finance Committee
The
opposed to the proposals.
long-term
Replaces
Bill
in
are
a
Committee
Reconstruction
in
Company Profits
the
65% of the producing sections of all cotton
as
Senate
Tax
sections, to
promotion
various
formulate schemes
Chilean
The
profitable basis.
a
by
designed
and
British
The
price-fixing
machinery, and
supported
as
trade unions.
domestic
institute
industry
the
trade and to win back foreign markets.
bill
The
to
are
put
to
be assessed
on
all incomes included in the fourth
Federal income tax law and affecting profits of all mining
decree calling for the surrender of the last reserves of foreign
securities held within Germany or abroad by Germans or
enterprises, would be applied to profits obtained since Jan. 1,1939.
All pro¬
ducing or ore-processing enterprises with more than 200 workers
would be
foreigners living in Germany, it was stated in a wireless dis¬
patch from Berlin, March 20, to the New York "Times".
The dispatch further explained:
the bill and instead of reporting the measure
All such
securities
must
be offered
their date of acquisition and must
The
order
same
the
to
Reichsbank,
subject to the tax.
The Senate agreed to the committee's request
start next
An item
irrespective of
be sold if the Reichsbank
so
Tuesday, with
demands.
Deputies
on
was
a vote
for further time to study
this week, floor debate will
assured two days later.
the passage of the bill by the
given in
applies to emigrants respecting their domestic securities.
our
1
♦
■■
Chamber of
issue of March 11, page 1396.
Foreign securities held by residents in Germany had to be registered with
the Government
to sell.
Costa Rica Offers Plan for Redemption of
previously and their holders were called in and "persuaded"
Now "persuasion" has been replaced by open compulsion and
previous exemptions have been canceled.
est—Bondholders'
all
Low in View of
-
Financial quarters hold that the remaining foreign exchange assets in
private hands
Bondholders' Protective Council, Inc., New
March 20 issued a statement to holders of Costa
Rican dollar bonds regarding the Republic's offer to purchase
interest coupons maturing during the next three years for
30% of the contractual interest service and the back due
coupons on the basis of 1% per annum on the face of the
bonds, which was announced by Ricardo Castro Beeche,
Minister of Costa Rica at Washington.
The statement
said, in part:
York,
the order-also affects foreigners living in Germany,
were
diplomatic missions
own
as
preparing steps to clarify the situation for their
Inasmuch
emergency.
nationals.
■
New Law Prohibits Entry of
/'
Foreigners in Guatemala
for Trade
'
.
Immigrants and foreigners are virtually barred from en¬
gaging in business in Guatemala by a recent law that admits
them only on condition that they do not engate in commerce
either for their own account or the account of others, it was
The Council is disappointed that the Costa
and
icense from the
capital in excess of $1,000 are required to obtain a
Secretary of Finance.
Foreigners
are
not permitted to
law
must also
also
includes
agencies representing foreign companies, which
be licensed by the Secretary of Finance.
order through an unauthorized agent
Stores
of the order.
or
Any one placing an
is subject to a fine equal to the value
agencies violating the law are subject to fines of
$500 to $3,000 and the closing of their businesses, together with deportation
for foreigners.
Brazil
Plans
to
Resume
Says
Soon,
Payments
on
Foreign Minister
Foreign
Debt
Aranba
Brazilian Foreign
Minister Oswaldo Aran ha declared on
March 23, upon his return from the United States, that
Brazil hopes shortly to resume payment on its foreign debt.
He said that repayment depended on Brazil's trade and her
The Brazilian Minister sailed from the
commercial balance.
March 10 after concluding a trade agree¬
between the two countries.
The agreement was re¬
United States
ment
ferred to in
statement
Costa Rican
been the highest in the country's hisr
tory, yet the offer now made is the lowest Costa
the bondholders
this year.
Rica has ever made to
and represents only 3.4% of the Government's budget for
est ser vice
"
'
♦
•
,
-
% being paid to certain other creditors and
of from 50% to 62
with the 6% interest
which is being paid on the internal bonds, representing
full interest in some cases
and 60% of the contractual service on the internal
bonds taking the greatest contractual
cut.
Outstanding dollar bonds affected by the temporary plan
for service consist of: $1,217,000 of 7 lA% Costa Rica Pacific
Ry. bonds, due Sept. 1, 1949; $373,200 of Costa Rica Pacific
Ry. 5% funding bonds of 1933; $5,396,000 of Republic of
Costa Rica 7% bonds, due Nov. 1, 1951, and $1,145,520 of
Republic of Costa Rica 5% funding bonds of 1932.
v
The Costa Rican Government announced that before the
end of the three-year period covered by the plan it will nego¬
tiate with the Council for a permanent settlement with re¬
spect to the dollar
bonds.
on
our
issue of March 11, page 1410.
made
on
Regarding his
his return to Brazil, Associated Press
advices from Rio de Janeiro, March 23
Senor Aranha reiterated he was "in principle
but added,
The Council
in the past two years have
||The 30% interest service offered the bondholders contrasts with an inter¬
operate stores with less capital.
The
bondholders as fair
The Council feels, and its feeling is confirmed by disinter¬
considers the service unjustifiedly low in view of the fact that
91
with
equitable.
revenues
opportunities and protect nationals from
competition by foreigners, who are generally more energetic and resourceful.
Retail stores
Rican Government has not
ested studies, that Costa Rica could make a larger service.
The advices continued:
dispatch from Guatemala.
The law is intended to equalize
on
made an offer which the Council can recommend to the
stated in advices to the New York "Times" of March 8 from
a
Too
Offer
Country's High Revenues
The Foreign
rather small, but this only emphasizes Germany's financial
are
Bond Inter¬
Considers
Council
said:
for payment of public debts"
"I always subordinated that moral obligation of payment to
material capacity to do it.
pay."
Everything depends upon possible capacity to
Member
Trading
on
New York Stock and New York
Week Ended March 4
Curb Exchanges During
Trading by all members of the New York Stock Exchange
(except odd-lot dealers
on the stock market) for their own account during the week
ended March 4 was above the previous week, it was an¬
and the New York Curb Exchange
nounced
yesterday (March 24) by the Securities and Ex-
Financial
1724
The Stock Exchange members traded
in amount of 2,066,785 shares, an
amount which was 20.27% of total transactions of 5,096,810
shares on the Exchange during the week ended March 4.
During the preceding week ended Feb. 25 trading by the
Stock Exchange members amounted to 1,381,387 shares, or
18.93% of total transactions of 3,647,200 shares.
On the New York Curb Exchange total round-lot trans¬
actions for account of all members during the week ended
March 4 were 370,245 shares; as total transactions on the
Curb Exchange during the week amounted to 950,920 shares,
the member trading for their own account was 19.47% of
total transactions, which compares with a percentage of
19.24% in the preceding week ended Feb. 25, when member
trading amounted to 273,645 shares and total transactions
change Commission.
their
for
account
own
Mar. >25,
Chronicle
1939
Odd-Lot Trading on New York Stock Exchange During
Week Ended March 18
Securities and
on March 23
for the week ended March 18 of
the corrected figures on odd-lot stock transactions of odd-lot
dealers and specialists on the New York Stock Exchange,
continuing a series of current figures being published weekly
by the Commission.
The figures for the week ended
March 11 were given in our March 18 issue, page 1563.
The data published are based upon reports filed with the
Commission by odd-lot dealers and specialists.
The
made
public
TRANSACTIONS
STOCK
ODD-LOT
ON
CIALISTS
MARCH
Exchange Commission
a summary
YORK
THE
1939
18,
*
•
ODD-LOT
OF
STOCK
DEALERS AND SPE¬
WEEK ENDED
EXCHANGE,
.
SALES
by the Securities and Exchange Commis¬
figures being published weekly
embodied in its report to
Congress in June, 1936 on the "Feasibility and Advisability
of the Complete Segregation of the Functions of Broker and
Dealer."
The figures for the week ended Feb. 25 were given
PURCHASES
(Customers' Orders to Bug)
711,250 shares.
(Customers' Orders to Sell)
Trade Date
The date issued
Value
Shares
No. Ord.
No. Ord.
Value
Shares
sion is in the series of current
with its program
in accordance
in
issue of March 18, page
our
In making available
Commission said:
1562.
102,565
$4,032,205
4,463
110,977
$4,122,169
94,140
3,844
3,417
Mar. 13
3.856.074
4,148.486
4,775
114,953
Mar. 15....
6,119
166,632
6,041,399
5,265
143,566
Mar. 16
4,262
114,981
4,487,687
3,781
96,338
3,445,115
15,439
421,821
14,520,773
12,032
342,757
11,256,016
33.081
900.139 $32,938,138
30.316
808.591 $28 189,412
Mar. 14
...
Mar. 17 and 18
—
Total for week..
5,217,626
the data for the week ended March 4, the
published are based upon weekly reports filed with the New
The data
by their respective
York Stock Exchange and the New York Curb Exchange
These reports are classified as
members.
New
*
817
106
Initiated on the
253
60
273
529
...
.......
118
3. Reports showing other transactions Initiated off the
floor
.....
........
4. Reports showing no transactions
—
...
652
transactions of specialists
In stocks In which they are registered are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
Note—On the New York Curb Exchange the round-lot
dealer,
as
York Stock Exchange to Abandon Plan for Seat
Retirements—Lack of Interest by Members Shown
in Results of
Curb
Exchange
1,086
211
received
1. Reports showing transactions as specialists...
2. Reports showing other transactions
floor.
York
Stock
'■
«
New
York
Exchange
.
Total number of reports
New
follows:
well as those of the specialist.
Survey
'
;
Plans for
reducing the number of memberships in the New
York Stock Exchange were apparently abandoned on March
22, due to the lack of interest shown by members in the re¬
sults of a survey on the subject.
In a letter sent to all mem¬
bers of the Exchange, Edward E. Bartlett Jr., Chairman of
the Board of Governors, briefly reviewed the results as fol¬
lows:
17, the date set for returns, 521 replies had been received.
By March
Only
283
members,
approximately
one-fifth
of
the
total
membership,
favored any form of reduction of memberships, 238 members having indi¬
The number of reports in the various
classifications may total more than
the number of ieports received because, at times, a single report may carry
entries in more than one classification.
MEMBERS*
EXCHANGE FOR
(SHARES)
Totatfor
Per
Week
B. Round-lot
transactions
for account
of
Cent
in the subject, as
expected to receive at this time sufficient support to be adopted by the
membership.
members (except
The
ot dealers):
536,170
526.290
*
Total
Sold,
on
10.42
1,062,470
,
2. Other transactions initiated
three
proposals for seat retirements were sent to
reported in our March 4 issue,
page 1240.
From the report presented to the Board of
Governors, we take the following regarding the preference
of plans of the 283 members who favored membership reduc¬
members
Transactions of specialists in stocks in which they are
registered—Bought
Sold....
members
indicated by the fact that only about 40% of the member¬
ship replied, make it apparent that no program for seat retirement could be
transactions for odd-lot accounts of specialists and odd1.
scattered among a dozen or more plans and combinations of plans, in addi¬
m
5,096,810
Total round-lot volume......—................
diversity of opinion as to the
The indicated preferences were
The results of the survey and the comparative lack of interest by
„
.
wide
was a
of accomplishing the result.
means
Even among those
tion to the three outlined in my letter.
Week Ended March 4, 1939
A.
who favored seat retirement there
best
STOCK TRANSACTIONS ON THE NEW YORK STOCK
ACCOUNT OF
cated their opposition to all forms of seat reduction.
tions:
340,960
the floor—Bought.
Feb. 28, as was
on
281,860
a
No. of
Members
Favoring
Total.
3. Other transactions Initiated off the floor—Bought.
160,865
.220,640
,
Total........
4.
6.11
622,820
3.74
,381,505
381,505
Total-
1,037,995
,
1,028.790
Total
C. Transactions
2,066,785
for the
odd-lot accounts
of specialists
and1
,
20.27
of part of Gratuity Fund: for capital
contributions by members and firms based upon transactions,
and contributions by new members
I-lan 2—Providing that each present member purchase an addi¬
tional fraction of a membership within a stated period of years
Plan 3—Providing for the acquisition by each new member of an
agreed-upon additional fraction of a seat before qualifying
for membership
1
Various combinations of three plans or alternative plans
Number of members favoring retirement who indicated no
preference of plan..
A majority of the plans
'
combinations of the
odd-lot dealers:
1.
Plan 1—Providing for use
12(1,750
In round lots—Bought...
Sold
contained
167,920
...
Total.
293,670
assets
2.88
or
31
37
84
19
presented by the 84 members who favored various
plans outlined, or who suggested alternative plans,
of the elements of Plan 1, either the use of Gratuity Fund
some
a
112
schedule of assessments on
members and firms
based
,
on
the
The suggested rates of assessments varied widely.
volume of transactions.
Many alternative means for raising money for seat retirement were pre¬
2,
In odd lots—Bought.
Sold
702,618
636,119
Total
ACCOUNT OF MEMBERS*
.
,
Splitting of commissions with non-members on a fee basis.
Increase in listings.
Sale of real estate owned by the Exchange.
Mortgage of real estate owned by the Exchange.
6. Contribution by the Exchange out of its assets o£ earnings.
7. Direct flat assessment on members; members to be permitted to
meet assessment by borrowing from Gratuity Fund.
8. Gratuity Fund of the Exchange to buy and hold seats as an asset,
subject to later resale.
9. "Pay-as-you-go" basis; Exchange to assess members for seats as
actually purchased or to provide funds from earnings of the
Exchange.
4.
5.
(SHARES)
Total for
Week
Per
Cent
m
950,920
B. Round-lot transactions for account of
are:
3.
FOR
Week Ended March 4, 1939
Total round-lot volume
A.
of these
2.
1,338,737
TRANSACTIONS ON THE NEW YORK CURB EXCHANGE
few
Sale of associate memberships in the Exchange.
j..
STOCK
A
sented.
members:
I. Transactions of specialists In stocks in which they are
104,365
Sold
..
Total.
10.
126,830
11.
Increase in members dues.
Assessment of firms on the basis of number of offices.
12.
registered—Bought...........
Assessment of inactive members, in addition to contributions by
231,195
members based
12.16
on
A considerable number of members in commenting upon the
35,795
Sold j
of seat retirement plans
34,025
al
volume of transactions.
possibilityl
stressed the fact that, in their opinion, if the Ex¬
change engages in any plan for the retirement of seats it should set a maxi¬
Total.
69,820
3.67
price for the purchase of memberships;
mum
the figure most commonly
mentioned in this connection with $75,000.
31,105
38,125
Sold.
Total.
69,230
3.64
New
York
4.
Total—Bought.
Sold....
171,265
198,980
Total.
370,245
Total
*
The
term
"members"
all
Exchange members,
82,713
53,531
their firms and their
partners, Including special partners.
a Shares in members'
transactions as percent of twice totAl round-lot volume.
In calculating these percentages the total of members' transactions is compared with
twice the total round-lot volume on the Exchange for the reason that the total of
members' transactions includes both purchases and sales, while the Exchange
volume includes only sales.
its
19.47
136,244
includes
Exchange Reviews Solvency Records
Since
1900—Study
Compares Per¬
centage Basis with
In
C. Odd-lot transactions for account of specialists—Bought...
Sold
Stock
Members
of
Banks and Commercial Firms
"Bulletin," issued March 18, the New York Stock
Exchange presented a comparison of the solvency record
Exchange members from 1900 to 1938 on a percentage
of
basis
with
banks.
Stock
A
the
solvency
summary
Exchange
records of commercial
houses and
of the 39-year averages indicates that
members
have
been
99.63%
solvent
com¬
pared with 99.08% for commercial firms and 98.18% for all
banks in the country.
The
that
source
for
the
of the
data
data
The
...
survey,
in part, follows:
for commercial houses
is
Dun
&
Bradstreet;
relating to all hanks in the United States for the period
Volume
to
from
1921
through
the
1938
source
to the
as of
for 1933, and in respect to that year the
solvency record in the three classifications has been related
number of commercial houses, banks and Exchange members
annual
total
each
of
June
30
total
number of
basis
the
of the Currency, while for the period
is the Federal Reserve Board.
The
is the Comptroller
1921
prior
Financial
148
such
of
factors
except
year,
banks
all
comparison
as
of
the disparity in
1
course,
Certain objections to
used.
was
They arise out of
recognized.
represented in the three classifications, the varying degrees of
in the
computed
New York Stock Exchange member solvency
(There
basis
the
on
of
.
.
was
the
at the present time 1,375
are
.
the number of failures of individual members
number of failures among member firms.
the basis of
on
not
member
available for
It should be observed
individual members and 622
Data relating to failures of individual members are
firms.)
longer period than for member firm failures.
much
a
risk present
types of business, and bo on. '
The percentage of
and
three
businesses
the number of units involved in the
differences in the character of the
fundamental
classifications,
Jan.
of
as
are,
membership in
the Exchange may affect the comparison unfavorably in proportion to the
number of individual Exchange members involved in each firm failing.
The period
includes several severe depressions, during which the
securities markets were swept by heavy and, at times, hysterical selling.
Nevertheless, the percentage of failures among Stock Exchange members
in relation to the total number of members has been generally lower than
the percentage for other fields
of financial and commercial enterprise.
As was to be expected, the contrast with the percentage of failures among
banks is most striking for the depression period beginning with
1929,
which was a highly abnormal period for bank failures.
It is to be noted,
however, that the comparison between Exchange member failures and bank
failures is uniformly favorable to the former throughout the greater part
that
failures
.
.
of
member firms holding more than one
among
.
the period from
1900 to 1938.
comparison has been
Improvement in Exchange members' position in the
accelerated
when the Exchange began to apply more intensively, at the time of the
poet-war depression, its process of scrutiny and control over the financial
gradual
and
for the group as a whole include a
a
balance sheet, a profit and loss statement,
conduct
business
Listed Corporations (a Works Progress Adminis¬
tration project carried on in New York City under the sponsorship of the
Commission) was begun in January, 1936. It was designed to abstract the
more significant data available in registration statements filed with the
The Census of Ame.rican
changes.
listed on national securities ex¬
...
Copies of the summary on manufacturers of tires and other
ducts,
well
as
of the
as
summaries
previous
on
Robert P. Boylan, Chairman of the
Stock
York
New
the
Committee of Replace¬
announced on
Exchange,
been made since the
The committee
March 18 that 1,243 placements have
work of the committee began in
July, 1938.
appointed by the President of the Exchange to provide
was
placement and counseling service to former employees
of Stock Exchange firms.
Mr. Boylan said that employ¬
ment has declined since the first of the year and that the
free
anticipated pick-up in commercial and financial fields had
should be addressed to the Publications Unit, Securi¬
Exchange Commission, Washington, D. C.
ties and
The report on automobile manufacturers
these columns of March 4, page 1241.
New York Curb Exchange Amends
in Odd-Lots
Rule
Mr. Boylan pointed out that
Recognizing the acuteness of the situation,
committee
endeavored
has
directions, continuing, of
to follow up
contacts
recently approved by the New York Stock Exchange, which
given in these columns last week, page 1563.
The
change was made in accordance with the amended rules of
the Securities and Exchange Commission which were also
given in these columns of March 18.
New Issues, Totaling $21,676,000
^Act
Became ^Fully Effective
During February
Registration
24
of
Securities
Under
in
May
<
may
provide
will
an
impetus
to
businesses in the
In as much
all
a
type of per¬
the committee hopes
these businesses to supply
qualified to fill all types of positions,
called
be
thereby creating
area,
upon
directly
applicants for such openings as
by
many
of
Division, it
on
amount effective in
Of
939,000
manufacturing
The electric and gas
which
of
New York Curb Exchange Committee on Paid
Submits Report to Governors
President
announced on March 22
that the special committee appointed to make recommenda¬
tions with respect to the selection of a paid President of the
Curb Exchange has submitted its initial report to the Board
of Governors stating that it has circularized all regular and
associate members asking them to submit any recommenda,tions they may have in that connection.
It was further
announced:
Contrary
series J,
the
to
3^%,
trend
during recent-months, common
reports that numerous
members
or
partners
letters have been received and
of member firms have appeared
personally to make their recommendations.
Suggestions are still
*
being received, the committee states, and when
definite recommendations for the
position
are
ready
a
further report will
be transmitted to the Board.
Reference
to
the
appointment of Edward J. Shean as
was reported in our March 11
Chairman of the committee
issue, page 1419.
18 Manufacturers of Tires and Other Rubber
SEC—Fifth in Series Based on
Census of American Listed Corporations
Report
on
Products Issued by
by preferred stock aggregating $2,552,000, or 15.6% .of the total.
in the detailed analysis, 16 registration statements covering
followed
As
shown
Securities and Exchange
in
effective
became
securities
24
effective
the
February,
securities being $21,676,000
gross
amount
of
such
(exclusive of one reorganization and
exchange issue in the amount of $2,344,000).
Of this amount, $310,000
to be reserved for the conversion of other securities having convertible
Commission
on
March 22
public the fifth of a series of reports based on a Census
Listed Corporations.
The report contains a
summary of selected data on 18 manufacturers of tires and
other rubber products registered under the Securities Ex¬
change Act of 1934. It provides individual data for each of
the companies and also combined data for all companies in
the group.
Ihe Commission's announcement of March 22
reserved against the exercise of options, and
securities.
of others, ■>
of which $710,000 was proposed for sale.
This left $16,360,000 of securi¬
ties proposed for sale by the issuers: $15,171,000 for already established
to be issued in exchange Tor other outstanding
addition, $971,000 of securities was registered for the account
$3,615,000 was
In
ventures.
of common stock issues, isssuing and
considerably higher in relation to gross pro¬
February than for preceding months, when bond financ¬
enterprises and $1,189,000 for new
distributing
high
the
ceeds from sale for
proportion
were
expenses
compensation to underwriters, agents, &c., of
7.3% of gross proceeds, while other
issuing and distributing expenses of $215,000 were 1.3% of gross proceeds.
There remained net proceeds to the issuers of $14,956,000.
Thus,
predominated.
ing
$1,189,000 in February amounted to
°
relatively high proportion of common stock issues
the customary predominance of refunded
purposes accounted for more than one-half of net
proceeds, $7,892,000, or 52.8% of the total, being designated for that
purpose.
In addition, $4,634,000, or 31.0%, was to be applied for the
repayment of indebtedness,and retirement of securities and $2,416,000, or
16.2%, for the purchase of securities for investment.
All other uses of
the net proceeds aggregated only $14,000.
Of the $16,360,000 of securities proposed for sale by issuers, 58.6%
was to be offered
through underwriters, 25.9% through agents, and 16.5%
directly by the issuers.
Offerings to the public accounted for 89.9% of
the total, while offerings to security holders accounted for only 8.2%,
and offerings to "others" for only 1.9%.
Not included in these statistics for February was one reorganization and
Again reflecting the
in
February
issues,
as
contrasted with
new
money
exchange security registration
of
deposit
valued
be offered in
to
statement covering an issue of certificates
exchange for securities already outstanding,
$2,344,000.
at
TYPES OF SECURITIES
The
stock issues in
with $8,670,000, or 53.0% of
the total, proposed for sale by issuers.
Second in importance were longterm secured
bonds amounting to $5,138,000, or 31.4% of the total,
all other types of securities,
February led
bond
several
31.1%,
Central
of first and general
due 1968, and 5,000 shares of common
covering $4,500,000 principal amount
bonds,
mortgage
Reflecting
The New York Curb Exchange
that
33.5% of the total.
utility industry was second with $5,090,000, or
was registered in a single statement of the
amount
features, $420,000 was to be
previous reference to the committee was given in our
issue of Oct. 29, page 2627.
Tlx© committee
all other groups with $5,490,000 of
led
industries
proposed for sale by issuers, accounting for
securities
with $135,February,
SEO added:
The
The
$16,360,000 was proposed
by issuers. This latter figure compares
in January, 1939, and $140,527,000 in
for sale
1938.
single month since January, 1935..
any
fully effective,
securities
the
Exchange
and
announced by the Securities and Exchange
March 23.
This was the smallest gross
was
Commission
fully
by the Research
effective, according to an analysis prepared
and
Statistics
Section
of
the
Trading
was
occur.
A
also
$21,676,000 of securi¬
the Securities Act of 1933 became
ties registered under
in
number of new jobs.
committee's registrants represent a capable and high
the
Exchange
was
all possible
those contacts already made.
new
up
jobs before long.
Fair
sonnel, well
it
course,
open
Boylan added that the committee believes that the opening of ,the
metropolitan
as
to
offers of cooperation have been received and some of these should
in
Mr.
World's
Short Sales
special meeting on March 15 amended rule 7 of the
Exchange, relating to short sales in odd-lots, to become ef¬
fective March 20.
The amended rule is similar to that
Maine Power Co.
'■
result
on
a
to say:
new
noted in
was
The Board of Governors of the New York Curb
at
all
Many
available upon
be placed on the mailing list
Such requests, as well as requests to
for future summaries,
yet materialized, jobs in all lines being hard to find.
The
Exchange's announcement
also had the following
not
the
rubber pro¬
steel companies, meat
packers, variety chains, and automobile manufacturers, are
request.
During February a gross amount of
of
The study covers
Commission under the Securities Exchange Act of 1934.
about 2,000 companies having securities
members.
its
of
Replacement Committee of New York Stock Exchange
Reports 1,243 Placed in Jobs Since Last July
ment
16 financial
surplus reconciliation, totals of selected expense items, and
and operating ratios.
long period of years, but the improvement was
over a
affairs
1725
Chronicle
THAT
BECAME
INCLUDED IN 16 REGISTRATION
FULLY EFFECTIVE DURING
STATEMENTS
FEBRUARY, 1939
made
of
Gross Amount of
American
also said:
Included in the data on individual companies are a general survey,
names
of the parents and
the
subsidiaries of each company, the outstanding
security issues of each company, 16 financial
and operating ratios for each
balance sheets,
profit and loss statements and surplus reconciliations. The combined data
company,
salary data for each company, and individual
Type of Security
\To.
of
Issues
Long-term secured
Short-term secured
Certificates of
Total
5,138,580
2,862,224
9,799,912
3,614,847
—
8
— r
participation, beneficial Int., &c.
Warrants or rights
Amount
(in Dollars)
—
stock
Common stock
Face Ami.
-—
bonds
Short-term unsecured bonds *
Face amount Instalment certificates
Long-term unsecured
Preferred
or
Securities
5,050,000
bonds
bonds *
No. of Units
288,808
11
8,079,404
1
332,247
2
310,000
24
260,400
21,675,963
\
Chronicle
Financial
1726
$6,731,243,857,
Ami.
Gross
Gross Ami.
of Securities
Proposed far Sale by
of Securities,
Securities
Less
Reserved
Gross
Gross
Amount
Feb.,
Feb.,
Amount
Feb.,
1938
(in DoUats)
1939
1938
5,138,580
24.1
30.2
5,138,580
31.4
Jan. 31, 1939,
Feb.,
1939
on
of the World
Per Cent
(in Dollars)
against $6,652,873,304
$5,698,214,612 on Oct. 31, 1920.
Just before the outbreak
War, that is on June 30, 1914, the total was
only $3,459,434,174.
The following is the full statement:
Type of Security
Per Cent
as
40.2
Long-term unsecured bonds.
_
.
V.i
2,552~000
15.6
1.5
45.1
34.7
8,669,800
53.0
20.6
if
3,614.847
16.9
28.5
30.5
260,400
1.2
100.0
12.7
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securities.
H
Operating Ratios of Banks in Federal Reserve District
of St. Louis—Net Earnings Were 8.8% of Capital
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§
March 16 that the First State
Red
Bud, 111., has joined the Federal Reserve
System, bringing th9 membership of the St. Louis Reserve
Bank to 391, of which 317 are National and 74 State banks.
The new member has a capital of $30,000,
surplus $10,000,
and total resources of $588,624.
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aggregating $211,757,757.11
$5,459,017.44 later taken up
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Emergency Relief and Construction
Livestock
Loan
on
149,001,112.30
211,757,757.11
13
16
13,646,031.67
1,383,000.00
1
125.000.00
91
129,676,427.81
212,250,000.00
201-a,
preferred stock of
insurance company
Subscriptions for preferred stock of banks
Purchases of debentures of banks..
5
or
30,210,000.00
4
1
36,300,487.79
3,554,575.96
80,000.00
1
100,000,000.00
129
1
100,000.00
53
10
59,409,100.00
1,600,525.00
174
3,660.045.34
5,553
$1,078,702,956.02
Stock of
Money in the Country
The Treasury Department in
Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after
deducting
the moneys held in the United States
Treasury and by
Federal Reserve banks and agents.
The figures this time
are for Feb.
28, 1939, and show that the money in circulation
at that date (including, of
course, what is held in bank vaults
of
UHiLtcr
banks
of
the
Federal
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Does not include gold other than that held by the
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b These amounts are not included In the
total, since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 is laeluded
under gold, standard silver
dollars, and silver bullion, respectively.
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c
This total includes credits with the Treasurer of the United States
payable in
gold
an
Purchases of securities from PWA
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100,000,000.00
3
Loans to the RFC Mortgage
Company
Loans to drainage, levee and irrigation districts
Loan to a public school district.
Loan to Rural Electrification Administration
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7,770.205.25
1,432.891.91
2,363,786.45
4,906
Loans to public bodies under Section fid, as amended
Commitments to Commodity Credit Corporation
Other loans for financing of agricultural commodities
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3
Act of 1932
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Loans to mortgage loan companies,.
Loans for mining, milling or smelting of ores..
Loan to self-liquidating project,
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Loans to business
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Loans to Federal National Mortgage Association
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Loans to building and loan associations
Loans to insurance companies
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Mortgage Association has bought
27,360 FHA insured mortgages, aggregating $110,453,559.30
and has commitments to
buy 2,750 additional mortgages
aggregating $12,243,118.58.
It has authorized 12 Large
Scale Housing Loans aggregating
$2,925,500.00.
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includ¬
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Banks par¬
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AUTHORIZATIONS PROM FEB. .19,
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Jones, Chairman of the Reconstruction Finance
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5,553 loans aggregating $1,078,702,956.02 ; 4,906 of these
loans
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The
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$1,076,Feb. 19, 1938, to March 22, 1939,
Chairman Jones Reports—Of These Loans, 4,906
ing
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was
surplus, undivided profits, and reserves), and the
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The net earnings of all banks were 8.8% of their capital funds
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of such earnings.
loss
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loans represented 53.2%
on
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The study shows that interest and discount
for
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The Federal Reserve Bank of St. Louis recently completed
study of the operating ratios of 383 member banks in the
Eighth District during the year 1938. For the purposes of
the study, the members were segregated into seven groups,
according to volume of average deposits as obtained from
reports of condition submitted in 1938.
Ratios are given
for each group and for all banks in the district, said the
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Securities having maturity of three years or less are classified as "short-term'
The ratios
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21.365.739
Common stock
Ctfs. of partic., ben. int., Ac.
Warrants or rights
2,707J12
9,644,800
...
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Face amount install, certifs..
Preferred stock
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Short-terra unsecured bonds *
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Short-term secured bonds
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Long-term secured bonds
*
1939
25
and $6,334,029,781 on Feb. 28, 1938, and comparing with
Issuers
for Conversion
Mar.
Reserve
System)
was
certificates in (1) the Gold Certificate Fund—Board of Governors, Federal
Reserve System, in the amount of
$9,299,275,185, and (2) the redemption fund for
Federal Reserve notes in the amount of
$10,258,729.
d Includes
$1,800,000,000 Exchange Stabilization Fund and $142,273,482 balance
of increment resulting from reduction in
weight of the gold dollar.
e
Includes $59,300,000 lawful money deposited as a reserve for Postal Savings
deposits.
1 The amount of
gold and silver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total
money held in the Treasury
to arrive at the total amount of
money in the
& The money In circulation includes any
tinental limits of the United States.
United States.
paper currency
held outside the
con¬
Note—There is maintained in the Treasury—(I) as a reserve for United States
notes and Treasury notes of 1890—$156,039,431 in
gold bullion; (11) as security for
Treasury notes of 1890—an equal dollar amount in standard silver dollars (these
notes are being canceled and retired on
receipt); (ill) as security for outstanding
silver certificates—silver in bullion and standard silver dollars of a
monetary value
equal to the face amount of such silver certificates; and (iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and
a
first lien
on
all tbe assets of the issuing Federal Reserve bank.
Federal Reserve
notes are secured by tbe
deposit with Federal Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted or purchased paper as is
eligible under the terms of the Federal Reserve Act, or. until June 30, 1939, of
direct
obligations of the United States if so authorized by a majority vote of the
Board of Governors of tbe Federal Reserve System.
Federal Reserve banks must
maintain a reserve in gold certificates of at least
40%. including the redemption fund
which must be deposited with the Treasurer of the United States,
against Federal
Reserve notes in actual circulation.
"Gold certificates" as herein used includes
credits with tbe Treasurer of the United States payable in gold certificates.
Reserve bank notes and National bank notes are in
process of retirement.
Federal
Volume
Financial
148
of 12 Receiverships of National
Completed During February
Liquidation
receiverships
completed
was
interest, and
be exempt,
from all taxation, except estate and inheritance taxes.
(Attention is in¬
vited to Treasury Decision 4550, ruling that Treasury bills are not exempt
from the gift tax.)
No loss from the sale or other disposition of the
Treasury bills shall be allowed as a deduction, or otherwise recognized,
for the purposes of any tax now or hereafter imposed by the United States
The
Banks
any
1939, the liquidation of
During the month of February,
12
the affairs thereof
and
announced March 14 by Preston
Delano, Comptroller of the Currency.
This makes a total
of 1,276 receiverships finally closed or restored to solvency
since the banking holiday
of March, 1933.
The Comp¬
it
closed,
finally
was
these
of
creditors
prescribe
42
the
INS^Ly^NT^NATfONAL
ORTRESTORED
TO
liquidated and
during February:
BANKS LIQUIDATED AND FINALLY CLOSED
DURING THE MONTH OF FEB-
SOLVENCY
Total Dis¬
Per Cent
Per Cent
Date
bursements
Total Dis-
Dividend
of
Including
bursem'ts
Declared
to Total
Offsets
Failure
$431,730
74.14
6-15-32
Nat. Bank of Woodlawn,
1,204,405
68.40
52.5
893,741
65.76
39.26
100.72
Gillespie Nat. Bank, Gillespie, 111
12rl9-31
Cooperstown National Bank, Cooperstown, N. Y
Union Nat. Bank of Fostoria, Ohio—
12-18-33
Ohio..
Second Nat. Bank, Brownsville, Pa.*.
Citizens Nat. Bank of Indiana, Pa
First National Bank of Irvona, Pa..._
First National Bank, Plumville, Pa...
Farmers Nat. Bk. of Bridgewater, S. D
First National Bank, Antigo, Wis.I..
611,732
100.42
824,549
79.66
60.1
277,432
88.47
86.7
11-30-31
96,107
48.95
21.849
9-12-32
429,377
53.68
33.92
6- 2-31
171,294
56.41
10-13-33
378,934
92.06
86.8
8-24-31
135,208
1,037,825
48.07
28.6
87.67
84.9
12-15-33
9-10-31
First Nat. Bank at Smithfield,
*
.
5-31-34
and collect stock assessment
to complete unfinished liquidation.
Receiver appointed to levy
value of assets sold, or
46.25
2-15-33
Oceanside, Calif
Chicago, 111.
First Nat. Bank,
to All
Liabilities Claimants
Allowed
during January appeared in our
44.734
covering deficiency in
removal
The
of agencies financing
Total
The
par
amount
tendered at
compiling the figures are
decided
they are made.
decided upon for deriving the cash income
and
and Special Ac¬
appears on page 2 of the Daily Treasury Statements involves
principal changes in the Daily Statement figures:
The method tentatively
of March 20:
outgo figures from
counts which
the following
the Comparative Analysis of General
Of
under par.
these figures reflect three things:
these changes will be explained as
upon,
Total accepted: $101,448,000. .
tendered at prices ranging from slightly above
the average price being fractionally
99.999, 29% was accepted.
down to 99.999,
the
were
and outgo
Treasury, including cash redemptions of
If changes in the basis for
worked out.
1565.
regarding the accepted bids to the offering
bids
changed the character of the Daily State¬
(1) All cash
adjusted service
bonds, but excluding cash disbuised to redeem other Treasury bonds,
notes, &c.; cash redemptions of adjusted service bonds are included for
reasons given
below; (2) all cash received by the Treasury exclusive of
cash received from public sales of Treasury or Government-guaranteed
obligations; and (3) the excess cash income or outgo on this basis.
Because
the Treasury books are not on the strictly cash basis which these figures
contemplate, this series has had to bd built up by amending and rearranging
figures which appear originally on the Daily Treasury Statements unrevised.
The system for making these rearrangements has been only tentatively
disbursed by the
for:, $342,142,000.
applied
accepted
themselves—all these changes, which have
and given rise to a need which these cash income
The intention is to make
at
Henry
Secretary Morgenthau's announcement
is from
of the social in¬
the Daily Statement sum¬
figures are intended to fill.
of
issue of March 18, page
The following
Pub¬
Daily Statement summation
accounts and the removal from
been made in recent years, have
March 20 that the tenders to the
on
from the
accounts
mation
Morgenthau, Jr. an¬
offering last
week of $100,000,000, or thereabouts, of 91-day Treasury
bills totaled $342,142,000, of which $101,448,000 were ac¬
cepted at an average rate fractionally under par.
The
Treasury bills are dated Ma?ch 22 and will mature on
June 21, 1939." Reference to the offering appeared in our
the Treasury
of
Secretary
of trust
reserve
ment figures
nounced
and Expenditures
and expenditures, the growth in importance
surance
Feb. 18 issue, page 959.
$342,142,000 Tendered to Offering of $100,000,000
91-Day Treasury Bills—$101,448,000 Accepted
Average Rate Fractionally Under Par
Receipts
presents
of receipts
National banks completed
Reference to the liquidation of
Cash
(first issue, January,
monthly figures of cash income and cash
outgo of the Treasury from 1934 to date.
The series was
published for the first time anywhere in the January issue
of the "Bulletin," and, it is stated, "is still in an evolu¬
tionary stage."
In the tabulation below we show the net
figures for each month in the period covered, the amounts
appear to be closely related to the item in the Daily State¬
ment of the United States Treasury, "Total excess of ex¬
penditures or receipts of United States Treasury"; a com¬
parison shows the figures in some cases identical, but in
others they are at wide variance.
In its explanation of the figures, the Treasury states that
the figures "should not be confused with statistics which
attempt to measure the effect of the Government's receipts
and expenditures on the general economy.
This other type
of data Requires the making of assumptions about the
qualitative effects of certain tax collections and disburse¬
ments
on
the national income, assumptions which the
Treasury feels it can not make."
We feel that the figures must be meaningless without some
explanation and we accordingly reproduce below the de¬
scription contained in the "Bulletin"; the figures of excess
of cash outgo since 1934 follow the text.
1939)
RUARYv 1939
Name and Location of Bank
418, as amended, and this notice
bills and govern the conditions of
February issue of the new monthly "Bulletin" of
The
the 12 National banks
The following are
finally closed or restored to solvency
Treasury
the United States Treasury Department
1939, amounted to $3,551,521.
February,
the
of
lished for First Time in Treasury Bulletin
Total dividends paid
and distributions to depositors of all receiverships from March 16, 1933,
to
Feb.
28, 1939, amounted to $936,777,381.
Data as to results of
liquidation of receiverships finally closed during the month are as follows:
of
terms
No.
Circular
Department
the
Government's
$538,012,549, or an average of 80.74% of total
liabilities, while unsecured creditors received dividends amounting to an
average of 67.84% of their claims.
Dividends distributed to creditors of all active receiverships during the
month
to principal and
issue.
aggregated
solvency,
as
of its possessions.
any
Treasury
and other
restored to
exempt,
other disposition thereof will also
the sale or
from
to depositors
exclusive of
receiverships,
1,276
be
will
bills
Treasury
gain
their
offsets allowed,
including
disbursements,
Total
or
announcement further said
troller's
1727
Chronicle
Adjustments in Receipts Figures
.
,
the Daily Statement are reduced
received on certain governmental corporation
Treasury because these transactions are
(1) General and special receipts on
by the amount of interest
Thereabouts of 91-Day
March 29, 1939
Tenders to a new offering of $100,000,000, or thereabouts,
of 91-day Treasury bills were invited on March 23 by Sec¬
retary of the Treasury Morgenthau.
The tenders will be
Offering of $100,000,000 or
New
received
Reserve
Federal
the
at
Banks,
or
the branches
thereof, up to 2 p. m., Eastern Standard Time, March 27,
but will not be received at the Treasury Department, Wash¬
The bills, which will be sold on a discount basis
the highest bidders, will be dated March 29 and will
ington.
mature
on
28, 1939; on the maturity date the face
payable without interest. There
June
amount of the bills will be
^similar issue of bills on March 2.9 in
amount of $101,032,000.
The following is from Secretary
Morgenthau's announcement on March 23:
is
(the bills)
They
of
denominations
or
000
of
maturity
a
a
will be issued in bearer form only, and in amounts
$1,000, $10,000, $100,000, $500,000, and $1,000,-
(maturity value).
No
tender
tender
must
for
be
amount
an
in
multiples
less
than
of
$1,000
$1,000.
The
will
be considered.'
price offered
must be ex¬
100, with not more than three decimal places,
e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in in¬
vestment
securities.
Tenders from others must be accompanied by a
pressed
10%
deposit of
the
the basis
on
tenders
incorporated
are
of
of the
face amount of Treasury bills applied for, unless
by an express guaranty of payment by an
accompanied
bank
or
trust company.
the
following morning.
the
right to reject any
less
than
shall
be
The Secretary of the
Treasury expressly reserves
all tenders or parts of tenders, and to allot
the amount applied for, and his action in any such respect
final.
Those submitting tenders will be advised of the ac¬
ceptance or rejection
bills
allotted must be
or
thereof.
Payment at the price offered for Treasury
made at the Federal Reserve Banks in
immediately available funds on March 29,
,
1939.
cash
or
other
;
included In the cash income total on the
following adjusted basis:
Total trust fund receipts minus (a) the non¬
cash receipts of the old age insurance and railroad retirement accounts,
(b) interest credited to such accounts, (c) the interest credited to other
trust accounts having their funds invested in special issues, and (d) non-cash
receipts of other trust accounts; none of these items are cash items.
The
Analysis on page 2 of the Daily Statement includes no trust fund receipts.
Adjustments in Expenditure Figures
(1) The cash
Daily Statement ex¬
"Transfers to Trust Accounts, &c." because
outgo total does not include the
penditure item known
these transfers are not
as
cash transactions.
(2) The cash outgo total also excludes that portion of
expenditure item for "Interest op the Public Debt"
ment
interest
the Daily State¬
which represents
railroad retirement, and unemployment,
and other trust accounts because these payments are
paid to the old age reserve,
insurance
accounts
non-cash.
'
,
(3) The cash outgo total differs further from total General and
expenditures because the cash figures do not include
Account
Special
"Debt
This Daily Statement item is excluded
explained in paragraph (5) below.
(Sinking Fund, &c.)."
from the cash
figures for reasons
(4) The cash outgo total also differs from total General and Special
because the cash figure includes trust fund expendi¬
Account expenditures
total on page 2 of the Daily
Total trust fund expenditures
the old age reserve, unemployment
trust, and railroad retirement and other trust accounts, and (b) any funds
deposited in or withdrawn from Treasury checking accounts as the result
of open market sales or redemptions of obligations by self-financing agencies
tures
(which are omitted from the expenditure
Statement) on the following
minus
adjusted basis:
(a) the non-cash "Investments" in
like the RFC, CCC, or
27,
1939, all tenders received at the Federal Reserve Banks or branches thereof
up
to the closing hour will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on
Immediately afer the closing hour for receipt of tenders on March
the
(2) Trust fund receipts are
;
retirements
Each
by
purchased
intra-governmental.
Be Dated
Treasury Bills—To
to
obligations
USHA.
(5) The cash outgo total also includes cash paid out to redeem adjusted
service bonds whereas the Analysis on page 2, of the Daily Statement does
not show
suance
cash redemption of the
bonds, but issuance of the bonds.
Is¬
whereas their redemption is.
of the bonds is not a cash transaction
bonds is included in these cash figures
of other public debt obligations (mentioned in
Redemption of the adjusted service
although cash redemptions
paragraph 3 above) are not.
This distinction between adjusted service
bonds and other public debt items is based on the fact that the bonus bonds
represented an original payment by the Government whereas redemption
of other publicly-held
Treasury obligations is a repayment of money
previously borrowed.
Financial
1728
An
of cash outgo arrived at on this basis represents the portion
excess
of Treasury
disbursements which
be
through
financed
has been financed or must ultimately
Government guaranteed
of Treasury or
sales
net
If there were no excess of cash outgo, the Govern¬
obligations to the public.
would not have to raise new money currently
ment
items
the fact that the cash figures are
This explanation should make clear
way
a
true reflection of the
Treasury's budgetary position.
Even
labelled "Budget" will not agree with total
the subdivision of cash outgo
The
over
of "Budget" cash outgo
excess
The cash income and
given, by the Daily Treasury Statement figures.
outgo figures are only intended to measure the
flow of cash, exclusive of
cash, into the Treasury and the flow of all cash,
borrowed
exclusive of
repayments of borrowing, out of the Treasury.
EXCESS
OF
CASH
OUTGO
UNITED
THE
OF
public of its obligation under the said agreement:
Whereas, this condition will obtain so long as such occupation and ad¬
ministration continue;
186
205
139
357
January
proclamations, to which the President referred,
reported in these columns of March 19, page 1806 and
April 23, page 2621.
246
295
—153
—49
192
April
455
265
391
381
485
May
142
148
295
287
309
20
—160
869
June
207
-
August
87
—39
428
183
517
148
July
329
175
237
226
82
—211
209
168
191
454
395
402
173
88
334
245
350
December
123
—266
89
177
245
Note— Negative figures denote excess of cash Income.
Secretary Morgenthau Proposes Delay in Imposition of
Full
Social
Security Taxes to Aid
Recovery—
Changes in Reserve Provision Reported Favored by
President Roosevelt
Abolition of the "full reserve" feature of the Social Security
System under a program to aid business recovery by delaying
imposition of full social security payroll taxes was proposed
yesterday (March 24) by President Roosevelt and Secretary
of the Treasury Morgenthau, it was indicated in United
Press Washington advices which also stated that Mr, Mor¬
genthau, testifying before the House Ways and Means Com¬
mittee, suggested a "contingency reserve" be set up to replace
the socallea full reserve which ultimately might increase to
$47,000,000,000; Mr. Roosevelt, at his press conference,
suggested that a reserve of $2,500,000,000 to $3,000,000,000
might be adequate.
In part the United Press accounts (March 24) continued:
contingency
scheduled for next year.
defer increases in
would
reserve
•
or
taxes
3% from the present 1% rate until
1946.
"In periods of incomplete
business
like the present," Mr. Mor¬
"thp contributory old
financed
he
have the least possible deterring effect on business.
therefore
a
to
pertinent
should be allowed to
Mr. Roosevelt
age
question whether
a
insurance system should
so
It is
substantial increase in the tax
the present stage of business recovery."
occur at
thought that
a reserve
would be sufficient and sound from
a
of $2,500,000,000 to $3,000,000,000
business point of view.
"The main consideration," Mr. Roosevelt said, "is to provide a reserve
sufficient to pay pension benefits from three to five years."
Neither Mr. Roosevelt
nor
Mr. Morgenthau indicated that abolition of
reserve
fund.
Mr. Roosevelt
that
said the present objective is to get
sound from the actuarial point
was
of view.,
experts were working toward elimination of unlimited
Mr. Roosevelt said it
$40,000,000,000
come
reserve
was
an
not true that the
under the present
unlimited
reserve
act
figure for
a reserve
that
because in
some
up a
years
to
every one that it is a trust fund established for
Maintenance of the present rate schedule of 1 % on
employees and em¬
ployers from 1937 to 1939 inclusive, increasing to iH% on each group in
1940, to 2% in 1943, to 2M% in 1946 and to 3% in 1949.
,
Increase the tax rate from 1 % to 1 % % in 1940, to
1M % in 1941, to 1
in 1942 and follow the present schedule thereafter.
Increase the tax rate from 1% to 1 1-6% in 1940, to 1
1-3% in 1941,
%%
to protect
a
of the Government
reserve
as
a
the volume of benefit
payments," Mr.
abolition of the socalled "full reserve."
undoubtedly result from
your
opinion, be barred
no reduction
in corporate
contemplated?
The
A
President:
Again, if you
will read the annual
to the
message
Cengress you will find the answer.
In other words, quite simply, we have the choice of following the policy
recommended in the annual message or adopting the policy which has been
advanced by perfectly well-meaning people; that is, cutting down certain
message, must,
which
be
can
I pointed out in that annual,
as
in order to be substantial,
come out
of certain obvious items
They include: relief for the unemployed, all
readily cut.
forms of public works, social security for the aged, slum clearane and various
other items
which
today give work in
large volume—all of those being
predicated ontheguess of many well-meaning people that thereby, taking
away
employment from several million workers, business will automatically
pick up and employ that entire slack plus the other large number of people
who
of work but not in any way
are out
If there
considering.
I doubt,
approval if it
however, whether
tried
were
being helped by the Government.
guarantee that this would happen, it would be worth
was some
and the results
would meet
this
were not
attained.
with
popular
'
It is purely extemporaneous but I think I said a
answer.
mouthful.
revenues
or
Passing
on
advocates
of
of
to the question of tax revision, the President pictured the
of
repeal
special
corporation
single corporation tax
a
as
on
levies
the
and
the
horns of
a
substitution
dilemma, one
of which
pointed to higher taxes for small corporations and the other to
higher taxes for the large corporations advocating the repeal of such levies
the excess profits, capital stock and undistributed
profits tax.
With respect to permitting the lapse of the undistributed profits tax,
reduced
last year to
2H%, he said he
was
opposed to voiding any tax
which acted as a deterrent to tax avoidance by the
very wealthy.
He
pointed out that the primary purpose of the undistributed profits tax was
to
discourage the wealthy from avoiding taxation by investing in the stocks
of prosperous corporations who
made
practice of withholding
a
and allowing earnings to accrue as undistributed
aim,
Increases
Washington bureau, March 21, the New York
"Herald Tribune" had the following to say in part anent the
President's Press Conference:
£e
added,
to
was
increase
the
profits.
to whether he was
that
plan
is
has
dividends
A
secondary
velocity of money.
The President left those at his press conference
completely
as
in the dark
supporting the Treasury's tax revision plan.
been
never
disclosed
by the Treasury,
official said yesterday that their bill was entitled
and aid business recovery."
The official
was
but
a
What
Treasury
"A bill to raise
revenue
confident of the President's
approval.
Morgenthau said in proposing
Treasury
Working Out Plan
It has been reported, moreover, that the Treasury's
plan contemplated
"Specifically, I would suggest to Congress that it plan the financing of
the old age insurance system with a view to
maintaining for use in con¬
repeal of the
tingencies
and the substitution therefor of
an eventual reserve amounting to not more than three times the
highest prospective annual benefits in the ensuing five years."
excess
social security tax.
in
President
along range tax program;
Would that, in
possibility in view of your statement that
taxes is
1H %
fund any larger than is necessary
the system against unforeseen declines in
in
a
would
revenues
today from the present structure.
schedule thereafter.
Omit the increase from 1% to 1H% scheduled for
1940, but step up the
rates in 1943 and follow the present schedule thereafter.
"We should not accumulate
deal of discussion about
a great
would at least probably equal and possibly exceed those we receive
revenues
as
schedules for old age
^insurance con¬
tributions included:
in 1942 and follow the present
curtailment
,
rate
what the
on
such a program in the first year or two but that over a five-year period the
therefor
recom¬
the method of administering old age insurance reserves be
Morgenthau's alternate
As beariDg
that is, one that would be at least for five years, the idea being that some
But he said the
under the present act had been properly
the benefit of the insured who have contributed to it."
Mr.
1569.
officially made public.
There is
Q
From its
Treasury would build
Testifying before the House Committee, Mr. Morgenthau also
changed to make it "clear to
have been
reserves.
criticized.
mended
week ago, page
a
President had to say thereon at his conference with the press
on
March 21, the following excerpts from his conference
He said Government
the outgo of funds would be equal to the income.
possibility of
columns
There is the
a
also introduced in the
was
An item bearing on the consideration by Administra¬
tion officials as to tax revision matters appeared in these
•
r
,
"full reserve" would reduce the cumulative tax burden in creating a
the
A similar bill
war.
House.
expenditures of the Government, which,
recovery
genthau said,
as
declaration of
now
Mr. Morgenthau presented four alternative tax
schedules that would delay increases to
1943
payroll
a press conference on March 21
reported as indicating that he doubted the practicability
of any plan involving repeal of existing special taxes on
corporations, and he rebuked those in the business world
and in Congress who advocate a reduction of Government
expenditures. Meanwhile, also on March 21, a group of 50
Senators introduced a bill designed to take the profits out
of war by taking a major share of personal and corporate
income through sharply graduated taxes, effective upon a
was
53
428
November
The
Comments
President Roosevelt at
338
333
.
October
September.
Roosevelt
on
Prospects of Tax
Session—Says Repeal of Special
Corporate Levies is Impracticable—Statement by
Senator Harrison—50 Senators Sponsor Tax Bill
Designed to Take Profit Out of War—Would Im¬
pose Steeply Graduated Taxes on Incomes
743
2,42
217
—327
1
on
proclamation.
Revision at Present
31
•
my
The 1938
1934
—305
February
March
April 15, 1938, shall Jbe terminated in whole
after the date of this,
were
President
1935
1936
1937
1938
1939
the thirtieth day
STATES TREASURY,
(In Millions of Dollars)
*
tion of March 15, 1938, and
1934, TO DATE
JANUARY,
.
by Germany and Hun¬
renders impossible the present fulfillment by the Czecho-Slovak Re¬
Now, therefore, be it known that I do hereby proclaim that my proclama¬
budgetary position is given, as it has always been
Government's
Czecho-Slovak provinces of Bohemia,
by the armed forces of Hungary, and the assumption of de
facto administrative control over these provinces
gary,
"Budget" cash income will not correspond with the budgetary deficit.
The
the occupation of the
Moravia and Slovakia by the armed forces of Germany, and of the province
Budget expenditures because of the elimination of non-cash expenditures
from the former figures, and, therefore, the
proclamation said:
of Ruthenia
available for debt retirement.
increase the General Fund balance or be
in no
to recognize the "de facto" administrative
by Germany of Provinces of Czechoslovakia.
Whereas,
be applied against matured
would
these figures
25, 1939
Government
control
by public borrowing
public debt
demanding cash redemption and, after covering these items, would
by
Mar.
terminated 30 days after the date of his procla¬
His action follows the refusal of the United States
mation.
An excess of cash income
though budgetary figures showed a deficit.
even
shown
Chronicle
ment is to be
collaboration
profits,
capital stock and undistributed
a
with
Senator
profits tax
single corporation levy, embodying the
The Treasury plan, it
Harrison
was
and
said,
was
being workd out
Representative
Robeit
L.
Doughton, Chairman of the House Ways and Means Committee.
Roosevelt
Issues
ciprocal Trade Pact
Czecho-Slovakia
Proclamation
Between
President Roosevelt issued
United
Ending Re¬
States
and
such lines,
was
proclamation on March 23
terminating the trade concessions granted in the reciprocal
trade agreement with Czecho-Slovakia made March
7, 1938.
The President, in his proclamation, indicates that the agree¬
Pressed to say whether or not the Treasury was advocating
repeal along
a
from
the President gave
Senator
corporation levies
Harrison
came.
taxes was not to be decreased.
concluding
that tax revision
was
out
the
request for
figures
bearing
on
the
Moreover, he emphasized that Senator Harrison
had assured him and had stated
Apparently
noncommittal answer, remarking that it
a
that
from
publicly that the yield of the corporation
*
the
»
tenor
of
the
President's
comment
for this session, a correspondent asked If sue
Volume
an
148
Financial
assumption would bo justified.
The President replid with an emphatic
Chronicle
1729
financing the struggle would be imposed
all personal and corporation
on
negative.
incomes
reduction
According to "Herald Tribune" advices from Washington
March 21, this proposed legislation would provide for de¬
tailed tax schedules to go into effect whenever Congress
shall declare the United States to be in a state of war.
These advices further said:
The whole question, he said, was in the study stage; he was not
favoring anything, the study was going along fine.
The President was quite vehement in
taxing the pi ess with overlooking
the insistence by himself and Senator Harrison that there could be no
in
the
from
revenue
the
corporation
Several
taxes.
corre¬
spondents interposed that they had played up the statements quite protninently, but the President persisted in the assertion that the matter had not
been mentioned
and expressed
thing for the second
or third
the hope that,
now
the
that he had said
time, it would be printed.
"Can't Eat
Discussing the proposals
corporation
have it.
tax
reduc¬
without
the adage
to
Given the problem of
main¬
taining the yield at last year's level, he added,
one of two things could be
done: in the event the special levies could be
repealed, the loss of revenue,
which he estimated as between $220,000,000 and
$230,000,000, could be
made up by increasing the taxes of the small
Since two-thirds of the reporting corporations.
small, with income of not
more
As
to
shifted
them.
to
out if their tax burden
they
now
It
could
also
be
be
diate
expected,
so
words, the President implied that the
many
Senator Harrison's
was
the yield
on
corporation taxes and these figures had been sent to him
He added that he expected to confer with Senator Harrison and
Democrat,
Ways and Means subcommittee
on
of Tennessee,
Chairman of the
taxes, next week, but indicated that he
still on the sidelines.
tax
receipts,
reported in the March
as
15 returns, were
President said, would not alter his view that
corporation taxes could not
be reduced.
If receipts were running ahead, he
added, that would mean
1939-40 wold be correspondingly lower.
Replying directly to President Roosevelt's statements made at yesterday's
press conference. Senator Harrison passed the dispute over taxes and busi¬
ness
"appeasement" back to the White House and the Treasury with specific
denial that he had initiated the suggestion for tax revision.
The
Harrison
verbal sparring
statement
viewed
was
as
opening another
phase in the
Congress as to who should shoulder the responsibility for the new tax bill,
Administration's
the undistributed-profits levy,
pet,
is to be repealed.
.
communication
Apparently Senator Harrison contemplates the elimination of that tax,
levy, together with the capital stock and
Committee.
To
the
I
In his letter to Congress the President «said:
Congress of
am
the United States:
transmitting herewith
a letter dated
March 17, 1939, from the
Secretary of the Treasury regarding the limitation placed upon the total
public debt obligations which may be issued and outstanding
amount of the
at
arty
time
one
amended.
You
limitation of
standing
at
under
will
authority of
from
note
that there will
$45,000,000,000
any
time,
one
be
Second
the
this
letter
bonds
which
be
may
excess
22% rate on corporate income should be imposed.
profits taxes,
interest
the
of
such
of
outstanding
at
Government
financing.
White
The
House,
gains tax won't be touched, in
been
even
mentioned.
We
helped
out
The Second
my
the
opinion.
In fact, it
situation
veiy
much
capital gains and I don't think it will be changed."
Senator Harrison's statement
today
was
of
in
line
with
market
made after he had been asked
.in
the data
prepared
by the Treasury
De¬
partment and which I requested, but I have made no specific suggestions
the President or to
Treasury officials
in the present structure
modification
as to any
change
or
of our tax law.
merce
the speech
recently
delivered
Secretary
the
of
Com¬
and the statement made by the Secretary of the Treasury at a press
Secretary of Commerce relative to aiding business through the modification
elimination of any provisions of the tax law which act as a deterrent to
or
1939.
Secretary Morgen¬
"
face
as
Bond
Act.
-
'
»
.
amended, provides that the face amount
bonds
issued
basis
be sufficient to
carry
the
on
of 'the
debt
total
curient
The
limitation
of
that
issue
within
this
any
shall
time.
one
The
balance
increase
an
and
in
outstanding
the
under
amended.
as
outstanding bonds
on
of bonds which
amount
this
I do not believe,
time
be issued
may
$30,000,000,000.
different problem.
a
limitation
budget estimates
at. this
authority of the Second Liberty Bond Act,
ever,
that
the Treasury well into 1940.
that it is necessary to request
limitation
within
$30,000,n000,000 outstanding at
Treasury can issue approximately $5,000,000,000
public debt obligations under the Second Liberty
the
On
of
amount
the aggregate
face amount of additional
conference. Chairman Dough ton and I expressed in a letter to the Secretary
of the Treasury our gratification over his statement and the remarks of the
the
in
exceed
therefore,
by
20,
.
Liberty Bond Act,
At the present time the
will
Co-Operation Pledged
"Following
time
authority of Section 6 of the First Liberty Bond Act, shall not exceed
$45,000,000,000 outstanding at any one time and provides
further that
7
me
the
at
ROOSEVELT.
the aggregate
not
to
March
D.
bonds, certificates of indebtedness, Treasury bills and notes issued under
authority of that Act, and certificates of indebtedness issued under
The Senator said:
President sent
conditions
the
the
repeatedly to comment on the views of the President expressed yesterday.
"Yes, the
be
Treasury Department, Washington, March 17, 1939.
..
hasn't
will
that it
time.
one
My dear Mr. President:
..
last year on
the
.
Keep Capital Gains Tax
said:'
"The capital
as
of
thau transmitted to Congress read:
,
Asked today if the capital gains tax entered the picture, Senator Harrison
■
Act,
$30,000,000,000 face amount
The copy of the communication from
of—
income
net
$25,000 or less.
To
strongly
very
any
FRANKLIN
preferential treat¬
smaller corporations—those with
/
Bond
Secretary
recommended that the Congress take such action as
may be necessary
give the Treasury the authority which will enable it to carry out its
financing operations during the next fiscal year as may be for the best
He expressed the opinion
that any change in the existing income would retain the
to
the
increasing the present
the total public debt which may be out¬
on
but, does feel
necessary to increase the present limitation of
of
Liberty
that
necessity for
no
cauld be repealed without the loss of revenue to the government if a flat
ment now accorded
The
interpreted in Washington
circles as the result of a congressional economy "revolt"
led by Senator Harrison, Chairman of the Senate Finance
was
to
for he disclosed today that figures furnished him by the Treasury indicated
this
Treasury Morgenthau, in explanation of his views.
I
May Drop Profits Tax
that
the
Treasury feels
match between the President and Democratic leaders in
particularly if the
statutory limitation of $45,000,000,000 on the public
but he asked for the removal of the $30,000,000,000
limitation on the face amount of Treasury bonds that may
be outstanding at any one time.
The President transmitted
to Congress a copy of a written request from Secretary of
debt,
.
Further advices March 22 to the "Herald Tribune" said:
on
immediate need for raising
no
the
President's
running from $30,000,000 to $40,000,000 ahead of Treasury estimates, the
the deficit for
President Roosevelt, in a communication to Congress
March 20, said that there is
Representative Jeie Cooper,
was
Need
for Increasing $45,000,000,000 Federal
Limit—Nevertheless, He Asks Raising of
$30,000,000 "Ceiling" on Treasury Bonds—Trans¬
mits to Congress Letter from Secretary
Morgenthau
thought,
he
He said Senator Harrison had asked for figures
The fact that
recasting and revamping of the
a
Debt
ex¬
of the various
himself
a tax of 15% on net incomes not in
2% of their adjusted declared value, 25% on net incomes not in
of such value, and 100% on net incomes in excess thereof.
Senator Bone said the bill constituted
increased through repeal of the special levies
were
proposal to eliminate the special corporation levies
today.
all incomes
whole tax structure of the United States.
loud protest if the tax
a
object.
Without saying so in
proposal.
on
of 6%
excess
that the large corporations, earning $1,000,000 a year or
more, would cry
to which
of 6%
tax
corporations, there would be
excess of
153,000 out of 200,000,
than $10,000 a year, it could
pected, the President said, that there would be
were
normal
a
President Roosevelt Tells Congress There Is No Imme¬
of the spceial levies came.
burden
individuals, there would be
a personal
exemption of $500, plus $500 for a wife, plus $100 for
dependent, together with superimposed surtax rates ranging from
10% up to 93% on net incomes in excess of $20,000.
corporations or by throwing
big corporations from which the requests for elimination
the burden upon the
were
scale4-^
each
ing revenue, the President said it could be all boiled down
that you can't eat your cake and
to
graduated
a
above
Cake and Have It"
revise the
to
As
on
how¬
presents,
the
Treasury
can
limitation, after taking into consideration the March
refunding operations,
is
approximately
$1,800,000,000.
Taking into
15
con¬
sideration
possible after the March
our
cash
requirements between now and Jan.
1, 1940, the
monthly issuance of United States savings bonds, and the possible refund¬
ing operations which the Treasury may wish to conduct, it seems quite
"Very promptly the Secretary of the Treasury responded and expressed
apparent that the balance of $1,800,000,000 will not be sufficient to give
the Treasury that latitude required in its financial operations over the
We pledged in that letter our co-operation.
business.
W0 also requested
that the views and lecommendations of the Treasury Department be fur¬
nished to
our
respective committees
soon
as
as
been received and examined.
15 returns had
months.
next
Regarding the
taxes proposed in the Senate and House
United Press advices March 21 from Washington said in
few
take
appreciation of our desire to co-operate.
advantage
war
confine all
7\7 "
of
part:
'
50 Senators today aligned themselves behind a bill to promote peace by
the imposition
of steeply graduated personal and corporation taxes during
that
urge
of
a
In
of
its
the
market
Treasury may be in a position
conditions and not be forced
on
bonds be eliminated entirely
it needs
for
its financing
anti-war
profits
bill, described
introduced
was
II.
by its sponsors
by the
bi-partisan
as
a
Senate
"pay
as
you
bloc shortly
House by Representative James E. Van Zandt
after it was offered in the
(Rep., Pa.), former national head of the Veterans of Foreign Wars, and
Representatives Francis H. Case (Rep., S. D.) and Jerry Voorhis
(Rep.,
Calif.).
the
bonds
In
(Dem., Wash.), who obtained the signatures
measures
introduced
profit from the suffering of his fellow in war."
in
the
past
met
powerful opposition from
Similar
private
a
noted
Based
the
on
contends
that
the
Senator
Bone
measure
had been in existence during the Worls War the United
would
have
emerged with no deficit.
terfere seriously with the
The
been
sions,
Treasury informed him
once
part
States
Financiers hold that it would in¬
financing of a major
on
of
by other veteran organizations.
F. W. and has
Under its provi¬
the nation enters into war heavy surtaxes to pay the cost cf
limit
now
time
restriction
be outstanding
extent
to
Treasury
1573.
page
to
stands
Con¬
statement that there
is
still
leeway
a
bonds under the $30,000,-
principally made
on
the
amount
bonds and
up
of
in the form of bonds, as
leeway left for
which
at about $40,000,000,000.
applicable to such obligations, the present debt
Treasury obligations,
the
now
of about $28,200,000,000 of
consists
reduce the
ago,
communication
$1,800,000,000 of long-term
other
lift
week
a
JR.
the removal
long-term
on
of
seek
-
Secretary Morgenthau's
issuance
000,000
issue
the President's
ently
To
war.
anti-profiteering measure is supported by the V.
indorsed in
that if such
limitation
our
interest-bearing debt
industry.
a
in
yours,
MORGENTHAU
to
said:
The national
for
during the next
Washington dispatch, March 20, to the New York
"Times"
the Senate bill, said the measure would serve notice in advance that
"no human can make
of the Administration
$30,000,000,000
was
commenting
gress,
Homer T. Bone
Senator
for
The intention
of
to give the Treas¬
as
Faithfully
ranging up to 98.9% on high-bracket incomes.
An
so
operations
year.
the next war in which the United States is engaged, with emergency levies
fight" measure,
to
to
financing operations to short-term obligations, I strongly
be made to the Cognress that the limitation
the flexilibity
fiscal
that
recommendation
$30,000,000,000
ury
order
favorable
bonds
are
the
of
of
notes and bills.
debt
which
can
at
any
proposed, would necessarily
the issuance of shorter-term
issued above
appar¬
$11,800,000,000
obligations by the
the $30,000,000,000
limit.
Under
obligations could be issued to the extent
short-term
statutes,
current
$5,000,000,000 should no new bonds be floated.
The trend in Government financing in recent years,
tured
usable only1 by the American importer in the purchase of
the German exchange control authorities have authorized
from Germany.
The American importer thereupon buys
cameras for $1,333 (3,333 Reichsmarks) and imports them into the United
States.
Thus, for cameras which cost the American importer $1,000 the
German exporter is paid $1,333; with the result that the German exporter
is enabled to compete unfairly with, and probably to undersell, American
camera
manufacturers, while the exportation to Germany of American
cotton
is correspondingly restricted or curtailed.
Section 303 of the Tariff Act of 1930 (46 Stat. 687; U. S. C., Supp.
This has
Treasury's
and which
June,
in
converted into the 25-year 2%% bonds.
exported
be
to
only about $1,200,000,000 in notes which ma¬
clearly demonstrated this trend.
Of the total notes ex¬
changed, about 70% were
which
cameras
the refunding of
involved
VII,
tjtle 19, sec. 1303) reads:
"Whenever any country,
facture
Czechoslovakia, the United States Treasury on
applied countervailing duties upon all imports
from Germany, under the provisions of Section 303 of the
Tariff Act of 1930.
Effective April 22, duties of 25% will
be applied on all imports from Germany that are in the
dutiable list in addition to normal duties until it has been
established that they are not subsidized.
Attorney General
Murphy issued on opinion, made public March 19, formally
upholding this action, which was expected almost to elimi¬
nate United States imports of goods from German terri¬
tories.
Meanwhile, on March 17, the Treasury Department
issued an order that as a result of Germany's assumption
of a "protectorate" over Bohemia and Moravia, all Collec¬
tors of Customs should henceforth regard products shipped
to the United State from those areas as German products,
with appropriate duties applicable.
^
The following telegram was sent to United States Collec¬
In
patho-Ukraine)
over
the assumption
forces and
military
Hungarian
by
these areas by the
not recognizing
while
that of currency manipulations by the German Government
"controlled," "frozen," or "blocked" mark accounts known as
accounts" and "barter mark accounts," and held them to
constitute "the payment or bestowal, directly or indirectly, of bounties
including
or
W.
R.
of countervailing duties" under that
Comparison of the present German practices and those
the above-mentioned opinion of the Attorney General shows
Treasury Department
identical
German
Germany,
country";
that
countervailing
exports from and discourage imports into Germany."
after discussing the facts there involved, continued,
encourage
The
in
opinion,
same
part:
"I have no doubt that
the
constitute
lations
'
Honorable,
The Secretary
18, 1939.
of the Treasury,
memorandum to
certain practices
prevailing in Germany, and to your recent informal request for my
opinion as to whether those practices require the imposition by the
Treasury Department of countervailing duties under Section 303 of the
Mr. Secretary:
Reference is made to your
President, dated Nov. 28, 1938, in which you outline
the
the determination of how
competition with similar goods here,
.
dear
prevailing are identical in purpose
German practices now
Since the
Act
of
You state
in
memorandum that th#ffollowing
From
Germany:
of
"(1) The prospective American importer of German goods 'buys' one of a
number of kinds of merchandise (cotton or copper in most, if not all, cases) for
dollars at the world price.
The kind of merchandise to be admitted into Germany
the purpose of the 'barter' must be approved by the German import control
approval is strictly limited to a very few kinds of goods.
"(2) The merchandise is shipped into Germany, having theretofore been sold
tq a German purchaser for free marks (which, as appears below, are immediately
blocked) at a price substantially higher than the mark equivalent of the total cost
to the vender, if such cost is calculated at the current official rate of exchange."
This spread or 'uberpreis' (over-price) is uniformly 33 1-3% in the case of cotton.
It has been less uniform but usually greater in amount in the case of copper.
In
for
authorities, and such
every case
the price to be paid by the German
by the German import
vendee must receive prior
a
approval
control authorities.
limitations upon the use of such
controlled funds
is in payment for German
of goods for which such
payment may be made are restricted to those set forth in detail in a list published
by the German exchange contro lauthoritles on July 19, 1938.
Excluded from this
"(a) Articles and
„
commodities in which Germany has a virtual international
their export at the current h.gh German prices requires
monopoly to such extent that
no
•
assistance.
is a shortage In
Government.
"(b) Goods of which there
favored by the German
"(c) Goods composed
Germany so that their export
is not
extent that their export
the drain on Germany's
of the materials used in
the
a
following
example
will
serve
desires
to import
into the United States
certain
German
cameras.
special
a
the
at
It
by
advised, with your
market
for
the
German
in December, 1936, the
approval, that certain prac-
authorities
to
goods sold to Germans
prices
American
both
and
German
goods
and,
to
as
arbitrarily
duty
funds
the
is
my
or
thus
same
to
impost upon American goods
derived
time
subsidize
to
substantial
German
subsidies
are
bestowed
upon
German
thiB country.
opinion, therefore,
that it is the duty of the Secretary of
the
duties under Section 303 of the Tariff
Act of 1930 upon such goods imported into this country from Germany
as
are
affected by the practices outlined in the above-mentioned memo¬
randum of Nov. 28, 1938, and that the proposed Treasury decision, copy
of which accompanied the memorandum, is appropriate in form to carry
from
this can be done approval
of the transaction must be obtained from the German exchange control
authorities, without whose approval nothing can be exported from Ger¬
many.
This approval i6 obtained, and under an arrangement approved
by
the German
import control authorities, without whose approval
nothing can be imported into Germany, a German agent acting for the
American importer buys American cotton at the world price for $1,000
and sells it in Germany for 2,500 Reichsmarks (the world price at the
prevailing rate of exchange of 40c.), plus a premium of 33 1/3%,
making a total sales price of 3,333 Reichsmarks, the equivalent of $1,333.
This sales price has been fixed in advance by the German import control
authorities, and the German purchaser of the cotton is required to pay
it into a special account in a German bank in free German marks', which
immediately become blocked and frozen and thereafter, for all practical
Germany
the
Treasury to impose countervailing
Jan. 20, 1939, it appears that
to illustrate how the present German
subsequent memorandum, dated
practices operate:
An American importer
was
American
goods,
goods exported
their manufacture."
From
of
controlled
and
of foreign materials to such a large
objectionable to the German Government because of
foreign balances which would result from the purchase
is
proposed
proceeds
of
by their American owner may be, their only practical use
goods to be shipped to the United States.
The kinds
list are, in general:
for
and the subsequent use
exports to America in
order to enable German exporters successfully to compete in the markets
of
this country.
In so far as they involve imports into Germany of
American goods,
such imports are restricted to essential raw' materials
whiph Germany does not produce in quantities sufficient to supply, its
needs and which, therefore, must be imported.
Instead of permitting these
raw
materials to be purchased at world prices and paid for in foreign
exchange, as is customary in international trade, the German Government
requires them to be purchased and paid for under the practices outlined.
Thus burdensome import restrictions are imposed upon American goods
of
,.
Whatever the formal
call
fixed by the German Government.
The practical effect of the present practices is the same as that which
would flow from the imposition and collection by the German Government
special
"(4)
Government
tlien
American
"(3) The marks paid by the German vendee are required to be paid into
accounts in German banks, where, as mentioned above, they are held as 'blocked'
or controlled funds for the account of the prospective American importer mentioned
above.
likewise
they
govern the exchange
for German goods sold
to Americans would not call for countervailing duties.
An examination
of those practices, however, shows a fundamental difference between them
and
the
practices now under consideration.
The former contemplated
that both the sale of the American goods and the purchase of the German
goods concerned were to be upon an uncontrolled market "at the current
fair German open-market prices for such goods," while the latter involves
"tices
"
'*
limited
'
.
German
practices now prevail
that
Department of countervailing duties.
other data available, it appears that
Treasury
1930.
in your
follows
it
General,
„
and
the Attorney
imposition by the
the above-mentioned opinion of
effect with those discussed in
now
Tariff
manipu¬
bounties
much depreciated currency
order to enable him to place his goods in this country
and the necessary manipulation to accom¬
plished the end desired.
.
The intent of the practices is to assist German
exporters and the results carry out that intent.
"However the same be paid or be¬
stowed' it Is plain that there is a bounty or grant paid or bestowed 'directly or
indirectly' by the German Government which has established the machinery for
the benefit of the German exporter and which assists him In the operation of it."
in
.
ify
bestowal,
by the exporter in
is required
follows:
The
or
.
interests of Germany,
best
General's opinion regarding application of
duties to imports from Germany read as
March
and also the currency
directly or indirectly, of
the script and bond practices
payment
German exports calling lor the imposition by the Treasury De¬
partment of countervailing cuties.
...
f..
the whole aim seems to be to vest in the German Government absolute
control over exports; the determination of whether the particular export Is to the
and grants upon
JOHNSON,
•
;
.
"the German authorities also completely control imports
permitting only those which are deemed for the benefit
and, manifestly, "the whole policy indicates a desire
loss";
curring
to
.
transactions are completely controlled by the German
only such exports as it deems to be in the
interest, and the devices described are means by which the
Government enables the German exporters to xport without in¬
German
into
for
,
their goods
which permits
Government,
of
opinion
.
them, "export
under
.
The Attorney
that they are
Adopting the language of that
and effect.
purpose
497-498), the present practices, like the former, "are
.
the benefit of German exporters and enable them to export
so as to be in a position to compete with our domestic products
of
Acting Commissioner Customs.
in
by the
statute.
considered in
(pp.
(e) Customs Regulations,
'
above-quoted
grants upon German exports" within the meaning of the
of the Tariff Act of 1930, "calling for the imposition
section
any
possible notice.
mark
"Aski
Hungarian authorities, the State Depart¬
Apply provisions Article 822
1937, in determining dates exportation.
all
1936 (38 Op. 489), the Attorney General
practices then prevailing in Germany,
certain
consider
to
through
legal basis for the changed status of
Ruthenia, is obliged by existing circumstances to consider that that part
of the Czechoslovak Republic is now under the de facto administration of
the Hungarian authorities, products of the area mentioned exported from
any country on
or after March 19, 1939, shall be regarded as products
of Hungary for the purposes of the marking provisions of the Tariff Act
of
1930 and
for determining applicable rates of duty.
Give importers
ment,
duties."
opinion, dated June 2,
an
occasion
had
recent military
of the
control
>bf such additional
having today advised Treasury Department that in
occupation of the Province of Ruthenia (Car-
Department
State
view
or
March 18:
tors of Customs
or
an
18
March
other political sub¬
partnership, association, cartel, or
person,
bestow, directly or indirectly, any bounty or grant
production or export of any article or merchandise
or
Germany of the former terri¬
of
tory
government,
of
shall pay or
Czechoslovakia
Territory of
Following the absorption by
dependency, colony, province, or
corporation
upon the manu¬
manufactured or
produced in such country, dependency, colony, province, or other political sub¬
division of government, and such article or merchandise is dutiable under the
provisions of this Act, then upon the importation of any such article or merchandise
into the United States, whether the same shall be imported directly from the country
production or otherwise, and whether such article or merchandise is Imported
in the same condition as when exported from the country of production or has been
changed in condition by remanufacture or otherwise, there shall be levied and
paid, in all such cases, in addition to the duties otherwise imposed by this Act,
additional duty equal to the net amount of such bounty or grant, however the
same be paid or bestowed.
The Secretary of the Treasury shall from time to
time ascertain and determine, or estimate, the net amount of each such bounty
grant, and shall declare the net amount so determined or estimated.
The
Secretary of the Treasury shall make all regulations he may deem necessary for the
identification of such articles and merchandise and for the assessment and collection
Applies Countervailing Duties of 25%
Additional on Imports from Germany—Treasury
Also Rules Products from Bohemia and Moravia
Will Be Subject to Same Imposts as Those from
Other
Reich Territory Following Absorption of
division
States
United
1939
are
purposes,
of
however, has been
gradually to lengthen the maturity of its interest-bearing debt.
been
made possible at exceedingly
favorable terms by the
deliberate easy-money policy.
The Government's March financing, only recently completed,
Mar. 25,
Chronicle
Financial
1730
Before
out
that
purpose.
Respectfully,
FRANK
MURPHY, Attorney General.
,
$358,000,000 Army and Air Corps Expansion
to
White
House—Both
Branches of
Adopt
Conference
Report—House
$116,539,287 for Defense
Bill Sent
Congress
Alsd
Votes
Congress completed final action on the $358,000,000 Army
Air Corps expansion bill on March 22 and sept it to the
White House for President Roosevelt's signature.
Both the
and
4
Volume
Financial
148
Senate and House
Administration
that
day adopted the conference report
by the conferees last week
(March 15), as was reported in our March 18 issue, page 1567.
Of the amount authorized, $300,000,000 is for the Air Corps,
with a maximum limit of 6,000 planes, $23,750,000 for
stronger defenses for the Panama Canal and $34,500,000 for
better Army equipment.
which
had
on
been agreed
Shipstead
upon
today.
with
Approves
Amendment
So
had
of
providing
bill,
reorganization
(Dem.,
ill-starred
election
Senator Ilenrik
sided
year,
S.
C.),
he
him
with
one
of the
"purge," also voted
he voted with the Administration.
year
gained
few supporters.
a
Gillette
Sen¬
(Dem.,
was
in the Adminis¬
chosen
to
single vote that Vice-President John Nance Garner,
a
his
cast
presiding officer
forces.
first
in
Although
assuming
could have
Mr.
anti-reorganization drive,
since
vote
1933,
turned
his
position
the
scales
Garner yesterday aided
he
declined
exercise
to
the
as
in
favor
and encouraged
his
prerogative.
giving up "parliamentary government and turning it over
to the
Executive."
Press
the
for
Last
last
Smith
the Administration
ciated
Government
Roosevelt's
colleague,
His
vote
not
Ed)
Senator Wheeler, in debate on March 20, warned against
trend in the United States as well as in
Europe toward
a
Eliminated
The
did
(Cotton
today.
Wheeler
the
Is
Powers
hand,
important
Senate's
a
President's
Curtail
to
the. other
tration fold
Gain
Leaders
who
Key Pittman (Dem., Nev.) and Senator Guy M.
Iowa>, who favored the amendment last year, were back
Reorganization Bill—
Victory as Wheeler
Government
Administration
Mr.
himself.
reversed
year,
Minn.),
the Wheeler contingent.
On
♦
Senate
(F.-L.,
Senator Ellison D.
ator
total of $185,672,028
appropriations and contractual authorizations.
-
in direct
1731
last
Senators involved in
The House on March 22 also voted an additional $116,539,287 Army appropriation for critical equipment items and
to strengthen seacoast defenses.
This item was part of a
deficiency appropriation bill carrying
Chronicle
Defending
in
He
quoted
was
amendment he had proposed
an
reorganization of Federal executive departments and agen¬
tion
cies,
"legardless
of
the
follows by the Asso¬
as
Washington dispatch:
a
to' the Government reorganiza¬
States."
63
passed by the Senate on March 22 by a vote of
was
23.
to
A
similar
8
and
March
on
bill
the
approved by the House
was
measure
referred
was
adjustment of minor amendments.
Senate
March
on
22, by
Federal
bureaus.
The
Before final passage the
President's
Adoption
stitute
Senator
by
sponsored
amendment,
that
Wheeler, had originally been inserted March 21 by a vote
46 to 43.
Its elimination was hailed as a victory by
"a
he
After
Administration forces.
approved
Press
advices
Washington
this amendment
on
of
22
March
de¬
Republicans and
and
The
46
leaders
it
fought
striking out the amendment
44
to
Under
reconsider
to
Senate
to
action
action
its
procedure it
reconsider,
by
•
vote
For
retention
of
Maloney,
Missouri,
Republicans—Austin,
Frazier,
Gibson,
Nye, Reed,
Holman,
elimination
For
Bridges,
Johnson
McNary,
Lodge,
Wiley—22.
(46)
Gillette,
Ellender,
Downey,
Neely, O'Mahoney,
Minton,
Murray,
Schwartz,
Oklahoma,
Guffey,.
Green,
Pittman,
Pepper,
Hatch,
Harrison,
Radcliffe,
Mead,
and
amendment
for
retention,
effort
its
The
throw
to
Democrat
back
hastened
leaders
Rhode
of
to
two
and
Island,
of
as
in
,
Democrat
morning,
victory
from
votes,
more
Truman,
this
Washington
did
Senators
Missouri,
of
Nye,
Senator
proposal.
been
in
Missouri
north.
address
the
learned
was
Senate,
Nye returned
Senator
from
recuperating
was
It
rushed
who
to
back to duty here, Senator Truman
Legislature.
Senator Green reached
yesterday, returning from Santo Domingo, and immediately took
plane
he
Senators
the
Among
had
had
by plane
presiding
Gainer,
his vote in
the Administration
promised
Orlando,
from
a
Fla,, where
illness.
Vice-President
that
Republicans
amendment,
case
officer
of
a
of
the
tie.
reported
ih favor of the Wheeler
the following United Press
21
March
on
as
in
45
was
from
vote
then
sideration,
labled
and
Senator
immediate
still
Bennett
vote
chamber
failed
Borah
the motion,
Mr.
maneuver.
his
realized
The
for
which
the
affirmative
President
the
recon¬
insuring
amendment, which
has
counter-attack
in
could
because
tie
a
himself
from
the
will be called up
tomorrow by Mr.
averted
narrowly
defeat
on
year
action
by
draft
of
became
be
repulsed.
Senator
confused
for
in
voting,
on
the
the bill
Under
the
Byrd,
houses
shouted
votes when the Administration
of
Demo¬
reorganization
March
22,
United
Press
accounts
Coast Guard;
Army Engineer Corps;
Missis¬
Exchange
Commission; National Labor Relations Board; Securi¬
Board of Tax Appeals; United States
Commission;
System;
States
United
Tariff
States
Board of Governors of the Federal
Employees• Compensation
Commission.
Roosevelt
began
Commission,
and
/
his
reorganization
drive
in
1936.
A
com¬
incorporated
The
the bill
in
approved
today.
adoption of the bill by the House
March 8
on
March 11 issue, page 1407.
our
our
issue
a
was
The Senate
on
page
week ago.
.
Senator Josh Lee, Democrat, of Oklahoma,
introduced what is termed a $1,000,000,000
Congress
onjMarch 16
program for
converting landless tenants into farm owners.
The legis¬
lation, which it is said, calls for Government insurance of
farm purchases in much the same way that the Government
now
insures home mortgages under the Federal
Housing
Administration, is backed by the signatures of 52jSenators.
Senator Lee is reported as stating that the program would
be sponsored in the House by Marvin Jones,
Democrat, of
Texas and Chairman of the Agriculture Committee and
that the plan has the support of the Administration.
Associated Press advices from Washington under date of
March 16, said:
Lee bill
The
was
offered
as
an
amendment to the present Federal farm
tenancy program, under which the Government is spending 525,000,000 a
year to
purchase farms.
The farms
are
then resold to selected
tenants
on
long-term, low-interest plan.
said.
only
a
few thousand tenants each year," Senator Lee
"It is just a drop in the bucket compared with the insured mortgage
plan, but it has demonstrated that a tenancy program will work."
Instead of buying the farms, the Government, under the new bill, would
merely insure mortgages given on purchase.
*
Senator Lee said that interest on these would be limited to
and that tenants would be selected
the
present
3% annually
by county farmer committees,
as
under
program.
Senator Lee said tenants who lacked funds for
a
down payment of 10%
would give liens to the Government on their crops.
♦
Senators
Wheeler and Truman Sponsor Bill for Rail
road Reorganization—Measure Designed to Prevent
"Cycles of Insolvency"—House Judiciary Subcom¬
mittee Approves Chandler Bill for Voluntary Rail
yes,
Reorganizations
fought
on
effective
If
recently passed by the House, reorganization plans would
automatically
within
60
days
after
submission
to
Con¬
branch of Congress approved the plan and the other rejected
on it, it still would become operative.
Dennis Chavez (Dem., N. M.)
deserted the Administration by
one
failed to act
Senator
voting
that
spending.
Senators
Wheeler
of
Montana
and
Truman
of Missouri
revealed on March 19 that they planned to introduce a bill
establishing a Railroad Reorganization Court to take juris¬
over
the rehabilitation of insolvent railroads and
diction
become
gress.
desire
Government
headed, by Prof. Louis Brownlow made sweeping recommendations
changes in the executive branch of the Government, but few. of them
Wheeler-Clark
ments.
or
Senator Harry F.
Congress's
Wil¬
all plans which the
reshuffling of Government agencies and depart¬
both
had
House
Under
floor.
much more drastic reorganization bill, requires
a
the legislation
The
mittee
for
were
Barkley.
and
and hastily switched to the negative side.
error,
may
promptly demanded an
that with all their followers
Mo.)
this entitled the Administration to demand debate
Barkley
last
hoping
absented
amendment, defeated by four
passage
(Dem.,
resulted
vote
Idaho)
Administration
The
scuttle
Administration
the
when
(Dem.,
parliamentary rules
dark
Champ
reconsideration,
on
the
E.
to
demand
maneuvers
unsatisfactory" to President Roosevelt.
Wheeler (Dem., Mont.), author of the amendment,
K.
effort
in
The
liam
chance
another
parliamentary
of
"completely
Burton
Senator
series
a
(Dem., S. C.) switched
entitling him to
after the count,
yes
followed
Administration
the
been
Senator James F. Byrnes
to 44.
to
no
exempt from
Commission.
Federal Communications Commission; Federal
Federal Trade Commission; General Accounting Office;
"This has reached
The vote
amendment by
curtail
Federal Deposit Insurance Corporation;
a
Washington advices of the date mentioned:
his
to
Commission;
Veterans'
Administration;
National
Mediation
National Railroad Adjustment Board; Railroad Retirement Board;
Board;
Twenty-three Democrats voted with a solid bloc of Sen¬
ate
con¬
trust
Farm Tenant Bill Introduced into Senate
had expressed
counted
of
Republican,
Hale,
Republican of North Dakota, to participate in the hotly-contested Wheeler
Miami
and
against.
confidence
the restrictive amendment.
"
out
ties
for retention of the
Democrat,
against retention;
Democrat,
leadership
Administration
Green,
who
Byrnes,
would
lack
a
committee's favorable report on the bill was noted
Holt,
Andrews, Democrat,
and
an
to
Commission;
Interstate Commerce
1567 of
follows:
as
Administration's
The
.
announced
said,
Commission;
referred to in
Independent—Norris—1.
were
had
shows
Reynolds,
Progressive—LaFollette—1.
Pairs
voted
Compensation
declare
to
Power Commission;
Stewart, Thomas of
Walsh—44.
Truman, Wagner,
"it
passing the bill, however, the Senate refused, 41 to 37, to exempt
Aeronautics Authority from presidential
authority to reorganize.
present form, the bill exempts from reorganization the following
President
Schwellenbach, Sheppard, Smathers,
Thomas of Utah,
'
:
Hayden, Herring, Hill, Hughes, Lee, Lewis, Logan, Lucas, McKellar,
Russell,
Mr. Lewis
because
duties."
Senate
Washington,
Service
United
Democrats—Ashurst, Bankhead, Barkley, Balbo, Brown, Caraway, Chavez,
Connally,
the
approved
utilized
River
Reserve
Shipstead—2.
of the amendment
of
Maritime
Danaher, Davis,
Capper,
California,
of
Colorado,
of
Wheeler—20.
Vandenberg, White,
Townsend,
Tobey,
Farmer-Labor—Lundeen,
Nuys,
Van
.
Clark of Idaho,
Johnson
Glass,
Gerry,
Tydings,
its
Civil
„
Byrd,
Burke,
Bulow,
George,
Smith
Barbour, Borah,
Gurney,
Taft,
Bone,
Bailey,
Donahey,
President
agencies:
sippi
,
McCarran,
Civil
In
its
..
struck out follows:
was
(44):
Democrats—Adams,
Clark
41, and thereby made
.
by which the amendment
King,
Exective"
his executive
Employees
Virginia,
be
Before
the
but it next Voted to table a
46 to
.
the
stated:
yesterday approving the proposal.
the margin of
fighting that trend
trusting
similar exemption.
From
the Senate had
after
soon
technically possible for the chamber to
was
final.
The
continue
not
.
vigorously.
came
reconsider its vote eliminating the amendment,
motion
to
with
anti-Administration Democrats favored the amend¬
many
Administration
vote
voted
intended
amendment,
the
on
exchange,
States
a
measure
ment
Wheeler
perform
Senate
of
crat
follows:
as
United
The
the
their
the
Associated
of
reflection
will
of
scribed the action
he
charged
spoke in reply to Senator James H. Lewis, Democrat of Illinois.
reorganize
powers to
I'm
Senator, whose amendment would require congressional approval of
reorganization orders by the President before they could become effcetive,
vote of 46 to 44, eliminated an
a
amendment curtailing the
United
said
whether
The
for
conference
to
bill, the Montanan
for
proposal.
the
amendment.
Senator
Ernest
Last
Lundeen
he voted
(F.-L., Minn.),
year
"nay" on the same
who voted with the
thus
avert
further
"recurring cycles of insolvency, reorganization,
insolvency and further reorganization."
The
pur¬
of the measure is described as to avert reorganization
of railroads holding little promise of continued stability
pose
through
reorganization.
subcommittee
voted
on
-
Meanwhile the
March
17
to
House Judiciary
report
favorably the
bill
Chandler
railroad reorganiza¬
apply for voluntary reor¬
tions, and to permit a railroad to
ganization in the courts.
In a statement by Senators Wheeler and Truman,
This bill
is
of
one
officials.
of insolvent railroads.
reorganization, further insolvency
one-third of our railroad mileage now
vency,
The following
With
House Receives
in
The House
to the floor
,
.
be roughly divided into three classes:
House bill
(2) provisions that will
expedite and facilitate the reorganization procedure itself, and (3) pro¬
visions of a reform
nature to eliminate unwholesome practices in the
Feb.
this
of
1
Administration's
to the Senate the
mistakes and current misfortunes, we
establishing minimum standards
speeding up reorganiza¬
for
It also includes provisions for
In railroad reorganizations.
and for reviging those provisions of the present railroad bankruptcy
which have the effect of giving holding companies a stranglehold on railroad
tion procedure,
statute
the "clearly indicated
Mr. Roosevelt has said that no appropriations
be made for the farm program unless
requirement that 25% of the security holders and creditors of each
must agree to a proposed reorganization plan before the railroad can
to the Interstate Commerce Commission for approval.
take it
determine whether the plan is in
ability of the railroad to
perform its services, and that it is practicable and feasible.
4. A
provision requiring reorganization plans to be dismissed if the
railroads fail to carry out their stipulations while the plans are pending
A
3.
the
in
requiring the ICC to
provision
public interest, that it will not impair the
the
*
appropriation of Congress last year of $212,000,000 for parity pay¬
mittee believes its duty is clear to
for
policy with respect to carrying out
agricultural adjustment act," the Committee said.
new
"The Com¬
provide in this bill the funds necessary
continuation of that policy.
a
"The budget, as submitted
by the President, would provide a total of
$485,000,000 for farm payments, or a reduction under the current year of
more
than
30%.
•
"The Committee believes such a reduction would be a blow to the agri¬
cultural recovery which is
of
deemed to be essential to the complete restoration
national economy as a
our
whole."
Although the Committee carried forward the parity payment policy set
procedure.
A
above $485,000,000 should
Congress at the same time legislates
offsetting revenue.
the
class
be made under
policy" of the last Congress.
ments, clearly indicated the legislative
in that statement.
describing the Chandler bill a Washington dispatch
of March 17 to the New York "Times" said:
As approved by the subcommittee, the bill will not prevent railroads
in equity receivership from taking advantage of its provisions.
Reorganiza¬
tion cases
pending under Section 77 of the bankruptcy laws, however,
cannot be transferred under the procedure provided in the bill.
The subcommittee approved four amendments to the bill, as follows:
1. A limitation
of five yeara on the operation of the reorganization
In
biU, noted that the President had
requested any parity payments, but it said they should
not
"The
introduced today is the bill referred to
Congress earmarked $212,000,000 in a relief
The Committee, in its report on the
reorganizations."
The bill
than the President's
for parity payments.
bill last year
"
more
$250,000,000 for farm parity benefits which the
budget did not.recommend.
have prepared a bill, which we are now dis¬
agencies,
other Government
with
cussing
program—$15,000,000
farm
budget called for—and
of the Committee on Interstate Commerce
investigating railroad financing and related matters, which was entitled
"A Problem in Hailroad Reorganization—Reorganization Plans as
Causes
of Recurrent Insolvences" (Report No. 25, Part 1), we publicly stated:
"Believing that this country should not ignore the lesson taught by the past
the subcommittee
of
report
Washington
,
$500,000,000 for soil conservation payments under the
The bill called for
at the time of submitting
year,
Associated Press
In reporting the measure,
advices of March 23 said:
reorganization procedure.
On
Budget Bureau estimates. The major increase in the
was for $250,000,000 for farm parity payments.
above
the financial structures
Provisions designed to insure the soundness of
will emerge from the reorganization process;
Appropriations Committee on March 23 sent
of the House a $1,067,274,427 Agriculture De¬
partment appropriation bill, described as the "largest farm
bill in the history of the United States."
The measure,
which will cover all activities of the Department of Agri¬
culture for the fiscal year beginning July 1, was $244,598,376
to deal as well ,as we
.
$1,067,274,427 Agriculture Department
Appropriation Bill—Far Above Budget Estimate
the content of the bill :
is a description of
provisions of the bill may
The
(1)
that
Appropriations Committee to trim it
that of recurring cycles of insol¬
and further reorganization.
objectives of the bill we have introduced are
how with the situation just outlined.
know
motion by Representative
adopt a
bill with instructions
"by at least 10%."
The bill, as passed, was $7,289,188 below Budget Bureau estimates, but
$13,000,000 above current appropriations.
bankruptcy, and much more
of it on the verge of bankruptcy, it would be reckless indifference to
tolerate a repetition in the future of unsound and temporary makeshifts.
It is no exaggeration to say that such guilty indifference will retard the
progress of our social and economic order.
The
for the testing of explosives.
123, to
of Pennsylvania, to recommit the
...
of the past has been
lesson
The bitter
to
215
refused,
Republican
the
to
railroad' field—the problem of financial reor¬
the
problem in
basic
and
ganization
appropriation
Mines
House
The
Rich,
study it in advance of any hearings that may be held on the bill.
The bill is an attempt to deal soberly and scientifically with a primary
to
of
Bureau
ample time for interested persons
that there may be
so
order throwing out $1,070,000 for the purchase of reindeer for
and Eskimos of Alaska.
The House added $35,000 to the
Indians
native
introducing this bill at the earliest possible time after
We are
those conferences
the
reduction
The
of
point
Commission and other Government
members of the Interstate Commerce
of
below
$1,035,000
bill
This
the Senate, the Interior bill is about
figure recommended by the Appropriations Com¬
was accomplished by Republican
insistence on a
passed by the House and sent to
mittee.
dealing with various phases of the railroad problem.
was drafted after consultation with, and
with the cooperation
Congress
Whole, were there in force today to reject
They were joined by a number of Republicans.
record vote.
a
As
introduce in this
series of bills which we intend to
a
ii in
they
of their bill, in part, as follows:
summarized the provisions
in Committee of the
on
1939
the White amendment was
Democrats, outnumbered last week when
The
tacked
25,
Out in Force
Democrats
voluntary
facilitate
to
Mar.
Chronicle
Financial
1732
forth in last year's recovery program, it made no
relief and rural rehabilitation.
purpose
Committee slashed
The
for $201,000,000 for
could
provision for special loans,
Congress voted $175,000,000 for the latter
last year.
get along with
Because
of
new
$10,000,000 from the budget bureau's request
the Bureau of Public Roads, saying the roads agency
$40,000,000 for gradecrossing elimination.
crop
production and harvesting loans, the Committee
jumped last year's appropriation for the farm credit administration from
$3,750,000 to $14,850,000.
courts.
♦
Interior Department Supply-
Passes $159,543,905
House
House
Judiciary Committee
Finds no Ground to
Justify Investigation of Impeachment Charges
Against Secretary of Labor Perkins
Bill—Rejects Amendment to Lower Limitation on
Cost of Dwellings Under USHA
Representatives on
By a vote of 267 to 105 the House of
1940,
the Interior Department Supply bill for
appropriations of $159,543,905.
Prior to ap¬
20 passed
March
with
proval of the bill the House, by a vote of 290 to 77, rejected
an amendment by Representative White of Ohio, previously
adopted in committee of the whole, to restrict the cost of
dwelling units under the United States Housing
family
Authority slum clearance and housing program to $3,500 for
The present limitations are $5,000
and $4,000 per unit in cites under
500,000 population.
A Washington dispatch of March 20
to the New York "Times" noted passage of the bill in the
each family so housed.
cities
in
House
■
follows:
as
Nathan
have
would have
existing contracts between the Government
seriously
abrogation of
many
Straus, in
would
have
and
program
National
70,000
Broadcasting
construction
was
families
Co.
under
in
way
least
he stated,
said,
work
8,000 to
in
about
project
said,
a
10,000
year
and
"These
rehousing
projects,
homes for
go
for, in
under
unemployed would
first
loan
set aside by
projects in
when
month hence, at
every
Each
construction.
be in
month,
construction
provide the appropriate material.
the
155
completed,"
he
for
contract
housing
public
a
Since that time, Mr. .Straus
cities
down
to
an
the Housing Authority for slum
continued,
"will
provide
decent
average
of
$400 in
some
of the Southern
towns.
"When
many
the
the Housing
doubters.
limitations
on
program
Act became
People
costs
said
unanimous
existing
a
law in the fall of
provisions
were
impossible of achievement.
1937,, there were
unworkable,
But
its
strict
the fine thing about
is that it is benefiting those who had doubts of its success."
Shortly before the vote
asked
its
on
consent
commitments.
to
:
the White amendment today the author vainly
add
unanimously that there are no grounds for impeachment
some
minority views, but they wiU not be on the matter»■
Impeachment."
Republicans have suggested that the committee's report to the House on
the impeachment
charges, which were filed by
Representative Thomas,
Republicam, of New Jersey, should contain some criticism of the Cabinet
officer for what they described as her
failure to press deportation proceedings
against Mr. Bridges, C. I. O. maritime leader on the
on
the Thomas
West Coast.
Mr. Thomas's resolution ordered the judiciary
his
charges
Solicitor,
that
and
the House late today
charges.
Miss
James
L.
Perkins,
Gerard
Haughteling,
D.
committee to investigate
ReiUy,
Immigration
Labor
Department
Commissioner,
were
a
On March 22 the House Judiciary Committee was re¬
quested by its sub-committee today to drop the investigation
of the charges.
Reference to testimony presented by Secretary Perkins
at a hearing in the matter was made in these columns of
Feb. 11, Page 817.
♦
cities.
150,000 families with incomes ranging from $1,100 per year in a
few Northern
three-hour committee session:
Now Unemployed
now
men
since
$650,000,000 has been
clearance
public
that
a
"We have agreed
There wilt be
deportation" of Mr. Bridges.
approved by President Roosevelt.
was
Speaking over
said
after
guilty of high crimes and misdemeanors and had conspired to "defeat the
homes would
factories -which
or
is
It
dwellings.
Administrator
only the beginning,
was
additional
5,000
the
Representative Sumners, Democrat, of Texas, the Chairman, announced
cities.
20
Jobs for Men
This,
slum
from
chain,
under loan contracts in 80 localities, and that actual
were
the committee's action in the matter:
ing
Mr. Sumners said the committee hoped to report to
radio address tonight, said that within a year the USHA
a
removed
housing projects
he
the
curtailed
private contractors and local housing authorities,over the country.
Mr.
a
would
the
meant
......
officials said that the
and other
USHA Administrator,
Straus,
amendment
and
500,000
over
The House Judiciary Committee yesterday (March 24)
unanimously agreed that there was no ground to justify an
investigation of impeachment charges filed against Secretary
of Labor Frances Perkins by Representative Thomas, Re¬
publican, of New Jersey.
Under date of March 24 Washing¬
ton Associated Press advices had the following to say regard¬
proviso
that
it
would
not
apply
to
Chairman
Eccles
of
Federal
Reserve
System
While
Opposed to
Retrenchment in Government Ex¬
penditures Tells Senate Silver Committee View¬
point of Majority for Budget Balancing Should be
Adopted
In
a
statement
presented to the Senate Special Silver Com¬
March 23, Marriner S. Eccles,
Board of Governors of the Federal Reserve
mittee
on
that while he is convinced that
a
Chairman of the
System indicated
policy of retrenchment by
"would have
the Government in the matter of expenditures
Volume 148
Financial
disastrous results," said that "we live in a democracy and
therefore I believe that the viewpoint of the majority should
promptly be made effective." Mr Eccles preceded this
statement by saying that4'it would appear that- the majority
of the business leaders on whom would fall the task of pro¬
ducing the activity necessary to recovery are convinced that
the Government's expenditures complete with and dis¬
courage private investment in existing and in new enterprise."
A
majority in both houses of Congress he went on to say
"have indicated that they also hold this view."
He further
declared that "the country is entitled to a clear-cut and
prompt determination of policy on this vital issue."
He
added:
Chronicle
1733
and production—than we have
today,
was
$3,600,000,000 and
In
In 1929 currency outside of banks
it is $5,700,000,000.
now
modern economy when we speak of money we mean not only
our
coins and paper money, but also
deposits at the banks, and we now have
deposits than
more
amount of
at any other time in the .history of the country.
The
deposits subject to check is $26,000,000,000 today, as compared
With $23,000,000,000 at the peak of the boom in 1929 and $22,000,000,000
in 1926, Vdiich is generally considered a
prosperious year.
Employment and national income depend not merely
money in
existence, but also
on
the volume of
on the use that is made of this money.
Today
have large holdings of idle deposits and
currency which, if put to use by
we
the owners, would
come
employ ail
adequate for
The crucial
a
workers and would produce
our
a
national in¬
reasonable degree of prosperity .
question,
therefore, is how to make the existing abundant
money supply function more
effectively.
On this question there are two
Congress that determines the rates ami nature of our taxes; it is
Congress also that determines the amount of government money to be used
opposite schools of thought.
for different purposes.
enterprise for profitable employment of the great surplus of idle funds, idle
It is
then Congress can
receipts.
If balancing the budget will bring about recovery,
instantly do
so
If. in addition, taxes
by reducing expend!ures to the level of
to be revised and cut as
were
further
a
inducement for private enterprise, government expenses could be
still further to make up for the decline in tax receipts.
reduced
Tribune" said in part:
Capitol Hill
on
was
that Mr. Eccles
tacitly admitting that
was
things are turning against the Administration in the field of fiscal podcy
and that this
the most important development of
was
all, since Mr. Eccles
had been in the forefront of the battle from the first for deficit
and was
even
and
spending,
continued
as a
Senator Pat Harrison, Democrat, of
Mississippi, Chairman of the Seante
Finance Committee, and Senator Harry F. Byrd, Democrat, of
who has
Mr.
policy
philosophy.
a
I
Virginia,
frequently denounced, the deficit spending policy advocated by
Eccles, promptly promised their co-operation.
Both Senators Har¬
rison and Byrd bespoke, in turn, the co-operation of Mr.
Eccles and, niore
importantly, that of President Roosevelt.
Senator Byrd saw in the Eccles statement the "frank admission
public generally believed deficit spending to be
that the
deterrent to business
a
which
resources
have in this country
we
Senator Harrison refuted the impUcation in the Eccles statement
possible and in
a way that will stimulate and supplement private activity.
Expenditures for these purposes and for pensions for the aged will increase
the effective demand for the output of
industry and thus not only sustain
existing investments but provide profitable outlets for investment in new
enterprise.
enue
.
This would increase the national income and the Federal
„
and thus ultimately
bring about
a
that the
To may mind, this would be practising real national
When
■
'
productive capacity Is in excess of current demand,
our
public construction,
or
in shipyards and airpiac factories is reduced, I do
be built and more capital ex¬
penditure to take place.
/cannot be restored until
and
Earlier in the week (March 21) Mr. Eccles, at the hearing
of the Committee was reported as saying that the principal
impediment to recovery was the inability of private enterprise
to obtain profits.
Associated Press advices from Washing¬
ton that day (March 21) further reported:
The banking chief told the Senate Silver Committee it was his opinion
,
that this condition was due in part to an excessive capacity for production,
adding that there could be only limited additional investment of private
power increases.
When Senator Pittman, Democrat, of Nevada, Chairman of the Com¬
inflation, Mr. Eccles said this
was not
"Our trouble today isn't in the
necessarily true.
volume of mon6y in circulation—it's
the low turnover of that money,'' Mr. Eccles said.
*
"What could be done to accelerate that turnover" asked Senator Borah.
Republican, of Idaho.
Mr. Ecclesf replied that was
with
some
others.
controversial subject on which he did
a
He said one viewpoint was that recovery
would follow if Government spending were reduced.
He differed with this
When Mr. Eccles observed that "we must get the money into the hands
of people who will spend it," Senator Borah said:
"It brings you to the Townsend plan,
.
"they
dosen't it?
would be forced
Mr. Eccles said he could not support the Townsend theory
In
a
pensions.
of paying
of how to
bolster commodity prices, Mr. Eccles told
"No monetary action—unless the purchasing power of the consumer is
increased—is
likely to result in
in the
excess
an
increase in
Merely further
prices.
in bank deposits, Unless these result
reserves,
ih
putting more money in the hands of,the people as a whole, will not bring
increase in
an
prices."
problems we were discussing are only
a
part of a broader picture, and that
it might serve your purposes better if I made a statement dealing briefly
with the main issue that confronts
There is an infinite variety of opinion as to how to bring about recovery,
plain objective, which is the restoration
volume of industrial, trade, and agricultural acti^ty that would result
employment of labor and would give all Americans
decent livelihood.
an
opportunity to
At this juncture we all want to concentrate our
efforts on achieving this common objective and over the longer pull we want
prevent the recurrence of booms and depressions and of violent changes
the.national income.
to
„
There are those, and I believe
that they include
Committee, who believe that the general
objective
by the issuance of additional currency by the
some
members of this
can
be achieved best
United States Government,
whether in the form of silver certificates or United States notes,
I sin¬
wish that the problem were as simple as that, because that would not
difficult thing to do.
But experience convinces me that the problem
cerely
be
a
cannot be solved in this manner.
Under our financial system and with the
habits of our people, currency is used only to
the currency In excess
make minor payments and all
of day-to-day requirements of the people finds its
back to the banks and is redeposited by them with the Federal Reserve
banks.
In other words, redundant currency would not stay in circulation.
way
It would only add to the present huge excess of bank reserves and to ex¬
isting demand deposits without creating an opportunity for the use of either
reserves or
Association, and by the American Institute of Steel Construction, respre-
these deposits.
That prosperity does not
depend upon the volume of currency is evident
less currency outside of banks during
from the fact that we had considerably
the entire period
It is not too much to
senting an important element in heavy industry,
say,
in fact, that this appears to be the prevailing point of view among
and the public generally, as reflected by a recent Gallop
men
innumerable resolutions of trade
I can
as
associations, by bankers
groups,
poll,
and—
testify from personal experience—by the overwhelming majority
of newspaper editorials.
A great
majority of people
appear to
believe, therefore, that business
confidence would be restored if the budget were balanced, and that the spurt
of economic
activity that would result would accomplish
of recovery.
It woUld
appear
our common
aim
that the majority of the business leaders on
whom would fall the task of producing the activity necessary to recovery
are
convinced that the Government's expenditures compete with and dis¬
private investment in existing and in new enterprise.
A majority
in both houses of Congress haVe indicated that they also hold this view.
While I
am
convinced that such
a
policy of retrenchment under present
conditions would have disastrous results, we live in a
democracy and, there¬
should promptly be made
effective.
on
is entitled to a clear-cut and prompt determination of policy
Uncertainty and hesitation do not contribute to recovery.
this vital issue.
that determines the rates and the nature of our taxes; it is
Congress also that determines the amount of government money to be used
for different purposes.
then Congress can
receipts.
If balancing the budget will bring about recovery,
instantly do
If, in addition, taxes
so
by reducing expenditures to the level of
were to be
revised and cut
as a
further in¬
of the 1920's—-when we had reasonably full employment
In order to effect sufficient economy and reduce taxes, Congress would
practically ail of the large items in the budget.
Not much economy could be effected in the regular
establishments of the
Government, which in the aggregate absorb only about one-tenth of the
Such items
national budget,
farm benefit payments
have to be
as
works relief projects, Civilian Conservation
public works of all kinds, veterans' benefits all
Corps camps, roads and
us.
but all shades of opinion agree on the
in
Ignited States Chamber of
Commerce, by stockholders replying to a questionnaire sent out by the
National Association of Manufacturers, by the New York State Bankers
have to reduce substantially
After I testified before your Committee on Tuesday, I realized that the
earn a
dollar the Government borrows and spends, private enterprise is
still further to make up for the decline in tax receipts.
Committee March
j
a
children and grandchildren
ducement for private enterprise, government expenss could be reduced
Mr. Eccles' statement presented to the
of
our
Senator Byrd has stated that he believes that for
.
23 follows:
in full
burden of debt which
A similar Viewpoint has been expressed by the
It is Congress
the committee:
increases
every
The country
.
,
discussion
a
fore, I blleve that the viewpoint of the majority
to spend it under that plan."
old age
piling up
deterred from spending two,
courage
view, he said.
,
are
will have to pay off.
business
mittee, inferred that an increase in buying power would follow currency
not agree
that business confidence
balanced budget is assured through reduction
investment, that government employment is demoralizing and destructive
pf the moral fibre of our people, that the public expenditures are wasteful
being desirable immediately, but nothing more than that.
capital until buying
a
' of government expenditure, that continued deficits are holding back private
Both he and Senator Byrd spoke of "an approach
said Senator Harrison.
"start
it is
textile industry or, for that matter, any other industry, to enlarge plant
capacity, increase production and thus furnish employment,
If the buying
power of millions of people on Works Progress Administration rolls or in
majority^ Another school of thought, however, believes
a
as
at this time,
believes that the Federal budget can be completely balanced
and
I
today, it does not make sense to me to expect that a reduction in the de¬
mand originating from Government activities is going to lead the makers of
agricultural implements, the railroads, the automobile manufacturers, the
"No one
and budget balancing.
economy, for
believe that the failure to use these factors of production causes a great
and irreparable waste..
budget should be balanced immediately if Congress, reflecting
economy
rev¬
balanced budget, which we all desire.
sentiment, should
on
However,
do so,
enempioyed, and idle facilities to work in non-competitive, socially and
economically desirable public activities, includig the building of roads,
schools, hospitals; &c.
This, of course, should be done as efficiently as
not see how we can expect more houses to
recovery.'
decide
today.
believe that when private enterprise is unable or unwilling to
Government should help to put this Idle money, some of the 10 millions
credited with being the main one who convinced President
Roosevelt that deficit spending must be embraced and
and idle
men
of
With, reference to the views presented by Mr. Eccles,
advices from Washington March 23 to the New York "Herald
Opinion
I belong to the school that believe that every
possible encouragement should be given to private investment and private
and national defense,
some or ail
of these.would
drastically curtailed.
This would not be my program, but if, as would appear,
of the majority,
they should
into effect without delay
assume
and without
it is the program
full responsibility for it and put it
compromises for the benefit of any
special groups.
ICC
Presents
New
Transportation
Plan to
The Interstate Commerce Commission
on
Congress
March 22 sent
to
Congress a comprehensive report on transportation
proposing creation of a temporary agency to study emer¬
gencies facing the railroads and reorganization of its own
functions to expedite decisions.
The report, signed by Commissioner Joseph Eastman and
submitted to the House Interstate Commerce
Committee,
proposal of Representative Lea of California,
Chairman or the Committee, for complete reorganization of
the ICC and an increase in its membership from 11 to 18
members.
It also opposed a suggestion cf President Roose¬
opposed
a
a new Federal
Transportation Board which would relieve.the ICC of much
of its present work and would absorb the Bureau of Roads.
velt's committee of six for establishment of
Chronicle
Financial
1734
Of what use to
7.
made these specific recommenda¬
The Commission's report
with it?
(1) ICC regulation of all transportation, including water
useful.
Isn't it true that foreigners are getting shares of our productive in¬
8.
Did the devaluation of the dollar in 1934 have an unfavorable effect
10.
R.
Washington—Cites
Returns to
Richberg, representing American and British
whose properties were expropriated
companies
a
year
the Mexican Government, this week temporarily
concluded
conciliatory negotiations with President Car¬
denas and other Mexican officials and left Mexico City
by
ago
for
Washington.
seemed
accord
Mr.
While
in
Richberg
that
indicated
no
also inferred that negotia¬
tions would be resumed in Washington.
Previous confer¬
ences
prospect, he
this subject were noted in
on
issue of March 18,
our
1571.
In a statement on March 20 Mr. Richberg said
that "practical difficulties and obstacles" had developed in
page
his efforts to reach
United
ment.
the assurance that business will improve; a develop¬
regard to
Firms
British
Donald
oil
United States*
settlement with the Mexican Govern¬
a
Mexico
Press
quoted Mr. Richberg
City
advices
the
What business men fear with
the dollar is not that the price level in the United States may
price level.
suspension
consult
must
in
conversations
this
on.
March
20
[March 15]
and
of
follows:
as
Referring to his departure for Washington
substantially to that expectation would be the prospect
stable or moderately rising
Concludes Mexican Oil Expropria¬
Negotiations—Representative
of
American
and
than any other will increase the confidence of business¬
a
A. The
"Practical Difficulties and Obstacles"
reply to this Mr. Morgenthau said:
ment contributing
what is the extent of that power?
France have virtually unlimited powers over
of England and
tion
the contention that the power to devalue operates
in the future is
probably
but
time
Donald R. Richberg
the business man's confidence so as to deter him from making
A factor that more
that
gold-currency.
a
investments in the
about
declined
Who in England and France have the power of altering the gold
"Gold Owned by Treasury Declares
Is there any basis to
A. Imports
value of their currencies and
Treasuries
questions (12 in number) put to him by Senator Wagner
incident to the bill to extend the monetary powers of the
President, Secretary of the Treasury Morgenthau gives de¬
tailed information respecting the gold in the Treasury.
Some 28 pages comprise the data supplied by Mr. Morgen¬
thau, and while his replv is much too lengthy to give here,
we are making room for his answer to the 12th question, viz.
of
imports?
our
because of declining domestic business instead of devaluation.
Granted to President Have Been
Way to Effect Stability
in which extended reply is made to a series of
to undermine
standard.
present, return to pre-1933
on
Morgenthau in Reply to Senator Wagner's
A letter
do not,
Extend President's power to change the gold value of dollar and
A.
at
Monetary Powers
men
Should we, for example, return to the gold standard of pre-1933?
ation?
11.
Employed in
gold situ¬
What action, if any, should be taken with respect to the
9.
(8) Reimbursement of the railroads by the government for
any cost of facilities over navigable waters in excess of the
direct benefits to the carriers.
on
Most of the gold sent here by foreigners is used to buy bank
000,000.
deposits.
ations.
Queries
A. Hardly.
for?
American securities were only $49,-
foreign investments in
1938 net
In
(6) Repeal of land-grant statutes which cost railroads from
$7,000,000 to $10,000,000 annually.
(7) Relief of the railroads from the burden of contributing
"disproportionately" to the cost of grade-crossing elimin¬
In
Since most countries still regard gold as the
of international payments, gold apparently will always be
dustries and giving us in return gold that we have no use
in rate and finance cases.
Secretary
stuck
backing for currency and as a means of
a
as
foreign goods.
sensible means
of $300,-
(3) Compulsory pooling of traffic and rate charges.
(4) Voluntary consolidations of certain railroads.
(5) Authority for the Commission to delegate functions to
individual commissioners and to limit the scope of appeals
loans and
Gold is used
A.
paying for
carriers.
(2) Reconstruction Finance Corporation loans
000,000 to railroads for equipment.
Is there any likeli¬
is this large stock of gold?
us
hood that we will get so much of the world's gold that we will get
in addition:
tions
1939
25,
Thursday
on
the President,
with
Government's
projected
Richberg said he
Mr.
solution,
embodying
a
plan
"
but that the price level in the United States may fall
remain stable or rise
(i.e., that the purchasing power
of
experience we know that falling prices have disastrous effects
From past
more
Mr.
economic system.
oil
company
that
he
would
His
President
with
currencies.
an
as
This added assurance
sent
of domestic price stability should operate
encouragement to investment.
of the owner of capital towards the prospective
full confidence.
This is borne out by the
present attitude
The
of the
value
The
assertion
of the real value of the bonds which would
the continuance
that
of the
power
to
a
change the gold
from
an
distrubances in the
outside
our
monetary system
control.
causes
The effect of these disturbances
of
be
our
of
cause
for real concern.
The monetary powers
The
17
and
in
granted to the President by the Congress have been
1. Who owns the gold now in the
of the gold is obligated to the
Treasury ?
A. The Treasury, but most
Federal Reserve banks
as
backing for currency
was
President
of
founded,
the
How much of the gold in the Treasury has been purchased with funds
054,000,000.
Why has so much gold come to the United States in the last five
years?
no
agree¬
Government'
by
principles
have
not" been
their representative.
as
me
'upon
which
has been made in the recent discussions toward
while
the
at
time
same
have
we
explored
the
plan of collabora¬
some
•
decree
would
with
not
equal
(March
be
oil
Government
18,
returned
in
the
that
has
taken
1938)
to
insisted
firmness
plan of collaboration
a
Mexican
the
because
position
the
companies
the
and
properties
the future operation
the
from
and
the
should
develop¬
industry could be discussed without either party receding
of
discussion
the
and the
principles
up
bases
for
several important questions which I am
previously considered.
These discussions
cerned
and
to
as
would provide such
which
give
"Therefore,
assurance
it
has seemed
de¬
agreement
an
sure
neither party
have also brought out many
overcome
to
relating to other business compel
•,
this
of
those
week,
in
problem
Mexico
the
and
City,
so
that
United
I
help
shall
in arriving at
an
in
the
con¬
that
judicial
fortunate
me
to return to Washington by the end
an
early
most
are
intimate
an
benefits to all
me
have
who
States
through
continuing
of permanence.
report
formulation
of
engagements
opportunity to consult with
deeply concerned
upon
the
conclusions
as
the
oil
held
in
with
discussions
to
our
future
course."
Richberg and his family will leave here aboard the City of Mexico
express
Mr.
and are scheduled to reach Washington on Sunday.
Richberg held his eighth and final conference with
President
Cardenas
March
on
on
March 22, and left for Washington
23.
♦
A. To pay for merchandise purchases in the United States and
to pay
that
and
agreement had been
an
position which each felt it to be necessary to maintain.
detail*
obtained from the sale of interest-bearing obligations of the Government ?
About $548,000,000 out of the Terasury's total gold holdings of $15,-
consultation
not attempting to repre¬
Cardenas
the President stated,
as
Mexican
or
progress
progress
have
brought
Mr.
already in circulation.
which
statement
without
agreement which would be mutually satisfactory, which would be workable
employed in such a way as to be powerful forces for stability rather than
questions and the gist of the reply thereto by
the Secretary were summarized as follows in Associated
Press accounts from Washington March 23.
the
issued
were
practical difficulties and obstacles that must be
powers we possess have been
instability in the domestic economy and in the international field alike.
3.
is
expropriation
the
"The
significant damaging effect on our domestic system.
The other
effect,
termining future relations between the Government and the oil companies
had
A.
18
statement that I
my
by
properties
the
has
2.
March
on
March
agreement
companies,
returned,
taking the form of huge transfers of funds to the United
any
in
or
opinion
the
from
States, creates an unbalance which is the only factor in the situation which
us
issued
on
the companies
this
the
ment
has been such as to reflect greater confidence in the
This tribute to the soundness
sufficient to prevent any
call
companies
American dollar than in any other currency.
gives
clear
proposed
oil
that
almost
on
circles
in
the future.
in
date
effort to reestablish the validity
world today arise from
had,
understanding of the different views of the Mexican Government
the
"I
lack of confidence and hesitation in the
recent years.
of the dollar,
my
better
tion
that are ill adapted to the circumstances prevailing in
of monetary theories
entirely
I
issued
statement
bases
and
I am convinced, based on factual considerations.
world is not,
consulting
and
petroleum
in
negotiations
possibility of reconciling these differences through
Rather, it seems to me, it stems
Monetary
persisted
that
question could be assumed until such
any
which counts most; namely, by their willingness to
of the dollar generates
business
on
"In
risk their capital.
content
it
accepted by
sharp rise in the general price level, suggests that they have
confidence in the way
Court
Supreme
rumors
and
"Thus, it should be plain that the plan of collaboration outlined in the
and
willing to invest billions at low rates of interest, and
the risk of depreciation
accompany any
States
but
back
4
opinion
President's
of the public to invest in long-term fixed interest bonds at almost
the lowest interest rate in the history of this or any other country.
The
eagerness
run
deeply
expressly stated by both.
.
dollar is one of
fact that people are
United
come
other.
made
any
ment
most
whether he would return to Mexico City after
say
the
which
Cardenas
each
"I
to a marked depreciation of foreign
management
are
follows:
statement
prices and at no time
substantially falling prices.
decline much or sharply in response
the
States who
1
statement
"The
has their desire to lend increased during a period of
The power to devalue should thus constitute
an added assurance that prices will not be permitted to
in
companies
United
the
problem."
executives,
not
the
and
collapsed.
investments and loans.
At no time in modern history
hesitated to lend during times of stable or moderately rising
for the businessman
oil
before
case
a
with
willing to make
have lenders
the
Mexico
"those in
Richberg did not
arguing
would be maintained and consequently he would be
value of investments
properties, with
concerned with
The national income declines, business profits
disappear, the security of loans is undermined and the level of business
activity falls.
If the businessman could be assured that price levels will not
fall sharply, he would have greater confidence that business profits and the
upon our
the
between
collaboration
of
of the dollar may rise).
for credits in which foreigners wanted to invest their wealth because
they thought the money would be safer her than elsewhere.
4.
is
Is it true that gold comes here in large amounts because the Treasury
paying a higher price than other countries for gold and because it buys
gold at
a
fixed price?
A. No, although other countries do not have fixed
prices, they pay approximately the same prices as we do.
5.
How much
more
gold do you think we will get?
A. Nearly $1,-
000,000,000 per year, which is roughly the amount of new gold mined in
other
6.
countries,
as
long
as
international conditions remained
Why doesn't the Treasury stop buying gold?
A.
Because it would
interfere with the foreign trade of American business men.
unsettled.
Secretary of Agriculture Wallace Protests Proposed
Change in the Administration's Farm Program—
Cites Failure of Agriculture to
Keep Pace with
Rest of Country
Secretary of Agricuture Henry A. Wallace, on March 21,
told
for
the
House
Agriculture Committee that the proposals
changing the Administration's farm program might ad¬
versely affect
1939
crops
and alienate farm
support.
He
Volume
asserted
Act
Financial
148
that
because
the Farm
alterations in
last-minute
Milk Marketing
Pacts in Seven States Abandoned by
Department of Agriculture Following Decisions
Holding Agreements Unconstitutional—Will Ap¬
peal to Supreme Court—Dealers and Dairymen in
New York Sign Contract Retaining Former Pro¬
might upset steady progression toward recovery, pro¬
Com¬
posed changes should be directed at the 1940 crops.
ments
by Secretary Wallace before the committee were
de-
visions
scribedj in part, in United Press advices from Washington
under date of March
"The
would
farmers
appeared
in
21,
said. He
a score of pending bills, ranging from cost-ofby a big farm bloc to measures to repeal all
be
opposition
disappointed at such action," he
very
to
production
plans sponsored
legislation
affecting
The
follows:
as
production.
crop
boost the national
income to
$80,000,000,000 annually and predicted that the farm problem
would dis¬
He
the
indorsed
such
if
appear
"At
New
Deal's
objective
an
industrial
of
And
farms.
would
be
if
dollars."
billion
New
Deal
that
had
we
exceeding
the
to
a
consumers
national
larger
income,
farm income
gross
$8,800,000,000 by three to four
figure of
1938
substantially larger
in the cities and on
"this would mean
available
goods
to
attained.
is
he said,
present prices,"
volume
attempt
...
farm
and
business
as a buffer between
decline' in domestic
and
conditions."
Low
the
have acted
he asserted,
programs,
farmers
industrial
Wallace
said,
activity
large volume of unemployment, Mr.
barriers blocking a return to agricultural
and
the
chief
the
were
he
improved,
business
situation
world
"disquieting
improve
income would
farm
said,
normalcy.
If
with it and
might reach 1937 levels by the end of this year.
said
Wallace
Mr.
criterion
for
the
that
income
of
level
1929
not
was
proper
a
decline in pros¬
prosperity 10 years ago.
because agriculture's
agricultural statistics,
perity set in long before industry reached peak
Committee
The statement of Secretary Wallace before the
follows:
farm income from agricultural production
Our records indicate that gross
$5,300,000,000
1938 amounted to $8,880,000,000 compared, with
for the year
deducting certain business
expenditures, farmers had an income available for living amounting to
$5,230,000,000 in 1938 compared with only $1,800,000,000 in .1932, or
and
1932
in
After
1929.
in
$12,000,000,000
nearly three times as much.
the 1938 income was lower than in 1937,
be pointed out that
It should
when
income from farm production was practically $10,000,000,000.
take into account the lower level of prices of commodities pur¬
gross
If
we
1937 and 1938 compared with
1929, we find that the purchasing power of agriculture lias been restored
practically to the 1929 level, and this improvement was shared generally
in all agricultural regions except these that were affected by drought con¬
ditions.
Thus, if we take the purchasing power of 1929 as 100, we find
that the purchasing power of farm income in tiie North Atlantic States
in 1938 was 105 compared with 75 in 1932.
The comparable 1938 and
1932 figures for other regions are: 109 and 61 in the East North Central
States; 105 and 58 in the South Atlantic States; 94 and 52 in the South
Central States, and 91 and 59 in the Western States, and 79 and 49 in
chased
the
policies
in
crop
conditions,' farmers failed to keep pace with
This was particularly true of the pro¬
dependent on the international markets:
agricultural
in those years.
national progress
.
of
ducers
The
crops
agricultural
have
farmers
result
been
has
1932
since
recovery
regained
the
of
vigorous
a
one,
and
good part of the economic ground they lost as a
a
This was not the case during the
1929.
after
depression
1921, as may be seen from the
data on the
agriculture in these two
periods.
By 1921 the contribution of agricultural income to the national
income" had fallen to 12.6% and remained at about 12.0% during the
that followed
recovery years
proportion of the national income contributed by
recovery
the
of
rest
cultural
By
1937
it
the
income
this percentage had fallen sharply to
1932
it
6.6% and by 1936 and
the 1929 proportion., and even- in 1938
restored to practically
was
averaged close to 9.5% compared with 10.2 in 1929.
in
than
1932
since
received
have
during
perhaps 2.5 to 3.0
they actually did.
If
take
we
between
1938
in
If the improvement
been no
1921, farmers would
the six years after
billion dollars less income in 1938 than
standard
a
and
city
of
incomes,
agricultural
per
capita
income the pre-war
farm
relation
income is about 40%
Benefit payments
about $1,750,000,000.
reduced this shortage by nearly $500,000,000.
equivalent
is
unconstitutional.
In making
had formally requested the
Department of Justice to appeal directly to the United
States Supreme Court a recent ruling by a lower court
which held invalid the Federal milk marketing order in
effect for the New York metropolitan marketing area, the
to
Underlying the agricultural situation and seriously limiting the progress
The
The
full
higher
agricultural
1937-38
decline
a
of
impact
business
here
of
living
is
have served to guard agriculture
world situation and from the
and
abroad
The
decline
in
farm
income
the record crops of 1937 and
are
taken
into
account.
As
in this country during the coming months,
farm income
ij expected to improve and might conceivably be restored to the 1937
level.
This, however, calls for holding on to the income and price sup¬
business
improves
the present agricultural programs.
been said that this country ought to have an
It
has
of
volume
if
we
$80,000,000,000
present prices this would mean a substantially
At
industrial
And
farms.
larger
available to consumers in the cities and on
that larger national income, gross farm income
goods
had
1938 figure of 8.8 billion by three to four billion
But to obtain such a level of well-being for the country as a
would be exceeding the
dollars.
whole
40%
and
for
farmers,
speedily
as
as
$80,000,000,000 for
1940
is
efforts
from
the
violating
23
at
Albany
by Federal
the Government to enjoin four
terms of the order regulating the
of
producers
to
dairy
the
through
farmers
the
held
court
and
only
The order establishes minimum
method for making payments
producer settlement fund.
In its decision
a
provides
and
invalid
order
a
declared
certain
unconstitutional
of 1937 under
which the program was developed.
Decisions of district courts and courts
of appeal since the 1937 Act came into existence have in all other cases
upheld the constitutionality of the law and the validity of these regulatory
programs
for milk and marketing agreement programs for fruits and
provisions
of
Agreement
Marketing
Agricultural
the
Act
vegetables.
With
March
the
regard
"The
action
necessitated,"
was
ber of
handlers
These
reports
advices, that date, stated:
it explained,
"by the failure of a num¬
(dealers) to file reports for milk received during
February.
in computing the price which handlers were
essential
were
This
producers for February milk under the terms of the order.
pay
price
action,
the New York metropolitan area,
handling of milk in
Associated Press Washington
to
Department's
Agriculture
the
to
14, in suspending its marketing program regulating
announced
been
have
to
was
today by the market administrator in
under the program."
charge of operations
State Commissioner of Agri¬
Holton V. Noyes, New York
culture and
Markets,
of
suspension
his
tated
March 14 also announced that the
on
Federal-State marketing order necessi¬
the orders issued by him under the
marketing law inoperative.
Commissioner
the
declaring
lation
industrial production must be increased by about
possible.
In fact,
if
we
want a national income of
1940 we must see to it that industrial production in
40% greater than it is now.
objective.
or a
higher court.
*
the New York Supreme Court on the
New York State marketing law was reported in our Feb. 25
decision
The
by
District
market¬
1107.
issue, page 1103, and the adverse ruling by Federal
Judge Cooper at Utica, N. Y., on the Federal-State
ing agreement was noted in the same issue, page
A decision by the United States Supreme Court uphold¬
ing the Pennsylvania milk control law was referred to in
these columns March 4, page 1248.
On Feb. 24 Federal
Judge Cooper ruled against the constitutionality of the
Fed¬
agricultural marketing law as applied to Federal-State
eral
affecting four milk distributors.
At that time an
dispatch
(Feb, 24)
to the New YorkyHerald
pacts
Albany
Tribune" said, in part:
n
was
the second
Wednesday
(Feb.
hours.
.
in New York State within 48
blow to milk control
On
This
22), Justice Francis Bergan of the Supreme
Court, sitting in Albany, ruled against the
the
for
cies
constitutionality of the State's
set up
to
minimum
fixing of
producers in
prices to
prescribed areas,
equalization funds and to sanction Federal-State agreements.
.
.
.
by means of the
equalization fund, the so-called milk producers' settlement fund provided
Judge Cooper's decision was based on the ground that
set of producers their property
for under the Act, the order takes from one
due
without
law
of
process
and
transfers
to
another
set
of
chiefly from the smaller producers to the larger producers, some
cooperatives.
are
Judge
enforced
were
The
could
not
be
voted favorably,
valueless.
did
not
pass
the two-thirds of
Under
order
two-thirds of the producers
which
date
of whether
the question
oh
unconstitutional delegation of power
an
to
or
court
marketing
misrepresentations as to its term and effect as to render
such
referendum
the
was
in
the
that under the referendum, which was the basis
grounds
and
that
held
further
the
order,
the
.
a
Cooper
on
producers,
of whom
the Federal
Act
to the Secretary of Agriculture
the producers.
of March 14, Associated
Press advices from
Washington said:
The
marketing program was promulgated last Sept. 1 after it had
been
York, Pennsylvania, New Jersey, Connecti¬
cut, Massachusetts, "Vermont and Maryland, all serving the rich New York
metropolitan market.
The program became virtually inoperative after a decision two weeks
approved by dairymen in New
porting devices of
national income.
involved
prices
to
disquieting
conditions.
relatively small when
was
in
standard
programs
the
business
domestic
in
during
the
toward
present
the
Cooper,
Feb.
rendered
Frank
there
decline
decision,'
handlers
of
from
said:
Agriculture
of
court's
handling of milk in the marketing area.
seriously limited in the degree of their success.
agriculture
that it
lower
Judge
milk
13,
March
on
Department
the low level of
industrial activity and the large volume of city unemployment.
Industrial
production in February, 1939, was about 20% under the 1929 average.
This may be contrasted with the 1938 production of farm products about
10% greater than in 1929.
As long as this shortage of industrial produc¬
tion exists, farm prices will in general be inadequate and farm programs
of
holding the program
known,
Rogers-Allen law, which was enacted in 1937 to sanction bargaining agen¬
<
as
farm
which
short,
appeal in the Supreme Court from lower court de¬
an
cisions
relations to the national income had
income in
agricultural
greater
.
The failure of agriculture to keep pace with
country is shown by the fact that the proportion of agri¬
in the total national income declined to 10.2% by 1929.
1923-25.
of
years
suspended as of
New York State
that
pursued in the 1920's, and as a result of basic shifts in world
we
of
affecting 60,000 dairymen in seven
Feb. 1, pending the outcome
program,
was
Noyes said that failure of producers to obtain the required
90% signatures of dealers, which would have sustained the
agreements on a voluntary basis, caused the action.
He
added that the dairy industry will have to function without
official regulation of prices until some plan is adopted, or
the invalidated system of control has been restored by legis¬
noted
agricultural recovery for 1937 and
domestic
States,
farm
be
of
and
marketing
according to an announcement by
March 14, which said that the Federal
West
should
affected by abnormally poor
been
While the
York metropolitan area,
the Department on
the
It
conditions.
1938 meant a restoration
agricultural purchasing power in general back to approximately the
1929 level, it should be pointed out that it is generally considered that
the 1929 level was not an adequate one.
As a result of the various
has
income
Department of Agriculture has abandoned its sixthe marketing of milk in the New
month effort to regulate
(especially in the western part of this region)
States
Central
in
taxes
Central, States.
North
West
North
interest and
farmers,
by
1735
Chronicle
Agriculture has a vital stake in that
ago
by Federal Judge Frank Cooper of New York,
the
Marketing
Act
1937,
of
authorized.
A
State
prior
milk
Since
been
decision
control
then
by
a
which
holding unconstitutional
the New York program was
1
State court
held
some
phases of New York's
law invalid.
leaders
of
New York's
trying to arrange with
untarily.
under
*
$2,000,000,000
milk
industry
have
dealer groups to continue the program vol¬
Financial
1736
advices, March 14, to the New York "Times"
From Albany
Holton
V.
Commissioner of Agriculture and Markets, announced
Noyes,
today the failure of an attempt by the dairy industry to establish volun¬
tary regulation as a substitute for the Federal and State control that
recently
of
would
mail
Failure
obtain
to
in
held
contracts
total
the
raise
the
plan
voluntary
York
New
the
invalidated all
percentage automatically
required
by him under the agreement, according
escrow
Mr.
to
Noyes.
At the
time he said
same
that the suspension
of the Federal marketing
From
by him under the Rogers-Allen law.
Tribune"
"Herald
the
of
21
March
immediate
the
face
milkshed
York
can
on
continued
Inc.,
prospect of
Products,
to
receiving the
benefit
lowest
prices
in
the price
as
war
in the
Despite
the
independent dealers,
it appeared
next
during the
likely that
there
would
Inc.,
and the
be still
further
three months.
mediate
policy designed to this end, we also quote:
implementation of this intermediate policy would then present the
The
I would suggest the following:
problem.
X.
A
Subsidy
Cotton Exports Opposed
on
so
far
as
on
March
the executive branch
of the Government is
concerned, details of a program under
which it is hoped to recapture a fair share of the world's
cotton markets will be in hand within a week; reporting this
from Washington, March 22, the New York "Times" further
said;
a
conference today to discuss the legislative phase of
press
the problem.
are
they
3.
that
of
likewise
statement
A
just
are
France
to
anxious
as
that
and
of
this
Simultaneously
the Axis
to
nor
presume to
agreement*
reflection
of the recently negotiated
Aside
from
political
American-Brazilian
implications,
which
it
is
believed may be pertinent, the extension of American credits of $19,200,000
Brazil's fiscal position.
phasized the importance of quick action
recover
to
attain
the Administration's
fair share of the world's markets and uphold the
a
income of the cotton farmers.
The farmers of the country, with
the
ception of those dependent upon the expoit markets, he said, are in
ex¬
favor¬
able postion as illustrated by the fact that the general farm
program has
support
of the
present serious
agriculturists.
But,
he
added,
wheat
and
judgment
upon
and
We
earliest
should
We
as
the Treasury.
In
so
said,'"to
as
possible.
we
seek
soon
far
our
7.
We
should
its
against the
place American cotton
week
or
on
a
10 days."
There have been
many proposals of late to increase cotton
and suggestions whereby the Government might
dispose of its huge cotton holdings without adversely affect¬
ing the cotton market. Among the plans advanced was one
to placing a subsidy on cotton
exports, which was opposed
by Oscar Johnston, former head of the Government's cotton
pool and now President of the National Cotton Council, and
the
of
board
of
directors
of
the
New
Orleans
Cotton Exchange.
The directors of the New Orleans Cotton
Exchange have placed themselves on record against the plan;
on March 18
they addressed a telegram to President Roose¬
velt and Secretaries Hull, Wallace, Morgenthau and Hop¬
kins; this read: board
Of
directors
of
the
New
today considered proposals attributed
to
Orleans
Cotton
a
pleasure
run to
of this sort is only
which
our
unnecessary
people will have
against adoption of such
a
to
but will be harmful in the
pay.
foreigners
We vigorously
protest
1
policy.
The message was signed
have
It is their opinion
the entire American cotton trade and further will give
benefits for
of the
Exchanges
Secretary Wallace advocating an
export subsidy for the movement of American cotton.
help
to
arise be
by Garner H. Tullis, President
Exchange.
disposing of the huge Gov¬
surplus of cotton was put off indefinitely on March
14; reference to this appeared in these columns March 18,
page 1567.
A proposal to block the sale of loan cotton at less than the
cost of the staple to the Government is- embodied in a reso¬
the
Senate
on
force
willingness
our
the
to
armament
us
follow
years
in
and
Club
Foreign
Policy—In Address Before
of
New
York
Proposes "Inter¬
mediate Policy" Designed to Avert Conflict
The two chief objectives of American foreign
policy are
the maintenance of peace and the protection of the national
vyelfare and maintenance of
our rights against other na¬
tions, while respecting the rights of those other nations and
adhering strictly to our obligations towards them, James
the
the
or
conces¬
in taking a stand similar
of
provocative
actuality, of armed force.
their
purely
It
comment
internal
and
arbitrary methods within
And
its
to impose its methods
nor
own
other
matter
how
nation which
borders
does
not
and
ideas upon neigh¬
"
may
more.
to come.
affairs—no
of
seek to apply similar methods
nor
you
appeal to
not
with
agree
And
I
consistently,
*
do
believjb
it
but
some,
which might presently involve
it
criticism
or
or
I
not, at least
can
us
see
no
that if we take such
there rriay be
no
a
definite
hope that any
l^ss, would not in the end
war
this
a course soon
year
or
for
many
.
Forest
Protection and Fire Control Program in New
England States Covers 15,000,000 Acres—National
Fire Waste Council to Hold Meeting March 30 in
Washington
The passage of
the deficiency bill appropriating $5,000,000
for forest protection and forest fire hazard reduction and
control in New England will enable the inauguration of a
affecting approximately 15,000,000 acres in 904
according to an estimate made March 22 by the
Service, U. S. Department of Agriculture.
The
Forest Service reports that the Pew appropriations will aug¬
ment one part of a two-fold forestry program in New
England.
One part of the program includes the supervision of forest
fire hazard reduction and control in cooperation with the
various States.
The second part consists of the timber sal¬
vage operations under the New England Timber Salvage
Administration which is now buying salvagable timber
thfough funds made available to the Surplus Commodities
Corporation by the Disaster Loan Corporation of the Re¬
construction Finance Corporation.
Fire prevention leaders and others interested in
preventing
fire waste will meet in
Washington at the headquarters of
program
towns,
Forest
the Chamber of Commerce of the United States March 30
for the annual meeting of the National Fire Waste Council
The Council was created in 1922 to assist business men in the
elimination of preventable fire waste and to supply special¬
ized and technical assistance
necessary to the National
Since
its
inception the Council has met at least annually in Wash¬
ington for the consideration of fire prevention problems and
to make plans for
widespread dissemination of fire pre¬
vention and fire protection information.
—
The
Merchants'
Association
of
New
York
Submits
a
Plan to Encourage Private Enterprise in the Field
of Housing and Slum Clearance
♦
of
a
♦
March 20 by Senator
James P. Warburg Urges Maintenance of Peace and of
United States Rights Against Other Nations as
Keystones
in
cooperate at
race
trade relations, by further mutual
by threat
from
have, whether
course,
involve
and
George (Democrat) of Georgia.
Economic
stop
settled
Chamber_in conducting its fire prevention activities.
The Senate's consideration in
ernment
lution introduced in
an
respecting the rights of others.
management may be—provided that a
foreign relations,
proposal.
other
com¬
exports
member
interest is
may
as
as
do not
we
present or future claim
any
sole
our
nation
halting
our
use,
refrain
management
There you
objective with the least possible cost to
a
that
signify
in
moment
in Europe; that
quo
differences
with each
strengthen
should
brute
uses
in
the executive branch is concerned, details on a
as
and
thereby affect people beyond its borders,
Certain powers have been granted the
definite program will be in hand in
in accordance with
world-wide disarmament.
of
own
of
acts
or
to France and Great Britain—as well
sions, with all those nations who would join us
our
threats
count upon our support.
i.
that the rehabilitation program has fallen into
"Action is necessary," he
executive branch and
they
realize, however,
position is not to be misconstrued
such
immediately
possible
beginning
stalemate.
petitive basis
that
know
we
we
further
can
the nlerits of
upon
that
lawful, civilized way,
5.
resist
to
say
our
another;
insist
cotton
problems requiring definite and speedy action.
He denied suggestions
that
are;
would have to be defined
should
we
boring peoples.
In connection with the cotton rehabilitation program, Mr. Wallace em¬
objective—to
that
Britain
we
as
guarantee of the status
a
pass
nation
one
aggression
to
they must realize
necessarily involve sending troops to Europe.
Powers—that
as
repugnant, to us such
commercial
war
decide
support
rations'
a
they
if
quota subject to such exchange has been exceeded, was regarded in official
as
Great
and
the part of the Axis Powers they
on
nature
4.
of
with war,
finally,
-
circles here
long
at
are
we
Powers that if they
they have probably reached the limit of concession to force or threat
force;
as
Great Britain
avoid
to
in exchange for aski marks, while probably based on the fact that the fixed
that
which
upon
the Axis
to
threatening us.
circumstance and need not
Meanwhile Brazil's decision to embargo exports of cotton to Germany
The
that
as
statement
France and
threaten
that
6.
Beyond emphasizing the primary importance of financial aid by Congress,
be declined at
and unequivocal
henceforth
alliance
Secretary of Agriculture Henry A. Wallace said
22 that he is confident that in
clear
A
The
to Recapture Fair Share of World Cotton
Markets to Be Advanced Says Secretary Wallace—
a
such
rearmament
of
program
aggression
Program
„
catastrophe too horrible
From his address, delivered under the
title "Our Foreign Policy," in which he advocated an inter¬
contemplate."
to
record
consumers.
followed by Sheffield Farms Co.,
and
decreases
85%
help to save not only the rest
of the world but ourselves from a
2.
Grade A and Grade B milk instituted by the Borden's
2%c. reduction
Farm
has eased
Euro¬
present engaged.
history for their milk, it was indicated yesterday
New
that they
the ground
on
is not unlikely," Mr. Warburg declared that "if
pursue a realistic and courageous foreign policy, we
add immeasurably to the chances of avoiding the out¬
we
the
folowing:
Farmers
States, principaly
war
pean
next
take
we
on
accomplish their objectives, and also because they
would exact too great a price in order to achieve their ends.
order, announced in Washington, necessitated his declaring inoperative the
concurrent orders issued
York
to
break of hostilities and thus
88.1%.
to
New
of
Observing that "as the world looks today, a major
representing 86.9% of the
City's milk supply had been received by the
Commissioner today, when a minimum of 90% had to be in his hands
to make the plan operative.
Three additional contracts eaid to be in the
under
contracts
amount
Club
Economic
the
told
1939
Mr. Warburg criticized present neutrality laws
United
the
of
fail
held unconstitutional.
was
Signed
base
Warburg
P.
March 22.
said, in part:
Mar. 25,
Chronicle
A definite
program for bringing about the entrance of
private capital into the field of slum clearance, intended to
decrease the need for public subsidies for this purpose and
thereby relieves taxpayers and real estate of an excessive
burden, has been developed by the Merchants' Association of
New
York, after months of study by the Association's
Special Committee on Housing, and was made public in"
booklet form
of
on
March 16 by Thomas S. Holden, Chairman
the
special committee.
The plan is intended to make
possible the relief of thousands of bankrupt properties in
slum
areas
and
to
increase
their
usefulness
to
the
com-
Volume 148
«•
Financial
munity, their capacity to
income and to pay reason¬
earn
able taxes.
Pointing out that the numerous housing bills
which have been introduced at Albany fail to take advan¬
.
Chronicle
safeguards which have been
a
tage of provisions in the recent housing amendment to the
State Constitution, which were intended to
open the field
for private enterprise to carry out slum clearance
on
an
economic basis, the Association announced
prepared to assist in the drafting of bills which would
materially reduce the need for public subsidies.
In essence, the report proposes:
The creation
of
to
and
tion
plans.
These
corporations
would
policies which would make investment
but
ment,
not
speculative,
a
be' permitted
in
They would
financial
adopt
to
them attractive from
viewpoint.
an
invest¬
authorized to
provide economic housing of any grade on reorganized areas, recognizing
an
obligation to provide for low income families living in the slum
houses which may be demolished.
In return for the recognition and
privileges
which
these
corporations
would
receive
William
the
McC. MARTIN, JR., President.
McChesney Martin,
President New York Stock Exchange,
'
New York City.
Dear Mr, Martin:
The contents of your letter to Mr. Douglas with respect to the recom¬
mendations
recently presented by various national securities
exchanges
the subject of the Federal Securities Act have just been read to me and
on
I hasten to reply because I am equally interested in removing any
mis¬
understanding which may have resulted.
be
from
yours,
The reply sent by Mr. Mathews follows:
local
certain
for the protection of the public.
WILLIAM
two
new types of corporations,
public utility housing
district improvement corporations, which, subject
restrictions. and to supervision by a State agency, would be
given the power of eminent domain to carry out large-scale slum rehabilita¬
corporations
Very truly
it
was
set up
We are hopeful that a way
may be found for a constructive approach to'
solution of the problem of improving the Securities Acts.
projects
that
1737
Commission to any step which would remove, or in any way weaken, the
In order that
attitude may be entirely clear, let me say that we fully
our
recognize your accord with the objectives of the Securities Exchange Act-
Moreover,
of the Commission
we
testify to
can
a
operation on your part through the conference
record of constructive co¬
or
round table method in
the solution of the many problems which are constantly presenting them¬
community,
they would be required to furnish the equivalent in service to the public.
With the creation of such corporations is proposed an enlargement of
selves in connection with the administration of the Act.
the functions of the
recently suggested.
You know
:
State Board of
Housing,
at present constituted or
as
it
as
might be reorganized, to include supervision, of public housing loans
grants and of the two new types of corporations, and coordination of
public and private housing developments.
>
and
views
our
Gibson
Thomas
S.
Hoiden,
Vice-President
F.
W.
Dodge Corp.
W.
;
President the Yale & Towne Mfg. Co.; Arthur C.
McLaughlin & Associates; Robert L. Hoguet, President
Emigrant Industrial Savings Bank ; deLancey Kountze, Chairman of Board,
Devoe & Raynold? Co., Inc.; Ralph W. Morrell, Vice-President DavisDorland Co.; Colby Stilson, Breed, Abbott & Morgan ; Charles M. ChuckCarey
Hoiden,
Jr.,
Hoiden,
President
row,
F.
Fred
President Cord Meyer
French
Operators,
Inc.,
and
George
far introduced provide for a
We have been under
Martin
man
of
New
Chairman
Exchange, in
a
letter to William 0. Douglas, Chair¬
of the Securities and
Exchange Commission,
on
March
20, with reference to the recent report and recommenda¬
tions resulting
from the Conference of National Securities
Exchanges, and the statement thereon by Mr. Douglas, says
"we are naturally concerned over certain impressions which
your statement of March 15 has created. It should be em¬
phasized that we
are as-much interested as the Commission
preventing pool operations and any form of market
rigging/' "We are hopeful," says Mr. Martin, "that a way
may be found for a constructive approach to a solution of
the problem of improving the securities Acts."
The meeting of representatives of 16 exchanges was held
in Washington on March 13 and 14 and the program adopted
in
at this conference for substantial revision of national securi¬
ties laws
was
disapproved by Mr. Douglas; reference to
proposals and the views by Commissioner Douglas
in
our issue of last Week, pages 1576-1577.
The Board of Governors of the New York Stock
on
March 20 -ratified
conference.
The
the
recommendations
Exchange
was
was
Very truly
lit
Hon. William O. Douglas,
Exchange
at
the
by John M.
«
Chairman, Securities and Exchange Commission,
Washington, D, C.
Dear Mr. Douglas:
*'
»
Your statement of March 15, rela ting to the report and recommendations
resulting from the Conference of National Securities Exchanges, held in
Washington on March 13 and 14, indicates, it
seems
to me,
a misunder¬
standing on the part of the Commission of the purposes of the conference
and of the recommendations proposed.
It is vitally important that you
and the Commission understand these purposes, and it is this consideration
this letter;
Speaking for the New York Stock Exchange, I should like to reiterate,
with all of the emphasis possible, that we are in complete accord with the
objectives of the securities Acts.
With respect to the recommendations
that have been submitted, we ask only that they be subjected to the test
of soundness to determine whether their adoption would be in the public
interest.
yours,
Over-Counter
Dealers Advised by R. E. Healy That
Completed Task in Helping Trade Prepare
Plan of Self-Discipline Through Voluntary Asso¬
ciation—Visions
Government
Regulation
with
Failure of Dealers to Adopt Program—Mr, Healy
and Frafik Dunne Address New York Security
SEC Has
"vitally interested in stimulating the confidence of investors in the securi¬
ties of American industry" and, for this reason, we are encouraged to urge
such modification of the Federal Securities Acts as would have the effect
of improving the proper
in New York City, on March 22, Robert E.
Healy, Commissioner of the Securities and Exchange Com¬
mission stated that except for formal action by the trade,
the Commission has finished its task toward moulding a
Association
March 15 has created.
which
your state¬
It should be emphasized that
we
are as
much interested as the Commission in preventing pool operations and any
form of market rigging.
We have the same interest that the Commission
"for the formation of the type of voluntary as¬
of the over-the-counter markets,
program
sociation for the regulation
which
the
Maloney Act envisages."
The program, Mr.
"was made possible by a singularly co¬
operative endeavor," both on the part of representatives of
the industry and Commission, and pursuant to the original
plan, he said, "the products of that joint endeavor were
presented to the trade a few days ago."
The program, it
may be noted, made public a week ago, is given elsewhere
in our issue to-day.
"The future of the Association," said
Mr. Healy, "now rests principally with the trade. • Whether
or not the trade should adopt this program," he added, "is
Healey observed,
trade and the trade
for the
of a
members. ...
It
permit of greater flexibility of action and a freedom and informality
of procedure which, under the Constitution of the United
States, an
administrative agency like the SEO does not have.
I
the trade should
think
well
organized,
realistic
to
believe that
the years
over
Government may
p^of over-the-counter brokers and dealers, comparable to that
which exists as respects members of stock exchanges," he
continued.
"In fairness to the exchanges, that is desirable
for the purpose of equalizing competitive conditions.
I per¬
sonally thing," said Mr. .Healy, in commenting on the plans
for a voluntary organization, "that if I were a member of
the trade, I would be more than enthusiastic for the forma¬
tion
Frank Dunne,. President
Dealers Association, also ad¬
dressed the gathering, and his remarks are referred to
in another item in this issue.
Mr. Healy spoke in place
such
of
New
of
the
of
William
organization."
an
York
0.
Security
Douglas,
SEC, who was
Chairman of the
originally scheduled as the guest speaker.
Mr. Douglas,
who attended the dinner, was named by President Roose¬
velt during the week as a member of the United States
Mr. Bealy's address follows:
Supreme Court.
The
York
New
Exchange
Security
•
Commission
have
Dealers
Association
continuously enjoyed
and
a
the Securities and
harmonious relation¬
At times we have agreed and at times we may haye disagreed.
But our common endeavors have been truly cooperative in the best sense
ship.
the
this
word.
It
is
brokers
the-counter
the
It
opportunity to
is also
national
because of
this
gratified at
certain mutual problems of over-
relationship that I am
discuss with you
and dealers.
gratifying that your Association has anticipated, in a sense,
program
Though
nevertheless
policing its
apply to the over-the-counter markets the same degree of
regulation to which stock exchanges are now subject. Cer¬
tainly the SEC would support a program of regulation
prospective security owners are entitled.
the
weight carefully the great advantages
articulate group
Mr. Healy went on to say that "I should in the interests
fairness state what the alternative would be.
It is
nounced.
as
strong,
would
has in the fullest disclosure of information to which security owners and
We are as much opposed
Mr. Healy
alone to decide."
also said:
of
functioning of the markets.
We are naturally concerned over certain impressions
:
Discussing problems of over-the-counter brokers and deal¬
ers at tbe annual dinner of tbe New York Security Dealers'.
We fully appreciate that the Commission, to quote from your statement,
ment of
to the com¬
GEORGE C. MATHEWS, Acting Chairman.
of
made
represented
lie
The text of Mr. Martin's letter follows:
is
as
necessary in the interest of the public and national economy.
made
Hancock, H. Allen Wardle and Joseph Klingenstein.
which prompts
time,
any
of protection to the public and, at the same time, to make it pos¬
Dealers' Association '
William McC. Martin Jr., President of the New York
Stock
misapprehensions, at
sible for the markets to function efficiently and with as little friction as
periodic State subsidy.
York Stock Exchange in
Douglas of SEC Regarding
Proposals of National Securities Exchanges Ex¬
presses Hope for Constructive Approach to a Solu¬
tion of Problem—SEC Acting Chairman Mathews
Suggests "Round Table" Talks
to
no
Commission^ that you share our determination to provide the greatest
measure
+
Letter
The round table
the best method of pursuing any such suggestions.
plete disapprobation of the abuses which the present Securities Acts are
designed to correct. It has been evident to us, in your relations with the
the Legislature be redrafted to place public housing on an
economic basis, the report points out that all of the meas¬
President
that any sugges¬
touching the possible improvement
Development Co.
The report is being placed in the hands of all the mem¬
bers of the Legislature and has also been referred to many
other organizations.
Urging that housing bills now before
ures so
certain other matters
will have the prompt consideration of the Commission.
Meyer,
C.
on
assure you
of the Act or the possible modification of regulations issued thereunder,
seems to us to afford
Chairman
9(a)(2) and
tions which you may have to offer,
The Special Housing Committee of tbe Merchants' Asso¬
ciation, which prepared the report, consists of:
Section
on
But apart from those,' I
you
for brokers and dealers which was recently an¬
have described your achievements with modesty,
they contain
many
of the ingredients of
a
larger national
Financial
1738
by voluntary organisation oi your group, made its
and effective.
You have given your group a
feeling of solidarity consistent with strong, healthy competition.
You
have 6tood for raising the standards of your business in an attempt to
You have,
program.
protect
against the temptations of the market place.
You have
the direction of supervising the financial condition of
so as better to protect the trade and the public from the
taken
in
steps
members
your
risks
financial practices.
In these and in other
demonstrated a capacity for constructive leadership.
We have now arrived at a stage in the development of a program for
regulation of the over-the-counter markets in which such constructive'
leadership is more than ever needed.
That program was made possible
by a singularly cooperative endeavor.
Senator Francis T. Maloney, of
Connecticut, introduced in the last Congress an amendment to the Sec¬
urities Exchange Act of 1934.
It made possible the formation under the
law of a voluntary association.
He obtained the immediate support both of
the Government and
of the trade.
Though differences of opinion ap¬
of
~
articulate
most
members
unsound
and
insolvency
respects,
have
you
before the Congress, substantial unanimity
objectives.
That unanimity of opinion was
of its basic
the soundness
the en¬
details, there remained, throughout
peared from time to time on
tire consideration Of that bill
on
several years of experience and
overnight, but as a result of
born,
not
study
a number of associations, particularly
Bankers Conference, Inc., and a large number of individuals
ment
the Invest¬
in the
the part of
on
endorsement of the
Since last Fall, represen¬
tatives of the industry and representatives of the Commission have given
unreservedly of their time and effort towards moulding a concrete pro¬
gram for the formation of the type of voluntary association which the
Maloney Act envisages.
Pursuant to the original plan, the products of
that joint endeavor were presented to the trade a few days ago.
The
future of the association now rests principally with the trade.
Whether or not the trade should adopt this program, is for the trade,
and the trade alone, to decide.
If the trade wants the association, the
Commission is obligated to approve it if it complies with the terms and
conditions of the Maloney Act.
But except for that formal action, the
Commission has finished its task by helping to get the enabling legisla¬
tion and by helping representatives of the trade prepare a program of
voluntary self discipline.
I personally think that if I were a member of
the trade I would be more than enthusiastic for the formation of such
The
There
The
that no association
who think
might be classified as follows:
In
the first place,
there are"some
that the
powerful
underwriting houses.
If the Commission felt that would be the result
of the proposed program, I would be here tonight to speak against it.
In
the drafting of the certificate of
incorporation and by-laws, every
effort has been made to put the control, where it belongs, namely, in the
small dealers who fear
their disadvantage by a few
dominated to
be
will
association
with efficiency has been
made to give regional autonomy to the various, diverse groups in the
country.
Every effort has been made to guarantee a democratic form of
government.
Every effort has been made to protect the small' dealer
against unwholesome pressures from the top.
In the second place, there are those who feel that the whole program
of
regulation should be undertaken by the Government—not by the
industry.
This group may be divided into two parts.
One of them is
led to its conclusion by its reluctance to underwrite the cost of a volun¬
tary association under the Maloney Act.
I can sympathize with this
group
because it is common knowledge that the profits of brokers and
dealers in recent months have not been handsome ones.
And in face of
slim profits,
it is obviously not easy to undertake additional expense.'
But I think I would be less truthful than we require registrants to be
hands
if I were not frank on the matter of cost.
Opinions
the best estimate we can now make is that by the
the association has reached its full development, its budget ought to
will vary but
cost
time
$300,000 and $400,000
between
be
budget
and
a year,
feel that unless such
we
be provided by the industry, this program should
forming the association, the industry undertakes a
can
not be
direct
of the rules which
it has provided.
We, for our part, could pot satisfy the obligations which
the Congress has placed on us if we allowed to be formed an association
In
launched.
If
have
a
than
more
any
be
the necessary
reason
not
very
This,«as I have said, means money, and if for
budget cannot be provided, the program should
launched.
articulate group policing its members.
On other
out the advantages which such a system en-,
tails.
It would permit of greater flexibility of action and a freedom and
informality of procedure which, under the Constitution of the United
States,
an
administrative agency like the SEC does not have.
En¬
forcement and discipline would rest in the first instance with regional
committees.
Participation in the drafting of rules and the formulation
well
organized,
occasions
choose
who
the
of
part
form
to
which
group
prefers
that,
On
association.
an
think,
I
If
Commission will
its
the
tice
the
and
identical.
is
association
an
of
powers
But
I
the
under
qualified
believe
Commission
the
the
powers
of
promulgate
to
the Commission
would
above.
The principle of self-help would be utilized
the standards of the entire business to its own lasting benefit.
I should, in the interests of fairness, state what the alternative
be.
It is realistic to believe that over the years Government may
apply
to
which
stock exchanges
imposed
be
statute,
But
cannot
to
be
supplementary
those
rules
not
are
to
sufficient
are
who
of
members
such
not,
are
should
think
the
tative
mitted
the
that
sociation
in
formed
be
but
any
between
has
the
the
meet
under
unless
they
ness.
To
the
at
the
It
those
top
association
substantial
the
are
to
standards
Act
be
to
of
of
it
the
should
support
those
shared
apparently
that
reason
securities business,
general
to
an
which
group
for
group
such
the arteries
of
Certainly the
regulation.
the
fairness to the exchanges, that is desirable for
In
and
equalizing competitive conditions.
In fairness to the public,
a
program is necessary for
the purpose of protecting their funds
their securities and of perpetuating the same high standards of deal¬
ing
as
such
are
markets
are
Such
of regulation by the Commission has not been formul¬
thought has been given to it.
How extensive
would depend to a large extent upon our budgetary con¬
I mention it at this time somewhat reluctantly, lest it be
a
threat.
It is not so intended.
It is again merely an
program
a
although considerable
ated
would
it
observed by the best elements in your business.
The creation^
of public confidence in the integrity of the securities
essential in a capitalistic system.
maintenance
and
be
And
ditions.
considered
as
fairly and with full disclosure.
attempt to write the prospectus
And
we
so
leave the problem
which
differences
of Maloney Act associations with the trade.
have with the representatives of the trade who
we
by-laws
drafted the proposed
have
are very
limited in number and though
they are substantial they are by no means insoluble.
We hope there will
be full and free discussion of this project 60 that the final decision on it
fair and
will
be
the
industry
a
confident
are
we
structive
is not substantially unanimous,
substantially
unanimous,
the industry will have provided for itself a con¬
If it
that
of
it "l| is
If
inestimable value.
If the industry, for
our joint efforts will not have been in
number of reasons, rejects it,
any
For at
where
we
this
future time, some other group will
some
have left it and make it a vitally important
cooperative
great
First among
lessons.
have
up
the program
those of us who have worked assiduously in
will have learned many and valuable
these is a wholesome respect for each other.
Next
program
work harmoniously and cooperatively to¬
goal.
And last, but not the least important,
ability on both sides to bring to hard, practical
acquired an ability to
gether towards
the
pick
part of our financial
Furthermore,
organization.
is
We hope, of course, that the response of
one.
permanent program
Vain.
we
sound
a
be unanimous.
disappointed.
will
be
would
we
common
a
willingness and
problems
an
freed of emotionalism.
objectivity
SEC and Investment Bankers Conference, Inc.,
Submit
National Association
of Over-the-Counter Dealers Under Maloney Act
Plans
of
Establishment
for
announced intention,
18, page 1577, the
Securities and Exchange Commission and the Investment
Bankers Conference, Inc., on March 20 jointly submitted
In
with
accordance
referred
previously
its
March
columns
these
in
to
to
necessary
would
who
be
are
since
it
business
desirable
as
and
members
the
between
not
of
that
no
not
gain
the
If
that
formed.
support
the
who
statute.
join
March 20 that within
we
the
explanatory analysis
broker
and
The
trade
not
be
dealer
represen¬
preferences
made
available
the entire securities
the hands of just
a
per¬
busi¬
select few
Commission and the
together with an
to all
by the Commission,
prepared
over-the-counter brokers and dealers.
The
SEC added:
These
tentative
the Commission
plans
product
the
are
of
joint effort by the staff
Committee of the I. B. C.
the Drafting
and
criticism,
The
for
organization
brokers
of
the
Commission,
and
interest
plans
for
a
designed to advance the public
a
proposed
and
by
a
a
Certificate
of
Incorporation,
By-Laws,
Procedure for handling complaints.
Code of
B. C.
B. C. to file
memorandum prepared by the the I.
to enable the I.
national securities association.
principal
as
program
by adopting and enforcing certain stand¬
of fair practice for the over-the-counter markets.
and rules
Practice
registration
To
are
investors
accompanied
the
provides
voluntary associations of over-theto undertake, with the cooperation
more
which
regulatory
a
include
Fair
or
one
dealers
protect
ards of conduct
The
of
and
for
suggestions.
comments and
Maloney amendment, adopted by Congress in June of 1938,
the
counter
of
As originally
contemplated, the tentative plans are being submitted to the industry
changes necessary
quote further from the
Commission's announcement,
proposals contained in these tentative
plans have been agreed upon in principle by the staff of
the Commission and the Drafting Committee of the I. B. C.,
both of whom have been working closely together for sev¬
"the majority of the
Differences of opinion re¬
eral
months
main
only two points: (1) whether the By-Laws of the
association should contain a provision making the em¬
as¬
Unless
few days the
a
Conference would submit the same plans,
new
average
should
by substantially
of
true,
were
it would not be sufficiently
place those trade preferences in
be
the
association
feels
would
business.
1,600
approximately
country, who are members of the
are
it is to equalize competitive conditions
as
third
a
important to
too
are
lessening in
program
a
of
These
in the securities
association.
an
competitive conditions
is
business
of regulation of over-the-counter brok¬
comparable to that which exists as respects members of
exchanges.
purpose
of
whole over-the-counter field and the stock exchanges.
There
markets the same degree of regulation to
subject.
The investment banking business
expect a
to
support
and dealers,
ers
stock
Rules
would clearly be
program
expected that all brokers and dealers
equalize
trade
and
would
SEC
are now
over-the-counter
the
and
analyzing
become
will
the over-the-counter
in such a way as
objective.
such
from
for raising
This, certainly, is our
get substantial uniformity over the whole field.
Some
had by members of the trade; they would not
policies would be directly
of
make
attempt to extend a comparable type of regulation
supplement the enforcement program of the association
to
should
we
this
through
rule-making power to the elements of the business * which do not join
association.
The powers of the association to pass rules of fair prac¬
clear.
ourselves
strong,
have pointed
we
other registered
„
Government regulation to
regulation by the industry, thinks that Government could do a better job.
Perhaps some of these, as I have stated above, fear domination of the
association by a few.
But others have the feeling that there should be
uniform regulation of the entire industry, not regulation just of those
Another
should be only for the
the great advantages of a
weight carefully
should
trade
the
think
I
Maloney amendment to the Securities Exchange Act of 1934.
It was indicated
in the Commission's announcement of
constituted.
so
of all and
benefit
definite
its
without assuming
law
the
of
we
adequately staffed and adequately manned to do the job contemplated by
the statute.
Rather, we should have at hand assurances that it was
|>resently
Such a program as the latter
under the administration of all.
given by Congress.
permit an association to be registered, we should
mere expectation
that in time this association may be
benefits
the
took
responsibilities.
be one
security dealers throughout the
Conference, comprehensive
plans leading to the establishment of the Conference as a
national securities association under the provisions of the
responsibility for policing its members within the scope
which
would
It
have a
to
their prospectuses
in
on
a
consistent
effort
Every
dealers.
the
of
policy.
national
1939
25,
trade association like the New York Securities Dealers
Association or the Investment Bankers
Conference, Inc., policing their
members but without statutory authority; it would be quite another thing
to
have an association armed with the direct power over
its members
thing
The
It is yours.
should be formed.
But the decision is not ours.
some
are
enactment.
continued after its
Bill
association.
an
cooperation which led to the
spirit of
same
Maloney
sound
with
consistent
be
not
would
commerce
*
business.
Mar.
Chronicle
to
perfect a plan.
on
paid President mandatory, and (2) what the
of dues should be."
The Commission's
announcement went on to explain:
On these two
points both the Commission's staff and the I. B. C.
committee have prepared and submitted memoranda outlining their respec-
ployment of
proper
a
schedule
Volume
tive
pointa
national
Financial
view.
The
representatives
the
of
feels
that
of
this
magnitude
constructively unless there is from the
that within a reasonable time a
employed.
The I. B.
nate
and
fact
that
through
C.
determine
the national
such
the
staff
nor
the
the
the
of
the
point
the
question
relatively
for
dues
such
nor,
of
schedule
be
being
their
it
would
other
I.
It
is
requested
of
B.
be
should
of
neither
be
he be
should
a
dominated
over-the-counter
the
committee
impossible
the
small
C.
the
and
wishes
raise
to
minimum
dealers.
continue
to
of
amount
an
dues
The
schedule
other
forward
to
or
which
the
and
the
small, has
B.
which
dues
high
so
staff
it
regards
as
views
the
on
shall
elected
these
on
plan
as
two
points,
whole,
a
dealers
and
well
as
either
the
to
exchange mechanism.
real power
Where
corresponding
You who
this
taker, when
I submit
professionals
on
equitable price for
an
of negotiation
power
benefits,
are
"power of the print"
are
is
it
is
contrary
familiar with
fixed com¬
a
relinquished without the
the
to
public interest.
the disruptive
effect of the
exchange, either to the negotiator
an
the risk
or
inactive security is recorded on the tape or in the newspapers.
on
Further, it is the business of
of his
well afford to give up the
can
of negotiation, which it has in the Over-the-Counter market,
because of the benefits of executions at
mission.
far apart ever to
are too
For those securities which
a
dealer in securities to
bring to the attention
customers, issues which in his opinion fit the requirements of his
customer and offer
opportunity for income and profit.
creates
demand
a
greater
and
broader
market
This dealer function
for
inactive
meritorious
securities.
We should not make
quality of a
security, and the availability of factua
information regarding it, the only items as the yardstick for
listing requirments.
If it becomes the
practice to follow such reasoning, and many
issues
are
placed
on
markets for them
exchanges, the present established Over-the-Counter
will be suppressed,
and finally extinguished.
mediate harm of that will be felt by the
investmg public.
The im¬
But the
con¬
sequences are bound to be far reaching in their adverse effect on the business
whole and
the proper future functioning of the capital markets.
on
It is not conceivable that the exchanges in their zeal to effect a transition
to
the
exchange of issues that
have
now
established
markets
over
the-
counter, are activated purely by the profit motive.
I am inclined to believe
that they view the matter in a broader sense, and that in addition to
We all know that the
now
success
constituted, depends
the business.
writing,
be
the
Maloney amendment that
organized
on
district
democratic
a
elected
an
committees
in
basis.
of
Accord¬
national
21-man
each
national
the
Board
districts
14
country has been divided; each member, whether large
in the election of these bodies.
The
or
primaiy function
of Governors will be to determine
policies and the district
through local business conduct committees, will be responsible
the enforcement
ing themselves, they believe they will benefit the investing public.
of the securities business
as a
whole and
as
the continued functioning of all segments of
on
While in the main the business of
one
firm is that of under¬
,
of
Board
The
get together through the
has.
C.
objectives
vote
one
■committees,
willing buyer together who, in the first instance,
adequate
made
were
Commission's
over-the-counter brokers
their
suggestions
associations
Governors
is
a
1739
properly belong on an exchange the public
as a
ingly, the proposed By-Laws provide for
for
hand,
branch
C.
B.
alternative
to the I.
or
one
Chronicle
profit¬
I.
comments
securities
of
as
The Commission's staff feels that this
unless
many
an
the
of
Commission
into
solely
association
the
of
President
particular
the
association
proposed
Members
of
the
equitable.
more
as
interests
paid
a
the
on
any
dues
burdensome to
therefore,
are
vested
is
power
is
domi¬
upon
inequitable in that firms with large personnel bear a
burden of cost.
The Commission's staff also feels that
effective
an
executive
would
relies
staff
is
small
this
to
paid
officer
an
the
,
schedule of
as
that such
in
assurance
membership—the large investment banker and
the best of his ability.
The Commission's
by
or
full-time
efficiently
run
to
that
dictator,"
Commission
The Commission's
outset
very
Commission's
the
using the present I. B. C. schedule.
under
the
The staff of the Commission envisions
business.
On
that
feel
cannot be
policy-making
representative of
all
the
a
but
By-Laws
dealer—equally
stresses
"czar"
by
the
as
serving
small
committee feels
policies,
Board of Governors.
officer
an
whole,
C.
B.
officer, if he is employed.
an
association
an
By-Laws
in
I.
of Governors should have
complete discretion (a) as to
paid chief officer should be employed, and (b) as to the title,
a
and duties of such
powers
and
of
Board
whether
staff
148
of the rules of
fair
By-Laws further provide that
practice.
distribution,
another
they have
a common interest in all
dealer
or
eligible for membership unless he has disqualified himself by improper
as defined
in the statute.
Nevertheless, both the Commission and
exchange
trading,
and
another
all essential, and while they overlap
are
developments which affect the business
and the public good.
If
we
recognize our
need for
cooperation
common
interest
must
we
also recognize
among ourselves In order to achieve
the vital
the best results.
It is to be regretted that the Idea has begun to
prevail that the exchanges
are
attempting to encroach
which
will
on the Over-the-Counter
established
upset
for
the
issues—are
field, through processes
Over-the-Counter markets
long period of time and at great
over-the-counter broker
any
another
Over-the-Counter trading, they
built
These markets
expense.
adequate—and
have
continuously
are
over
up
a
best suited
served
well
the
investing public.
conduct
the
as
I.
B.
feel
that
certain
specified types of securities businesses, such
dealings in oil royalties, various promotional stocks and undivided real
estate
should preferably organize themselves
mortgages,
ciations
is
C.
which
running
attach
can
as
going
a
dealers
in
withjn
sufficiently
Board
the
of
general
terms,
may
the
and
of
with
be
economic
the
renominated
The
initial
and
ernors
after
election
of
all
in
to
of
by
of
will
office
be
unless
it
that
district
association
new
committees
will
of
elected
for
be
held
as
majority
a
that
Board
soon
Gov¬
of
possible
as
Rules
present
which
have
profits,
securities
as
latest
the
Investment
incorporated
well
as
financial
securities
rule
of
been
manipulation,
on
and
a
improper
provision
statement
deposit
in
or
to
fide
or
account
Inc.
against
lending of
request
upon
bona
a
Conference,
prohibitions
pledging
that
margin
a
substantially identical with the
Bankers
include
rules
unreasonable
a
customer's
member must
a
customer
with
New
Who
him.*
has
show
cash
or
Furthermore,
a
the restrictive dealing or trade preference provision
Maloney amendment permits a registered association to adopt.
The Board of Governors has
power to fix maximum penalties for various
incorporates
which the
violations of
$500,
to
up
The
Code
the
or
of
association's
suspension
Procedure
plaints;
its
whom
complaint
a
fullest and
may
and
provisions
fairest
These
expulsion
deals
be
the
to
filed shall
penalties
be
may
fine
censure,
from membership.
with
designed
are
may
rules.
or
mechanics
insure
have
an
that
handling
member
com-,
against
orderly procedure and
opportunity to defend himself.
The Senate
on March 23
passed a bill calling for revisions
Sugar Quota Act in which the mainland cane and beet
areas would be increased
by about 300,000 tons of sugar. A
series of amendments, offered by Senator Adams of Colorado
and other Senators from Western sugar areas, were voted,
which would increase the present domestic area share of
55.59% of total quotas to 60% and decrease the off-shore
producers' share, including Cuba, from 44.41% to 40%.
in the
Senate action
the
Any disciplined member
appeal first to the national Board of Governors, then to the Securities
Exchange Commission, and finally to the Federal courts.
The move to
tion in
Functioning of All Sigments of Business of
Exchange Trading, Over-Counter Trading, &c.
Should Be Recognized
In
addressing
h
for this and next
for
the customer."
"An exchange to function to the best
advantage of the customer" he added "should be at all
times able to match up buying and selling orders.
But to
do this, there must be a volume of transactions in each
particular security." Continuing Mr. Dunne said in part:
It is
an
accepted fact that merely placing
not create a
market,
it over-the-counter.
fore follows that if
auction
a
nor
make for
a
a
security
on an
exchange does
better market than that
prevailing for
That fallacy has long since been abandoned.
It there¬
security does not have all the requisites for exchange
trading, it should remain in the Over-the-Counter market,
or
a market
which antedates all exchanges, and performs a service for the public
that
cannot
be obtained
on any
exchange in the purchase
or sale of an inactive
Further, it is a fact that in
current instances,
exchange trading
instead of improving marketability has impaired marketability.
The buying and selling of securities that do not possess the attributes
necessary
for exchange trading
many
are
best dealt in, from the standpoint of
public interest, in the Over-the-Counter market.
Such
securities
either
require the services of a risk taker, who will buy in anticipation of reselling
at a profit at some subsequent time, or who will sell out of inventory in th6
hope of buying back at a profit.
Where the security is too inactive, the
services of a negotiator are required in order to bring a willing seller and
a
was
amendment to maintain
described in the follow¬
request of Senators
a
cane
and beet acreage quotas
at the same level as last season.
Senators from sugar beet areas at first
objected to the Ellender proposal,
including their
own
proposals.
Among these
McCarran and Pittman, Nevada Democrats,
that their State get at least 6,000 acres of this increase.
One of the Adams amendments would increase the domestic sugar acreage
Mr. Adams said this acreage would produce about
quota by 200,000 acres.
300,000 tons
of sugar.
Importations of
sugar
would
be reduced
a
like
amount.
Before passage of the bill Chairman Harrison of the Senate Finance Com¬
notice that if he
later found there
was
a
conflict
with the
treaty with Cuba he would move reconsideration.
In reponse to a question by Senator
King of Utah, Senator Adams said
the proposal would not discriminate against Hawaii and
would make
no
increase
in the quotas
tic and off-shore
producing
value,
raw
to
areas
4,099,294
Puerto Rico,but
of those islands,
On the basis of quotas recently announced for
,
1939 total quotas of domes¬
would be increased from 3,797,996 short
short
Included in
tons.
these
areas
are
Hawaii, Puerto Rico, the Virgin Islands and domestic beet and cane sugar
'
areas.
The total quotas of Cuba, the Philippine
Islands and other foreign
tries would be reduced from 3,034,161 short tons, raw value, to
short tons.
coun¬
2,732,863
,
Department of Agriculture officials declined to comment
action in passing
on
the Senate
the Ellender bill.
Experts Illustrate Methods of Bond Analysis in Talks
Before New York State Bankers Association
Con¬
ference—A. M. Massie Discusses Statistics of Bond
Portfolio—Industrial
and
Public
Utility
Bond
Standards Cited
Examples of "quality" tests to be used by bankers as
guides in buying bonds were given on March 20 by A. M.
Massie, Vice-President of the New York Trust Co., at the
Bond
security.
an
season
but later compromised by
tons,
President,
the New York Security
Dealers' Association on March 22, Frank Dunne declared
that "there are many securities traded on exchanges
today,
listed and unlisted, which we all know would
enjoy better
markets over-the-counter, with the result of better
prices
as
measure
change the quota system started when Senator Ellender of
Louisiana offered
mittee served
President Frank Dunne of New York Security Dealers'
Association Declares That Vital Need of
Coopera¬
the
on
ing Washington Associated Press dispatch of March 23:
was
for
any
Approves Revisions in Sugar Act—Quotas for
to 60% and Offshore
Producers' Share Reduced to 40%
Mainland Growers Increased
of
such
registration.
are
noted elsewhere in this issue.
are
Senate
No
year.
ballot
national
a
remarks
national
to it.
the
delivered at the annual dinner in
was
City of the New York Security Dealers' Associa¬
tion, at which Robert E. Healy, Commissioner of the
Securities and Exchange Commission spoke.
Mr. Healy's
associations
the
each
written
asso¬
once
made
affiliated
himself
signified
is
Members
out
succeed
affiliated
as
association
provision
form
can
committees
going
Many of the Rules of Fair Practice
his
national
areas.
district
one-third
agreeable
is
the
business
membership of the district has
renomination
to
Furthermore,
concern.
securities
important
Governors
three-year
incumbent
themselves
Mr. Dunne's address
New York
Portfolio
Conference
held
by the New York State
Bankers Association at the Federal Reserve Bank in New
York
which
City.
was
More than 500 bankers attended the meeting
the
second
in
the series
of four monthly con¬
the subject, the first of which, held on Feb. 20,
was referred to in our Feb. 25 issue, page 1109.
Mr. Massie,
who is Chairman of the Bond Portfolio Committee,'declared
ferences
on
that for years bankers have been buying bonds blindly and
without proper discrimination.
He said that they have been
Financial
1740
Actually buying bonds is just another way of making loans or
extending
It would seem that there are several reasons for this difference
credit.
but it has integrated
of
time
loans can not.
Third, there is much less direct contact with the company when
essential in the selection of a
of the most difficult factors to determine
this is one
Second, there is much longer element of
involved in the purchase of a bond than there is in making a loan.
of by sale while
operations that are world-wide.
Good management is an obvious
First, bonds can be disposed
attitude to the two types of credit instruments.
organization, any one would question the
bonds are
Standard Oil Co. of New Jersey.
the
bought than when a loan is made.
»
Because of the last two factors much more care should be
purchase of bonds than with the making of loans.
taken with the
methods to the purchase of bonds, which will
should prove
employees subject to the Fair Labor Standards Act. General
Counsel Calvert Magruder is said to have denied the banks'
request for an exemption as service establishments. United
Press advices from Washington reporting this continued:
apply the same general
in interstate commerce
merce," Mr. Magruder said.
it is necessary to
In order to make our work of practical value to you,
"On the basis of a preliminary
low cost certain especially prepared statis¬
This requires the services of a statistical house having a
tical Information.
by banks.
of bonds which are purchased ordinarily
for different types
We are pioneering in
field and we have not had very much time to get this material
a new
working night and day doing the necessary research
expense
Up to the present time we have completed the ratios for oil
bonds and
During the spring
Standard will prepare on request and at reasonable rate test
sheets showing the ratios
for individual bonds.
Those in attendance are
invited to submit their requests either directly to Standard or through
Association office.
the
A bulletin of explanation of the ratios is being prepared
available will be sent to all institutions requesting them.
and copies when
Eventually we hope to cover all actively traded bonds which are eligible
for bank investment under the regulations.
banks unless there is
out a service for
of the committee to create such
Standard is
even
a
a
Naturally Standard cannot put
It is the problem
demand for it.
If the interest is indicated.
demand.
I
minute that
certainly
am
am
York
which was re¬
18 with the Trades Council,
Jan.
on
large
six
with
contracts
signed
ported in these volumns^of Jan. 21, page
to union officials, approximately 50 of the
378.
According
city's hotels are
under the agreement.
now
♦
not.
be of help to its
I most
When this committee was appointed it was asked to
procedure under which the Association could
This
members in dealing with the bond portfolio problem*
system which we have
be of help to you.
devised represents a part of our method of trying to
a chance
Standard liked the idea and willing to take
that something might
be done with It in
a
commercial way.
Naturally
committee thinks it has a lot of merit or it would not have asked
Standard to be prepared to make it available to anyone wanting it.
our
All
research departments use some similar statistics in analysis work but
no one
has ever taken the time or the pains to develop them into a regular
This your committee has undertaken to do.
system.
the conference
on
March 20, discussed the ap¬
plication of quality tests to industrial bonds, while J, E.
Morris, Assistant Vice-President of the City Bank Farmers
Trust Co., outlined the position of the Brooklyn Edison Co.
as an example of the analysis of a public utility bond.
Mr. Leslie analyzed the position of the Debenture 3s and
2%s of the Standard Oil Co. of New Jersey as typical of the
analysis of an industrial bond. He said in part:
I might point out
Agreement
here that the oil industry is one of the largest fields for
hotels
of the leading companies in
First of all, the oil
and there
are a
Steelman, Director of the Conciliation
as
bank investments.
industry has shown a tremendous expansion in the last
25 years, and the obvious explanation
for this is primarily the fact that the
American public likes to travel about in automobiles.
We have had an
adequate demonstration during the depression that no matter how much
the overall purchasing power
most owners
of the country declined, some way, somehow
managed to continue the operation of their
decline in gasoline output
from the boom
year
cars, so
The
and
from the consumer side the industry is remark¬
There are othef less optimistic
phases of the industry which have from time to time created serious prob¬
lems for it, notably the flush
which
created
havoc in
production in new fields from 1932 to 1935
the price structure
of both crude and refinery
products, but the seriousness of the over-production problem led to the
various
pro-ration agreements which have now been operating reasonably
satisfactorily for some time and which are held together by the so called
"Connally Bill."
the
market
for
check-off
The
union dues from
hotels
membership and
go
agree
to seek replacement
into the open labor market only
cannot
must
working
demands for a closed shop
employees
when
supply competent workers.
Workers hired in the open
join the union in two weeks.
Non-union employees now
the hotels -will not be required to join the union.
The
compromise the
union
union
union
were
envelopes.
pay
the
Under
from
the
also
system
was
denied.
that all strikers will be rehired
withdrawn immediately.
agreement provides
Pickets
days.
were
In its account of the ending of
within three
the strike the Washington
"Post" had the following to say, in
part:
in the negotiations that ended
successfully yesterday.
Those in existence under the previous agreement
with the hotels were allowed to stand upon its being shown that general
Wage scales
raises
are
agreement,
such
as
not justified
or
any
were
not
covered
by conditions.
So that wage scales under the
agreements subsequent to it, are allowed to
old
stand.
Greater New York Fund Announces Leaders for
In announcing recently
the leaders of the 1939 campaign
I. Parkinson, Gen¬
of the Greater New York Fund, Thomas
Chairman, has named several from the financial
eral
Among them
field.
Paul Felix Warburg, private banker and
of
the
New York Federation of Jewish
are
Vice-President
Sims,
Campaign
Charities, and Dean Sage Jr., of Sage, Gray, Todd &
who
have
accepted
vice-chairmanships
of
the
Committee.
Blaine, President of the Marine Midland Bank,
of the Greater New York Fund, also is
James G.
Without attempting to minimize the importance of the
pro-ration and price problems, they have been of greatest concern to the
1939
Campaign
products of the industry aside from gasoline are
ably stable, and the trend is still rising.
workers'
the
for the strike
system, requiring the hotels to deduct
We cannot
affected quite sympathetically by the trend of heavy industry activity, yet,
when all is said and done,
reasons
check-off
1929 to the worst of the
declining trend in gasoline consumption.
overlook the fact that
basic
the
that the
depression was relatively small; neither is there anything in sight at the
moment to indicate a
Service of the De¬
partment of Labor. Regarding the settlement, United Press
Washington advices of March 19 had the following to say:
The strike began at the Ambassador Hotel on Feb. 28, spread to the
Roger Smith (Powhatan) the following day, and on March 8 eleven of
the capital's leading hotels were being picketed, including the Willard,
number of reasons why bonds
this business are desirable
was
promise agreement between union leaders and hotel oper¬
ators following the conclusion of negotiations with John R.
Industrial bonds, in fact, it is second only to the steel industry in the amount
of issues outstanding against it,
of service employees at 13 Washington
ended on March 19 with the signing of a com¬
The 20-day strike
Mayflower and Shoreham.
Edward H. Leslie, of Wood, Struthers & Co., who also
addressed
Washington,'D. C., Hotel Strike Ended by Compromise
Please don't think for
trying to sell you some kind of a service.
endeavor to find a method of
of
Federation of Labor,
New York hotels on
March 21.
The hotels which came to terms with the Coun¬
cil were the Biltmore,. Commodore, Roosevelt, Chatham,
Barclay and Park Lane.
The contracts, affecting about
3,500 workers of these hotels, were based, it is stated, on
the agreement signed
by the Hotel Association of New
affiliated with the American
unions
prepared to offer a service to banks and others at prices which
today will be materially improved at a later date.
your
Council, composed of six
Hotel Trades
York
New
The
Contracts with
the smallest banks can afford.
There is no doubt in the minds of the committee that what we present
a
—
Hotel Trades Council
will continue the research and try to cover- all branches of
summer we
bank employees under the Act."
Six]Large New^York^City Hotels Sign
By the next meeting In April we will finish
the ratios for railroad bonds and for municipal bonds.
industry.
andjhour division, however, is engaged in a detailed Investiga¬
banks to determine more
variegated activities of employees of
precisely the status of
work and have spared
in order to help the committee and so help you.
public utility electric bonds.
tion of the
that
them
ready
The officers and employees of Standard Statistics have been
for you today.
study, it is the opinion of this office
by many employees of banks brings
of the Act.
of work performed
type
"The wage
for several months with the Standard
Statistics Co. in selecting a set of ratios or quality tests
the
within the coverage
national organization.
Your committee has been working
Act, therefore, applies to all employees of banks who are engaged
or in the production of goods for interstate com¬
"The
be explained to you today,
both interesting and instructive.
make available to you at a very
Wage-Hour Administration notified 15,000 State and
banks on March 24 that it considered all their
The
National
bankers have this background of credit training, the
Since all of you as
results of the efforts of your committee in trying to
Employees Subject to the
Bank
Fair Labor Standards Act
financial figures.
and
State
might happen to a business in a 10 or a 20-year period while it
be
no
and
National
It is impossible to judge
might
possible to tell with a high degree of accuracy what might happen in a
brief period such as one year.
Management is considered to be of greatest
importance in extending credit.
If there is no direct contact with a com¬
pany it is necessary to gauge this highly important factor solely by hearsay
or by a careful analysis of the results of management as reflected in the
what
bond, and
from statistical analysis ;
accomplishments of this tremendous,
capability of the management of
I doubt that, recognizing the
yet
domestic reserves,
Not only is this company strong in
oil company.
an
analyzing the bonds of
of the first requirements In
ally, this Illustrates one
Incident¬
purchases of additional crude reserves.
reports have shown large
leaning heavily on ratings "and even these have not been
used properly." He added, in part:
251939
Mar.
Chronicle
who
is
President
the general committee, as is Benjamin
Butten-
equity holders, for the Industry has been very largely financed, over a long
serving
period of time, by the stockholders either through the sale of new stock or
wieser, partner in Kuhn, Loeb & Co.
Mr. Buttenwieser is a
member of the Board of Directors of the Fund and a mem¬
through
the
reinvestment
of the
stockholders' surplus
earnings
in
the
properties.
Since oil is one of our largest
industries, there
are a
number of excellent
companies operating in the field, but we have chosen for discussion a com¬
pany
out
generally recognized as the leader.
here
that
one
sense to
usually
stick to the leader, or if the field is large enough, only the
leaders of any respective
field.
Getting back to the Standard Oil Co. of New Jersey, there is plenty
information available to prove that its huge reserves will keep it in
long after the maturity of these bonds.
of
operation
Support for this view is given in the
company's annual report for 1934, in which it stated that its reserves were,
oughly, equivalent to about 20 years' production, and subsequent
annual
of
the
selected
Fred
I think it might be well to point
of the most fundamental principles in the selection of
industrial bond investments, regardless of the industry, is that it is
good
ber
the
of
on
Executive
Committee.
Other
prominent
Berry, President of the Bronx County Trust Co., who
has accepted
chairmanship of the Bronx campaign, and Axel J. Swenson,
the
men
are:
Bayside
Federal Savings Association, who has
President
agreed to head the
Queens committee.
The announcement
also went on
to say:
Beginning April 17, and continuing through May 31, the army of volun¬
teer workers will endeavor to raise the supplementary $10,000,000 needed
by the 380 health and welfare agencies participating in the
agencies represent all
races
Fund.
These
and creeds—Catholics, Jews and Protestants—
Volume
united in
are
employee
Financial
148
the city for the support of the agencies' services.
groups in
Corporations,
firms
New York Fund
are
and
to ask
individuals
contributing
employee groups
Greater
the
to
for gifts.
this year by
However, agencies will continue
been
have
from
chosen
the
C.
F.
Rev.
the General
Committee
Garrett,
Director of Public Relations, General Motors Corp.
Edward A.
Archdiocese of
Hayes, Director of Finance,
New
Catholic Charities of the
York.
Financing, United Hospital Fund;
Edgar Kobak, Vice-President Lord & Thomas.
j.
George
Lyons, Manager Merchandise Methods, New York Telephone Co.
David H.
McAlpin Pyle, President of the United Hospital Fund,
George Schaefer,
Jack
I.
President RKO
H.
Director
New
Federation
York
Jewish
of
Charities.
C.
John
C.
R.
C.
0.
Goold, Assistant to the President of the Fund.
Dooley, Director of Industrial Relations, Socony Vacuum Oil Co.
Wellington, of McKinsey, Wellington & Co.
Waiter Holcombe, Vice-President of Brooklyn Edison, has
been named Chairman of the
Brooklyn Borough Committee.
\
,"v>"
'
'•
■
.
Issuance
♦
'
First
of
Edition
1939
Bankers
of
list
Dec.
Directory
banks
ranked
over,
with
total
according
total
$25,-
of
resources
to
resources.
31
with
■
showing
and
1939
(and later) bank statements are in this edition,
official line-up of officers, directors and corre¬
spondents.
The announcement bearing on the new directory added:
A
complete revision of the "Blue Book" shows changes
from
Federal
Deposit
formation,
Insurance Corporation
Government
tinued banks
(new
in every page
banking
five-year
memberships,
agencies,
list),
bankers
Federal Reserve in¬
associations,
discon¬
accessible banking points to non-bank
towns, &c.
The first 1939 edition shows the
United States to be 19,163,
number
of
changes
broken
down
deleted
in
in
4,367
1938,
number of
banking offices, &c., in the
and in the world to be 45,937.
United States
293
follows:
as
banking
new
changes in
banks during 1938
directors,
offices,
49,756
Bound in blue cloth, the cost of the book
477
be
215,992,
changes
in
is $15 delivered.
for
distributed
to
subscribers
Directory of National Association
Savings Banks Now Available
Mutual
of
Savings Banks is now available.
Peak assets, de¬
posits and number of depositors are reflected in the new
directory.
Collectively, the mutual savings banks, it is
stated, hold about one-fifth »of all American bank deposits,
than 15,000,000 depositors, with
$10,000,000,000.
The Association's
more
exceeding
ac¬
an¬
stated:
nouncement further
glance at the directory shows mutual savings banks to be much the
of banks In
group
lished in
sizable
1816.
the United States, the first having been estab¬
Many of the mutuals
are
past
beyond 100.
Their year-end
for this long period of operation.
group
go
the 75-year mark,
figures
set new
and a
records
Copies of the directory may be obtained at the offices of
national organization, 60 East 42d Street, New York.
+
,
Chemical Bank & Trust Co. of New Yorktlssues Booklet
Entitled "Will You
or
the State Select Your Heirs ?"
L.
State Select Your Heirs?"
Co. of New
just published by the Chemical
York City.
As to the treatise
it is stated:
distribute
deceased,
property
and
simplified
a
may
where there 1s
work
a
table showing
no
will.
how
the
State
will
It points out that such
a
not be in accordance with the wishes of the
definite hardship
on
the heirs,
as
the
State
recognizes no difference in the fitness to receive or the special requirements
of those entitled to share in the property.
The various
will
are
business
review
set
points which should be considered in the preparation of
forth
conditions
their
course
wills
a
cruise in the Mediterranean Sea.
He said
President Roosevelt Plans to Visit Georgia Next Week
President Roosevelt made known yesterday (March
24)
tentative
plans to leave Washington on Wednesday next
(March 29) for a 12-day trip to Warm Springs, Ga. While
suffering from a slight head cold, the President held his usual
press conference yesterday.
William O, Douglas Nominated by President Roosevelt
Supreme Court Justice-—SEC Chairman Named
Justice Brandeis, Resigned
as
to Succeed
William O. Douglas, Chairman of the Securities
and Ex¬
change Commission, was nominated on March 20 by Presi¬
dent Roosevelt for a. seat on the bench of the United States
Supreme Court, to fill the vacancy Caused by the resigna¬
in February of Justice Louis D. Brandeis (referred
to in these columns Feb. 18, page 971)
Mr. Douglas, who
.
only 40 years old; will, if confirmed by the Senate, be
and
the
make
with
it
fact is
their
stressed that
advisable
attorney.
for
all
new
laws and
individuals
justice to take his seat on the court in 128
fifth youngest man ever to become an
justice.
His confirmation was confidently pre¬
Washington this week, although some Western
the youngest
the
and
years,
associate
in
expressed disappointment that a Westerner had
Yesterday (March 24) a Senate Judiciary
Senators
subcommittee approved
a
changing
periodically to
the nomination.
Mr. Douglas was
bom in Minnesota, went to school and college in Washing¬
ton, and spent most of his professional and legal career in
Mr. Douglas first became associated with
the SEC in 1934 as Director of the Protective Committee
Connecticut.
In
Study.
Roosevelt
1936,
January,
as a
he
was
named
by
President
member of the Commission- to fill the unex¬
of Joseph 'P. .Kennedy, resigned.
On July 2,
Douglas was reelected Chairman of the SEC.
sketch of his career, last July, the Commission said :
pired term
1938,
In
a
Mr.
Chairman
Douglas
attended " grade and
wpp
high
College, in
born
in
in
school
Walla
Walla,
Maine, Minn,, on Oct. 16, 1898.
He
Yakima, Wash., and gradqated from
Wash.,
in
1920.
He studied law at
Subsequently he was engaged in private practice
of law in New York City and conducted courses in law at Columbia Uni¬
University.
In
versity.
1928
joined
he
the
faculty
of Yale Law
School,
becoming
Sterling Professor of Law.
In commenting on the
nomination United Press Washing¬
advices, March 20, remarked:
Ariz.),
Chairman of the Senate
subcommittee comprised of
Utah),
Pat McCarran (Dem., Nev.), Joseph C. O'Mahoney (Dem., Wyo.), William
E. Borah (Rep., Idaho), and John A. Danaher (Rep., Conn.) to consider
Senator
Judiciary
Henry
Ashurst
F.
promptly
Committee,
Senators Carl A.
(Dem.,
appointed
a
Hatch (Dem., N. Mex.), William H. King (Dem.,
the appointment.
King and Alva B. Adams
Senators
contains
of distribution may
method
on Jan. 31, and
March 28, on the] Steamship Grijpsholm.
of his journey he visited Peru, Chile, Ar¬
on
Schomp, President of the American Bank Note Co.
ton
The necessity of executing and leaving a legally valid
will, if you wish to control the disposition of your property
after death, is the subject of a booklet, "Will You or the
booklet
Mr. Watson left New York
that he would return about May 8.
Also on board the "Queen Mary" were George Whitney,
a partner in J.
P. Morgan & Co., Winthrop W. Aldrich,
Chairman of the Board of Chase National Bank, and Albert
Whitman
the
The
America, where he has
Europe
Columbia
Bank & Trust
from South
not been chosen.
*
The, 1939 directory issued by the National Association of
oldest
return
Monte Carlo for
is
on
Mutual
A
ac¬
day (March 24) on the Cunard-White Star liner "Queen
Mary." MT. Morgan plans to board his yacht Corsair at
Digest Publishing Co., Inc., New York,
today have
said to have
tion
the first quarterly
Security Holdings, covering
3,000 securities held by almost 300 investment trusts.
counts
are
a
J. P. Morgan Sails on "Queen Mary"—Plans Mediter¬
ranean Cruise—Three Other Financiers Also Sail
dicted
and
Honor Thomas
to
March 3(1—Discussion
South America.
officers,
edition of the Investment Trust
1939
on
gentina and Brazil and in addition made stops at Trinidad
and the Canal Zone.
As the principal speaker at the
luncheon, he is scheduled to discuss the Latin-American
trade of the United States and is expected to bring an im¬
portant message based on the observations he has made in
banking offices
♦-
over
Watson's
ment leaders.
Quarterly Edition of Investment
Trust Security Holdings
15
duties and possible
onerous
It shows the
to
Distribution of First
March
realizing the
spent the past several weeks observing trade conditions and
conferring with important business, financial and govern¬
161,006 changes in statement figures, 99 changes in title and/or location,
all appearing in this issue of the "Blue Book."
The Dealers'
It is
luncheon which the Members' Council
of the Merchants' Association of New York will give at the
Hotel Commodore on March 30, to honor Thomas J. Watson,
President of the International Chamber of Commerce and
President of International Business Machines Corp., upon
to 2360 covering the United States, Canadian and foreign banks,
one
form.
J. P. Morgan, head of J. P. Morgan & Co., sailed yester¬
On March 13 the first 1939 edition of the Rand-McNally
000,000
cepted invitations to
Rand-McNally
Bankers Directory, known as the "Blue Book," was issued.
A new feature which appears in the first 1939 edition is a
special
in tabular
of Latin-America Trade Conditions Scheduled
In the
Secretary Niagara Hudson Power Corp.
Executive
Willen,
Joseph
trustee without
or
More than 500 business executives
Macy & Co.
Ralph L Straus, Secretary R. H. Macy & Co.
C. A, Tattersall,
summarized
personal liabilities inherent in the administration of estates.
is due to return
Corp.
Vice-President R.
Straus,
also
J. Watson at Luncheon
Mr.
0. D. Hopkins, Director of Central
R.
are:
Blies, Secretary of the National Biscuit Co.
Paul W.
are
Merchants' Association of New York
Burke, President of B. Altman
of the Vice-Chairmen of the General Campaign Committee.
one
as
Members of
their executor
severe
food, industry, financial
merchandise, utility,
and professional fields, and include John S.
Co.,
executor
an
,
The leaders who have agreed to serve under the general chairmanship of
Thomas I. Parkinson, President of the Equitable Life Assurance Society,
&
1741
The duties of
pointed out that many individuals designate a friend or relative to act as
assured they will not be solicited again
agencies participating in the Fund.
any
Chronicle
appeal to be made annually to organized business and
one
President to
area
(Dj*m., Colo.) had importuned the
pointing out that that
Willis Van
appoint someone from the Far West,
has not been represented since the retirement of Justices
Sutherland.
sympathizers, however, were unanimous in praising the nomi¬
nation, and hailed it as strengthening the court's liberal majority.
They
said that Mr. Roosevelt's four appointees—Mr. Douglas, Felix Frankfurter,
Devanter and George
New Deal
Reed—along with liberal Justice Harlan F.
combine with Chief Justice Charles Evans Hughes
generally .'described as "middle-of-the-roaders," to
Hugo L. Black and Stanley F.
Stone,
and
probably
Owen
assume
J.
will
Roberts,
liberal decisions.
Financial
1742
Pierce
Justices
consistent
still
Senate
L.
the
dominated
formerly
court,
are
of
resume
of
a
newsboy,
farm
Mr.
studies
Douglas's
tracted
a
attention
the
Within
of
and
bankruptcy' at¬
Landis, who summoned
Mr.
of
reorganization
him
to
corporate
months he became
few
a
Street called-him
Wall
Chairman.
member
the
to
ment
is
indicated
was
tonight the SEC will name
which
chairmanship
its
principal officers from
P.
Kennedy,
firm
its own personnel.
Landis and
James M.
Mr.
Its three
Douglas—were
within a
resign
to
months,
few
either
to
mount
the
private practice.
resume
or
own
whose name has been advanced for a circuit court judge¬
expected
is
bench
of its
merit promotions.
believers in
Jerome Frank,
ship,
one
'
drawn
has
a
Douglas will vacate if his appoint¬
Mr.
confirmed.
Chairmen—Joseph
SEC
is
,
it
Meanwhile
The
same
would
it
improv-
responsible for this circumstance.
money for the quarter represented about $1.00 for every $21.00
assets of reporting associations.
If this rate of investment is kept
this year for all associations, those not reporting as well as
mean
practically $1,000,000,000 of new money, Mr.
up
1939
business
general
reporting,
Theobald
ABOUT
COMPANIES,
TRUST
BANKS,
Ac.
Arrangements were made March 22 for the transfer of a
New York Stock Exchange membership at $60,000.
The
previous transaction was at $70,000, on March 8.
4
Arrangements were completed March 17, for the sale of a
Chicago Stock Exchange at $1,700,
sale.
membership in The
down $100 from the last previous
Washington.
and subsequently
although he insists he
radical,
a
the SEC,
of
conservative.
staff
1925 and went to work for
intracicies of finance.
the
learned
he
the New
driving force in
a
Wall Street firm of Cravatb, De Gersdorff, Swaine & Wood,
the prominent
where
textbooks,
legal
finished second in his class in
He
November.
pointed OUt.
the New York Stock Exchange.
.
.
.
his way through Columbia by tutoring and writing
Douglas earned
textbook.
a
to
held by Mr. Theobald to be
ITEMS
that he has been
shows
career
consulted
widely
of the
October
of the most colorful men ever named to the high
his
Deal, and reformer of
Mr.
ment is
New
hand, junk dealer, janitor, sheep herder, tutor, lawyer, university professor,
author
from
decline
New Deal legislation.
Barkley (Dem., Ky.) and Minority
Ore.) commended the choice.
Mr.
of the youngest.
one
brief
W.
(Rep.,
McNary
Douglas is one
court—and
A
Alben
Leader
survivors of the top-
McReynolds,
C.
McNary commented that it is "an excellent choice."
Mr.
Mr.
which
Mr. Douglas "is admirably equipped by training and experi¬
Barkley said
ence."
James
their disapproval of
in
Majority
Charles
Leader
and
majority
Butler
conservative
heavy
Mar. 25,
Chronicle
Four Vice-Presidents of New York Stock Exchange Ap¬
pointed by President Martin—Represents Last
Important Step in Reorganization of Exchange's
Executive Staff
William McC.
Martin, Jr., President of the New York
the appointment
follows: Howland
S. Davis, Director of the Department of Member Firms;
John Haskell, Director of the Department of Stock List;
Eugene Lokey, Director of the Department of Public Re¬
lations; and Charles E. Saltzman, Secretary of the Exchange.
They will continue to direct their present departments, but
additional duties may be assigned to thefn by the President,
according to the announcement by the Exchange, which
Stock Exchange, announced on March 22
of four Vice-Presidents of the Exchange as
under date of March 22 added:
special luncheon meeting of the Municipal Forum of New
Lawyers Club next Tuesday, March
28.
The purpose of the meeting is to avail members of the
opportunity to discuss items of interest in their respective
fields.
Discussions of the various subjects will be lead by
A
York will be held at the
qualified individuals.
0
meeting of the Board of Trustees of the Title
Guarantee and Trust Co., New York, held on March 21,
Peter Goelet was elected a Trustee of the Company.
He
succeeds his father, Robert Goelet, who has been associated
with the Title Guarantee and Trust Co. as a member of its
the
At
Board of Trustees for nearly 30 years.
*
The Central Savings Bank, New York City, in a accident
prevention campaign for bank-owned properties, states that
it not only has trained its own men to be constantly alert
for defects that might result in accidents, but also employs
a safety engineer to
accompany the men on their rounds
once
a month.
John O. Dornbusch, Manager of the In¬
surance Department of Central
Savings Bank, New York
City, will address the New York Safety Council Convention
at the Hotel Pennsylvania, New York, March 27, on the
subject of "Elimination of Accident Hazards in Older
Properties."
4
The Board of Governors of the New York Stock
Exchange
Exchange will be closed on Good
announced yesterday (March 24).
has determined that the
These appointments, which were confirmed by the Board of Governors
Friday, April 7, it
was
today, represent the last Important step in the Exchange's reorganization
of Its executive staff which was begun
with the assumption by Mr. Martin
of the duties of President in the middle of 1938.
tion
Treasurer
will have to
of the committee,
the
and
Secretary
The appointments further
co-ordinate authority.
simplify the organization structure and
mendations
Under the new organiza¬
Vice-Presidents, the Vice-President and
the
plan,
in conformance with the recom¬
are
headed by Carle C.
which con¬
Conway,
ducted the study which resulted in the reorganization of the Exchange in
May of last
The Conway Committee set forth the principle that a
year.
greater measure of administrative
be transferred to the
authority should
Exchange's staff and that committees of the Board of Governors should
themselves largely with questions
concern
The annual dinner of
Brooklyn Citizens League
Women's Participation New York World's Fair;
President Brooklyn Citizens League; Miss
Casey,
Orrin G. Judd,
cil; Hon. Paul E. Lockwood, Executive AssistantDistrict
Attorney, New York County; Hon. William O'Dwyer,"
y
0
Mr.
Davis is
former
a
Governor, he served
Committee
Davis
withdrew
Exchange.
As
a
Vice-Chairpaan and Chairman, respectively, of the
the
from
consolidation
a
Governor of the
member of other standing
At the time of the reorganization of the Exchange last
Director of the Exchange's
sented
and
Business Conduct, and was, also, a
on
committees."
Mr.
as
member
of
firm
Blake
of
Bros.,-&
Co.
and
May,.
became
Department of Member Firms, which repre¬
the
former
of Customers' Men,
Departments
Foreign Business, Odd Lots and Specialists, Quotations and Commissions,
and
Business Conduct.
Mr. Haskell became associated with the Exchange in
of its Stock List staff and
Department.
He
was
as
Assistant to the
appointed
1932
as a
Director of the
member
Stock List
Secretary to the Stock List Committee
in 1935, Executive Secretary in 1937 and
Mr. Lokey became Director of Public Relations of the Exchange in
June.
years.
IMr. Saltzman became associated with the Exchange in August,
Conduct, and Secretary to the Committee
on
1935,
He subsequently held
the positions of Assistant to the Chairman of the Committee on
Business
Odd Lots and Specialists.
Following the reorganization of the Exchange in May, 1938, Mr. Saltzman
appointed Secretary of the Exchange.
Invested in Savings, Building and Loan
Associations During Last Quarter of 1938
$102,054,000
log
The
United
announced
States
Building and Loan
March
on
18
the investment
League,
of
Chicago,
$102,054,000 in
2,000 reporting savings, building and loan associations dur¬
ing the last quarter of 1938.
The sum, it is reported, was
nearly double the amount withdrawn by holders of share
in
accounts
the
same
associations.
The
figures
combine
reports made to the Federal Home Loan Bank Board and
to
the League on new money invested and capital with¬
drawn, the League's announcement said, further stating:
A.
D.
Theobald, Assistant Vice-President of the League, points
December
his
of
opinion it
increase
the
was
$36,950,000
in
best
new
was
a
of
three
into
months
reported
home
these
for,
generally
out that
The
December
in
having brought
characteristic
of
the
last
month
of
increase
contrast
to
was
the
19.14%
9.9%
over
the November figure for
decrease comparing
Withdrawals which totaled $54,113,374
new
November with
the Terminal Barber Shops, Inc.
.
'
Lueder, well known New York sugar merchant, died
Hospital, New York City, after
a brief illness.
He was 60 years of age.
He was a special
partner of Farr & Co., and a member of the New York
Coffee and Sugar Exchange since 1914.
For many years
he was identified with the firm of Minford, Lueder & Co.,
which he formed with L. W. Minford, Sr. in 1916 when his
father, August Lueder retired from business.
•
.
When Mr. Lueder retired as a member of the Board of
E. L.
March 20 in Lenox Hill
on
Managers of the New York Coffee & Sugar Exchange, in
January last year the following resolution was adopted:
Whereas, Mr. E. L. Lueder retires today as a member of this Board
after nearly a
quarter of a
century of unselfish and untiring effort,
Whereas during this period he has, through
judgment,
that
the
given
wise
intimate
express to
ability,
this Board sincerely regret
which they have had with
Be
It
him have now
Be It Resolved that this Board, by a rising vote,
him their recognition of his kindly personality
and
minutes
and
his keen mind, ability and clear
counsel, and Whereas
associations
been brought to a close.
Resolved
that
these resolutions
and outstanding
be spread upon the
of this meeting.
Mr. Lueder also served on various Exchange committees,
including its Sugar Committee, and in May, 1924 was elected
a director of the American Beet Sugar Co.
George Ward, Banking Commissioner for West Virginia,
March 12 announced a dividend of 5% had been author¬
on
December and also showed
a
for payment
banks:
of
for the reporting associations for
the quarter were least of the three months in
Vice-President,
Okonite-Callendar Cable Co. and Treasurer and director of
ized
October.
.
Treasurer and a
New York, died on
Island, Fla. He was
56 years old.
A native of Binghamton, N. Y., Mr. Mantz
had been connected with the Corporation Trust Co. for many
years having held the positions of Assistant Auditor and
Assistant Treasurer before becoming Vice-President and
Treasurer.
He was a director of the Corporation Trust Co.
of Delaware and the Corporation Trust Co., Jersey City,
N. J.
Mr. Mantz was also Secretary ad director of the
Mantz,
financing
the year.
investments,
•••'
director of the Corporation Trust Co.,
March 17 while on vacation at Useppa
institutions.
In
direct reflection of the upturn in number of jobs and
envelopes
pay
the
money
Stafford
♦
1935, prior to which time he had been engaged in newspaper work for many
was
B.
Director in May, 1938.
as)Assistant to the then Executive Vice-President.
held
Blanche Kirsch, President Brooklyn College Student Coun¬
County Judge Kings County.
of policy.
regarding the new Vice-Presidents
issued by the Exchange on March 22 we quote in part:
From the announcement
was
last Tuesday evening at The Morrillon Restaurant. Edward
W. Wright presided.
The speakers were: Mrs. Thomas F.
to the depositors
Bank of Morgan
of the following closed
County, Berkeley Springs; Bank
Berkeley Springs, Berkeley Springs; Bank of Pax, Pax;
Peoples Bank of Camden-on-Gauley, and Bank of Franklin,
Franklin.
In
noting this the Charleston "Gazette" of
Volume
March
13
148
Financial
supplied details as* follows, in the
of each
case
bank:
In
the
case
of
the
Bank
of
Morgan County, at Berkeley Springs, this
means complete reimbursement
to depositors.
The dividend
$8,301.51 and brings to 100% the total paid since the
institution closed in October, 1931.
Depositors in another Berkeley Springs bank, the Bank of Berkeley
authorization
aggregated
Springs, will receive $17,323.85, bringing to 75% the amount paid since
it closed in August, 1933.
Other dividends:
Bank
ber,
of
Pax,
$4,100.67,
/
,
1931.
making
25%
paid
Peoples Bank of Camden-on-Gauley, $v3,070.08,
Bank of
Franklin, $10,000, 65%; December,
March 20).
since
closure
25%
1931
in
Septem¬
(to
be
paid
as
of
At the adjournment and
regular
meeting of the directors
Savings Bank of Port Huron,
Huron, Mich., held March 14, the name of the institu¬
of the First National Trust &
Port
tion
as
changed to the First National Bank of Port Huron,
close of business March
15, and five promotions
made in its official staff,
namely:
Russell T. Jackson
was
at
were
the
and
Frank J.
McCabe, formerly Cashier and Assistant
Cashier, respectively, advanced to Vice-Presidents; Loy R.
Morton, heretofore Assistant Cashier, promoted to
Cashier,
and Alex. D. Adams and Gerald F.
Collins named Assistant
Vice-Presidents.
Stephen A.
Graham
bank and A. D. Bennett and L.
the
tion,
Board
which
and
is
S.
Vice-President,
one
of
the
is
President
of
the
Wilson, Vice-Chairman of
respectively.
oldest
banks
in
The
institu¬
Michigan,
is
capitalized at $1,000,000.
THE
CURB
EXCHANGE
Price fluctuations on the New York Curb
Exchange have
been irregular with a
sharp drift toward lower levels during
much of the present week.
Considerable liquidation due
to the disturbed conditions abroad has
been apparent from
time to time, and while there have been
occasional periods of
strength, these were not maintained and a large number of
the market favorites have touched the
lowest level of the
year.
Aircraft stocks have moved up and down with
Public Service pref., 4% points to
45%; Brill pref., 4 points
to 36; Bickford
pref., 4% points to 34, and Sherwin-Williams,
points to 103.
Stocks swung upward during the
2
day, the gains ranging from 1 to 3
only
changes. Public utility preferred stocks have been
in good demand, but there has been
little change in the oil
shares and miscellaneous industrials.
Curb stocks tumbled
on
sharply downward during the twoSaturday and many new lows were registered
in all sections of the active list.
The losses
ranged from 1 to 5
or more points.
The transfers were unusually
heavy for the
short session as
approximately 161,000 shares changed hands.
The heavy liquidation was
largely the result of the disturbing
events abroad and the
change in the general attitude of Great
Britain and France. Mining and metal stocks
were
heavy,
Newmont Mining slipping back 3%
points to 71% and
Aluminum Co. of America 1 point to 109.
Industrial special¬
ties also were hard hit, Royal
Typewriter dipping 2 points
to 60 and Mead Johnson
2% points to 141%. The sharp
declines in the public utilities included
Georgia Power pref.,
3% points to 89; National Power & Light pref., 3
points to
78, and Standard Power & Light pref., 3 points to 32.
Irregular price movements prevailed during most of the
dealings on Monday, and while trading was on a reduced
scale, stocks were generally higher in the early
dealings but
lost most of the advances before the market
closed.
The
aircraft
moving
shares
attracted
considerable
buying,
Lockheed
to 31% at its top for the day and closing at
30%
with a net gain of 1 % points.' Bell
topped 26 but receded to
25, and Seversky was fractionally higher at the close. In¬
dustrials moved backward and forward without
definite
up
trend, Nehi Corp. dropping 2 points to 45 while Fisk Rubbepref. lost 3 points to 78. Other active stocks prominent in the
decline were Aluminum Co. of America, 2 points to
107;
various groups, the list,
the advances
and
to
53%,
Pittsburgh Plate Glass, 4% points to 107.
Quiet trading and moderately advancing prices featured
the Curb market dealings on Tuesday. There were
occasional
weak spots scattered
through the list but this had little effect
on the market movements.
Public utilities, particularly the
preferred stocks, were in better demand and a number of
substantial gains were registered by this
group.
Aircraft
shares were in demand at higher prices, Bell Aircraft
climbing
upward 1% points to 26%, while Lockheed forged ahead
1 point to 31%.
Industrial specialties were represented on
the side of the advance by Colt's Patent Fire
Arms, which
gained 2 points to 81; Cuneo Press, 1% points to 50%;
Childs pref., 1 point to 48%; Royal Typewriter, 3 points to
63, and Midvale Co., 2% points to 101. The transfers were
116,070 shares, against 152,430 on Monday.
Renewed declines due to fresh war scare selling character¬
ized the market dealings on Wednesday.
Industrial stocks
and public utilities were generally depressed and a
fairly
large number of lower priced specialties declined to new lows.
Aircraft shares moved down with the rest of the list, with
losses ranging from 1 to 2 or more points. Lockheed Aircraft
was particularly weak and tumbled downward 2% points to
28%; Bell fell off 1% points to 25%, and Grumman % point
to 17.
Prominent in the list of stocks closing on the side of
the decline Were Singer Manufacturing Co., 9 points to 182%;
Safety Car Heating & Lighting, 4 points to 56; General
through
as
a
whole, closed
with
94
the
the upside,
and 109 un¬
on
declines
changed.
There were a number of weak spots apparent
especially Singer Manufacturing Co. which tumbled 7%
points to a new low at 175, climbing back during the last
hour to 178 and showing a net loss of
4% points.
Aircraft
shares moved lower, oil stocks were
quiet and mining and
metal issues wer9
unchanged.
Higher prices and quiet dealings were the features of the
Curb market on Friday.
Most of the advances were regis¬
tered during the
early transactions, and while the speculative
activity simmered down as the session progressed, a fairly
large list of trading favorites were able to hold their gains
until the market closed.
the advances were
Aircraft shares
in demand but
were
generally fractional.
Public utility pre¬
were higher all
along the line and substantial
gains were recorded by a number of the more active issues.
Industrial specialties moved upward and oil shares and min¬
ing and metal stocks were generally irergular. As compared
ferred stocks
with Friday of last week the
range of prices was toward lower
levels, Aluminium Ltd. closing last night at 117% against
120% on Friday a week ago; American Cyanamid B at 23
against 24; American Light & Traction at 15% against 16%;
Childs Co. pref. at 48 against
49%; Chicago Flexible Shaft
at 72 against
75%; Gulf Oil Corp. at 36% against 37%;
Humble Oil (new) at 59%
against 61%; New Jersey Zinc at
53 against 56, and United Shoe
Machinery at 79 against 85 %
DAILY
TRANSACTIONS
AT
THE
NEW
Stocks
YORK
CURB
EXCHANGE
Bonds (Par Value)
CNumber
Week Ended
,
of
Shares)
Mar. 24. 1939
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Foreign
Domestic
160,975
152,730
116,120
208,405
131,360
115,685
Total
SI,065,000
1,375,000
1,308,000
1,558,000
$34,000
$1,123,000
9,000
61,000
1,445,000
26,000
29,000
48,000
33,000
1,382,000
1,628,000
1,489,000
1,631,000
$257,000
$8,698,000
41.000
19,000
1,561,000
37,000
$8,297,000
Total
Corporate
$24,000
1.430.000
885,275
Sale tat
Foreign
Government
L
40.000
,
$144,000
Week Ended Mar. 24
Jan.
1 to Mar. 24
New York Curb
Exchange
1939
Stocks—No. of shares.
1938
1939
1938
885,275
1,241,670
10,668,030
10,022,336
$8,297,000
Bonds
$5,877,000
$122,987,000
$69,753,000
•
Domestic
Foreign government.
Foreign corporate
144,000
254,000
1,376,000
1,867,000
257,000
148,000
1,523,000
1,695,000
$8,698,000
$6,279,000
$125,886,000
$73,315,000
__
Total.
COURSE
OF
BANK
CLEARINGS
Bank
clearings this week will show an increase compared
with a year ago.
Preliminary figures compiled by us based
upon telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, March 25)
bank clearings from all cities of the United States from which
it is possible to obtain weekly clearings will be 10.2% above
those for the corresponding week last year.
Our preliminary
total stands at $5,584,739,106, against $5,067,073,814 for
the same week in 1938.
At this center there is a gain for the
week ended Friday of 10.2%.
Our comparative summary
for the week follows:
American Meter, 2 points to 25; Bell Tel. of
Canada, 2%
points to 170; Chicago Flexible Shaft, 2 points to 73%; Conn
solidated Mining & Smelting of Canada,
3% points
early trading on Thurs¬
points. The im¬
or more
provement extended to all parts of the list but was most
pronounced in the industrial specialties and public utilities
where a number of the
trading favorites scored substantial
advances.
In the late
trading prices turned irregular, and
while there were numerous losses scattered
small net
hour session
1743
totaling 121
July, 1931.
;
Chronicle
Per
Clearings—Returns by Telegraph
Week Ending Mar. 25
New York
1939
1938
Cent
$2,508,055,712
+ 5.3
303,000,000
208,377,032
261.000,000
+ 16.1
180,146.391
71,688,098
163,591,700
69,622,683
70,500,000
69,600,000
+ 1.3
104,901,000
88,186,340
99,613,000
77,296,229
67,680,931
+ 14.1
$2,640,460,567
226,492,361
Chicago
Philadelphia
Boston
.
St.. Louis
San Francisco
Pittsburgh .t.
Detroit
4...
,
—
-
_
Cleveland
Baltimore
-
Eleven cities, five days.-
Other cities, five days
73,101,176
70,151,880
49,787,792
+ 8.7
+ 10.1
+ 3.0
+ 5.3
+ 8.0
+ 24.0
66,566,574
39,418,235
+ 26.3
$3,620,822,096
634,525,905
+ 22.2
930,789,851
$4,255,348,001
811,725,813
+ 14.7
$5,884,739,106
$5,067,073,814
+ 10.2
$3,878,415,605
775,533,650
+ 7.1
#
Total all cities, five days
All cities, one day
Total all cities for week
$4,653,949,255
+ 9.4
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day of
the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended March 18.
For that week there was an increase of 9.5%, the aggregate
clearings for the whole country having amounted to
$6,619,928,873, against $6,045,196,207 in the same week
of
1744
Financial
Chronicle
Outside of this city there was an increase of 6.1%,
in 1938.
We
11.9%.
Clearings at—
the cities according to the Federal Re¬
group
lnc.or
1938
Dec.
1937
$
that in the New York Reserve District {including
city) the totals record an improvement of 11.6%, in
the Boston Reserve District of 9.0%, and in the Philadelphia
Reserve District of 15.8%.
The Cleveland Reserve District
has a decrease of 0.7%, but the Richmond Reserve District
has an increase of 5.2% and the Atlanta Reserve District of
6.6%.
In the Chicago Reserve District the totals record a
gain of 9.9%, in the St. Louis Reserve District of 5.7%, and
in
the Minneapolis Reserve District of 8.2%.
In the
Kansas City Reserve District the totals register a loss of
0.6%, in the Dallas Reserve District of 6.6%, and in the
San Francisco Reserve District of 1.7%.
In the following we furnish a summary by Federal Reserve
1936
1939
districts in which they are located, and from this it
appears
1939
25
Week Ended Mar, 18
the bank clearings at this center having recorded a gain of
serve
Mar.
$
%
$
$
Seventh Feder al Reserve D Istrict—Chi cago—
tnis
316,698
+22.6
343,225
252,053
89,804,446
2,398,639
1,435.063
+ 12.5
130,177,683
+9.5
+ 16.2
828,617
+ 11.1
97,763,894
2.422,103
1,187,910
983,391
+10.0
+25.0
1,166,780
17,144,000
1,182,352
4,609,662
20,128,031
902,679
7,987,570
2,983,260
290,288
280,233,440
822,716
3,805,379
1,065,673
1,158,787
3,385.655
1,450,712
1,206,493
19,988,000
480,544,402
437,097,300
Mich.-Ann Arbor
Detroit—
Grand Rapids.
•
Lansing...
Ind.—It. Wayne
Indianapolis
920,570
18,852,000
1,478,501
5,292,439
South Bend—
Terre Haute
22,044,671
1,078,184
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines—
8,284,361
Sioux City
HI.—Bioomington
Chicago.
3,223,634
364,789
306,316,759
839,592
3,845,466
1,165,199
—
Decatur—
—
—
Peoria
Rock ford
Districts:
388,234
100,988,628
2,627,067
1,667,528
Springfield—.
1,632,539
14,594,000
1,126,073
4,796,792
18.851,785
899,808
6,749,730
3.254,391
411,030
286,035,098
+0.7
5.664,562
24,277,515
1,024,420
8,471.891
3,171,712
372,285
340,903,491
862,439
4,812,898
1,363,812
1,295,579
+9.9
556,404,911
446,185.055
111,900,000
41,403,657
20,021,438
89,000,000
31,997,566
16,835,321
+ 14.8
+9.5
+ 19.4
+3.7
+8.1
+25.7
+9.3
+2.1
+ 1.1
+9.3
745,867
4,122,079
934,370
1,057,681
SUMMARY OF BANK CLEARINGS
Total
(18 cities)
lnc.or
Week End. Mar,
1939
Boston.....12 cities
1st
1938
Dec.
1937
1936
%
18,1939
Federal ReservC Dists.
S
>
s
I
268,986,262
+9.0
3,661,143,545 +11.6
319,879,293
297,543,634
5,110,370,094
5,016,344,369
246,882,097
2d
New York..l3
"
4,086,694,444
3d
4th
PhliadelphlalO
"
M
451,175,817
389,663,711
+ 15.6
559,064,083
349,537,549
298,483,223
300,446,666
—0.7
361,916,064
233,045,439
135,561,622
Eighth Federa 1 Reserve Dis trlct—St. Lo uis—
+6.1
97,200,000
103,100,000
Mo.—St. Louis..
5th
Cleveland.. 7
Richmond.. 6
128,836,721
-+5.2
6th
Atlanta. ...10
"
175,293,163
164,122,631
+6.8
186,261,089
7th
"
480,544,402
437,097,300
+ 9.9
556,404,911
8th
Chicago.... 18
St. Louis... 4
162,873,081
154,097,197
9th
Minneapolis 7
"
"
"
"
143,759,525
115,600,225
Total (4
138,994,473
.
102,290,627
94,571,532
+5.7
+8.2
109,160,159
93,139,397
133,397,455
134,244,033
—0.6
157,153,259
131,987,614
73,542,676
—6.6
80,386,983
64,133,653
"
251,086,1^1
78,763,275
255,327,499
—1.7
298,778,020
241,953,996
+9.5
+6.1
8,056,997,575
7,266,746,281
3,079,671,227
2,367,190,250
.
173,864,095
+ 11.7
20,703,732
—6.2
X
584,000
—1.5
162,873,081
cities).
X
539,000
448,000
173,864,095
138,280,887
X
X
X
675,000
-
154,097,197
+5.7
'
446,185,055
"
10th Kansas atylO
11th Dallas
6
111.—Jacksonville
Quincy
35,609,465
39,774,617
19,423,464
Ky.—Louisville..
Tenn.—Memphis
138,280,887
Reserve Dis trlct—Minn
Ninth Federa
ea
polls
...113 cities
Total
6,619,928,873
Canada..
We
....
now
6,045,196,207
2,640,151,170
Outside N. Y. City
2,487,495,282
..32 cities
add
278,279,560
our
249,823,163
+11.4
382,870,757
—12.1
S.D.—Aberdeen.
28,273,683
2,071,688
717,489
2,628,113
60,191,273
26,281,655
2,198,115
597,823
Mont.—Billings.
656,736
593,263
Helena.......
2,248,893
2,081,290
+ 10.7
+8.1
3,011,479
71,228,209
28,967,938
2,107,488
727,278
658,135
2,459,632
Total (7 cities).
12th San Fran... 10
.
102,290,627
94,571,532
+8.2
109,160,159
2,309,373
66,012,765
Minn.—Dulutb..
Minneapolis..
St. Paul
N. D.—Fargo...
307,216,580
Reserve Dis trlct— Kans
Tenth Federal
1938
Dec.
588,290
133,397,455
Lincoln
Omaha.
1937
1936
Kan.—Topeka.
.
Wichita.
Reserve Dist rict—Boston
Fall River
455,118
1,806,677
232,974,260
454,453
—12.1
581,306
2,930,630
1,752,927
2,689,160
1,566,495
11,990,473
3,183,690
11,012,800
+23.1
+ 9.0
708,705
New Bedford..
Springfield....
Worcester
Conn.—-Hartford
11,369,224
4,467,392
10,921,600
1
484,190
J6.7
+9.7
+6.8
+ 11.9
—5.2
501,635
1,544,210
261,206,161
646,812
430,239
717,137
2,982,436
2,187,189
+6.0
246,882,097
+9.0
319,879,293
Feder al Reserve D istrict—New
Pueblo—
Total
(12 cities)
268,986.262
N, Y.—Albany..
Blnghamton...
10,872,679
8,508,643
1,109,834
1,212,300
30,700,000
30,900,000
Elmira
451,185
376,344
Jamestown....
797,741
704,314
New York.... 1,979,777,703 3,557,700,925
Rochester.
7,172,100
7,109,360
Syracuse....
4,308,643
4,493,374
Westchester Ct
3,301,364
3,620,637
Conn.—8t am fore
3,591,914
3,606,482
N. J.—Montclaii
495,739
381,639
Newark
17,673,634
18,938,783
Northern N. J
1 25,922,735
24,110,017
Buffalo
,
(13 cities) 4,086,694,444 3,661,143,545
Third Federal
1,404,202
11,851,717
3,189,608
13,230,400
379,445
571,120
Bethlehem
Chester
314,271
521,366
273,413
324,002
Lancaster
1,123,770
378,000,000
N. J.—-Trenton..
1,185,289
439,000,000
1,475,147
2,685,651
998,523
1,168,540
3,488,100
Total (10 cities)
451,175,817
389,663,711
Philadelphia...
Reading......
1,227,983
2,616,131
799,588
1,570,189
3,217,000
'
Scranton..
Wilkes-Barre..
York
—0.8
+27.8
(10 cities)
Fourth
Dallas..
2,092,462
1,952,808
61,802,538
9,260,465
1,145,330
La.—Shreveport.
10,959,067
40,100,000
531,083
+ 13.3
735,886
+0.7
—4.1
+9.7
—0.4
+29.9
—6.7
+7.5
6,776,455
2,819,105
4,259,869
*430,000
20,862,093
38,204,677
4,007,003
2,478,662
3,300,995
400,000
(6cities).
73,542,676
Wash.—Seattle—
Ore.—Portland—
Utah—S. L. City
Calif.—L'g Beach
+9.5
+ 18.5
+ 6.5
+ 16.1
427,320
819,522
310,937
1,766,879
546,000,000
+20.1
1,445,037
—1.2
2,815,631
+24.9
951,546
—25.6
1.785,611
2,741,700
+8.4
354,716
1,273,093
336,000,000
1,260,609
+ 15.8
559,064,083
349,537,549
+7.2
—0.1
+7.0
111,511,919
12,823,800
2,535,275
2,472,715
+32.4
—11.8
+0.2
+ 1.0
+ 6.9
216,308
2,576,000
32,150,167
1,034,980
59,590,916
20,031,854
cities).
Sixth Federal
Tenn.—Knoxvllle
135,561,622
128,836,721
+5.2
4,693,476
18,881,685
58,900,000
1,079,426
868,180
—1.4
Fla.—Jack'nville
17,599,000
18,611,000
—5.4
Ala.—Birm'ham.
22,144,911
19,138,464
1,457,736
+ 15.7
Ga.—Atlanta
Augusta
Macon..
Mobile
115,600,225
1,607,914
+6.7
+ 8.0
+4.4
+6.7
+ 10.3
Miss.—Jackson..
Vlcksburg
La.—New Orleans
128,817
43,391,103
109,638
40,383,026
+ 17.5
Total (10 cities)
175,293,163
164,122,631
x
'
x
4,482,296
21,070,960
68,000,000
1,358,837
942,199
21,749,000
25,261,019
1,733,159
3,406,356
16,013,696
51,000,000
1,026,843
781,383
16,827,000
17,427,705
1,413,847
+ 7.4
186,261,089
+ 12.1
+ 12.2
3,166,015
1,635,191
2,140,015
145,991,000
2,100,071
1,419,289
1,733,945
—1.7
298,778,020
241,953,996
—3.0
+9.4
4,820,903
4,474,387
175,238,000
Inc. or
1938
Dec.
5
1937'
%
.
1936
'
Canada—
$
—„
.
Vancouver.
Ottawa
Quebec.
,
102,347.609
88,853,209
22,960.537
15,939,536
12,838,477
3,956,594
2,343,782
3,830,373
3,356,207
1,419,950
——>
Halifax.—..
St. John
1,513,307
2,222,628
3,055.259
2,604,972
218,077
364,667
874,189
Edmonton..
Regina
Brandon
Saskatoon
+36.0
4,021,019
—1.6
2,156,530
4,289,417
3,985,854
1,666,738
1,371,186
2,298,407
3,622,065
+8.7
+3.8
+7.9
—1.5
,137,025,383
128,432,588
33,640,970
—10.7
20,670,398
16,583,202
4,580,663
3,026,002
4,518,198
—15.8
6,174,580
—14.8
1,924,598
1,812,152
2,970,661
3,869,344
3,972,233
295,193
402,233
—1.9
+ 10.4
—3.3
—15.6
2,838,175
—8.2
284,516
—23.4
$
106,485,333
85,710,078
42,035,491
17,561,549
13,800,766
3,528,156
2,068,054
3,900,763
6,363,511
1,699,038
1,601,129
2,608,522
3,478,109
4,053,026
281,855
398,738
1,195,120
572,994
767,169
525,670
482,208
250,214
569,297
484,062
928,734
369,224
964,222
—1.2
445,306
808,544
594,286
540,324
185,192
527,464
608,709
949,256
—11.9
2,594,423
212,303
539,373
439,069
551,415
360,640
2,881,927
—10.0
236,853
572,439
466,137
545,645
404,326
—10.4
3,193,260
308,494
—5.8
709,105
—5.8
492,733
819,169
+ 6.2
816,710
478,518
716,490
278.279,560
249,823,163
+ 11.4
382,870,757
307,216,580
Moose Jaw......
392,469
754,625
Fort William
422,961
517,205
167,672
458,287
Peterborough
Shrebrooke
535,265
764,928
Kitchener,
Windsor
Prince Albert
Moncton
75,257,334
85,567,964
21,274,752
16,189,003
13,081,180
$
869,552
Lethbridge.
...
Kingston
Chatham
Sudbury
138,994,473
106,359
Total (32
+29.7
+3.4
704,856
14,768,204
4,141,085
3,674,183
—9.3
—6.7
—28.8
—4.3
—9.5
—13.1
—12.1
—19.4
1,256,285
623,501
924,146
638,978
864,014
156,530
560,641
540,957
917,576
539,015
+ 1.1
—10.8
.
430,414
2,904,563
301,180
618,899
418,731
428,613
30,991,284
+6.8
17,516,855
Week Ended Mar, 16
Sarnia
x
728,181
40,935,438
32,413,496
+9.0
Clearings air-
Medicine Hat
4,628,462
20,139,974
63,600,000
1,126,788
926,194
Nashville.....
143,759,625
Reserve Dist rict—Atlant
954,556
46,777,780
+6.1 3,079,671,227 2,367,190,250
New Westminster
Total (6
35,007.867
+4.6
+ 9.5 8,056,997,575 7,266,746,281
Brantford
+ 10.6
42,054,318
38,110,820
14,539,802
•
Outside New York 2,640,151,170 2,487,495,282
London
397,351
2,698,000
42,862,063
1,433,177
72,247,700
24,121,234
SCO—
(113
cities)........ 6,619,928,873 6,045,196,207
Victoria
-Richtn ond-
Franc!
+20.6
255,327,499
(10 cities)
Calgary
.
64,133,653,
Grand total
Hamilton
86,844,556
D, C.—Wash'b'n
5,751,156
2,869,000
950,433
3,421,933
—13.4
251,086.101
Stockton..
Montreal---,
Winnipeg
233,045.439
Md.—Baltimore
—9.1
.
50,012,580
846,897
1,474,383
1,924,839
5,990,132
4,013,482
1,784,915
64.564,480
75,105,720
10,297,800
1,408,685
3,039,283
155,963,249
2,254,000
—7.4
'
37,000,452
2,496,711
Toronto.-
2,876,187
73,732,919
361,916,064
37,736,402
*1,275,500
69,606,633
24,273,951
80,386,983
Santa Barbara-
2,987,309
699,882
1,219,782
4,950,500
—0.7
Richmond
1,128,551
+35.1
6.6
San Jose......
500,000
291,658
—7.9
S. C.—Charleston
131,987,614
—1.6
4,617,255
3,880,134
151,019,000
2,281,762
1,315,581
1,715,796
Total
300,446,666
Va.—Norfolk....
157,153,259
78,763,275
„
146,424,000
San
34,920,914
298,483,223
313,492
2,557,000
37.661,823
1,263,312
65,098,564
21,942,530
—0.6
—1.7
—6.0
Francisco.
Pasadena
+ 11.6 5,110,370,094 5.016.344,359
+20.7
32,046,790
1,021,243
39,863.787
15,830,734
Yakima..
17,011,643
Total (7 cities).
415,136
594,882
587,755
—14.8
—26.8
Twelfth Feder al Reserve D Istrict—San
.
+2.5
+4.3
W.Va.—Hunt'ton
569,598
—27.i
96,320
a
528,366
475,934
+ 11.9 4,977,326,348 4,899,556,031
+0.9
7,918,783
6,926,523
1,747,678
2,427,652
129,595,101
Reserve Dist rict
931,868
+4.8
115,143
2,696,476
33,912,094
1,966,883
3.021,635
85,901,867
3*094,559
-
879,221
Youngstown,..
Pa.—Pittsburgh.
Fifth Federal
—6.6
+ 18.4
+15.1
34,900,000
+ 19.9
r-8.5
+7.9
Mansfield
+0.1
97,962
149,478
2,805,554
34,220,302
1,800,726
3,746,184
109,474,321
3,357,366
+ 18.8
1,260,647
3,723,338
3,347,000
922,304
3,552,206
Total
92,823,289
10,097,600
,.
Cit j
+41A
6,739,436
3,682,000
6,338,335
Galveston.....
Wichita Fails-
61,747,411
100,144,665
10,804,700
1,792,049
2,532,935
119,369,001
Cleveland.....
Columbus
as
1,334,068
62,588,749
7,824,211
3,894,000
937,763
3,808,192
1,614,418
61,743,436
57,202,050
...
Fort Worth...
879,300
297,543,634
Feder al Reserve D {strict—Clev eland-
Cincinnati
93,139,397
District—Da lias—
2,180,781
1939
Ohio—Canton
620,336
568,907
2,493,296
>
Eleventh Fede ral Reserve
Texas—Austin-
Reserve Dis trlct—Phlla delphl
Pa.—Altoona
1,866,217
676,179
2,041,124
York-
N.H.—Manches'r
+40.3
134,244,033
2,766,273
91,586,845
2,730,716
567,508
Mo.—Kan. City.
St. Joseph
Colo.—Col. Spgs.
646,084
373,014
456,670
R.I.—Providence
Total
+
571,703
1,741,020
281,001,748
12,068,691
3,925,530
12,976,100
631,688
New Haven...
Second
+ 10.7
399,690
715,849
-
Lowell———
Total
411,273
1,647,504
212,324,652
663,621
67,622
124,180
2,297,878
29,108,296
2,420,078
3,248,163
93,167,324
2,705,985
607,625
496,882
147,501
2,644,241
30,508,929
1,761,546
Hastings
inc. or
1939
95,606
Neb.—Fremont..
Clearings al-
Mass.—Boston..
24,581,585
years:
Week Ended Mar, 18
Me.—Bangor....
Portland.
—5.8
+20.0
2,269,003
60,740,053
detailed statement showing last week's
figures for each city separately for the four
First Federal
+ 9.7
+7.6
*
cities)
Estimated,
x
No figures available.
Volume 149
Financial
FOREIGN
EXCHANGE
Chronicle
Pursuant to the requirements of Section 522 of the Tariff
1930, the Federal Reserve Bank is now certifying
IN LONDON
FOREIGN
We
record for the week just passed:
EXCHANGE
RATES
CERTIFIED
BY
RESERVE
FEDERAL
BANES TO TREASURY UNDER TARIFF ACT OF 1930
MAR.
Cash
Mar.
Mar.
Mar.
Mar.
Oz. Std.-
(Per Ounce .999 Fine)
2 Mos.
2
20Hd.
19Md.
3
4
20 Hd.
19 13-16d.
20Hd.
19%d.
Mar. 1.......
Mar. 2
Mar. 3
6
20 9-16d..
19j|d.
Mar. 4
Mar, 7
Mar. 8—
20 9-16d.
20 9-16d.
19^d.
19%d.
Mar. 6
Mar. 7..
Average—
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
a
IN NEW YORK
-Bar Silver per
Act of
give below
1745
Quotations during the week—
RATES
20.531d.
19.843d.
w
t£pm March 2, 1939, to March 8, 1939
was
$4.68 %,
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
ENGLISH
Unit
Mar. 18
Mar. 20
j
$
Mar. 21
Mar. 22
Mar. 23
$
$
$
$
.168222
.168222
.168244
.168236
Bulgaria, lev
Czechoslov'la. koruna
.011925*
.012075*
.012075*
.012075*
.012075*
a
a
a
a
Denmark, krone
.208956
.208931
.208981
.209000
.209031
.208987
Engl'd. pound eterl'g 4.681527
...
43 cents
........
43 cents
a
$4.69M
and the lowest
quotations for securities, &c., at London,
as follows the past week:
reported by cable, have been
.021075*
a
as
.168197
$
__43 cents
..43 cents
FINANCIAL MARKET—PER CABLE
The daily closing
Mar. 24
.168219
EuropeBelgium. belga
43 cents
....
...
The highest rate of exchange on New York recorded
during the period
18. 1939 TO MAR. 24, 1939, INCLUSIVE
Country and Monetary
.......43 cents
Sat.,
Mar. 18
Mon,,
4.680833
4.682083
4.682569
4.683402
4.682013
Finland, markka
France, franc.......
.020589
.020585
.020565
.020565
.020565
.020520
.026468
.026461
.026477
.026472
.026477
.026478
Germany, reichsmark
Greece, drachma
.401122
.401100
.400787
.399885
.400125
.400533
.008571*
.008582*
.008585*
.008585*
.008585*
.008578*
Hungary, pengo
Italy, lira
Netherlands, guilder.
Norway, krone
Poland, zloty
.196000*
.196250*
.196250*
.196125*
.196125*
.196125*
.052602
.052600
.052600
.052600
.052600
.052600
.530755
.530794
.530777
.530761
.'530761
.530812
.235175
.235243
.235281
.235275
.235246
.188500
.188525
.188500
.188500
.188500
.188450
BarN.Y. (for.) Closed
U. S. Treasury
Portugal, escudo
.042415
.042409
.042471
.042465
.042475
.042475
(newly mined) 64.64
.007157*
.007141*
.007207*
,007178*
.007000*
Mar. 21
Thurs.,
Mar, 22
20d.
148s. 5d.
Fri„
Mar. 23
19 15-16d.
Mar. 24
20d.
148s. 5d.
20d.
148s. 5d.
148s ,5d.
States
.235193
Wed.,
iTues.,
Afar. 20
Silver, per oz.. 20d.
20 l-16d.
Gold. p.Iineoz.l48s.6^d. 148s. 6d.
Consols, 2 ^ %
Holiday
£67H
British 3H%
War Loan... Holiday
£96
.006891*
—
Rumania, leu..
-
Spain, peseta
Sweden, krona
a
a
a
a
a
.241059
.241181
.241228
.241350
.224755
.224772
.224658
.224994
.022800
.022800
.022800
.022800
.022800
.161000*
£67
£68 H
mu
£95%
£96 M
£96 X
£107 H
£107 X
£107&
£108
£107
The price of silver per ounce (in
on the same days have been:
.225091
.0228C0
Holiday
.241321
.226216
British 4%
1960-90
£68 H
£68
cents) in the United
42J4
42H
42?*
42X
42?*
64.64
64.64
64.64
64.64
64.64
a
.241034
Switzerland, franc.
Yugoslavia, dinar...
.
Asia-
China—
Chefoo (yuan) dol'r
.161000*
.160833*
.161791*
.160125*
Hankow (yuan) doi
Shanghai (yuan) doi
.161000*
.160833*
.161000*
,161791*
.160125*
.160125*
.160125*
.159968*
.159843*
.160125*
.160875*
.160718*
.160718*
Tientsin (yuan) do).
.158562*
.158750*
.159187*
.159468*
.159156*
dollar.
.290500
.290406
.290640
.290640
.290562
.290640
British India, rupee-
.350294
.350125
.350314
.350314
.350339
.350301
Japan, yen—......
.272777
.272828
.272887
.272887
.272864
.272851
Straits Settlem'ts, do)
Australasia—
.543850
.543375
.5*3625
.543500
.543500
.543500
following compilation, made up from the daily Gov¬
ernment statements, shows the money holdings of the
Treasury at the beginning of business on the first of pecember, 1938, and January, February and March, 1939:
■
'
.159156*
Hongkong,
TREASURY MONEY HOLDINGS
The
■
Dec.
Netflilver coin and bullion
Net United States notes..
Net National bank notes.
Union South Africa, £ 4.634062
4.635312
4.634375
>
Canada, dollar.
.993789
.993554
.994140
.994667
.995527
.999250
.999333
.999333
.999333
.999333
.200240*
.200240*
.200240*
.200240*
.200175*
,991250
.991210
.991679
.993125
Net Fed Res. bank notes-
.999333
.200300*
Afar. 1, 1939
.993125
$
$
838,429.513
583,261,924
2,491,527
858,587,198
637,844,408
734,862
1,368,000
12,692,280
601,841
4.083,105
22,237,808
3,623,898
13,906,657
173,551
3,696,214
18,606,136
164,704
5,789,758
18,210,899
875,221,622
592,888,791
3,320,367
896,108
13,618,888
379,491
4,125,441
20,122,158
.995488
Cuba. peso...
Mexico, peso
Newfoundl'd, dollar.
$
823,600,187
558,503,575
2,630,155
1,261,196
11,923,350
Net subsidiary sliver
Minor coin, &c
'
4.635625
4.634218
■
Feb. 1, 1939
*
Net gold coin and bullion.
Net Federal Reserve notes
4.633125
1,1939
$
Australia, pound
3.729125 3.729296 3.729687 3.730078 3.730546 3.729250
New Zealand, pound. 3.745375* 3.744125* 3.745250* 3.746062* 3.746250* 3.745000*
Africa—
North America-
Jan.
1, 1938
South America-
,992226
Total cash in Treasury.
Less gold reserve fund
Cash balance In Treas..
'f
.312118*
.312093*
.312165*
.312110*
.312220*
.312206*
Brazil, milreis
Cblle, peso—official.
.058580*
.058580*
.058580*
.058580*
.058775*
.058580*
.051733*
.051733*
.051733*
.051733*
.051733*
.051733*
Government securities.
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
Dep. In Fed. Res. banksDeposit in National
"
export.
peso—:
Colombia,
Uruguay peso
.569840*
.569840*
.569840*
.569840*
.669840*
.615975*
,
.569840*
.615900*
.616129*
,616125*
.616225*
1,266,044,393 1.305,260.852 1,384,899.107 1,354,533,435
Deposit In special deposi¬
Argentina. peso
"
1422083,824 1,461,300,283 1,540,938,538 *1510572,866
156,039,431
156,039,431
156,039,431
156,039,431
tories account of sales of
-.616145*
735,802,000
887,915,000
other bank deposltarles-
To credit Treas. U. 8—
*
Nominal rates,
a
17,737,875
17,802,508
To credit disb. officers-
No rates available.
31,792,776
1,599,030
2,631,289
§9,396,930
Cash In Philippine Islands
THE ENGLISH GOLD AND SILVER MARKETS
We reprint
Samuel
the following from the weekly circular of
Montagu & Co. of London, written under date of
873,336,000
876,117,000
792,001,112 1,223,484,220
569,717,674 1,032,692,926
and
Deposits In foreign depts.
Net cash in Treasury
2,201,038
198,430
v
27,312,957
36,484,149
2,283,746
197,480
30,603,012
35,046,257
1,526,379
265,343
2,625,326,036 3,285,467,684 3,119,295,551 3,517,394,646
Deduct current liabilities.
201,961,759
186,366,854
177,976,514
173,969,712
and in banks
2,447,348,522 3.083.505,925 2.932,988,697 3,343,424,934
March 8/1939:
*
GOLD
In accordance with the provisions of the Currency and Bank Notes Act
of 1939, which received the royal assent on Feb. 28, the return of the
Includes on March 1, $553,785,126 silver bullion and $3,848,011 minor, &c„
Bank of
England for March 1 showed for the first time the gold holding
of the gold reserve
given as £226,414,475 calculated at l48s. 5d. per fine ounce.
In the
return of Feb. 22, the gold holding, calculated at the old statutory price of
77s. 103^d. per standard ounce, was £126,414.357, which, revalued at
148s. 5d.
per fine ounce, was equivalent to £220,847.492; this amount,
together with the transfer from the Exchange Equalization Account, also
at the current rate, of £5,566,983 announced on March 1 brought the gold
holding up to the amount of £226,414,475.
'
In the open market about $2,950,000 of bar gold changed hands.at the
dally fixing during the week.
There was a good demand from the Con¬
tinent,met mainly by resales from the same quarter and some production
selling, although on occasion offerings were augmented by .sales by the
coin
included In statement "Stock of Money."
as
CURRENT
valued at the current market price of gold; the amount
NOTICES
was
Quotations—
March
March
Per Fine Oz.
March
7
149s. 4d.
148s. 4d.
148s. 3Md.
6
March
8
Average
registered from midday on
Imports
J
_
British East Africa
£53.541
79,484
23.961
-
27,378
5.083
4,117
174,530
3,229
32,658
18,189
Egypt.;..
Iraq.
United States of America
Peru...
France
Netherlands
Switzerland
Other countries
148s. 23^d.
148s. 2J4d.
—148s. 3.33d.
entitled, "War and Commodity Prices," which appears as part of the con¬
Exports
United States of America- £7,146,997
Canada
60,498
France..
2,691
Netherlands
134,489
Switzerland
43,678
Other countries
6,316
...
Research Bureau,
Inc., 82 Beaver St., N.
Y. City, during the week of
The survey is substantiated by 50 long-term price charts on
March 27.
specific commodities, some of them going back as far as 150 years.
master chart of the wholesale
period, namely, during the Revolutionary
the World War.
War, the War of 1812,
Wheat
a
prices are the most sensitive to war developments, according to
during the first six months of the World
review of price developments
The first declaration of war came on July 28, 1914, and by Aug. 7
most of the
major Powers were involved,
,On Aug, 7 No. 2 red wheat was
quoted at 88 cents per bushel and by Dec. 31, 1914 had advanced to $1,28.
During the same peridd sharp advances were recorded for such commodities
as
rye,
lard, cocoa, rubber and hides.
Commodities that declined sharply
in the first six months of the war were cotton
in part as
and coffee.
and
so
£7,394,669
March 4 carries gold to
prices chiefly in three ways.
the transportation
difficulty becomes a price-strengthening
Second, war diverts manpower from production to destruction,
causing shortages of essentials and consequent
high prices. Thirdly, war
Powers, putting self-
leads to currency and credit abuses, as the warring
preservation above orthodox money policies, try to keep armies In the field
payers
and labor, the reluctance of tax¬
and the fiscal needs of the government.
"There were three stages in
the influence of the late World War on com¬
modity prices, and commodity prices responded with three different pat¬
terns.
The first stage was in 1914. when
initial stoppage
the initial shock of war and the
of transport sent some commodities up and others down.
The second stage began at the
United States entered the war,
end of 1915 and was intensified when the
and a general upsurge of basic commodity
prices was stopped by government interference in
imports and exports of silver,
registered from midday on Feb. 27 to midday on March 6:
Exports
Imports
The following were the United Kingdom
Canada
£6,250
12,380
Germany
the establishment of price
the
the commodity boom and
control through the War Industries Board and
Food, Sugar and other Administrations over all "military
necessities."
Price-control of an even more rigid, though nor everywhere as
a
nature, was
successful
instituted by every leading contestant.
21,150
New Zealand.
25,513
1,747
Other countries
....—__—
—
b2,908
rocketing prices, lasting from six months to a year, as speculators
a8,666
3,492
viously
,t-
Portugal
British East Africa
Other countries—...
b5,390
3,412
Coin of legal
"The third stage came when the
£27,432;
Kingdom,
b Coin
not
of legal
warring governments, shortly after the
Armistice/took off their price controls.
been cut
£347,897
tender in the United
tender in the United Kingdom.
a
First, they dis¬
back the movement of certain commodities
and to meet the shortage of commodities
steady during the past week, the cash price
varying only between 20 9-16d. and 2Q>£d. and that for two months delivery
between 19%d. and 192£d.,
Although there was some selling by the Indian bazaars, this quarter was
more inclined to buy and made further forward purchases, while support
was also provided by bear covering.
Offerings included some speculative
reselling, and sales for near delivery were made on American account.
The premium on cash delivery ruled between
and J^d.
There are still no indications of any important change.
Germany..
survey states
depressing the price; in nations which are forced to Import these
commodities
The market has been very
France
The
follows:
"Wars affect commodity
influence.
£441,938
Belgium
thq Civil
War and
rupt transportation, stopping
The SS. Cathay which sailed from Bombay on
the value of about £56,000.
SILVER
United States of America—£252,435
Netherlands
31,986
One
commodity price index, covering the period
1720 to date, shows four major commodity price peaks during that
....
19.768
—
"Commodity Year Book—1939," to be published by Commodity
tents of
War.
United Kingdom imports and exports of gold,
Feb. 27 to midday on March 6:
The following were the
Union of South Africa.
Southern Rhodesia
Per Fine Oz.
Quotations—
148s. 3Hd.
2_._
3
4
March
commodities decline at the outbreak of hostilities, according to a survey
from
authorities.'
March
inevitably lead to commodity price booms, even though some
—Wars
of
and pre¬
1920-1921."
—Sterling National Bank & Trust Co.
for
There was a brief period of sky¬
industries reached for the commodities they had
off from during the war.
And this turned into the price debacle
'non-essential'
the Class A
has been appointed transfer agen*
andClass B Stock of the Barclay Hotel Corp.
1746
Financial
MONTHLY REPORT ON
Chronicle
Mar.
25, 1939
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES AS OF JAN.
31, 1939
The monthly report of the
Treasury Department, showing assets and liabilities as of Jan. 31, 1939, of governmental
corporations and credit agencies, financed wholly or in part by the United States, was contained in the Department's "Daily
Statement" for Feb. 28, 1939.
Since the statement of July 31, 1938, the
report has been made up somewhat
differently from previous reports in that
agencies and corporations financed wholly from Government funds are not listed separately from those financed
only partly
partly from private funds. In the footnotes to the table below, an explanation is given of the sim¬
plification of calculation of proprietary interest. As now computed, the Federal Government's proprietary interest in these
agencies and corporations, as of Jan. 31, was $4,015,031,239, and that privately owned was $382,648,823.
from Government and
SUMMARY
OF
COMBINED
STATEMENT
UNITED
OF ASSETS
AND
LIABILITIES
OF
GOVERNMENTAL CORPORATIONS
CREDIT
AND
AGENCIES
OF
THE
STATES, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY—JAN. 31, 1939
Assets d
Investments
Real
Preferred
Securities
Cash
Accounts
Estate
Guaranteed
and Other
and Other
Stales
Capital
United
by United
AU
Receivables
Business
Securities
Loam
States
Other
e
Stock, dkc.
%
Reconstruction Finance Corporation
Commodity Credit Corporation
_
Tennessee Valley Authority
Public Works Administration
1,226,601,291 532,351,549
371,374,961
...
Export-Import Bank ol Washington
Federal Crop Insurance Corporation.-..
Federal Deposit Insurance Corporation
£5,597,201
67,798
1,651,500
4,532,48V
29,981,16V
26,361,634
_
26,426,414
'
50,981
460
h20 326,663
1,407
21,916
2,392,503
34*779
21,792,669
674,253
2,593
2,484,796
381,1*13*,796
51,714,160
.
Rural Electrification Administration.
...
10,741,098
18,881,946
94,184,424
Loan Corporation
2,149,038,130 1214556,310 141,677,984
Federal Savings & Loan Insurance Corp..
156,938
Federal Savings & Loan associations
j47*653766
*
3,658,341 223,636,556
37,2*18*034
United States Maritime Commission
499,921 £30,455,809
ti20 362,989
7,062,887
_
101,074*616
37,081,916
1,420,327
Home Owners'
1,100,000
13,098,083
5,*9*3*0*274 5567,"89*2",006
11,321,676 1.04,312,813
1,592,210
30,466
68,054*914
38,8*28",180
"*821*667
*238,811
20,360,413
950,000
745,631,413
1,973,178,666
5,370,086
6,886,27
31,909,384
43,361,410
g27,367,936
176,660,712
18,148,270
80,266,416
Federal Home Loan banks
11,804,660
685,679
10,057,018
178,851,592
Federal Housing Administration
United States Housing Authority
Farm Credit Administration
347203*014
;
k86,964,581
Federal Farm Mortgage Corporation....
Federal Land banks
Federal Intermediate Credit banks
Banks for .cooperatives
Production credit corporations
Regional agricultural credit corporations..
10,922*,630
8,053,517
11,874,816
1,018,150
484,941
129,260,462
1,150,832
5,21*0*591
66,848,239
39,664,724
764,388,910
21,714 151,916,070
74,289,500
65,056,174
2,195,304
1,079,445
205,339
15,565,574
5,835,576 107,154,238
59,872
39*156
134,519
6,598
37,056
661,950
178,268
122,298,115
21,819.866
138,051
4,668.718
2,008,215
16,227,550
6,92*1*,768
23.531,922
3,688,069 101,547,824
""
4.668,718
582,441
60,592
*87,072
War Finance Corporation
1,233,411
50,926
3,287
"l~,630
123,678
2,332,322,437
271,353,658
111,834,059
1,000
169,376
115.583
17,268
7,758,178
7,874,463
186,362,171
54,312
531,592
4,065
"743,972
1
20,556
Other:
Disaster Loan Corporation
Electric Home and Farm Authority...
Security Administration
Federal National Mortgage Association
Federal Prison Industries, Inc
h3,279,552
2~,098
18,962
7,908
36,770
*11*733
"""3,298
628,893
3,416,225
669,373
300
*44*6*873
298,334
20,462,866
32,751,754
"134",090
323,501
2.177,617
"*871*311
514,281
Panama Railroad Co.
3**529*083
12,715,039
4,598*142
56,585,223
5,690
h2,*144*059
327,193
262,152
Railroad loans (Transp'n Act, 1920).
Securities received from
the
RFC
28,825
204,058
*276,758
Cooper¬
atives, Inc
Treasury Department:
7,784
2,201
30,230,233
under Act ofFeb. 24, 1938
Inter-agency items: m
11,059,656
8,109,577
186,362,171
""
2,558,602
Puerto Rican Reconstruction Admin..
20,926
h9,*143*,340
89,527,275
Interior Department (Indian loans)
Inland Waterways Corporation
RFC Mortgage Co..
Tennessee Valley Associated
17,218,034
219,493,735
15,604,751
1,012,292,786
117.414,102
47,053,200
114,848,681
31,764,295
171,784,692
124,594,801
1, *01,602,032
war
United States Housing Corporation
United States Railroad Administration.
United States Spruce Production Corp.
Farm
1,17$,065,476
Ml,847,179
a,363,019
«,827,583
4*1,833.620
215,032.036
510.246
War emergency corporations and agencies
(in liquidation):
Navy Department (sale of surplus
supplies)
Ttfl
$
3,000,000 £29,639,506
48,020,200
Other t
Property
98,685,646
7,273,093
2,177,017
25,958,804
41,292,686
4,598,142
59,338,923
300,962
30,230,233
2,590,400
2.590,400
Due from governmental corporations
or agencies
Due to governmental corporations or
agencies
.......
Total
7,657,980,892 793,993,949 421,269,176 727.760,587 139,913,514 887,005,707 343,326,512 460,102,205 844,549,970 12,275,902,511
Liabilities and Reserves d
Excess
Proprietary Interest
Distribution of United States Interests
of A ssets
Guaranteed
Not
by
Guaranteed by
United States
United States
509,801,767
.
g99,519,454
206,565,878
Export-Import Bank of Washington
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation
75,277,739
.
Commission
2,910,924,152
106*,g"o"o",018
1,197,376
Federal Intermediate Credit banks
Banks for cooperatives
...........
175,734,248
3,345,240
302,449
Production credit corporations
Regional agricultural credit corporations..
War emergency corporations and agencies
(in liquidation):
.
Navy Department (sale of surplus
supplies)
£45,272,136
1,818,412,388
6,855,236
6 855,236
5,000,000
1,855,236
289,299,557
fc.
302,449
3,312,701 |
46,198,814
Corporation.
I
169 ,452,664
118 ,921,517
86,8*62",642
170,105
(Indian loans)...
P P fr
'
M 44,561
7,198,543
^86,86*2*642
170,105
i
"
Waterways Corporation
*951*696
RFC Mortgage Co
951,696
870,804
Panama Railroad Co
Puerto Rican Reconstruction Admin
870,804
1,496,716
95 ,619,410
3,*85*7*651
121,995,666
18,507,165
18 ,507,165
1,496*716
(► 9,981
r i p*
-11,015,095
f I 911,034
186,362,171
11,823,004
[ 7,102,988
2,177,017
25,007,108
45,421,882
4,598,142
57,842,207
Cooper¬
atives, Inc
193,292,801
171 ,923,047
320 017,248
124,741,000
a37,170.201
1,000,000
all8.921.517
200,000,000
124,874,785
70,000,000
149,000,000
120,000,000
5,000,000
4.668,718
2,008,215
115,583
743,972
9,981
143,442,388
25,010,276
b28,0*76,353
1183,676,868
46,709,113
11,541,465
12,065,595
b21,089,703
21,089,703
fl,995,666
13,507,165
11,015,095
34,174,284
al 15,583
c32,166,069
100,000
*19*3*972
1,000
8,981
12,000,000
C984.905
911,034
850,000
186,362.171
11,823,004
7,102,988
2,177,017
25,007,108
45,421,882
4,598,142
57,842,207
450,000
61,034
al86.362.171
10,000,000
1,729*789
a4,113,380
82,177,017
12,000,000
7,000,000
2,989,608
"""93",215
13,007,108
38,981,457
b559~,575
25,000,000
629,331
32,2*12*876
299,962
84,598,142
300,962
1,000
30,230,233
830,230,233
2,590,400
under Act of Feb. 24, 1938
48,353,135
b87,000,000
16,216,726
[a4,668,718
300,962
Railroad loans (Transp'n Act, 1920).
Securities received from the RFC
c48,531,384
"
30,230,233
Treasury Department:
150,430
*""3",281
>
"i "lb",675
44,561
7,198,543
Federal National Mortgage Association
Federal Prison Industries, Inc
124 ,741,000
37 ,170,201
a37,218,034
893,368,972
847,251,616
200,000,000
100,000,000
47,053,200
1
I
Security Administration
Inter-agency items:
95 ,604,751
64 468,616
116 ,216,726
47 ,053,200
181 ,631,168
121 ,995,666
,
10,575
Electric Home and Farm Authority
Associated
93 372,253
47,053,200
170,939,814
4,668,718
2,008,215
115,583
743,972
Other:
Valley
i
2,594,094 J 37,170,201
2.332,028
169,452,664
5,673,284
118,921,517
1,436,678,385
171,923,647
1,818,412,388
513,910,049
175,734,248 | 95,619,410
3,345,240
185,488,819
f
...
150,000,000
a226,200,900
93,372,253
95,604,751
3,017,824,170 1 64,468,616
1,197,376
116,216,726
113,908",867
150 000,000
226 351,330
37 218,034
139,299,557
226,351,330
126,121,482
3,312,701
i\I
548,706,734
l",*6*3*4*878
United States Housing Corporation
United States Railroad Administration.
United States Spruce Production Corp.
Tennessee
Interests
10,003,562
46,000,000
'
war
£218,037,521
100,000,000
47, 634,878
1,162,592 A
2,332,028 *
5,673,284
1,391,406,249
500,000,000
47,634,878
""
Federal Land banks
Interior Department
1,266 744,255
110, 003,562
172,534,063
8.680,706
113,908,867
1,431,502
Farm Credit Administration
Federal Farm Mortgage Corporation
Inland
Interagency
Surplus
72,347
126,121,482
Federal Housing Administration
United States Housing Authority
Farm
Stock
37,218,034
Federal Savings & Loan Insurance Corp..
Federal Savings & Loan
associations
Federal Home Loan banks
Disaster Loan
United States
728,141
8,680,706
....T_.
Rural Electrification Administration
Home Owners' Loan Corporation
Corporation
Capital
Owned
609,321,221 1,266,744,255
281,843,617
110,003,562
728,141
72,347
172,534,063
Tennessee Valley Authority.......
Public Works Administration
War Finance
Owned by
Liabilities d
Total
Privately
$
Reconstruction Finance Corporation
Commodity Credit Corporation
United States Maritime
Over
2,590,400
82,590,400
m
Due from governmental corporations
or
agencies
8759,263,390
Due to governmental corporations or
agencies
Total....
J.
For footnotes see top of
b759,263.390
816,850,214
...
5,020,129,548 2,858,092,901 7.878,222,449 4.397,680,062
following column.
382,648,823 4,015,031,239 3.581.195.329
16,850.214
614.835.910
nl81,000,000
Volume
Financial
148
Chronicle
FOOTNOTES FOR TABLE PRECEDING
Non-stock (or
interests)."
includes non-stock proprietary
inter-agency assets (deduct),
Deficit (deduct).
a
b Excess
c
oost per ounce at the close of the month of January,
1939.
Note 1—This Item of seigniorage represents the difference between the cost value
d Exclusive of
inter-agency assets and liabilities (except bond investments and
deposits with Reconstruction Finance Corporation).
Excludes unexpended balances of appropriated funds,
e
1747
The weight of this item of silver bullionJU compute! oajthe bads'of the average
a
and the monetary value of silver bullion revalued and held to secure the Silver
certificates issued
on
account of silver acquired under the Silver Purohase Act of
1934 and under the President's proclamation dated Aug, 9,1934.
f Also includes real estate and other property held for sale,
g Adjusted for inter-agency items and items in transit.
h Also includes deposits with the Reconstruction Finance
Note 2—The amount to the credit of disbursing officers and certain agencies today
Corporation
and
was
$2,584,297,620.36.
accrued Interest thereon.
i Shares of State
building and loan associations, $42,306,510; shares of Federal
savings and loan associations, $172,249,800.
j Assets not classified.
Includes only the amount of shares held by the United
States Treasury.
k Net after deducting reserve for estimated amount of uncollectible
obligations
held by the Farm Credit Administration.
1 Includes $1,287,557 due to Federal Land banks from the United States Treasury
for subscriptions to paid-in surplus.
m
Represents inter-agency
assets and liabilities
Treasury Department
of the
PRELIMINARY
Represents inter-agency holdings of capital stock and paid-in
items
surplus
which are not deducted from the capital stock and paid-in surplus of the corre¬
STATEMENT
preliminary statement of the public debt of the
of the
daily Treasury statement, is as follows:
Bonds—
3% Panama Canal loan of 1961............
$49,800,000.00
3% Conversion bonds of 1946-47
1938, the proprietary interest
represented by the capital stock, paid-in surplus, and hon-etock Interest in govern¬
mental corporations and agencies which were offset by a corresponding item under
"inter-agency proprietary interest" of the Treasury, have been omitted (except for
such items as are included in the Inter-agency assets and liabilities shown herein)
for the purpose of simplification in form.
2X% Postal Savings bonds (17th to 49th ser.)
$196,470,660.0$
4% % bonds of 1947-52
Dec. 31,
Aug. 31, 1919,
4% bonds of 1944-54
Gross debt
Was at Us Peak
Gross
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
306,803,319.55
74,216,460.05
1,118.109.534.76
:
Net bal. in
fund...
gen.
debt
less
bal. in gen.
net
$12.36
4.196
—
489,080,100.00
454,135,200.00
352,993,450.00
544,870.030.00
818,627,000.00
755,432,000.00
834,453,200.00
...
1,400,528,250.00
1,518,737,650.00
1,035,874,400.00
........
3H % bonds of 1949-62...
2}i% bonds of 1955-60
2% % bonds of 1945-47-...
2%% bonds of 1948-512% % bonds of 1951-54
2% % bonds of 1956-59.
234% bonds of 1949-53..
234 % bonds of 1945..
2H% bonds of 1948
2&% bonds of 1958-63.a
2H % bonds of 1950-52
2*A% bonds of 1960-65—..
2% bonds of 1947
$129.66
2.395
of
rate
per annum ou
$250.18
1,036,692,900.00
.3% bonds of 1946-48--.,
$15,719,283,767!52
$1,207,827,886.23 $25,478,592,113.25
fund...
Gross debt per capita—
Computed
1930,
Lowest Post-War
Debt
When War Debt
31,1917,
$758,945,800.00
....
3H% bonds of 1946-56...
&%% bonds Of 1943-47........
3H% bonds of 1940-43
3H% bonds Of 1941-43
3H % bonds of 1946-49
3% bonds of 1951-55
3H % bonds of 1941
3% % bonds of 1943-45
3H% bonds of 1944-46
(On the basis of dally Treasury statements)
Pre-War Debt
28,894,500.00
117,776,160.00
Treasury bonds:
COMPARATIVE PUBLIC DEBT STATEMENT
Mar.
3.750
int.
Interest-
bearing debt outstand¬
491,376.100.00
2,611,093,650.00
1,214,428,950.00
1,223,495,850.00
1,626,687,150.00
981,827,050.00
1,786,140,650.00
540,843,550.00
450,978,400.00
—
ing (percent)
Jan.
Feb. 28, 1938,
a Year Ago
31, 1939,
Feb. 28,
Last Month
1939
918,780:600.00
866,397,200.00
591,089,500.00
701,074,900.00
24,004,5822550.00
-
$37,632,733,792.66 $39,631,276,260.53 $39,858,663,453.27
3,343,424,933.96
fund...
2,932,988,696.40
2,974,677,360.32
Gross debt
Net bal. in gen.
U. S. Savings bonds (current redemp. value):
Series A-1935....
Series B-1936—
Gross debt less net bal.
$34,658,056,432.34 $36,698,287,564.13 $36,515,238,519.31
In general fund
$178,319,907.60
328,541,315.75
....
Series C-1937
annum on
debt
b303.05
Series 0-1938—...
b304.61
2.663
capita...
Computed rate of lnt.per
2.586
2.587
1,642,962,394.37
int .-bearing
Revised
b
32,303,962.50
148,782,786.81
Unclassified sales—
Adjusted Service bonds of 1945...
outstanding (per
$292,988,000.00
(Government Life Insurance Fund series)..
cent).
a
:
431,340.970.00
523,673,451.81
...
Series D-1939
a289.59
Gross debt per
THE
The
sponding organizations.
Note—Effective with the statement of July 31,
[OF
1939
United States Feb. 28, 1939, as made upon the basis
and of Government agencies, which agencies are not Included in this statement;
n
DEBT
UNITED STATES FEB. 28,
HI
793,145,956.40
500,157,956.40
——
Subject to revision
Total bonds.....
$26,637,161,560.77
....
f,
TREASURY CASH AND CURRENT LIABILITIES
The cash
holdings of the Government as the items stood
in the following.
The figures
daily statement of the United
States Treasury Feb. 28, 1939.
Feb. 28, 1939, are set out
are taken entirely from the
CURRENT ASSETS AND LIABILITIES
GOLD
Assets—
Gold (oz.
.$14,874,317,055.51
419,454,263.3)
Total
$14,874,317,055.51
-
-
„
Liabilities,—
Gold certificates—Outstanding (outside of Treasury)
$2,889,561,519.00
9,299,275, i84.95
10,258,729.33
156,037,430.93
—-
Gold certificate fund—Board of Governors, Fed. Res. System. .
Redemption fund—Federal Reserve notes
Gold reserve
........
....
Treasury Notes—
2H %
1M%
1)4 %
1H %
1% %
1X %
134 %
134 %
I3i %
13i%
1% %
2%
1% %
1X%
IX %
$1,293,714,200.00
series A-1939, maturing June 15,1939..
series B-1939, maturing Deo. 15,1939..
series C-1939, maturing Mar,
series D-1939, maturing Sept.
series A-1940, maturing Mar.
series B-1940, maturing June
series C-1940, maturing Deo.
series A-1941, maturing Mar.
series B-1941, maturing June
series C-1941, maturing Deo.
526,232,500.00
13,059,550.00
426,554,600.00
1,378,364,200.00
738,428,400.00
737,161,600.00
676,707,600.00
503,877,500.00
204,425,400.00
15,1942..
426,349,500.00
15,1942..
342,143,300.00
15,1942..' ' 232,375,200.00
15,1943..
629,116,900.00
15,1939..
15,1939..
15,1940..
15,1940..
15,1940..
15,1941..
15,1941..
15,1941..
series A-1942, maturing Mar.
series B-1942, maturing Sept,
series C-1942, maturing Dec.
series A-1943, maturing June
series B-1943, maturing Dec. 15,1943..
367,859,800.00
$8,496,370,250.00
-
.
$346,681,016 of United States notes
$1,167,672 of Treasury notes of 1890 outstanding. Treas¬
of 1890 are also secured by silver dollars in Treasury.
JVoie—Reserve against
and
3% Old-Age Reserve account series, maturing
June 30, 1941 and 1943
ury notes
1.800t000,000.00
Exchange stabilization fund......................—........
Gold in general fund:
$14,155,134,864.21
■
Balance of Increment resulting from reduce
ductlon in the weight of the
gold dollar..
In working balance.....
4%
719,182,191.30
Silver (oz.
SILVER
904,680,993.6)
388,792,095.4)
Silver dollars (oz.
Total
....—..—
.:.....
j
.....
$1,169,688,557.50
■ 502,680,689.00
$1,672,369,246.50
Liabilities—
$1,632,498,010.00
Treasury notes of 1890 outstanding........—................
1,167,572.00
Sliver in general fund
—........
..........
38,703,664.50
Silver certificates outstanding
Total.
...
,
.........—._
........
—
$1,672,369,246.50
GENERAL FUND
Assets—
Gold (as above)
—
—
Silver—At monetary value (as above)........—.............
Subsidiary coin (oz. 2,984,241.1)
Bullion—At recoinage value (oz. 235,362.7)
At cost value
(oz. 1,054,450,081.7) a....
Minor coin
——
—..
—
United States notes
Federal Reserve notes
.......
Federal Reserve bank notes..
a
——..
-
...
.....
National bank notes
....................................
Unclassified—Collections, &c
.........—.........
Deposits in—Federal Reserve banks......
....
Special depositaries account of sales of Govt, securities—.....
National and other bank depositaries:
To credit of Treasurer United States—..—
......
To credit of other Government officers..
......
$719,182,191.30
38,703,664.50
4,125,441.29
325,367.46
553,459,758.90
3,848,010.57
3,320,367.00
13,618,887.50
379,491.00
896,108.00
16,274,147.33
1,222,484,219.99
873,336,000.00
456,000,000.00
3,465,000.00
-
4% >Canal Zone retirement fund, series 1940
to 1943
3,924,000.00
4% Alaska Railroad retirement fund series,
maturing June 30,1941 to 1948.———»
2% Postal Savings System series, maturing
June 30,1940, 1942 and 1943
2% Government life insurance fund series,
maturing June 30, 1943
;
542,000.00
64,000,000.00
10,200,000.00
2% Federal Deposit Insurance Corporation
series, maturing Dec. 1,1939,1942 A1943..
115,000,000.00
10,171,001,250.00
Certificates of Indebtedness-*
4% Adjusted Service Certificate Fund series;
maturing Jan. 1, 1940..................
2X% Unemployment Trust Fund series, ma¬
turing June 30. 1939...
-
$22,000,000.00
1,185,000,000.00
1,310,365,000.00
j—,
—.$39,325,527,810.77
Total Interest-hearing debt outstanding.
Matured Debt on Which Interest Has CeasedOld debt matured—issued prior to Apr. 1,1917
(excluding Postal Savings bonds)...........
2X % Postal Savings bonds
....
BX %> 4% »od 4X % First Liberty Loan bonds
of 1932-47—
$3,907,430.26
39,000.00
1927-42..
12,965,100.00
———
—
1,284,800.00
——
1,526,379.56
4tX% Third Liberty Loan bonds of 1928.....
4X % Fourth Liberty Loan bonds of 1933-38..
3*4 % and 4%A % Victory notes of 1922-23.....
Treasury notes, at various Interest rates
Ctfs. of indebtedness, at various Interest rates.
4,723,850.00
Treasury bills............................
Total
48,905,000.00
228,100.00
LiabtiUies--
Deposits of Govt, officers—Post Office Department
Board of Trustees, Postal Savings System:
....
$8,761,012.47
.....
Treasurer's checks outstanding..—..........—.....
....
t.
112,185,780.26
Debt Bearing No Interest-
59,300,000.00
5,394,033.00
77,269,641.38
Deposits for:
Redemption of National bank notes (5% fund, lawful money)..
255,615.16
Uncollected items, exchanges, Ae—————22,518,636.03
$173,969,712.20
$142,272,297.51
507,731,301.34
balance.2,693,421,335.11
gold (as above)
Seigniorage (silver) (see Note 1)
—...—
Balance today—Increment on
:
Treasury savings certificates...
2,032,800.00
19,438,850.00
645,150.00
18,015,700.00
470,774.16
5% reserve, lawful money..—.—..——————
Other deposits
.................
................
Postmasters, clerks of courts, disbursing officers, Ac..
— ■
....
,
1,207,000.000.00
Treasury bills (maturity Value)...
4% and 4X% Second Liberty Loan bonds of
30,603,011.69
35,046,257.32
265,342.75
Philippine Treasury—To credit of Treasurer United States....
Total
'
77,200,000.00
$3,517,394,646.16
Foreign depositaries—
To credit of other Government officers
Working
'
Foreign Service retirement fund, series
1939 to 1943
$14,874,317,055.61
Assets—
944,300,000.00
——
3% Railroad retirement account series, maturing June 30,1942 and 1943.....
4% Civil Service retirement fund, series 1939
to 1943
$142,272,297.51
576,909,893.79
I
Total
.
United States notes.......................
Less
gold reserve
*
.................
$346,681,016.00
156,039,430.93
$190,641,585.07
Deposits for retirement of National bank and
Federal Reserve bank notes..............
Old demand notes and fractional currency....
Thrift and Treasury savings stamps, unclassi¬
fied sales,
f
225,032,073.50
2,031,728.28
AO—3,244,475.39
420,949.862.24
3,343,424,933.96
....
$3,517,394,646.16
Total gross debt..————
...
........ a.
a.—-...$39,858,663,453.27
Financial
1748
GOVERNMENT RECEIPTS AND
Trust Accounts, Increment
EXPENDITURES
Receipts—
%
tion
7,450,544
61,692,508
65,053,611
148,330,414
95,129,735
601,264,317
471,468,665
41,000,000
292,000,000
331,000,000
15,000,000
Unemployment trust fund
89,000,000
122,000,000
50,000,000
219,354,441
173,849,160
1,273,325,440
1,198,528,117
23,245,463
Total
Expenditures—
19,889,630
i 233,972,268
219,471,731
8,637,217
134,048,269
131,036
b630,699
302,408
3,155,120
b218,466
25,804,194
bl5,565,289
b509,659,087
b37,318,033
b2,168,331
bl90,194,061
b32,124,290
=
1,514,456,272
1,580,589,823
Transactions In checking acc'ts
4,156,529
2,815,544
agencies (net), Ac.:
Commodity Credit Corp
46,399
Export-Import Bank of Wash.
b958,675
127,787
b325,771,258
bill,600,674
140,336,271
513,463
463,989
154,358,188
80,048,138
475,221,892
457,936,164
27,504,744
30,071,933
81,663,288
123,220,020
22,361,361
24,203,251
210,299,061
264,164,562
of Govt,
and their
employees
Customs
Rural Electrification
Admin.
.
RFC (see note 1)
Other..
Miscellaneous receipts:
revolving
21,1938)
Chargeable against Increment on
gold—Melting losses, Ac. . .
Payments to Fed. Res. banks
(Sec. 13b, Fed. Res. Act,
Public Works Admin
Govt .-owned se¬
71,649
73,755
Principal—for'n obliga'ns..
Interest—-for'n obllgatlons.
256,177
3,548,482
46,381,465
57,160,801
2,026,094
Ac.
Panama Canal tolls,
170,322
6,622,490
1.344,199
16,240,195
16,328,099
1,704,078
Seigniorage
Other miscellaneous
2,599.090
14,028,879
28,525,393
4,316,583
—
4,257,959
51,255,485
57,231,057
b834,667
2,372
3,860,284,765
3,652,786,320
349,361,962
417,349,324
—
'
3,247,059
Public buildings-a
Public highways, a
10,654,005
—
and
work
harbor
and
River
.
35,400,000
313,000,000
36,008,000
5,785,000
283,626,000
41,060,000
—
50,000,000
41,000,000
282,000,000
328,000,000
—
Panama Canal..—
Postal deficiency--
Reclamation projects .a
Railroad Retirement
Board—
250,157
25,926,614
361,299
Social security Act
U. S. Housing Authority-a—
Diet, of Col. (U. S.
bl00,614
share).
National defense: a
Army--—.-
130,145,292
28,259,304
6,934,062
24,948,171
2,035,799
231,747,645
1,843,918
5,000,000
11,648,674
3,170,577
509,303
5,000,000
233,367
13,206,361
b57,714
-
1,155,340
115,729,518
27,470,892
7,165,273
24,307,256
2,369,542
204,229,644
b413,811
Investments
602,216
7,910,247
2,172,727
10,000,000
Benefit payments
Investments
11,000,000
70,000,000
creditsexpenditures
Excess of receipts or
..
638,708,216
1,146,938,899
428,035,833
6,659,232
634,617,224
51,589,218
200,543,000
b208,681,392
,
Public Debt Accounts
<
.
43,888,173
167,189,927
403,037,000
..
Excess of
69,188,734
6,339,968
8,900,893
Benefit payments
5,000,000
34,192,932
43,088,603
— —
Navy
States
Old-age reserve account:
Railroad retirement account:
,
12,337,229
6,042,347
654,674
flood control-a
44,571,652
117,951,367
421,670,000
111,000,000
Withdrawals by
379,819,205
467,134,708
30,744,332
137,180,114
40,025,286
3,682,038
6,676,760
39,233,699
125,000
3,983,360
Unemployment trust fund:
Expenditures—
57,413,057
5,497,306
National
of
retirement
Investments
General—Departmental, a
31,886
amended)
as
For
bank notes
Total receipts
24,421,403
0
b834,667
fund (Act June
curities:
All other
979,673
374,475
31,368
28.590
Trust accounts
142,278,340
Mlacell. internal revenue
Unjust enrichment tax
Taxes under Social Secur, Act
I
208,026,168
5,050,355
Seigniorage
1,272,071,331
1,238,753,322
82,488,640
*
of
reduc¬
In weight of gold dollar. _
228,994,140
15,237,613
Increment resulting from
1937-38
I
1938-39
%
%
55,662,983
...
1937-38
$
July 1 to Feb. 28
-Month of February
1938
1939
-
Internal Revenue:
Proceeds
1938-39
I
Railroad retirement account—
General & Special Account*:
Taxes upon carriers
1938
15,945,082
Trust accounts
25. 1939
July 1 to Feb. 28—
of February—
*
'
Receipts—
Old-age reserve account
1938-39 and 1937-38:
—Month
1939
Gold, &c.
on
Through the courtesy of the Secretary of the Treasury,
we are enabled to place before our readers today the details
of Government receipts and disbursements for February,
1939 and 1938, and the seven months of the fiscal years
Income tax
Mar.
Chronicle
31,490,729
44,511,021
294,399.890
417,659,598
266,594,159
367,055,797
Veterans' Administration.a.-
44,461,771
46,877,178
370,160,666
388,236,363
Agricultural Adjust. Program
60,839,293
29,672.608
416,413,748
125,783,036
Act---—
1,957,362
63,154
178,306
Corps-a
Administration, a
Authority—
the public debt---
'22,176,996
24,168,792
Receipts—
Market operations;
225,103,757
be,521,441
28,886,684
465,042,568
11,087,353
3,415,041,000
2,152,817,000
21,549,865
Tenant
Farm
b4i,50i
b583,899
3,254,008
Civilian Conservation
2,838,824
16,772,206
1,320,410
13,069,153
197,017,838
b7,ioi,395
29,160,407
472,332,971
10,880,748
Farm Credit
Tennessee Valley
Interest on
Refunds—Customs
17,437,032
1,434,370
2,449,887
-
1,944,090
24,255,686
769,290
1,528,393
8,255,053
289,654,058
3,312,477,908
2,826.103,098
670,666,500
•
U.
8.
bonds
savings
relief:
Agricultural aid;
Recovery and
50,456,549
68,340,413
42
retirement of
for
Deposlts
600,000
National bank notes
250,999,549
5,406,550,171
846,700
4,575,650
9,265,100
788,943,700
=
1,293,978,700
1,036,274,000
3,684,668
6,396,996
30,876,582
b35,607
550,538
108,031
1,870,589
3,597,063
43,718,103
33,385
3,443,931
1,927,749
20,864,533
18,009,394
Unemploy. trust fund (ctfs.).
111,000,000
85,400,000
5,708,519
22,524,375
70,640,965
Old-age reserve acc't (notes).
50,000,000
41,000,000
Railroad rettrem't acc't (notes)
483,206
1,356,182
8,541,364
21,259,817
Civil serv. retire't fund (notes)
50,490
159,050
583,900
3,760,957
For. Serv, retlrem'tf'd (notes)
374,000
367,000
Canal Zo. retire't fund (notes)
Federal Land banks
459,000
469,000
215,000
227,000
8,996,885
Commodity Credit Corp
149,997
relief)
Public works (incl. work
Reclamation projects
1,386,349
Public highways —
1,678,118
River and harbor work
■'
and
flood control
Rural Electrification Adm-
Works Progress Admin, (lnclud. Nat. Youth Adm.)
Public Wks. Admin, grants
159,924,793
(Act June 21, 1938)----.
<37,294,615
„
247,330,300
1',352,511,300
2,258,974
mortgages
Relief
,
3,012,465,751
471,377,413
445,900
_
Adjusted service bonds.
Federal Farm Mtge. Corp.
—reduction in int. rate
■
346,499,759
Unci.
unclassified sales)
Treasury savings securities -
58,532,600
Sub-total
on
293,513,250
456,257,771
—
Treasury bonds
219,035,700
864,582,900
Treasury notes
4,906,093
347,848,770
Internal revenue--
Processing tax on farm prod.
t
Cash—Treasury bills.--
857,418,801
151,160,932
"
2,507,994
——
19,783,160
Home Loan system.
•
■
Federal Housing Admin.—
78,600,000
1,500,000
+
+
■
25,000,000
15,000,000
32,000,000
15,000,000
30,000,000
25,000,000
169,510,000
169,500,000
810,348,000
994,533,000
641,333,313
421,346,249
7,573,985,121
5,052,537,851
209,227,000
3,277,684,000
2,507,280,000
13,200,000
Corp. (notes).
133,840,643
1
Sub-total.—
—
554,909
4,897,292
4,335,075
14,047,387
92,285,548
4,745,128
22,496,714
13,137,685
8,137,334
108,284,842
4,000,000
7,150,825
31.837
•
207,422
488,968
2,122,090
.
.
67,347
Total public debt
receipts--
Expenditures—
,
....
2,000,000
»
Market operations:
Cash—Treasury bills
397,925,000
Treasury bonds
1
21,000
241,000
970,650
13,401,700
31,467,150
55,401,600
4,000
Treasury notes
4,500
464,850
Certificates of indebtedness
Export-Import Bank of
Washington-..-.
70,000,000
81,100,000
10,000
Miscellaneous:
Reconstructs Finance Corp
11,000,000
3,100,000
7,000,000
328,000,000
10,000,900
Alaska RR retire't fund(notes)
434,870,000
282,000,000
►
19,179,154
Admin
Farm Security
150,014,164
9
1
b7,854 '
U. S. Housing Authority--
32,000,000
337,000,000
,
6,722,506
12,404,932
*
— — —
Emergency housing
23,000,000
Govt, life insur. fund (notes).
1,525,254,906
Fed. Dep. Ins.
All Other
Aid to home owners:
Special series:
Adjusted
service certificate
fund (certificates)
—
Postal Sav. System (notes)—
105,124,074
Public Works Admin., loans
(Act June 21, 1938)
Sub-total.
3,000
9,000
309,500
45
b33
254,122,265
Sub-total
156
■
152,607,840
2,027,794,972
4,£76,316
50,968,230
40,132,670
4,760,450
30,288,900
61,012,750
167,750
647,300
1,809,800
11,015,250
Fourth Liberty bonds
2,658
b5,0i9
3.296
bi37
2,460,750
First Liberty bonds
i
Admin, for Indus. Recovery—
453,300
532,150
3,876,700
13,273,750
20
28,906
1.200
294,080
1,019,320
29,950
182,435
1,029,200
U, S. savings bonds
1,319,673,226
5,856,465
Adjusted service bonds
Postal Savings bonds...,
Revolving funds (net);
Other debt items
Agricultural aid:
Administration
'
States,
municipalities, Ac
Farm Credit
Public works:
bank
National
b470,363
b409,419
bll,563,324
b7,133,843
notes
and
3,699,580
4,700,660
26,495,388
44,956,100
411,065,121
238,200,726
3,423,316,683
2.736.400,790
1,352,511,300
1,036,274,000
1,352,511,300
Fed. Res. bank notes.-.
»
'
1,036,274,000
,
Loans and grants to
Sub-total.
10,835,441
17,281.326
70,071,330
80,864,745
4
Loans to railroads
b3,308,465
Exchanges—Treasury notes..
Treasury bonds
Sub-total
— -
10,365,078
16,851,907
62,937,487
65,992,956
60,000,000
41,000,000
292.000,000
331,000,000
15,000,000
89,000,000
Sub-total..
Transfers to trust accounts, Ac.;
Old-age reserve account
Railroad retirement account—
employees'
Govt,
122,000,00
retirement
75,106,600
funds (U. S. share)..——
73,255,000
456,106,600
526,255,000
Special series:
Adjust, serv. ctf. fund (ctfs.).
1,000,000
Civil
26,800,000
39,600,000
24,000,000
500,000
Unemploy. trust fund (ctfs.)_
Railroad retirem't acc't(notes)
13,000,000
50,000,000
56,000,000
13,800,000
Debt retirements (sinking fund,
2,300,000
1,900,000
14,000,000
25,000
25,000
237,000
56,000
14,000
197,000
serv.
Postal Sav. System (notes).
Govt, life lnsur. fund (notes).
13,215,200
25,736,950
52,769,150
662,463,513
528,329,005
5,885,053,917
.
4,790,793,430
26,000,000
Fed. Dep. Ins. Corp. (notes).
Total expenditures
—
185,000
168,000
13,000,000
__
127,400
Ac.)
retire't fund (notes)
For. Serv. retirem't f'd (notes)
Canal Zo. retire't fund (notes)
Sub-total
Sub-total
5,000,000
2,881,000
2,939,000
104,234,000
71,743,000
413,946,120
241,139,726
4,880,061,983
3,844,417,790
227,387,193
180,206,522
2,693,923,138
1.208,120,060
—8,684,000
+137,357,000
Excess of receipts
245,114,188
Excess of expenditures
178,967,023
2,232,267,597
930,508,665
Summary
of
Excess
expenditures
Total public debt expend'S-
Excess of receipts
(+) or
Excess of expenditures
receipts (—)
+245,114,188
Ik Less public debt retirements..
127,400
Ik
+178,967,023 +2,232,267,597
13,215,200
25,736,950
+930,508,665
52,769,150
Increase
(+)
or
Decrease (—)
in Gross Public Debt—
(+) or
receipts (—) (excluding public
of
Excess
expenditures
Market operations:
Treasury bills
+244,986,788
debt retirements)
+165,751,823 + 2,206,530,647
+ 877,739,515
gold,
expenditures
Trust acc'ts, increment on
Ac.,
excess
of
( + ) or receipts
Bonds
+428,035,833
(—)
+6,659,232
+ 634,617,224
+ 51,589,218
—183,049,045
Less Nat. bank note retirem'ts
+159,092,590 +1,571,913,423
3,983,360
5,497,306
+ 826,150,297
excess
of
(+)
or
—183,049,045
—354.463,000
—970,650
—83,696,200
+ 40,482,832 + 2,532,148,310
+ 769,845,169
—28.905
notes
Fed. Res. bank notes
—29,950
—182,434
—1,029,158
—3,699,580
—4,700,660
—26,495,388
—44,356,100
and
39,233,700
+155,109.230+1,566,416,117 -+786.916.597
Special series
+60,758,193
+13,645,522+1,987,809,138
+ 285,330,060
+922,790,000
+166,629,000
+166,561,000
+227,387,193
+180,206,522 +2,693,923,138+1,208.120,060
+706,114,000
decreases (—) in
+410,436,238
general fund balance
Increase (+) or decrease
+25,097,292 +1,127,507,021
+421,203,463
(—) In
the gross public debt
Gross
—241,000
—654,777,350
expenditures
( + ) or receipts (—)
Increase
—21,000
—13,401,700
+59,844,028
...
bank
Sub-tOtal
Total
.
Other debt items
National
—4,500
—464,850
+5,112,000
Certificates of indebtedness..
Treasury notes
+227,387,193
+180,206,522'+2,693,923,138 +1,208,120,060
Gross public debt
Additional expenditures on these accounts are
Included under "Recovery and
relief' and "Revolving funds (net)," the classification of which will be shown in the
page 7 of the dally
a
public debt at beginning
Of month or year
Total-
statement of classified receipts and expenditures appearing on
39,631,276,260
37.452,527,271
37,164,740,315
36,424,613,733
Treasury statement for the 15th of each month,
this date—— 39,858,663,453
37,632,733,793
39,858,663,453
37,632,733,793
Note 1—Includes transactions on account of RFC Mortgage Company, Disaster
Loan Corporation, and Federal National Mortgage Association.
b Excess of credits (deduct).
Volume
148
Financial
REDEMPTION
CALLS
AND
SINKING
Chronicle
FUND
NOTICES
sinking fund notices.
The date indicates the redemption or
making tenders, and the page number gives the
which the details were given in the "Chronicle":
Company and Issue—
Date
Apr. 13
Apr.
Apr.
Apr.
Apr.
May
May
.Sept.
First mortgage 5s series B
Cleveland-Cliffs Iron Co. 1st mtge. 4%s
Commercial Investment Trust Corp. 3 H% debentures
♦Community Public Service Co. 1st mtge. 5s
Consumers Power Co. 1st mtge. 4% bonds
Cuban Telephone Co. 1st mtge. bonds
Dayton Power & Light Co. 1st & ref. mtge. 3Hs
Engineers Public Service Co. preferred stock
Apr.
1
10
4
15
13
1
1
1
1
1
5
1
17
1811
1327
585
1647
July
McCrory Stores Corp. 5% debentures
MacLaren-Quebec Power Co.:
30-year 5H% bonds, series A and B_
Manufacturers Finance Co. 4 H% notes
Metropolitan Corp. of Canada. Ltd., 6% gold bonds
Metropolitan Stores Ltd. 4% notes
May
1
1
1
2
May 15
Apr.
1
Apr.
1
♦Morristown & Erie Rtt. 1st mtge. 63____
Nord Railway Co. 6H% bonds
5% debentures A
Apex Electrical Mfg. 7% pref
♦Paramount Pictures, Inc. 20-year
6% debs
5H% bonds
Pennsylvania RR. gen. mtge. 3Mb
Procter & Gamble Co. 5% preferred stock
San Francisco & San Joaquin Valley Ry. 5% bonds
Sayre Electric Co., 5% gold bonds
♦Solvay American Corp. 5H% cuvn. pref. stock
Spang Chalfant & Co., Inc. first mortgage 5s
Traylor Engineering & Mfg. Co. preferred stock
Timken Detroit Axle Co. 7% preferred stock
Western Public Service Co. 1st mtge. 5Hs
Paris-Orleans RR.
Announcements this
week
x
1
Apr.
June
1
May 26
20c
Apr.
1
12c
Apr. 15
Mar. 20
Mar. 31
50c
May
May
Apr.
July
25c
87 He
87 He
t$2
1040
1819
Apr.
1
Apr.
1
60c
Mar. 31 Mar. 15
June 30 June
75c
_
1 Mar. 2u
Mar. 31 Mar. 28
1 Apr. 10
May
1 Mar. 25
Apr.
1 Mar. 23
Apr.
_
_
(quar.)
3
(quar.)
Brandtjen & Kluge, Inc., 7% conv. pref. (qu.)__
Bruce (E. L.) Co. 7% cum. pref.
(quar.)
3 H% cum. preferred (quar.)
Buffalo Insurance Co. (quar.)
Burger Brewing Co., preferred (quar.)
Burkart (F.) Mfg. Co. (irregular)
20 preferred (quar.)
Butler Bros., preferred
(quar.)
Carolina Olinchfield & Ohio Ry
Carson Hill Gold Mining Corp
Central Franklin Process Cp. 7% pref.
(qu.)_-_
Central New York Power pref.
(quar.)
Central West Co. vot. tr. ctfs. (irregular).
1655
1657
40c
87 He
$1M
37 He
IS
15
1
Mar. 15
Mar. 20
1
Mar. 20
Apr.
,75c
'
8c
10c
1497
1661
6% cum. preferred (quar.)
Chicago Daily News pref. (quar.)
15c
$1H
Citizens Water Co.
(Wash., Pa.) 7% pf. (qu.)
City Investing Co., pref. (quar.)__
Mar. 25
Mar. 16
June
Mar. 31
1344
Mar. 15
Mar. 20
Mar. 20
Mar. 31 Mar. 20
Apr.
Apr.
Apr.
Chemical Fund. Inc
Volume 147.
1
1
Apr.
$1
30c
55c
Chester Pure Silk Hosiery Co. (initial)
—
1
Mar. 31 Mar. 20
Mar. 31 Mar. 24
87
1659
June
1
Mar. 27
1 Mar. 22
Mar. 24
50c
75c
Boston Edison Co, (quar.)
Boston Herald-Traveler Corp.
1179
1488
15
20
1 Mar. 22
1 June 20
1
25c
Quarterly-
741
887
1817
1817
Apr.
1 Apr.
1 Apr.
14
Apr.
Apr.
Apr.
Apr.
$2
May 16
__
♦
May
$1X
30c
BeltRR. & Stockyards Co. 6% pref.
(quar.)
Boston Acceptance Co., Inc., 7%
prer. (qu.)
1813
1176
Mar. 30 Mar. 21
Mar. 30 Mar. 21
Mar. 10 Mar. 31
Mar. 31 Mar. 20
60c
_
Bank of America N.T.& S. A.
'
Apr.
4
__Apr.
1
Apr. 26
_
3
Badger Paint & Hardware (quar.)
Baker (J. T.) Chemical Co.
5H % pref. (quar.)
737
Mar. 31-
15c
1 Mar. 18
Mar. 31 Mar. 21
Apr.
Apr. 15 Mar. 31
1 Mar. 20
Apr,
1 Mar. 20
Apr.
1 Apr.
4
May
20c
.
283
June 15
5c
15c
Automobile Finance Co.
(Greenwood,S.C.)(qu.)
6% preferred (quar.)
1648
Apr.
1
Aug.
1
May
1
Apr. 17
Sept, 1
25c
_
Art Metal Construction
(reduced)
Attleboro Gas Light Corp. (quar.)
North American Edison Co.
Northeastern Water & Electric Co. coll. trust 6s
♦Oklahoma Natural Gas Co. 1st mtge. 4j^s.;
30c
25c
_
1647
Apr.
1
Apr. 21
Oct.
1
8Mc
Allemannia Fire Insuranc3 Co. (Pitts.,
Pa.)~_Extra
American Fidelity & Casualty
(quar.)
American General Insurance Co. (Texas)
(qu.)
American Home Products
(monthly)
American Radiator & Standard
Sanitary—
Preferred (quar.).
American Screw Co.
(quar.)
American Seal-Kap (Del.)
American Ship Building-.
I..
American Thermos Bottle
Preferred (quar.)
31
Preferred (quar.)
3
440
Apr.
...Apr.
Lib by, McNeill & Libby 1st mtge. 5s
Ahlberg Bearing Co., class A (quar.)
1325
734
280
734
X3460
June 30
international Salt Co. 1st mtge. 5s
International Salt Co. 1st mtge. 5s
♦Kaufmann Department Stores 7% preferred stock
Lawrence Portland Cement Co. 5H% debs
1
&
6c
...
Alabama Fuel & Iron Co.
(quar.)
Alaska Juneau Gold
Mining (quar.)
1027
1476
1641
1323
1643
1643
*2533
733
1
17
15
1
15
,1
26
June
-
are:
....
1320
1322
Apr.
Apr.
Apr.
Apr.
Illinois Iowa Power Co., 1st & ref.
mtge. gold bonds
Illinois Northern Utilities Co. 1st & ref. 5s, 1957
Illinois Water Service Co., 1st mtge. 5s
Acadia Sugar Refining Co.
6% pref. (quar.)
Adams Oil& Gas
(quar.)
Affiliated Fund, Inc. (irregular)i
1474
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
1952
.
Department" in the week when declared.
The dividends announced this week
1636
1636
1165
1637
1801
X4051
Apr.
Hackensack Water Co
first mortgage 4s
Holland Furnace Co., preferred stock.
Helvetia Coal Mining Co. 1st mtge. 5s
News
576
10
Mar. 29
Family Loan Society. Inc.. partic. pref. stock
Federal Light & Traction Co. 1st lien bonds
(M. H.) Fish man Co., Inc. preferred stock
Gemmer Mfg. Co. 5H% gold debs
Great Northern Power Co. 5% gold bonds
H. L. Green Co., Inc. 7% preferred stock
second table in which
a
1312
1795
1314
1
June
Apr.
follow with
Page
1
Apr.
3H% debs
Chicago Union Station Co., 4% guaranteed bonds
Citizen Water Co. of Washington, Pa.
First mortgage 5 Ha series A
®
we
previously announced, but which
Further details and record of past
dividend payments in
many cases are given under the com¬
pany name in our "General Corporation and Investment
last date for
Bethlehem Steel Corp. 30-year s. t. 3
% % bonds
*
British Columbia Telephone Co. 1st
xutge. 5s
Brown Shoe Co., Inc.. 15-year
Then
we
show the dividends
have not yet been
paid.
Below will be found a list of
bonds, notes and preferred
stocks of corporations called for
redemption, together with
location in
1749
current week.
1H
1
1 May 10
Apr. 20 Apr. 10
Mar. 30 Mar. 20
3 Mar. 31
1 Apr. 10
May
Mar. 31 Mar. 20
Mar. 29 Mar. 24
Apr.
Apr.
Apr.
Apr.
Apr.
1
Mar. 27
1
Mar. 27
1
Mar. 2U
Mar. 21
1
1 Mar. 28
Cleveland Cin. Chicago & St. Louis Ry. Co.—
NATIONAL
5% preferred (quar.)
BANKS
Clinton Trust Co.
following information regarding National banks is
from the office of the Comptroller of the
Currency, Treasury
Department:
LIQUIDATIONS
(quar.)
Clinton Water Works Co. 7 % pref. (quar.)
Coca-Cola Bottling Co. of St. Louis (quar.)
Columbus & Southern Ohio Electric 6% pref
The
VOLUNTARY
$1H
75c
$1%
25c
6H% preferred (quar.)
Commonwealth Water & Light Co. $7 pref. (qu.)
$6 preferred (quar.)
Consolidated Lobster, Inc., (quar.)
-
Amount
$1H
$1.63
$1H
-
Mar. 13—The First National Bank of Malakoff, Texas
Effective, March 9, 1939.
Liquidating agents:
and O. A. Phillips, both of Malakoff, Texas.
Citizens State Bank, Malakoff, Texas.
Mar. 14—The National Bank of Munfordville, Ky
Effective
care
$25,000
-----
-
H. R. Barnes
Succeeded by:
Extra.
Consolidated Oil
—
6% preferred (quar.)- —
Dunlop Rubber Ltd. Amer. dep. rec
Liquidating agent: G. R. Holbrook,
Mansfield, Ark. Succeeded by: Bank of Mansfield, Mansfield,
STOCK
Eason Oil Co. $1H cum. conv. pref. (quar.)Electric Bond & Share Co. $6 prsf. (quar.)
ISSUED
------
_
General Discount
General
15—The First National Bank of Delaware, Delaware, Ohio.
From $100,000 to $150,000
$50,000
Mar. 10—The Rahway National Bank, Rahway, N. J.
From
COMMON
.
CAPITAL STOCK
100,000
-
'
REDUCED
Amt. of
,
Reduction
Mar.
.
15—The
Rahway National Bank, Rahway, N.
$250,000 to $100,000-------CHANGE
15—First National Trust &
Mar.
To:
Mich.
J.
From
——--$150,000
TITLE
OF
following securities
Savings Bank of Port Huron,
were
SALES
sold at auction
on
Wednesday
of the current week:
By Crockett & Co., Boston:
Stocks
Shares
% per Share
v
40
,
3 First & Ocean National Bank, Newburyport, Mass., par $50.
52
180 Pelzer Mfg. Co. v. t. c., $40 paid in liquidation, par $5.:
1H
5 Meredith Linen Mills, preferred, par $100
4 5-100
Colorado
Ice «fc
10
Cold Storage-
2 Columbian National Life Insurance
115
Co.,
par
$100
70
1
Hosiery Co., Inc., 2d preferrrd; 58 common..
Boston Athenaeum, par $300
—
62 Taunton Production Credit Association class A,
.$100 lot
200
—
par
$5
$5 lot
$5,000 Washington Building Realty Corp. 7s, 1945; 100 Washington Building
preferred, par $50; 60 Washington Building Realty Corp.
common; 110 American Electric Share Co. preferred, par $50; 60 American
Electric Share Co. common; $5,000 Federal Power & Light Co. deb. 6s,
Realty
Corp.
1965; 100 Federal Power & Light Co. common, par $50.
$2,200 lot
DIVIDENDS
Dividends
first
we
grouped ih two separate tables.
In the
bring together all the dividends announced the
are
Apr.
1
Apr. 22
Apr. 22
Apr.
5
May
1
May
Apr.
Apr.
Apr.
Apr.
Mar. 20
Mar. 23
Mar. 23
Mar. 28
Apr.
6
Apr.
6
Mar. 22
Mar. 22
Mar. 20
Mar. 24
Apr.
1
Mar. 17
Mar. 31 Mar. 25
87 He
20c
Mar. 31 Mar. 20
Apr.
%\% Apr.
15c
Apr.
Mar. 20
_
$1H
Apr.
$IH
(quar.),.-
1
1
1
1
May
1 Apr.
Mar. 20
Mar. 18
Mar. 18
(quar.)
-
1 Apr.
Apr.
Apr.
1 Mar. 20
1 Mar. 25
15c
37 He
15c
Apr.
Mar. 23
May
20c
87 He
-
„
25c
(guar.)
Joplin Water Works Co., 6% pref. (quar.)-_-_.
$1H
12 He
12c
Kelley Island Lime & Transport Co.-
25c
—
— —,
—
10
May 26 May 16
June 30 June 20
Mar. 31 Mar. 24
Mar. 31 Mar. 24
15c
—
Kellogg Switchboard & Supply
Preferred (quar.)-.
Kendall Refining Co.
'ining
Kentucky Utilities 6% pref. (quar.)
Knott Corp.
Laclede Steel Co. (quar.)
Lawyers Title Insurance Corp. (Va.)6% preferred (semi-annual)
Lawyers Trust Co. (quar.)
Lerner Stores Corp
Preferred (quar.)
Lipton (T,hos. J.) class A (quar.)
Preferred (quar.)
Apr.
28
15c
1
(quar.)
Mar. 20
Apr.
Apr.
Houston Oil of Texas, 6% preferred
-----f87 He
68 He
Hussman-Ligonier pref. (quar.)
25c
Independent Pneumatic Tool (quar.)
Institutional Securities, Ltd.—
Insurance group shares (s.-a.) payable in stk.)
2 H%'
International Milling Co. 5%
$1H
pref. (quar.)
Interstate Bakeries Corp., preferred
50c
Investment Foundation Ltd., cum. prefmn
Cumulative preferred
75c
Iowa Electric Co., 7% preferred A
H3%c
6 H % preferred B
;
H0%c
Jamaica Public Service (increased)
50c
Johnson Service Co.
15
15c
_
±—
-
May
$1H
t75c
-
Preferred
12
Mar. 31 Mar. 20
40c
_i._
Kaufmann Dept. Stores
$ per Share
Stocks
15 Propper-McCallum
...
cum.
Kalamazoo Stove & Furnace
By R. L. Day & Co., Boston:
Shares
29 Apr.
8
Apr.
8
May 15 Apr. 15
Apr. 10 Mar. 31
Apr.
1 Mar. 23
Apr. 29
Mar. 30 Mar. 25
Mar. 31 Mar. 27
15c
------
31 Merchants National Bank, Newburyport, Mass., par $20
15
1 Mar. 20
1 Mar. 20
50c
_
-
preferred (quar.)
Grand Rapids Varnish (quar.)--,
Green (H. LA Co. (quar.)
Greenwich Water & Gas System, Inc.—
6% preferred (quar.)_._
Group Corp., 6% preferred-Hatfield-Campbell Creek Coal Co.—
5% prior preferred (quar.)
Haverty Furniture Cos., pref. (quar.)
Hecker Products Corp. (quar.)___.—
Hibbard Spencer, Bartlett (monthly)
7%
4
The
_
Preferred (quar.)
Corp.
1 Apr.
0c
Monthly
Monthly
Houston Natural Gas (quar.)
"First National Bank of Port Huron."
AUCTION
Fireproofing Co.
20 Apr. lu
l Mar. 15
Gotham Silk Hosiery Co., Inc.,—
of Increase
Mar.
-
-
Corp., 7% pref. (quar.)
General Machinery
Preferred
30 Apr. 20
1 Mar. 24
15 Apr. ~ 1
50c
J.
(guar.)
INCREASED
Amt.
$100,000 to $200,000
50c
Franklin Process Co. (irregular)
Garlock Packing Co
;
—
STOCK
40c
Florence Stove Co
Louis, St. Louis, Mo.
(Sold to Reconstruction Finance Corporation)
220,000
Mar. 15—The Rahway National Bank, Rahway/N. J. (Sold to
Reconstruction Finance Corporation)
-r
300,000
Mar. 15—The Farmers National Bank of Quarryville, Quarryville, Pa. (Soldlocally)
25,000
CAPITAL
i
$5 preferred (quar.)__
A & B (quar.)._-
Emerson Drug Co.
Preferred (quar.)
Empire Trust Co. (quar.)
Equitable Investment Corp. (Mass.)
Mar. 14—Northwestern National Bank of St.
COMMON
—
-
Emerson Electric Mfg. Co.,7% pref, (quar.)____
,
PREFERRED
75c
_
Bonus
50,000
Effective Mar. 16, 1939Ark.
$1H
Dravo Corp.
Deposit Bank, Munfordville, Ky.
Mar. 16-—The Delaware County National Bank of Delaware, Ohio. 100,000
Effective March 15, 1939. Liquidating agent: W. 8. Yake, Dela¬
ware, Ohio.
Absorbed by: The First National Bank of Dela¬
ware, Ohio.
Charter No. 243
Mar. 17—The National Bank of Mansfield, Arkansas
25c
Discount Corp. (N. Y.) (quar.)
Liquidating agent: Stokes A. Baird,
liquidating bank.
Absorbed by: Hart County
5c
30c
20c
------
(quar.)
Detroit Steel Products
25,000
Feb, 15, 1939.
of the
—
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
10c
$IH
30c
$1H
10c
15c
$3
35c
50c
37 He
Apr. 18
Mar. 31 Mar. 24
Mar. 31 Mar. 20
Mar. 31 Mar. 24
1 Mar. 31
May
Apr. 15 Apr.
1
1 Mar. 21
Apr.
Apr. 15 Mar. 31
Apr.
15 Mar. 31
Mar. 31 Mar. 15
Mar. 31 Mar. 15
1 Mar. 23
Apr.
Mar. 31 Mar. 22
1
Apr. 15 Apr.
1 Apr. 20
May
Apr.
28
Apr.
10
Mar. 31 Mar. 24
Apr. 29 Apr. 10
Apr. 29 Apr, 10
1 Mar. 24
Apr.
Apr. 15 Mar. 27
Apr. 15 Mar. 31
Mar. 31 Mar. 22
Apr.
Apr.
15 Apr.
8
1 Mar. 25
Apr. 15 Apr.
May
Apr.
Apr.
5
1 Apr. 20
1 Mar. 24
1 Mar. 24
Financial
1750
Per
Name of
Lord & Taylor 2nd preferred
Lynn Gas
Share
Company
$2
$1X
(quar.)
k Electric Co. (quar.)
50c
C.) Co., class A (quar.)
Preferred (quar.)
Marcbant Calculating Machine...Marion Water Co., 7% preferred (quar.)
Massachusetts Investors Trust (quar.)
Mc Crory Stores Corp., preferred (quar.)
Mc Leilan Stores, preferred (quar.)
Mahon (R.
Messer Oil
55c
25c
SIX
16c
MX
Iih
15c
Corp
^
Michigan Gas & Electric, 7% prior lien
$6 prior lien
Mickelberry's Food Products Co., $2.40
Mississippi Power Co., $7 pref. (quar.)
$6 preferred (quar.).
$
.....
1.31X
MX
pfd—
60c
SIX
P
Monongahela Valley Water, 7% preferred
l37c
Montreal Light, Heat & Power Consol. (quar.).
68c
Montreal Telegraph Co
Mountain States Telep & Teleg. (quar.)
Muskegon Motor Specialties, pref. A
6c
Mutual System, Inc. (quar.)
50c
8% cum. preferred (quar.).
50c
National City Lines, class A (quar.)
...
75c
Conv. preferred (quar.)
50c
National Distillers Products (quar.)
—
50c
National Fire Insurance (quar.)
17Hc
National Funding Corp., class A & B (quar.) - ...
17Xc
Class A & B (extra)
National Manufacture & Stores Corp.
$5H conv. preferred (payable in cum. stock).
New England Power Co., pref. (quar.)
New Jersey Water Co., 7%Preferred
Niagara Fire Insurance Co. (N. Y.) (quar.)
25c
Niagara Wire Weaving Co. (quar.)
—
Northern States Power Co., 7% cum. pref. (qu.) $1.31 X
SIX
6% cum. preferred (quar.)
l?|
M
35c
25c
North & Judd Mfg. Co
Northern Illinois Finance Corp
Preferred (quar.)
—
Ohio Leather Co
First preferred (quar.)
Second preferred (quar.)
$1»1
pref
Ohio Service Holding Corp., non-eum.
Oliver United Filters, class A (quar.)
Pacific Can Co
--
Packer Corp. (quar.)
...
Pearson Co., Inc., 5% pref. A (quar.)
Pennsylvania Power Co. $5 pref. (quar.)
Peoria Water Works 7 %
pref. (quar.)
Philadelphia Co.. com. (quar.)
6% cum. preferred (semi-ann.)
Plainfield Union Water Co. (quar.) j
Provincial Paper Co., 7% preferred (quar.)
Prudential Investors $0 preferred (quar.).....'.
Pyle-National Co., 8% preferred (quar.)
Quincy Market Cold Storage & Warehouse Co.
5% preferred
Railroad
37m
$2
....
50c
12 He
25c
31 Xc
$1X
SIX
MX
MX
Apr. 20
31
31
20
Mar. 31
May
1 Apr.
May
1 Apr.
Mar. 31 Mar.
May
1 Apr.
May
1 Apr.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
31
11
24
15
15
21
20
Mar. 20
Mar. 31
Apr. 15
Mar. 31
May
May
1 Apr.
1 Apr.
.
31
15
23
31
31
Mar. 31 Mar. 23
May
May
1 Apr.
1 Apr.
15
Apr.
Apr.
Apr.
1 Mar. 24
1 Mar. 24
1 Mar. 24
Apr.
1
Mar. 15
May
1
Apr. 21
Mar. 27
15
Apr. 15 Apr. 5
May
1 Apr. 20
May
1 Apr. 15
Apr.
1 Mar. 21
1
Apr. 25 Apr.
May
1 Apr.
1
Apr.
1 Mar. 25
Apr.
1 Mar. 15
Mar. 31
t$2.80
Rhode Island Electric Protective Co. (quar.)...
Richman Bros, (quar.)
Mar. 27 Mar. 16
Apr. 20 Mar. 31
Apr. 20 Mar. 31
Apr.
1 Mar. 17
Apr.
1
Mar. 24
St. Joseph
Ry. Light Heat & Power Co.
5% preferred (quar.)
—
St. Louis Natural Stoekyards Co. (quar.)
St. Paul Union Stockyards Co. (quar.)
San Carlos Milling Co., Ltd
Sharon Steel Corp., convertible $5 preferred-..
Slmms Petroleum Co. (liquidating)
Solar
Aircraft
6% preferred A
37 He
15c
Apr.
Mar. 24
Mar. 23
Mar.
Mar.
SIX
Apr.
Apr.
Mar. 28
50c
Apr.
Mar.
Mar. 16
May
Apr.
Apr.
Apr.
Apr.
Apr,
Apr.
Apr. 20
Mar 31
June
June
Sept.
Sept. 14
3im
SIX
MX
25c
Corp
Southwestern Portland Cement 8% pref. (qu.)_-
8% preferred (quar.)
8% preferred (quar.)___.
Stearns (Frederick) & Co
$2
$2
$2
25c
(quar.)..
MX
t50c
Suburban Electric Securities Co. $4 pref
9c
Supervised Shares, Inc. (quar.)..
Taunton Gas Light Co
Taylor-Colquitt Co. (quar.)
Texas Electric Service, pref. (quar.)
Thatcher Mfg. conv. pref. (quar.)
Trade Bank of New York (quar.)
Travelers Insurance (quar.)
II
Mar. 31
Mar. 31
Apr.
1
Apr.
1
Mar. 20
14
Dec.
Dec.
Mar.
Mar, 29
Mar.
Mar. 29
14
Apr.
Apr.
Mar. 24
Apr.
Mar. 15
Mar. 31
50c
Mar.
Mar. 20
Apr.
Mar. 15
90c
May
15c
May
Apr,
Apr.
Apr.
Apr.
May
Apr.
Apr.
$4
50c
Participating preferred (quar.)
Participating preferred (participating div.)...
United States Hoffman Machine, pref. (qu.)
United States Smelting, Refining & Mining
Preferred (quar.)
United Stockyards Corp., conv. pref. (quar.)
Universal Leaf Tobacco Co., Inc
8% preferred (quar.)
Vlchek Tool 7% preferred (quar.)
Van Camp Milk preferred (quar.).
Vulcan Corp. $3 conv. preferred (quar.)
Western Commonwealth Corp., class A (s.-a.)
Western Pipe & Steel Co. (no action).
Westmoreland Water Co. $6 preferred (quar.).
West Point Mfg
75c
50c
—
...
........
1st preferred
1
MX
United Milk Products
White Rock Mineral
2
Mar. 28
Apr.
37 Xc
— —
6% preferred (quar.)
Preferred
Mar.
50c
Southern Franklin Process 7% pref. (quar.)
South Pittsburgh Water Co. 7% pref. (qu.)
Southwestern Consolidated
Mar. 15
5c
(quar.).
Apr.
37Xc
Co..
Southern Berkshire Power & Electric Co
Southern Calif. Edison Co., Ltd. (quar.)
Southern Calif. Gas, 6% pref. (quar.)
"
MX
MX
87 Xc
Apr. 29
Apr. 20
Mar. 20
Mar. 23
Mar. 23
Mar. 23
Apr. 20
Mar. 30
Mar. 30
uti
Apr.
Mar. 30
May
Apr. 12
$2
Apr.
Mar.
Mar.
Mar. 24
28
Apr.
Mar. 27
75c
Mar.
Mar. 24
20c
Apr.
Mar. 27
MX
30c
Apr.
Apr.
1 Mar. 20
1 Mar. 22
Springs Co. (no action).
(quar.)
2nd preferred (quar.)
Wichita Water Co. 7% preferred (quar.)_.___.
Wieboldt Stores, prior pref. (quar.)
Preferred (quar.)
Wood Preserving Corp., preferred.
Worcester Suburban Electric Co. (irregular).
MX
MX
MX
MX
75c
t$75c
Mar. 28
Apr.
Apr.
1 Mar. 28
Apr. 15 Apr.
1
Apr.
1 Mar. 22
Apr.
1 Mar. 22
Apr.
1 Mar. 18
Mar. 31 Mar. 10
Wurlitzer
(Rudolph) (no action).
Preferred (quar.)
Young (J. S.) Co. (quar.).
Preferred (quar.)
Zion's Co-operative Mercantile Institution.
Below
MX
MX
MX
25c
Apr.
Apr.
Apr.
Apr.
Mar. 20
Mar. 24
Mar. 24
15 Apr.
5
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends announced this week, these being given in the preceding table.
we
Per
Name of Company
Abbott Laboratories
Extra
(quar.)
Preferred (quar.)
Addressograph-Multigraph (quar.)
Aero
Supply Mfg. Co. class A (quar.)
Aetna Casualty & Surety (quar.)
Aetna Insurance Co.
(quar.)
(quar.)
Agnew-Sjnrpass Shoe Stores, preferred (quar.)..
Agricultural Insur. Co.(Watertown, N.Y.), (qu.)
Air Assoc., Inc., common (quar.)
$7 cum. preferred (quar.)
Air Reduction Co.. inc. (quar.)
Aetna Life Insurance
Share
When
Holders
Payable of Record
Mar. 31 Mar. 14
Mar. 31 Mar. 14
1
Apr. 15 Apr.
Apr. 10 Mar. 20
Apr.
1 Mar. 17
4
Apr.
1 Mar.
Apr.
1 Mar. 16
Apr.
1 Mar. 4
Apr.
1 Mar. 15
Apr.
1 Mar. 20
Mar. 25 Mar. 10
Apr.
1 Mar. 16
Apr. J 5 Mar. 31
Apr. 18
8
Mar.
2
Mar. 15
43 Xc
Apf.
Apr.
Apr.
MX
Apr.
12Hc
Mar.
4
Mar.
4
Mar. 17
Mar.
Mar. 17
Apr.
Mar. 21
Mar.
Mar
$1X
Apr.
Mar. 15
20c
Apr.
50c
Mar.
Mar. 16*
Mar. 15
50c
June
June
50c
50c
Sept.
Sept. 15
Dec.
Dec.
25c
$1X
25c
—
Quarterly
preferred (quar.)
preferred (quar.)
preferred (quar.)
preferred (quar.)
American Agricultural Chemical
American Bakeries Co., class B—
7%
7%
7%
7%
MX
MX
MX
MX
• -
1
15
15
Mar.
Mar. 15
June
June
Sept.
Sept. 15
Dec.
Dec.
15
15
35c
Mar.
Mar. 13
25c
Apr.
Mar. 15
10c
American Bank Note—
Preferred
Mar. 15
May
Mar.
75c
(quar.)
8Xc
preferred
25c
American Brake Shoe & Foundry Co
5X% convertiole preferred (quar.)
$ 1.31X
1X%
American Can Co. preferred (quar.)
25c
American Capital Corp.. $3 preferred._-_— --SIX
American Cigarette & Cigar, preferred (quar.).
68Xc
American Cities Power & Light $2X cl. A (qu.).
Opt. div. cash or l-16th sh. of cl. B stock.
American Cyanamid Co. 6% cum. pref. (quar.)
American Beverage Corp.,
Apr. 15 Apr.
1
Apr.
1 Mar. 25
Apr.
1 Mar. 20
Apr.
3 Mar. 27
Apr.
1 Mar. 22
Apr. 20 Mar. 31
Apr. 20 Mar. 31
Mar. 31
Co., Inc. (quar.)
Mar. 15
Apr.
Apr.
Mar.
*18
Alpha Portland Cement
—Aluminum Co. of America 6% pref. (quar.)
Aluminum Goods Mfg.Aluminum Mfg.
Holders
Payable of Record
Apr.
Quarterly-Quarterly
15
15
May
1 Apr.
Apr.
1 Mar.
Apr. 20 Mar.
Apr, 20 Mar
$1X
3%
Corp., preferred (quar.)
Allis-Ohalmers Mfg. Co
Aloe (A. 8.) Co., 7% preferred (quar.)
1
5
Mar.
$1X
Class A (quar ).
31
Mar. 31
Apr.
$1X
preferred (quar.).
$6 preferred (quar.)
$5 preferred (quar.)
— Alabama & Vicksburg Ry. Co. (s.-a.) —
Alien-Wales Adding Machines, preferred.
Allied Laboratories, Inc. (quar.)
Allied Products (interim)
Allied Stores
1
15
29
15
15
10
15
Apr.
Mar.
Alabama Power Co. $7
20
Mar. 31 Mar. 20
20C
Preferred (quar.)
Apr. 15 Mar.
Apr. 15 Mar.
Apr. 15 Mar.
Apr.
1 Mar.
Apr. 15
20c
Employees Corp., class A & B
1 Apr. 17
Mar. 16
Mar. 31
Share
Company
Namt of
1959
25,
When
Per
Holderi
When
Payable of Record
May
Mar.
Chronicle
Apr.
Apr.
Mar. 13*
Apr.
Mar. 22
Mar.
Mar. 24
Mar.
Mar. 24
Apr.
Mar. 17*
Mar. 13*
Apr.
Mar. 25
Mar.
Mar. 15
Apr.
Mar. 10
Apr.
Apr.
1 Mar. 15
1 Mar. 15
American District Telegraph
Apr.
American Envelope Co. 7 %
June
15 Mar. 15
1 May 25
1 Aug. 25
Class A and £ common (quar.)
(N.J.) pref (quar.)
pref. A (quar.)
Sept.
7% preferred A (quar.)
7% preferred A (quar.)
American Express Co. (quar.)
American Forging & Socket Co
American Fork & Hoe, pref.(quar.)
American Gas & Electric (quar.)
Dec.
May
Preferred
Apr.
Apr.
American Indemnity
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Corp. (monthly)
Co
American Insurance Co. (semi-annual)
Extra.
—
■
pref. (qu.)_
American Investment Co, (111.), 8%
7% prefered (quar.)
$2 preferred (quar.)
American Light & Traction (quar.)
Preferred (quar.)
7
Apr.
8
1 Mar. 11
1 Mar. 15
1
Mar. 14*
Mar.
1
Mar.
3
Mar.
3
Mar. 20
Mar. 20
Mar. 20
Apr.
14
Apr.
May
14
Mar. 31 Mar. 24
American Maize Products
Preferred
(quar.)
American Mfg. Co., preferred (quar.)
American Motorists Insurance Co. (quar.)
American Oak Leather Co.,5% cum.pref.(quar.)
American Power & Light Co. $6 preferred
$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 Tobacco Co.,
Mar.
1
Mar. 31 Mar. 17
Mar. 31 Mar. 17
preferred
(quar.)
American Home Products
1
Mar. 31 Mar. 16
preferred vqu.)
American Hawaiian Steamship
American Hide & Leather
1 Mar. 17
1 Mar. 14
5
15 Apr.
Apr.
Preferred (quar.)
American Hard Rubber Co., 8%
American Hardware (quar.)
1 Nov. 25
Apr.
Apr.
Apr.
preferred (quar.)
—
SIX
SIX
60c
SIX
t75c
SIX
SIX
S2
IX
Mar. 31 Mar. 24
Mar. 31 Mar. 15
Apr.
Apr.
Apr.
1
Mar. 25
1 Apr.
1
Apr.
1
Mar. 30
1
Mar. 10
Mar. 10
Mar. 10
7
Apr. 29 Apr.
Apr.
1 Mar. 9
Apr.
1 Mar. 9
Apr.
1 Mar. 15
Apr.
3 Mar. 6*
Apr.
1 Mar. 10
Apr. 15
Apr. ' 1
Mar. 15
Mar. 10
American Water Works & Electric Co.:
1 Mar. 17
5 June 24
$6 1st preferred (quar.)
Amoskeag Co. (s.-a.)
Preferred (s.-a.)—
Anchor Hocking Glass Corp
$6X preferred (quar.)
-
SIX
Angostura- Wupper man
Appalachian Electric Pow., $7 pref. (quar.)
Arkansas Power & Light $7 preferred
$6 preferred
Armour & Co. (Del.), pref. (quar.)--Arrow-Hart & Hegeman Electric
Arundel Corp. (quar.)
ArtJoom Corp., preferred
Asbestos Corp., Ltd. (quar.)
;
Mar. 31 Mar. 24
—
— .
:—
SIX
\MX
\MX
six
25c
25c
—
tsix
50c
50c
10c
Extra
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr
25
Apr.
Mar.
9
Mar. 15
Mar. 15
Mar. 10
Mar. 23
Mar. 20
Apr,
1
Mar. 31 Mar. 15
Mar. 31 Mar. 15
SIX
(quar.)
SIX
Atlanta Gas Light Co. 6% cum. pref. (quar.) —
Atlantic City Fire Insurance (quar.)..
—
Atlantic Refining Co. 4% conv. pref. A (quar.)..
Automobile Insurance
Mar. 31 Mar. 15
20c
——
Associates Investment Co. (quar.)
Preferred (quar.)
:
*,
Autocar Co., $3 cumul. and partic.
Automatic Voting Machine (quar.)
Mar. 31 Mar. 21
Mar. 31 Mar. 15
1 Mar. 15
50c
Ashland Oil & Refining (quar.)
Associated Breweries (Can.) (quar.)
Preferred
Apr.
July
5 June 24
July
4
Apr. 15 Apr.
1 Mar. 17
Apr.
six
50c
7%
pref. (quar.)
—
(Hartford) (quar.)
37Hc
Avery (B. F.) & Sons, preferred (quar.)..
Avondale Mills (semi-ann.)
Bakelite Corp.. preferred (quar.)
Balaban & Eatz Corp
Preferred (quar.)
12 Xc
25c
4c
$l5/s
1
six
Bank of New York
S3X
20c
-
50c
68Xc
(quar.)
37 Xc
Bartgis Bros. Co. 6% preferred (quar.),
Bastian Blessing Co. (quar.)
Preferred (quar.)
— 1
25c
SIX
5
1 Mar. 20
1 Mar. 15
1 Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Feb.
1 Feb.
28
28
1 Mar. 10
1 Mar. 10
1 Mar. 15*
1 Mar. 24
1 Mar. 14
1 Mar. 25
Mar. 31 Mar. 20
1 Mar. 15
Apr.
1
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
70c
Mar. 31 Mar. 15
SIX
25c
(quar.)
%l&
Beech Creek RR. (quar.)
SI
25c
Beech-Nut Packing Co. (quar.)
Extra
Belding-Corticelli Ltd. (quar.)
Preferred (quar.)
Bell Telephone of Canada (quar.)-.
Bell Telephone Co. of Pa. 6X% pref
Beneficial Industrial Loan Corp. (quar.)
$2X prior preference (quar.)
Bethlehem Steel Co., 7% pref. (quar.)
5% preferred (quar.)
Bickford's, Inc
Preferred (quar.)
Bird Machine Co. (quar.)
Birmingham Electric, $6 preferred
$7 preferred
Birmingham Fire Insurance Co. (quar.)
Black & Decker Mfg. Co. (quar.)_
Bliss & Laughlin, Inc
Preferred (quar.)
Mar. 20
45c
Bayuk Cigars, Inc., 1st preferred (quar.)..:—
Beatrice Creamery Co.
Preferred (quar.)
Apr.
1 Mar. 20
1 Mar. 4
Mar. 31 Mar. 15
63c
Bangor & Aroostook RR. Co
(quar.)
1
1
Mar. 31 Mar. 15
Mar. 25 Mar. 20
10c
Bangor Hydro-Electric 7% pref. (quar.)
6% preferred (quar.)
Bank of the Manhattan Co. (quar.)
Bankers Trust Co
Barker Bros., preferred
Mar. 31 Mar. 20
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
50c
..
Cumulativeconvertiblepreferred (quar.)..—
Mar. 31 Mar. 15
1 Mar. 15
Apr.
SIX
—
—
Baldwin Co..
Apr.
$1
SIX
%\¥
25c
40c
62 He
10c
—
—
15 Mar. 31
Mar. 14
Mar. 14
Mar. 15
Mar. 10
Mar. 10
Mar. 15
Mar. 15
15 Mar. 23
15 Mar. 20
31 Mar. 15
Mar.
Apr.
Apr.
Apr.
Apr.
Mar.
3
Mar.
Mar. 23
Mar. 23
Mar. 15
25c
25c
Apr.
Apr.
Apr.
Mar .31
25c
Mar
37 He
Mar
Mar. 14
Mar. 14
Mar. 15
Mar. 17
31 Mar. 18
31 Mar. 18
Volume
Financial
14S
Per
Name of
Share
Company
1751
Chronicle
Per
Holders
When
Payable of Record
Nam>.
,
Share
of Company
Bloch Bros. Tobacco, 6% preferred (quar.)
Bohn Aluminum & Brass
Mar. 31 Mar. 25
Apr.
1 Mar. 15
Coca-Cola International Corp
Coleman Lamp & Stove
Bon Ami Co., class A (quar.)
Class B (quar.)
Apr. 29 Apr.
Apr. 29 Apr.
Apr.
1 Mar. 14
Apr. 15 Mar. 31
May 15 Apr. 18
6
Apr.
1 Mar
Colgate-Palmolive-Peet (quar.)
Borg-Warner Co
Apr.
...
Boston & Albany RR. Co
Boston Elevated By. (quar.)
Boston Insurance (quar.)
1 Mar. 17
Mar. 31 Feb.
Apr.
1 Mar
-
Apr.
15
15
28
10
1 Mar. 20
Mar. 25 Mar. 10
15 Mar. 31
Bower Boiler Bearing Co
Bralorne Mines, Ltd. (quar.)
Extra
Apr.
Apr.
Brazilian Traction, Light & Power preferred-
Apr.
Bridgeport Gas Light Co. (quar.)
Bridgeport Machine preferred (quar.)
preferret
Briggs Mig. Co. vquar.)
Brillo Mfg. Co., Inc. (quar.).
Mar. 31 Mar. 10
Apr. 10 Apr.
1
Mar. 30 Mar. 17
Apr.
1 Mar. 15
Class A (quar.)
Apr.
Apr.
Apr.
British American Oil Co. (quar.)
British-American Tobacco pref. (s.-a.)
Interim
15 Mar. 31
1 Mar. 15
1 Mar. 15
1 Mar. 17
7 Mar. 3
Mar. 31 Mar.
-
4
British Columbia Electric Power & Gas—
6% preferred (quar.)
British Columbia Power class A (quar.)
Broad Street Investing (quar.)
-
50c
20c
75c
Brooklyn Borough Gas Co. (quar.)
75c
6% partic. preferred (quar.)_
$1H
Brunswick-Balke-Collender, $5 pref.(quar.)
Buckerfleld, Ltd
tSIM
%1H
Quarterly
Bucyrus-Erie Co. preferred (quar.)
*1H
45c
Bucyrus-Monighan class A (quar.)__i___
Budd Wheel Co. 1st preferred (quar.)
tlH
Buffalo Niagara & East. Power 1st pref
$1H
Preferred (quar.)
40c
Building Products Ltd. (quar.)
17Hc
Bulova Watch Co., Ino
50c
Bunte Bros., 5% preferred (quar.)
$IH
SIM
5% preferred (quar.)
5% preferred (quar.)
SIM
15c
Burlington Steel Co. (quar.)
Burma Corp., Amer dep. rec. (interim)
4 annas
10c
Burroughs Adding Machine Co
75c
Burry Biscuit Corp., pref. (quar.)
Cable & Wireless (Holding) pref. (s.-a.)
2M%
--—
40c
Calamba Sugar Estates (quar.)
35c
rPreferred (quar.)
California Packing Corp., preferred (quar.)
Cambria Iron Co. (s.-a.)
25c
Cambridge Investment Corp. A & B (s.-a.)
Canada Bread Co., preferred B
t37Mc
Preferred B (quar.)__*
62Mc
1st preferred (quar.)
SIM
1
Canada Iron Foundries 6% preferred
Canada Northern Power Corp., Ltd
7% cumulative preferred (quar.)
Canada Packers Ltd (quar.)-.,
-----I $2
Canada Permanent Mtge. (quar.)__
Canada Silk Products, class A (quar.)
Canada Steamship, Ltd., 5% preferred
Canada Wire & Cable, class A (resumed)
Class A (quar.)
-
—
„
-
—
_
—
62!ti
nm
.
Canadian Celanese, Ltd
Additional
Mar. 25 Mar. 15
Sept.
:
Canfield Oil
Nov. 24
Mar. 15
June
Apr. 29
Feb.
10
Mar. 20
Mar.
3
Mar. 15
1 Mar. 15
15'Apr. 29
1 Mar. 15
Mar. 21
Mar. 22
Mar. 22
-
30
Mar. 22
Apr.
15
--
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
31
31
15
15
15
21
June 15 May 31
Sept. 15 Aug. 3l
25
15
1
1
1
Apr.
1
15 Nov. 30
1 Mar. 15
1 Mar. 15
11 Mar. 24
£•' Mar. 17
1 Mar. 17
1
1
15
1
J5
15
29
15
1
1
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
17
15
31
15
31
31
31
31
20
20
Mar. 31 Mar. 20
.
Apr.
Capital Administration, preferred A (quar.)
Cariboo Gold Quartz Mining Co. (quar.)
;—
Extra
Carnation Co. preferred (quar.)
—
Carolina Power & Light, $7 pfef. (quar.)
$6 preferred (quar.)
Carolina Telephone & Telegraph Co. (quar.).-Carriers & General Corp
Carter (J. W.) Co-,
1 Mar. 18
Apr.
Cannon Mills Co
1 Mar. 20
Apr.
Apr.
Apr.
1
1
1
1
1
1
Apr.
Apr.
Apr.
Apr.
7% 1st partic. preferred (partic. div.)
—
Central Aguirre Assoc. (quar.)
Central Hanover Bank & Trust Co. (auar.)—
Central Illinois Light 4H % pref. (quar.)
Central Maine Power 6% preferred
—
$6 preferred
Central Maine Power, 7% preferred
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
1 Mar.
8
8
18
14
14
25
24
Mar. 30 Mar. 20
1
Case (J. I.) Co., preferred (quar.)
-1
Celanese Corp. or America 7% prior preferred-,
-
—
Central Patricia Gold Mines (quar.)__
Extra.
:
_l
Apr.
Apr.
Apr.
1 Mar. 11
1 Mar. 17
liMar. 17
liMar. 15
Apr.
l'Mar. 17
Apr.
Mar. 20
Apr.
Mar. 10
Apr.
Mar. 10
Apr.
Mar. 10
Apr.
Mar. 15
Apr.
Mar. 15
Apr.
Apr 15 Mar. 31
Apr. 15 Mar. 31
1 Mar. 20
Apr.
1 Mar. 20
Apr.
3 Mar.
9
Apr.
.
Central Power Co., 7% cum. pref. (quar.)
6% cumulative preferred—
Champion Paper & Fibre Co., 6% pref. (quar.)-.
Chemical Bank & Trust Co. (quar.)
Chesapeake Corp. (liquidating)_^
Chesebrough Mfg. Co. (quar.)—
-Extra
Chesapeake & Ohio Ry. Co
Preferred
Mar'.
27 Mar.
Mar. 27 Mar.
3
1 Mar.
8*
Apr.
1 Mar.
8*
Apr.
,
Mar. 31 Mar. 21
_
(quar^.
Flexible Shaft
Co. (quar.)
Mar. 31 Mar. 21
Extra
Chicago Junction Ry. & Union Stockyards—
Quarterly
6% preferred (quar.)
Chicago Pneumatic Tool prior preferred (quar.),
S3 preferred (quar.)
Chicago & Southern Air Line, pref. (quar.)
Christiana Securities, preferred (quar.)
Churngold Corp
;
—
Cincinnati Gas Sc Electric 5% pref. (quar.)
Cincinnati Postal Terminal & Realty, pref
Cincinnati A Suburban Bell Telephone (quar.)
Cincinnati Union Terminal 5% prei. (quar.)
_
(quar.)
5% preferred (quar.)
5% preferred (quar.)
City Baking Co
7% preferred (quar.)
City Ice & Fuel Co
Clearing Machine Corp
Cleveland Electric Illuminating (quar.)...
Preferred (quar.)
Cleveland Graphite Bronze Co—
Climax Molybdenum Co
Clorox Chemical Co. (quar.)—
Cluett, Peabody & Co., Inc. (interim)
Preferred (quar.)...
Coca-Cola Co
S4H
$4H
preferred (quar.)
Mar. 31 Mar. 10*
Apr.
1 Mar. 10*
preference (quar.)
conv.
conv.
Apr.
Apr.
Apr.
Apr.
Commercial National Bank & Trust (quar.)..
Commonwealth & Southern $6 preferred
Commonwealth Utilities Corp., 7% pref. A
6
Mar. 15
Mar. 15
6% preferred (quar.)
Confederation Life Assoc. (Ont.) (quar.).
Coniarum Mining, Ltd
Connecticut Gas & Coke Securities, pref. (qu.)
_
5% preferred (quar.)
Consolidated Laundries preferred (quar.)_
Consolidated Retail Stores preferred (quar.)
Consumers Gas (Toronto, Ont.) (quar.)
Continental Gas & Electric
pref. (quar.)
-
Continental Telephone Co. 7% pref. (quar.)
6H% preferred (quar.)
Cooper-Bessemer, $3 prior pref. (quar.)
Coronet Phosphate Co
Corroon & Reynolds, preferred A
Cosmos imperial Mills Ltd., pref. (quar )
Coty, Inc
Courtaulds Ltd., Am. dep. rec. (final)
Cream of Wheat Corp
—*.—
Creameries of America, Inc. (quar.)
Crowell Publishing Co
:
—
Crown Cork International Corp., class
Crown Zellerbach Corp
A-;
Sept. 18
19
Dec.
18
Mar.
Mar.
3
May
Apr. 27
Mar" 17 ~
Apr.
1 Mar. 24
Apr. 15 Mar. 31
May
1 Apr. 17
Mar. 25 Feb. 21
Apr.
.1 Mar. 20
Mar. 31 Mar. 10
Mar. 24 Mar. 14
Apr.
1 Mar. 10*
1 Mar. 13
5
15 Apr.
Apr. 20 Apr.
5
5
1 Feb. 28
Mar. 31 Mar. 20
5
June 15 June
Apr.
Sept. 15 Sept.
Quarterly
5
Mar. 25 Mar. 18
Mar. 25 Mar. 18
Davega Stores Corp..
(quar.)
Mar. 22
Apr.
Davenport Hosiery Mills
Mar. 31 Mar. 15
Mar. 31 Mar. 15
David & Frere, Ltd., class A (quar.)
Class A (extra)
Davidson-Bontell Co. 6% pref.
Davidson Bros., Inc
1 Mar. 15
Mar. 30 Mar. 21
Apr.
4 Mar. 15
Apr.
1 Mar. 15
Apr.
(quar.).
Dayton & Michigan RR. 8% pref. (quar.).
Common (s.-a.)
-
May
Dejay Stores, Inc
De Long Hook & Eye (xuar.)
Denuison Mig. Co. debenture (quar.).
Dentists' Supply Co. (N. Y.), 7% pref. (quar.).
Denver Union Stockyards (quar.)
Preferred (quar.)
Deposited Bank Shares, series N. Y_-
Apr.
Apr.
May
Apr
Apr.
1
1
1
1
1
1
June
Detroit Edison Co
Apr. 15
1
Apr.
Dftyton Rubber Mfg. 82 class A (s.-a.)_.
—
Detroit Harvester Co
Detroit Steel Corp
Devoe & Raynolds preferred (quar.)..
Diamond Match Co., common
Mar. 16
Mar. 20
Apr. 20
Apr
1
Mar. 20
1
1 Mar.
15 Mar. 27
Mar. 25 Mar. 15
Mar. 25 Mar. 15 1
Apr.
1 Mar. 20 -
Apr.
June
Common-
Sept.
Common
Dec.
10
1 Aug. 10
1 Nov. 10
Sept.
1 Aug. 10
Participating preferred (s.-a.)
Participating preferred (s.-a.)
Diamond Shoe Corp.
(quar.)
6^%JPreferred (quar.)
Diesel-Wemmer-Giibert Co
Distillers Corp .-Seagrams Ltd., 5% pref. (quar.)
Dixie-Vortex Co., class A (quar.)
I.
Dr. Pepper Co. (increased quar.)Quarterly
L
Quarterly.Dome Mines. Ltd (quar.)
Dominion Coal Co., 6% preferred
(quar.)-_--
Dominion Foundry & Steel (initial)
-u_.
Dominion Glass Co.
(quar.)
(quar.)
Dominion Tar & Chemical, preferred (quar.)--.
Dominion Textile Co. (quar.)
—
Preferred (quar.)
Dover & Rockaway RR. Co. (semi-annual)
Draper Corp. (quar.)
Driver-Harris Co., 7% preferred (quar.)
Duke Power Co. (quar.)
Preferred
1 Mar. 20
Mar. 25 Mar. 15
May
Apr.
June
Sept.
Dec.
1 Apr. 20
1 Mar. 10
1 May 18
1 Aug. 18
1 Nov. 18
Apr. 20 Mar. 31
Apr.
1 Mar. 15
Apr.
Apr.
Apr.
1 Mar. 20
1 Mart. 15
1 Mar. 15
May
1 Apr, 15
Apr.
1 Mar. 15
Apr. 15 Mar. 31
Apr.
Apr.
Apr.
Apr.
1 Mar. 31
1 Mar. 4
1 Mar. 21
1 Mar. 15
Apr.
Preferred (quar.)
7% pref. (quar.)
Duplan Silk Corp., preferred (quar.)
I.) De Nemours, debenture (quar.)
(quar.)
--
du Pont (E.
Preferred
Eastman Kodak Co.
1 May
3-1-40 2-10-40
1 Mar. 20
Apr.
Apr.
(quar.)
Preferred (quar.)
Eaton & Howard, Inc.:
,
1 Mar. 15
Apr.
Apr.
1
Apr.
Apr.
Apr.
Co., com. (quar.).
Mar.
Mar. 15
Mar. 15
Mar. 10
Mar. 10
Mar.
Mar. 23
Electric Storage Battery
Preferred (quar.)
Mar.
Mar.
Mar. 16
Mar. 15
Elizabeth & Trenton RR. (semi-annual).-.
Preferred (semi-annual)
Mar.
Mar. 14
El Paso Electrtc
Apr.
Mar. 21
Mar. 13
E1 Paso Natural Gas (quar.)-—
Ex-CeU-O Corp
(Texas), 86 preferred (quar.)_.
Mar. 20
Apr. 10
Apr. 10
Mar. 15
Mar. 15
Mar. 20
June 30 June 20
Apr.
3 Mar. 24
Mar.
Apr.
Apr.
Apr.
1
25
25
15
1
Apr.
Apr.
Apr.
Apr.
Mar* 31
Management Fund A-l
Management Fund B_-„
Management Fund F
Economy Grocery Stores (quar.)
Ecuadorian Com
—-Electric Auto-Lite
Electric Controller & Mfg. Co. (reduced)-.
Mar.
Apr.
31
Apr. 20 Apr.
Eastern Steamship Lines preferred---Eastern Steel Products pref. (quar.)
June
Mar. 15
t
Mar. 31 Mar. 21
June 30 June 20
Mar. 15
1-1-
1 Mar. 15
1 Mar. 15
1
Apr. ' 1
Mar
Apr.
(quar.)_
8% preferred (quar.)
8% preferred (quar.)
Cunningham Drug Stores (quar.)
Preferred B (quar.)
JL
Curtis Publishing Co., 87 preferredDanahy Faxon Stores, Inc. (quar.)
Daniels & Fisher Stores Co. (quar.)
Early 6c Daniel Co., pref. (quar.)
Preferred (quar.)
Oct.
Apr.
Apr.
Apr.
Apr.
Crum & Forster, Inc.
Mar. 20
Mar. 16
10
] Mar. 10*
1 Mar. 15
Mar. 31 Mar.
6
Apr.
1 Mar. 15
Continental Oil Co
Continental Steel Corp.
Preferred (quar.)__
1 Mar. 17
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 10
Mar. 31 Mar. 15
Apr.
1 Mar. 20*
Apr.
84Vi preferred (quar.)
Mar. 22
Mar. 17
Mar. 20
1 Mar. 15
1 Mar. 18
1 Mar. 15
Mar. 31 Mar. 17
3
Apr. 15 Apr.
Apr.
1 Mar. 24
May
1 Mar. 31
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
May 1 Apr. 15
Apr.
1 Mar. 10
Apr.
1 Mar. 15
Apr.
1 Mar. 10
Consolidated Dry Goods Co., 7% preferred
Consolidated Edison Co. (N. Y.), Inc., pref
Consolidated Film Industries, pref--Consolidated Gas Electric Light & Power.
Apr.
Apr.
Apr.
July
Apr.
Apr.
Apr.
Apr.
Mar. 31 Mar. 17
Apr.
1 Mar. 15
Consolidated Bakeries vCanada) vquar.).
Consolidated Copper mines
Duquesne Light Co., 5% cum. pref. (quar.) —
Eagle Picher Lead, preferred (quar.)
Apr.
1 Mar. 15
1 May 15
1 Mar. 15
Mar. 31 Mar. 25
4 Mar. 15
_
Apr.
Apr.
1 Mar. 13
Apr.
Mar. 16
Mar. 16
Mar.
1 Mar. 10*
1 Mar. 22
June
H% preferred O (quar.)
Prei erred
1 Mar. 15
1
15 Apr.
Mar. 31 Mar. 10*
Commercial Investment Trust (quar.)
Dunean Mills
Apr.
Apr.
Apr.
Apr.
Apr.
Continental Assurance (quar.)
Continental Baking Co. preferred (quar.)_.
Continental Bank & Trust Co. (quar.)
Continental Can Co.. Inc., 84H pref. (quar.)..
Dec.
Apr.
1 Mar. 15
Mar. 31 Mar. 20
*
(quar.)
Mfg. (quar.)
pref. (quar.)
Commercial Alcohols Ltd. preferred (quar.)_.
Commercial Credit Co. (quar.)
Consumers Power Co. 85 preferred (quar.).
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Colt's Patent Fire Arms
Columbia Baking, SI
Mar. 20
1 Mar. 20
Mar. 31 Mar. 15
Apr.
May 24
Aug. 26
June
Apr.
Ltd., pref. (quar.)
Westinghouse Co. (quar.)
Wire bound Boxes (class A)
5% preferred
15
Mar. 31 Mar. 17
Canadian Industries Ltd., 7% pref. (quar.)
Canadian Industries, class A & B
Chicago
1 Apr. 15
1 Mar. 15
liMar.
Mar, 3i Mar. 17
—
Preferred
Apr.
Apr.
Mar.
Canadian General Electric (quar.)_
Canadian Fairbanks Morse, preferred (quar.)
Canadian Foreign Investment, 8% pref. (qu.)-Canadian General Investments (quar.)
Canadian
liMar. 20
Mar. 31 Mar. 17
7% partic. preferred (quar.)
79? partic. preferred (partic. div.).
Canadian Cottons, Ltd. (quar.)
Preferred (quar.)
Preferred (quar.)
Canadian Oil Cos.,
Mar. 31
Mar. 14
l'Mar. 20
Apr.
Apr.
Mar. 31
i
Apr.
Connecticut General Life Insurance Co.
Mar. 31 Mar. 17*
—.
__
Connecticut Light & Power Co. (quar.).
Consolidated Aircraft preferred (auar.).
Consolidated Aircraft, $3 pref. (quar.)
1 Mar. 20
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
(quar.)
Colon Development 6% preferred
Colonial Ice Co. S7 cum. preferred (quar.)--.
Series B preferred (quar.)
Mar. 20
Apr.
May
-
15 Mar. 31
Mar. 31'Mar. 15
Apr.
Apr.
,
1 Mar. 20
Mar. 31'Mar. 15
Dec.
Class A (quar.)
Canadian Canners 1st preferred (quar.)_
2d preferred (quar.)
Canadian Car & Foundry, pref
Canadian
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Preferred
Holders
When
Payable of Record
1 Mar. 15
1 Mar. 4
1 Mar. 4
Mar. 13
Mar.
Mar. 16
Mar.
Mar. 13
Mar.
Mar. 15
Apr.
Mar.
4
Apr.
Mar. 17
Apr.
Mar. 20
Mar.
9
Mar.
Mar.
Apr.
Apr.
Mar. 20
9
Mar. 20
Apr.
Mar. 31
Mar.
Mar. 16
Apr.
Mar. 10
1752
Financial
When
Name
of Company
30c
Apr.
56 kc
July
56kc
Oct.
56 kc
Jan.
S3k
1 Mar. 21
1 June 22
2 Sept. 21
2 Dec. 21
Sept. 23 Sept.13
Mar. 21
Apr.
1 Mar. 23
Apr.
1 Mar. 23
Mar. 16
Apr.
Mar. 16
Apr.
Mar. 16
Apr.
»i.& Apr.
Sik
fik
sik
sik
i*i
Mar. 31 Mar. 24
Stock div. of one sh. for each three shs. held.
Mar. 31 Mar.
Falconbridge Nickel Mines (quar.)
9
Palstaff Brewing Corp. (quar.)
May 31 May 16
Preferred (semi-ann.)
3c
1 Mar. 18
Apr.
Famous Players Canadian (quar.)
25c
Mar. 31 Mar. 21
Fansteel Metallurgical Corp., $5 pref
2 Apr. 15
Apr.
1 Mar. 15
Fanny Farmer Candy Shops
Apr.
Faultless Rubber Co. (quar.)
25c
1 Mar. 15
Apr.
Fedders Mfg
15c
1 Mar. 13
Apr.
Federal Insurance Co. (J. C., N. J.) (.quar.)
35c
1 Mar. 21
Apr.
Feltman & Curme Shoe Stores pref. (quar.)
87 kc
1 Mar.
1
Apr.
Ferro Enamel Corp
ar. 31 Mar. 20
25c
Fifth Ave. Bank (N. Y.) (quar.)
1 Mar. 31
*6
—
Apr.
Fifth Avenue Coach (quar.)
Mar. 31 Mar. 15
50c
Fiiene's (Wm.) Sons Co. (quar.)
25c
-Apr. 25 Apr. 15
Preferred (quar.)
|1.18k Apr. 25 Apr. 22
Mar 31 Mar. 21
Finance Co. of America (Bait.), com A. & B—
15c
Mar. 31 Mar. 21
7% preferred class A (quar.)
First National Bank (Jersey City) (quar.)
Mar. 31 Mar. 24
June 30 June 23
Quarterly
First National Bank (N. Y.) (quar.)
$25
1 Mar. 16
Apr.
First National Stores, Inc
Mar. 25 Mar.
62 kc
9
Flshman (M. H.), 7% preferred (quar.)
*1k
Apr. 15 Apr,
1
5% preferred (quar.)
*1"
Apr. 15 Apr.
1
Florida Power Eight, $7 preferred-*
t$l
1 Mar. 21
*
Apr.
S6 preferred-1 Mar. 21
Apr.
tSl-13
Florsheim Shoe Co. class A (quar.)__
25c
1 Mar. 15
Apr.
Class B (quar.)
1 Mar. 15
12kc
Apr.
Food Machinery Corp
Mar. 31 Mar. 15
25c
—
Mar. 31 Mar. 15
Slk
4k% conv. preferred (quar.)—
—.
Formica Insulation Co. (quar.)
20c
1 Mar. 15
Apr.
—
Fort Wayne & Jackson fiK., pref. (semi-annual)
*2k
Sept. 1 Aug. 19
Fox (Peter) Brewing Co. (quar.)__
25c
1 Mar. 15
Apr.
Extra
25c
1 Mar. 15
Apr.
Convertible preferred (quar.)
15c
1 Mar. 15
Apr.
Fruehauf Trailer Co
25c
Apr. 20 Mar. 31
Fruit of the Eoom, Inc., preferred (initial)
10c
1 Mar. 15
Apr.
Fulton Trust Co. (N. Y.) (quar.)
1 Mar. 20
S2k
Apr.
Fundamental Investors
15c
1 Mar. 17
Apr.
Fuller (Geo. A.), 4% pref. (quar.)
1 Mar 15
*1
Apr
Fuller Brush Co. 7 % pref. (quar.)
*1# Apr. 1 Mar. 23
Gailand Mercantile Laundry Co. (quar.)
60c
1 Mar. 15
Apr.
Gatineau Power Co., preferred (quar.)-.—
1 Mar.
Slk
1
Apr.
Gemmer Mfg Co., class A
1 Mar. 24
Slk
Apr.
Gannett Co. Inc., $6 conv. pref
1 Mar. 15
Apr.
*
-Slk
General American Investors Co., Inc., pref
1 Mar. 20
Slk
Apr.
General Box Co. (quar.)
lc
1 Mar. 10 "
Apr.
General Electric Co
25c
Apr. 25 Mar. 17
General Baking Co
15c
1 Mar. 18
Apr.
Preferred (quar.)
1 Mar. 18
$2
Apr.
General Finance Corp
5c
1.
Apr. 15 Apr.
1
General Foods Corp., preferred (quar.)
1 Apr. 10
Slk
May
General Mills, Inc.--.-1 Apr. 10
Slk
May
Common
87 kc
1 July 10
Aug.
1 Mar. 10*
(j% cum. pref. (quar.)
Slk
Apr.
General Motors Corp,preferred (quar )-*
1 Apr. 10
Slk
May
General Paint, preferred (quar.)
67c
1 Mar. 18
Apr.
General Printing Ink Corp
10c
1 Mar. 14
Apr.
$6 cum. preferred (quar.)
1 Mar. 14
Slk
Apr.
General Railway Signal Co.,pref. (quar.)
1 Mar. 10
sik
Apr.
General Time Instruments pref. (quar.)__
1 Mar. 13
Apr.
General Telephone Corp., $3 conv. pref. (quar.)
1 Mar. 15
Apr.
General Tire & Rubber, preferred (quar.)
Mar. 31 Mar. 20
Slk
10c
1 Mar. 15
General Water Gas & Electric (quar.)_
— Apr.
75c
$3 preferred (quar.)
1 Mar. 15
!
Apr.
Georgia Power Co., $6 preferred (quar.)
1 Mar. *5
Slk
Apr.
$5 preferred (quar.)—
1 Mar. 15
sik
Apr.
Gibson Art Co. (quar.)
50c
1 Mar. 20
Apr.
Gillette Safety Razor
15c
Mar. 31 Mar. lO
Preferred (quar.)
1 Apr.
Slk
May
3
Glens Falls, Inc. (quar.)
40c
1 Mar. 15
Apr.
GliddenCo. 4k% conv. pref. (auar.)
56 kc
1 Mar, 17
Apr.
Globe & Wernicke Co., pref. (quar.)
1 Mar. 20
Slk
—
Apr.
Godchaux Sugars, class A
*
50c
1 Mar. 20
Apr.
$7 preferred (quar.)
1 Mar. 20
Slk
Apr.
Gold & Stock Telegraph
1 Mar. 31
Slk
Apr.
(quar.)
—
Goldbiatt Bros., preferred (quar.)
62 kc
1 Mar. 10
—
Apr.
Goodrich (B. F.) & Cp., preferred
Mar. 31 Mar. 24
tsik
Preferred (quar.)
Mar. 31 Mar. 24
Slk
Goodyear Tire & Rubber (Can.) (quar.)
1 Mar. 15
J62c Apr.
Preferred (quar.)
1 Mar. 15
*62 kc Apr.
Grant (W. T.) Co. (quar.)
35c
1 Mar. 14
Apr.
Preferred (quar.)
25c
1 Mar. 14
Apr.
Great Lakes Power Co., A preference (quar.)
Slk
Apr. 15 Mar. 31
Great Lakes Steamship (quar.)
50c
Mar. 29 Mar. 22
Great Western Life Assurance
1 Mar. 20
S3k
Apr.
Great Western Sugar Co
60c
3 Mar 15
Apr.
7% preferred (quar.)
3 Mar. 15
Slk
Apr.
Green (D.) Co. (irregular)
50c
^
A
1 Mar. 15
Apr.
Preferred (quar.)
i
1 Mar. 15
Slk
Apr.
Greening tB.) Wire Co. (quar.)
1 Mar. 15
—
Apr.
Greenwich Gas, participating pref. (quar.)
1 Mar. 20
31kc Apr.
Greif Bros. Cooperage Corp., class A
80c
1 Mar. 22*
Apr.
Greyhound Corp. (quar.)
20c
1 Mar. 22
Apr.
5k % preferred (quar.)
13 kc
1 Mar. 22
Apr.
Griggs, Coooer & Co 7% pref. (quar.)
1 Apr.
Slk
Apr.
1
Group No. fOil
Mar. 31 Mar. 10
S50
Guaranty Trust Co. (N. Y.) (quar.)
1 Mar.
3
3%
Apr.
Gulf Oil Corp
1 Mar. 15
25c
Apr.
Gulf Power Co.', $6 pref. (quar.)
1 Mar. 20
Slk
Apr.
Hackensack Water pref. A (quar.)
43 kc
Mar. 31 Mar. 16
Hamilton Cotton Co., Ltd., $2 conv.
t50c Apr.
1 Mar. 15
pref
Hanes (P. H.) Knitting, 7% preferred (quar.)
1 Mar. 20
Slk
Apr.
Hanover Fire Insurance (N. Y.) (quar.)
30c
1 Mar. 17
Apr.
Harbison-Walker Refractories Co., pref. (quar.)
Apr. 20 Apr.
6
Harrisburgh Gas 7% preferred vquar.)
Apr. 15 Mar. 31
Harris-Seybold-Potter prior pref. (qu.)
1 Mar. 20
Slk
Apr.
um
3?ig
-
—
—
—
—
_
-
-
—
--
-
—
—
.
-
—
-
—
U
Harshaw Chemical (reduced)
Preferred (quar.)
25c
Co,
Heath (D. C.) & Co. 7% preferred (quar.)
Hedley Mascot Gold Mines (quar.)--
Apr.
Apr.
Apr.
1 Mar.
Apr.
1 Mar.
3c
1 Mar. 17
1 Mar. 29
,
1
1
10c
Mar. 31 Mar. 20
43 kc
~>1 k
Mar. 31 Mar. 20
Apr.
Apr.
1 Mar. 11
1 Mar. 11
Mar. 31 Mar. 21
—
5% preferred (quar.)
Mar. 31 Mar. 15
lc
(Walter E.) & Co. (quar.)
Preferred (quar.)
Helme (Geo. W.) Co. common (quar.)
Preferred (quar.)
,
V
Mar. 31 Mar. 15
Slk
*
Extra
Holland Furnace Co. (Del.)
$5 conv. preferred (quar.)__
Hollinger Consol. Gold Mines (monthly)
1 Mar. 15
"
Slk
Heller
Hinde & Dauch Paper
Preferred (quar.)
Apr.
50c
Glass
Apr.
1
1 Mar. 24
50c
Hartford Gas Co. (quar.)
Preferred (quar.)
Hibbard Spencer Bartlett (monthly)
Hickok Oil Corp., 7% prior preferred (quar.)
Mar. 27 Mar.
50c
Hart & Cooley Co. (irregular)
Stock dividend of 100%.
Hartford Fire Insurance (quar.)
Hazei-Atlas
1 Mar. 24
Apr.
Slk
Si
.
Slk
31kc
25c
Slk
50c
Apr.
Apr.
1 Mar. 21
1 Mar. 21
Mar. 31 Mar. 17
Apr.
1 Mar. 17
6 Mar. 16
Apr.
1 Mar. 16
Mar. 25 Mar. 11
Apr.
25, 1939
When
Holders
Payable of Record
Emporium Capwell Corp
4k % preferred A (quar.)
4k % preferred A (quar.)
4 k% preferred A (quar.)
7% preferred (semi-ann.)
4 k % preferred A (quar.)
Endicott Johnson Corp
5% preferred (quar.)
Engineers Public Service Co. $5 pref. (qu.)
$5H preferred (quar.)
$6 preferred (quar.)
Fafnir Bearing (irregular)
Mar.
Chronicle
Name
Holophane Co., preferred (semi-ann.)
SI.05
Home Gas & Electric preferred (quar.)
,
15c
Homestake Mining Co. (monthly)
37kc
—
May
Apr. 20
Apr.
Mar. 21
Mar. 2
Mar. 11
20c
62J|c
Slk
37 kc
_ _
Mar. 20
Apr.
Apr. 15 Mar. 31
Apr. 15
Mar. 31
Mar. 3' Mar. 20
Mar. 21
Mar. 21
Mar. 3
(quar.)
Mar. 3
Mar. 3
Slk
Mar. 21
Mar. 24
Apr.
Mar.
20c
Apr.
Mar. 15
Mar. 10
5c
Apr.
Apr.
Apr. 2
Apr.
35c
Mar. 3
Mar. 15
$2
50c
Mar. 3
Mar. 20
Apr.
Apr.
July
June 30
75c
Hydro-Electric Securities
Hygrade Sylvania Corp
Preferred (quar.)
Idaho Maryland Mines (monthly)
37 kc
Slk
Ideal Cement Co
Telephone (quar.)
Illuminating Shares class A (quar.)
Illinois Bell
—
Imperial Lire Assurance (Can.) (quar.)
tig
Quarterly
Quarterly
Quarterly
$3k
Slk
22 kc
—
Imperial Tobacco of Canada (final)
2
Mar. 10
11
Mar. 16
Mar. 31
Oct.
:
Sept. 30
1-2-40 Dec. 30
Mar.
3
Mar. 3
Mar. 3
Mar.
3
Mar. 3
Mar.
3
Apr.
Mar.
9
Mar.
9
Mar.
9
Slk
Apr.
Apr.
May
Apr.
Apr.
15c
Mar.
25c
Interim
30c
Apr.
Apr.
Apr.
Apr.
40c
Apr.
10c
—
(semi-ann.)
3%
Slk
—
Indiana General Service Co.,
6% pref
Indiana & Michigan Electric Co.—
7% preferred (quar.)
6% preferred (quar.)—
Indiana Pipe Line Co.
Indianapolis Power & Light 6k % pref.
Slk
Slk
30c
(quar.)
Indianapolis Water Co., 6% pref. A (quar.)—
,
Inland Investors, Inc. (interim)
Inter lake Steamship
Mar. 3
37kc
—
Humble Oil & Refining Co
Co
International Button Hole Sewing Machine
International Harvester Co. (quar.)
—
International Nickel Co. (Canada)
Preferred (quar.)
International Ocean Teleg. Co. (quar.)
—,
International Power Co. 7% preferred
International Salt Co. (quar.)
International Shoe (quar.)
Slk
Slk
5%
International Business Machines Corp
Stock dividend
—
International Silver Co., preferred
International Vitamin Corp
t50c
tSlk
Slk
Slk
37kc
37kc
S2
•7kc
Mar.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr. 21
Mar.
6
Mar. 11*
Mar. 20
Mar. 15
Apr.
1
Mar.
5
Mar. 20
Mar. 20
Mar.
1
Apr.
1
Mar. 31
Mar. 15
Mar. 15*
Mar. 15
Mar. 17*
Corp. (R. I.) $6 pref. (quar.)
Mar. 21
Apr.
Apr.
Apr.
Slk
—.
Mar.
25c
Equipment
Investment Co. of America (quar.)
Investment
Mar. 20
25c
Co (irregular)-.Houdaille-Hershey, class A (quar.)
Household Finance (quar.)
Preferred (quar.)
Houston Oil Field Material, preferred (quar.)
Howes Bros., preferred A (quar.)
Preferred B (quar.)
Hoekins Mfg.
Interstate Home
Mar. 20
Mar. 25 Mar. 20
Slk
Horder's. Inc. (quar.)
Horn & Hardart Baking (quar.)
Preferred
Mar. 15
Apr.
Apr.
Apr.
20c
Hoover Ball & Bearing
2nd preferred
Howe Sound Co
Holders
Payable of Record
of Company
Apr.
Mar. 20
11c
1
Mar. 15
30c
June
Quarterly
30c
Sept.
May 10
Aug. 10
Quarterly
30c
Dec.
Nov. 10
.
25c
Apr.
Mar. 15
,
15c
Apr.
Apr.
Mar.
Apr.
Apr.
Apr.
Mar. 23
Iron Fireman
Mfg. Co. (quar.)
Irving Air Chute Co., Inc
Irving Trust Co. (quar.)
Island Creek Coal__
Preferred (quar.)
Jarvis (W. B.) Co.
—
50c
—■
Slk
1———
——
Jersey Central Power & Light 7% pref. (quar.)_
6% preferred (quar.).
5k % preferred (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.)
6% junior preferred (quar.)
Kansas City Power & Light, pref. B (quar.)
Kansas Gas & Electric 7% preferred (quar.)
$6 preferred (quar.)
Kansas Power Co., $6 cum. pref. (quar.)
$7 cum. preferred (quar.)_
Katz Drug Co., preferred (quar.)
Kaufmann Dept. Stores, pref. (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.)
Keystone Public Service, preferred (auar.)_
Keystone Steel & Wire—i
Kimberly-Clark Corp
Preferred (quar.)
Kings County Lighting Co., 6% cum. pf. (qu.)
7% cum. preferred B (quar.)
5% cum. preferred D (quar.)
—'—
Klein (D. Emll) Co
Kleinert (I. B.) Rubber
Knapp-Monarch Co., preferred (quar.)
Koppers Co. 6% preferred
Kresge (S. S.) Co. (quar.)
Kresge Dept. Stores, pref. (quar.)
Kroger Grocery & Baking, 6% pref. (quar.) —
7% preferred (quar.).
—
— -
— _
—
—
—
——
-
Mar. 31
Mar. 10 '
Mar. 10
Mar.. 10
Mar. 17
Mar. 17
15c
Mar
Mar
Slk
Slk
sik
Slk
Apr.
Apr.
Mar. 15
Slk
Slk
Slk
Slk
Slk
tsik
Apr.
Apr.
Apr.
Apr,
Apr.
Apr.
ar.
Apr.
21
Mar. 15
Mar. 14
Mar. 14
Mar. 14
Mar. 20
Mar. 20
Mar. 16
Mar.
6
Mar. 15
25c
Mar.
Mar.
Slk
Slk
Slk
8kc
June
May 22
Aug. 22
70c
20c
25c
Slk
Slk
Slk
Slk
25c
10c
62kc
Sept.
3
Dec.
Nov. 21
Apr.
Apr;
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
Apr.
Mar. 10
Mar. 15
Mar. 27
Mar. 10
Mar. 10
Mar. 15
Mar. 15
Mar. 15
Mar. 20
Mar. 15
Mar. 21
—
Lackawanna RR. of N. J. (quar.)
Lamaque Gold Mines (quar.)
75c
Apr.
Mar. 11
30c
June
June
SI
Slk
Apr.
Mar. 26
Apr.
Mar. 18
*4
May
Apr. 20
Apr.
Apr.
Apr.
Mar. 10
37kc
—
—
Apr.
Mar. 17
JlOc
-
Extra
Lambert Co
Land is Machine Co. (quar.)
2
Mar. 10
Mar. 10
25c
Quarterly
Extra
Aug. 15 Aug.
5
25c
;
May 15 May
25c
;
Nov. 15 Nov.
4
17 kc
Lang (J. A.) & Sons (quar.)
Langendorf United Bakeries class B (quar.)
30c
-—
Class A (quar.)
Preferred (quar.)^u
La Salle Extension University—
5c
50c
75c
7kc
Slk
Preferred (quar.)
Lava Cap Gold Mining
Leath
Apr.
Apr.
Apr.
Apr.
15c
—
Quarterly
50c
Slk
Slk
Slk
Slk
Slk
7
Mar. 23
2c
62 kc
25c
&
Co.. preferred (quar.)
Lehigh Portland Cement Co
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
5
1 Mar. 15
15 Mar. 31
15 Mar. 31
15 Mar. 31
15 Mar. 31
1 Mar. 21
1 Mar. 21
Mar. 31 Mar. 10
1 Mar. 15
1 Apr.
1 June
SI
Apr.
May
July
Apr.
Lehman Corp
Leslie Salt Co. (quar.)
20c
Apr.
7 Mar. 24
65c
June
15 May 31
Liberty Loan Corp. A & B (quar.)
Life & Casualty Insurance Co
(Tenn )
—
Liggett & Myers Tobacco, preferred (quar.)—
Lincoln National Life Insurance (quar.)—
Quarterly
30c
12c
Apr.
Apr
1 Mar. 21
1 Mar 15
Slk
Apr.
1 Mar. 10
30c
May
30c
Aug.
30c
Nov.
1 Apr. 26
1 July 27
1 Oct. 27
4% preferred (quar.)
4% preferred (quar.)
SI
—
-
—
Quarterly
14
14
1 Mar. 14
50c
1 Mar. 15
Apr.
Apr. 20 Mar. 31
10 May 24
Sept. 9 Aug. 24
Dec.9 Aug. 24
June 10 May 24
Sept. 9 Aug. 24
Special guaranteed (quar.)
Liquid Carbonic Corp__
50c
Dec
20c
Lock Joint Pipe Co. (monthly)
66c
1 Mar. 16
Apr.
Mar. 31 Mar. 21
Apr. 29 Apr. 19
May 31 May 31
June 30 June 20
1 Mar. 15
Apr.
Link Belt
Co., preferred (quar.)
Refining Co. (quar.)
Little Miami RR., original capital (quar.)
Original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Lion Oil
Monthly
Monthly
Monthly
Locke Steel Chain (quar.)
Lockhart Power Co.. 7% preferred (s.-a.)
Loew's Inc. (quar.)
Loew's (Marcus) Theatres, Ltd., 7% preferred-.
Slk
25c
S1.10
S1.10
si.io
50c
67c
67c
66c
30c
June
"9 Nov. 24
S3k
Mar. 25 Mar. 25
50c
Mar. 31 Mar. 14
Mar. 31 Mar,
8
tS21
Volume
148
Financial
Per
Name of Company
Share
Loose-Wiles Biscuit Co.,5% preferred (quar.)_.
Lone Star Gas Corp
Longhorn Portland Cement Co.—
5% refunding par tic. preferred (quar.)
20c
Holders
When
Payable of Record
Apr.
1 Mar. 18
Apr. 20 Mar. 18
$1H
5% refunding
par tic.
preferred (quar.)
Extra
June
25c
Extra
June
$1H
25c
.
5% refunding partic. preferred (quar.)
$1H
Extra
25c
Lone Star Cement
Lord & Taylor (quar.)__
75c
$2H
Lorillard (P.) Co. (quar.)
Preferred (quar.)
30c
MX
Louisville Gas & Electric Co. (Del.)—
Class A & B common (quar.l
Louisville Gas & Electric Co. *(Ky.)—
7%
6%
5%
$1X
preferred (.quar.)
preferred (quar.)
cum. preferred (quar.)
Lunkenheimer Co., preferred (quar.)
Preferred
1H%
MM
MM
MM
MM
:
(quar.)
Preferred (quar.)
MacAndrews & Forbes Co. (quar.)..
Preferred
(quar.)
50c
!
1M%
McColl-Frontenac Oil preferred (quar.)
MM
43 Xc
43 He
43 Xc
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
McKay Machine Co.
McKee (A. G.) & Co., class B (quar.)...
25c
25c
Extra
75c
McQuay-Norris Mfg. (interim)
Magor Car Corp. (quar.),.
Preferred (quar.)..
Mahoning Coal RR
Mangin (I.) & Co., pref. (quar.)
Preferred (quar.L
50c
*•,
25c
$15*
$4
...
$15*
MM
91M
MX
(quar
Preferred
Manischewitz (B.) Co.: preferred (quar.)
Nov. 20
Mar.
Mar. 10
New
Mar. 17
New
Apr. 15 Mar. 31*
Apr. 15 Mar. 31
May 31 May 30
Aug. 31 Aug. 30
Nov. 30 Nov. 29
Apr.
1 Mar. 20
Mar. 31 Mar. 23
Mar. 31 Mar. 23
Apr.
1 Mar. 24
5
May 15 May
5
Aug. 15 Aug.
Apr.
10c
Apr.
Apr.
Apr.
Apr.
Marion-Reserve Power Co. $5
pref. (quar.)
MX
Marsh
50c
(M.) & Sons. Inc. (auar.)..
40c
Mathieson Alkali Works (quar.)
Preferred (quar.)
Mead Johnson & Co.
(quar.)
MM
25c
25c
(quar.)..;
$15*
Machine Co
....
7% preferred (quar.)
Metropolitan Edison Co. $7 pref. (quar.)
$6 preferred (quar.)
$5 preferred (quar.)
$7 prior preferred (quar.)
$6 prior preferred (quar.)
$5 prior preferred
$15*
$15*
$15*
$15*
$15*
(quar.)
Meyer-Blanke, preferred (quar.).....
Michigan Assoc. Telep. 6% pref. (quar.)
Middle States Petroleum Corp., class A
Midland Steel Products
;
_.
Supply (quar.).
Minneapolis Mining & Mfg
Minneapolis Power & Light, $7 pref
$6 preferred
6% preferred
Mississippi River Power 6% nref. (auar.)..
Mississippi Valley Public Service—
Preferred (quar.)
...
Mitchell (J. S.) & Co., 7% pref. (quar.)
Mock Judson Voehringer, preferred (quar.)
Monroe Chemical, preferred (quar.)
Monsanto Chemical Co., $4H class A pref.(s-a)
Montana Dakota Utilities Co
Zi
6% preferred (quar.)
*5% preferred (quar.)..
Montgomery Ward & Co
Mar. 15
28
Feb.
28
28
Feb.
28
Feb.
28
Mar. 25
June
1 May
6c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
...
T
Quarterly
50c
.....
Apr.
pref. series A (quar.)
$15*
$2 5*
1 Mar. 16
1 Mar. 11
10
1 Mar. 15
1 Mar.
15
15 Mar. 20
1 Mar. 20
1 Mar. 10
1 Mar. 10
1 Apr.
Apr.
1
1 July
July
1
Sept. 30 Sept. 30
2 Jan.
Jan,
2
Apr. 25 Apr.
1
June
1 May
15
10c
$15*
7% preferred (quar.)
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Mar. 31 Mar. 15
3 Mar. 15
Apr.
Mar. 29 Mar. 18
$15*
Apr.
50c
$15*
...
Morristown Securities Corp. common
Motor Finance Corp., pref. (quar.)
Murphy (G. C.) Co. 5% preferred (quar.)
Muskegon Piston Ring
•.
Amer,, 6% pref. (quar.)
6% preferred (quar.)..
.
6% preferred (quar.)
6% preferred (quar.)
Myers (F. E.) & Bro
Nachman-Spring-filled Corp
National Battery Co., preferred .(quar.)
Mutual Chemical Co. of
...
35c
$15*
$15*
$15*
75c
25c
55c
3 Mar. 24
1 Mar. 20
15 Mar. 14
National Breweries, Ltd. (quar.)
50c
15 Mar. 31
1 Mar. 15
Apr.
1 Mar. 11
1
—
—
National Candy Co.. 1st and 2nd Dref. (auar.)..
National Cash Register Co
44c
$15*
25c
National Casket Co.
Preferred (quar.)
75c
National City Bank of Cleveland (s.-a.)
National Dairy Products (quar.)
60c
1
Mar. 15
Apr. 15 Mar. 30
May 15 May
1
Mar. 31 Mar. 15
20c
Preferred A & B (quar.)
National Food Products Corp., class A
50c
National Fuel Gas (quar.)
25c
National Grocery Co. prior preferred (initial)
National Lead Co
_
.
(quar.)
National Oil Products (interim)
National-Standard Co
375*c
125*c
$15*
25c
375*c
National Steel Car (quar.)
National Steel Corp. (quar.)
National Sugar Refining Co. (N. J.)
National Supply Co., 5H% prior pref. (qu.)
6% prior preferred tquar.)
Na torn as Co. (quar.)
'
Navarro Oil Co. (quar.)
70c
25c
75c
$3 preferred (Initial)
Prior preferred (quar.)
i.
(quar.)
5% preferred (quar.)
Otter Tail Power Co., $6 pref. (quar.)
$5H preferred (quar.)—
:
Pacific Finance Corp. (Calif.)
5% preferred (quar.)
;
Preferred A (quar.)
Preferred C (quar.)
Pacific Gas & Electric (quar.)
Pacific Indemnity Co. (quar.)
+25c
tllH
$1H
$15*
30c
$1H
20c
16Hc
50c
40c
15c
Special
Extra
10c
Pacific Lighting Corp., $6 pref. (quar.)...
Pacific Public Service
$1H
50c
40c
25c
68 He
75c
20c
10c
1_.
50c
$ 1.315*
50c
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Apr.
May
Apr. 15 Mar.
1 Mar.
Apr.
18
2
2
14*
31
15
Mar. 31 Mar. 17
1 Apr. 21
May
Mar. 31 Mar. 20
Apr.
Apr.
1
Mar. 15
15 Mar. 31
Mar. 31 Mar. 24
Apr.
1 Mar. 10
Mar. 31 Mar. 17
Mar. 31 Mar. 17
1 Mar. 13
Apr.
Mar. 31 Mar. 21
1 Mar. 15
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 16
1 Mar. 15
1 Mar. 15
1 Feb. 28
15 Mar. 24
Apr.
1 Mar. 18
Apr.
1 Mar. 17
1
1
Nov. 15 Nov.
1
Mar. 31 Mar. 20
Apr.
Apr.
Apr.
Apr.
1 Mar. 10
Apr.
1 Mar. 20
3
15 June
1 Mar. 20
1 Mar. 10
Mar. 10
1 Mar. 22
Mar. 30 Mar. 20
Apr. 15 Mar. 31
June
Apr.
1
1 Mar. 18
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 21
1 Mar. 21
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 10
1 Mar. 10
1 Mar. 15
1
1
Mar. 31
Mar. 31
Mar. 15
Mar.
Mar.
15
15
Mar. 20
Mar. 31 Mar. 20
Mar. 31 Mar. 20
1 Mar. 20
Apr.
Mar. 31 Mar. 10
1 Mar. 15
Apr.
1
Apr.
1
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 20
Apr.
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
May
Apr. 15 Mar. 31
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Apr. 15 Mar. 31
10c
Mar. 28 Mar. 18
32 He
(quar.)
Pacific Telep. & Teleg. Co
Preferred (quar.)
1 Apr. 15
May
Mar. 31 Mar. 20
$15*
$1H
25c
$1
$1H
$1
50c
91M
15c
Parke Davis & Co.
Pathe Film Corp., stock dividend
One sh. of Pathe Laboratories, Inc. for each
100 shs. of Pathe Film Corp., com. stk. held
$7conv.pref. (quar.).
Telephone (quar.)
40c
Apr. 15 Mar. 31
Mar. 28 Mar. 17
1 Mar. 15
Apr.
Apr.
Apr.
1 Mar. 15
15 Apr.
1
Mar. 27 Mar. 10
Apr;
Apr.
1 Mar. 15
1 Mar. 15
Mar. 31 Mar. 18
Mar. 29 Mar. 13
$15*
Preferred A (quar.)
Preferred A (quar.)
1 Mar. 20
Apr.
1 Mar.
50c
Quarterly
Apr.
50c
......
Peninsular
July
1 June 15
May 15 May
5
Aug. 15 Aug.
5
$15*
$15*
:•
Penna. Co. for Insurance on Lives & Granting
Annuities (Phila.) (quar.)
Penney (J. C.) Co. (quar.)
Pennsylvania Edison, $5 prei. (quar.)
$2.80 nreferred (auar.)___.
Pennsylvania Glass Sand Corp. pref. (quar.)
Pennsylvania Power & Light $7 pref. (quar.).—
$6 preferred iquar.J
$5 preferred (quar.L
Pennsylvania Telep. Corp., 6% pref. (quar.)
%2M preferred (initial).
Pennsylvania Water & Power (quar.)
Preferred (quar.)
Peoples Drug Co
Peoples Gas Light & Coke Co
Mar. 16
Mar.
Mar. 16
Apr.
Apr.
Mar. 10
Mar. 10
l6
Apr.
Mar.
Mar. 16
Mar. 15
50c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
37Hc
Mar.
Mar. 20
25c
Apr.
25c
Apr.
Apr.
Mar. 11
Mar. 31
Mar.
1
Apr.
Mar.
1
—
——
—
,
—
—
-
25c
50c
$1H
$15*
tlOc
7He
65c
Mar.
15
Mar. 15
Mar.
8
Mar. 25
Mar. 22
Mar. 10
Mar. 20
Mar.
Mar.
15
15
Mar. 15
Mar.
Mar.
15
1 Mar. 15
15c
Mar. 25 Mar. 10
10c
Apr.
Apr.
Apr.
Apr.
July
75c
$15*
$15*
$15*
$15*
1 Feb.
25
Mar. 15
Mar. 10
Mar. 10
June
Oct.
10
Sept. 10
1-4-40
35c
12-10-39
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Mar. 31 Mar.
8*
25c
Apr.
$15*
75c
15c
50c
$1H
preferred (quar.)
Mar. 15
Mar.
Apr.
16
Mar. 15
Apr.
Apr.
$1H
$1,315* Apr.
Apr.
50c
of com. for each share of common held
Quarterly
5% preferred (quar.)
Mar.
50c
+1H%
6% cumulaiive preferred (quar.)
+1H%
6% non-cum. preferred (quar.)
25c
Pratt & Lambert, Inc.3c
Premier Gold Mining (quar.)
Procter & Gamble, stock dividend of l-75th sh.
Procter & Gamble 8%
l5
Apr.
—
Philadelphia Co
$6 cum. pref. (quar.)
$5 cum. preference (quar.)
Philadelphia Electric Power pref. (quar.)_
Philadelphia Dairv Products 1st pref. (quar.)
Phillips Packing Co., preferred (quar.)
Phoenix Insurance (Hartford) (quar.)->
Pickle Crow Gold Mines, Ltd
Pictorial Paper & Package Corp. (irreg.)
Pilot Full Fashion Mills, Inc.—
6H% cumul. preferred (seml-ann.)
Pierce Governor Co. (interim)
Pioneer Gold Mines of B. C. (quar.)__i
Pittsburgh Bessemer & Lake Erie (seml-ann.)..
Pittsburgh Ft. Wayne & Chicago Ry. Co..
Pitts. Ft. W. & Chicago Ry. 7% pref. (quar.)..
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Pittsburgh Plate Glass
Plough, Inc
Plymouth Oil Co. (quar.)
Potash Co. of Amer. (initial)
Power Corp. of Canada, Ltd.—
Apr.
preferred (quar.)
Newberry (J. J.) Co. (quar.).
412-3c
Ohio Water Service Co., class A.
Oklahoma Natural Gas (initial)
Dec. 28 Dec. 21
Mar. 27 Mar. 15
Apr. 15 Apr.
3
Apr.
1st
40c
$1H
...
Pteiffer Brewing Co
Apr.
Apr.
Apr.
Nehi Corp
91X
$1H
$1.65
MX
$1.80
Sept. 28 Sept. 21
15c
Preferred B
50c
25c
Perfect Circle Co. (quar.)_
Perfection Stove (quar.)
Pet Milk Co.. common—
40c
(quar.)
(quar.)
MX
MX
$2
87 He
$1H
Mar. 31 Mar. 13
Mar. 28 Mar. 16
June 28 June 15
National Bond & Share Corp
Preferred
75c
...
Morris Finance Co., common A (quar.)____
Common B (quar.)
National Biscuit Co.
75c
Page-Hersey Tubes Ltd—. (quar.)
Panhandle Eastern Pipe Line pref. A & B__
Paraffine Cos., preferred (quar.)
Common (quar.)
Paramount Pictures, Inc., 1st pref. (quar.)
2d preferred (quar.)
1 Mar. 15
40c
35c
30c
Pacific Tin Corp. (special stock)
Mar. 18
1 Mar. 10
Apr.
Apr.
Apr.
Apr.
May 15 May
Aug. 15 Aug.
50c
1 Mar. 15
1 Mar. 15
1 Mar. 15
1
Apr.
50c
40c
Preferred
28
1 Feb. 28
1 Mar. 24
Mar. 31 Mar. 15
50c
1 Mar. 15
15 Mar. 31
$15*
$15*
$15*
$15*
$15*
Moore (Wm. R.) Dry Goods (quar.)
conv. cum.
Apr.
Feb.
Feb.
1 Feb.
25c
Ottawa Light, Heat & Power
Apr.
$15*
Corp., Ltd. (quar.)
(quar.)
Preferred A. & B.
MX
MX
Class A (quar.).
Class A (quar
\).
Mar. 16
1 Feb. 28
Apr.
(quar.)
Niagara Alkali Co. 7% pref. (quar.):
Niagara Fails Semiring & Refining Corp
1900 Corp., class A (quar.)__:
Mar. 20
Mar. 24
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15c
New York Trust Co.
Old Colony Insurance (quar.)
Omar, Inc., preferred (quar.)
Omnibus Corp., pref. (quar.)
Apr.
Apr.
Apr.
25c
....
1
1
1
Mar. 31
$15*
$1
$15*
$154
87 He
$25*
$15*
$15*
Class A (quar.)
5%
$2
75c
+$15*
t$15*
+$15*
$15*
Missouri Gas & Electric Service
Morreil (John) & Co..
Morris (Philip) & Co., Ltd—
.
Mar. 31 Mar. 22
50c
Midwest Piping &
Quarterly
Quarterly.
Mar. 24
1 Mar. 11
1 Mar. 11
Mar. 31 Mar. 20*
50c
50c
$2 preferred
(quar.)
Apr.
Apr.
Apr.
New York State Gas & Elec. pref.
(quar.)
New York Transit Co
5% preferred (monthly)
15c
10c
1st preferred
Mid vale Co
1 Mar. 15
1 Mar. 15
Apr. 20 Mar. 31*
Apr. 20 Mar. 31*
Mar.
3
Apr.
Mar.
3
Apr.
Mar.
3
Apr.
Mar. 25
Apr.
3
Apr. 10 Apr.
62c
Class B
Moore
50c
$15*
$15*
Apr.
Apr.
Apr.
Apr.
;
Ohio Public Service Co., 7% pref. (monthly)... 58 l-3c
6% preferred (monthly)
50c
3
MX
Merck & Co
,
Mar. 31 Mar.
Apr.
Apr.
Apr.
1 Mar. 15
Mar. 31 Mar. 15
Mar. 25 Mar. 15
7% pref. (quar.)
6% preferred (quar.)__
1
1 Mar. 10
Mar. 31 Mar. 23
MX
$1H
tux
MX
MX
91M
31 J*c
Ohio Finance Co
1 Mar. 21
1 Mar. 18
3
75c
Memphis Power & Light, $7 pref. (quar.)
$6 preferred (quar.)
Merchants & Miners Transportation.
Preferred
1 Mar. 20
Mar. 31 Mar.
75c
Metal & Thermit,
10 Mar. 22
1 Mar. 17
$15*
Extra
Mesta
8
37 He
_
Novadel-Agene Corp. (quar.)
Ogilvie Flour Mills (quar.)
Ohio Edison Co., $5 preferred (quar.)
$6 preferred (quar.)
$6.60 preferred (quar.)_
$7 preferred (quar.)_
$7.20 preferred (quar.)
1 Mar. 15
1
15 Apr.
1 Mar.
_
Northwestern Yeast Co. (liquidating)
Norwalk Tire & Rubber pref.
(quar.)
Nova Scotia Light & Power ord. (quar.).
4
Nov. 15 Nov.
1 Mar. 20
15
15
1 Mar.
Apr.
15c
Northern Empire Mines
Northern States Power, $5 pref. (quar.)
•Northwestern Electric 7% preferred
1 Mar. 20
1 Mar. 20
1 Apr.
1 Apr.
May
May
Apr.
Apr.
l4
Noblitt-Sparks Industries
North American Co. (quar.)
6% preferred (quar.)
5X % pref. (two, mo period, 47.91667c
North American Rayon, prior pref. (quar.)
1 Mar. 20
Holders
Mar. 31 Mar.10
$6 preferred (quar.)
1 Sept. 22
1-2-40 Dec. 23
Apr. 15 Mar. 31*
25c
Mariin Rockwell.
New York Power $
Light
1 Mar. 22
1 June 21
Apr.
Apr.
Apr.
England Telep. & Teleg. Co
New York & Honduras Rosario
Mining
Interim dividend.
New York
Lackawanna & Western (quar.)
Oct.
Margay Oil Corp. (quar.)
Marine Midland Corp
50c
...
28
When
Payable of Record
Mar. 31 Mar. 24
$IX
1 Mar. 15
+331-3 c Apr.
1 Mar. 15
Apr,
1 Mar. 15
+331-3c Apr.
Hampshire Fire Insurance Co
New Idea, xnc
New Jersey Power & Light Co. $5
pref. (quar.)
$6 preferred (quar.)
New Orleans Public Service. $7 preferred
Mar. 15
Apr.
July
50c
50c
25c
Apr.
Apr.
Apr.
Manes Consol. Mfg. (quar.).
(quar.)
91M
New Britain Machine
(quar.)
Mar. 15
MM
MM
32 Mc
Preferred (quar.)
New England Power Assoc. $2 preferred
New England Power Assoc.,
6% preferred
$2 preferred
Apr.
Apr.
Apr.
Apr.
Manufacturers Trust Co.
Preferred (quar.)
Share
6% preferred B (quar.)
Nov. 20
Dec.
Per
Name of Company
New Amsterdam Casualty Co.
(s.-a.)
Newark & Bloomfield RR. (quar.)
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr. 15 Mar. 31
1X%
1 H%
(quar.)
Dec.
Mar. 25 Feb.
cum.
Preferred
Sept.
Sept.
1753
Newberry (J. J.) Realty Co., 6H % pref. A (qu.)
20
20
21
21
May
May
Aug.
Aug.
37Hc
cum.
Chronicle
1 Mar. 15
Apr. 15
Apr. 15
Apr.
1
Apr. 15
Mar. 31
Mar. 31
Mar. 15
Mar. 15
May 15 Apr.
May 15 Apr.
June 15 May
Apr. 15 Mar.
14
14
24
24*
Chronicle
Financial
1754
Per
Providence Gas Co.
Per
Holders
Share
Name of Company
of Record
15c
(quar.)
25c
37 He
Public Nat. Bank & Trust Co. (N. Y.) (quar.).
Public Service Co. (Colorado), 7% pref. (mo.)— 58 l-3c
50c
6% preferred ^monthly)
412-3c
5% preferred (monthly) —
Providence Washington Insurance
Name
_
Mar. 20
Mar. 15
Mar. 15
Toledo Edison Co., 7% preferred (monthly)
Apr.
Apr.
50c
6% preferred (monthly) —
412-3c
5% preferred (monthly)
81H
Toledo Light & Power Co., preferred (quar.)—
$1H
Toronto Mtge. (Ontario) (quar.)
60c
Mar. 31 Mar.
50c
7% preferred (auar.)
Publication Corp., common
Original preferred (quar.)
Pure Oil Co. 5% preferred (quar.)
5 H % preferred (quar.)
6% preferred (quar.)
Quaker Oats Co. (quar.)
Preferred (quar.)
Radio Corp. of Amer. 1st pref. (quar.)—,
B preferred (quar.)
Rath Packing Co. (quar.)
Ray-O-Vac, 8% preferred (quar.)
Irregular
Reading Co. 2d pref. (quar.)
Reece Button Hole Machine Co
Reed Drug Co. (Dela.), common
Class A (quar.)
—
Reed Roller Bit (quar.)
Apr.
81H
81H
50c
15 Mar. 15
Mar. 31 Mar.
Mar. 31 Mar.
1
37 He
Mar. 27 Mar. 17
1 Mar. 20
1 Mar. 10
May 31 May
Apr.
1 Mar.
Apr.
1 Mar.
8
Twentieth Century Fox Film Corp
Preferred (quar.)---
8
Twin Disc Clutch
Apr.
Apr.
Apr.
Apr.
Mar.
_
Tri-Continental Corp., S6 cum. pref.
10
(auar.)-—
Troy & Green bush RR Assoc. (s.-a.)
Tubjze-Chatillon 7% preferred (quar.)
Tuckett Tobacco Co., pref. (quar.)
Mar. 10
1
1 Mar. 20
—
Underwood Elliott Fisher
Mar. 31 Mar. 15
Apr. 13 Mar. 23
Union Investment Co., pref.
Mar. 20
Union Pacific RR
Mar. 15
Mar. 20
Preferred (semi-ann.)
Union Premier Food Stores (quar.)
Union Twist Drill Co. pref. (quar.)
5c
Mar. 20
United Biscuit of America,
12Hc
Mar. 31
Mar. 25
May
Apr.
Apr.
Apr.
Apr.
Apr. 20
81H
—
37 He
81H
SI H
$1%
HP
50c
$1H
Roeser & Pendleton (auar.)
25c
Ross Gear & Tool (quar.)
Rubinstein (Helena) class A (quar.)
30c
25c
50c
Safeway Stores, Inc
6% preferred (quar.)
6% preferred (quar.)
7% preferred (quar.)—
Sangamo Electric Co
.
Savannah Sugar Refining (quar.) —
Schenley Distillers, pref. (quar.)
■
-
25c
50c
SI %
(B.j Cigar Corp., $2 pref. (quar.)
Scott Paper Co., $4H cum. preferred
Scovill Mfg. Co
50c
(quar.)
(quar.)
—
Preferred
Preferred
(quar.)
(quar.)
Preferred
(quar.)
—
1
Seven-Up Bottling (irregular)
Sheep Creek Gold Mines, Ltd
Extra
S1H
7 He
JtSlH
50c
S1H
—
25c
S1H
(Howard) Paper Mill .preferred (qu.)
Smyth Mfg. Co. (quar.)
x
Sonotone Corp., preferred (quar.)
15c
South Carolina Power $6, 1st preferred (quar.)S1H
South Penn Oil Co. (quar.)
37Hc
South Porto Rico Sugar Co., com. (quar.)
25c
Preferred (quar.)
2%
South West Pennsylvania Pipe Lines
50c
Southern & Atlantic Teleg. gtd. (s.-a.)
62 He
Southern Calif. Edison orig. pref. (quar.)
37Hc
5H % preferred C (quar.).
34 He
Original preferred (special)
25c
Southern Canada Power (quar.)
t20c
6% cum. preferred (quar.)
UH%
Southern Fire Insurance Co. (N. C.)._
50c
Southern Grocery Stores, Inc.—
Preferred and participating stock (partic. div.)
31c
Southern Railway Mobile & Ohio (semi-annual)
$2
Southwestern Gas & Electric Co, pref. (quar.)
81H
Southwestern Light & Power $6 preferred
Square D Co
Standard Brands, Inc. (quar.)
Preferred (quar.)
Standard Oil Co. (Ohio), 5% cumul. pref. (qu.)
Starrett (L. S.) Co
Preferred (quar.)
S1H
Stedman Bros., Ltd. (quar.)
15c
—
-
—
Extra
Tacony-Palmyra-Bridge (quar.)
!
Taggart Corp., preferred (quar.)
Talcott, Inc., common (quar.)
5H% participating preference (quar.)
Correction: previously reported as 67He.
Tamblyn (G.) (quar.)
5% Preferred (quar.)
Teck Hughes Gold Mines (quar.)
Textile Banking Co. (quar.)
Texas Corp. (quar.)-
Mar. 18
Mar. 31 Mar. 10
Mar. 31 Mar. 10
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
4
Mar. 18
Mar. 18
Mar. 31
preferred
(quar.)—
.
Telegraph
Vicksburg Shreveport & Pacific Ry
Vermont & Boston
Preferred
—
—
Wilson-Jones Co_
50c
Mar.
Mar. 15
S1H
Mar. 17
62ilS
May
Apr.
Apr.
Winn & Lovett Grocery, class A (quar.)
Class B (quar.)
68Hc
Apr.
Mar. 15
Extra.
Apr.
1
Apr.
1
Apr.
1
Mar. 31
Apr.
1
Mar. 16
Quarterly
Extra
Mar. 16
Mar. 10
Quarterly
Extra-.-
Mar. 20
Apr.
Feb.
17
June
June
1
Mar. 20
Mar. 20
Apr.
Apr.
6
6
Mar. 15
Mar.
9
Apr.
Mar.
9
Mar. 15
Apr.
Apr.
Apr.
Mar. 15
Mar.
—
—
—
Mar. 20
Mar.
Mar. 23
Mar. 20
Mar. 15
Mar.
24
Mar.
3
Apr.
Apr.
Apr.
Apr.
Mar. 15
Apr.
Mar. 15
Mar 15
Mar.
Mar. 15
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Mar 20
Mar. 31
Mar. 14
50c
Mar
15
Mar. 15
Mar.
15
Mar. 15
—
—
-
—
—
Preferred (quar J
WInsted
Mar. 14
Mar. 31
Mar. 31 Mar. 27
Apr.
Apr.
50c
June
1 Mar. 15
20 May 31
1 Mar. 15
Sept
20 Aug. 31
Dec.
20 Nov. 29
Apr.
2%
81H
81 H
25c
Mar. 15
Mar.
Mar.
Feb.
%\k
Victor-Monoghan Co., 7% pref. (quar.).
Virginia Railway
Preferred (quar.)
Vulcan Detinning. pref. (quar.)
Mar.
Mar. 15
Mar. 15
Apr.
Apr.
Apr.
Apr.
Mar.
2H %
2H%
Preferred (semi-ann.)
Victor Chemical Works (quar.)
Mar.
50c
28
28
Mar. 10
Mar. 23
Apr.
Apr.
Apr.
58l-3c
53c
$2
.
Mar.
1
Feb. 15
Feb. 15
Apr.
Apr.
Apr.
Mar. 16
10c
Feb.
—
Wesson Oil & Snowdrift Co.. IncMar. 11*
Apr.
Apr.
50c
Mar.
—
— -
West Coast
Apr.
Apr.
1 Mar. 16
Apr. 15 Mar. 20
Apr. 15 Mar. 20
Apr. 15 Mar. 20
May 15 Apr. 29
Apr. 15 Mar. 20
Mar. 20
20c
Sept. 30
Mar. 18
12Hc
Universal-Cyclops Steel Corp—
Universal Products (irregular)
4oc
t$2
Upressit Metal Cap Corp., 8% pref
Utah Power & Light. $7 preferred
-8 1.16 2-3
$6 preferred-81
Valve Bag Co. 6% preferred (quar.)___.,—
81H
VaDdr Car Heating Co., Inc., 7% pref, (quar.).
81H
7% preferred (quar.).
81H
7 % preferred (quar.).
$1H
Mar. 28 Mar. 23
1 Mar. 14
1 Mar. 14
1 Mar. 15*
Mar.
62Hc
Oct.
Apr.
Apr.
Apr.
815
810
United States Trust Co. (quar.)
Mar.
Mar. 20
Mar. 10
Mar. 15
Apr.
Mar. 31 Mar. 15
S1H
30c
5c
5c
39
50c
(quar.).
Preferred (quar.)
Wagner Baking Corp. 7% pref. (quar.).
Waldorf, System, Inc
Ward Baking Co., preferred
Warren RR. (semi-annual)
Warren (S. D.) Co
Washington Ry. & Electric Co., 5% pref. (s.-a.)
5% preferred (quar.)
'
Waukesha Motors Co. (quar.)
Wayne Rump Co
Welch Grape Juice Co., preferred (quar.)
Preferred (quar.)
Wellington Fund, Inc
Wells Fargo Bank & Union Trust Co
Mar. 20
82Hc
S1H
13
Mar. 31
50c
50c
Superior Portland Cement class A
Superior Water, Light & Power Co., $7 pf. (qu.)
Swift & Co. (quar.).
Sylvanite Gold Minet(quar.)
Extra.-
Mar. 31 Mar. 18
Mar. 31
Mar. 17
40c
Apr.
June
'
15
1 Mar. 10
Apr.
Apr.
Apr.
May
May
Apr.
68Hc
Mining Co. (quar.)
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.)
Time, Inc
10
23
Mar.
5c
Preferred (quar.)
Tennessee Electric Power Co.—
31
——
Extra
31
Mar. 17
143 He
(Can.) (quar.)
:
*
22
Mar. 31
75c
May
50c
Foundry Co. (quar.)
United States Sugar Corp.
Preferred (quar.)—
15
Apr.
|43Hc
-
Sunray Oil Corp
Class A (quar.)
Preferred (quar.)
Dec.
Apr.
1 Mar.
Apr. 15 Mar.
Apr. 15 Mar.
Apr.
I Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
Apr.
6
Mar.
6
Mar. 15
Mar. 21
Apr.
July
81
United States Playing Card Co (quar.)__
United States Rubber Co. 8% 1st pref
1 Mar. 17
1 June 16
1 Sept. 15
1-3-40
Apr.
Mar.
Apr.
Apr.
50c
Quarterly
Qu&rt/Crly.'—
9
Mar. 31 Mar. 20
1 Mar. 20
Oct.
Mar. 25
81H
(quar.)
United States Pipe &
20*
83 H
_
Preferred (quar.)
Stein (A.) & Co., preferred (quar.)
Stercbi Bros., Inc., 1st pref. (quar.)
Sun Life Assurance Co.
Apr.
Mar.
40c
6% convertible preferred (quar.)
Steel Co. of Canada (quar.)
Mar. 10*
Mar. 10
Apr.,
Apr.
Apr.
62 He
1st preferred
Preferred
1 Mar. 15
75c
j—:
Mar. 15
Mar.
Apr.
37 He
25c
Fidelity & Guaranty (quar.)
Utilities, $6 preferred
$6 preferred (quar.).
West Kootenay Power & Light, pref. (quar.)
West Penn Electric Co., class A (quar.)
7% preferred (quar.)
6% preferred (quar.)
West Penn Power Co., 7% pref. (quar.).
6% preferred (quar.)
West Texas Utilities Co., $6 cum. pref. (quar.)_
$6 cumulative preferred
West Virginia Pulp & Paper Co
-——
West Virginia Water Service $6 pref. (quar.)
Western Electric Co
Western Grocers, Ltd. (quar.)
——
Preferred (quar.)
-—Western Tablet & Stationery 5% pref. (qu.)
Westinghouse Air Brake Co
Westmoreland, Inc. (quar.) J
Weston Electric Instruments, class A_
Weston (Geo.), Ltd. (quar.)
"
Preferred (quar.)
Wheeling Steel, urior preferred
Whitaker Paper Co. (resumed)
7% preferred (quar.)
Whitman (Win.), 7% pref. (quar.)—
Will & Baumer Candle Co., Inc., pref. (quar.)
—
Extra
United States
Mar. 31 Mar. 20
SI H
S1H
Skeily Oil Co., pref. (quar.)---Smith (L. C.) & Corona Typewriters
Preferred (quar.)
Apr.
50c
—
United Shoe Machinery (quar.)
Preferred (quar.)
Mar. 31 Mar. 15
15c
Ltd. (interim)
7% cum. preferred (quar.)-—
Singer Mfg. Co. (quar.)
81H
$2 H
6% prior preferred (monthly)
United States Gypsum Co. (quar.)
25c
20c
Simon (H.) & Sons,
Mar. 20
$1H
—
6.36% prior preferred (monthly)
1 Mar. 23
1 Mar.
lc
pref. (quar.)
Mar. 15
25c
United New Jersey RR. & Canal (quar.)
United Profit Sharing, pref. (semi-annual)
1 Mar. 18
1 Mar. 15
1
3c
Extra.
Shell Union Oil Corp., 5H% conv.
Sheller Mfg..
Sherwin-Williams Co. (Can.), pref
Silverwood Dairies
xMar. 15
Mar.
Apr.
United States & Foreign Securities—
Apr,
35c
(quar.)-
Mar.
75c
United Light & Rys. 7% prior pref. (monthly)
Mar. 25 Mar. 15
Apr.
Apr.
July
1
Mar. 20
15c
1 Mar. 14
1 Mar. 14
1 Mar. 14
May
Apr.
62Hc
81H
SI H
S1H
SI H
81H
(quar.)
Mar. 31
14
Mar. 17
81H
$1
)
United Gas Improvement (quar.).—
Preferred (quar.)
—
Mar. 20
2(Jc
—
Selected Industries, 85H preferred (auar.)
Servel, Inc., preferred
SI H
1
15c
-
Apr.
Apr.
Apr.
81H
Quarterly
1 Mar. 10
1 Mar. 20
1 Mar. 20
1 Mar. 14
S1H
__
Scranton Electric, $6 pref. (quar.)
Scranton Lace Co
Seaboard Commercial Corp.
Preferred (quar.)
$1H
1H
1H
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
Mar. 15
81H
$1H
—
United Carbon Co. (quar.):
United Dyewood Corp., pref. (quar
United Fruit Co-
Mar. 21*
Mar. 22
June
Apr.
15c
Mar. 10
_
Mar. 15
June
25c
—
preferred (quar.)
Mar. 25
Mar. 15
Mar. 30 Mar. 15
Apr.
1 Mar. 15
Apr.
Mar. 15
Mar.
nil
Quarterly
Mar. 21
15
Mar. 15
Apr.
Apr.
United Bond & Share Corp., Ltd. (quar.)
10c
24
95c
(quar.)
1
1
Mar. 31
Mar. 31
25c
Feb.
Mar. 15
Mar.
50c
1
Mar. 15
Mar. 20
1 Mar. 20
50c
Union Carbide & Carbon Corp
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 10
#1
81H
%\Vx
62 He
81H
50c
Co. (quar.)
Mar. 31 Mar. 15
2%
8Hc
8Hc
Apr.
Apr.
Apr.
37Hc
Twiri State Gas & Electric, 7% prior lien (quar.)
50c
'
Holders
Payable of Record
50c
25c
50c
When
1939
81H
(quar.)
Trico Products (quar.)
1
33 l-3c
7% cumulative preferred (quar.)
30c
Preferred B
Mar. 25 Mar.
81H
,
581-3c
Torrington Co
Traders Finance, preferred A (quar.)---
1
Apr.
87 He
Remington Rand, Inc. pref. (quar.)—:.
Reynolds Metals Co. 5H % conv. pref
Rice-Stix Dry Goods Co., 1st & 2d pref. (quar.)
Rich's. Inc. 6H% pref. (quar.)
Riverside Silk Mills, class A (quar.)
Rochester Telephone, 6H% Pref. (quar.)
Sunshine
1
P
-—
Reliable Stores Corp., pref. (quar.)
Smith
Apr.
1
1
$1H
1H%
1H%
Extra
Reliance Electric & Engineering
Reliance Mfg., common
Schwartz
Apr.
Apr.
Apr.
—
6% preferred (monthly)
15c
Toda-Johnson Dry Dock, Inc.
Preferred A & B (quar.)--
81H
81H
Public Service Electric & Gas Co. $5 pref. (qu.)
$1H
81M
7% preferred (quar.)
Mar. 15
—
6% prior lien (quar.)
Public Service Corp. of N. J. (irregular)
Share
of Company
Tide Water Assoc. Oil, pref. (quar.)
Tip-Top Tailors, Ltd. (quar.)
Mar. 15
Apr
Mar. 30 Mar. 16
Apr.
Apr.
'
Public Service Co. (Oklahoma) 7% prior lien—
Mar. 25,
Hosiery Go. (quar.)
Wiser Oil Co.
(quar.)
Woodley Petroleum (quar.)
Worcester Salt Co. (quar.)
Wright-Hargreaves Mines, Ltd. (quar.).
Extra
Wrigley (Wm.) Jr. Co. (monthly).
Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg., preferredYoungs town Sheet & Tube pref. (guar.).
$2
81H
81H
81H
81H
81H
1 Mar. 16
9*
June 23 June
Apr. 15 Apr.
5
July 15 July
5'
Apr,
1 Mar. 21
Apr.
1 Mar. 21
Mar. 29 Mar. 17
Mar. 31 Mar. 21
Apr.
Apr.
Apr.
Apr.
June
1 Mar. 15
1
1 Mar.
1
1 Mar.
1 Mar. 20
1
10 June
Sept.
9 Sept.
1
Dec.
9 Dec.
1
] June 15
1 Mar. 8
1 Mar. 8
Mar. 31 Mar. 21
July
Apr.
Apr.
Apr.
1 Mar. 20
Mar. 28 Mar. 18
May
1 Apr.
Apr. 20 Apr.
July 20 July
12
20 Oet.
10
Oct.
Apr.
Apr.
50c
Apr.
81MJ Apr.
50c Mar.
10c
10
10
Mar. 20
Mar. 20
Mar. 18
Mar. 31
Mar. 18
15
82 H
June
HP
25c
June
May
May
Apr.
Mar. 15
50c
Mar. 17
81H
81H
Apr.
May
Aug.
20c
Mar.
Mar. 15
Apr.
Apr.
Apr.
Mar. 15
83 M
12Hc
t81
81H
81H
81H
81M
81H
!iS
iui
5c
81H
75c
May 15
Aug. 15
Mar. 27
Apr.
Mar. 15
Mar. 15
Apr.
Mar. 22
Mar.
Mar. 17
May
May
May
May
Apr.
Apr.
Apr.
Apr.
Apr. 21
Apr. 21
Mar.
81H
15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
5
5
Mar. 15
Mar. 15
Mar. 10
Mar. 15
Mar. 24
Mar. 20
Mar. 20
Mar. 20
Mar. 31
Mar. 15
Mar. 20
Mar. 15
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
May
May
Aug.
Aug.
Mar. 16
July
July
15
15
Nov.
Nov.
Oct.
Oct.
15
15
Apr.
Mar. 11
Mar.
Mar. 18
15
Mar. 18
Mar. 18
Mar. 18
Mar. 15
Apr.
24
Mar. 20
Mar. 20
Mar. 20
Apr. 15
Apr. 15
Mar.
Mar. 21
Apr.
Apr.
Feb.
15
Feb.
15
Apr.
Mar. 20
Apr.
Apr.
Mar. 23
Mar. 13
Apr.
Mar. 11
Mar. 15
Mar. 20
Mar. 20
Mar. 20
Mar. 20
*
Transfer books not dosed for this dividend,
t On account of accumulated dividends.
i Payable in Canadian funds, and In the case of non-residents of Canada.
deduction of a tax of 5% of the amount of such dividend will be made.
Volume
Financial
148
Condition of the Federal Reserve Bank of
York City
Weekly Return of the New
York
New
The
1755
Chronicle
Clearing House
following shows the condition of the Federal Reserve
The
weekly statement issued by
Bank of New York at the close of business Mar. 22, 1939,
in comparison with the previous week and the corresponding
Clearing House
date last year:
STATEMENT
on
MEMBERS
OF
the New York City
Friday afternoon is given in full below:
THE
OF
NEW
YORK
CLEARING
HOUSE
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY, MARCH 23, 1939
Mar.
Mar.
22,1939
15,1939 Mar. 23,1938
^Surplus and
$
$
$
on
Average
5,564,848,000 5.547.950,000 3,891,432,000
1,853,000
883,000
112,251,000
117,364,000
by
or
13,716,400
168 ,965,000
9,901,000
20,000,000
26,178,200
446 ,206,000
45,337,000
National City Bank
Chem Bank A Trust Co.
60,054,900 al,668 ,814,000
167,744.000
20,000,000
560 ,777.000
4,768.000
61,038,000
77,500,000
Guaranty Trust Co
U. 8. Govt, obligations.
fully guaranteed
1,229,000
Total bills discounted
1,034,000
211,000
Manufacturers Trust Co
Irving Trust Co
4,325,000
257,500,000
332,401,000
134,762,000
257,500,000
211,227,000
323,685,000
143,478,000
336,228,000
724,663,000
724,663,000
739,554,000
730,075,000
729,959,000
746,714,000
1,362,000
216,000
Industrial advances
3,834,000
207,000
Bonds
Treasury bills..
Total U. S. Government securities..
Total bills and securities
62,000
3,632,000
9,005,000
13,143,000
9,005,000
Other assets
4,319,700
47 ,890.000
4,986,000
1,638.000
135,516.700 dl,312 ,555,000
51,130.000
600,000
3,741,400
47 ,448.000
4,568,000
25,000,000
79,464.100
e871 ,113,000
28,770.000
y6,000,000
13 .634.000
2,226,000
Marine Midland Tr Co.
6,000,000
12,500,000
y4,966,900
9,252,700
104 ,896,000
3,946,000
27,881,600
333 ,630.000
7,000,000
8,297,700
84 .110.000
24,551.000
1,704.000
9,355,600
Fifth Avenue Bank
New York Trust Co
Comm'l Nat Bk & Tr Co
82 .336,000
50,604,000
519,013,000
918,899,900 10.932,162.000
626.392,000
National,
Dec. 31, 1938: State, Dec. 31,
y Jan. 31, 1939.
1938; true
Public Nat Bk A Tr Co
7.000.000
Totals
9,940,000
12,874,000
4,000,000
100,270,000
Bankers Trust Co
124,596,000
12,344,000
62,000
Bank premises
2,569,000
627 441,000
3,502,000
183,523,000
24,952,000
2:52,935,000
Title Guar A Trust Co..
72,000
2,782,000
41,281,000
538 ,998,000
50.000.000
Chase National Bank
192,099,000
143,969.000
Due from foreign banks
Federal Reserve notes of other banks
.....
94,779,000
19,038,800
109,072,800
259 .860,000
10,000,000
Continental Bk A Tr Co.
United States Government securities:
Treasury notes
15.000,000
First National Bank
2,628,000
1,245,000
216,000
3,835,000
Bills bought in open market
21,000,000
Corn Exch Bank Tr Co.
288,000
55,632,700
182,808,400 51,606 .625,000
642 431,000
46,129,400
C814 ,433.000
71,537,000
90,000,000
42,243,000
Cent Hanover BkATr Co
2,340,000
,133,000
Other bills discounted
Uncollected items
6,000,000
Bank of Manhattan Co.
Bank of New York
5,676,618,000 5,661,084,000 4,010,510,000
reserves
Secured
%
$
1,714,000
109,917,000
,
Bills discounted:
*
As
official reports:
per
companies, Dec. 31, 1938.
Includes deposits
Surplus,
x
in foreign branches as follows:
$32,772,000.
a
$270,780,000; 6 $80,353,000;
d $103,961,000; e
C$5,957,000;
Tntai
Deposits,
Average
hand and due from
United States Treasury _x
Redemption fund—F. R. notes
Other cash t
direct
Time
Deposits,
Profits
Members
Gold certificates
Total
Net Demand
Undivided
Capital
Clearing House
Assets—
6,575,654.000 6,600,139.000 4,907,678,000
assets
Liabilities—
902,189,000
997,249,000
1,001,652,000
Deposits—Member bank reserve acc't.. 4,825,440,000 4,825,938,000 3,455,631,000
118,176,000
170,074,000
U.S. Treasurer—General account
194,819,000
41,495,000
96.577,000
84,027,000
Foreign bank..
149,379,000
213,709,000
Other deposits
207,095,000
F. R. notes in actual circulation..
LONDON
THE
STOCK
EXCHANGE
Quotations of representative stocks
each day
as
received by cable
of the past week:
Sat.,
5,311,381,000 5.306,298,000 3,764,681,000
deposits
142,208,000
1,340,000
i
Other liabilities incl. accrued dividends..
176,153,000
119,932,000
1,424.000
1,238,000
Boots Pure Drugs
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Mar. 18
Total
Deferred availability items
Mar. 20
Mar. 21
Mar. 22
Mar. 23
Mar. 24
Total liabilities
_
93/£43
4/£16?*
60/7?*
Courtaulds S A Co
Surplus (Section 13-b)
Other capital accounts
50,943,000
De
51,943,000
50,957,000
52,463,000
7,457,000
8,138,000
50,989,000
52,463,000
7,457,000
8,164,000
Distillers
of
total
to
reserve
deposit
Ford
on
and
Metal
73,000
to
make
Industrial
4,261,000
2,672,000
~
Cop M.
Rolls Royce
t "Other cash" does not Include Federal Reserve notes or a bank's own
Federal
89/11/17/3/1/-
89/11/6
17/3/1/21/6
90/10/6
16/3/1/-
90/10/6
17/6
3/-
430/-
£12?*
76/6
£12?*
75/-
£8?*
£12
£83*
£12?*
15/108/9
£34
15/108/9
£33?*
15/6
108/9
£34
.
£4
£4
£4
25/33/22/21/1?*
26/33/-
26/33/22/20 10?*
£4
25/9
33/9
22/6
21/1?*
£4?*
United Molasses
Vlckers.......
West
1/22/-
130/-
76/£8?*
£12
£34
60/7?*
26/£6?*
34/22/6
20/6
Unilever Ltd
These are certificates given
£13?*
76/£8?*
£12?*
15/110/-
4/£16?*
„
90/6
10/6
16/3/1/22/-
•.
22/127/£12?*
128/-
£4?*
£4?*
£4?*
£5
£3?*
26/-
Shell Transport
Swedish Match B
-
by the United States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.00 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profIt. by the Treasury
under the provisions of the Gold Reserve Act of 1934
x
£6?*
108/1?*
£33?*
»
Royal Dutch Co
Reserve bank notes.
£7?*
75/£8?*
£11?*
15/-
Box...'..*
Roan Antelope
2^646,000
£6?*
22/127/£12?*
Rand Mines
ad¬
vances
26/-
60/7?*
26/-
DAY
RioTlnto
Commitments
4/£16?*
58/9
HOLI-
Ltd
Imp Tob of G B A I...
London Midland Ry.__
85.9%
89.8%
89.9%
4/£16?*
A.
purchased
bills
for foreign correspondents
Contingent liability
4/-
Electric A Musical Ind.
Hudsons Bay Co
F. R. note liabilities combined
£43?*
61/3
26/-
Co
7,744,000
Gaumont Pictures ord.
Ratio
£41
£16?*
Beers
9,008,000
Total liabilities and capital accounts.. 6,575,654,000 6,600,139.000 4,907,678,000
40/6
96/-
40/6
96/-
93/6
£42
£7
Cons Goldfields of S A.
Capital Accounts—
.39/9
26/-
Canadian Marconi....
Central MinA Invest..
Capital paid in...
8urplus (Section 7)
40/9
96/£43
39 /-6
.
British Amer Tobacco.
Cable & Wire ordinary.
6,456,581,000 6.481,124,000 4,788,040,000
23/20/9
-
Wltwatersrand
Areas
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 Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of **Current Events and Discussions,"
mmediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were made In the breakdown of loans as reported In this statement, which were
an announcement of the Federal Reserve Bank of New York of April 20, 1937, as follows:
form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted
with acceptances and commeri
cial paper bought in open market" under the revised caption "open market paper," instead of , in "all other loans,' as ..
formerly. , (
r-r-.
,
,
J
^
,
.
.
.
and "other loans,*!
Subsequent to the above announcement, it was made known that the new items
commercial, industrial and agricultural loans
would each be segregated as "on securities" and "otherwise secured and unsecured."
'
A more detailed explanation of the revisions was published in the May 29, 1937, issue of the
Chronicle, page 3590.
described In
t
.
,
The changes in the report
amounts of
_
ASSETS AND LIABILITIES OF
Federal
WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
Reserve District#—
Boston
%
ASSETS
Neto York
PhUa.
S
Total
S
CITIES BY DISTRICTS ON MAR. 15, 1939 (In Millions of Dollars)
$
$
$
Atlanta
Chicago
$
Cleveland Richmond
St. Louis
Minneap. Kan. City
Dallas
San Fran.
$
%
21,822
1,142
8,808
1,124
1,831
679
603
3,206
725
379
655
506
Loans—total
8,281
575
3,313
414
649
232
306
858
308
156
257
246
967
Commercial, Indus, and agrlcul. loans
3,794
Loans and Investments—total.
2,164
184
232
99
171
495
178
76
154
162
327
124
23
9
9
3
29
3
4
18
1
21
33
721
23
20
3
6
40
6
2
5
3
13
531
24
248
32
26
17
13
77
12
7
10
14
51
1,136
80
196
62
169
34
27
99
49
7
23
20
380
82
2
67
2
1
1
3
5
1,552
Other loans for purchasing or
1,466
66
875
Loans to brokers and dealers In secure.
250
310
Open market paper
120
491
98
192
85
115
55
60
46
"46
174
284
28
7
5
28
1
'
carrying
securities
Real estate loans—
Loans to banks
Other loans
473
Treasury bills
5
70
8
16
91
1
1
2,052
76
825
42
206
153
33
343
65
36
85
65
133
Treasury notes
United States bonds
5,755
306
2,152
316
574
182
114
1,001
159
123
117
77
634
45
1,106
89
108
48
58
253
64
17
66
48
131
Obligations fully guar, by U. 8. Govt.
2,023
3,238
135
1,321
263
278
64
84
467
101
40
136
52
298
Other securities
345
4,424
287
412
146
113
908
147
80
111
7,464
168
323
Reserve with Federal Reserve Banks.
138
65
17
39
17
11
55
11
7
11
10
21
402
2,659
156
186
165
301
166
173
448
143
98
276
249
298
Balances with domestic banks
80
490
105
105
36
49
82
24
17
22
30
239
Other assets—net
1,279
1,038
7,511
789
1,136
439
368
2,274
443
207
503
16,143
439
986
248
1,000
282
749
199
183
896
189
119
143
136
5,198
1,064
633
16
134
53
42
28
40
131
20
2
23
34
110
271
2,909
326
377
255
259
979
301
128
361
208
283
6,657
573
Cash In vault
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
_
*
1
18
21
307
16
16
27
6
'"19
"~8
""I
"303
222
367
95
92
389
56
341
244
1,605
83
3,685
1
1
...
Capital account
506
11
1
23
736
Foreign banks
Borrowings.
Other liabilities
10
1
1
1
......
...
......
Mar.
Chronicle
Financial
1756
25, 1939
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. 23,
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 th
rei^rnsfoftheiatest week appear in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH 22. 1939
The
following
Mar.
(000) Omitted
Three Ciphers
on
Redemption
15.
Mar.
1939
Mar.
8,
1939
$
8
ASSETS
Gold ctfs.
Mar.
22,
1939
12,049,719
Feb.
8,
Jan
1,
1938
1939
$
S
Mar. 23,
25,
1939
1939
%
$
$
*
Feb.
Feb. 15,
1939
Feb. 21.
1939
1,
1939
$
$
11,979,223
11,947,218
11.905,217
9,197,203
8,856
438,850
9,908
441,936
10,441
440,142
10,193
449,111
477,843
12,006,218
10,163
12,253,762
9,295
405,551
403,401
12,183,719
10,130
415,243
12,666,458
12,609,092
12,596,717
12,505,853
12,453,924
12,431,067
12,397,801
12,364,521
9,684,920
12,723,435
1.932
1,568
1,525
1,696
1,649
1,954
2,289
2,128
3,078
1,981
5,294
2,100
2,880
1,993
2,729
1,966
6,415
1,871
4,873
4,695
9,523
12,307,721
Treas. x.
fund (Federal Reserve notes)——
hand and due from U. 8.
Other cash *
Total reserves
—
12,154,719
9,904
432,094
10.259
445,875
9,874
Bills discounted:
Secured
by
direct or
U. 8. Government obligations,
fully guaranteed
.
Other bills discounted
--
3,698
4,417
5,059
7,394
553
553
553
556
556
556
542
653
14,059
14,586
14,647
14,662
14,738
14,811
15,131
17,314
14,122
911,090
1,145,269
507,656
840,893
840,893
840.893
840,893
1,209.931
840,893
'732,320
1,215,466
507,656
1,165,691
513,191
1,209,931
513,191
1,209,931
507.656
840,893
1,215,466
507,656
840,893
1,215.466
507,656
513,191
666,004
2,564,015
2,564,015
2,564,015
2,564,015
2,586,703
2,584,255
2,584,397
2,591,394
3,457
554
14,091
—
market
Industrial advances
—
--,
,
'
United States Government
911,090
securities—Bonds..
Treasury notes
1,176,109
..
476,816
Treasury bills
Total U. 8. Government
Other
2,564,015
2,564.015
2,564,015
2,564,015
2,564,015
2,582,099
2,582,085
2,582,035
2,582.852
2,583,632
2.584,289
securities
Total bills and securities.Gold held abroad
~"l68
169
"""169
""169
169
166
166
166
177
168
19,444
592,833
20,825
19,382
635,646
19,058
17,480
634,023
588,753
42,804
60,181
26,324
583,874
42,831
47,870
30,307
565,290
42,913
51,150
22,337
623,879
42,831
48,391
531,219
42,735
21,247
701,774
42,827
49,512
48,038
42,130
banks
Due from foreign
Federal Reserve notes of other
Uncollected Items.
banks
-
-
premises
Bank
1,215,466
*
2,564,015
securities
3,108
3,345
3,439
554
Total bills discounted
Bills bought In open
1,744
47,384
—
—
718,097
42,732
t46,081
r'42,723
—
Other assets
42,735
51,687
•
15,840.746
15,926,704
15,788,872
15,853,742
15,755,374
15,683,121
15,635,632
12,914,581
4,335,416
4,335,313
4,343,566
4,355,946
4,344,462
4,349,836
4,344,753
4,347,209
4,819,451
4,119,858
8,989,181
1,222,206
8,984,989
8,941,650
1,167,818
8.840.548
7,333,050
254,113
237,344
268,904
283,161
767,179
171,571
298,213
269,586
225.974
9,017,844
931,295
208,215
279,377
9,166,063
246,296
8,707,191
1,250,417
266,340
233,476
9,046,811
887,021
276,336
9,077,284
1,058,714
269,292
282,759
10,722,484
10,688,049
10,596,599
10,593,108
10.516,217
10,457,424
10,436,731
10,402,759
10,403,026
7,914,943
602,179
705,482
f3,658
630,626
580.973
699,503
586,093
3,336
3,044
2,955
2,947
627,021
2,589
3,131
566,467
2,426
530,381
553,056
15,444,607
15,509,710
15,411,094
15,339,192
15,291,370
12,569,545
134,930
149.152
134,913
149,152
27,264
32,703
134,899
149,152
134,790
149,152
27,264
32,723
134,841
149,152
27,264
33,005
133,306
27,264
32,965
15,635,632
12,914,581
84.0%
80.5%
13,004
12,904
3,670
7,817
LIABILITIES
Federal Reserve notes in actual
circulation
Deposits—Member bank—reserve account
United States Treasurer—General aecount..
Foreign bank
Other deposits
234,761
—
—
deposits.--..'.
Deferred availability items.
y Other
3,665
liabilities including accrued dividends
Total liabilities
1,101,562
255,935
15,663,744 1*15,732,502
-
CAPITAL
15,496.557
134,956
149,152
27,264
t32,572
15,582,724
134,948
1,180,791
ACCOUNTS
Capital paid in
Surplus (Section 7)---
135,006
149,152
27,264
32,920
-
Surplus (Section 13-b)
yOther capital accounts
149,152
"
27,264
32,825
135,016
149,152
27,263
32,549
*1-
27,264
32,919
>
16,008,086 1*16,076,446
Total liabilities and capital accounts
Reserve note liabilities
foreign
liability
on
15,840,746
15,926,704
15,788.872
15,853,742
15,755,374
84.3%
84.4%
84.3%
84.2%
84.1%
84.1%
84.1%
correspondents
84.5%
*
combined
bills
185,766
15,683,121
Ratio of total reserves to deposits and Federal
Contingent
44,852
16,008,086 116,076,446
Total assets..,.
Total
19,889
purchased
113,661
198,646
4,363
147,739
27,683
36,308
for
222
.
12,524
Commitments to make industrial advances
12,545
12,570
12,925
12,907
12,800
12,905
12,892
Maturity Distribution of BiUs and
Short-Term Securities—
2,399
2,394
2,269
2,688
3,316
4,031
6,267
3,804
222
236
176
140
138
152
172
178
144
16-30 days bills discounted
4.*>4
31-60 days bills discounted
228
247
1-15 days bills discounted
61-90 days bills discounted
Over 90 days bills
-
v
558
262
325
y.
381
303
301
272
247
179
258
238
313
334
293
307
304
324
335
341
285
367
447
314
*
387
251
discounted.,
346
221
4,873
4,695
9,523
23
83
71
23
3,439
3,698
4,417
5.059
7,394
256
3,457
97
Total bills discounted
304
48
23
74
3,345
„
t.
in open market
16-30 days bills bought in open market...
31-60 days bills bought in open market
128
97
74
59
142
152
151
226
143
61-90 days bills bought In open market
270
270
304
72
23
106
"""262
262
554
553
553
553
553
556
556
556
542
554
2,232
1,898
1-15 days bills bought
68
271
256
271
,
"""449
179
200
93
Over 90 days bills bought in open market
'
Total bills bought in open market
2,123
2,231
2,283
2,036
2.096
430
419
145
147
149
331
310
101
72
233
337
342
566
648
434
501
296
390
346
280
.573
610
11,835
14,388
2,410
1-15 days Industrial advances
16-30 days
industrial advances
31-60 days industrial advances
.
2,428
2,143
232
205
202
243
266
357
326
555
10,936
10,964
10,928
11,204
11,443
11,439
11,544
11,554
14,091
14,059
14,586
14,647
14,662
14,738
14,811
52,010
124,720
101,710
147,733
101,988
31-60 days U.S. Government securities
26,500
179,703
74,745
124,720
164" 203
61-90 days U. 8. Government securities
181,733
115,848
193,788
2,100,659
74,745
124,720
164,203
2,098,359
95,885
103,383
152,720
114,348
2,097,679
111,390
101,988
198,465
71,018
2,081,154
2,082,842
1,983,058
2,564,015
2,564,015
2,564,015
4,678,715
331,506
4,686,380
4,441,195
366,929
321,337
4,119,858
4,509,632
61-90 days industrial advances
Over 90 days industrial advances
Total industrial advances.
1-15 days U. 8. Government securities
•
16-30 days U. 8. Government securities
Over 90 days U. 8. Government securities
14,122
52,010
198,233
2,076,859
,
72,518
185,125
2,106,907
101,710
78,510
179,703
2,056,359
'
2,564,015
Total U. 8. Government securities
Total
2,124,069
•
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
4,631,875
296,459
4,615,432
280,119
4,624,142
4,637,302
281,356
4,645,819
301,357
4,657,531
280,576
4,670,386
325,633
-
15,131
17,314
102,685
56,383
95,885
173,474
77,510
287,477
other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
307,664
4,335,416
4,335,313
4,343,566
4,355,946
4,344,462
4,349,867
4,344,753
4,347,209
4,319,451
4,764,500
3,193
4,768.000
4,768,000
4,771,000
3,656
4,778,000
4,304
6,678
4,781,000
4,153
4,791,000
2,977
4,771,000
3,284
4,778,000
3,181
4,767,693
In actual circulation
4,771,181
4,770,977
4,774,284
4,774,656
4,782,304
4,784,678
Collateral Held by Agent as Security for
Notes Issued to Bant—
Gold ctfs. on hand and due from U. 8. Treas..
By eligible paper
collateral
*
"Other cash"
z
These
eents on Jan
are
does not Include Federal Reserve notes,
8,349
3,930
15,000
United States Government securities
Total
63,623
205,093
4.785,153
4,794.930
4,532,981
t Revised figure.
certificates given by the United States Treasury for the gold taken over
from the Reserve banks when the
31, 1934, these certificates being worth less to the extent of the difference, the difference itself having
100 cents to 59.06
profit by the Treasury under
dollar was devalued from
been appropriated as
provision of the Gold Reserve Act of 1934.
y
With the statement of Jan. 4,
1939 two
new
Items appeared,
"Other liabilities, including accrued
two Items corresponds exactly to the total of two Items formerly in the
statement for March 23,
1938 has been revised
on
the new
statement but not excluded, viz.:
basis and is shown accordingly.
dividends," and "Othei; capital
"All other liabilities,'
accounts." < The total of these
The
and "Reserve for contingencies."
Volume 14a
Financial
Chronicle
1757
Weekly Return of the Board of Governors of the Federal Reserve System
)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS MARCH 22,1939
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
ASSETS
Gold
certificates
hand
on
Boston
and
PhUa.
$
$
Cleveland Richmond
$
Atlanta
St. Louis Minneap. Rati. City
Chicago
S
$
%
$
$
San Fran.
Dallas
%
$
5
due
from United States Treasury
12,307,721
Redemption fund—Fed. Res. notes._
10,163
609.036
830,297
734
824
405,551
748,351 5,564,848
996
1,853
31,066
109,917
31,226
26,283
12,723,435
780,413 5,676,618
640.996
857,404
365,799
Other cash *
Total
New York
$
$
reserves
343,774
267,884 2,140,425
321,578
245,679
304,224
766
996
726
500
363
618
1,465
21,259
21,925
54,200
16,168
8,978
20,084
16,472
47,973
290,131 2,195,621
338,472
255,157
324,671
232,127
766,026
19
49
10.1
55
24
~"io6
52
336
255
201
256
Bills discounted:
Secured by U. 8. Govt, obligations
direct or fully guaranteed
716.588
215,037
322
1,871
1,568
82
1,229
210
26
50
102
133
66
50
140
109
3,439
184
1,362
276
76
190
109
74
100
71
385
356
554
42
216
56
51
24
19
70
2
2
16
16
40
14,091
1,865
3,834
2,888
396
1,189
820
459
6
857
215
617
945
911,090
1,176,109
66,806
257,500
73,149
91,650
42,073
94,427
118,310
61,247
54,312
54,962
28,588
36,906
46,939
332,401
99,779
128,802
42.577
86,238
60,592
37,815
48,813
476,816
34,962
134,762
38,283
47,964
24,831
22,019
52,219
22,283
14,961
.24,566
19,790
76,768
99,099
40,176
2,564,016
188,006
724,663
205,859
257,924
133,524
118,404
280,800
119,822
80,455
132,097
106,418
216,043
2,582,099
190,097
730,075
209,079
258,447
134,927
119,352
281,403
119,930
81,385
132,713
107,407
217,284
Other bills discounted
Total bills discounted
Bills bought In open market
Industrial advances
U. 8. Government securities—Bonds
Bonds
Treasury notes...
Treasury bills
Total U. 8. Govt
securities...,
Total bills and securities
Due from foreign banks
50
47,446
..
168
12
62
17
16
7
6
21
3
2
5
5
19,444
527
2,782
878
1,195
979
2,118
2,188
859
1,376
518
2,415
592,833
56.281
143,969
44,995
66,282
52,004
25,514
3,609
78,746
26,280
14,754
28,070
24,810
Bank premises
42,723
2,936
9,005
4,678
5,992
2,608
2,067
3,945
2,284
3,222
1,252
Other assets
47,384
3,058
13,143
4,227
5,413
3,047
2,139
4,668
2,007
1,517
1,507
31,128
3,217
1,871
4,085
904,870 1,194,749
559,371
441,327 2,568,013
491,164
355,181
492,276
194,814
147,839
980,228
178,967
134,468
168,439
76,568
345,814
237,785
49,201
188,337 1,116.829
50,061
311,339
8,205
28,365
194,875
"122,536
62,412
5,392
235,230
175,903
40.944
65,186
6,798
6.798
537,397
47,672
16,879
Fed. Res. notes ef other banks
Uncollected Items
Total assets
•
16,008,086 1.033,324 6,575,654
2,219
12
367,990 1,024,167
LIABILITIES
R. notes In actual circulation
F.
4,335,416
376.009 1,001.652
312,196
418,422
8,989,181
1,222,206
234,761
276,336
437,288 4,825,440
115,025
194,819
16,879
84,027
412,430
505,131
75,186
143,326
22,739
10.080
207,095
4,932
21,801
7,916
10,722,484
575,682 5.311.381
515,287
678,174
299,437
44,924
65,353
50,263
294
301
92
872,701 1,162,250
544,606
.
Deposits:
Member bank—reserve account
U. 8 Treasurer—General account.
Foreign bank
Other deposits
Total deposits
Deferred availability Items
Other liabilities, lncl. accrued dlvs
6,490
602,179
Total liabilities
57.512
3,665
324
142,208
1,340
15,663,744 1,009,527 6,456.581
Capital Accounts—
Capital paid In
135,006
Surplus (Section 7)
Surplus (Section 13-b)
149,152
27,264
Other capital accounts
9,405
10,083
50,989
12,046
52,463
13,696
2,874
7,457
1,435
8,164
4,416
2,011
32,920
Total liabilities and capital accounts 16,008,086
1.033,324 6,575,654
Commitments to make Indus, advs.
1,300
2,646
12,524
*
•
"Other cash" does not Include Federal Reserve notes.
Total
Federal Reserve notes:
251,758
618,183
24,689
80.436
28,352
14,627
29,869
28,606
35,340
149
393
100
140
264
96
172
428,815 2,523,535
480,726
346,125
482,341
357,028
999,509
3,968
4,685
2,912
4,241
3,613
4.007
3,892
10,537
9,965
1,142
1,266
2,121
1,797
2,035
.
5,075
4,517
13,622
4,983
5,630
22,666
713
1,429
6,761
545
3,153
1,001
1,240
1,990
939
441,327 2,568,013
491,164
355.181
492,276
462
193
671
3,482
1,652
559,371
150
1,130
RESERVE
New York
PhUa.
%
%
%
NOTE
80
367,990 1,024 167
44
2,934
STATEMENT
Atlanta
$
Chicago
$
$
$
395,098 1,096.841
19,089
95,189
326,542
438,448
205,845
14,346
20,026
11,031
4,335,416
376,009 1,001,652
312,196
418,422
4,764,500
420,000 1',105,000
345,000
439,500
»
Dallas
Minneap. Kan. City
St. Louis
$
Cleveland Richmond
296,459
by Agent
283,769
6,550
3,293
1,414
4,631,875
held
16,235
196,890
1,007
Issued to F. R. Bank by F. R. Agent
In actual circulation
3,871
273,307
9,535
13,687
14,323
Held by Federal Reserve Bank.:..
Collateral
797
256,138 1,462,478
-
Boston
%
5,945
6,798
4,599
2,371
904,870 1,194,749
1,361
1,553
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bank, of—
67,035
$■
$
San Fran.
%
$
159,622 1,015,397
11,783
35,169
194,111
138,125
176,268
83,739
401,839
15,144
3.657
7,829
7,171
56,026
194,814
147.839
980,228
178,967
134,468
168,439
76.568
345,814
210,000
169,000 1,035,000
196,000
143,500
180,000
87,500
434,000
74
35
31
371
350
169,076 1,035,074
196,035
143.531
180,371
87,850
security
as
for notes Issued to bank:
Gold
certificates
hand
on
from United States
Eligible
and
ll
due
Treasury
paper
3,193
Total collateral
179
United States
1,362
210
76
190
420,179 1,106,362
4.767,693
345,210
439,576
210,190
76
United
Treasury Bills—Friday, Mar. 24
Exchange—See following
Transactions
Bid
Mar. 29 1939
April
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
5 1939
April 12 1939.
April 19 1939
....
April 26 1939
3 1931—
May
May 10 1939
'•
••
Asked
Bid
May 17 1939
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
May 24 1939
May 31
-----
June
Asked
1939
71939.
June 14 1939..:....
"June 21 1939
at
1
1
the
Averages—See
THE
Mar. 24
one
or
32ds of
more
i
7,000
1,045
435
164
14,000
739
1,330
35
"
Banque de l'Unlon Parlslenne..
Canadian
PaclUc-------------
ClI GenerSe
Int.
Bid
Asked
Maturity
Rate
Bid
'
Asked
2 H%
100.13
Sept. 15 1939—
1 H%
101.23
15 1939...
1 H%
101.30
Dec.
Mar. 15 1940.
—
June
15 1940.
Dec.
15 1940
—
—
June
15 1941
101.25
Dec.
15 1941..
102.
Mar. 15 1942...
1
1H%
1H%
102.11
102.13
102.11
102.13
Dec.
15 1942...
1X%
102.23
102.25
June
15 1943...
H%
l\i%
1 H%
2%
1M%
1H%
103.1
103.3
Dec.
15 1943
1 H%
Mar. 15 1941...
Sept. 15 1942...
—
103.1
103.3
103.1
103.3
104.11
104.13
105.22
105.24
104.25
104.27
102.4
102 6
102 5
102 7
:
B
-
Comptolr National® d'Esoompte
CotV
8
A
•
-
Courrlere
.....
Credit Commercial de France...
Lyonnalse
Credit
Eaux des Lyonnalse cap
Nord
Energle Electrlque du LlttoraJ—
Energle Electrlque du
Kuhlmann
Hollday
Llqulde
L'Alr
Lyon (P L M)
THE
BERLIN
STOCK
Closing prices of representative stocks
each
Nord Ry
EXCHANGE
as
Orleans Ry 6%..
received by cable
18
Mar.
Mar.
Mar.
21
22
113
113
114
114
Berliner Kraft u. Llcht (8%)
159
159
159
159
118
159
118
159
Deutsche Bank (6%)
118
118
118
118
Deutsche Relchsbahn (German Rys.pf.7%).
123
123
111
123
123
Ill
148
109
178
181
109
123
111
146
107
123
Dresdner Bank (5%)
111
111
111
Verelnlgte Stahlwerke
—.
i
(5%)
Ex-dividend.
-
...........
.....
1917...!
I.I.I
—-
Mar.
112
Farbenlndustrle I. G. (7%)
Mannesmann Roehren (5%)
20
Mar.
(6%)113
Siemens A Halske (8%)
......
Rentes 4%
Per Cent of Par
Mar.
Relchs banks (8%)
Pechlnev
Rentes Perpetual 3%
day of the past week:
Allgemelne Elektrlzitaets-Gesellschaft
........
Capital!
Pathe
23
24
Rentea4%, 1918
Rentes
434%, 1932. A
1932, B
1920
Rentes 434%,
147
147
149
149
108
108
109
109
178
178
178
177
178
178
179
180
108
109
108
2-104
104
178
178
Rentes. 5%.
Dutch
Royal
.....
C & C
Schneider A Cle
Soclete Francalse Ford
Soclete Generale Fonclere
Saint Gobaln
Unlo
Artificial Silk preferred-
d'Eiectrlclte
Wagon-Llts
—
—
1,115
444
165
733
1,350
36
507
168
14,400
746
1,360
37
508
829
828
210
210
20O
218
519
1,590
1,360
324
535
612
1,130
895
878
439
36
1,649
208
505
1,540
1,340
210
514
1,570
1,330
315
538
602
1,170
899
871
826
-
-
-
211
502
1,520
1,300
306
527
595
1,060
881
860
431
36
1,580
79.10
79.25
79.20
83.20
84.40
107.20
5,980
1,825
1,143
Soclete Marseilles—
Tublze
7,300
1,095
445
171
14,600
764
1,390
35
535
70
1,305
Soclete Lyonnalse
7,200
1,130
457
801
d'Electrlclte
Cle Generale Transatlantlque
Citroen B
—
1773.
7,400
480
Cle Dlstr d'Eiectrlclte
Int.
15 1939
page
Mar. 18 Mar. 20 Mar. 21 Mar. 22 Mar. 23 Mar. 24
Francs
Francs
Francs
Francs
Francs
Francs
*
Canal de Suez cap..--....--.-'■
June
Exchange.
of the past week:
...
Banque de Paris et Des Pays Baa
Rate
Stock
BOURSE
PARIS
Bank of France.
Figures after decimal -point represent
Maturity
New
Quotations of representative stocks as received by cable
each day
point,
the
t
Quotations for Urtited States Treasury Notes—Friday,
a
York
New
on
page.
Daily, Weekly and Yearly—See page 1773.
Stock and Bond
1
Securities
Government
States
York Stock
Hates quoted are for discount at purchase.
239
.
434,239
84
475
63
8i.20
81.70
81.70
84.90
85.90
110.40
6,080
1,865
1,193
55
73
1,365
646
90
485
64
14,300
318
528
604
1,090
890
883
36
1,600
79.40
81.00
81.10
84.30
85.60
109.40
5,900
1,825
1,183
56
85
438
36
1,631
79.90
81.60
81.50
85.30
86.10
109.80
6,010
1,838
1.176
7,600
^
,170
14,900
1,420
36
— —
20 0
....
1,600
1,380
- - - -
1,140
....
433
....
81.40
83.20
83.40
86.40
87.60
111.90
6,120
....
55
56
1,342
646
76
1,335
644
....
84'
,480
64
86
485
63
....
Mar.
Sales—New York Stock Exchange
Stock and Bond
YEARLY
DAILY, WEEKLY AND
Pages—Page One
Occupying Altogether Sixteen
for the year.
United States Government
we
furnish
a
Securities
represent one or more S2ds of a point.
High
120.12
120.14
120.6
120.5
120.12
120.14
120.6
120.4
dose
120.14
120.6
2
5
$1,000 units...
2Kb. 1956 59
120.11
120.4
High
115.10
115.20
115.25
115,18
115.10
115.14
115.25
115.14
Close
115.10
115.25
115.18
3
47
3
6
5
114.26
114.24
114.26
114.26
114.24
114.26
114.24
1
2
1
25
$1,000 units—
104 20
104.16
104.20
10
2
110
*2
104.3
104.4
104.14
104.11
104.12
104.19
103.30
104.1
104.12
104.2
104.9
104.17
104.3
104.4
104.12
104.2
104.11
104.19
Low.
.
106.19
22
107.27
mmm-
mmmm
107.20
107.23
mmmm
mmmm
107.20
107.23
(High
106.18
106.18
106.15
106.18
106.20!
106.19
Close
106.18
106.18
106.20
106.19
$1,000 units...
53
*3
100
2
(Low.
2Kb, 1949-53
3
(cios<
110.25
110.20
(Low.
110.19
110 20
110.23
110.24
(Close
110.19
110.20
110.25
mmmm
106.26
106.26
1
Total sales in
1
1
8
5
104.12
104.12
104.10
104.16
103.28
104.10
104.5
104.4
104.16
104
104.9
104.12
104.6
104.9
104.16
29
18
104.16
104.12
....
*» mm
104.11
104.7
....
104.16
104.12
107.4
107
107.1
107.4
107
Close
107.1
107.4
3HB, 1941
110.17
110.24
110.19
110.20
110.20
110.17
110.20
110.13
110.17
110.24
110.17
110.20
1
5
3
24
52
16
110.22
110.25
110.30
110.26
110.24
110.27
110.24
103.21
m'rnmmm
103.21
5
110.22
110.24
110.30
m
—
mm
mm mm
1
8
18
7
110.21
110.31
110.16
110.22
110.31
110.16
110.20
3s, 1944-49
108.4
108
108.2
107.30
107.31
108.3
108
107.31
108.4
,
108.2
108
110.28
(Close
110.21
110.21
110.31
110.16
110.22
110.28
$1,000 units...
2
7
25
1
4
1
(High
110.26
110.20
110.30
Low.
110.26
110.20
110.30
(t
lose
6
3
*
mm mm mm
106.16
mmmm
mm — rnmm.
106.16
mm mm mm
2KB, 1942-47.
110.7
110.6
110.7
110.6
110.7
109
109.5
109.10
109.6
109
109
109.8
109.6
109.5
109.10
109.6
53
I
106.12
106.18
106.10
106.11
(close
106.3
106.15
106.8
106.7
102
101.30
102
102.3
101.30
101.30
102
106.6
106.9
106.18
106.10
106,11
6
19
116
13
10
104.22
104.20
104.22
104.22
104.22
5
104.20
104.20
104.20
106.24
104.22
104.20
104.22
104.20
104.22
104.22
6
8
2
40
Total sales in $1,000 units...
*
60
44
64
10
32
108.20
108.21
108.10
108.21
108.26
108.10
108.20
108.21
108.10
108.21
108.24
Close .108.10
108.20
108.21
108.10
108.21
108.26
1
19
6
t Deferred delivery sale.
Odd iot sales,
14
108.12
Low.
Note—The
bonds.
10
*1
I
5
Treas. 4Kb,
107.19
107.25
1
Treas. 3Kb.
107.8
107.18
107.22
1
107.8
(High
Low.
above
107.19
of
includes only sales
registered bonds were:
table
Transactions in
107,12
coupon
1947-52.. 120.10 to 120.1014 Treas.3Ks, 1946-49..110.28
1944-46..110.26 to 110.2612 Treas. 2^8,1955-60..106.5
to 110.28
to 106.21
107.25
$1,000 units..
2Kb, 1948-51
102
104.20
High
Total sales in $1,000 Units..
Treasury 3Ks, 1943—1945
.110.17 to 110.17
...
... —
7
30
11
106
106.8
106.10
| Low.
105.28
106
106.10
106.15
106
106.2
106.10
106.15
10
Bills—See previous page.
United States Treasury
106.15
(High
1
,
2KB, 1951-54
101.31
101.30
101.26
106.22
$1,000 units
2KB, 1945-47
9
102
106.26
105.29
Low
....
108.6
3
102.3
10
27
106.6
1
108
107.27
2
102.2
109.12
$1,000 units
107.27
108
6
«
102
109.12
109
2Kb. 1955-60
108.1
102.1
109.12
Low.
(High
108.1
107.29
101.26
2Kb, series B, 1939-49..
3
2
1
2
....
108'e"
108"""
108.2"
101.26
(High
t..
mmmm
108
107.31
1
110.6
$1,000 units...
3s, 1951-55...
(Low.
110.6
110.7
mmmm
mmmm
....
107.31
mmmm
110.6
Low.
mmmm
mmmm
mm
107.31
Loan.
3s, series A, 1944-52
110 7
mmmm
1
mm rnm
|
Total sales in $1,000 units...
(Close
3a. 1946-48
105.15
106.16
mm m mm
m
mmmm
105.15
1
3
mmmm
mmmm
mmmmmm
16
Home Owners
110.6
110.7
6
6
106.20
105 T 5
110.30
110.20
110.26
25
(High
mmmm
mmmm
107.31
110.28
110.21
Total sales in $1,000 units...
mm mm
mm mm
4
108
1
110.21
3HS. 1949-52
108.22
mm
108.4
106.18
110.21
-
mmmm
106.20
Low.
.
.......
mmmm
108
3
(High
$1,000 units...
\
mmmm
108.22
mm
mmmm
25
110.24
110.24
10
108.22
mmmm
mmmm
110.24
ZViB, 1946-49
Total sales in
mmmm
103.15
64
108.22
Total sales in $1,000 units...
110.24
110.22
Close
Total sales in
Low.
112.22
Low.
Total sales in
103.15
103.24
108.22
110.22
(High
Total sales in
103.24
'mmmm
'
110,22
110.17
Total sales in $1,000 units...
3Kfl. 1944-46
Total sales in
103.21
mmmm
108.24
3Ks. 1944-64
110.13
110.12
Close
Total sales in
mmmm
56
Federal Farm Mortgage
Low.
3K8. 1943-45
31
103.16
mmmm
103.15
103.18
107
....
.mmmm
31
103.25
103.18
Total sales in $1,000 units.
*9
Total sales in $1,000 units...
(High
mm mm
^
Total sales in $1,000 units..
(High
107.1
2
295
92
mmmm
61
mm.mrn m m
Low.
....
104.9
104.4
.
High
....
mmmm
104.2
Low.
2Kb. 1950-52
....
mmmm
7
....
mmmmrn
106.19
1
....
mmmmmm
106.19
106.10
106.10
110.24
$1,000 units...
3HB, 1943-47
'■mmmm
106.19
mmmm
110.19
....
m
mm —
106.26
,
110.24
(High
....
mm mm mm ~
15
mmmm
106 TO
$1,000 units...
Total sales in
112
164
109
143
107.20
114
Total sales in $1,000 units—
Low.
3
35
mmmm
(High
2Ks, 1948
1
106.20,
.s.
Total sales in
104.16
104.16
(Close
High
3Hs. 1941-43.
104.16
104.18
units..
Total sales in $1,000
104.24
Close
104.16
104.17
Low.
2 Ms, 1945
Total sales in $1,000 units...
104.20
104.18
104.8
(High
104.24
Low.
3«s, 1940-43
6
104.16
104.12
104.12
units—
Total sales in $1,000
104.24
(High
26
15
104.6
Low
(Close
2K«, 1960-65
114.26
114.26
105.14
36
2
103.28
$1,000 units...
Total sales in
114.26
114.26
Close
Total sales in
2Kb. 1958-63
114.26
Low.
105.12
105.10
104.7
High
High
3K«. 1946-56
105.7
Low
115.19
Total sales in $1,000 units...
105.14
105.10
Close
115.19
115.20
-
mmmm
High
115.19
Low.
4s, 1944-54
105.6
$1,000 units—
Total sales in
1
10
105.3
104.29
105.6
105.6
104.29
105.8
105.5
104.29
Low
Close
120.11
120.12
Afar. 24
Mar. 18 Mar. 20 Afar. 21 Mar.22 Mar. 23
High
Treasury
120.11
Low.
Bond Prices
Daily Record of U. 8.
Mar. 23 Mar. 24
Mar. 18 Mar. 20 Mar. 21 Mar. 22
4 Kb,
Total sales in
Exchange
Owners' Loan and Federal Farm Mortgage
York Stock Exchange during the current week.
.
Treasury
1947-52
the New York Stock
of the transactions in Treasury, Home
daily record
Corporation bonds on the New
Quotations after decimal point
Daily Record of U. S. Bond Prices
on
No
the only transactions of the day.
disregarded In the day's range, unless they are
NOTICE—Ca»h and deferred delivery sale, are
taken of such sales In computing the range
account Is
Below
1939
25.
(Close
Total sales in $1,000 units...
71
7
Notes, &c.—See previous page.
United States Treasury
New York Stock Record
LOW
AND
HIGH
PRICES—PER
SALE
NOT PER CENT
SHARE,
Wednesday
Tuesday
Monday
Thursday
NEW
YORK
Mar. 18
Mar. 20
Mar. 21
Mar. 22
Mar. 23
Mar. 24
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
*68
6134
140
*38
4234
*35
37
9
62
62l2
*120
140
*38
54%
78
4234
4234
37
37
*35
36»4
22i2
22i2
24
24
83-4
54%
8%
a24
55
34
1
1
1214
10i2
15
15
20i8
20%
*30
64
*30
$170
170
9
8%
170
9
Hs
11%
9i2
9%
10%
16
2078
*14%
20%
64
*58
*834
8t2
172
172
12%
10%
I12
1' 834
H84
10%
12
*1034
12%
9i8
67%
878
9i8
67i2
40%
67%
41%
16%
178
17
62%
9i8
6812
66
'
16%
1*178
*15i2
41i2
16%
178
16%
I84
*15%
62i2
18i2
62i2
18%
19
185s
14%
1484
55%
1412
*52
56
*
62
24
12
64
9
174
11
12
934
*60
63
*122
2l%
53%
84
*38
4284
*38
*34%
37
4K%
4284
3584
700
8%
8'2
Abbott Laboratories
140
*3434
884
884
878
200
3,600
Adams Express
22
22
800
AdamB-MlJlls
24
24
400
Address-Multlgr
54'2
78
78
5334
*s4
56
5,200
500
*68
9i8
878
9
9
9%
~~9~206
1
1
1
1
1
1%
8,100
11%
9'2
884
1034
8%
UK
11
11%
9
9%
3,500
9
9
*14
1512
*14%
20
20i2
2034
812
*13
19ig
*30
884
15
20l2
64
*55K
834
168l2 172
834
10'2
1112
834
*834
167
1034
123s
9
62
914
171
1078
1078
11%
12
9
*55%
*834
168
9%
16
3,600
21%
8,600
9%
11
"""900
4,700
800
1134
1134
2,400
9%
93s
12,000
914
10
No par
Air Way El Appliance..No par
Alabama & Vlcksburg Ry__100
Alaska Juneau Gold Min._.10
Allegheny Corp.
5K % Pf A with $30
war.
100
5K% Pf A with $40 war. 100
5K% Pf A without war.100
$2.50 prior conv pref.iVo par
Alghny Lud Stl Corp..No par
Allen Industries
Inc
1
Allied Chemical & Dye.IVo par
Allied Kid Co
5
Allied Mills Co Inc
No par
Allied Stores Corp
No par
6812
66
66
69
65%
I8
I6I4
*1%
41%
I6I4
36%
39K
38'4
39
39%
65%
40%
20,000
16
16'%
2
1534
1534
15%
16%
900
Allis-Chalmers Mfg
No par
Alpha Portland Cem__ATo par
1®4
1»4
*15%
17%
178
17%
Amalgam Leather Co Inc.-.l
1778
17g
*15t2
1,300
*151o
60%
*18%
60-%
19%
"f,906
14%
14%
40
63
2
178
*65
*15'2
18
63
6078
61
19"8
183s
18%
61
18%
1434
*18%
1434
14%
1414
1412
5514
55
55
55
55
Bid and asked prices: no sales on this day.
61
18%
18%
14%
14%
*50
55%
*52%
t In receivership,
56
a Def.
5% preferred
700
35% Feb
2
3
25
pank Note
n
New stock,
r
10
Mar
x
share $
36%
Feb
Highest
pei
share
61
Nov
12384
Oct
45
Oct
June
52
Jan
119% July
6% Mar
1234 July
14% Mar
24
Feb 15
27% Jan
16% Mar
30
53% Mar 22
65% Jan
40
19% Feb
24
May
% Mar
84 Jan 30
Feb 20
68
Feb 20
878 Mar 23
10
Jan
68
1% Jan
3
67
Aug
884 Mar
Oct
Aug
67% Nov
1% July
6 %
Oct
1 % Feb
78 Jan 25
1% Jan
78 Mar
j%
Jan
Jan 26
1478 Jan
13% Mar
1234 Jan
6% June
1
78
17%
17%
Jan
10
8% Mar 23
8% Mar 22
13
Feb
4
19% Mar 22
Jan 19
52
Jan 24
8%
167
Mar 23
10% Mar 20
1
11% Feb
8% Jan 26
61
Jan
9
19
5
52
Mar
Jan 19
11% Jan
4
28
May
4% Mar
3
124
Mar
13% Jan 21
7
Mar
193
Jan
13% Jan
70
1978
Jan
2% Jan
19
Jan
28
May
14% Aug
197
1234
Oct
Oct
8% Mar
1478 July
13% Nov
70% Oct
5534 Oct
38
Mar
48% Jan
15% Mar 24
Jan
21% Nov
2984 Nov
4% Mar
4
11% Jan
36% Mar 22
I84 Mar 20
Mar
5% June
734 June
14% Sept
28% Jan
.
Mar
34% Mar
11% Apr
1% Mar
20
3%
Oct
Oct
Jan 20
10
Mar
24
Jan
3
3
3
55
May
78
July
69% Jan
24% Jan
1784 Jan
Jan 26
Ex-dlv.
y
Ex-rlghts
22
Dec
10
Mar
28% Oct
23% July
46%
137a
50
Cash sale,
per
18
Jan
18% Mar 23
Chem(Del)
6% preferred
4284 Mar
11
\
30% Mar
MarlO
8% Mar 22
No par
American
50
130
Jan
Am Agrlc
preferred
share
6434 Mar 15
per
45
No par
conv
$
Mar 22
33
Amerada Corp
40
delivery,
100
Feb 18
126
17% Jan 23
60% Feb 24
6%
1,200
2,600
$ per share
55
Jan 27
No par
Alleg & West Ry 6% gtd.,100
62
170
*1034
100
No par
Corp..
Air Reduction Inc
14,200
9'8
87g
No par
2H2
5384
100
Abraham & Straus.i_.ATo par
Acme Steel Co
25
24
*68
No par
pre!
24
9
1078
conv
21l2
22
24l2
54'2
84
*70
914
Hs
12l2
10
10i8
1678
2114
63
140
33
8%
7g
*59l2
*122
4234
*22l4
5534
*10
140 <4
22i2
78
9%
*9l2
1J8
*10
878
*68
9
Ills
10i2
912
*14%
203s
-
*11%
884
2212
55
34
9l8
1'8
11%
10i2
10%
62i4
4140
33
*68
9
61
*120
*38
9l8
22l4
5434
62l2
140
*38
24
22%
*22
62i4
*120
Par
Lowest
Highest
Lowest
Week
$ per share
*125
Range for Previous
Year 1938
of 100-Share Lots
On Basis
STOCK
EXCHANGE
the
Friday
Range Since Jan. 1
STOCKS
Sales
for
Saturday
Apr
63
S Called for redemption.
Nov
Volume
LOW
AND
New York Stock Record-Continued—Page 2
148
HIGH
SALE
PRICES—PER
Monday
Tuesday
SHARE, NOT PER
Wednesday
Thursday
Sales
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
CENT
STOCKS
for
Saturday
EXCHANGE
Friday
Mar. 18
Mar. 20
Mar. 21
Mar. 22
Mar. 23
Mar. 24
Week
$ per share
f per share
$ per share
$ per share
$ per share
$ per share
Shares
5%
6
43
140
88
90
*168
172
6i2
44
*131
2514
*4212
19%
*100
*
4212
*131
88%
*168
26
26%
6
534
43
140
43%
*131
89
172
88%
*168
2634
2634
5
5%
43%
140
5%
5%
5%
41
41
42% x4l
*131% 140
*130% 140
89
87
172
171
27%
4434
20
89%
88%
171
2.700
2,600
5%
53s
4234 4284
*130% 140
89
8834
*170
*169% 171
89%
8%
85s
*6312
37g
*6
278
16
8
~4~6o6
100
171
26%
26%
5,800
43%
800
Preferred
100
Am Chain & Cable Inc-No par
41
5,100
5% preferred
100
American Chicle
No par
Am Coal Co of Allegh Co NJ 25
112
4414
*43%
19%
19l2
116
*108
1,800
1,700
*
178
167g
6%
*134
*1634
22%
22
6
13i2
13I2
43g
29%
32%
29%
45
45%
45%
45
2
1%
1%
17%
1%
I684
5%
1334
*13%
4%
*30
*17
1714
6
6%
2234
2234
*6234
1334
13
14
13
13%
13%
4%
29-%
45%
1%
16%
534
4
4%
6%
23%
2034
64
58
1,700
50
4,000
300
5,200
$7 2d preferred A
14
*13%
14%
14%
1,800
13%
4%
4%
4%
4,300
31
*45
45%
2
*29
400
32
200
700
45%
45%
5%
44%
3834
14
1434
*159
*159
19,900
4,200
*159
....*159
4,600
61,800
....
12",900
17%
16%
17
16%
16%
17%
62
61%
61%
*61%
62
62
62
1334
13
13%
13%
13%
13%
1334
4,200
1434
15
14%
15%
3134
43%
*15%
16
15
15
15
15
1534
1534
1,200
32
32
31
42%
44
297g
29
10
1012
30
1034
10
92i2
4
5%
*23
11%
20%
81
81
17
*17
157
18
158
16%
17%
17
15434 15634
156
83%
82
85%
83
*149% 151
*149% 15034
6
■
5%
6
6%
H7g
11%
1134
1134
12
92l2 *88% 94
*88%
94
5
5
47g
47g
5%
*36
36
35% 36
37%
534
534
534
5%
6%
150
*25
33
26i8
26%
46
46
18
2,400
*9
20%
83%
8434
85
6
35'2
2,700
11%
151
11%
10%
82
*17%
6
10%
20%
18
8434
10%
*9
*17%
8434
10%
82
32
*25
33
82%
84%
*150
6
2,600
4,700
*11214
*11
*9
*46
27%
49%
27%
*46
200
23l2
10134
434
*43
*50
44
1134
"
8i2
8%
8%
8%
86
*78
*34i2
53%
36
*94
95
*94
*93
3134
95
3314
62
6412
20U
207g
8
8
*78
53%
14i2
95
*80
30
26%
49
43
83
8%
45
9
8
5%
534
30
*23
5,000
30
27%
27%
28%
45
44
15 prior conv pref
16%
*9
1634
934
*3134
15
32
157g
14%
■-
*5%
*3%
*234
*25
6
•
123
*123
734
45%
59%
124
734
*44%
*55
*123
6
*5%
6
*5%
4
*3%
*234
334
3%
28%
6%
14%
6%
3%
*234
3%
*3%
3
27%
*25
6%
6%
14%
23
23
24
*70
75
*71
6%
6
7%
7%
1634
16%
9%
*9
3134
3134
*30
19
21
*5%
14%
9
20%
6
1334
578
7%
163g
14
21
14
15%
19%
*25
6%
14
6
13%
534
7%
2%
2834
14
24
*2234
6
7%
24
76
*71
75
J34
1634
9%
32
16%
19%
*113
19%
3
*25
15%
„
*8%
16
18
18%
1834
23%
74
*71
15%
18%
16%
9%
31
1534
18%
*19
*99% 102%
*28% 29
1934
*99% 102%
29
29
6%
14%
6%
7%
25
15%
*9%
15%
19%
19%
17%
11034 HI
18%
26%
23%
18%
27
24
*23
*
25%
22%
45
26%
2234
*37
26%
23%
44
37
37
26%
23%
23%
21%
25%
2134
Bid and asked prices; no sales on this day,
Mar
10
90
Jan 18
Jan
25,800
Atch Topeka <fc Santa Fe..l00
*35
45
10
400
<
40
19,100
20,900
12,600
2,600
.
*35
300
10,900
45
25%
26%
22%
22%
23
23
100
1,500
20
1,200
20
100
2,400
100
29,700
2,200
600
800
74,500
2,100
600
900
600
5,300
800
a Def. delivery,
Nov
9%
43
Oot
42%
July
Oot
64% Oct
21% Aug
113% Oct
20% Oct
4% July
31% Aug
122% Oct
103% Oot
7
July
72
Jan
94% Jan
59% Dec
13
Nov
9
Dec
77% Dec
12% Nov
75
Aug
73% Sept
39% Nov
95
Nov
44% Nov
59% Jan 26
71
9
40
May
72
Jan
20
Jan 3
10% Mar 14
14
Mar
30
Deo
Jan 26
6% Jan 26
11
100
20% Mar 22
106% Feb 28
7% Mar 20
5
Jan
Jan 24
100
122
Jan 26
No par
tAuburn Automobile..No par
5
Jan 26
6% conv preferred
Austin Nichols—
3% Jan
No par
%5 prior A
..100
100
50
Jan
5
47% Mar .8
127
68
126%
20% Feb 15
30% Jan
4
6
Jan
5
9
Mar 20
13
Jan
5
Mar 22
33
Feb 28
5
No par
100
25
No par
18
Jan 26
19%' Feb 24
21% Feb 18
Mar 18
114% Jan 16
14% Feb 21
28
5
Beneficial Indus Loan.. No par
priorpf$2.50dlv ser'38No par
No par
49
100
...5
Bohn Aluminum & Brass
r
Cash sale,
5
x
July
98
July
Dec
12% Mar
Oct
Nov
10% Mar
Mar
21
Nov
Apr
115
Jan
Feb 23
Ex-dlv.
y
Dec
Dec
26% Mar
3934 May
1284 June
56
Nov
83
Jan
Mar 13
Mar 11
Jan
4
7
Feb 28
3
4
Feb 24
34% Jan
28% Ian
Ex-rlghts.
Oct
30% Mar
21
23% Mar 11
44
102
15% Mar
17% Jan
Feb 22
Apr
19% Deo
Mar 11
22% Jan
19
21% July
9
109
July
12% Mar 22
37
Oct
14
34
5
9
21% Mar 20
17% Jan 26
23% Mar 22
21% Mar 22
23%
Mar
21% Mar
30%
Jan 25
Jan
Jan 11
Boeing Airplane Co
36
82
3
Jan 20
Jan
Blumenthal & Co pref
Jan
24% Dec
Dec
18
27
Deo
117
4
16% Jan 26
106% Jan 26
115
13%
July
94% Apr
584 Mar
67
Sept
8% Mar
Jan
5% preferred
20
7% preferred
100
Bigelow-Sanf Carp Inc.No par
Black & Decker Mfg Co No par
No par
11
25
Jan 28
Dec
17%
Mar 23
8%
73%
29%
21%
52%
57%
Deo
Mar
29
Mar 22
Jan
5%
Mar
125
22% Mar 22
1878 Jan 26
60% Mar 22
Deo
Nov
3634 Dec
5
5% Mar
Nov
6%
2% Mar
3
Mar
8
4
90% Apr
80
Blaw-Knox Co
Mar
Feb 24
60% Jan 26
(Del).No
2
12% Mar
100
20% Mar
par
Bethlehem Steel
2% June
11% Mar
7% Jan 24
70
Apr
Jan 24
121
Aviation
4%
4
17% Jan 26
98% Jan 20
20
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref—..
Jan 11
113
....60
Beech-Nut Packing Co
21
48% Aug
Jan
6% Jan 23
15% Mar 22
Mar
3884 Mar
14% Jan
27% July
109% Aug
9% Jan
Mar
6% Jan 5
4% Mar 10
87
Apr
105
3
4
5
4
Feb 11
Mar
Mar
Nov
8% July
Jan 11
8% Jan
17% Jan
8% Jan
10% Jan
Mar 17
5% Jan 23
6%
1784
101%
534
,
36
6
12% Jan 26
.
4% Mar
95
3
66% Jan
30
Barnsdall Oil Co
Best & Co..
8%
Jan 18
50
preferred
$5 preferred w w
Beech Creek RR
Maris
23% Jan 10
110
70
Barber Asphalt Corp..
Barker Brothers
...No par
Beatrice Creamery
30%
r.100
10
preferred
preferred
Mar
3% Jan
30% Jan
Jan 24
6
Corp. of Del (The)
Bayuk Cigars Inc
3
2% Mar 23
Baldwin Loco Works v t C..13
4% preferred.
Bangor <fc Aroostook
6
23
No par
Baltimore & Ohio
a
18
Jan
25
57
stock,
7% July
45
72
44
n New
Deo
9% Nov
16% Nov
91
Aug
22% Mar
Bloomlngdale Brothers. No par
10
23,600
Dec
152
4
..50
Bendlx
Oot
Jan
96% Mar 10
No par
1st
19
31
4278 Jan
100
6% preferred
5
Deo
31% Jan 26
Refining
4% conv pref series A
Atlas Corp
Aviation
Mar
Deo
4084 Deo
II84 Jan
100
5% preferred.
Atlantic
78
Deo
6I84
150
100
5% preferred
Conv 5%
16
25%
j In receivership,
""566
140
24%
100
Atlas Tack Corp.
200
*99% 102%
*29
30%
6% 1st preferred..—
7% 2d preferred
Atlas Powder
~4*666
*37
17%
Mar
72
9%
19%
May
7
16%
19%
Mar
96
32
113
4
Jan
74
*29%
3
90
700
234
29
Nov
5% pref with warrants.. 100
$5 pref without warrants 100
50
5,900
6
113
*113
19
14%
23%
*8%
15%
'
734
*22%
131
*113
234
27%
6%
2% Mar
27
6
234
5% Mar
72
48
124
28%
6%
10% Jan
7% Jan 26
70
Jan
5
Mar 11
z52
8
4
Mar 15
10% Jan
85
Feb 27
59%
*3%
13
Jan 26
Jan 23
Mar 15
45
*5%
6
4
24% Mar
54% Mar 15
500
*123
4
36
800
73g
16
30
124
Jan
Mar
Feb
5,300
7%
50
51% Feb
15%
45
3% Mar
28% Mar
33
20%
*5634
Mar
Assoc Investments Co..No par
108% 10834
14%
6
7%
5%
*71
16
9
30
6%
7%
45%
59%
Apr
July
82
4
8
Atlantic Coast Line RR
20
116
58
Mar 22
9% Jan 12
Atl G & W I SS Lines..No par
Mar
5
73
1
Mar
2
Jan
—.100
Associated Dry Goods. _*
Apr
10
Jan
..No par
1,100
45
66%
Cor p.. ...5
97
52
Jan
preferred
3,600
*37
54%
42
8%
*19%
54%
65
No par
21%
1234
23
5034
Arnold Constable
65
Artloom Corp..
7%
"4466
100
114% Mar 21
15% Jan 16
2% Jan 9
29% Jan 6
121% Jan 4
103% Jan 10
6% Jan 4
65
4% Mar 22
41% Mar 23
No par
7% preferred
Armstrong Cork Co
8%
*14%
2034
*29
1934
5034
$6 conv pref
21%
124% 124% *124% 125
*124% 125
*124% 125
*124% 125
8
*8
8
8%
8%
8%
8%
8%
8%
8%
*70
73
70
70
*70%
73
*70%
*70%
2334
25
22%
23%
24% 2434
23%
22%
23%
24%
19%
1934
19%
1934
1934
19%
19%
19%
19%
19%
51
51
50%
51%
51%
50%
50%
50% *50% 51
*53
54%
51%
52
*51%
52%
55% 55%
52% 53
66
65
6734
67% 68%
67%
67%
63-%
65%
68%
17
17
17
17
17
17%
17%
17%
1634
17%
112
112
110
110
*108
11034 11034
110% 110%
110%
21% 21% *22
21%
21%
21%
21%
22% *20% 21%
19
1734
1734
1734
18%
18% *18%
*18%
19
18%
13
12%
1234
13
13%
1234
13
13%
12%
12%
*19
23
*19
23
*19
23
*195g
23
*18% 23
19%
Jan 30
21%
*29
8%
Mar l7
101
8%
19
73
119
preferred
20%
15%
24%
...100
7%
8%
*29
8%
1,300
2,900
2% Jan 26
23% Mar 18
Armour &Co(Del)pf7%gtd 100
Armour & Co of Illinois
5
7%
19
23U
"2" 600
■
Archer Daniels Midl'd-No par
2,800
*98% 102%
*71
600
Mar 23
62
15%
125
8,200
Jan 23
11
61%
*98% 102%
*123
20
700
111
62%
*113
1912
"""266
preferred .No par
conv
62
*19%
19%
*99% 102%
12%
Mar
10% Mar
62
2034
19
1914
2234
29
1
'20%
7
4
61%
20%
21
Jan
4% Mar
25
Mar
-
4
33%
*15%
Apr
3% Mar
23% Mar
5478 Jan
20% Jan
32%
108% 108%, *108% 110% *108% 110%
68
n
Jan 26
*92% 100
15
Mar
Mar 22
97
8%
14%
6
17
33%
21%
8%
16
21%
Apr
3% Mar
43
*92%
32%
81
6884 Mar
130
AnchorHockGlass Corp No par
94%
3234
*75
Mar
600
16.50
140
120% Oct
150% Deo
88% Aug
91% Oct
Mar
68
May
Andes Copper Mining.....20
A P W Paper Co
..No par
23% Nov
35% Jan
683a Nov
12% Mar
111
21
40
8O84 July
Jan
20%
117% Mar
5
200
41% Nov
19% Oct
165% Jan
24% Nov
Dec
.
Jan
7% Oot
47% Nov
Dec
36% Jan
*9034
31%
113
1878
113
8%
Jan 24
June
Jan
19%
Jan 26
95
8*2
8%
12
29%
82
26
97
'
75
8»s
6% Mar
Anaconda Copper Mining..50
Anaconda W & Cable..No par
61,800
...
*80
25
Jan
Feb 20
14% Jan 20
93% Mar 10
6% Jan 10
43% Jan 10
7%
33
Apr
15% Mar
8% Jan
4
Mar
1,100
44
95
Amer Zinc Lead & Smelt..
4584
130
89% Jan 16
153
4
478 Mar 18
33% Mar 23
5% Jan 26
30
Jan 31
Jan
103
4
Jan
Feb 18
Jan 3
Jan 9
Jan 4
Mar 11
87% Jan 19
5% Mar 22
10% Mar 22
100
95
8%
Jan
82
*80
.
13%
14%
22%
917s
18%
170%
4
No par
Preferred
*93
123
2312
147
100
94
124
*23
25
6% preferred..,
Am Type Foundries Inc
10
Am Water Wks & Elec.iVo par
*93
*123
*70i2
25
94
124
7%
Am Sumatra Tobacco..No par
Amer Telp & Teleg Co
100
94
*123
7%
100
American Tobacco.
Common class B...
41
12% Mar 18
19% Feb 11
75% Mar 7
16% Mar 22
149% Jan 1
80% Jan 26
8278Mar 23
No par
95
*55
6
8% Jan
American Sugar Refining.. 100
Preferred
53% Jan
27% Mar 22
No par
.
8%
734
*44%
6%
14
American Stove Co
200
5934
6
40% Mar 22
129% Feb 17
Amer Steel Foundries..No par
American Stores...
No par
300
7%
45%
578
151% Jan 18
35
734
*4434
13%
3
55
*57
3
3
Jan
80
60
f,2734
Jan
*75
*57
3
60
150
*50%
60
*25
25
*33%
21%
Jan 24
100
55
15
378
29
Jan
34% Mar 10
5
137% Mar 21
64% Mar 21
34
*57
378
Dec
*52
15
612
Mar
7% Mar
2284 Apr
28% Mar
$6 1st preferred
6
Mar
148% July
12
American Woolen
1,400
Jan
20
Mar 22
100
36
9
18% Jan
162
14% Mar 20
*33%
8%
3
American Seating Co
No par
Amer Ship Building Co.No par
78
21
Jan
Mar
13% Mar
35
8%
Mar 22
2,200
22,000
3% Mar
58
77
21
2H4
2034 21
*10814 10934 *108% 10934
778
77g
734
77g
4434
4514
45% 45%
*5%
13
5%
*4% "
*35
4,600
Oct
Nov
15% Mar
51%
*32%
62%
6
45
122
Mar
72% Jan
84
62
Feb
Nov
17% July
5% Jan
Mar
22% Jan
55
35
9434
62%
7
884 July
30% Dec
99% Mar
13
*51%
*32%
61%
20%
20
23
16% Jan 26
61% Mar 22
*78
34%J
3
American Rolling Mill
..25
4^ % conv pref
100
American Safety Razor.. 18.50
55
34
Jan
16% Mar
35
*93
x26
19
*45
94%
34%
Mar
2% Mar
44% Mar 11
*32%
94%
10
49% Mar 11
88
33
79
Jan 12
92%
26%
95
94
June
5% Mar 22
*88%
*44
51%
44
32% Jan 26
94%
5%
34%
*23
26%
79% Jan 3
15% Jan 6
4% Jan 4
40% Jan 5
124% Mar 20
38
160
Nov
20% July
9
No par
Am Rad & Stand San'y-iVo par
Preferred
100
Nov
5% Nov
13% Nov
4% Mar
12% Mar
Mar 23
No par
5%
534
*80
Jan 14
33%
4%
27%
95
23
11%
...
*80
$6 preferred
$5 preferred
Mar 22
120% Jan 25
11%
18%
18%
18%
18%
17%
17%
1734
1734
*17%
18%
11412 *112% 114% 114% 114% *112% 114% *112% 114% *112% 114%
13
14
*11
12
1134 11% *11
11
11
*11
12
Q
*2
*0
^
*2
3
*2
*2
2%
3
2%
23l2 *23% 24%
*23%
*24
24% *23% 24%
24%
24%
2534
119
*118% 119
119% 119% *118%
*118%
*118%
10134 10134 10134 *101% 103
10134 102
101«4 10134 *101% 102%
478
434
434
434
4%
4%
434
434
434
4%
4%
45
42
43
42% 42%
4234 4234
41%
42% *41% 45
75
*50
75
*50
75
?50
70
*50
75
*50
75
44j2
42
4334
443g
44%
4234
44%
4334
42%
43
4234
12
1134
*11%
1134
11%
10%
11%
11%
1034
11%
11%
9
9
9
' 9
878
8%
8%
8'
8%
8%
95
*80
31
100
11%
6
'
*118i2
preferred
6%
18
26%
conv
*88%
4%
94
*23
300
14,900
83%
84%
150% 150%
6
6%
American News Co
No par
Amer Power & Light...No par
11%
34
5%
84
151
100
500
82
81%
Jan 25
3% Mar 18
534
1134
3334
17%
157% 159
83
82%
150
5%
10%
*88%
4%
157%
8134
13
6% preferred
19*. 700
20
Amer Mach <fc Fdy Co..No par
Amer Mach & Metals-.JVo par
Amer Metal Co Ltd
No par
American Snuff.
29%
83
Mar 22
400
28%
20
83%
58
15
36
45% Dec
2% June
14% Jan 23
100
20% July
30% Mar
1% Oct
2
1% Jan 24
100
400
'
29%
*9
*82
American Home Products... 1
American Ice
No par
Amer Smelting & Refg.No par
Preferred
....100
28
20
82
10%
15334 157%
83
83%
120
19,200
150
12
82
*149
,
2734
*
20%
20
83
8412
30%
150
900
32
4234 43%
13534 13534
64% 64%
*9
1214
20'4
83
I8I4
*
150
*30%
20%
1214
20
10%
12
20%
15634 158
83
8314
'
29%
10%
11%
10%
*8%
*17i4
16%
31
*30% 32
40%
42
41%
42%
137% 137% *134% 137% *13434 137%
64%
*64
64%
63%
64
64%
3078
Mar
60%
13%
29
12
29% Mar 20
43% Jan 27
50
64
1634
*
Mar
5
62
150
May
6
17
*—_
9
2
Jan
18% Feb
7% Jan
13%
64%
Mar
7
5% Feb 2
34% Feb 3
467s Mar 14
30% Jan
62
150
10
15
Mar 22
5% Mar 22
16%
*6334
Jan 27
Mar 22
20% Mar 22
13%
137% 137%
5% Mar
4
No par
200
7% Nov
16%Mar il
5
13
pref
6% July
5% July
9% Jan
12
non-cum
Nov
25% Feb
12% July
.No par
6%
9% Nov
2% Mar
No par
200
Mar
July
13% Mar
Amer Internet Corp
62
*
4
Oct
20
3% Jan 20
American Locomotive
Preferred
*58
*159
2% Mar
Deo
125
20% Mar 11
500
16%
6412
6
Mar
117
2% Mar 22
15% Mar 22
7% Mar 22
8,900
14
150
Feb 21
4
Mar 22
Jan
3,500
62
31
Jan
Jan
5%
6
1334
42-%
16%
18
16i8
4278
137%
15
83
Feb 16
22%
62
32
Mar
10% Jan
66
6
•
*159
9
8% Mar
67% Dec
8% Feb 24
11% Jan
22%
2,300
1,800
13,400
38
Feb
Mar
Sept
*17%
584
13%
13%
13%
13%
1334
13%
13%
3%
3%
3%
3%
3%
3%
3%
31
33
34%
33%
33%
31%
32%
33
32%
124
124% *119% 125
♦119% 125
*119% 125
*119% 125
24
*24% 25
*24%
25
24% *24% 25% *24% 25%
5%
5%
5%
5i
5%
5%
5%
534
5%
5%
43
45
44
4434
45%
43
41%
43
44%
43%
39
3834 40
3934
36% 3834
37%
3934
38%
38%
13
14
14%
14%
14%
14%
13%
14
13%
14%
34%
9
3
17
33
2434
115% Mar
122% Jan
22%
13%
3%
13%
3%
Mar
17
2,900
2
400
3%
Mar
9%
89%
88%
13%
4%
Amer Hawaiian S3 Co
10
American Hide & Leather... 1
6% preferred
34% Dec
5784 Nov
2384 Nov
27
534
21%
21%
61%
13%
3*4
Aug
5
Feb 11
6
Nov
105% Oot
176% Nov
4
1%
60%
13%
2
4
52
135
70% Jan
160% Mar
12% Mar
Jan
2
*56%
63
$6 preferred..
Feb 24
Mar
Jan
55
23% Mar
Apr
114
24% Jan
3% Jan 27
No par
4%
35
Highest
$ per share $ per share
6% Mar
14% July
4
6
100% Jan 3
178% Feb 17
8% Mar 23
American Encaustic Tiling.. 1
Amer European Sees
No par
1,100
4
Mar 22
61
100
Amer & For'n Power
Jan
8
6% Jan 13
8% Mar 24
No par
No par
13%
*29
6% 1st preferred
$7 preferred
1334
14%
116
Lowest
54% Jan
132% Mar
18% Mar 22
American Colortype Co....10
Am Comm'l Alcohol
Corp. .20
American Crystal Sugar
10
4,400
64
124
*6334
167% Mar 3
24% Jan 26
100
43
45
*._—
Preferred
26%
46
*135
Mar 22
4134
31
4214
87
25%
46
*30
25
American Can..
4134
*29%
2414
5%
4312
FeD 16
4134
*105
13i2
13i2
414
293g
33i2
Mar 22
129
41
19
1934
14
43s
*120
41
100
18%
19%
20
18«4
19%
20%
116% *100
115% *100
115% *100
115%
121% *U8i2 120
*117
*117% 120
120
*118
120%
118% 120%
*
*
17%
17%
17% *.—
17% *
17%
17%
7%
7J4
714
7%
7%
7%
7%
7%
7%
*738
7%
85g
8%
8%
8%
8%
8%
8%
8%
8%
884
834
*8%
I
8%
8%
8%
8%
83g
8%
*63
63%
6378
*61%
63%
61%
61%
62%
62%
62%
62%
4
37g
37g
37g
334
3%
334
334
384
3%
9
*6
9
*6
6
6
8
*53g
8
*5%
27g
2%
27g
2%
234
2%
3
234
2%
2%
16
16%
1614
16%
16%
16% 16%
18
18
17%
1734
8
7%
75s
*7%
8
7%
7%
7%
*7%
734
7%
*43
45
14%
13l2
3%
1
Mar 22
American Car & Fdy. .No par
*1314
134
1678
6%
2134
*6212
Corp
pre!
conv
Highest
5
Am Brake Shoe & Fdy.iVo
par
Range for Previous
Year 1938
% per share
2534
14
4%
American Bosch
5}i %
....
714
Lowest
% per share
Par
24%
116
*118
1759
3
3
75
Mar
78%
Dec
18% Nov
114% Nov
17% June
2984
9% Mar
10% Mar
13% Apr
24% Nov
1984 Nov
21% Oct
37
May
19
Sept
35%
15% Mar
30%
55
Tf Called for redemption.
Oct
July
Dec
Oct
AND
HIGH
SALE PRICES—PER
NOT PER CENT
SHARE,
STOCKS
NEW YORK STOCK
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Mar. 18
Mar. 20
Mar. 21
Mar. 22
Mar. 23
Mar. 24
On Basis of
Week
109% 109%
108
109%
54
54
54
£ per share
54
17%
19%
29%
2%
25
634
12%
24%
38
45%
18
17%
18
19l2
27%
28%
18%
27%
17%
2 '2
*2
255g
67«
255s
684
12%
121«
2312
24
*37%
4512
H2
39
46'4
H2
8t2
*734
16
9%
353s
I6I4
34U
35
13%
13%
1014
9%
35U
10i8
*9614 100
55s
6
43i2
44
4
4's
29
24%
13%
15i2
1%
2814
2318
13%
15%
15s
1178
*9%
734
Vs
22%
*22
*2
*24%
6%
12%
23%
*37%
*45%
*8
784
4%
33%
4%
33%
*6%
*38%
80%
17%
578
44
4%
287S
24%
13%
16
134
12%
400
10%
.
9%
34%
15-%
%
8%
10%
1%
*7%
10
10
35
35%
36%
36%
7,700
1,000
16
1634
16%
16%
5,000
934
*35
37%
1334
13
133g
*35%
13%
10%
10-%
*98
4
28%
29
24
14%
15%
1%
14%
16
1%
12%
1%
8%
*22%
3%
8%
22%
3%
10%
97g
3234
15
15
*17
17%
49%
634
14%
17
49
14%
14%
167g
1634
*42
4%
49
42%
17%
11,900
43
4
29-%
6,400
Budd Wheel
2,900
Bulova Watch
29%
23
24
23%
14%
15%
►1%
15%
15%
15%
7%
22
3%
8%
1%
*8
8
7%
8
21%
21%
3%
3%
31%
14%
1634
3%
91
14%
17
16%
Burlington Mills Corp
20
*14%
*49
17%
1
1%
1
1%
9,300
6%
6%
6%
67g
9,600
14%
16%
49
*37%
4%
4%
14%
14
16% -16%
13%
16
32%
6%
*6%
*38%
42%
*38%
*81%
*157g
£3%
42%
84%
17%
3%
32
3%
81
82
*15%
3%
17%
3%
4%
30%
4%
31%
16,400
3,000
*6%
6%
100
*38%. 42%
83%
83%
*157g
17%
"270
3%
600
*
3%
84
85
86
86
82
83
82
84
83
84
121
121
121
*120
121
120
120
120
120
*105
20%
*93%
15%
71
19
3%
*108%
6%
4%
*4%
40%
40%
41
9%
40%
9%
40
*100
108
24
24
*8%
21%
34%
21%
35%
89
89
40
40%
41%
10
10%
40%
10%
40%
102
2434
8%
21%
260
2%
*%
*34
%
78
%
%
%
%
2%
15%
2%
1578
3634
*46%
3634
48%
*%
%
1%
2%
15%
*3434
46%
*%
*1
*1
.
8%
*8%
21%
9%
217g
21%
22
35
36%
35%
36%
89%
88
88
88
*88%
2%
11%
lo
'
3j
7g
%
37%
*2%
15%
*3434
84
2<%j
1534
36%
46%
*45
46%
%.
.
%
*%
1%
*7g
1%
5,
1%
1
78
*7g
*8%
12%
9%
8%
12%
10%
8%
12%
8%
12%
10%
10
834
12%
10%
12%
10%
*27
1
32
27
27
73%
75%
74%
10
10
81
82
*55
62
3%
3%
21
22
*67
74
2634
*76
93
47%
26%
•27%
1,200
1,600
%
900
25g
15
34-%
46%
*45
%
%
2,800
8%
12
9:
40
110,700
10%
10%
*97g
10
83
84
83
83
83
84
*55
62
55
55
*53
62
21%
*68
*21
22%
74
*68
74
27%
*76%
47
27
114% 114%
27%
*26%
2734
93
*7634
93
*43%
49
47%
4834
28%
27%
27%
*131% 135
-
...
30
126
126
*61%
6134
*960
30%
14%
103% 103%
•
31
3%
3%
21
21
21
*67
70
*68
3%
21%
70
45
93
*43%
62
29
29
13%
14
3034
*100
*7
23
*7
23
17
17
17%
16
16%
1634
1634
5
6%
5%
6%
*5%
6%
6%
5%
5%
16%
16%
6%
5%
1534
5%
434
5%
16%
16%
157g
*87%
16%
16
*16
89
*87%
16%
16%
89%
11
11
*11
12
*27
30%
11
*27
30%
*27
30%
7
7%
7
7%
50%
89
*86%
89%
78%
*78
81
78
50%
*86%
78%
7%
87%
50
51
54
54%
*107
5l->
*5
16%
I57g
*15%
87
87%
87
107g
11
29%
157g
*15%
*27
16
110
10%
1034
1%
1%
5634
57
27%
2778
7%
87%
6%
87
78
78
53
55
*107
110
1334
31
14%
"7",400
31%
104%
*7
*17
18
300
1,900
40
23
Mar
88
5278 Jan
26% Mar
13
Clark Equipment
"1,306
Jan
4
4% Mar
47% Jan
4
17% Mar
1234 July
48% Mar
38% Jan
Mar
% Jan 14
%
27%
Jan
Mar
1234
Mar
19% July
3% Mar
13% Nov
Jan 11
25
85% Mar
May
9
35% Mar
MarlO
734 Sept
51
Oct
88% Nov
13%
Jan
84% Mar 24
5
59
Jan
80
Dec
Mar 11
54
Mar
60
Feb
2
Mar
58
MarlO
4% Jan
3
5% Nov
26
69
Feb
4
70
Nov
75
Mar
3
115
Feb
9
106
Apr
115
Aug
111
Jan
24
Feb
23% Jan 26
27%
Oct
30% Nov
Mar 13
67% July
76
Jan
43
1
15% Mar
78
3
Mar 22
10% Mar
29% Mar 10
1
74% Jan 23
Jan
Mar 11
Mar
44
45
Feb
3
60% Jan 5
30% Mar 15
Marl6
Dec
32% Mar
10% Mar
111
Jan
60% Nov
2534 July
129
Nov
5
135
Mar 23
133
Jan
6
105% Mar
14234 Aug
7
62
Mar
2
57% July
976
May
61% Nov
11% Jan 27
10178 Feb
16% Mar
4
104
127% Jan
124
58
Jan
25
Jan 26
102
Mar 21
7% Mar
976
May
17
Nov
104%
Dec
Jan
9
78
May
36% Jan
5
13% Mar
3934
9
87% June
106
Jan
20
June
Oct
107% Nov
29
Feb
5
9% Mar
237g Nov
4
3% Mar
3
4% Mar
834
1134
4% Mar 20
7% Jan
4
4
10
15% Jan 28
15% Jan 28
18% Mar
8
18% Mar
93
100
Columb Br'd Sys Inc cl a.2.50
Class B
2.50
,
Mar 22
23% Jan
7
Apr
13% Mar
8
13
v
t c No par
Jan
3
5334
Apr
t c
No par
10% Mar 23
15% Jan
9
Mar
preferred .No par
26% Jan 26
30% Mar
4
6
25%
Dec
Columbia Gas & Elec..No par
6% Mar 22
9
100
100
74% Jan 3
62% Jan 13
91
conv
v
6% preferred series A
5% preferred
Commercial Credit
10
4M % conv preferred
100
Comm'l Invest Trust..No par
£4.25
a Def. delivery,
Jan
Jan
Jan
£2.75
27,000
27%
2%
9% Jan
*87%
57%
Dec
July
Jan 23
86%
2734
Nov
1%
3
Mar 20
Columbia Plct
55%
27%
47
6
Columbian Carbon
50,600
5,600
3984 Nov
Dec
5
400
23,600
Dec
16
1,800
100
Jan
5% July
1984
100
1,100
5,300
Jan
184
..100
16
5,300
Jan
17g
3% Jan 23
18% Jan 26
68
Feb 10
100
2,100
51%
52%
*106% 109
Jan
1
Dec
%
1
No par
16%
60
Jan
8
33
11
Mar
1%
5%
157g July
Colo Fuel & Iron Corp.No par
11%
{ In receivership,
6
Feb
July
12
Mar 20
4% 2d preferred
27%
67g Mar
Jan
1%
9
5
3
27
No par
360
700
Mar
22
13% Jan
Colgate-Palmolive-Peet No par
6% preferred—.
100
5%
78
Dec
Dec
37%June
% Feb
14% Jan
4% 1st preferred
78
Aug
87g Mar
% Nov
48% Mar 11
Feb 23
Colorado & Southern
50",900
%
2% Sept
387g Mar 14
No par
360
7%
89%
4
2
3% Jan
20% Jan
Mar 22
100
5% conv preferred
Colonial Beacon Oil
89
_
Mar 24
No par
Collins & Alkman
Apr
U
Dec
1% Mar
70
%
Molybdenum..No par
Cluett Peabody & Co.-No par
460
7%
4
4
5
11
3
%
45
5%
29
6
Jan
9
Preferred-..
Oct
Mar
June
Feb 25
2% Mar 20
14% Mar 22
34% Jan 26
Climax
Coca-c ola Co (The)
Class A
Oct
106
33% Nov
1
Jan
Oct
12%
46
May
3% Jan
9% Jan 24
59%
18
1% Jan
54
Apr
3
Jan
Jan 28
79
Jan
67g July
June
11
66% Jan 26
8%
104
94
30
% Mar 22
Jan
5% July
111% Nov
14
July
Mar 21
102
% Jan
42
6%
16%
Aug
3
50
5%
*5
5
3% Mar
% Jan
37g Jan
.100
...5
No par
6%
107g
1%
Bid and asked prices; no sales on this day.
Dec
4
13% Mar
.100
90
27%
6%
12
preferred
11%
*27%
27%
5
3
5% Mar 11
95
Feb 24
Coca-Cola Inter Corp..No par
10%
1%
1,100
200
55
55%
55
52%
53
53%
5334
110% *107
110% *107
110% *107
110%
107g
10%
11
10%
10%
11%
10%
11
1%
1%
1%
1%
1%
1%
1%
1%
54
557g
557g
56%
56%
57%
55%
56
27%
9% Jan
5% Jan
107g Mar 23
Clev Graph Bronze Co (The) .1
Clev & Pitts RR Cj 7% gtd. 50
6134
54%
27%
Apr
10
400
*107
27S4
6
City Investing Co
City Stores
16
51%
49%
50%
50%
51
109% 109% *106% 112
*106% 109
*106% 109
99%
2% Mar 23
.No par
City Ice & Fuel...
*87
80
Mar
6
25
5
10%
29
7
*78
2
Jan
90
Chile Copper Co.
85%
87
78
28
Jan 24
Chrysler Corp
634
7
19% Dec
72% July
Dec
No par
87
10%
*27%
51
*10678 110
*61%
534
6%
6
Dec
Mar
187g
111
% Jan 9
2% Mar 23
% Jan 4
Clev El Ilium £4.50 pf.No par
50
104% *100
6%
17
6
6
16
104% *100
6
16%
5%
17%
5%
6%
87%
27
103% 103% *1027g 104
30
12%
46
86
CCC&StLoulsRyCo5%prefl00
*1000
*1000
19% JaD 4
72% Mar 14
Sept
22% Jan 11
5% Jan 3
Dec
"190
10,900
62
...
1,700
12,600
*124% 126"
13%
13%
102% 102%
500
28
126
62
10
48%
124
62
96
June
Special gtd 4% stock
*132
23
1078
*43%
47%
132
46%
267g
760
93
*77
46
26
2,000
70
132
102
16
*68
46%
*7
87
22%
25
267g
131% 131%
124% 125
102
*16%
21%
*77
24
*5
31
93
103
*5
*3%
25
*43
*8
5%
62
*77
24
6%
84%
*25
~*8~
*._..
934
84%
*53
113% 113% *113% 11434
*26% 28
*25%
26
113% 114
*960
14
31
3%
26% Nov
20
Child* Co
Dec
Mar
July
Jan
22
Chlckasha Cotton Oil
106%
9
9% Mar
10
Jan
82
Jan
8% Jan 13
76
12% June
2% Mar
6
94
Chicago Yellow Cab—.No par
28
62
Aug
700
75
Jan
'July
% Mar 24
*27
Nov
89
Apr
58
.100
75
45
63%
120
6% preferred
1,300
Jan
July
834 Aug
100%
400
5,000
8%
9
4
107% Jan
24% Jan
Jan 27
45
46% Nov
42
98%
4
17g Jan
1% Jan
28
Mar
May
4% Mar
34% Mar
62% Mar
100
12%
10%
10
5
21
29% Mar
9%
*12
12% Mar
37% Apr
Jan
Oct
Mar 11
%
*8
20% Aug
21% July
3
9
3
7% preferred
100
8% May
9
2
100
Aug
2%
IO84
22% Nov
4% Jan
107% July
200
1
7
83
72%
Feb 18
% Jan 16
1
Jan 30
%
%
11
*27
51
Mar
5% Mar
8
$3 conv preferred. ..No par
Pr pf (£2.60) cum dlv No par
{Chic Rock Isl & Paclflo—.100
9%
28
Mar
1
Jan 17
Jan
40% Mar
Chicago Pneumat Tool .No par
12
Mar
15% Mar
z25% Mar
600
12
13
45
Jan 26
400
8%
5
9
8
Preferred
Oct
15% Nov
44% Nov
22
July
24% Jan
19% Jan 26
4,000
300
5
Mar
55
Mar 22
%
24
20
94% Mar
8% Mar 22
37% Jan 27
99% Jan 25
23% Jan 27
% Jan
Jan
July
July
Jan 11
31
3434
8234
3%
1,800
Preferred series A
3%
10
Mar
5
{Chic & East III Ry Co
100
6% preferred
100
{Chicago Great Western. ^100
4% preferred
100
Chicago Mall Order Co...
5
{Chic Mil St P & Pac._No par
5% preferred
..100
{Chicago & North West'n.100
16% Aug
22% July
6
..No par
25
100
Corp
Chesapeake & Ohio Ry
45
10
33
200
Chesapeake
"
1% Mar
2% Mar
122% Mar
Mar 20
1
Certain-Teed Products
3434
*8
12%
6
.19
Dec
4
85
3% Mar 17
Mar 22
Oct
29
9
20% Jan
37g Jan
8
109
Central RR of New Jersey .100
45
7334
3%
22
1
pref.,.100
45%
%
9
*27
Central UlLt4^%
Jan
547g
534
July
6% Mar
3
34% Mar 11
7% Jan 9
42% Feb 17
MarlS
19
Central Foundry Co
35
*1
Feb
89
Oct
100% Nov
7% Dec
39
14% Mar
6% Jan
14% Jan 26
*34
7K
8%
7
17% Jan 26
105% Feb
Oct
13%
13% Mar
_
5
Jan 4
Jan 18
44% Jan 4
z66% Jan 26
*%
2%
1434
%
4
Jan
14%
6
2%
8%
17%
20%
Jan 25
...100
5% preferred
12
2%
15
35%
2%
1434
Jan
42
Central Agulrre assoc.No par
45%
1%
116
41
5% May
16% Mar
17% Jan
19% Mar
3% Jan 23
82
Jan 26
No par
Celotex Corp,
%
*
%
No par
5% preferred
..100
Celanese Corp of Amer.No par
7% prior preferred
.100
%
*%
*1
Preferred
46% Nov
23% Oct
49% Jan 13
17% Mar 18
Caterpillar Tractor
lg
*23g
14%
10
*960
103
2%
11%
71
1334 "14
13%
1384
*102% 10378 *102% I037g
*
234
*%
,2%
11%
76%
...
30%
*2%
14%
3434
Case (J I) Co
Checker Cab
%
27
*131%
126
126% *126% 128
*61%
62%
*61% 6134
30
%
5
1
100
100
Carpenter Steel Co
Carriers & General Corp
300
19,800
2%
10
*133
*1000
%
Carolina Clinch & Ohio Ry 100
300
30
2%
107g Ml%
1
10
14% Nov
3
37
30% Feb 15
6% Jan 28
40% Jan 23
80% Mar 18
Capital AdmlD class A
Jan
Nov
4% Mar
13% Jan
4
No par
Mar
Dec
2%
12
23% Mar
4% Mar 22
39
500
%
7g
Jan
Mar
3
43
9% Jan
15% Mar 22
44
Jan
Dec
15% Mar
15% Feb 28
3
2% Jan 5
9% Mar 23
% Feb 15
6% Mar 18
13% Mar 22
25
.
62
18% Jan
15% Jan 26
48% Mar 1
6% prior preferred
100
Cham Pap & Fib Co 6 % Pf. 100
Common
No par
*3g
11%
*•%
34
30
Cerro de Pasco Copper.No par
850
200
75%
*3%
22% Mar 22
Apr
3% Mar
55% Jan
5% Jan
34% Mar
4% Mar 18
4% Mar 22
88
Jan 12
2, COO
1
Mar 22
Central Violet a Sugar Co..
1,000
*2%
Jan
Century Ribbon Mllls.No par
Preferred..
....100
2%
%
2%
8
75
Mar
400
2%
*%
2%
*%
2%
11%
100
900
89%
88
27
*52
1,000
%
%
76%
*43
49
*%
2%
10
*112% 1143,1 *112% 11434
*26
25
*8-V
9%
35%
78
934
*2434
*88
%
*2%
15%
25
21%
7,
%
11%
*24
8%
2%
11%
*%
2%
11%
24
34
%
2%
11%
%
2%
12
24
21%
2%
%
40
8,800
4134
36%
%
130
1,000
5,600
"4^066
41%
22
3
"7", 700
4134
40%
36
9%
"9",400
101
*90
101
*90
2434
*%
*2%
*2%
40
5,500
10
10%
834
97g
9%
97g
40
40
39
39%
38%
39%
*101% 102% *101% 102% *101% 102%
22
35%
89
%
*•%
2%
102
101
39
2T434
*8%
8%
2134
3434
88%
*90
101
*90
40%
40
*24
%
*%
9%
101% 101%
9%
*2
101
*90
101
*90
Cannon Mills
10% Mar
27% May
5% Mar
57S Mar
3
147g Mar 16
13% Jan 6
37gMar 23
24% Jan 26
6
100
Canadian Pacific Ry
£3 preferred A
100
137g Mar
5% Mar 22
Campbell W & C Fdy.-No par
Canada Dry Ginger Ale
Canada 8ou Ry Co.*
1,900
49%
49
2,400
14%
16%
49
10,600
*37%
49
1
43% Mar 1
19% Jan 19
3% Mar
5% Mar
*16% Mar
Jan 26
Oct
8% Aug
16
40% Aug
1
39
1
4
5
3
37% Aug
10
96
Jan
Feb
1% Mar
Mar
Oct
36%
4%
28
Mar
Jan 20
35
Dec
18
2
Mar
share
52% Dec
14% July
19% Jan
28
Mar 11
9% Mar 22
Calumet & Hecla Cons Cop—6
13%
15%
Mar
per
107
5% Mar
12% Mar
47
31% Jan
10% Feb
60
1
4
1
16% Mar 22
5 <7 conv preferred
6%
Mar
3
Jan
34% Mar 22
Butte Copper &
1
14
9% Mar 18
California Packing....No par
100
4
Jan
7% Mar 22
1
1,000
1% Dec
1% Mar 20
{Bush Term Bldg dep 7 % pf 100
10
1,000
May
16% Mar
8
43
Butler Bros
15
51
15
3
34% Feb
12% Jan 28
6%
*49
June
7% Feb 27
12% Jan 28
1% Mar 22
9% Mar 23
7% Jan 24
19% Jan 28
3% Jan 28
87g Mar 22
29% Jan 26
14% Feb 20
17%
300
1,200
2,800
9
1578 Jan
3178 Jan
39% Jan
1
120
9%
47
48%
47%
49
477g
49%
50
49%
50%
*105
106
106%
10534 *105
106% *105
106% *105% 106% *105
1934
20%
1834
19%
19%
20
20%
19% 20%
20%
21%
*92
96
*92
96
*93
96
*93%
96
96
*93%
96
15
16
15%
16
16%
15%
157s
16%
15%
15%
16
72
72
69
*71
71
*71
72
70
70
71
71%
19
*19
*19%
20
19%
19%
19%
19%
*19%
1934
19%
3%
334
3%
3%
3%
3%
3%
37g
3%
3%
3%
109
110
109
109
*109
110
*109
110
*109
110
110
6
6
*6
6%
6%
6%
*6%
6%
6%
6%
6%
434
434
4%
4%
*4%
434
4%
4%
4%
4%
4%
*4%
5%
4%
4%
4%
4%
4%
4%
434
*4%
484
4834
4,200
•
3%
Jan 12
Burroughs Add Mach..No par
Bush Terminal
Jan
Jan
27
22% Jan 28
30
Zinc
5
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co.....No par
12
22
*119
121
•
2,500
7,000
4,800
1,200
5% preferred
Callahan Zinc Lead
*50
6%
3%
23%
15%
15%
1%
34
9%
33
51
14%
15
17
50%
preferred
Billiard Co
8%
*21%
*3%
9%
31
9%
31
33
7%
9%
15
9%
9%
6
No par
No par
29
620
Jan 23
11% Jan 26
No par
42%
85
17%
*81%
*157g
3%
57g
3?g
29%
Jan 23
24
No par
100
Budd (E G) Mfg
5%
41%
57g
Apr
40
2% Mar
32
2
100
7% preferred......
4
22
*8
16% Jan 12
23% Feb 21
5
Bucyrus-Erle Co..—
41
37g
634
33
*6%
*38%
82
102
4%
32
6%
4%
33
7
1%
*99
4%
31%
43g
34
15
38
13%
82
9
19% Mar 14
21% Mar 10
55% Mar
Jan 24
Highest
£ per share £
£ per share
110
Feb 18
share
Jan 23
12% Jan 30
.
*37%
49%
1%
1
6%
22%
13%
*98
13%
101%
5%
42
4
24
*35
40
39
32
*80
101%
5%
534
4%
29%
*9%
17%
*99
*98
43%
137g
15%
9%
*38%
93g
37%
13%
101%
102
37%
1
*3%
8%
1%
*7%
24
33
*15%
3%
85
1%
1,300
1,500
1%
7%
10
34%
16%
287g
3%
83
17%
*3%
84%
46
45
4
8
7
42%
*119
457g
*44
6%
*6%
200
45
6%
*33
22,600
39
46%
1%
4234
51
4%
25
24%
38%
*96% 101%
57g
6
9934
14%
16%
24%
*37%
23%
*37%
10%
10%
15
17%
*49
123g
23%
1334
37
14
22
22
9,200
373g
45%
51-
15
Borden co (The)
Borg-Warner Corp._
Boston A Maine RR
per
104
Bruns-Balke-Collender. No par
12%
7
Bond Stores Inc
300
1,900
12%
67g
Class B
3,500
7
1234
6%
No par
No par
1
Bon Ami class A
5
..100
Bower Roller Bearing Co—-17
Brewing Corp of America—3
Bridgeport Brass Co...No par
Briggs Manufacturing.No par
Brlggs & Stratton.....No par
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
£6 preferred
No par
Bklyn-Manb Translt_.No par
£6 preferred series A.No pa
Brooklyn Union Gas...No par
Brown Shoe Co
No par
12
6%
1134
*36
15%
*1%
800
37%
367g
167g
*96%
5%
43%
4%
28%
24%
13%
24
23
10%
*35%
16%
12,400
13,800
24
1234
10%
1,300
19%
300
39
37%
54%
17%
2
46%
*1%
16%
54%
17%
2
25
7%
210
19%
28
12%
13g
260
£
Par
Year 1938
Lowest
Highest
Lowest
Shares
108
24%
*23
24%
6%
108
26%
24%
*38
934
*37%
14%
1678
50
24
25%
634
634
1
6%
14%
16%
*37%
25%
$ ;per share
27%
2
267g
*134
27%
9
9
2%
*35%
16%
*35%
13%
10%
15
1
1
*2
26%
8
*31%
6%
19%
29%
8
33%
16
177g
19%
2834
1%
*31%
17%
50%
*17%
8
3%
9%
*17
$ per share
54
1%
3%
934
*15
54
8
3%
9%
*50
S per share
107% 10734 *107% 108
.54%
54%
54%
54%
17%
17%
16%
17%
19%
19%
18-%
19
$ per share
108
108
1939
EXCHANGE
the
£ per share
25,
Range for Previous
1
10O-Share Lots
Range Since Jan.
Sales
far
LOW
Mar.
New York Stock Record—Continued-Page 3
1760
pf ser '35.No par
Commercial Solvents..No par
conv
Commonw'lth &
Sou—No par
£6 preferred series
No par
Commonwealth Edison Co..25
n New stock,
r
Cash sale,
x
81
46
Feb 23
Jan 26
105% Jan 10
19
Nov
35% July
97g
Oct
57
May
83
Oct
8
50
May
70
Oct
Jan
3
23
Mar
109% Mar 20
84
Mar
57
60
110
y
5% Mar
Feb
49% Jan 27
Ex-dlv.
9
Jan
2234 July
22% July
98% July
Mar 14
83
107% JanJl
10% Mar 22
1% Jan 3
45% Jan 3
26% Jan 25
Feb
Mar
Jan
June
Jan
3
Feb 14
31% Mar
90
Jan
597g Nov
108% Nov
64
112%
Nov
Oct
2% Feb
6
1
Mar
12% July
2% Oct
647g Mar
9
25
Mar
5534
13»4 Feb 25
28% Mar 11
Ex-rights.
57g Mar
22% Mar
28
*| Called for redemption.
Oct
Ma
Volume
LOW
AND
New York Stock Record—Continued—Page 4
148
HIGH
SALE
PRICES—PER
Mar. 18
Mar. 20
7
*7
7%
25%
25%
7
*6
*5%
7
21%
22*4
*5%
2234
*6
*7
*7
7%
79
79
*77*4
87 *
87
86%
l*g
1%
1%
*7
7%
25-%
7
2534
*6
6%
*7
24%
*6
22
Range Since Jan. 1
Mar. 23
*5%
7
*5
22
7
*79
80
79
79
86%
*85
87
85
85
7%
*7%
*1%
IO84
10%
31%
32
10%
10%
30%
10534 106
1%
10%
8
8%
*2%
8%
8
8%
*2%
8%
234
*3
234
2%
3
3
3%
13
3
*11%
96%
*96%
13%
17%
17%
17?g
18%
18%
18%
1%
*94%
1%
1%
94%
38%
1%
94%
1%
1%
38% 39
*112% 113% *112
7
73g
7%
32%
2%
33%
2%
27%
23%
53®4
28
32%
2%
27%
23%
23
53*4
63*4
63
♦173
*53%
62%
176
5%
*173
5%
29
5%
30
30
29%
12%
16%
13
13
1734
17%
17%
17%
18%
6,600
Continental Bak Co cl A No par
1%
1%
91%
39%
1%
3,000
92%
800
39%
38%
39%
39% 40
39%
113% *112% 113% *112% 113% *11234 113% *112% 113%
7
7
7%
7%
7%
7%
6%
6-%
73g
33
32
32%
32%
32%
31% 33
31% 32
2%
2%
2%
2%
2%
2%
2%
2%
2%
27
28%
28%
28%
27%
26% 2734
27% 27%
24
24%
24%
24%
23%
23% 23% *22% 23
53
54
53
*53
53%
6334
53%
54%
54%
65
66
64%
65%
6434
05%
64%
64%
63%
4,900
Continental Can Inc
2,000
$4.50 preferred
No par
Continental Diamond Fibre .5
6,000
Continental Insurance...$2.50
*94
1%
91
96
1%
1%
93
91
39
*173
176
*174
176
*174
176
5%
30%
105
30
5%
5%
5%
29%
5%
30%
28%
29%
30
40
*37%
*35
37%
*33
373g
*30
37%
*30
12
12%
12
12%
10%
30%
12%
12%
27%
11%
2834
40
*30
85%
847g
85
85
85
85%
37
38
38%
38%
34%
37
*78%
*47g
334
83
83
83
*79%
85
59
59
5
43
*13%
5
43
534
42
5%
237,
57g
24%
*74
24%
83
*74
*
*49
*5
1934
6
*5
4%
47g
4
4%
59%
14%
5%
4%
4%
42
6%
6%
6%
25%
25%
2434
*74
83
83
*49
20"
20%
5%
20%
*5
5%
334
4
2434
83
*74
75
4%
3934
5%
23%
13%
4%
40%
6
19
1934
*5
6
16%
*1%
1%
*110
16%
6%
6%
1%
119% *116
29%
30%
30
30%
*30
41
41
*40'%
7%
.27%
7
7%
18%
18
17%
119% *116
66%
67%
*124
18%
8%
11
11
.
*113
8%
11%
11%
5%
5%
172
180%
23
23%
32
2%
17g
2%
33%
11%
11%
*2%'
9%
33%
11%
2%
2-%
9*4
'
9%
34%
34
2919
29%
28%
1%
28
*1
31%
32
31%
44
*103% 106
10%
74%
77
85%
1%
>
6%
*1
42
97g
*80
14% Jan
91
4
4
Jan 10
Preferred
19% Mar
6
70
4
Mar,22
6
100
j.
Preferred
No par
1
1
Class A
Cushman's Sons 7% pref.. 100
No par
$8 preferred
preferred
25
(The).l
Dayton Pow & Lt 4^ % pf 100
No par
—20
Preferred
10
Diesel-Wemmer-Gilbert
600
Detroit Edison
1C0
Delaware & Hudson
Delaware Lack & Western..50
100
12
9
21% July
8% Aug
56
Aug
Jan
6
3
3
78
0
Feb
8% Jan
3
6% June
Jan 26
24
Mar
9
102% Jan
1384 May
20
Feb
7
1984 Mar
12»4 Jan 26
18% Jan 26
1584 Mar
9
9
25% Jan
7% Mar
8% Jan
4
4
1% Jan
4
5% Mar 22
84 Feb
7
1734
18
84%
*84%
11%
33
11%
*32%
16
15
14%
31%
8%
11%
11%
15%
32
32
6%
.
69
10,400
6%
8%
12%
*8%
No par
No par
Class A
Doehle? Die Casting Co No par
Dome Mines Ltd
No par
Dominion Stores Ltd...No par
21,400
2,100
1,1.00
127
12
Dixie-Vortex Co
210
2,600
32%
*5%
67%
125
123% 123%
8%
*8%
11% 11%
11
500
33
66%
11
5% pref with warrants-.100
11%
31%
11
Distil Corp-Seagr's Ltd.No par
100
145g
*5%
65%
11
2,200
4,800
86
32%
6%
11
734
1834
11%
67%
A...No par
*7%
11%
32%
Devoe & Raynolds
18%
34%
15%
*5%
122% 124
8
8%
1,080
6% partic preferred...... 25
Diamond T Motor Car Co—2
*85
86
6434
"
2,600
Douglas Aircraft
No par
Dow Chemical Co
No par
11
*10%
500
Dresser
MfgCo
Dunhill International..
No par
1
16%
7,30Q
5%
2,800
Eastern Rolling Mills
170% 171%
170% 173
171% 174
174% 175
*176% 181
*176% 181
*176% 181
180% *176% 181
23
23%
23%
23%
24
23%
23%
23% 23%
2
2
2
2
2%
1%
1%
2%
1%
31
33%
33% 34%
32%
32%
34%
34%
34%
12
11%
12%
1134
11%
11%
12%
11%
11%
2%
*2%
2%
2%
2%
234
*2%
2%
*2%
9%
9%
9%
10
9%
9%
8%
9%
9%
34
32
34%
34%
34%
35
32%
3434 35
30
30
28
29%
2934
30
27%
30% 30%
*28
28%
28%
*28
28%
28%
28%
*28% 29
*1
1
1
1
1%
*1
1%
1%
1%
33
32%
33%
32%
33%
31%
32%
33% 34%
4,500
Eastman Kodak (N
139
117% *116
*110% 115
115
117% *116
5%
15
5%
117
15%
5%
'
116
116
15%
5%
•
43
42
43
42
43
42
*39
42%
105% *104
105%
*103% 106% zl03% 105% *104
10%
10%
10%
10
9%
9%
9%
10%
70
73
*71
71%
70%
70%
*70
73
77%
85
*80
78
80
*81
1%
1%
*3%
3%
*1%
2
1%
1%
1%
1^4
3%
3%
*1%
1%
1%
*
78
80
79
*77
2
2
6%
36
134
13g
*1%
*3%
*1%
24
24%
13%
13%
5%
10
*5%
9%
10
20
1934
203«
5
9
5
5%
9%
1%
1%
35%
23%
36
5%
35%
5%
36%
4%
34%
3534
24%
24
24
23%
24
*23%
13
13
*12%
13
*13
5%
2
5%
*13
143g
*134
1%
4%
5%
*86
88
86
86
*86
90
*86
110
*95
110
*100
110
*95
35
90
*95
110
*96
*96
*96
3%
*2%
*1
3%
2%
1%
22%
22%
4%
*2%
4%
2%
1
1
22%
22%
4%
*234
1
22%
88%
33%
*88
33
*16*4
•
9%
19
1934
19%
*134
*1%
87%
88
32%
3234
32
24%
♦16%
24%
*17
*8434
•
-
—
*86%
100
78%
Dec
884 NOV
2%
323s Jan 11
Mar 22
*81
25
Mar
407g
1%
*1%
1%
3%
*1%
2
87
12%
35%
22%
33%
6%
78%
32% Mar 22
14% Mar 22
30% Jan 28
5
Feb 24
62% Jan 24
114% Feb 3
10
11,400
700
200
10
Duplan Silk
8
135
Mar 22
10
MarlO
Mar 11
9
Jan 16
Jan 3
Jan 6
Jan
Mar 14
Jan
115% Dec
Oct
Oct
334
4%
334
3
234
234
*2%
1
22%
1
1%
*1
21%
22%
22%
*84%
8434
8434
33%
3134
32%
31%
24%
*16%
24%
*1634
90
5
100
...5
J)-No par
.100
6% cum preferred..
111% Jan
142
142
13
Jan 24
3
Electric Boat
800
Elec & Mus Ind Am shares...
29,900
4,300
Electric Power & Light.No par
...No par
$7 preferred
1,800
—No par
$6 preferred
186% Jan
3
183% Feb
27% Mar
3% Jan
38% Mar
5
8
10
4
10
4
0
19
20
15% Jan
3% Mar
12% Jan
41% Jan
Jan 23
Mar 22
Elec Storage Battery..No par
28
Elk Horn Coal Corp—No par
1
Mar 13
3
28
Jan 25
700
130
30,900
1,700
El Paso Natural Gas
—
this day.
184 May
134
300
Exchange Buffet
210
Fairbanks Co 8% pref
634
*24
3,200
Fairbanks Morse A Co.No par
1,100
Fajardo Sug Co of Pr Rico..20
*8614
1%
*2212
*84i2
32%
*1034
2184 Mar
7
33
Apr
94%
Apr
Jan 30
38% Mar
71
Oct
Oct
Jan
Jan
3% Mar 22
1% Jan 23
5% Jan
4
3
5
86
Jan
234 Mar
1%
62
4
Jan
3
5% Mar
8
Dec
884
6%
Oct
64
2% Mar
6
Dec
Jan
Jan
Dec
Oct
"
9
Mar 22
18% Jan 26
I84 Feb 16
458 Mar 22
34% Mar 22
23% Mar 22
12% Jan 24
81
Jan 24
97
Feb 17
13
Jan
3
24% Jan 3
2% Jan 20
6% Feb 27
5
29% Jan 4
16% Mar 4
89% Mar 10
43% Jan
110
Mar 15
6
Jan
6
1%
700
Federal Water Serv A .No par
1,900
Federated Dept Stores. No par
21
300
4 H% pf-100
Fidel Phen Fire Isn N Y..2.50
8484 Mar 22
31'4 Mar 22
35
Co .No par
18% Jan 23
19
Cash sale
2% Mar
6%
80
86 %
r
Nov
234 Nov
297g Nov
45% Nov
111% Dec
10% Oct
23i2
New stock,
35
Feb
1
n
Oct
% Mar
7
1% Jan 19
26% Mar 11
8 984 Feb 0
a Def. delivery.
Jan
14
46% Oct
4184 July
17
100
Fllene's (Wm) Sons
Mar
Dec
Dec
4
27g
2% Jan 26
2,700
6% Mar
22% Mar
36%
15%
Dec
334 Mar 22
24i4
Mar
6
2% Sept
Dec
Federal Screw Works.-No par
32%
13% Mar
25% Dec
5%r uly
1%
Federal Motor Truck._No par
Fed Dept Stores
Mar
1%
100
Preferred
4
*2%
Dec
2
4
MOO
*96
173
Jan
10% Mar
Dec
8% Nov
3
234
50
157
17%
134 Jan
2% Jan
200
8934
110
*95
Federal Light &
Nov
3
5
117g Mar 10
78 .Jan 20
Jan 14
Traction.-.15
$6 preferred—
-100
Federal Min & Smelting Co 100
300
187
1% Jan 23
70
"4"
*13
$ In receivership,
Corp.No par
100
36
243g
14%
3512
121% Mar
79%
500
3,500
118% Deo
Mar 13
4384 Jan
13s Jan 30
3,500
138% Nov
120% Dec
III84 Jan
1334 Nov
3% Mar
72%
100
100
-...50
Cleaner....5
Evans Products Co
5
Ex-Cell-O Corp
3
Dec
Mar
JErle Railroad
Eureka Vacuum
15484
Mar
Equitable Office Bldg. .No par
100
Oct
Jan
90% Mar
13034 Mar
109% Apr
46
1,500
% 1st preferred
4% 2d preferred
Dec
40
3,800
4
12
8
83%
1%
134
1%
19%
Jan
Dec
Dec
Jan 20
100
..No par
8%
8O84
141
115
18
111
Jan
Dec
25% Oct
347g Aug
Mar
900
$6 preferred
8% Mar
Apr
17
35
102
6
36
38% Jan 19
Endlcott-Johnson Corp
50
5% preferred..
IOC zl03% Mar 22
8% Jan 12
Engineers Public Service
1
68
Jan 10
$5 conv preferred
No par
71% Jan 3
$5)4 preferred w w._No par
958
I934
32%
24%
Jan
30% Mar
134 Jan
Mar 20
200
9%
1%
Mar
Feb
38
27% Mar 22
800
4,900
2
Feb 23
8% Mar 22
32
5
4
175% Jan
2
Jan
Jan
8
134Mar 22
26% Jan 24
11% Mar 18
21,600
10,300
MarlO
18% Mar
5% Mar 17
170
5
118% Feb 27
4
20% Jan 26
1934
134
*434
90
27% July
4% June
87%
15684 Jan
121
115% Jan
4
9%
22 34
Mar
5
Jan 25
13034 Jan 20
Eitlngon Schlld
No par
Electric Auto-Lite (The).___5
19%
1%
3%
234
12
Jan
Jan 18
117% Jan 26
Eaton Manufacturing Co
2,100
8934
11
23% Nov
91% Nov
31
12
Jan 26
8,400
5%
100
Mar
Mar
3
115
4
3,900
5>8
4%
35%
24%
143g
5
11
05% June
8% Sept
2884 June
Jan
11% Jan 5
19% Jan 13
10% Feb 24
3%
>
1%
3%
7
78%
*77%
84
*96
*96
4%
Bid and asked prices; no sales on
Nov
Mar
Erie & Pitts RR Co
*5%
Jan
17
25%
76
'
11
*110% 115
146% 148% 148% 150
14434 148%
138
138
*137% 138%! 137% 137%
120
*li9% 121
120
*119% 121
115
3%
*1%
84 Nov
25
Oct
1%
*3%
36
Mar
4
884 July
17% Dec
11% July
111% Dec
25% Feb
123% Feb 25
113% Jan
26
Mar
29% Nov
1
*1%
9%
Mar
4
2
20
Nov
13% Mar
4% Mar
13% Mar
9% Jan
3%
5%
10%
Oct
50
18
4
6% Jan 6
17% Mar 10
111
Dec
83
49% Mar 23
Jan 26
7%
28% Nov
20% Mar
134
20
June
3% Mar
12% Mar
48% Jan
Jan 20
*1%
10
35
Jan
15% Jan 26
7984 Jan 23
10% Jan 30
*3%
19%
4% Mar
7%
18%
7
17%
84%
11%
32%
5%
5
May
24% Jan
Feb 28
17
4
23®4 Jan
JDenv & R G West 6% pf.100
300
109
87
Jan
7% Jan
6% Mar 18
Deere & Co..
58% May
28% Jan
Jan 24
45
Davison Chemical Co
No par
Davega Stores Corp...
5
3
48
18% Jan 26
5% Feb 15
16% Mar 20
Cutler-Hammer Inc,
Mar
3
6% Jan
4% Mar 22
3984 Mar 22
5% Jan 24
2134 Jan 24
74% Jan 6
Curtiss-Wright
3
Jan
16
13% Jan 26
No par
Packing
Curtis Pub Co (The)
448g
94% Jan
13% Feb
6% July
4% Jan
Mar 20
50
Cudahy
5% Mar
92% Nov
05% Jan
334 Jan 28
59
Jan 21
Apr
15% Nov
7%
126%
*1%
5
Mar
4
Jan
Nov
37% Nov
Dec
1%
I84
5
58
4784 Jan
40
42
15%
1%
37% Mar
30-%
5%
85
8
11% Mar 22
84% Mar 20
10% July
4384 Nov
Jan
69
*8%
11%
1%
5% Mar
22% Mar
29
Apr
25% Apr
7% Mar
Jan
14%
79
9
Oct
2034
5%
71
12% Mar
41% Jan 3
40% Feb 28
42%
117% Nov
29% Nov
31%
15%
71
Apr
Jan 16
5%
*77
Mar
21%
3284 Mar 13
15%
10%
Jan
85
9
Oct
5% NOV
44
15%
42
19
3
96
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
*103% 106
3
Jan
Jan
Dec
28% Jan 26
6%
*11
120
Jan
Jan 24
1%
117
X117
38
3l34 Mar
100
.10
Cuba RR 6% preferred
Cuban-American Sugar
Conv 5%
284 Mar
34% Jan 20
6%
6%
*1
1%
114
300
Feb
.
110
Jan 23
33
9
82
13,600
8,500
21%
20%
170% 172
*180% 180%
22
6%
14
*13
14
20%
6% Mar
56
7034
177
40% Mar 23
121
5%
19%
Apr
Apr
Apr
162
100
Preferred
800
*12%
40
z53
No par
139
138% 138%
139% 139%
*1187g 120
119% 119% *119
*116
117% *116.
117% *116
170
32,500
57% Mar 10
66% Mar 10
17684 Jan 6
3% Dec
3584 July
29% Nov
Diamond Match
150
15
2134
2534
Mar
600
68%
146% 147%
15%
60
21%
10
Nov
500
149
15
110
1*109
$5 conv preferred
No par
Crucible Steel of America. .100
100
600
6%
4
Jan 10
June
11% July
36% Nov
31
120
145% 146%
5%
17
6%
3
4
31% Jan
29% Jan
49
116
41%
687g
*114
1,800
..5
36
June
21% Mar
% May
21% Mar
3
172.% Mar 11
3% Jan 26
27% Mar 24
Jan
6
*30%
*40%
*114
120
-
Mar
107
5
7
40%
32%
8%
-
10% Jan
3584 Mar
31
*5%
11%
11%
-
115% Jan 18
234 July
103% July
40%
16%
8%
-
No par
Crown Zellerbach Corp
20
1934
*16
6%
«.
112% Mar 14
6% Mar 22
31% Mar 21
238 Mar 22
1% Mar
65% Mar
30% Mar
*30%
32
11%
83
*5
17
109
24%
24%
24%
4
41%
6%
*11
19%
6
5%
Jan
30%
17%
126
*50%
19%
5%
42%
6
4,800
1,500
36,300
11,000
44
30 %
32
126
49%
5
42%
500
Jan 26
*403*
31%
*4%
-125
126
*74
5
No par
70
14%
3
41%
7%
18%
66%
•
83
*13%
3
31%
17
*16%
6*4
50
1,800
60
Jan
Mar
99% Feb 10
No par
1
2
100
,
27%
11%
34%
32
5
334
3%
60
00
14%
4%
42%
100
22% Mar
1% Jan 27
Jan 26
Jan
27
*11
31%
5
*4
3%
•
Jan 26
984 May
8% Mar
3
27
*327g
*16%
8,100
16
16% Jan
26% Jan 3
8®4 Jan 27
27% Mar 22
Pref ex-warrants
85
12% Jan 20
Jan
26%
11%
11%
*327g
37%
*80
9538 Nov
1734 Oct
26% July
5% convpreferred.-.>...100
pref w w..No par
Jan
Apr
Cream of Wheat ctfs.-.No par
conv
7%
5%
78
Jan 20
$2.25
Nov
7% Oct
IO84 July
9634 Mar 17
Jan 13
Jan 20
Crown Cork & Seal
2% Sept
2% Mar
104
94
61%
Crosley Corp (The)
3
Mar
22
49
.25
7
Mar
Jan 26
Crane Co
Mar
10
21
1
4% Mar
17
88% Apr
2% Mar
6
5
384 Jan
2% Oct
12% Dec
34% Oct
Jan 10
26
Coty Inc
Dec
86% Aug
Mar
15
.5
25
76
Jan
1
MarlO
9% Jan
3% Jan
2% Mar 24
Apr
71
23s Feb 15
11% Feb 28
38
100
55
Oct
884
14% July
26% Nov
10% Nov
27%
34%
11%
17
36%
36%
85
Jan 27
Continental Steel Corp .No par
Com Exch Bank Trust Co.20
__
Feb 27
Mar
107% Mar 6
7% Mar 10
8
Dec
10% Sept
4% Mar
.
35
Mar
Mar
4
5
Jan 24
9
20
Corn Products Refining
Jan
29% Jan 13
10134 Jan 4
5% Jan 16
89
1
9% Aug
2984 Dec
15
2% Jan
12% Mar 10
100
Continental Motors
3% Apr
1
5
26
86
34%
9,900
150
25%
119%
*84
*1084
*3278
86%
12%
86%
100
21
*1
7
7
37%
12
31
25%
114
*40%
18
*30
28%
20%
1
41%
86
373g
27%
25%
116
32
*84
109
1
28
86
6,700
40
6%
116
27%
*30%
2978
*16
1%
*1
1%
*84
*5
17
*15%
*6%
6%
6%
49%
19%
*5
17%
*15%
6%
6%
6%
*100
109% *108% 109%
10934 *105
109% *108
20%
21%
21%
21%
21%
19% 20%
20%
25
25
25
25
24%
24%
24%
*24%
13
14
13
14
*13
I334
13*4
*13%
20
20 7g
20
21%
21%
18%
19% 20%
6
6%
6%
6%
5%
6%
6%
6%
17
*16%
10%
30%
*35%
534
x—No par
Continental Oil of Del
Preferred
37%
334
*59%
*13%
4%
4034
5%
23%
59%
13%
280
5,OOP
*30%
10%
29%
*4%
334
59%
*74
14
*41
42
4
*49%
59%
13%
*49
20%
20%
5
4
1,000
104% 104%
87
3534
20,600
11,700
Class B
8% preferred
176
5%
12
*80
400
98
10,400
23,300
1,100
1,200
2,100
86%
86
377j
*174
5%
11%
12%
36%
176
2734
29%
102% 104
30%
30%
10%
*10%
2834
29%
37%
•37%
*84®4
91%
39%
5%
103% 105
*101% 104
30% 31%
*3034 31%
10
10%
10%
10%
*377g
13%
100
v t c.
7,800
31
4
5% preferred
13%
40
5
12
13%
10%
62%
13»4
5%
Consol Coal Co (Del) v t 0..25
98
28%
*377g
4
300
*96%
10%
*47,
800
98
40
*59
No par
3%
*2%
*10%
*96%
30%
85
1% Feb 27
2%
2%
3
12
10%
29%
*37%
*83
85
88
1
8%
*10%
6% Jan 20
Jan 12
Consol Film Industries
$2 partlc pref-
\ per share
25% Jan 3
8% Feb 28
8234 Jan 11
8%
*234
8
534 Jan 3
I884 Jan 24
Highest
1 per share
6
76
7
3
8% Feb
303g Jan
24% Mar 22
100
Consol Edison of NY ..No par
Lowest
$ per share
100
13%
104
30
No par
6%
12
Range for Previous
Year 1938
Lots
Highest
t per share
7
Mar 18
w w
7% preferred
% prior pref
Consumers P Co$4.50 pfNo par
Container Corp of America. 20
z30
104% 105
1
$5 pi eferred
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
32%
106
*96%
98
13%
96*4
2%
Consol Aircraft Corp
Consolidated Cigar
47,500
1,900
2,600
29,200
32
106
*10%
13
10%
10%
No par
8%
2%
8%
2%
13
1,200
2,400
1%
Conde Nast Pub Inc
Congoleum-Nairn Inc..No par
Congress Cigar
No par
Conn Ry & Ltg 4^ % pref.100
6%
6%
13%
*80
10%
31%
105% 106
105% 105%
6%
13
76%
1%
6%
13%
*70
13g
31%
1%
6%
13%
984
40
6%
96%
*42
40
88
6%
*11%
96%
29%
28%
84
*85%
6%
*11%
96%
34
*75
85%
2%
3%
2%
*3
200
8
84
8%
8%
16,700
23%
23%
*7%
7%
...........
7
*5
7
23%
7%
31%
31%
1%
7
2,900
25
*6
85%
*75
10%
32%
105% 10534
10%
31%
1%
10%
1%
10%
7%
25
7
Par
500
7%
7%
7%
25
*5
23%
7
83
Lowest
Week
*7
23%
On Basis of 100-Share
Shares
*6
7
24%
Mar. 24
$ per share
24%
7
23%
STOCKS
EXCHANGE
$ per share
7%
25%
7
Friday
NEW YORK STOCK
the
CENT
NOT PER
Thursday
$ per share
237g
31%
106% 106%
67g
6%
Mar
$ per share
7%
25%
SHARE,
Wednesday
Mar. 21
$ per share*
$ per share
25%
Tuesday
Sales
for
Monday
Saturday
1761
Mar
* Ex-dlv.
2
Jan 20
y
3% Jan
Ex-rights
MarlO
Mar 17
5% Mar
16
Oct
Apr
25
Dec
10%
1%
3%
19%
22%
6%
07
Mar
Mar
May
May
Mar
Apr
52% Apr
96% Feb
2% Mar
1% Mar
1
Sept
2% Nov
11%
Jan
43
Dec
3584
16%
Oct
Oct
84% Nov
133
Nov
99% May
57g Aug
4% July
2% July
12% Mar
29
077g
90%
Oct
22% Mar
Oct
36% Nov
15
25
Jan
June
5 Called for redemption.
Oct
New York Stock Record—Continued—Page 5
1762
LOW
SALE PRICES—PER
Mar.
HIGH
SHARE.
Sales
Range Since Jan. 1
for
NEW YORK STOCK
On Basit of 100- Share Lott
the
NOT PER CENT
STOCKS
JUT
AND
Mar
Mar
18
.
23
22%
9 per share
22%
23%
22i2
103
43%
25%
43%
43
43%
24%
26
32
32
25%
*2%
*27%
31%
*19
2%
27%
*26%
23
82
*2%
23
23
*38
2
♦I84
2
3%
11%
11%
11
*12
100
5
6%
*16
16%
*47%
3
1%
12
12
*97
100
50
♦47%
50
70
*60
Mai
%
per
24
Shares
.
4,200
2%
50
23
21%
82
22%
1%
*134
3%
*3
10%
11%
11
11
*11
4%
145
5
400
10
4,900
M
2
600
70
20
97g
70
*61
*125
126
125
125
125
125
32
*31
35
33
33
31
31
5%
8%
5%
8%
109
1%
5%
*108
109
21
*91%
1%
1%
1784
31%
23%
94%
1%
1734
32%
18
18
31%
13
32%
23%
13%
14
14
23
*
51
*108
109
91%
*91%
1%
17%
30%
1%
1734
17%
1778
31%
23%
30
31
23
12%
94%
1%
2334
13%
21%
12%
14
14
63%
99%
*98%
24%
634
2434
2134
99%
2334
6%
6%
6%
0%
51
50%
51
51
11%
10%
11%
57%
57%
107„
59%
113s
1934
19%
20
20%
1834
193.1
44%
L\ 3%
44%
4 4%
*44%
4534
44%
44%
3%
2%
*74%
338
3%
3%
3%
238
2%
*74%
2%
77%
2%
74%
3%
2%
20 %
*70%
21
'
2%
2%
80
*74%
20
20%
69%
70%
20%
69%
30%
31%
31
*100
105
4
*100
4
*77
80
77%
2034
70%
32%
105
3%
*75
*60
31%
*101
4
3%
79
Gen Amer Investors
4,600
Gen Am Transportation
3,900
General
$6 preferred
20
700
8,600
1
1
1
1
6
6%
6%
1%
6%
1%
6%
*1%
13s
12%
12%
14%
2934
23%
14%
24%
2534
*1234
13%
*1%
*13%
14%
29%
*23
14%
24%
2534
32%
105%
General Cable
No par
Class A__
No par
7% cum preferred——100
No par
General Cigar Inc
7% preferred
1
HSg
24%
25%
14%
25%
25%
25%
26
99%
24%
6%
13,400
9,000
General Tire & Rubber Co...5
i93g Jan 26
634
663 Mar 20
51%
11%
59%
19%
51%
Gillette Safety Razor..No par
$5 conv preferred
No par
80
75
30
4
4
4
1,600
77
77
77
1
14,400
$6
30
13%
12%
14%
*29%
23%
14%
2234
25%
13%
1
678
3,800
1%
1,200
28%
,
14%
24
*13%
14
15
*14
6%
*1%
1334
13
1%
*14
1534
28%
23%
14%
29%
23%
14%
2434
27%
28%
*23
14%
2478
800
2534
400
1,800
27
27
1,500
139
*137
139
*137
139
138
138
*137
139
*137
139
*36
66
*36
66
*36
66
*36
66
*36
66
*36
66
30
29% .30%
45
29%
35
35
30%
45
29
30
*32
3034
*32
38
30%
*32
32
*32
32
"5,666
38
3178
38
10
18%
18%
18%
1934
zl9%"
18%
1834
19%
19
19%
47,700
II84
11%
11%
211%
19%
11%
1734
1184
11%
1134
12%
12%
2,400
%
%
*34
%
*34
78
1178
*34
12%
%
78
♦34
78
200
12
12
*13
14
*12
*12
14
14
18
*15
18
*15%
31%
*2934
31%
40
*35
40
4
4
384
16
16
*15%
*2934
31%
*334
*15%
*2934
*35
40
*35
*2934
31%
35
35
9
9%
.
9%
17
102
93s
*16
102
*16%
102
3%
18
16%
102
102% 102% *102%
24
25
25% *24
*120% 136
*120% 136
•.
6%
6%
79
*75
3
.3
100
10%
100%
10%
*10984 115
*162% 167
*14%
6884
130
1484
69
130
59
59
106
106
*18%
45%
20
46
105% 105%
8%
12
0334
*32%
13%
*69
*108
9%
12
6%
*76
*2%
-
H84
6834
130
79
*75
79
'79
3%
234
278
278
115
*111
115
*112
115
163
162
w
-
—
4.
162
162
162
1034
1078
115
117
163
163
600
8,600
400
1
110
95
34
Jan
Jan
13
15% Jan
8% Mar
1684 Nov
1684 Jan
14% May
20% Nov
99
99% Feb
Mar
6
98
27% Mar 10
838 Jan
54
Mar
3
Mar 14
1378 Jan 3
66% Mar 11
June
9
46%
61
Mar
Feb
1584 July
37% June
67
July
24% Jan
5
13
Mar
28% Nov
47
7
37
Apr
2% Jan 23
2% Feb 16
61% Jan
3% July
3% Jan
No par
No par
100
r.
70
Jan
4
18i2 Jan 26
56
Jan 26
29
Jan 26
Mar
384 Mar 14
278 Jan 4
79
Mar 13
2484 Jan 4
74% Mar 16
38% Jan 3
10934 Jan 5
I84 Mar
2% Sept
60% Apr
10
85
June
384 Jan 26
5
Jan
3
15% Mar
6934 June
2% Mar
3
80
Mar
3
52% Mar
Jan 26
101
75
Feb
Jan 27
1
pref series...No par
Granite City Steel
No par
IH4 Jan 26
15% Mar
3
8
20
5
10
2484 Jan 27
20
22% Jan 23
1284 Jan 26
preferred
Gt Nor Iron Ore
Prop.No
par
Great Northern pref
100
Great Western Sugar..No par
Preferred
100
Green Bay & West RR
Green fH L) Co Inc
14
Mar 20
2l84 Jan 26
Jan
*3184 Mar 13
24
Jan
7
16% Jan
31% Jan
5
24% Jan 28
139
4
Mar 11
28
135% Jan 13
Mar
1
35
100
1
Greene Cananea Copper..100
24% Jan 26
Greyhound Corp (The).No
534 % preferred
16
32
Jan
142
Dec
50
July
28% Nov
34% Mar
50
June
Dec
Jan
Jan 26
2184 Mar
784 Mar
22
10
llU Jan 27
12% Jan
7%
13
84 Mar 11
1% Jan
par
8% preferred
100
Gulf Mobile & Northern.. 100
preferred
100
Water
...25
7% preferred class A
25
Piinting
10
12
Mar 23
3i2Mar 22
Feb 24
16
Hat Corp of Amer class A... 1
100
w
3
Mar
8
Mar
24
Jan
Mar
28
Jan
6% July
Nov
Jan
24
Apr
Apr
30
Nov
30
35
June
5
Mar
13% Nov
21% Jan
Jan 26
Feb 24
12
.17% Mar 10
9984 Feb 18
102
Jan 26
5
103
Mar 17
Jan 26
32
Jan
23
Mar
4
478 Feb
3
136
Jan 19
71
284 Jan 25
25
Hecker Prod Corp
Helme (G W)___
12
5% Jan
22
31
5
2
Hazel-Atlas Glass Co
18% Feb
Jan
35% Mar
Jan
8% Jan 27
16
100
Oct
184
32
100
preferred
Feb
% Mar
29i2 Jan27
6% preferred
...100
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
6M% preferred w
Hayes Body Corp.."
Oct
13% Mar
5
40
No par
Guantanamo Sugar
July
2438 Dec
15% Nov
30% Dec
32% Mar 14
Jan 21
35
30
Jan
12% Mar
23% Apr
Apr
Oct
2% July
14% Nov
2238 Nov
9% Mar
122
Jan
8%
10% May
19
Apr
20
Dec
2
Mar
Grant (W T)
Dec
6% Nov
Mar
conv
Oct
Dec
7284
2% Mar
7
Dec
108
84 Mar
3
1
Nov
26%
68%
38%
Mar
32
134 Jan
6%
June
27% Nov
11% Feb
Dec
5
Nov
100
Mar
6% June
1% Jan. 3
Hall
July
2% July
26% Oct
41% Nov
7% Jan
6%
Nov
2% July
27% Nov
Mar
1
-
"2^000
101% Apr
1% Dec
12s4 Mar
*85
Sept
5% Jan 27
1% Mar 17
6%
July
978 July
12% JuJy
9884 Mar 20
1
10
Jan 24
25
110
Feb 20
100
159
12
Mar
8884 June
101
Nov
83
June
100
Nov
4
15
Mar
138% Jan 11
7% Mar 10
120
Apr
Jan
Jan
5
Jan
4
4% June
50% Mar
1 % June
7634June
12% Mar 10
5% Mar
Mar 11
79
4%
106
3484 July
140
*784
75
<
6%
111
Dec
Jan
Nov
Oct
Dec
11% Nov
117
Mar 24
81
May
111
Dec
Jan 21
165
Feb 17
140
Jan
161
Dec
14%
1434
1434
1434
*14%
15%
1,100
Hercules Motors
No par
13% Jan 26
17
Jan
5
10
Mar
70
70%
70%
70
70
69%
71
*69
71
2,000
Hercules Powder
No par
6884 Mar 18
86
Jan
3
42'4 Mar
131
131
135% Mar
6
131
131
131
*55%
70%
109
*55
60
*105% 108
*18
20
45%
107
.
9%
12%
108
9%
13
70%
108
6%
60
*105
108
20
*16
20
43%
45
44
44
105% 106% *10534 108
9
9
9
8%
12%
64%
32%
14%
131% 131% *129% 131%
60
60
*54% 60
*105% 108
*18
46%
107%
1234
12%
64
0434
64
30
3134
13
13%
*68%
70%
30%
13%
*68%
107% 107%
67„
6%
7
49%
6%
50
51
49
50%
108
6%
z49
12%
100
9%
1234
64%
3,500
31%
1,400
7,800
70
108
*107
678
4934
6%
50
434
31%
6%
1%
6%
6%
1%
6%
1%
6%
1%
6%
*1%
1434
14%
1434
1434
1%
1%
15%
15%
25
25
43
43%
27
*23
47
*44%
*8%
9
15%
25%
47%
J&
*23
27
on
44%
44%
8%
this day.
preferred
Hershey Chocolate
$4
6%
100
$5
Hollander & Sons (A)
Household Fin
com
5% preferred
100
v
t C..25
5
;
Jan
Jan
Feb
7
Feb 17
68
103% Jan
9
ll%Mar
584 Mar
11% June
15% Jan
104% Jan 12
MarlO
66
36% Mar
17% Jan
9
3
3
109% Mar 16
70% Jan
6% Feb 20
8% Jan
6
Jan 27
55% Mar
9
44
100
5% preferred
100
Hudson Bay Min & Sm Ltd 100
Hudson Motor Car
No par
Hupp Motor Car Corp
1
484 Mar 22
30% Mar 18
6% Mar 22
188 Mar 18
5% Jan 9
35% Jan 10
8% Jan 5
Hllnois
100
14
Mar 22
100
25
100
41
6%
6,000
1%
15
7,100
26,300
28
100
46%
46%
8%
6% preferred series A
Leased lines 4%
RR Sec ctfs series A
70
8%
100
a Def. delivery.
Central
»
New stock,
r
1000
Cash sale.
Sept
17
is4 Jan 20
9,700
Dec
98
12% Jan 26
stk.No par
Oct
105%
Jan
par
12.60
Class B
60
Mar
Jan
.No par
HoudaiUe-Hershey cl A. No
Mar
80
51
12
Mar
Apr
17% Mar
48%
6
Mar
46%
Jan
83%
Jan
Mar
5
23% Mar
Oct
9% July
35% Nov
Mar
5
35
3
Jan 28
49
Ex-rights,
Oct
72% Nov
105% Nov
984 July
53% Jan
Mar
Jan 26
y
Aug
18%
3
% June
4
66
35%
20% Mar
6% Mar
12
Apr
Mar 13
1384 July
25% Jan
May
108
May
4
11% Jan
21% Nov
52% Oct
Aug
118
1
3
8% Feb 23
*Ex-dlv.
102
2% Jan
2034 Jan
Jan
Dec
40
110
10418 Jan 12
6D4 Jan 24
30
Jan 27
100
7
Jan 26
42
Dec
135%
15
MarlO
61
109% Feb
105% Mar 18
7% Jan 26
2
Oct
87
Jan
Jan
Feb
20%
12634
19
18
138 Jan 12
33%
$ In receivership.
No par
Jan 28
54
*10478 Jan 24
100
*4%
32%
9
6
Holly Sugar Corp
7% preferred
Homestake Mining
Houston Oil of Texas
6%
4334
preferred
Mar 18
Hudson & Manhattan
32%
*8
conv
Howe Sound Co
*4
4334
par
130
900
31
*23
No par
preferred....No
4,300
1%
25
conv
2,900
1%
6
100
cum
Hinde & Dauch Paper Co.. 10
Holland Furnace (Del)
10
400
1%
*23
8%
9
Bid and asked prices: no sales
1%
14
69%
50
484
13s
14
108
30%
1434
*24%
*43%
*8%
1,000
2,400
31%
1334
69%
5U
1%
9%
13
64
14
6%
140
64
32%
6%
2,900
30%
*434
31%
634
44%
108%
44%
*106
63s
31
1%
300
Preferred
200
20
1%
1%
140
106% 106%
*1%
1%
100
*16
1%
14%
8%
*76
163
14%
8%
76
*110
14%
*69%
6%
76
900
102
63
6%
20
45
Mar
684 Mar
41
Hamilton Watch Co ...No par
"40
102
*3134
*434
17
102
102
*100
*99% 103% *100
102%
1034
1034
10%
10%
10%
1034
14
30%
*16
102
*103
1,000
63%
6
17
104
*103
Au3
53% Nov
124% Nov
18% Mar 23
F)
preferred.
Hackensack
3
32%
31%
*16
*102
1634
104
*103
Dec
125
1
"20
2,100
10%
3
62%
6%
40
,
10
278
*2%
31%
4834
*138
*35
934
10
64
1%
31
40
9%
79
Jan
5
$3
Nov
Jan
25% Mar
111% Apr
21% Mar
4
60
Mar
44% Mar 18
Graham-Paige Motors
Granby-Consol M S & P
Grand Union (The) Co
100
79
934
684
*2984
500
4%
18
*76
12%
4834
*102
—
*334
*15%
*2984
*35
9%
4%
17%
31%
50%
15%
12
6%
*16
«»
*4
20
14k
25
118
40% Nov
117% Nov
1% Oct
15
*9
*1%
9%
3%
*12
3
22% Mar
IO884 June
% Mar
1434
163
18%
18%
45
45%
105% 105%
109
17
104
33%
14%
70%
109
3%
9%
*103
3%
60
*55%
*105% 108
13%
*68%
4
14
24"
*24% ~2~6~
23% 24%
*23%
24%
24%
*120% 136
*120% 136
*120% 136
*120% 136
6
6
6%
6
6%
6%
6%
6%
6%
*110% 115
163
*1634
*102
-
9834 100%
10%
11%
4834
*484
30%
8%
1%
-
9%
*12
91% Mar 22
Nov
1
Preferred
10
20%
5
Nov
48
60
Gotham Silk Hose
300
3,700
26,700
6
Feb
13*
No par
preferred
preferred..
conv
Jan
Nov
28
108% Apr
27% Mar
32 %
Jan 27
Jan 24
No par
No par
Goodyear Tire & Rubb.No par
200
4
77
Mar
1% Jan 20
28
87
20% Mar
lli2 Feb 10
1312 Jan 27
29
Jan 26
(Adolf)
Goodrich Co (B
5%
110
6
3
Oct
5% July
19% Oct
38% Nov
2u2 Mar 22
"Jan 26
16,600
1,500
28,700
*75
69
conv
136
13% Mar
15% Mar
10
20%
19% 20%
20% 2034
*65
68
66
66
70%
29% 31%
30%
31%
31% 32
103
103% *100
104%
104% *101
2%
43^ %
678 Jan
1078 Jan
1% Jan
53
Glldden Co (The)
9
20% Jan
44
Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
2%
4,300
3
9
125% Mar 11
38
Feb 28
Mar 23
1
No par
2,100
3%
Jan
51% Mar
17% Mar 23
...No par
Brothers
$6 preferred
2%
75%
45%
2%
24%
25%
Mar 22
*98%
23%
Gobel
14%
Mar 22
5
034
3%
*23
31
99%
700
li%
42i2 Jan 26
123% Jan 3
90
Glmbel
5
Jan 27
a-.100
400
Jan 12
1% Jan
Mar 17
2378
1,200
13,800
42% Mar 15
117
Mar
Gen Time Instru Corp .No par
61
6
55
Mar 24
.100
Jan
83
Mar 20
preferred
44%
127
Jan
1
6%
25% Jan 6
130% Mar 20
3
39
1,000
730
584 Mar
72i2 Jan 26
123i2 Feb 2
19
7,600
23%
3
106i2 Jan 11
3%
30
Jan
84 Mar 21
No par
19%
4
114
13%
3%
78.
37% Jan 26
3698 Jan 27
13%
4,500
4
Oct
Sept
102% Dec
59% Dec
11% July
Mar
13%
1134
Dec
9% Nov
•
Mar
No par
:._.l
6% Mar
Apr
2% Mar
115
11
No par
preferred
9
4
35
Gen Railway Signal
$6 preferred
No par
General Refractories...No par
Mar
Mar 13
4% Jan
3
Gen Public Service
6%
11
148
4
812 Mar 23
Gen Realty & Utilities
Mar
4% Mar
Jan
Gen Steel Cast 16 pref.No par
Gen TJieatre Eq Corp.No par
53
July
8%
Mar
29
Jan
1
16 preferred
•
*137
*35
No par
82
5
75
1,400
1
2534
26%
Common
General Printing Ink
7
35
13
6%
15
$5 preferred
No par
Gen Outdoor Adv A...No par
3
9
Mar 18
65
13
1
23%
1438
General Motors Corp
Jan
100% Jan
60% Jan
2584 Jan 28
2178 Jan 28
125% Jan 31
12%
6%
1%
30
100
10
52
4% Mar
Jan
10
11%
18
Mar
July
97
9% Mar
85
Oct
5% July
18
Mar
18
3,400
1,700
61
Mar 13
3%
2% Mar
10
12% Mar 22
1%
18%
31%
2334
1
15
..No par
preferred
Jan 18
3U Mar 22
94%
1%
23%
14%
pref series A.No par
conv
812 Jan 26
134
No par
General Mills
6%
Jan 26
1%
18%
30%
23%
6%
30
16
Jan 26
*91%
1
14
^
1,700
5,400
No par
7
96
50% Jan 27
94%
1%
293.1
2338
«.
..No par
14.50 preferred
Gen Gas & Elec A
4484
*75
3
14
98
20%
6%
14
General Foods
1,800
1
...No par
19
18%
*42
74%
Jan
Mar 22
95% Jan 28
20
138
29%
*23
General Electric
»
1,000
100
*42
4
78%
1%
6%
-
Baking
$8 1st pref erred... ..No par
Bronze
5
200
-
No par
6
6
General
1,500
6
109
1
No par
1,000
834
19%
7134
4
*75
»
3
23
*98%
51
1034
*59%
*108
3
1%
1
14
1%
20
12%
13%
*98%
22%
11%
62%
20%
19
109
1%
19
51
*50
11%
62
3
*108
1%
Jan
Jan
52
700
20
5
4
June
400
1%
2% Jan
Nov
Sept
,
48
31
8%
32
Jan 17
124
*5%
19% Mar
1% Mar
3
19% Nov
31
87S
Jan
Sept
70
534
8%
30
Jan
68
13
11
Nov
5%
25
13
124
19%
9134
23%
7
5134
1084
*59%
8%
2% Mar
Apr
Jan 13
3
31
1%
32%
13%
99%
2434
6%
5%
8%
*5
9
55
I884 Jan
124
*29%
2034
17%
3234
*13
14
"23%
7
1%
*17%
.
13%
*
24%
6%
24
13
14
99%
"23 %
*1%
20%
*91%
20 38
94%
*9134
1%
19
5%
9%
109
*108
13S
*1%
1%
20
6%
.*8%
5%
9
*8%
124
5
91
Jan
109% Nov
29% Oct
15% Mar 20
47i2Mar 22
•
125
Mar
5
60
9%
13%
Mar
5
5284
3%
Mar
11
60
7% Jan
7%
103%
9%
85
5
6
4% Mar 20
5M% conv preferred
27
32
No par
Gannet Co conv $6 pref No par
Jan
4% * Oct
37% Nov
Jan 11
Feb 14
1»4 Feb 23
Dec
Oct
21
Jan
Jan
10% Jan 26
3
31%
39%
3
m
44%
preferred
Gamewell Co (The).
108%
2984
90*4
334
Oct
Nov
43% Nov
Gar Wood Industries Inc
22%
125
1
10
%3
Jan 26
26%
100
2,200
,
*108
Galr Co Inc (Robert)
100
152
19% Mar 22
221$ Mar 24
50
*3
Feb 10
104
Free port Sulphur Co.
10
Highest
Mar
214 Mar 23
42i2 Feb 18
*45%
*678
52%
18
No par
50
*98
5
Francisco Sugar Co
*45%
*634
8
5
80
Gabriel Co (The) cl A..No par
3,200
22
22% 22%
22%
22% 22%
22%
22% 23
23.
2,300
60
*130%
*130%
130% 130% ♦1303s
*130%
39
39
3834
37%
3734
38% 393s
39% 39%
38%
39% 6&400
41
42
40
40 84
40%
4134
4084
39%
40% 42%
4134
42% 15,000
*115% 118
*115% 116% *115% 116% *115% 116% *115% 110% *115% 116%
%
78
78
%
%
%
%
%
%
%
%
»4
1,400
*50
63 84
6334 *50% 6334
6334 *51
*5134 63 34 *50
*50% 6334
81
80
81
71
*80%
81%
80%
80%
81% 82
1,800
81% 81%
125
125
*123
125
100
*125% 126
125% *125% 126
125%
125% 125%
46
46
45%
44%
46%
47%
4634
47%
45%
46%
46%
47% 131,900
22%
*130%
38%
10
Gaylord Container Corp
51%
3% Jan
3538 Jan
25% Mar 22
No par
200
*58
2534
*r.»
3,600
3%
3%
12
*11%
12%
12%
*97% 100
5%
5%
65
13%
«.
....100
16
103%
1
$7 conv preferred
*15
50%
9%
5
F'k'n Slmon<fcColnc7% pf.100
1,400
».
22%
2534
12%
4H % conv pref
Foster-Wheeler
20
2%
12%
*2584
3%
t FollanBbee Brothers.-No par
Machinery Corp
100
Food
1634
*98
Jan
Mar
30
300
50
22%
*134
36
20
23% Mar 22
No par
Florshelm Shoe class AmNo par
25% Mar 9
104% Mar 16
4884 Feb 16
31% Jan 4
Jan 27
No par
..
-
Lowest
$ per share $ per share
17% Jan 16
214 Mar 23
Fllntkote Co (Tbe)
Florence Stove Co
400
«.
Range for Previous
Year 1038
16% Mar
76
Apr
24% Mar
10% Mar
1984 June
15
Apr
1% Mar
99i4 Jan 16
41*4 Jan 12
13,100
140% 146%
3%
3%
13%
13%
*26% 27%
3%
65
70
12%
97%
*2%
*38
19% Jan 27
6% preferred series A—100
*15%
*145
145
2
3%
97%
I684
47% 47%
7
7%
*98
103%
50%
5234
9%
9%
22%
11
5
*15
2%
$ per share
First National Stores...No par
82
50
Firestone Tire & Rubber...10
Highest
$ per share
200
22%
86
Par
3,300
105
*99
2134
3%
5
*60
105
21
Lowest
Week
share
*79%
2%
*97% 100
7
*7
7%
7%
103% *98% 103%
54
5234 6334
53%
9%
9%
9%
9%
*143
162
*145
148
*140% 162
4
3 84
334
*3%
*3%
3%
14
14
13
13%
13%
13%
2584 27%
2634 27%
27% 27%
65
23
*38
86
*134
15% 15%
*47% 50
7%
7%
*98% 103%
52% 53
084
9%
♦98
65
22%
5%
5%
15%
2234
10%
12
13
15%
.
% per share
*99
105
2%
*38
3%
*11%
*97% 100
5
4%
*12
13
*97
234
23%
*134
3%
19%
*80
50
23
23%
3%
3%
2%
2%
50
23
*1%
*99
105
23
*38
11
*2%
82
68
Mai
22
22
23
23
22%
2184
22%
*103
104
*102% 104
*103% 104
4384
43%
44%
43%
43%
44%
25
26
24%
25«4
23% 25%
25%
31
*28
32
*28
*29
32
3134
*18
*18
*18'
19%
19%
19%
19%
2%
2%
*23g
2%
2%
2%
2%
28
27
25% 25% *25%
*26%
27%
86
*38
.
share
44%
23%
22%
2%
2%
30
19%
*82
86
per
Friday
22%
104% 104% *102
22%
21%
*82
31%
*2%
27%
28%
105
♦102
43%
25%
*17%
19%
2%
%
Thursday
104
*103
103
104% 104%
*17%
Mar
Mar. 21
20
.
$ per share
S per share
Wednesday
1939
EXCHANGE
-
Tuesday
Monday
Saturday
25,
23
3%
3% July
10
Jan
234
20%
Dec
35%
Dec
Mar
44
Apr
11%
f Called for redemption.
Oct
Nov
Dec
New York Stock Record—Continued—Page 6
Volume 148
Mar
Monday
Mar .20
18
Mar
$ per share
*6
6*4
24
24%
$ per share
♦6
6%
23%
Tuesday
23%
*6
110
146
150
148% 148% *148%
82
83%
82%
13*4
14%
14%
13%
83%
13%
5
5
6%
♦23%
92*4
3%
10%
♦2%
*21%
*175
5
6*4
6%
24
110
5
57g
37g
7%
*4*4
6*s
6%
83%
14%
5%
24
92
*89
3
3
11%
2%
*22%
11%
3%
11%
11*4
2%
2%
*22% 24%
177% 177%
61
59
61
*162
24%
175
24*4
163
*162
5*4
6
6
3%
7%
4
4
4
7%
*7%
7%
'
7%
Inland Steel
Inspiration Cons Copper
Insuranshares Ctfs Inc..
24
24
24
3,700
1,500
*91%
92
80
5%
334
7%
3
11%
11
2%
11%
1134
2%
21%
*2
2%
21%
21%
179% 179%
58
58%
57%
58*4
162% 162% *162% 163
6
6%
6%
5*4
4
3%
3%
3%
7
7
7%
*7%
21%
178
5%
3%
7%
1,100
8,900
3%
3
700
400
1,100
13,800
178
*92
98
4%
50
4,800
900
44,100
48%
7*4
8
*92
8
7*4
8
8%
12%
11
♦81%
*9*4
*20%
*118%
*77%
11*4
*81%
93
10
;
21
20%
*118%
77%
79
9*4
*92
97
8
98
7%
8%
8%
12%
*81%
*9*4
12
85
9*4
20%
*20
8%
8%
12%
93
10
20%
*118%
77%
77%
88%
77%
*93
88%
49
87%
90
89
128% 128% *126*4 128%
48
48
*48% 53
7%
7%
11%
*82
7%
7*4
8
7*4
12%
12%
*82
87
77b
8%
12%
15
7*4
7%
7*4
8
8
8%
44,400
9,500
8%
12%
3,500
87
87
Internat'l Mining Corp
18
*16%
*10%
18
*17%
11
11
*10%
11
*90
98
*90
98
*90
98
*14%
15
*14%
15%
*14*4
15%
*87
98
*87
98
*87
98
12
12
*16%
*10%
11
*16%
*10%
98
*90
14%
*14
15
*14%
,
.7
Mar 23
46
Jan 26
100
134
Jan 11
98
*87
35%
12%
8%
82*4
35%
11
11
11
8
85%
23%
2%
*3512
23%
2%
16%
21%
16%
21*4
5
5
26%
23%
10%
*18%
26%
16
4%
16%
4%
*23%
2%
*36%
*16%
21%
*4%
26%
23%
*10%
18%
15%
*3%
3012
30%
30%
21
22
21
*115
125
118
4*4
*%
41
23%
10%
21
4*4
4%
%
%
2
2
22%
11%
29*4
48*4
5%
23%
23
11%
11%
0
2
12*4
8*4
8%
84
*81%
36
36%
11%
11%
*23%
*2%
25
2%
8%
85%
36%
11%
11%
*11%
8
23
26
2%
41
*36
41
18
*16%
18%
22%
5%
26%
23%
11%
18%
22%
i
*26
23%
23
5%
27%
17%
16
16
5
*4
31%
21%
4%
4*4
%
%
*1%
2
23%
11*4
22*4
*11
109
22%
22%
49%
15L
152
19
19
49%
49
32
*30
*29%
*128%
5
30%
116
4%.
%
23%
11%
1%
21%
10*4
2
3%
49%
51
49
32
*29%
32
*29%
*128%
24%
39
39
.39
*17
26
39%
17
17
*1612
17%
33*4
*1%
33*4
33%
33%
33%
33%
1%
1%
1%
1%
1%
7
6%
12%
33%
3%
49*4
26%
6%
12%
1%
49%
5%
*33
>
7
11
11
6%
12a4
634
*12
12%
1%
4%
*6%
7
12%
35%
12*4
34%
12
12*4
12%
34%
35%
35%
3%
50%
26%
49%
5%
*99% 100
13
12*4
12%
13%
100% 101
3%
491g
26%
175
49%
5%
*30
1%
4%
7
3%
50
26%
175
49%
5%
35
99%
99%
13
13
12%
13
*100
7
*1*8
434
4%
6%
35
*
6I4
*12
17%
*6
7
12
1%
4*4
*6%
175
*173
*5
*10%
176
*173
16%
*16
29%
28%
*40%
16%
44%
40
-17
45%
*107
107
7*4
7*4
51
49%
3
3%
*3%
49%
4
49%
27
27
*173
177
50%
5%
*30%
99%
*13
13%
24
23
22
152
19
'
1
49%
*29%
*128%
23%
38%
38%
17%
*16%
*32*4
1%
32%
33
1*8
6
6
*10%
*6%
*6
12
*11
63g
12
12
1%
4%
6%
1134
33%
3%
46%
26%
1%
4%
6%
123s
12
34%
3%
48%
27%
49
35
31
31
99%
98
98
133s
13%
12%
13
49*4
5%
12%
Bid and asked prices; no sales on this
6%
*11%
1%
434
6%
3434
177
*173
100
1%
5%
12%
100
day.
*3%
46i2
27%
*173
49%
400
10,700
400
200
34%
22%
500
1
51
52
3%
3%
20% 21
109
*106% 109
22%
227b 22%
153% *151
153%
19
19%
19%
51
49% *49
32
*29% 32
24%
38%
17%
33
1%
6%
12
6%
12*4
i%
4% preferred
100
Kaufmann Dept Stores.....1
5% conv preferred...... 100
Kayser (J) & Co
—5
Kelth-Albee-Orpheum pf—100
Keystone Steel & W Co.No par
10
Kimberly-Clark... ....No
22
par
Kinney (G R) Co—...... 1
$8 preferred—......No par
$5 prior preferred...No par
Kresge (S S) Co...
—10
Kresge Dept Stores—..No par
& Co—...No par
Kroger Grocery A Bak .No par
Laclede Gas Lt Co St Louis 100
Kress (S H)
434
12%
35%
4
47
27*4
177
49%
5%
13%
13%
12%
13
7
170
12%
13
35
3584
10,100
42,100
312
3%
46
46
27%
27%
600
2,000
2,200
*173
177
80
*49
52
1,900
2,100
5%
*33
5%
34
*98% 100
12% 13%
13
13%
102% *100
J In receivership.
102%
»
100
40
2,200
11,300
400
Def. delivery.
Nov
24
Jan
Apr
124
Nov
74% Deo
1312
2078
47s
2518
Jan 11
Jan 28
Jan 25
Jan 28
20*4 Jan
3
Jan 24
25
Jan 26
Series B.
Tobacco—25
—1
Preferred
—
—25
100
Lily Tulip Cup Corp...No par
Lima Locomotive Wks.No par
Link Belt Co..
No par
Liquid Carbonic Corp—No par
.......NO
$6.50 preferred...—No
Loft Inc.—
——No
Lone Star Cement Corp No
Loew's Inc.
par
19*4 Jan 26
113
Jan 24
4% Jan
*2 Jan
leg Mar
2H2Mar
10*8 Jan
27% Jan
par
par
par
Long Bell Lumber
Loose-Wiles
Biscuit
*
Louisville A
Mandel
Copper.—..—.—10
Bros
t Manhattan Ry
1
-—-No par
7% guar.100
24
5
22
22
28
27
Jan 26
5i8 Feb 21
Jan
3
10012 Jan
lOOU Jan
173 Mar
I6I2 Jan
2812 Mar
27
23
39
16
Mar
20
24
23
2
Jan 26
4412 Mar 22
106% Jan 9
714 Mar 22
4912 Mar 22
3
Mar 23
18
Jan 26
105
Jan
6
20*4 Jan 26
147% Jan 3
15*4 Jan 4
48
Jan 23
29*4 Jan 27
124
Feb
2
22i2 Jan 26
26
26
28
24
6I2 Feb 16
37iz
16*4
3018
114
11
Jan
Jan
Jan
Jan
Mar 21
Maracatbo Oil Exploration—1
6% Mar 20
IH4 Jan 23
II4 Feb 20
—6
4% Mar 22
,
Modified 6% guar..;
100
25
Manhattan Shirt.
Marine Midland
Corp
Market St Ry 6% pr pref.100
Marshall Field A Co—.No par
Martin (Glenn L) Co
1
No par
No par
Mathleson Alkali Wks.N0 par
7% preferred
-100
May Department Stores—.10
Maytag Co——No par
S3 preferred w w....No par
$6 1st cum pref.....No par
McCail Corp.—
No par
McCrory Stores Corp
1
6% conv preferred
100
Martin-Parry Corp
Masonite Corp
nNewJStock.
r Cash sale,
6
Feb
2
11*4 Jan 30
267s Mar 17
3*8 Mar 20
46
Mar 24
2614 Mar 20
Mar 13
11
Dec
12
100
12
95
14*4 Mar
IOI4 Mar
Mar
Oct
61
Oct
Feb
Mar
9
22
Mar
12*8 Mar
18
30
Jan
17
Nov
10% Mar
13% Mar
8
3
Mar
8
*8
3
4
178
19*8
67s
1934
23%
Sis
Dec
Mar
Mar
Mar
Mar
Mar
Dec
27*4 Jan 5
12I2 Mar 10
32*4 Mar 13
56*4 Mar 13
6*8 Jan 3
40
Jan 10
25
Mar
14
14
81
Mar
21
157
81% Mar
29
Mar 13
,
33
Mar
99
Dec
*4 Mar
Ills Jan 19
26
6
4
9
Mar
.12% Mar
19
Jan 5
5412 Jan 4
108 Mar 20
4% Jan
2214 Mar
Apr
14% Mar
20U Mar
20
5
Jan
>
Mar
212 Mar
14*4 Mar
109 Mar 1
24*8 Feb 25
92
15312 Jan 28
125
Jan
8
33
Jan
June
13*4 Mar
Apr
12ij Mar
297s Apr
20i2Marl3
58
Jan
Oct
July
31% July
2l6g Nov
8
Mar
4
62
Deo
19%
22%
Mar
65a Jan
*8 Jan
47
35
8% Mar
3% May
Jan
106i2 Mar
10784 Mar
1761s Mar
17*4 Jan
401? Jan
14% Nov
30
July
3%. July
15
95
Jan
Oct
8
Mar 16
5
Jan
7% July
30% Dec
#25*8 Oct
120
Oct
7% July
1% Jan
5% Jan
29
July
14% Nov
35% Oct
58% Nov
9
Jan
37% Nov
102
Dec
103*4
176%
18%
40*4
July
50
Nov
Dec
Nov
Nov
21% July
62% Nov
111% Oct
9
Oct
63%
Oct
5*4 July
23% Nov
107% Dec
21*4 Dec
164
Nov
19% Oct
67% Dec
Mar
32
12512 Jan 27
30*4 Jan 4
4312 Feb 6
1912 Jan 3
3812 Jan 4
1*4 Jan 9
7% Mar ®
116*8 Mar
126
Jan 17
5*4 Mar
2*8 Mar
32%
49%
19%
40%
2%
10%
20%
10%
9
16
16
87b Jan 17
13*s Mar 9
1*4* Jan 7
5*8 Jan 5
8i8 Mar 9
16% Feb 17
3968 Feb 24
5*8 Jan
5712 Jan
3
3
36
4
Jan
Feb 14
52
Mar 11
y
100
15% Mar
212 Mar
3 512 Mar 10
Mar
Jan
1% Mar
12*8 Jan
Feb 15
118
Oct
14%
10%
Mar
19
13% Jan 20
23% Jan 20
18% Mar 9
514 Jan 5
25
Nov
26*8 May
612 Mar
23*4 Feb 26
5% Jan 16
»27% Jan 19
25
91
3
3
Mar
Nov
80
9
19
Dec
16
Apr
4*4 Mar
8
8
4012 Mar
100
63
Jan 11
92
Dec
Dec
10% May
Jan 18
175
t Ex-dlv.
Oct
13% July
24% July
9978 Jan 17
1612 Jan 20
6
Jan
24% July
123
Mar
4418 Jan 26
47s Jan 27
2812 Jan 30
93
Jan 3
11*4 Jan 24
9*4 Jan 26
88
Jan 13
164
6ig Mar
111%
12
27*4 Jan 6
2*4 Mar 24
Feb 15
4
4% conv preferred...
4
4
Jan
Jan 27
17s Jan 26
32
Bryant...——No par
300
*6%
18
83% Nov
12% July
June
44% Mar
3
Jan 27
Lehigh Portland Cement...25
11% Jan
23
73
Mar 22
Lane
4
19% Jan 7
121*4 Jan 20
Jan
Jan 26
14
6%
6%
Mar
113U
5
17
Manatl Sugar Co——
300
Feb
8
16
7914 Mar 16
44*8 Jan
5% preferred..——100
Lambert Co (The).——No par
Louisville Gas A El A ..No par
1,200
8,800
2
Mar 22
900
2,500
Mar
9
Magma
4%
9*4 Jan 27
6i8 Jan 24
338s Jan 26
100
1%
4%
4
Kennecott Copper.—..No par
900
12
Feb
1412 Mar 22
88
Feb 20
80
.......
600
6%
97
Kelsey Hayes Wh'l conv cl A.l
Class B..........
1
Kendall Co 56 pt pf A—No par
17%
33%
1%
*1%
9
Feb
63
7*4 Jan 26
I6i2 Feb 10
874 Feb 1
3,900
12
6
6ig Mar
8212 Mar 14
10*4 Jan 6
207s Mar 20
Mar
Mar
46% Mar
512 Feb
9*8 Jan 19
9*8 Feb 28
14*4 Jan 3
125
June
12
Mar 24
96
Kansas City Southern....100
280
60
28
35*s Jan 21
317b Mar 9
Jan
6
48% Jan
80% Nov
35*4 Jan
35*8 Nov
96% Deo
11*8 Oct
117s Oct
Jan
6,700
7
Feb 10
Mar 18
39%
11
3
8
MarlO
15
a...No par
25
5% preferred.—......100
Lorlllard (P) Co———10
7% preferred--——-100
1,100
8
6
Jan
57% Nov
July
15% Nov
627s Nov
140
1171a Jan 27
200
....
Jan
B No par
4,000
30
367s Mar
132
Oct
Oct
Jan
Kan City PAL pf ser
Liggett A Myers
5,600
6*4 Mar
3
Feb 17
Mar
Oct
July
400
1,600
1,300
55*4 Jan
137
2
78
36
500
1647b
9%
478
117S
130
5
3,900
Mar
8% Mar
Jan
Life Savers Corp....
58,400
Jan
141
Mar
2434
6%
Jan 26
19% Feb
43
800
Deo
70
58
39%
*16%
3234
11
11
Lerner Stores Corp.,—No par
2,300
7,200
Jan
185
49*4 Apr
12% Mar
118
Mar
24
1%
4
77% Jan 9
9% Jan 26
Libbey Owens Ford Gl.No par
Llbby McNeill A Llbby No par
2,600
29
Mar
May
Mar 22
200
1
Mar
48
46
Nashville....100
Mac Andrews A Forbes——10
6% preferred
...No par
Mack Trucks Inc.. J—No par
Macy (R H) Co Inc.. .No par
Madison Sq Garden—No par
*128%
Jan
718 Mar 22
7% Mar 22
600
104
104%
103
106%
176
*173% 176
16% *16
16%
29%
28% 29%
42
40% 40%
16%
16% 17
46
45% 46%
108% *107
108%
8
8%
8%
84
8,800
1,200
38
15
*130
-
122
9,400
1,200
1,300
4,100
1,000
5%
Mar
4
195*4 Mar 13
66*8 Mar 9
1627s Mar 23
8% Jan 5
4*4 Jan 12
8% Jan 6
8
%
1*4
50%
2
Jan 10
5
31
67b Mar
4
Jan
.100
Lehigh Valley RR———50
Lehigh Valley Coal
No par
6% conv preferred.......50
Lehman Corp (The)..—....1
Lehn A Fink Prod Corp..—6
1034
Mar
4
64
Lee Rubber A lire—..-—.-6
2334
June
2
132
160
1*4
Mar
80
4
105
6,700
2,100
23%
1034
*39%
49%
Sis
*37%
15
1
Mar 23
...No par
*%
5%
*3234 35
*98% 100
*100
8,200
,400
1,800
3
*106%
80
278js Jan
1
3
126% Mar 23
...
4%
434
%
2%
22%
10%
30%
51
....
19%
16%
434
21
*20
38%
*16%
50%
5%
102% *100% 102%
32
300
1,700
918 Mar
2812 Jan
931$ Mar
4% Jan
15*4 Jan
Sis Jan
19% 1 Oct
6I4 Nov
97b Nov
341* Nov
98
Apr
5% July
16ig Nov
37g Jan
Preferred—....—.——100
Jones & Laughlin St'l pref.100
Kalamazoo Stove A Fum—10
Johns-Manvllle.
117
33
*20*4
50i2
5%
5%
*37% 38
103% 103%
103
102,
37%
105%
102*4
2212
153%
19%
49%
*49
434
33
21%
48
5%
109
39%
12
30%
48%
*105
*3%
117
*1%
*22%
10%
*30%
11
109
25%
*5
2
22
109
22
22% 22%
*152% 153% *151
19
*19% 20%
16
4*4
*%
%
20
25
*10%
6%
12%
*1%
4*4
3%
*17
15%
*116
4*4
%
17%
31%
21%
21
60
50,600
1,700
10
15%
*334
31%
21
20
38%
*8%
17%
4
20
*128%
25% *25%
*128%
24'
9%
17%
15%
20
19*4
109
19
19
3%
26%
10
*26%
23*4
5
—'
2,500
4,000
23%
5%
26%
24%
9
30
3%
5%
27%
24%
26%
48%
3%
19*4
*5
9
5%
3%
3%
19*4 19*4
*106% 109
22% 23
*151% 152
22%
24%
— —
17
26%
23%
30
30%
*30% 31
47
50%
49% 50
5%
5%
5%
5%
5%
38
*37
37% 37% *37% 38
37%
"102% 105*4 *101% 105% *101% 105% *102
105
105
102
103
103
103
101%
175
*173
173
173
176% 176% *173
*16
*16
17% *16% 17
*16% 17
30
30
30%
29%
30% 30%
31%
40
43
43
40% 41 .
40*4 4034
16
17
17
17
17
16% 17%
44%
46% 46%
4534 46%
45% 46*4
*107
108
108
108
*107
108% 106%
8%
7%
8%
7%
8%
7*4
8%
50
51
50
50%
5034 51*4
49%
30*4
49*4
17
31*4 Jan 7
22U Jan 27
83
500
Nov
2
1912 Mar
.No par
1,000
7,600
...No par
Sept
95
34
Jan 26
100
234
23
..100
Preferred
146
5
54*4 Mar 10
Jan 12
Jan 27
100
26
16%
23%
5%
4
*11%
*22%
2%
2%
preferred...—.....100
Inter Telep & Teleg...No par
Foreign share ctfa
No par
Interstate Dept Stores.No par
7%
Feb
56% June
7ig Mar
3*8 Apr
27s Mar
8
4
29
70
......
8%
85%
3634
1134
23
16
17
36%
International Silver........60
135
Feb
17U Jan
Mar
10% July
30*s Aug
119% Dec
Mar
94*8 Jan
5
Mar
60
4% Mar
186g Mar
214 Mar
28*2 Mar
120
2,100
40
18
*5
*81*4
preferred..........100
4
14*8 Mar
3
14*4 Jan
51*4 Jan
1
20
18
*35
*16%
116
32% 32%
*21%, 22
4*4
40
*35
15%
*116
118
26
40
/ 21%
16
.
*22%
2%
2%
85%
36%
11%
*35
24%
10%
17%
10
*8134
35%
11%
23
*2%
■
*5
7%
5%
International Salt—_No par
International Shoe
No par
6
9*4 Mar 22
36% Mar 22
314 Jan 23
3912 Jan 9
1
1,200
12
8
11%
Inter Paper & Power Co.... 15
,
$6 preferred
Jewel Tea Inc....*;
300
98
11%
7%
7*4
*8134 85%
34*4 35%
IO84. 11%
.1
Island Creek Coal
130
15
*87
8
700
98
11
12%
8%
85%
35%
11%
14%
3U Jan
Intertype Corp
.......
11
*90
98
*90
4
fits Mar 22
300
8
8
98
*87
7*4
77b
17%
7*4
17%
10%
1597b Jan
Int Nickel of Canada—No par
■
126% 126*4
7*4
17%
10%
100
Int Hydro-Elec Sys class A.25
Int Mercantile Marine.No par
......
75
75
76
75
76%
85%
400
9
27
26
20
23
Jan 26
5% conv pref.......... 100
2,300
1,000
Jan 25
52
Internat Rys of Cent Am.. 100
500
23
9H2 Jan
27s Jan
10*4 Jan
2is Mar
216s Mar
Internat'l Harvester...No par
480
8%
9%
19%
19%
*116% 123
9%
*8%
9%
Xl9% 20
*19% 20
*116% 123
*116% 123
*15%
*10%
18%
4iz Jan 14
5*4 Mar 22
Jan 26
680
9%
10
76
7*4
8%
12%
*82
87
34,200
Jan 26
173
22,000
.
119
151
12
Int Business Macblnes.No par
Preferred
96
96
95
95
95*4
83
86%
83% 85%
126% 126% *125% 126*4
50
49
46
*46
46
50
*46%
15
*16
16%
16%
16%
15%
16%
16%
15%
15%
15%
119
*118% 119
*118% 121
*118% 119
*118% 121
*118% 121
87
*126*4 128%
1481s Mar 20
79
Jan 26
Interlake Iron........No par
Preferred...—....*
Jan
Jan
Internat Agricultural..No par
Prior preferred.:.......100
100
9,400
,
8
Highest
% per share $ per share
116
29% Jan
119
6% preferred......
100
Interconti Rubber
No par
3
$ per share
Jan 23
I Interboro Rap Transit...100
Interchemlcal Corp....No par
92
*29%
34%
*26%
10
23% Mar 18
105
1
24
2%
11%
2%
Year 1938
Lowest
Highest
$ per share
6is Jan 27
20
138
38%
No par
3,700
9,800
1,000
48
48% 49
49% 50
47*4 48%
49%
49% 50
*135% 138
*135% 138
*135% 138
*135% 138
*135% 138
11
10
10%
10%
10% 11%
10%
11%
10%
10%
9*4
39*4
36*4 39%
39% 40%
39% 41%
36% 38%
39% 4034
5
5
5
5
5
5
5
5
*4*4
4%
4%
50
48
49
50
*49
48
48
48% 48%
45% 47%
32
*30
*31
32
*31
32
31
33%
31%
31% 32
34%
34%
34% 3484
34% 34%
34%
34% 34% *3384 34%
28
26
26
27% 28% *26
27%
27«4
27%
26% 26%
48%
*135
Ingersoll Rand
No par
6% preferred........—100
*91%
22%
173% 176
6%
4
10
Indian Refining...........10
Industrial Ray on
....No par
92
60%
56*4 58%
163
*162
163
6
100
2,100
1,100
24
2%
10*4
2%
22%
2%
175
59%
Par
Shares
$ per share
6%
6%
$ per share
Lowest
Week
24
Range for Previous
On Basis of
23
92
*3
Mar
Mar .23
Range Since Jan. 1
100-Share Lois
STOCKS
EXCHANGE
*89
6%
24
92
Friday
*6
*6
6%
6%
24
25
25
25
25% 25%
106
106% 107% 104% 105% *104
*146
*146
*148%
81
82% 8312
82%
81% 82
14%
13*4
13*4
12% 13*4
13%
5
5
5
*434
*484
*4*4
684
6*4
6%
6%
6%
534
25%
110
23%
92*4
3%
11%
2%
23%
181%
163
60%
*162
109
22
$ per share
7%
25%
110
83
Mar
$ per share
110
Thursday
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wednesday
21
Sales
for
LOW AND HIGH SALE PRICES—PER
Saturday
1763
6*8 Mar 10
3612 Maf 10
101
Feb 14
17U Jan 20
14% Mar 18
10114 Mar 15
Ex-rlghts.
22
Mar
16
247g Mar
10
Mar
1814 Mar
*4 Mar
.
4&g Mar
1%
4*8
6*8
6%
14%
Mar
Mar
Sept
Deo
Mar
Mar
214 May
25
Mar
19*4 Mar
156
Aug
28ig Mar
3% Mar
16*8 June
Dec
Jan
Nov
Aug
Oct
2*4
7%
16
Nov
Oct
Nov
Jan
Nov
July
Jan
Jan
Aug
147b Nov
37% Deo
7%
61
Oct
Oct
367s Nov
165
Feb
53
Oct
77b Aug
28% Dec
Apr
97
Deo
8*4 Mar
16
Jan
6
Mar
61
Mar
13% Nov
92% Nov
75
1i Called for redemption.
New York Stock Record
1764
Continued
-
Page 7
_
BALE PRICES—PER
AND HIGH
Range Since Jan. 1
Wednesday
Mar. 20
Mar. 22
Mar. 23
Mar. 24
9 per share
9 per share
9 per share
$ per share
Shares
19*4
*8%
20
9%
19%
*8%
55
55%
54*4
12%
12*4
87g
20%
*8*4
20*4
9
19*4
55
56
53%
127g
13%
9
20
9
657g
13
8*4
99*4
10%
9
*8
99*4
107g
80
12%
8%
*94*4
10%
*66%
11
127g
8*4
*94*4
10%
*66
80
*66
80
*94*4
10*4
*66%
*58
67
*58
67
*58
67
*58
64
64
*51
54
55
55
53
95
95
10%
*6
5*8
25h
16»2
1612
24*4
16%
76
*72
9%
*1*
5
*49
5
*50
69
5
*4
*%
*4
12%
12%
1*4
6i2
%
*12%
1*4
6%
*12%
1%
13%
1%
6*8
6%
6
%
%
1*4
13I2
13
1%
6%
%
1%
*12
1*4
6I4
*%
*1%
1312
*13*4
99
99I4
100
%
116
116
*115
120
120
*120
47V 48*4
39i2
35
1414
14i2
1378
14i2
*23*2 "25%
6*4
6
39
39*4
24%
6%
37
*49
61
*12
14
*9112
21*4
94%
21*4
22
2214
11%
11*4
14
14*4
*11312 115
*112
113
6
6
5*4
26%
*15%
13%
5*4
26%
17
14
1%
141
140
20
20
20
*50
74
*51%
3%
U
3%
*10%
23
*22
*70
75
38
38
8%
77
112
22*4
*%
1%
*137g
1%
1434
100%
14
14
400
98%
99
2,900
1%
100
1%
47
48%
39
35%
35
116
115
*38%
35%
39
35%
3534
14%
14%
14
14
14
14%
14%
14%
14%
14%
14%
22%
24%
23%
24
24
24
5%
6*4
"5%
37
57g
38%
57g
38%
12
12
13%
37
*12
12%
57g
Z8
12%
49
49
20
20
20
20
13%
10*4
14
11
14
14%
7
48
48
48
.
'7%
7
'
7%
4,700
103
138
*—
20%
20*4
8%
8%
73%
10%
73
10%
17%
7*4
71%
9%
14%
507g
*51%
*99
101% *99% ioi84
2234
22% 2284 .22% 2284
170
*165% 170
*165% 170
135
*127
135
*127
135
20%
19%
197g •*20
19%
8%
8
77g
8%
8%
71% 7134
73
£71% 72%
10
10% 107g
10%
10%
15
15
15
15
14*4
*50% 54%
607« *50% 53
*51% 74
*51% 74
74
3%
3%
3%
3%
3%
*1034 11%
11
107g
11
22% *22% 24
24% *21
75
*72
80
*75
83
37
*36
38
*37
108
108
*108
109
*108
109
108
38%
108
12
77
112
23%
55*4
17%
8934
11
10%
*31
32
36%
8%
8%
3%
8%
23%
17%
HO
*67g
20
20
20%
*143% 145% *143%
10%
10%
10%
*42% 46
*42%
*19
22
*19
*42%
45
*42%
24
584
3
36
"17%
*7%
17
1784
29%
37*4
29
17%
30%
177g
18
30%
3634
38
38
*4%
11%
31%
45%
12%
5%
11%
32%
47
12%
127*4
150
150
*19%
*115
....
62
3
*.—*
84
84
13%
31
38%
84
*%
11%
3
3
-
—
*115
62
—
:
20%
30
500
16.600
600
8,200
"26
2,400
10,400
5,600
6,300
1,000
300
"2,600
2,300
"""166
300
40
8,500
2,900
76,700
4,200
II,800
9,100
50
180
3%
%
%
100
1134
75
4,100
3,800
1,900
80
76
76
179
179
174
176
178
178
*178
180
1,100
*108
112
111
111
*109
111
109
109
40
*116
3
61%
5%
3
3
137g
14
13
*484
5
12%
*11
31%
45%
1234
32%
46%
1234
126
126
*150
151
*19%
21
*116
62%
534
3
13%
=
=
61%
5%
57g
*19%
151
20
200
32
32
384
20
4
5,100
36%
110
8%
8%
23%
23%
15,100
3,200
35
63
Mar
67
May
119% Jan 17
12034 Mar 17
54% Mar 10
111
Jan
25
Mar
9
1% Dec
Mar
Jan
6
22% May
Mar
8
Mar
Jan
3
7% Jan
3
4
Mar
44% Mar 13
26
Mar
11% Mar
14% Mar
6
9% Apr
64% Mar
3
34*4 Mar
Feb 15
110
9% Jan
51
Jan
5
5
9% Jan 20
25% Jan 4
157g Mar 16
14% Jan 3
28% Mar 11
Jan 17
175
95
Apr
4
Mar
37% Mar
6
Mar
15% Mar
150
Jan
12% Jahl3
2
111
Feb
109
Jan 20
534 Jan 26
Jan
8
4
Sept
12% Mar
11% Sept
106% Mar
105% Mar
Apr
207g July
4
Mar
16*4
27%, Jan
3
2
154
June
Feb
6
127
June
Jan
9% Mar
81% Jan
15% Jan
6
6
3
22
30
27
22
22
507g Mar 22
137*4 Jan
17% Mar
*7% Jan
68% Jan
9% Mar
14% Mar
106
Jan
4
3
Mar 22
10
Jan 21
27%
4
197g Jan 27
73% Mar 14
23
Feb
Dec
30
July
Dec
82
July
Feb
4% Jan 7
11% Feb 8
2484 Mar 14
Mar 22
58
Apr
71
Nov
28
Mar
40
Jan
107% Mar 14
12% Mar 22
110
Jan
6
4
6
4
20
Mar
10
Mar
2184 Nov
7
Mar
23'
38
4
27% Jan 28
32% Jan 14
2% Jan 25
.No par
7
Jan 27
50
111
Jan 17
10% preferred
......50
N Y Lhck A West Ry Co.. 100
IN Y N H A Hartford
100
120
Adjust 4% preferred
100
North American Co.......10
North'n States Pow Co 85 pf. 1
Northwestern Telegraph-..50
Norwaik Tire A Rubber No par
Preferred
50
July
43% Feb 25
384 Feb 28
9
12% Mar
18
2
Jan
6
118% Mar
1
101
Mar
Mar
5% Mar
120
Mar
7
Mar
8
54
1% Jan
4%-Jan
4
1
6
Mar
Mar 17
Jan
5
168
Jan 25
16% Jan 3
89% Mar 2
195% Mar 10
109
Jan 10
111
Marl6
21% Jan 13
55,
Jan 23
1434 Jan 24
26% Feb 27
82
88
Jan
3
Mar 22
102% Jan
4
Feb 24
3% Mar 22
33% Feb 20
Jan
9
1984 Jan
3
57
MarlO
7g Dec
2% Mar
% Jan
4*4 Mar
38
Mar
June
198
Jan
Mar
110
Dec
1334 Mar
45*4 Apr
57g Mar
75
June
6% Mar
107*4 Mar 13
32% Jan 18
4*4 Jan 4
92% Sept
110
104
Jan 23
3
9
83% Apr
Oppenheim Coll A Co..No
4
4
Jan
Mar
3
8
122
9,900
100
100
Otis Steel.
19
Mat 24
140
Jan 13
"4" 900
550
160
317g
4634
32%
4684
12
12
6,900
2,500
2,100
126
128
130
*150
151
10
400
20
Def. delivery.
Dec
Sept
Nov
300
..100
Jan
103
Sept
Jan
Feb
6
No par
Dec
14% July
147s
327g
Jan
6% preferred
93*4
5
Mar
Mar
Jan
Otis Elevator
20
41
20%
112%
8%
27%
143%
20
26% Oct
57% Dec
35
30
10,500
Dec
May
Jan 26
6% Jan 27
90
1% Mar
1234 Mar
,25
Mar 22
par
pr
63% Nov
284 Jan
7% July
1% Jan
16% Dec
133
15
Oliver Farm Equip
434 Jan
1134 Mar
Apr
120
100
4
1434 Jan
Dec
38% Jan
3784 July
*
June
21
....No
48% Nov
110
62
% Feb 17
10>4 Jan 26
74% Mai 24
30
97g Mar
19% July
7
84 Mar 21
10
10834 Nov
Jan 19
Mar
55
3
Jan
99% Apr
No par
Ohio Oil Co
4% Jan
12% Aug
Mar li
4
..100
26
75
23% Jan
preferred—
75
40
Jan 26
IN Y Ontario A Western..100
N Y Shipbldg Corp part stk—1
7% preferred
.....100
Norfolk & Western
100
Feb
2% May
7% Mar
14% June
8
Feb
36
16
Conv
Mar
18
Jan 26
_
5
July
55
Mar 24
..No par
13% Mar
44*4 Mar
12% Sept
31
178% Oct
145% Sept
2884 Nov
9% Oct
8i84 Nov
3
16
Dock.
17% Mar
3
35
preferred..
Oct
Jan
..No par
York
Nov
69% Jan
20
3
Central....No par
N. Y. Chic A St Louis Co-100
6 % preferred series A.. .) 00
NYC Omnibus Corp..No par
5%
30
MarlO
17% Jan
47% Jan
22% Jan
New
Mar
Mar
70
No par
....No par
Nelsner Bros Inc.......
1
N. Y. Air Brake
16% July
115% Nov
113% Oct
107g Oct
6*4 July
Mar
145
,
30% July
3%
3%
17%
11%
16978 F eb
New York
Oct
Nov
20
Jan 14
4 H% conv serial pref.—100
Newberry Co (J 3)....No par
6% pref. series A
100
Newport Industries.
1
Nov
23% Mar 9
26% Jan 6
1284 Mar 3
16% Mar 10
117% Jan 6
113% Mar 3
Jan 23
Natomas Co
14% Dec
28
168%
Jan 26
22
National Tea Co...
Jan
Nov
147g Nov
Mar 21
165
...40
July
Mar 22
10
5H7o prior preferred... 100
6% prior preferred— ...100
54
19
Mar
preferred A
100
preferred B
...100
Nat Mall A St'l Cast Co No par
82 preferred.j.
62% Oct
110% Dec
10% July
94% Nov
2512 Oct
'
Mar 22
National Supply (The) Pa.. 10
Oct
10% May
7
100
National Pow A Lt— ..No par
National Steel Corp..
25
Nov
8% July
64% Jan
15% July
65
157g Mar
preferred.No par
Lead
July
92% Jan 25
167g
7%
6%
Oct
Aug
Nov
Jan 13
Jan 24
National
Dec
19
12
conv.
32
29
1
84.50
54%
38%
40%
2234
17%
12%
Nat Gpysum
......
110
117% Sept
684 Mar
Nat Enam A Stamping. No par
Co.
3% Jan
11% July
2% Jan
3% Jan
20% Nov
7% Mar
8% Mar
Omnibus Corp (The) vtc No par
6% preferred A
...100
7,400
11
a
10
3
Jan
87g Sept
19% May
11
t In receivership,
2% Jan 5
17% Jan 6
111
Mar 22
190
*19%
5
3
8
2,400
484
Jan
par
584
3%
4%
1
5
4
39*4 Jan 19
10% Jan 5
13%
584
147g Jan
2% Jan
6*4 Jan
6is Feb 17
28% Jan 4
18% Jan 10
7% Mar
Mar
1384 Mar
Jan
1934 Nov
111% Sept
10
Nov
29% Nov
147
Nov
No par
10% Mar 18
15
Jan
5
6% Mar
85.50 conv 1st pref..No par
Outboard Marine A Mfg
5
Outlet Co
No par
44% Mar 22
54% Jan
22% Jan
4
6
30% Apr
60
10
22% Aug
45
9
39% Apr
...
Preferred.
100
Owens-Illinois Class C—82.50
Pacific Amer Fisheries Inc
5
—
61%
Feb 15
4% Jan 13
23% Jan 27
15% Jan 27
30
32,000
1
1% Jan
1% July
1734 Jan
11
Nat Dairy Products...No par
7% pref class A
..100
6% preferred series......50
North Amer Aviation— .....1
10%
107% 107%
Jan
% Jan 12
20
1
Northern Central Ry Co...50
Northern Pacific
...100
13
20
5
Biscuit..........10
2,200
47,100
88%
11%
6% Jan 27
1
17%
*3
151
Jan 28
Jan 28
Jan 26
Jan 24
.55%
3
*19%
Mar 22
1634
13
1*150
Jan 26
7
18%
1134
10%
23%
49,200
3
4?g
4%
4%
1134 *11
11%
31% 317g
317g
4534
46% 47%
12
12%
12%
128
125% 126% *126
48
23%
13
*4%
*10%
31%
45%
11%
*150
60
*116
62
Myers (F A E) Bros...No par
5
Nashv Chatt A St Louis.-.100
2234
55%
*87
11% Feb 20
Nash-Kelvlnator Corp
N Y & Harlem
11%
74%
.
Jan 28
Jan 10
200
1,100
Oct
34
10% Mar
Jan 27
13,500
72%
Feb
Dec
Dec
May
Mar
Mar
% Dec
16% Mar 11
52
7% pref class B........100
Nat Dept Store
No par
6% preferred
10
Nat Distillers Prod
No par
8
Mar
%
%
%
10%
1%
4*4
19
National Cylinder Gas Co
130
Mar
30
36
July
4
35
% Jan 31
Jan 26
5% Jan 23
Dee
16*4 Dec
47% July
14»4 Oct
MarlO
54
"
7% Nov
30
.
3
Jan 27
"•""166
23,600
4
Feb 28
6% Jan
13
92
700
85% Jan
112
25
5% pref series A w w__..100
Nat Bond A Share Corp newNo
Nat Cash Register
No par
8,900
115% Mar 14
6*4 Mar
Oct
Nov
67% July
12% Mar
227g Jan
30% Nov
15% June
76
July
Apr 111
92
Oct
49% Jan
100
Nov
Apr £117
37% Mar 13
108
Corp...
4
Jan
26*4 Mar
39
No par
Nat Aviation
29
1584 July
73
May
June
Jan 25
5% preferred.
100
Murray Corp of America...10
National
16% Jan
4
5
3
14
11
Jan 26
13% Mar 22
Mulllns Mfg
National Acme.......
39% Jan
12% Jan
21
-5
....1
Co
Mueller Brass
Mar 13
,
Nov
80
32% Apr
3% Mar
32
Corp..No par
Motor Products
Motor Wheel
95
Jan
34
Nat Bond A Invest Co. No par
*76
64
57g
Montg Ward A Co. Inc.No par
Morrell (J) A Co......No par
Morris & Essex—..—...50
""300
ii84
78%
.
119% Mar 10
44% Jan 26
22
%
62%
*534
Mar 22
Mar
11%
22*4 23%
21*4 22%
22%
227g
*55% 5534
55%
55%
55%
55%
167g
17%
1534 1634
16%
1634
*867g ' 88%
8684
8684 *87
88%
10
107g 11%
10%
10%
10%
107% 107% *107% 107% *107
107%
*31% 32
*31% 32
*31% 32
3*4
3*4
3%
3%
3%
3%
34% 34%
*34% 36%
34% 35
8
8%
8%
8%
8%
8%
21
23
23% 2384
2234 23
preferred.. ...NO par
No par
115
13
*%
*75
%Mar 15
1% Feb 3
7
107g
%
Mar 22
Mar
12
*%
1% Feb
6
163
""40
84
3%
% Jan
% Jan
12% Mar
3
31
26
18
18
100
84
3%
%
%
% Jan
Jan 24
7% cum pref
—
62
62
4,800
12
Bid and asked prices; no sales on this day.
=
127g
3
*284
3%
*234
3%
7%
7
7
*6%
7%
118% *113
118% *113
118%
3
*-,.-
84
3%
*3
•
3
14
126
.35
17%
*115
*58%
*4
*116
62%
634
*13
20
13%
37%
17
16%
28%
35%
K
1284
35%
17
.
62
151
3
13%
37%
16
1784
17% 18
16% 17%
17%
17%
17% 177g
110
*103
111
*103
110% 110
111
*103
111
*67g
7
7%
6%
6%
684
684
*684
7%
20%
19
20% 20%
19% 20
19%
19%
197g
145% *143% 145% 143% 143% *143% 145% *143% 145%
u
11
11
11%
10% 107g
10%
1034
11%
4984 *42% 4934
44% 44% *42% 47
*42% 47
22
19
19
*18
21% *19
21«4 *18
2184
45
*42% 45
*42% 45
*42% 45
*42% 45
*116
62%
5*4
3%
137g
4*t
12
327g
47%
12*4
129
12%
36
7
7%
118% *113
*7
*115
7g
3%
%
16l2
*116
,
62
55%
7
3
7%
*86
24
13*4
38*4
17% 177g
17*4,18%
30% 31
37% 39%
3
....
3
*10%
*21%
13%
38*4
118% *113
22%
16*4 17%
*110% 115
11
24%
280
Jan 16
Mar 22
Murphy Co IG C)
30
Jan 26
13
300
300
Jan 27
Jan 26
Jan 26
Mar 22
Jan 28
Feb
17
4% Mar 22
49% Feb 23
Co class B
1
87 conv preferred...No par
Munslngwear Inc.....No par
400
48
7%
75
3%
*34%
8%
*150
1,500
2,700
Mar 24
96
100
37
3*4
34%
*125%
I,400
2,700
5584 Mar 15
6% Jan 3
28% Jan 9
69
Preferred series b
63,000
Jan 26
10
Monsanto Chemical Co
84.50
"""230
50
110
preferred
No par
JMinn 84Paul & S S M...100
7% preferred..—.....100
4% leased line ctls..—100
Mission Corp
10
Mo-Kan-Texas RR
No par
7% preferred series A...100
J Missouri Pacific—......100
6% conv preferred..—-.100
Mohawk Carpet Mills—..20
300
3934
*39
35%
100
6
8%
13%
20%
107%
Minn Mollne Power lmpt...l
180
116
120% *120
120%
4784 49%
4834 49%
75
32
•
2,300
6%
7g
38
3%
34%
Jt*
1%
6%
*%
38
32
*18%
4,800
6%
7g
*71
107% *106% 107%
12*4
1,700
75
178% 178%
55%
16%
8934
10*4
47
100
1%
6%
%
39
*108
23%
65%
"""170
13%
24
*76
178*4 17834
32%
1%
74
3%
*3%
*%
11%
77
4%
11%
1%
3%
107g
*22%
7%
%
3
1%
*51%
3%
5%
1%
3%
107g
3
11%
13
%
74
*84
*%
62
*%
*13
15%
*._._
11%
7
%
13%
54%
:7g
*23%
*%
*12%
5
58
34
86.50
%
*507g
*115
60
*106
%
5,500
537g
*15
*113
*115
15%
*86%
10%
8g
5
5
*37
3
7%
*108
*%
*%
%
21
14%
11%
27%
*135
*107% 108
*107% 108
127g 13%
13% 13%
38
39
39
38%
167g
17%
167g 17*4
17% 17*4
17% 18
29% 31
29% 30%
36
37%
37% 38
3
*49
5
MarlO
70*4 Jan
Jan 19
4% Mar 22
8% cum 1st pref
...100
Minn-Honeywell Regu.No par
4% conv pref series B... 100
100
*70
.
119
200
12
Mar 11
13% Jan 25
Midland Steel Prod—No par
800
70
Apr
6*4 Mar
65
Apr
24
Mld-Contlnent Petroleum.. 10
70
Mar 18
637g Oct
26% Jan
11% Nov
Mar
49
...5
Miami Copper.
95
9% Jan 17
5
2,700
5
68
.......1
60
Mesta Machine Co
35% Mar
13% May
MarlO
51
Merch A M'n Trans Co No par
4,600
116
527g
%
%
.
Mengel Co (The)
5% conv 1st pref
Highest
f per share $ per share
10
Jan
20% Nov
7
Mar
12% July
10
7% Jan 13
88
Jan 27
6% conv preferred
-100
Mead Corp
No par
86 preferred series A.No par
95.50 pref ser B w w.No par
Melville Shoe
No par
3,200
70
50%
7%
7%
20%
14%
11%
600
*110
47g
*48%
♦%
*%
*38%
*12
*49
8
73
10*4
14%
517g
72*4
10%
147g
53
*84
1434
25%
109% 109%
14%
*24%
24
109
115
13
20%
7%
72%
10%
14%
61%
140
77«
72*4
10%
147g
*517g
60
35%
*93g
120
*12
21
*140
*2*4
*6%
50
420
71
120
100
105
104% 104% *103
22
22% 23
22*4 23%
22% 2278
*164
170
*164
*160
170
*163% 170
*113
2,700
16%
35%
984
110
120
105
*21%
47g
13
37
14%
*101
3%
10*4
5
25%
6%
13
39
7%
14
11
47g
2,100
20,400
147«
25*4
"""500
70
98% 100%
67g
3,000
110
50
*%
25
70
11
11
*1034 .11
107g 11%
26
26
26%
26% 27%
267g 27%
25% 25%
'166*4 170
*166*4 170
*16684 170
*166*4 170
*16634 170
13
13
*13
15
14
14
*12*4 14
*12% 14
*92
94% *92
94%
94% *92
94lg *92
94% *92
*21% 23
*21% 23
*21% 23
*21% 23%
*21% 23
22
19
20% 21%
22*4
20%
21% 2284
20%
20%
11
11
11
*10% 11
11% 11%
*10%
11
11%
14%
15
147g
15%
14%
15
14% 147g
14% 14%
115
114% 114% rll5
*113% 115
*113% 115
*113% 115
112
*111
112
113
112
112
113
113
113
113%
6
6
6
6
6
6
6%
6%
6%
6%
6%
5%
*5*4
6
5*4
5*4
*6%
5%
*5%
6
267g 28%
27% ,2784
26% 27
26% 26*4
267g 27%
15% *12
15%
15%
15% *13
*15%
16
*15% 17
1334
14%
13*4
14%
14% 14%
13%
137g
13%
137g
20*4
10*4
McKeesport Tin Plate.....10
McLellan Stores
1
12% Mar 22
2.600
19,200
14
25
108
3,700
53%
24
"
Jan 27
50
52%
*16%
22% Jan 21
10*4 Jan 5
59% Mar 10
18% Jan 3
7
878 Jan 30
I884 Jan
1
Mclntyre Porcupine Mines..£
7%
*1884, 24
13% 14%
*20
*166*4 171
23%
13
1%
39
49*4
7%
19%
7i2
7%
25
16%
35%
9%
14%
34%
9%
14*4
Eleo Co—*
McGraw-Hill Pub Co.-No par
80
66%
*58
5
McGraw
Highest
9 per share
"moo
62
*59
62
*57% 59*4 *57*4 62
57*4 57*4 *58
109%
109% *108
109% *108
109% *108
108% 109% *108
7
7%
6%
67g
6%
684
7
67g
7
67g
6978 5978
109% 109i2
6%
6*4
*47
4%
*24%
*16%
*34%
9%
14%
5
24%
115
5*4
13%
55
115
25
38
*12
13
*12
34%
14%
147g
14%
14%
24%
6%
14%
137g
'
*52
120%
50%
39%
35%
14%
15
*39
39%
34%
34
*66%
117
49%
50
48%
*38
*38
*3414
,
1%
1%
1434 14*4
100% 101%
120
10%
80
66%
%
*%
117
10%
*58
%
84
120
10%
*66%
*%
*%
%
*9434
Lowest
Lowest
9 per share
Par
884
9934
10%
884
9984
*9434
100-Share Lots
13%
8%
99*4
10%
80
111%
4*4
*%
**8
117
13
*48%
%
14%
13
8%
527g
%
100
12%
8%
1,800
9
56
71
110
*%
1%
*8
5i>
24%
107% 108
*%
*%
8%
54*4
22%
76
*75
111% 111%
53
47g
5
54
*8
5%
9
14%
20%
20%
20%
*8
54
16%
34%
24*4 25
110*4 110*4
74%
4%
9%
19*4
9
54%
13%
53
24%
15
20%
66%
*16
35
15
11112 111*2 *111% 116
47g
*4814
*14
*I4
16%
35
9%
14%
114
*73
5%
25%
*16
16%
35%
97g
1434
24
24%
112% 115
9%
14!%
24%
114
25
*34%
34*4
9
14%
2312
5%
24*4
5%
5%
25%
34*4
On Basis of
Week
$ per share
Friday
Thursday
Rangejor Previous
Year 1938
EXCHANGE
Tuesday
Mar, 21
Monday
9 per share
8%
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Sales
for
LOW
Saturday
Mar, IS
Mar. 25, 1939
Pacific
Coast
10
1st preferred...
2d preferred...
No par
No par
19
Mar 22
40% Jan 24
114% Jan 26
12
5% Jan 27
60
Jan
3
Jan 13
12% Jan 26
4% Mar 18
10% Feb 17
Jan
114% Jan 26
115
Apr
Jan
3
40
Mar
7% Mar
37g Jan
2
3
70
16
Jan
5
5% Dec
2% Mar
10% Mar
6
Jan
4
3*4 Mar
1284 Mar 14
3484 Mar 10
9% Mar
£22*4 Mar
32% Mar
9% Mar
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
Pacific Ltg Corp..
No par
28
41% Jan 30
49
Paclf c Mills..
11% Feb 23
14% Mar 11
No par
Pacific Telep A Teleg
iOO
6% preferred
100
Pao Tin Corp (sp stk)_No par
n New stock.
r
Cash sale.
t
Jan 13
MarlO
131
Mar 16
>
Jan 30
151
Feb 20
£20
Max 16
257g
121
14
Jan
Ex-dlv.
y
5
Mar
Ex-rights.
Jan
7
87
Apr
£132% Mar
17% Dec
15% Nov
Nov
62
Oct
115
Apr
76% Nov
11% Jan
5% Jan
21% Nov
9% July
15% July
30
Nov
F
43^8 Dec ft
197g July
121
Dec
149
Nov
30
June
^Called for redemption.
Volume
New York Stock Record-Continued—Page 8
148
1765
AND
SALE
HIGH
PRICES—PER
SHARE,
Range Since Jan. 1
On Basis of 100-Share Lota
Sales
CENT
NOT PER
STOCKS
NEW YORK STOCK
LOW
Monday
Tuesday
Wednesday
Thursday
Friday
the
Mar. 18
Mar. 20
Mar. 21
Mar. 22
Mar. 23
Mar. 24
Week
$ per share
$ per share
$ per share
S per share
S per share
$ per share
Shares
10U
37g
1418
6I4
lOU
334
13 5s
6i4
*10i4
334
1334
♦lOU
334
13i2
10i2
37S
14
*6
*6
7
1
1
1
1
54
53
54
*100l2 103
9i,t
*10012 103
934
*92
93g
96
10i8
92
912
97g
*92
10%
10
2U2
20l2
178
*20
178
IOI4
2112
17S
413s
4158
41
4214
16
16
16
16
2
2
2' 8
712
8
10i2
734
1038
53
50%
83
*20
IOI4
5U2
82i2
978
*103s
5012
8434
*50
84
8434
*1
1%
*1
1%
4
378
*15l8
16i2
*25%
*15is
*123
'
You
*114
35"
3412
3
*2%
16i2
14%
32
32
33
28
28
2734
18i2
1812
*18%
9
878
'
734
7*4
37l2
37
4478
*40
*
3%
*2
92
1,700
1,100
21,900
778
38%
*
82% *„
"*134
178
2
*3%
378
*3%
378
*3%
%
38
3g
%
38
*%
91
93
9334
*3138
40
38%
39%
3%
37%
*234
38%
3%
47
44%
44%
77S
3814
*234
*4414
7?s
7%
734
24%
243g
24%
24%
*24
25%
40
*35
40
3778
*234
3%
47
*7
2414
40
*35
♦
115
■
*
115
"*§14
6
*35
40
19
*16
18
6
*5
6
67
*1578
5
67
*60%
*6012
*170
*170
*170
"678
*10
,
40
♦
37%
75s
*
6
*60%
67
*60%
67
*60%
67
-
»
36is
*170
36%
-»
6%
*170
-
10
35
....
35
35
*32%
39
80
17%
18
90
18
18
*15%
17%
*17
17%
27
27
26
27
*26
30
12
12
12
12%
10%
1134
38
*%
%
9
*8
12's
'
'
*15s
2i8
10
*912
10
*29
307s
56%
2i8
9
2058
87g
*8
1234
2%
1134
*1%
20
12
*15s
178
2
•*%
%
*3g
34
9%
97g
93s
97g
11
*934
11
*9
10%
9%
9%
*295g
33
27
27
*28
56i2
57
56%
57
5634
561.1
1127g 113
*%
32
5634
i378
15
137g
*1U2
13
143s
12
12
*lll2
12l2
*18
2is
1978
2
*18
*12
1278
12
■
65
2i8
2%
1934
*19i4
12i8
*18ig
12
*18's
1438
*4
*54
*10
79
300
1478
15
15%
13
*12%
7
64
*18
12
11%
9i2
*18
19
11%
22
*22
24
21%
4%
219%
19%
4
4
70
*53
70
8
*10
11
*22
11
.
...
11%
1,700
19%
500
15
1,300
21%
300
*53
*7
*7%
8
11
*10
1334
"Too
Marl6
H6I2 Mar 14
Jan 26
405s Feb 6
314 Jan 24
1338
234 Feb 23
.
1334
400
6,800
1%
183g
30
Mar
43
Nov
Jan
7
86
Feb 16
60
Nov
6
178 Feb 14
Apr
Apr
74
1®8 Feb
3
Nbv
Feb 27
384 Jan 23
75
3
Phlla & Read C & J
14
No par
Philip Morris <fc Co Ltd
10
5%
A--_ 100
conv prof series
rblillps Jones Corp.
7%
—
Petroleum
103i2Mar
3
154
Mar
1
Mai 23
7
Jan
4
3
3212 Mar 23
37i« Jan 26
100
Hosiery
No par
2i2 Jan
5
Preferred
Plllsbury Flour
100
Mills
25
Pirelli Co of Italy "Am shares"
Pitts C C & St L RR Co. —100
9
$5
6%
7%
No par
No par
preferred
5% conv preferred
Purity Bakeries.
100
100
8%
No par
Quaker Stato Oil Ref Corp.. 10
Radio Corp of Amer.-.No par
60
4%
50
—50
1st preferred
4% 2d preferred
Silk Hosiery
—5
Real
100
Preferred
Co 1st pref. 100
Reliable Stores
Corp.—No par
Reliance Mfg Co
.10
42
Jan 14
20i2 Apr
lli2 Apr
62
Aug
6
30
July
23
45
1584 Jan
3
6
14
Jan
,
11% Jan 30|
15g Jan 26
3s Feb 6
9i8 Mar 22
912 Mar 23
27
Mar-22
z5358 Jan 24
112
Mar 15
3134 Jan
10378 Jan
9
4
115
*57
65
*57
62
14i2
1478
14i2
6OI4
*57
15
14i2
60%
64
*57
15%
100
14%
60
*57
65
14
19%
*54
6334
*57
64%
14
1434
1434
35
*24
33
*25
1478
35
3,100
Republic Steei Corp...No par
6% conv preferred
100
6 % conv prior pref ser A. 100
Revere Copper & Brass
6
Class A
10
37
*27
36
37
*26
*70
76
*70
75
*70
75
*70
75
*70%
75
*70%
75
7%
*51
55
*51
55
*51
55
*51
54
*51
54
*51
54
5\i%
103s
*10l4
10%
*28
10%
107g
86
*83
7i2
7l2
385s
387s
55
*53
10ig
*83
7
3858
*53
*28
83
712
387g
83
7*2
38%
86
387g
*53
55
734
10
10%
Reynolds Metals Co...No par
100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
7%
38%
7%
7%
7%
7%
734
4,900
3834
383g
3834
38%
3834
9,000
*82
*53
55
*82%
*53
55
preferred
1,900
10%
82%
86
100
100
preferred
200
10%
9%
82%
*53
55
934
......
86
5H% conv preferred
Common
55
....
10
8i2
834
8i2
834
834
878
8%
9U
8
8is
*734
9%
*734
15G
27i4
27U
*78
U4
3912
40
145s
*25
*78
39
8%
9%
Jan 23
8858 Mar
9
2158 May
8U May
Apr
39f2 Nov
83
81
98I4
75
Jan 26
8U2 Jan
3
74i2 June
88i2 July
30
Mar 24
884 Jan 24
10«4 Jan 26
12
Jan 21
6>4 Jan 26
I6I4 Mar 11
13
Mar 11
8f2 Jan
4
Oct
3714 Mar
0078
Deo
Marl8
278 Jan
22% Jan
I84 Sept
63s
Jan
2
18% Jan 25
11
Mar 22
17
1434 June
Jan
Jan
25f2 Jan
18
30's
Jan
2H2Mar 13
Sis Feb 11
1314 June
284 Mar
27i2 Jan
0i8 July
Mar 20
3414 Mar
58
July
Apr
11
Jan
Jan 18
7
Jan 24
7l2 Mar 23
10
Mar 22
U8 Mar 21
18
Jan 26
60
Feb
3
54
914 Jan
6
934 Jan 6
113S Jan 12
17i8 Jan 5
75i2 Mar 15
72
Mar 15
I84 Jan
6
234
*214
234
*2%
2%
*5
9
*5
9
*5
9
*5
9
*5
34i2
33U
92
*135s
1
•
16
110
*14
110
16%
34%
92
92
111
111
3334
3412
97
33i2
*92
*10534 10712 *10534 10712
92
10434 10534
70
Jan
1U4 May
39i2 Mar
71
Jan
38
253s Jan
Mar 22
20U Jan
778 Mar
5
4018 Jan
17U Mar
65
Apr
3812 Dec
45
Dec
64i2
Jan
10
8ept
1734
Jan
Sept
Jan
76
Feb 17
77% Mar 15
4
938 Mar 22
4
85
Jan 18
54
5012 Jan
7834 Jan
7
Mar 20
1434 Jan
4
Mar 13
113s Jan
6
3712 Feb 20
45
Jan
4
8
58
Jan 31
Mar
this day.
*14%
Jan
Aug
5
Mar
12% July
46i2
Jan
68i2 Jan
8i2 Jan
978 Nov
*34
1
100
8%
24
38%
39
3,700
%
*%
58
600
1%
1%
500
4
1%
*2%
9
*5
9
,
3234
92
110
8% Mar 22
5D4
5
64
94
Jan
?8
103
14
Bid and asked prices: no sales on
,
92
111
7712 Dec
458 Mar
3384 Mar
85
13i2 July
2084 Jan
103
14
77i2 Nov
195s Oct
Jan 26
14
33i2
33
*110
Oct
2558 Nov
7814 Nov
58
40
May
Dec
Nov
358
13
93
16
Dec
09
34
30
110
1
176s July
78
23
102% 103
*14
95s Mar
49i2 May
40
Apr
Ruberold C
*86
no
32
June
700
*%
1%
*2%
9
118s July
13f2 July
25
58
*%
*1%
2%
5i2 Mar
712 Apr
14% Mar
1%
38%
%
5
10i8 Jan
40
1%
234
Mar
IOI4 Jan
9i2 Jan
*84
39%
40
Mar
7% Jan 17
78
3934
*%
Jan
Jan
22
17*4 Jan 26
8
July
103s June
8ig May
18
23% Jan
1838 Jan
47i8 Feb
24
2412
29%
18l2Mar 22
14U Mar 23
22
Mar 21
4
Jan
13i2 Jan 25
23
*1%
Oct
6778 Jan
No par
25
3934
9i8
80
615a Jan 27
Roan Antelope Copper Mines.
25
58
June
6OI4
Rltter
*13%
138
9
4®4 Mar
Jan
15% Nov
I6I4 Jan
300
15%
39
Mar
400
26%
1%
13s
7
13i2 July
13,600
*14%
*l2
Dec
Sept
117
734
*25
%
1%
%
Nov
152is
884
145s
114
*2i2
134
15%
27
78
3512 Jan
105i2 Oct
11884 Nov
7%
15%
24%
*78
12214 May
Mar
*14%
834
734
15
ll4
Nov
25
11714 Jan 19
393a Jan 4
IU4 Jan 3
7
Oct
69
114
734
83g
*14
14l2 Dec
4212 Dec
Jan
Rhine Westphalia Elec A Pow.
*8i8
*145s
4i2 Mar
1384 Mar
39i2 Mar
Mar
Jan 24
1%
Jan
Mar 14
Feb 27
3838Mar 11
112
Mar 22
1878
Jan
Jan
132
64
60
84 Jan 17
I6I4 Dec
38s Jan
Us Jan
1412 Dec
9
73
1%
214 Jan
1458
14i2
43i2
577,
11984
Jan
Sis Mar
li2 Mar
i2 Oot
484 Mar
Mar
Preferred with warrants..25
183g
1684 Jan
169
Rensselaer A Sara RR Co.-100
*54%
11
4
10
1%
2538 July
Mar
8614 Mar
10178 Apr
112
Apr
200
19%
Mar
8
Feb 27
70
60
16
Mar 13
115U Mar
Jan
3
Mar 21
*67%
.1%
9
122
Jan
%
Feb 27
22% Jan
138
150
Jan
1712 Nov
Dec
109
70
18
Mar
l8
4
*67%
*54
May
12912 Jan 10
Jan
70
1%
1934
3$ Jan 20
4
*67%
l's
914 July
1684 Jan
6
70
19
Jan
2434 Jan
*6712
-
478 May
7i2 Mar
Jan
914 Nov
36i2 Jan
7134
114
6
7t2
Mar 22
*67i2
19%
90
Mar
73
62
July
May
July
174
*72
1%
52
June
6
Jan
73
185s
Oct
145
914 Jan
14
*72%
5
39
17284 Feb 16
5
Jan 27
1378
{Reo Motor Car—
26i4 Nov
Nov
1278 Jan 27
Remington-Rand
Jan
75
No par
Reading
July
2012
1012 Mar 22
1
Pure Oil (The)
July
9
17i2 Mar 24
No par
Pullman Inc
Nov
43
Mar
Jan
26
No par
preferred
preferred
4
Jan
Mar
41
Jan 16
% pf (aer of Feb 1 '29). 100
Mar
Jan 12
Mar 22
5
Oct
814 July
6Qi2 Mar
448g July
67
8
No par
Oct
144t4
35
20
Procter & Gamble
Mar
14384
3U Mar
No par
5
6
60
Jan
5
32i2 Mar 23
100
B
1
18i2 Dec
378 Mar
658 Jan 25
prior preflOO
Pittsburgh A West Va
100
Class
53s Nov
Marl6
10
conv
Pressed Steel Car Co Inc
Oct
8i2
,47% Nov
Mar 21
166
No par
Poor A Co class B
2
Jan
90
Pittsburgh Steel Co..-.No par
7% pref class B
100
Plymouth Oil Co
2714 Mar
Jan
13i8
4
63
Pittston Co (The)
4i8 Mar
32
Sept
July
1784 Nov
20i2 Jan 5
7i2 Jan 11
3i2Mar 17
5
5% pref class A
June
4
Pltt3 Coke & Iron Corp No par
$5 conv preferred
No par
Pitts f t W A Ch 7% gtd pf 100
5H 1st ser
114
858Mar 14
25U Jan 27
44U Feb 3
Jan 25
-
3
Feb 27
D4
214 Mar
14 Mar
75U Mar
7i8 Jan 26
2:2358 Feb 14
36i2 Feb 23
18
Pitts Screw A Bolt
3
Jan
30I4
100
preferred
4334 Jan
434
1758 Mar
45l2 Mar 15
Jan
.100
6%
32i2 Mar 23
Mar
8ia Mar
784 Mar
3
36
100
Pierce Oil 8% conv pref
6
13714 Mar 22
..No par
preferred
Phillips
91
4
Mar 22
38 Jan
Jan
73
*57
Oct
6U July
1734 July
Feb 17
13%
1%
42
818 Mar 14
4484 Jan 5
73
187g
2218 Mar
184 Mar
5i2 Mar
47
63s Jan 26
14%
64
7
Jan
Feb
Dec
4178 Mar 23
7434
*54
11584
Mar
31
3434 Jan 26
*73
5,100
61,900
110
Dec
24i2
Phelps-Dodge Corp
—25
Philadelphia Co 6% pref.—50
$6 preferred
No par
{Phlla Rapid Trans Co
50
7% pteferred
50
14ia
1%
121
Mar 10
74U
1%
1834
1578 Nov
120is Dec
14i8 Mar
1914 Mar
10
14
.
Jan
Mar
July
8j4 Jan 26
_.
74'4
70
70
17
10
Jan
6&s July
Petroleum Corp of Amer
.5
Pfelffer Brewing Co...No par
17
14
1414
Mar 14
116
75l2
13i2
*74
29
4
2i2
30
43
Rels (Robt) A
9%
7%
9
Mar 15
2438 Jan
2i2 Mar
1012 Mar
3818
10
70
8%
10
8
8
15
500
4%
7%
13%
Feb
24
16i2Mar
124
6
1738 Mar
100
24
*4
*7%
1C
10
5
Mar
58&s Aug
85i2 July
Mar 16
tRadlo-Keith-OrpheumNo par
Kaybestos Manhattan.No par
Rayonler Inc.
—1
82 preferred
25
*19
70
Jan
Mar 15
5i8 Jan
Dec
Mar 10
8,500
*22%
*53
9%
734
Mar
1J8
Mar 10
83.60 conv 1st pref..No par
19%
4
Mar
55
19
"2"700
64%
24
4
*7
10
19%
41
41
$5 preferred B
'
*7%
*7l2
8is
9%
56,200
1834
lit*
15
*714
.
100
13
2
s2
*1834
*53
54
10,000
7%
64%
2%:
3
Oct
34
*7834 100
1434
*4
10%
79
1834
*20
10i8
79
2%
20
11
500
14%
4)4
*712
*18
12%
91
1834
20'4
83s
2%
20
*8734
Oct
1458 Nov
13i2 July
Jan 18
'
88%
Oct
2U2
234
Jan 27
No par
100
preferred
100
8% preferred
-.100
Pub Ser El & Gas pf 15. No par
12,000
18,000
4238
Mar
II4 Mar
Mar 14
15s Jan 16
33
July
338 Oct
13
67i2 Jan
Mar 22
Dec
30
28
700
9%
li2 Mar
Dec
13i8 July
3D4 Mar
88
14
No par
7,400
31
9
Mar
Dec
138s
103
2234Mar 22
pieferred
Pub Serv Corp of N J—No par
40
10
Aug
100
prior preferred
540
15534
Mar
2
6118 Nov
102
100
5%
5%
Pet Milk
11234 11234
357s
35%
108
108%
200
684 Mar
884 Mar
18?g Jan 26
.100
4,600
30
9%
Marquette
Mar
8884 June
1
35S Mar 22
__50
Peoples Drug Stores...No par
6%> % conv preferred.100
29
II84 Mar
124
RR
Feb
3i2 Mar
Penn Gl Sand Corp v t o No par
$7 conv pref
TIo par
Pennsylvania
914
65s Mar
258 Feb 25
11
6I4 Nov
1
Sept
4
25
ser
Porto Rlc-Am Tob cl A-No par
*115% 119
32
Cement__.No par
pref
conv
26
Oct
Dec
Jan
A...No par
S7
56%
*155
119
10
5% conv 2d pref
14%
24
*7i2
64
6434
2
Penn-Dlxle
J an
Jan
6
I8I4
65
238 Jan
157s
Dec
751s Jan 13
1% Jan 17
No par
Penn Coal & Coke Corp.
100
18%
*4
*7
64
2%
Penney (J C)
33%
56%
4
Mar
314 Mar
5012 Mar 20
Patlno Mines & Enter firNo par
Penlck & Ford
No par
6% conv 1st pref—
14%
*20
54
65%'
155
158
Aro par
100
18%
*22
9i 2
*1.1%
4,000
121
121
121
137% *135% 137%
7
67g
*7834 100
67s
12&s
2%
4
Jan
712 Mar 17
IOI4 Mar 18
Corp
300
14%
2012
65
*7%
13
*7834 100
2,700
<
26
Pathe Pllm
13,600
22
143g
4i2
20i8
14%
353g
108
—
6
Jan
%
*29
29
i_
1584
Mar
15'4
Pond Creek Pocahontas No par
—
10
4
1358 Jan
19
10%
1034
20
23l2
*22
6«4
14%
12%
*15g
*38
97g
*934
145s
20
1434
20
*11%
7%
*7834 100
6534
6434
*18l4
1434
7
7
67«
*7834 100
6534
2
,
7934
♦78's
*77i2
14U
*78
79
79
14i2
80
775g
65
834
12%
34
1334
7
9
10%
7758
678
0
*8
U34
11234 113
*78% 100
20%
10
5s
56L
11314
20%
550
*%
*8
11234 113
11234 11314
3434
3434
3538
34%
35fi
3412
35%
3434
35i2
108
10734 10734
*10634 10734 *107l4 10734
*107% 108
122
122
*1207s
*12078 121
*1207S 122
*12078 122
137% *13534 137% *135%
*13512 137ls *135l2 137is *136
155
156
156
156
*154
154% 154%
155% 155%
*115%
*115% 119
*115's 118
.♦1151s 119
*115is 119
32
30%
303s
32i2 ,33%
325j
32l4
32i8 3234
87g
9
9%
9%
834
9U
9I8
918
9ls
87
86
86
88%
88
*85
87%
85i2
8512
1123,
11%
38
,
400
12
11%
*%
103g
*28%
567«
12i2
*158
1234
1234
*15s
*3s
95g
*912
%
*2
9&S
*8
9
*8
1234
11
*26
4,000
1418 Jan
107i2 Jan
43
120
30
18
27
20
7
10%
18
2034
......
....
7
*10%
27
203s
*170
7
10%
678
10%
32%
678
10
6
3
Feb 14
Jan 24
200
100
Jan
Jan
104
Highest
$ per share $ per share
Jan 20
17s Jan 26
Pittsburgh Coal of Pa
478
*4%
30
20is
......
115
"*37g
18%
21
2034
40
5
39
20%
500
*4%
*35
*%
205s
25%
*1578
*18
3s
*2414
6
*26
1134
1,000
Jan
40i2 Mar 22
80
8%
*4%
10%
*l4
*8
*157g
10i2
1112
3%
44
5
67
97s Jan 26
1812 Feb 20
10
484 Jan
163s
634
U2
60i2
1
Phoenix
10,800
38%
*
5%
Mar 23
90
—100
1178 Jan
No par
Parker Rust Proof Co
2.50
Par melee Transporta'n. No par
10
40
19
"7"
38
800
19
17%
1st preferred
6% 2d preferred
200
3%
18
678
*l4
8,200
*35
115
"*3%
5%
94%
44
75g
•
400
142
*234
3%
46
30
20
37g
%
*313S
373s
*234
*
2
3%
32%
38%
*44
82%
—
3%
32%
115
"*3%
6
39
*35
3
*35
40
1034
10
1034
778
24%
67g
634
*3%
5
200
44%
*140
142
*137
*31%
4%
115
"*3U
6
9234
137% 141
39
*1%
*3%
*%
93%
38
93l2
77g
778
3734
*42 34
40
*4414
*35
634
9
4
77g
*60%
9
5
2434
*5
9
42
8&sMar 22
6%
140
9
85
Paramount Pictures Inc
350
300
734
Feb 16
12l2 Jan 26
33%
4178
2
Feb
100% Jan 27
33
20
373s
100
Pere
30%
7%
1
62
No par
preferred
Peonies G L & C (Chic)-.100
Peoria A Eastern..
—.100
33
87S
eonv
100
*18
43
"*1%
134
4%
600
2,500
*25%
37%
84
""134
Paratflne Co Inc
3%
33
7%
*40
45
534Mar 24
16%
35%
*27g
*14
20
36%
7%
38%
______
25
94
334
*157S
834
500
32%
*4ig
47
■
9
29
25
18
18
18%
300
41,000
*18
33
145
39
"*3(4
25%
*313s
*243s
*
30%
2234
93
4U
*7
40
2734
15
35%
3%
15%
*141
*138
40
38%
*234
*4434
*
14%
*12%
145
92
93l2
4%
*3138
714
3712
*42l4
35
*2%
14%
37s
3g
145
*138
18U
3%
14
*2%
Pan-Amer Petrol & TiaD8p_.fi
Panhandle Prod & Ret new.
500
*114
Z35
35
35
2,400
21
20%
*28
*114
3534
3%
37g
28
*14
29
—
300
*123
28%
*114
1%
37g
15
3i2
*3
3U
**8
*14
*123
_
2,900
8 per share
3% Mar 22
Parke Davl" & Co
10%
share
1234 Mar 23
Park Utah C M
800
per
—5
5,000
10%
*26
Year 1938
Lowest
Highest
10*4 Mar 18
10
No Par
2,500
8%
334
8
1
778
27%
Corp
Packard Motor Car
Park & Til ford Inc
100
500
334
Pac Western Oil
Pan Amer Airways Corp
3,000
1,000
8,100
*1%
Par
500
6,600
*25%
15%
147g
40,500
52
28%
2734
13.1
600
Lowest
——
82
*2678
87g
85i2
"*158
134
2,300
—
52
28%
*33i2
71S
1
2034
14is
451.1
*
86
"*158
4
25%
*123
35ig
*2l2
39
1
1%
20%
9
7%
37
*40
300
817s
*1
20M
18%
87s
584
51
82 34
*27%
1412
33i2
2734
4,200
83
*50
13s
19%
3%
*14i8
1,100
23,600
8%
10%
"207g
35"
3
53
3%
16%
10%
83
1%
25
*114
34l2
103s
82
4
778
203S
2834
*114
*1
8%
*49%
*123
*27
29
1
103s
27
*15i8
16i2
1034
53
27
1978 Yl" ~
37s
13%
1%
6%
8
834
378
378
27
*123
*27
*2ig
1034
28
1034
13
6
1
8
4
6
10%
53
*5134
53% *5184
53% 53%
*100% 104
103
*100% 104
*100% 104
10
978
934
9%
9%
8%
9%
94
91
90
90
*90% 96
90%
10
103s
10%
103s
978
97g
978
*20
*20
21%
20% *20
21%
20%
17S
178
178
178
17B
178
17«
41
41
40%
41%
4058
40% 40%
16
1534
16% 16%
16%
I5S4
1534
2
2
2
2%
2%
2%
2%
8
*26
1934
41
*16
2U
334
13%
*6
83
1J8
1%
2
*l7s
3%
1234
55
*100l2
92
334
13%
*10%
35s
534
10%
l's
55
10%
10%
3%
1278
378
14
6%
*1
*53
10%
Range for Previous
EXCHANGE
Saturday
11034
1434
3234
*92%
105
4
34%
95%
105
11034 111
1434
{ In receivership,
1434
a Def.
10
......
Rlchfie'd Oil Corp
Dental
o
Mfg
(The)
10
Joseph Lead
{St Louis Southwestern-..100
5% pieferred
100
5%
Stores
preferred
6%
preferred
200
delivery.
100
{St Louis-San Francisco.—100
6% preferred—
100
80
240
No par
{Rutland RR 7% pref
St
150
21,200
No par
Safeway
7% preferred
Savage Arms Corp
»
New stock,
r
No par
100
100
100
No par
Cash sale,
x
Mar 23
78 Mar 22
375s Feb 24
i2 Jan 20
Jan
1% Jan 25
2
Jan
3
82% Jan
4
96
3
Jan
10412 Jan 11
13
Jan 26
Ex-div.
v
2i2
4914
84
8s
314 Jan
29
Deo
Jan
Oct
13s July
33$ July
Dec
25i2 May
D4 Jan
4684 Jan
84 Jan
2i4 Mar 22
Mar
Dec
Us Mar
1«4 Dec
378 Dec
Jan
6i8 Jan
714 July
2934 Nov
83i2 Dec
6
12
Mar
Feb 27
58
Mar
10712 Mar 11
112i2Mar 8
08
Mar
99
Nov
79
Mar
108
Nov
884 Mar
19
Jan
395s Feb
98
I8I4 Jan
Ex-rlghts.
3
1 Called for redemption.
SALE PRICES—PER
HIGH
Friday
Thursday
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wednesday
Tuesday
Sales
lor
AND
LOW
Mar. 18
Mar. 21
Mar. 22
Mar. 23
Mar. 24
$ per share
$ per share
$ per share
$ per share
$ per share
On Basis of
Weet
$ per share
Shares
14%
15
14%
72
72
71%
68
%
%
6
0%
6
49
49
*48
*116
117
116
%
%
2
*1%
19
1878
3
19
*2%
*2%
71%
72
72%
16
16%
15%
15%
*60
80
5%
5%
*48
9%
*30
12%
*%
*1%
16%
15%
*61
5%
50
50
9%
30%
30
12%
12%
978
*104% 106% *105
5%
27%
15%
71%
/
1434
*70
15%
63
*61
5%
5%
63
534
51
6o84
6034
53g
5%
12%
*3
584
27%
3%
19
24
24
94
*93
100
89%
89%
*85
93
24%
6
28
3%
20
3%
94
*50
51
20
*24%
2434
*93
98
*86%
93
534
25%
6
26%
*3
3%
19%
19%
32%
24%
*93
85%
15%
17%
24%
*34%
25%
1578
18
26%
40
4
4%
51%
52
2%
2%
25%
15%
17%
25%
*30%
*3%
49
2%
*6%
140
26
16%
18%
26%
40
*134
2534
16
18%
26%
*34
*4
4%
51
2%
7
*50
2%
*6%
*678
7
18%
*17
40%
18%
41%
41%
4234
16
16%
16
16%
42%
16%
47%
14
71
26%
26%
6%
6%
100
100%
1%
1%
3%
3%
7%
778
*44
19
85%
103
15%
1534
14%
12%
27
%
28
28
%
28%
26%
27
50%
26%
2634
50%
45%
50%
47%
30%
73%
%
*%
*45%
46%
31%
4678
31%
*29
73
73
9%
73%
10
9%
4%
13
4%
434
13%
7%
7%
1234
7%
*
>934
434
13%
734
74
934
4%
13%
7%
31
7%
534
5%
7
*38%
5%
6%
42%
4%
30
.8%
7%
7
40%
5%
' 5%
42%
4%
30%
8%
7%
*0%
*38%
5%
5%
*30
34
*3%
*50
2%
0%
1%
3
3%
7%
734
10%
1934
%
28
20%
50%
47%
29%
73
9%
4%
13
7%
33
33
r
*2%
2%
3%
23%
2%
24
2%
12%
13%
93%
15
45
6%
8%
*11
12%
93%
14%
44%
6%
8%
*3
24%
2%
*11
20
*58
60
4
4
4
*4
60
4%
39%
*33%
*3%
*16%
.*2%
3%
35
334
34
34
19
2%
17
334
2%
3%
24%
25
2%
2%
14%
45
45
*94
6%
8%
*11
13%
*94%
1434
8
7%
3%
87%
3%
3%
4
*9
11
2038
21%
31
31
84
*334
*»%
3%
11
21%
21%
32%
*30
10
3
23%
23%
10%
*23
*2%
28
2%
10
10%
2%
234
2%
57%
57%
9%
81%
10
82%
19
19
96
96%
88
22%
37%
11%
17
*84%
*22
35%
11
*80%
234
57%
934
80%
1834
96%
84%
22%
3784
1034
16%
2
8%
734
3%
2%
12%
24%
2%
11
11
13%
13%
95%
15
*94%
14%
13%
95%
14%
8%
*7%
18%
4
*17
39%
3%
16%
*16%
2
2%
3%
2%
11%
13%
9434
14%
4434
6%
834
9
8%
6%
8%
734
3%
84
7
7%
7
3
3
3%
84
*80%
3%
84
20%
334
10%
21%
31
31
3%
10%
21%
32
2%
23
9%
*80%
8%
93s
3%
*8%
2034
*30%
2%
22%
9%
*234
2%
3
334
*9
21%
21%
31%
3%
2%
*30%
*2%
23
2%
23
23%
10%
23%
10%
2%
2%
58%
*57%
9%
58%
10%
*53
10
82
19
97
84%
22%
82%
18%
83%
1834
80
18
18%
99
99
96
96%
85
84
22
85%
22%
38%
38%
39%
11
16%
11
113s
17
17
*16%
*112% 116% *112% 116% *112% 116%
60
60
60.
60% 60%
60%
18
18
*17%
18
♦173s
18
8%
55
21%
36%
10%
116%
59%
17%
55
9%
9%
82%
9%
7934
18%
96%
14%
43
40
1,200
3,900
16,900
8,300
5,100
,700
19
60
800
""560
20
3%
1,900
140
20
1,000
500
384
2,600
3,000
2%
13
1334
95%
15
21%
3034
3034
3
24
10%
3%
18%
56
10%
8034
18%
98
98%
7934
$ In receivership.
a
14% Jan 26
13% Jan 20
1234 Jan 26
12
Jan 26
111
Feb 21
25
100
23% Jan 24
1434 Mar 22
No par
100
5% preferred
No par
Sparks Wlthington
1
2
Spiegel Inc
Conv $4.50 preferrediVo par
1
Square D Co class B
Standard Brands
No par
preferred
No par
$ Stand Comm Tobacco
1
j Stand Gas A El Co...No par
$4 preferred
$6 cum
cum
...No par
prior pref
NO par
prior pref
No par
Stand Investing Corp..JVo par
Standard Oil of Calif.. .NO par
Standard Oil of Indiana
25
2% Jan 26
42% Jan 25
11% Jan 20
62% Jan 28
Jan 26
24
0% Jan 27
Jan
98
4
1% Mar 24
Mar 22
3
7% Mar 18
15% Mar 20
18% Mar 22
10
4578 Mar 20
Mar 22
Jan 26
1
Studebaker Corp (The)
1
Sun Oil
No par
0% preferred
Sweets Co of Amer
91
May
105
Oct
19% Jan
5
13
Apr
24
Aug
17% Mar 11
10
Mar
17
Feb 28
1334 Jan
115
Swift A Co
25
Swift International Ltd
3
Jan 10
18% Jan 20
141
Feb
27%
21%
23%
33%
39%
Without warrants
.
1
1
Talcott Inc (James)...
..9
pref
conv
No par
The Fair
...No par
Preferred
100
Thermold Co
1
conv
preferred
10
Third Avenue Ry
100
Thompson (J R).
25
Thompson Prods Inc..No par
conv
pref
No par
$6 preferred
No par
No par
Truscon Steel
10
7"800
20th Cen Fox Film CorpJVo par
.400
$1.50 preferred
No par
Twin City Rap Trans..JVo par
50
1,300
200
Def. delivery,
Preferred
...100
Twin Coach Co
1
Ulen A Co
..No par
Under Elliott Fisher Co JVo par
Union Bag A Pap new.. No par
Union Carbide A Carb.No par
Union Oil of California
25
Union Pacific
100
4% preferred
100
Union Tank Car
No par
United Aircraft Corp
6
Un Air Lines Transport
6
United Biscuit
No par
Preferred
100
United Carbon
JVo par
United Carr Fast Corp.JVo par
n New stock,
r
Cash sale.
48
Jan
Nov
25
July
9% Mar
5% Mar
8% Mar
17% June
2% Sept
Feb
5
9
Mar 15
16% Mar 9
75% Mar 8
30% Mar 10
7% Jan
101
3
Feb 23
2% Jan 4
5% Jan 20
10% Jan 20
20% Feb 6
24% Jan 19
% Mar 13
30%
29%
60%
53%
3334
747g
MM 14
Jan 5
Mar 9
22%
23%
3334
Jan
Dec
Dec
40% Nov
4
Oct
29
Mar
46
Jan
2
Mar
4
Mar
4% July
11
July
29
Mar
6% Mar
48% May
12% Mar
6% Mar
94
Mar
1% June
2
Mar
24
15% Dec
70% July
31
9%
107%
3%
5%
4% Mar
10% Sept
23
Mar
28
13
%
Dec
25% Mar
Mar
49% Dec
17% Nov
45% Dec
11%
1
July
Jan
Feb
Jan
Jan
Jan
July
July
Jan
Jan
8% Mar
Jan 25
55
15% Mar 22
27
Jan 26
9% Jan 27
Jan 12
18
66
Jan
3
Jan
3
Mar 11
32% Apr
3934 Mar
17% Mar
45
Jan
127% Jan
11% Jan
38% Jan
3%
22%
30%
10%
197g
28%
2434 Mar
Jan
Jan 4
Mar 14
Jan 13
Mar
119%
8%
17%
134
834
17%
Mar
Mar
Feb
Dec
Mar
Mar
6% June
Jan 19
15
Feb 16
10% Jan
8% Jan
22% Mar
434 Mar
3% May
Feb 15
42% Jan 24
34
4% Jan 26
6% Mar 11
6«4 Mar 22
5% Mar 18
6% Feb 15
5
Mar 21
41
Mar 22
4% Mar 20
Mar 22
8%
Jan 27
7% Mar 18
16% Mar 22
4
4
7% Mar 11
8
3
2% Mar
32% Jan
5
3
6% Mar
22% Jan
4
21
597s Feb 17
3% Mar 22
16
Jan 25
1% Jan 17
Mar 22
3
Mar
7
6
9
Jan 27
Mar 18
26
6
Jan
10% Jan
Jan 28
33
Mar
6% Jan
48% Jan
534 Jan
18
37g Feb 27
5
Mar
Apr
4% Mar
3% Mar
32% Mar
56
Mar 16
4% Feb
40
Jan
9
7
434 Jan 10
21
3
Jan 10
Mar
2
Mar
13
Mar
15
Mar
53% June
2%
35
Apr
Apr
23g Mar
15
Mar
1
Mar
12% Jan 24
3% Jan 10
28% Jan 3
334 Jan 4
15% Jan 3
14% Mar 10
93% Mar 17
96
Feb
9
584 Mae
10% Mar
77% Apr
18% Jan
54% Jan
3
3
31% Mar
20% Jan 20
2% Mar 22
11
Mar 22
13% Jan 27
Truax Traer Coal
4
Marl6
Jan
141
6% Jan 27
4234 Mar 23
Transue A Williams St'liVo par
Tri-Contlnental Corp..No par
Mar
4% Mar 14
28
Jan
19% Mar
Dec
29
Texas A Pacific Ry Co
100
Thatcher Mfg
...No par
4
4
Nov
11
Texas Gulf Sulphur
1
Jan
Jan
1% Mar
15% Dec
128
15
16% Jan
114% Nov
3% Jan
June
38
10
Mar 11
Jan 4
Apr
5
5)4% preferred
60
Telautograph Corp
5
Tennessee Corp
6
Texas Corp (The)-..25
Texas Gulf Produc'g C0N0 par
No par
4
8% Mar
1034 Mar
111
19% Aug
5% Mar
3% Mar
20% Jan 26
Symington-Gould Corp w w.
4
Mar 21
Oct
17% Jan
8% Jan 27
28% Mar 22
2% Mar 18
60
Nov
122
7
12%
120% Jan 27
(The)
98
Mar
Mar
Mar
10
Superheater Co (The)..JVo par
Superior Oil
1
Superior Steel
100
Sutherland Paper Co..
10
Jan
3% Jan
24% Nov
34% Jan
May
100
...
Sunshine Mining Co
Oct
9%
35% Nov
6
Jan 30
No par
100%
49
69
Stone A Webster
49% Nov
12% Nov
Oct
18% July
283g
12% Jan
6% Jan
Jan 26
Sterling Products Inc
Stokely Bros A Co Inc
70% Nov
9% Nov
9% Mar 22
4% Mar 22
11% Mar 22
Starrett Co (The) L S._JVo par
5
Mar
Apr
3
34%
35%
60%
58%
34%
71%
Jan 26
Mar 20
26
10
45
734 Mar
25
Stewart-Warner
x84
Feb 21
18% Mar 14
10
170
jan
Jan
Jan 19
Mar
Jan 28
Timken Detroit Axle
5,000
1,300
1,200
7,700
19,300
9,500
3,100
1,100
1,600
32,800
20,400
1,000
Aug
6«4 Mar
13
Tlmken Roller Bearlng.JVo par
Transamerica Corp
2
Transcont'l A West Air Inc. .5
1,100
36
20% Apr
19% Dec
15% Mar
3,600
7,800
9,200
1,500
6,800
700
Nov
Mar
Jan 3
Feb 18
Standard Oil of N J
Thompson-Starrett Co.No par
$3.60 cum preferred.JVo par
"
23
Mar
3
Jan 24
Standard Oil of Kansas
$4.60
Oct
July
40
%
2634
26%
50%
$3 div
Jan
18
9% Mar
3%
8%
21%
47%
6,000
4
21
934
Southern Calif Edison
Tide Water Associated Oil..10
84
11
54%
8% preferred
100
500
3%
9i
No par
14,200
7%
55
Snider Packing Corp
Socony Vacuum Oil Co Inc. 15
SolvayAm Corp 5)4% pf..l00
$3.60
9
3%
105
Texas Pacific Land Trust.
7
10%
Jan 18
Texas Pacific Coal A Oil
8%
*2%
*2234
101
5,800
*3
*334
No par
10
$6 preferred.
$7
6
Jan
101
4,700
44%
6%
*10
Jan 30
8
6%
*80%
80
884
84
85
*86
84%
87%
22%
21%
21%
21% 21%
3734
37%
38%
3684
37%
10%
10%
11%
10%
11
17
17
17
17
16%
*115
*115
117
117
117
60
60%
60%
60% 60%
17%
*17%
18
*17%
18
•Bid and asked prices; no sales on this day.
100
25
2%
*10%
13%
*9434
3%
81%
18%
98%
2,500
2,400
5,200
5,000
2%
*3%
25
7%
3
4284
0%
200
39%
*33
3%
24%
20
4
334
*3%
24%
2%
*10%
13%
94%
14%
700
3,900
1,700
10,300
1,000
1,100
18
4
4
4534
11
434
30
*57%
6
334
200
1,700
6,900
1,800
29,800
20,700
7
42%
19
44
*9
500
28,200
39
534
5%
4%
29%
17
6%
*80%
9,200
10,900
10
18%
27%
7%
5%
42%
60
46%
3
3
1834
27%
7%
5%
*0%
*38%
*5%
5%
17
2
2
3
24
2%
29%
*9%
16%
17
25
3%
534
7
39 '
5%
5%
42%
434
7%
8%
7%
3%
*80%
3%
300
60
60
1834
*57%
*33
3%
7%
6%
834
40
6%
8
*3%
16%
1834
20
60
12%
1334
95%
15
13%
8%
7%
10%
1834
*57%
21
19
27%
8%
734
784
334
26%
6%
884
784
29
8%
*16%
2%
18%
41%
4%
29%
30
58
i884
484
29%
734
*15
7%
10
41%
8%
7%
*9
5
734
17
4%
12%
Jan 26
Mar 18
Sperry Corp (The) v t c
1
Spicer Mfg Co...
No par
$3 conv preferred A..No par
300
12534
12534 12534 *125
9%
9%
8%
9
30
30
29% 30
2%
2%
2%
2%
16%
16%
15% 15%
28%
29%
29%
28%
5
834
3%
*55
4%
21
94
Spear A Co
1,800
4,400
5,200
30%
1234
26
6% preferred
100
Bloss Sheffield Steel A Iron. 100
Spencer Kellogg A Sons No par
4,300
10%
4%
13%
7%
10
Skelly OH Co
$4.50
Feb
5%
80%
Mar
Mar
Apr
Mar
2% Jan 26
6% Jan 25
18% Mar 18
900
27%
47
Mar
57
16,400
73
10%
Feb
15% Jan
35% Jan 17
17
*72
11% Feb 24
Spalding (A G) A Bros.No par
1st preferred
100
900
Jan
July
10
30
Dec
%
45% Mar
Jan 11
7% Jan 5
50% Feb 16
10% Nov
Oct
50%
113*4
Jan
09
Mobile A Ohio stk tr ctfs 100
70
%
18% Jan 10
2134 Jan 5
16% Jan 20
23% Jan 26
34
Mar 22
"
*29
9%
22% Jan 5
3% Jan 6
77% Mar 13
i84 Nov
1% Mar
15% Mar
234 Dec
4«4
12%
2%
14%
18%
100
.
30%
5
5
Mar
Jan
190
7%
7134
9%
4%
12%
7%
34 Jan
3
3434 Mar
112% Dec
8234
3%
2134
29%
95%
Southern Pacific Co
580
Jan
Feb
25% Mar 22
2% Jan 14
18% Jan 27
Southern Ry
30,600
27%
85
June
% Sept
..No par
34,700
4,800
3%
Mar 17
2% Jan
100
6%
6%
100% 100%
1%
1%
71
11% Jan 26
104% Jan
Jan 11
16,700
42%
16%
47%
13%
71%
2834
27
52%
48%
5
13% Sept
Coalition Mlnes..6
38,900
27
*%
28%
26%
*45%
47%
Jan
10% Jan 25
50% Mar 10
117
Highest
62
Mar
32,800
7%
*29
5
8%
7%
22%
%
Jan 25
9% Mar 18
28
Mar 18
5,400
26%
.16%
18%
27
19
20
47
2
2,800
3%
7%
Jan 26
16
2%
*20
Mar 22
5% Mar 22
132
140
71
15
60
100
1,200
•15%
28
26%
53
48%
5%
*6%
*38%
5%
4%
13%
71%
2034
634
100%
1%
3%
784
Jan 24
So Porto Rico Sugar-. .No par
4%
41%
1534
*45%
13%
15
South Am Gold & Platinum.. 1
50
52%
*6%
Jan 25
1,200
4
2%
17% Mar 22
2% Feb 21
07
3,300
2%
1634
40
*30
*17
%
7
17
7
2734
26%
47%
16
2%
19%
*45%
26%
% Feb 8
1% Mar 22
Mar 18
52
17
19
38%
5%
41
3%
*15
*6%
5
*3%
*33%'
3%
7%
38%
5%
43
434
5%
6%
100%
1%
6
7
5
fe*18%
i *3%
5%
13
70
5,000
134
134
4%
19
40
5%
4%
29%
*15
4%
7
7%
4234
*1834
*58%
*6%
*26%"
1%
4%
30%
17
2%
*45%
6%
684
100
100
42%
20
*4
534
*6%
*38%
6%
40
52
*17
19
27
7
2%
*16%
18
27
412
29%
*14
4,
6
7%
40
5%
5%
16%
137
26%
13%
71%
42
1*18%
-„*58%
60
7
7%
2,600
45,000
15%
18
*56
59
*57
61
60
60
59% 59%
*124% 12534 *124% 12584 *124% 12634 *125% 12584
834
8%
8%
8%
8%
9%
8%
87s
31
28% 28%
30% 31
31% 32
31%
2%
2%
2%
2%
2%
2%
2%
2%
16
16
*16
17
15%
15%
1578
16
28% 2834 *28% 29
28% 28%
27% 27%
10
10
*9
10
10
10
*9%
1034
18%
18%
18%
18%
18%
1878
18% 18%
27
27%
27%
27%
27% 27%
27% 27%
7%
14%
46
1134
*29
14%
4
9
Jan 20
10
Smith A Cor Typewr..No par
14%
Jan
1
93
600
12%
12%
12%
1147i» i13»iiI14'ii
5% Mar 22
45% Jan 23
113
17% Mar
75% Mar 15
Jan
Smith (A O) Corp
15
3
Feb
900
15
3
1
Simonds Saw & Steel ..No par
15
Jan
% Jan
107
300
"
13% Jan 26
68
Lowest
$ per share $ per share
7
1,400
90
$ per share
Range for Previous
Year 1938
5% Jan 23
5)4% conv preferred....100
24%
103% 103%
*15%
16%
26
70%
13%
7%
50%
48
24%
No par
Shell Union Oil
Slmms Petroleum
10
45%
12%
9%
4%
50%
47%
*19
Co.No par
700
10
15%
47%
9%
4%
28%
27%
*3%
Sbeaffer (W A) Pen
Simmons Co
103
16
No par
No par
Corp
$5 conv pref
7,300
103
9
Sharon Steel
2,600
60
9
No par
No par
—1
—
534
27%
31%
19%
85
12
Servel Inc
Silver King
85
15%
74%
*%
28%
20%
534
27%
500
86
114
Seaboard Oil Co. of Del-No par
Seagrave Corp
Sears Roebuck & Co
Bhattuck (Frank G)—No par
4,000
Highest
$ per share
No par
100
20
86
*14%
JSeaboard Air Line
4-2% preferred
200
100
15
No par
No par
3,000
98
1534
18%
%
27%
26%
50%
46%
29%
72%
100
3,800
5%
*93
15
*14%
15%
98
41%
17%
20%
%
11,200
1,200
24
41%
20
1584
24
41
*10
ie'ooo
5
-.100
1
100
5)4% preferred
fSchulte Retail Stores
8% preferred
Scott Paper Co
$4,50 preferred
10%
25
4
3%
8%
26%
13%
7034
2734
0%
8,800
3
72
51
10%
25%
6%
100
Schenley Distillers Corp
33
12%
13
105
105%
*50
26%
2%
300
*30%
2534
16%
17%
49
3%
734
*46%
14'%
71
28
7%
5%
27
3%
19%
100
100-Share Lots
Lowest
Par
Sbarpe & Dohme
No par
$3.60conv prefser A.No par
5%
26%
15%
17%
4
100%
*1%
47%
17%
2%
34
*19
*134
134
49
43»4
16%
47%
14%
71
2784
6%
100%
134
13%
20
4%
52
1434
1034
24%
40
70
*15%
19%
39
2534
*17
13%
6%
634
100% 100%
1%
1%
3%
3%
8
8%
15%
16
19% 20%
2634
16%
18%
2634
134
1834
*17
70%
*45
140
5%
2634
3%
600
0,200
1,100
1,000
3,
6%
49
110%
%
1%
i884
63
*57
5%
51
7,300
15%
73
*93
98
103
*102%
*101% 103% *101% 103% *102
15
15
16%
16%
15%
1534
16
1534
*1634
16%
*15% 17
*15%
17%
14%
15%
15%
14%
15%
14%
14%
12
12%
1234
12%
12%
12%
12%
114% 114%
114% 114% 11434 115
*114% 115
2
2
2
2
2
2
2%
2%
*16
16
16
16%
17
16%
16% 1034
25%
63
"5%
*60
105%
*49
*
10
10%
934
9%
10%
10%
*30%
33
30% 30%
*30% 33
1234
1234
12%
123s
12%
1234
10534
105% 105% *104% 10534 *105
5%
*134
15%
*71
%
6%
10%
3%
140
15%
73
%
%
6%
50
30
24
*134
15%
*71
70%
%
684
6
6
*6%
6%
49
49
49
49
48%
49% 49%
*115% 116% *115% 116% *115% 116% *115%
*%
%
%
*%
1
*%
\
1
*1%
1%
1%
*1%
1%
*1%
2
2
18
1734
18%
17%
1834
19%
19%
19%
*2%
*2%
3
*2%
3
*2%
3
3
70
71%
71%
69% 71%
71% 7234
72%
15
16
15%
16
1634
15%
1534
16%
*15
16
16
15
16
15%
15%
16
6
27%
19
34
49%
27
19%
15%
71%
%
116
5%
28
*3
*19
15
71%
25, 1939
EXCHANGE
Monday
Mar. 20
Saturday
Mai.
New York Stock Record—Continued— Page 9
1766
6
7%
Mar 22
Jan 24
734 Jan 10
10% Jan
10% Jrm
7
Mar 22
3
Jan 24
4
83
Mar 13
88
3
Jan
Jan
3% Mar 21
4% Jan
Jan 24
I334 Jan
20% Mar 18
30% Mar 24
10
2% Mar 23
22% Mar 23
8% Jan 26
234 Mar 18
54% Mar 24
9%
Jan 26
7934 Mar 23
18
Mar 22
88% Jan 27
81
Feb
7
21
Jan 28
33% Jan 24
9% Jan 26
15% Feb 24
112% Mar 13
54
Jan 26
15% Jan 23
xEx-dlv.
y
3% Mar
8% Mar
1% Mar
8
Mar
5%
Dec
4
Mar
4% Apr
2% Mar
77
June
July
Jan
Nov
July
Nov
Nov
17% Nov
9% Oct
65% Dec
128
Oct
14% Mar
43% Oct
4% Aug
23% Nov
32
July
15% Aug
21
Nov
2934 Oct
10% Nov
8% Jan
9%
Oct
49% Nov
5% June
8
Jan
49% Aug
5% Dec
'38
Oct
12% Aug
11% Feb
26
July
25%
6034
Oct
Oct
5% July
56
Jan
5% July
1834 Nov
2% Jan
6% July
28% Nov
4
July
19
July
1534 July
98
July
19% Nov
55% Nov
1284 Jan
10% Oct
12% Nov
4% July
91
Nov
26% Jan
34% Jan
3% Jan
3%
5%
16%
25%
2%
Mar
Mar
Mar
6
Jan
30
Jan
10
Mar
44
Jan
12% Jan
434 Jan
6
Mar
13% Nov
66
Jan
12% Jan
90% Jan
1934 Jan
Mar
Mar
1% Mar
41
Mar
7% Mar
57
Mar
104
Mar
17% Mar
55% Mar
89
Mar
5934
23% Jan
42% Feb 25
13% Mar 4
17«4 Mar 10
117
Mar 22
20
Apr
Mar
19% Mar
5
Mar
14
Sept
6% Jan
15% Nov
28% Nov
38
July
6
70%
15%
90%
22%
99%
83%
23%
43%
1334
20
Oct
Nov
Aug
Nov
July
Nov
Nov
Jan
Deo
Nov
Nov
100%
Jan
118% Aug
65% Mar 10
39
Jan
20
12'4
Apr
73% Nov
2034 Nov
Mar 13
Ex-rights.
^ Called for redemption.
New York Stock Record—Conciuded-Page 10
Volume 148
LOW AND HIGH SALE PRICES—PER
Range Sines Jan. 1
Sales
NEW YORK STOCK
the
NOT PER CENT
STOCKS
for
SHARE,
EXCHANGE
Saturday
Mar. 18
Monday
Mar, 20
Mar. 21
Mar. 22
Mar. 23
Mar. 24
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
On Basis of 100-Share
Week
$ per share
278
35%
6%
3
35%
6%
2%
35%
6%
6
5
31%
31
7534
73«4
12
12is
12%
8
8%
8834
*38
113
113
8%
8%
*5
584
8%
8884
*8%
*80%
5%
8%
*6
*60
4%
8%
95%
98
96
179
*176-
179
*176
234
34%
2%
35
6
6
6
5%
69
*60
484
6
69
4%
4%
,
*81
*%
*5%
8%
97%
*176
*83
88
s
*%
7
8
93
98%
179
3
35%
6%
6
68%
*4%
31%
72%
68%
484
31%
74
12%
12%
11234 11234
8%
5%
5%
8%
8%
*83
8884
*3g
%
Friday
2%
35%
6%
6%
*60%
484
*31%
72%
12%
113
96%
8%
*5%
176
6
6
30
21%
*26%
4%
4%
7%
30
20%
4%
7%
25,000
5,200
14,100
1,000
20
3,000
900
6,600
19,700
700
4,000
400
5%
3,300
8
8
*83
8884
7
7
*%
*584
8
8%
%
7%
220
8%
900
96
176
4,800
176
6
6
800
*26%
2034
484
884
30
2034
484
8i
60
4334
5
95%
94% 97
*176
179
176
3
3534
6%
6%
68%
484
33%
73%
12%
113
♦784
%
7
*684
7%
8%
284
35
6%
31
30
3034
75% 75% *72% 74
11%
12% 12%
12%
113% 113% *11234 113%
8%
8%
8%
*5
5%
5%
8%
8%
7%
7%
8%
97%
*5%
3
Thursday
31
%
612
6%
6%
2%
6
74
*83
36%
6%
69%
47g
31%
74%
12%
*31
113% 113%
77$
8%
5%
5%
3584
6%
6
70
4%
Wednesday
,
278
36
69%
4%
6%
*613s
Tuesday
1767
60
Lowest
United
Corp
Highest
Par
$ per share
$ per share
par
2% Mar
31% Jan
4% Jan
5% Jan
No
S3 preferred
United Drug Ino
No par
5
United Dyewood Corp
Preferred
10
>100
...
22
26
26
26
5
United Eng A Fdy
5
30
Jan 26
.No par
63
Jan 30
4% Jan 26
United Gas Improv*t..iVo par
11% Jan 13
$5 preferred.
No par
United Mer A Manu Ino vto.l
United Paper board.
USA Foreign Secur
111% Jan
7% Jan 3
5% Mar 22
10
,
6
74
U S Freight
No par
U S Gypsum..............20
*5%
6
*26%
21%
4i2
7%
30
22
4i2
8
60
*50
100
44
4%
4414
100%
65
69i2
56%
117
11734
35% 35%
*6634
5434
45
45
*3
2
77
*52%
*lll4
75
2%
53%
12%
60
45%
100
103
54
57
55%
117%
35% 3534
*45
46
3
3
*8
8%
2
52%
*11%
2%
52%
12%
*74%
76
115% Feb 14
10% Mar 6
7% Jan
ll
Jan
5
87% Mar
8
4
% Jan 24
7% Jan
10% Jan
4
3
Feb 21
113
Jan
Jan 21
180
Mar
9
7% Jan
4
113
39
2384 2334
3%
3%
23% 237$
*115% 116
*2%
278
6%
6%
*112
120
75%
75%
130
130
1%
2%
*1%
2%
*1%
2
31
*31
113
*112
39
39
*39
39%
80
*59
80
24%
3%
*23
24%
€
_23%
3%
23%
24
116
116
7
95
96
124
124
*38%
6
684
52
51%
3
11%
2%
*10
28
1934
26%
2%
96
96«4
12384 12384
116% *115% 116
,26% 27%
26% 27
*116
*—.
43% 44%
100»4 101%
67%
57
3
27
*2%
*1%
27
284
1%
23
23%
73
73
91%
91%
*105
106
70
24%
31%
113
39%
63
120
*70%
*113
*72%
78
*124
*124
...
1%
2%
2%
6%
*1%
*2%
*1%
18
18%
89
89
6%
42%
*1984
*10%
2%
37%
53g
62%
2%
43%
20
12%
2%
38%
"
52%
*1%
2%
*1%
120
78
—
43%
*23%
117
117
6%
43%
*19%
20
10%
11
2%
37%
5%
4
260
22
Vulcan
;.
»*....
600
II,400
2,700
100
♦37%
41
400
584
6
31,800
Warner Bros Pictures...—*.5
53
52
28*
27%
27%
27%
19
19
19
19
19
25%
2%
♦13s
26%
2%
1%
23
23
3
7
3%
2^%
72
*71
93
93
96
97
96
06
124
123
123
116
116
*116
116%
116% 116%
28
26
2634
27%
27
1,300
Wayne Pump Co
28
284
"MOO
*2"765
$4
93%
160
60
96
96
200
*122% 123
130
27%
89
28
4,800
1,600
89
60
*50
♦723s 110
22%
23%
*79%
*54^2
*11%
934
584
99
56
12%
10
6
*1%
1%
18%
3%
18
*3%
.
2%
2%
4%
47g
4
4234
4%
43%
*50
60
*72% 110
22
23%
*70
99
*54%
12
10
*584
1%
18%
3
2%
4%
4
>43%
20%
48
17%
1934
4784
17%
1934
3
2%
4l2
4%
45
2
2%
2%
2%
4%
4%
4%
4%
4%
4%
46
T934
2
4%
4%
46
...
4%
4
*4234
*105
*20
20%
17%
20%
1934
20
47%
48
*4284
*108
47%
46
47%
47%
16%
—
21%
48
4%
43
4%
43%
3,800
300
1,700
16,000
3,200
4,700
900
46%
17%
100
*98
*98% 105
*99
4184
*80%
23%
17%
15%
43%
85%
24%
17%
3
3
15%
*
15
15%
4234
*80%
2384
44%
17%
2%
87
24
17%
3
17%
1734
2%
2%
Bid and asked prices; no sales on
107
107
13%
41%
1434
42%
14
42%
*79%
1,500
37,400
80
23%
17%
22%
17%
17«4
3
3
3
3
;
this day.
130
600
28
80
1684
105
79
21%
18
1 In receivership,
80
3%
18%
3%
Deo
83
Deo
Mar
17% May
26% Dee
6% Jan
32% Jan
110% Nov
4% Jan
15% Jan
120% Feb
77% Deo
119% Oot
2% Jan
4% July
3% Feb
8% July
20% Jan
87% Deo
10% July
Nov
64
20% Deo
19% July
Mar
2
Mar
4
23
Mar
51
3% Mar
Mar
8
July
July
July
45
Aug
Mar 21
20
37$ Jan 3
12% Mar 16
5
56
Mar
Mar
1% Mar
47$ July
Mar
I634 July
6
Mar 13
6% Dec
3134
24%
32%
3%
Mar 14
Jan 5
16% Mar
8
81
Nov
11
Mar
25
Oot
17
Mar
2
Jan
4
Jan
3
Mar
4
28% Jan
3
79
.
4
Jan
97
107
Mar 10
Mar
9
98% Mar 14
12434 Mar 10
110% Jan
3
31% Mar
Jan
Mar
33
120
Nov
119% Nov
26% Deo
4%
Jan
9
Jan
103
Mar
■
1%
33$
34%
33%
124%
Jan
July
July
Nov
Nov
Feb 24
Oct
22% Jan 4
£32% Jan 13
Mar
144
9% Mar
20% Jan
37
Mar
% Mar
% Dec
16% Mar
15% Mar
0184 Mar
1% Jan
24% Jan
3134 Jan
120
Mar
111% Jan
12% May
2% Mar
Jan
% Jan
145
74
110
3
4% Jan
8
Deo
34% Nov
4% Oot
1% Jan
39
July
82% July
102% Jan
103% Deo
9784 Jan
1% Mar
*4 Sept
■25% Mar
71
Apr
70
Apr
82% May
21
Oct
31% Mar
39
"Deo
10
20% July
31% Deo
Mar
20
Mar
Jan 12
60
Mar
60
Mar
65
Apr
14% Mar
90
Jan
21% Mar 22
Wheeling Steel Corp.—No par
54%
10%
9%
5%
1%
15%
2%
$5 conv prior pref—-No par
White Dent'I Mfg (The S S)20
...
$4 conv
..1
Spr C0N0 phr
White Sewing Mach
No par
preferred..—No par
Wilcox Oil A Gas—........
Willys-Overland
Motors.**. 1
$6 preferred
...100
Jan 27
75
Mar
95
Jan
Feb 4
Jan 5
Mar 22
60
Jan
42
May
01
Nov
Mar
10'4 Dec
6% Mar
5
Sept
1% Mar
834 Mar
334 Mar
1% Mar
7
Jan 13
Jan 27
Feb 15
23
Jan 11
4% Jan 13
4
Jan 12
41% Jan 26
Jan 19
4
12% Mar 10
13% Jan 4
Mar 23
107
10
6% preferred B._
.100
Prior pref 4M % series..., 10
Prior pf 4)4% conv series 10
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del).No par
Vale A Towne Mfg Co
25
100
105
Jan 30
Preferred
....
Zonlte Products Corp..
a Def. delivery,
77% Jan 13
26% Jan 28
Mar 22
3,300
100
5.200
16% Mar 22
16
5,800
37,000
Mar 22
Yellow Truck A Coach cl B..1
Young Spring A Wire—No par
Youngstown S A T
.No par
5)4% preferred
.....100
Youngst'wn Steel Door.No par
Zenith Radio Corp——No par
3,800
n New stock,
r
Cash sale,
1
x
32% Nov
80
2
6% conv preferred......10
Wilson A Co Tnc......No par
4
Jan 27
80
........100
313i Jan
Jan
134 Jan
3% Feb
6% Feb
1% June
3% June
5
3
Mar
32
Mar
49%
108%
25%
50%
23%
Jan
Jan
Jan 12
Jan 4
Jan 5
Jan 4
103
Oct
01% Mar
2084 Jan
8% Jan
100
16%
*106%
5% Mar
Jan
700
17
Mar
1% Mar
1% Deo
80% Mar 14
33% Mar 13
21% Jan 5
114% Feb 17
21% Jan 5
4484
16
Mar
1
120
*42
17
17%
16%
17%
*107% 110%
*10712 111
Mar
37
116% July
Mar 17
45
78*2 78%
27% 28
17%
17%
17%
110% *106% 110%
14
14%
14%
43% 44%
43%
88% *79% 88%
23
23
23%
Nov
8
078 Jan
Jan 26
18% Feb 18
30% Mar 22
100
4% Mar
3
3
27$ Jan
44
.Jan 26
3
Mar
1% Apr
5% Mar
100
42
*7884
27*2
20% Jan
1478 Mar
1534 Mar 23
Mar
105
28% Mar
55% Mar
42
29%
Dec
15
86
Oot
5
3
43
79
62
Jan
13% Sept
2% Mar
15% Mar
Jan
43
100
June
47% Sent
5% July
10% July
3% July
Nov
53
400
78S4
Oot
36
57
Feb 15
33
228%
121
42
42
*30%
100
60%
109%
72%
70%
71%
113
June
27
3034
79%
Oot
July
Nov
Nov
Oot
Mar
Nov
June
4
33
2934
1734
*107
110%
15
15%
43% 45
87
*80%
23%, 24%
Nov
7
30% Mar
Jan
*3134
2934
17%
11% Mar
14% Mar
97
38
33
*79
Mar
3034 Mar 23
*3184
79%
71
49%
1% Jan
2834 Oot
28% Nov
80% Nov
16
70%
32%
31
35% Jan
30% Nov
7% Oot
13% Nov
159% Deo
Jan 18
1734
10% July
May
27% Mar
Mar 10
31%
*79
134
65
65
*29
Mar
66
66
*46
7984
Feb
7% June
48
Jan 31
*54
65
31
37
Feb 16
66
*46
7934
1% Mar
58
*54
30
Deo
7% Nov
60
I684
66
65
*41
3
Worthington PAM(Del)No par
Preferred A 7%.—*. .100
16%
*53%
43
Mar
91% May
29% Mar
40
Apr
40
*46
42
Mar
38
Wooiworth <F W) Co...—.10
58
*41% 45
102% *100% 103
45% Jan
r44% Mar
£55
17,300
5,000
63
3034
Mar
48%
*48
3134
21
19% Jan 26
*55
3184
Mar
21% Mar
27$ Mar
Woodward Iron Co........10
58
17%
June
T,i"66
63
17%
Nov
24
22
*21
*53
17%
Nov
I334 June
98
Wisconsin Elec Pr 6% pref. 100
*108
*45
*34
115
173
Feb 20
Preferred..
65
*40
Mar
75
800
3
Jan
9% July
12% Nov
60
3%
3%
18%
3
Nov
1%
Jan 12
W hite Rock Min
18%
13
87% Deo
Feb 20
White Motor Co
1%
18%
Nov
10% Aug
8% Oct
75
1.100
5%
1%
114
60
"moo
684
107$ July
80% Jan
87$ July
39% Oct
67% Aug
12% Nov
162% Mar
4% Mar
74
Mar 13
130
...60
5% conv preferred ......30
6
1%
19%
10%
1%
55
Jan
5H % conv preferred—..100
10%
9%
*5%
*11%
10%
*584
*1%
*18%
3%
2%
*4%
4%
*4234
.....—.
May
% Deo
3% Mar
534 Mar
Oot
7%
Wheel A L E Ry Co.*—100
200
"*"166
*52
11%
10%
5%
1%
18%
3%
Westvac0 Chlor Prod..No par
56%
11%
66
1934
500
.
1st preferred.—.
95
*11%
9%
*3
100
Weston Elec Instrum't.No par
Class A
......—No par
*70
*50
5%
1%
"""460
95
55
684
Feb 10
Mar 22
23% Jan 26
*70
11%
*1%
19%
1
20
-
95
*11%
10%
100
6 % preferred
2234
*50
Jan 26
5% Jan 20
% Feb 20
Westlngb'se Air Brake.No par
Westinghouse El A Mfg..*.50
60
11%
10%
*108
i6%
*50
4
Western Union Telegraph. 100
400
*72% 110
23% 2334
56
3%
47%
21%
60
56
*11%
19
4%
43%
*50
3
Jan
6,500
8,100
18,300
*72% 1.10
22% 23%
*70
1%
*108
*108
75
*
*72% 110
99
6
484
*50
*70
10%
2%
60
*72% 110
23% 2384
57%
*11%
*50
Jan
3
4% 2d preferred—....100
Western Pacific........*.100
<
,
3
114% Jan 24
22% Jan 26
Western Mary land. ...... 100
100
200
7
1027$ Jan 31
6% preferred...——.100
Western Auto Supply Co..-10
.
Feb
West Penn Power 7% pref. 100 xl20%
30
*3
3
3
3'
3
3
3
3
3
3%
384
6
6
*6
K 684
*6
7
*5%
*5%
684
6%
7%
%
*%
*%
%
*%
%
*%
%
1%
*1%
1%
1%
1%
1%
1%
1%
*1%
*1% J1*
1%
21
21
20
2034
20% 2034
21% 21%
20% 21
20% 21
25'
2384 24% ,24
2334 24%
24% 25%
25%
24%
24% 25
IOO84 104% 102% 104% 104
104% 108% 105% 107
105%
106% 108%
*13934 142% *13934 142% *13934 142% *13934 142% *13984 142%
*13984 142
16
16
17%
*15% 17
17% *16
1584 16
*16%
17% *16
37
37
*36% 38
*36% 37% *36% 37% *36% 37% *36% 37%
21
21
20
20
*20
21
*20
20% *19% 20
20% 20%
*30% 32
30% 30% *31
31%
31% 31%
*30% 3034 *30% 32
Jan
3
Jan
9% Jan
50% Jan
„
Mar 13
1
preferred-—-No par
116
116
4% Apr
62
7% Feb 10
18% Jan 8
3
22% Mar 24
71% Jan 26
7% preferred........—100
6% preferred........-.100
105
Mar
90
Jan 28
5
3
4
2
18% Jan 27
25% Mar 22
2% Jan 28
West Penn El class A,..No par
conv
Feb
Jan 11
134 Jan
3% Jan
25% Jan 26
Wesson Oil A Snowdrift No par
300
105
Mar 15
2% Feb 20
Webster Eisenlohr.....No par
Wells Fargo A Co
.......1
1%
22%
Mar 16
131
3
10
1
,
500
73
93%
36
No par
9
120
77
Feb 20
5
No par
1,300
600
7
72
105% 105%
$3.85 conv pref
tWnrren Bros
1984
*5
*26%
284
*1%
22%
26%
234
1%
360
4,500
Ward Baking Co ol A .No Par
Class B.............No par
$3 convertible pref. .No par
$1 1st preferred.....NO par
Warren Fdy A Pipe....No par
Waukesha Motor Co........5
12
Jan
8
Jan
8
7
Feb 14
85
Feb 18
27$ Mar
2% Jan 30
1% Mar 20
6% Jan 25
16% Jan 26
7% preferred....—.*..100
6%
*10
117
Jan 11
6% Mar 22
2%
1,800
2578 Feb 18
478 Jan
3178 Jan
42% Jan 26
19% Feb 20
10% Mar 23
2% Mar 20
34% Jan 24
37%
400
.
Mar
No par
20%
11%
'2%
Sept
Oot
4%
38
% June
Mar 24
30% Jan
35% Mar 6
114% Feb 24
42% Mar 13
1
3
Walk(H)Good A W Ltd No par
Preferred..........No par
♦19«4
II84
2%
Mar
6
3
s4 Jan
67% Jan 24
% Pref with warrants 100
Walworth Co...
6
Jan 11
120
Walgreen Co.........No par
4M
Jan 27
1
2,400
100
Jan 26
1% Feb
6% Mar
125
6%
18%
Feb 25
Feb
114
100
89
6%
Feb 28
78
21% Jan 26
3% Mar 22
22% Mar 22
Detlnning........ 100
Preferred
162
20
Highest
40
Virginia Iron Coal A Coke.100
5% preferred........*.100
Virginia Ry Co 6% pref.,. 100
60
3
Jan 7
Jan 20
3
36%. Jan 24
Va El A Pow $6 pref. ..No par
10
18%
3
*6
1,300
4
Mar 3
2% Mar 8
56% Mar 15
12% Jan 21
83«4 Jan 3
Feb 23
30
Va-Carollna Chem.....No par
6% preferred
100
2,400
*88%
63s
*27*
.27
"""800
Jan
Mar
8% Mar
50
12034 Mar 11
35%
45%
3%
8%
50
100
2
Mar 13
Jan
2l7g Mar
13% Mar
3% Mar
5% Mar
6% Mar 10
5234 Jan 3
111% Mar 8
65% Jan 5
67% Mar 21
70
Mar
9
3
4
Jan 27
Jan
113
Vlcksb'g Shrev A Pac By Co 100
Victor Chem Works........5
20
3
49
% Jan 16
Vandlum Corp of Am.No par
Van Raalte Co Ino
5
"""600
45
5% Jan
10% Jan
01% Feb
Jan 23
17
.100
2%
11%
75
92% 93%
105% 105%
Preferred.**...
Jan 18
2534 Mar
Mar 18
50
1 Wabash Railway
100
5% preferred A........100
5% preferred B.._.
100
Waldorf System.*.....No par
44
Jan
Jan
Jan
Feb
50
..No par
1%
2%
*1%
62
*71
86 conv pref A
26
27
24
16
Mar 22
Feb 20
Jan 25
„
United Stores class A..No par
700
10
284
10%
*2%
*1%
22%
7% preferred
..25
United Stockyards Corp..-.1
Conv pref (70o;
No par
7% 1st preferred....... 100
Viok Chemical Co..
-5
120
61
*25%
7,600
100
10
♦5
53%
113%
337g
43%
2%
7%
1%
(7 S Tobacco ..........No par
Jan 23
Vadsco Sales.........No par
20
8%
77%
60
...... -
700
*6
*72%
52% Jan 24
U S Smelting Ref A Min
157
2%
*124
...100
50
Preferred......
..50
U S Steel Corp
No par
Prefened .....*...*...100
Jan 26
8% preferred
......100
Universal Pictures 1st pref. 100
*2%
*113
90
40
20
3%
.,..10
32
10% Feb 24
800
23%
;
8% 1st preierred
75
32
39%
63
23%
3%
24%
....20
No par
No par
113
39%
.
Universal Leaf Tob
32
*—
.....100
U S Pipe A Foundry..
U S Realty A Imp
U 8 Rubber
26
27
18
20
26
30
26
18% Jan
4% Jan
7% Mar
61% Jan
37% Jan
4% Jan
40% Jan
ol A ...No par
conv
Universal-Cyclops Steel Corp 1
*112
6%
18%
89
124
27%
2434
Partlo A
2%
124
97%
24
U S Industrial Alcohol. No par
U S Leather..........No par
Prior preferred
100
9,900
97,600
13,300
I,100
30% Jan 27
*1%
1%
124
97%
20
10
234
%
%
20
6%
18
*88%
6%
67
67
1
20
2334
23»4 2384
3%
3%
3%
23
23%
23
115% •115% 116
2%
*2%
2%
♦6
6%
6!
7
,
*105
56
12
28%
21
J5»
94
106
2%
41%
6%
*5
23%
73%
23%
73%
*90%
*112
24
*39%
63
6%
44%
19%
13%
28%
*19%
6%
26%
2%
*1%
105% 105%
19%
*11%
*2%
41
*4
90
76
....
684
44
13%
2%
19
90
*6%
18%
*89
20
28
2%
1%
237g
7434
120
2%
2%
6%
18%
89%
6%
3
27
22%
*2%
*1%
2384
3%
115%
*2%
6%
2%
8%
1%
43%
*9
27
3%
40
.
*%
♦19
2384
39
25
2%
1%
6%
18%
89%
*2
23%
*
*63
21
*19
116
*1%
,
6%
%
1
"T%
1%
19%
76
*124
*1%
2%
19%
*112
7584
75%
"28"
2%
*1%
*23%
*73%
*6%
120
*112
*19%
*10%
2%
*37%
5%
50%
~28~
116
*2%
*122
20
13
2I4
41
57g
3%
*24%
70
*63
70
.
2%
2%
*6%
*197$
*10%
2%
*3984
5%
484
2,400
„
31
43
284
56
43
1,100
100
67% *67
68% *67
69% *67% 69%
53% 55%
54% 56%
56% 57% 126,700
57%
117
2,100
117% *116% 117
116% 11634 116% 117%
35% 35»4
2,600
3534 35%
35% 3534
35% 3534
45
30
45
44% 44% *44% 46
*44% 46
3
3
2%
3
1,300
*2%
3
8
100
*7%
8
8
*8%
8%
*734
2
2
1%
1%
2,700
2%
2%
*1%
51
200
51
*51% 55
*49% 52% *49% 52%
100
12%
*11% 12%
11% 11% ♦11
12% *11
76
400
76
*74% 76
*74% 7684 *74% 75
10
*160%
*160%
*160% — *160%
*112
44%
12
56
54%
*50
"2*660
67%
56%
113
43
52
99
43%
10034
*112
*89
2%
42%
113
24%
*18-
*9
434
54%
55
4384
4%
113
18%
60
42%
21
25
89%
52
*50
41% ;4234
4%
484
41% 42%
97% 99%
44%
4%
32
18
684
8%
32
*18%
23%
*31%
*89
6%
8
32
21
*6%
*6%
4%
*%
*18%
2484
40
80
30
21%
*4%
5%Mar23
60
conv pref
4% Mar
Apr
3
91
5
Mar
60
173
7% preferred..........100
U S Hoffman Maoh Corp.
5)4%
.
*%
113
*26%
%
%
31%
60
*50
5%
*20
70
*%
*18%
2334
8%
584
~
70
*65%
21
20
44% 45%
101% 101%
55
69%
117
69%
23
60
43%
4%
55
*6684
69%
30%
*26%
21%
4%
8%
6.
160% 160% *160%
.
6%
45
4%
43%
3%
8%
*8
8
43%
5514
43i2
4i2
42i4
21%
4%
6%
*50
30
*26%
21%
4%
7?g
*60
6%
Mar
4% June
Feb 11
'
*612
2
22
6% Jan 4
33% Jan 12
7878Mar 11
£13% Feb 27
7% Jan 26
82% Jan 24
% Feb 11
5% Jan 26
7% Mar 22
No par
$6 first preferred.......100
U S Dlstrib Corp
..No par
Conv preferred........ 100
Lowest
$ per share $ per sJtare
3% Feb 6
39% Mar 14
7% Ma,' 10
834 Jan 5
Jan 12
65
United Electric Coal Cob
United Fruit.....
Range for Previous
Year 1938
Lots
13% Mar 22
39
Jan 26
80
Feb
9
21% Mar 22
16
Jan 26
27s Mar 20
Ex-dlv.
y
_
10% Mar
30
Jan
11% Mar
42
71
Mar
Oct
Mar
Mar
9% Mar
557$ Jan
24
85
62% Mar
11% Mar
Jan
31% Jan
22% Jan
3% Jan
Ex-rights,
Mar
15% July
15% July
11
Jan
3
Jan
2484
Oot
3% Aug
3%
07$
6%
60%
1O034
27%
5384
27%
72%
75%
48%
05%
Oct
Jan
July
Jan
Dec
Nov
Nov
Nov
July
Nov
Nov
Nov
121% Dec
78
Dec
39
July
21%
109
Oct
Oct
257$ Aug
57% Nov
86% Nov
31% Dec
9
Mar
2584 July
.234
Jan
584 Mar
f Called for redemption.
1939
25
Mai.
1768
NEW
YORK
EXCHANGE
STOCK
Bond
Record, Friday, Weekly and Yearly
NOTICE—Prices are "and Interest"—except for income and defaulted bonds.
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 Ended March
Friday's
Bid
Price
24
Friday
Week's
Range
bonds
Last
Range or
Since
Range or
Sale
EXCHANGE
N, Y, STOCK EXCHANGE
Week Ended March 24
Sale
Friday't
Week's
Last
BONDS
N. Y. STOCK
&
Low
Bonds Sold
Asked
Jan. 1
No.
High
Low
Foreign Govt. & Mun.
Treasury
4J4s..--------1947-1952
120.11 120.4
120.14
Treasury
4a-----------1944-1064
--1946-1956
115.19 115.10
115.2
64
114.17115.31
114.26 114.24
114.26
29
113.10115
104.24
104.24
1
106T9 106.15
106.20
158
110.19
110.25
15
106.15106.27
109.30110.25
107
107.4
16
107
Treasury 3540-
-—
Treasury 354s
1943-1947
-----1941
Treasury 354s....-.—-1943-1945
Treasury 380-.-I—
1944-1946
Treasury 35*8
-1946-1949
Treasury 354s
.1949-1952
Treasury 3s.
1946-1948
Treasury 3s
1961-1965
Treasury 254s
1955-1960
Treasury 254s..
1945-1947
Treasury 2%$
1948-1961
Treasury 25*0
.-1951-1954
Treasury 254s
1956-1969
Treasury 254®--1958-1963
Treasury 254s........——1960-1965
Treasury 854s»»
Treasury 354s
J
1
F
A
— —
-
-
—-
110.22 110.12
110.24
110.22
110.30
110.28
110.30
29
110.6
110.7
iib'28
]
lio'e"
M
101
107 12
109.22110.25
109.22U1.1
109.11111.8
109.2 111.5
8
108.19110.17
109.12 109
109.12
92
106.24 105.29
106.26
224
108.26 108.10
108.26
38
107
107.25
48
105,19107.30
106.15
89
104
106,15
103.4
105.15
-
—
—
-
107.8
106.15 105.28
107.4
109.13
104.12106.26
109
Govt
ft
J
M
"92*
MN
8654
8654
91
38
F
A
50
SO
50
1
50
F
A
42
40
42
27
40
5154
J
J
*70
74
74
8054
External loan 4 54s ser
102
4 54s external
108.24
29
104.3
107.9
108.26
108i4
24
106.26 108.11
106.20
17
106
106.25
105.15
1
105.3
108.6
21
102.3
169
104.22
*2654
106.26108.8
101.26102.22
104.1 104.30
58
28
25
12
25
9354
1154
12
91
2554
90
•
27
"~3
25
10
93
94%
14%
14%
10 54
9%
1054
10%
5
1254
1254
1254
1254
17
13
8
9%
9%
36
1254
1254
30
1254
9%
65
95
25
90
14%
14%
13%
13%
13%
96%
£40
89%
91
92
8654
85
8654
78
76
78
7754
76
7754
9954
9954
9754
100
96
90% 103%
98
10054
58
94
9254
97%
91%
12
9154
.12
*.
"165""
105
10254
10054
11254
110
*2054
1854
2254
------
---
46
85
92%
81%
145
76
78 %
59
76
79
96
83
1254
20,
10554
5
""86
110
22
18
20
2054
277
1954
104
9554
17
94
9954
1054
9954
9
19H
28%
954
9354
95
16
89
103
27
97
31
9
1054
•
5354
*.....
4054
23
2254
2154
9854
9854
102
II54
"5154 ""36
55
2254
3054
108
105
105
10054 10254
5554
68
36
10254
6954
102
10
9
6454
60
10154 10354
68
7354
Z28
30
13
25
30
28
.30
1
30
76
365
99
105
99
9754
O
90
8854
71
67
71
14
75
65
70
71
6
65
Apr 15 1962
External g 454s
A
10154
9954
9054
273
206
9754 101
8854
9754
7154
7154
68
70
5
65
71
67
7054
6
€6
70
70
3
6654
7154
7154
70
70
2
65
-71
1945 MN
*16
23
16
18
♦Dresden (City) external 7s.
♦El Salvador 8s ctfs of dep.—.1948
Estonia (Republic of) 7s......1967
Finland (Republic) ext 6s.....1946
♦Frankfort (City of) s f 654s—1953
French Republic 7 54s stamped. 1941
754s unstamped.....*.—1941
External 7s stamped——.—1949
7s
J
J
J
J
M S
18
18
97
10554
J
10
97
10554
7
1.0654
20
1454 21
97, 100
10554 107
1754
19
.108
"27
106
109
104
105
118
*10354
126"
"38
11354 120
10354 105
1854
1754
1954
131
16
I5
16
D
10654
J~D
11954
unstamped...*..—...1949
3
1854
MN
10654
-,*10354
....—
....
29
110
102 54
10254
10254
9954
*12
------
2854
------
24
2454
*
-----
"2454
25
*
1942 MN
O
1154
15 54
♦Extl sinking fund 6s..Feb 1961
--
-
15 54
------
------
Sept 1961 M 5
1154
------
—
-
------
1154
14
---
1354
------
10354
10354
21
67
10254
13
10054
2154
2854
215
"l5~~
1154
1554
1054
15
*1154
1454
1154
1554
1154
10954
96
68
1979
454s to
F
A
.
33
3354
2254
2354
£6
2654
2054
2254
24
1654
1354
1854
-
9
954
1
9?4
23
1954
2354
1946 Q
10154
5954
10154
2
10154 103
6954 7654
46
45
4754
17
45
65
A
75
76
78
57
75
5554
3454
55
57
29
65
8554
6554
3454
4
34
3854
23
1
1654
23
15
25
3454
255
64
,
,
23
D
6
D
-
-----
1
----
♦4s of 1904
1954 J
D
*54
D
154
2154
2754
2354
♦Assenting 4s of 1904
.1954 J
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
(♦Treaa 6s of '13 assent (large) '33 J
J
(♦Small.......
54
154
54
54
154
154
35
154
*1
23
1454
72
54
54
54
----
154
1
J
75
72
6854
*
64
1054
1254
*1054
32
16
30
6554
2754
1854
1954
64
2254
...
10
33
65
154
♦Assenting 5s of 1899
♦Assenting 5s large.....
♦Assenting 5s small
10
9
3054
63
-----
1954
11
•11
32
33
154
J
9
3
33
*54
(Prov) 4s readj—1.—1954
4540—1943
754
754
2
3
18
10254 105
7
754
954
954
954
754
754
♦454s stmp assented
...1943 MN
♦Mexico (US) extl 5s of 1899 £-1945 Q J
103
101
Mendoza
-
----
D
1954
Extl sinking fund 554s
1965 MN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f 7s
.1947 F A
♦Lower Austria (Province) 754s 1950 J D
—1954 J
—-
19
104J4
.
%
l
J
*1
—
—
-
—
—
154
1
—
154
18
54
54
154
5
54
54
-
1454
1054
5
Milan (City, Italy) extl 6 54s -.1952 A
Minas Geraes (State)—
2
1454
1054
1454
1654
1854
2
11
♦Sec extl s f 6 54s
-1958 M 8
♦Sec extl s f 654s
1959 M S
♦Montevideo (City) 7s..—...1952 J D
4
1454
1654
1854
1654
1854
1654
1854
1654
1854
1654
16
1454
1654
1454
154
154
154
154
4454
5654
1854
15
1
254
J
22
""
1554
1154
1554
1
11
16
1
1054
11
7
1154
1154
1354
1154
14
9
1454
1054
1454
1054
1354
10
10
3
10
1
1354
—
22,
75
*54
11
—
1654
73
104
*1354
10254
27
2
21
19
10254
33
2754
74
23
...
27
*2454
2054
M N
3
1354
2454
3354
2354
♦Mexican Irrigat'on gtd
1154
1554
1154
1554
14
16
2254
104
1954
14%
*954
3
6
10254
IO254
10154
9854
1654
5
1354
18
2354
♦Medellln (Colombia) 654s
16
16
F
22
18
1754
17
3
-
25
12
1951 J
27
2354
HI54
10954 H154
16
*15
Extended at
2154
18
73
♦Hamburg (State) 6s....
—1946
♦Heidelberg (German) extl 754s '60
Helslngfors (City) ext 654s
I960
Hungarian Cons Municipal Loan—
♦754s secured s f g_.
1945 J J
♦7s secured s f g
.....1946 J J
♦Hungarian Land M Inst 7548-1961 MN
♦Sinking fund 754s ser B.
1961 MN
♦Hungary (Kingdom of) 7548—1944 F A
140
15
1454
1754
1954
2354
1968
paid
13
"25""
"2154
14
2454
29
------
1554
11054
11054
30
-
♦6s part
"2354
Haiti (Republic) s f 6s ser A...1952
42
3254
103
D
5454
19
110
J
Japanese Govt 30-yr s f 6 54s
2054
10954
...1965
55
1
110
♦554s of 1930 stamped
♦5 54s unstamped....
38
....
5
O
D
50
100
Dominican Rep Cust Ad 554s.. 1942 M S
1st ser 5540 of 1926.--.....' 1940 AO
1940 A O
2d series sink fund 554s
Italian Cred Consortium 7s ser B '47 M S
Italian Publlo Utility extl 7s
J
1952 J
22
103
D
29
101
99%
9854
Italy (Kingdom of) extl 7s
20
10254
9954
1961 J
102 %
68 54
Irish Free State extl s f 6s...—1960 MN
19
J
D
Denmark 20-year extl 6s...... 1942
1955
External gold 554s.
5254
5254
22
J
D
O
4954
5054
20
5154
22
J
1963 MN
1951 A
64
4954
—....
J
♦Chile Mtge Bank'654s—.—1957 J
♦654s assented
....1957 J
♦Sink fund 654s of 1926
1961 J
D
64
53
♦External sinking fund 6a...1962 A O
♦6s assented.
.......1962 A O
♦External sinking fund'6s...1963 MN
1945 J
49
*55
J
21
1154
954
954
327
1654
1554
.19
14
1
97
94
19
11654
13
...»
1854
25
17
2354
*49
♦Extl sinking fund 6s..Sept 1961 M S
J
Sinking fund 8s ser B....... 1952 A O
10 2% 108
10354 108
O
Jan 1961
...Jan 1961
D
20%
16
81
A
♦6s assented.. .......Feb 1961
29
101
*10354
*10154
5454
A
1977 J
1953 J
♦7s part paid
1964
♦Sink fund secured 6s......1968 FA
99
99
MN
♦External sinking fund 68—1960 A
♦6s assented
1960
.1949 F
C
debt..
Sinking fund 654s.—Jan 16
♦Public wks 654s— -June 80
Czechoslovak (Rep of) 8s.....
17%
103%
105
50
151960 A
.1951 MN
1966
♦554s stamp(Canad'n Holder) '65
♦German Rep extl 7s stamped. 1949 AO
♦7s unstamped
—1949
German Prov ft Communal Bks
♦(Cons Agrlo Loan) 6548
1958 J D
♦Greek Government s f ser 7s—1964 MN
11554
50
♦6s Oct coupon on.......1060
♦Chile (Rep)—Extl s f 7s
1942 MN
9654
9454
Gorman Govt International—
51
J
26
26 %
9354
1254
12 54
1154
1154
1154
S
A
"65
Customs Admins 5 54s 2d ser. 1961 MS
1969 AO
654s 1st series..
1969 A O
654s 2d series
50
J
*26
105.26
107.30
S
1967 J
8754
102.16104.25
A
M
J
1954 J
1950 M S
J
16 1960 J
1960
1773.
8854
62
F
Aug 15 1945 F
For footnotes see pace
A
D
135
D
Canada (Dom of) 30-yr 4s....1960 A O
5s
1962 MN
♦654s assented
2554
2554
8754
8654
2554
2554
F
103.25
104.22 104.20
J
♦Secured s f 7s
—.....1967 J
♦Stabilisation loan 754s—.1968 MN
♦6s assented
1
MN
J
104.16
Bulgaria (Kingdom of)—
5 +6s Assented
2554
103.15
Sinking fund gold 5s........1968 F A
20-year s f 6s
........I960 J D
'
1954
1954
2
Cuba (Republic) 5s of 1904.... .1944 M S
External 5s of 1914 ser A.... .1949 F A
105.15
♦External s f 654s of 1927—1967 A O
♦7s (Central Ry)
1962 J D
f 6s
♦6s assented
44
♦Costa Rica (Rep of) 7s..
Brisbane (City) s f 5s... .....1957 M S
s
2354
2554
108.1
♦Brasll (U 8 of) external 8s.
1941 J D
♦External s f 654s of 1920—1967 A O
♦Ry ref extl
54
25 54
107.2
—1967 M S
♦7s assented
22
102.13 104.22
External g 454s of 1928.—1956 MN
J
♦Austrian (Govt's) s f 7s
1957 J
♦6s July coupon on
♦Farm Loan s f 6s..Oct
2254
O
102.20104.23
Municipal-
♦Carlsbad (City) 8s
♦Cent Agrlo Bankt Ger) 7s
♦Farm Loan st 8s.. July
J
A
497
107.27
1961
1944
36
J
104.16
101.26
...
1954
2354
103.28
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6a
1947
♦Gtd sink fund 6s—.—1948
Akershus (King of Norway) 4s. 1968 M S
J
♦Antloqula (Dept) coll 7s A...1946 J
♦
External s f 7s series B
.1946
♦External s f 7s series C
1945
♦External s f 7s series D.—. 1946
♦External s f 7s 1st series....1957
♦External sec s f 7s 2d series.1967
♦External see s f 7s 3d series. 1957
Antwerp (City) external 5s——1958
Argentine (National Government)—
8 f external 454s ........— 1948 MN
S f external 4 54s...——.1971 MN
S f extl conv loan 4s Feb....1972 F A
8 f extl conv loan 4s Apr
1972 A O
J
Australia 30-year 5s..—.....1955 J
10-year 254s
26-year 35(s
7-year 25(8
30-year 3a
16
2254
105.1
106.16
J
External s f 6s.....———1966 J
External 30-year s f 7s
1956 J D
♦Berlin (Germany) s f 654s....1950 A O
♦External sinking fund 6s...1958 J D
954
2254
106.6
108.6
1984
2654
2654
2654
2754
11
O
A
9
102
8% external s f 3 bonds
1454
1454
20
19
18
1 1939-1949
♦Budapest (City of) 6s
..1962
♦Buenos Aires (Prov of)
♦6s stamped
1961
External s f 454-4548—....1977
Refunding s f 45(8-4 54s
1976
External re-adj 454s~454b---1976
External s f 4540-45(8
.1975
1054
104.7
♦Bavaria (Free State) 654s.... 1945 F A
Belgium 25-yr extl 654S.......1949 M S
16%
1754
1654
664
1 1944-1952
External 6s of 1927
1654
1454
1354
12
104.19
Home Owners* Loan Corp—
Foreign
10
14
954
M S
"l03"2i
1942-1944
13
13
35
106.26
108.4
14
1354
13%
D
107.27
1 1942-1947
May
14
1454
J
104"l6
......
High
10
6s
1951
♦Cologne (City) Germany 6540-1950
Colombia (Republic of)—
♦6s of 1928
Oct 1961
♦68 extl sf gold of 1927. Jan 1961
♦Colombia Mtge Bank 654s—1947
♦Sinking fund 7s of 1926-*—1946
♦Sinking fund 7s of 1927——1947
Copenhagen (City) 5s
——1952
25 year gold 454s
.—1953
| ♦Cordoba (City) 7s unstampedl957
|*7s stamped...
1957
Cordoba (Prov) Argentina 7s.. 1942
♦Chinese (Hukuang Ry)
107.20
108.22
Low
♦Chilean Cons Munlo 7s......1960 M S
106.10
8548.........Mar 15 1944-1964
3s.
May 15 1944-1949
3s
Jan
161942-1947
No.
High
*10
85
......
-—-1950-1952
2s——————-1947
3s series A
O
162
Federal Farm Mortgage Cap-
254s series B —Aug
254* series G
A
105.10
Treasury 2 54S
Mar
1961
104.20
Treasury 2 540---------
Since
Jan. 1
♦6a assented
.1961 A O
•Guar sink fund 6s......—1962 MN
♦6s assented-............1962 MN
104.19 103.30
254s—.———1946
1948
Treasury 254s.......—1949-1953
Treasury
2541
Chile Mtg Bank (Concluded)
♦Guar sink fund 6a
104.20 103.28
102.20104.27
Range
K.S
Asked
&
(Con.)
105.14 104.29
»
Treasury
104.24105.8
40
1
J
J
118.26120.22
35
110.16
110.20
<
A
J
21
Bid
Low
High
U, S. Gevernment
Treasury 35*8—
Price
-
-
23
....
10
O
♦6s series A
1959 MN
New So Wales (State) extl 58—1957 F A
External s f 5s.........Apr 1958 A O
4854
4454
20
3
4954
"9854
13
52
5054
10
9854
42
96
A
10454
10254
101
101
4a
f ext loan.......
Municipal Bank extl
s
8
1154
51
External slide fund 454s —1956 M S
External s f 454s..—.......1965 A O
s
69
1154
1054
51
96J4
10354
104 %
10254
—1943 F
20-year external 6s....*—1944 F
Norway 20-year extl 6s
4854
9854
A
1963 F
A
100
f 60—1970 J
D
10254
99
32
104
13
105
37
10354
94
10254
93
9854
10054
133
10254
10254
1
754
754
16
1554
48
54
4554
52
95
10154
9454 10154
10454
10354 10654
103
10254 105
10054 10354
9854 10154
101
104
Volume 148
New York Bond Record—Continued—Page 2
Friday
BONDS
Last
N. Y. STOCK EXCHANGE
Price
Bid
Low
♦Nuremburg (City) extl 6a
1952 F
Oriental Devel TU&r 6s
Extl deb 6 Hs
1953 M S
1958
Oslo (City) s 14)48
....1956
♦Panama (Rep) extl 6Hs—
1953
♦Extl s f 6a ser A......
1963
O
MN
48% 52%
100% 103
102
3
100
102
67 H
4
50
67
61H
48
43 H
68
11
24
12H
17
5H
9H
HH
16
30 H
1
4
41H
13H
♦10 H
30
13H
12
1950 M
103 H
101
»
11H
9H
23
27
11
50
56 H
40
15H
"55 H
1952 A O
1959 F A
coupon paid..
♦Saarbruecken (City) 6s
1953 i"5
Sao Paulo (City of, Brazil)—
♦February 1937
22
12
11H
10
Rome (City) extl 6 Ha
♦Roumanla (Kingdom of) 7s
13H
10
15 %
2
18H
1
18H
4
♦10,
f....... 1957 MN
12
10 H
29
12 H
J
15
15
15
2
1950 J
J
12 H
11
13
44
11H
12 H
♦7a extl water loan
..1956 M S
♦6s extl dollar loan...
1968 J
J
1946 J
♦Sinking fund g 6 Ha
1946 J
Serbs Croats A Slovenes (Kingdom)
10H
D
F
28
♦Urvguay (Republic) extl 8s
a f
♦External
a
♦Convertible 4Hs
13 H
1946
F
A
F
..1978
..1984 J
11
11
44
49
50 H
3
43
40
41 %
31
33
40
44 h
41H
47 H
24
34 h
38
44
"49"
41
J
47
104 %
90
Belvldere Delaware
15
20
19
91 %
91%
*35;
118
~
18
11
133
30"
1966
106%
102%
99%
106H
103%
100 %
A
103 H
10C
101 %
292
97 h 102 %
107 %
1
106H 107%
101h 104
82
24
39 %
35
%
39
25
32 H
30
23
7%
1
40%
37%
10%
95%, 103
49
58
1941 J
58
109
58
A
26
76
40
88
1
89 H
28
11
80 H
80 %
83
35
98%
98 %
99
35
43
47
42 H
40
49
45 H
♦Buff Roch A Pitta consol 4 Ha.1957 mn
37
43 H
{(♦Burl C R A Nor 1st A coll 6a 1934 AO
8
*5
36
43
♦Certificates of deposit..—.—..
Bush Terminal 1st 4s
1952 AO
35
42
*105
f deb 3Ha
—1955 J
gu—.... 1960 a
45
{Bush Term Bldgs 6s
37
36%
36%
49
49
51
34
22
25
22
31
56H
67 H
55
59
26 h
34
8
_25h
4
7%
79 %
40
40 h
40
10
7
68
75
3
38
41
49
53
55
6
96%
99
120
93 %
94 H
8h
18H
30
14H
29 H
111h 113
36
8H
39
Calif-Oregon Power 4a........1966 a o
Canada Sou cons gu 5s A
1962 A O
19H
30 H
99 h
8
*67%
o
37%
J
112%
"35 H
34
J
Venetian Prov Mtge Bank 78—1962 A O
♦Vienna (City of) 6s
.....1952 MN
85
93
*109
32 H
Consol 6s__.
72 h
1057si 108 H
U2%
112%
92
106 h 108 H
103 h 107
.
a
82 %
45
40
70%
"28
108
106%
—I960 f a
Buffalo Gen Eleo 4 Hs series B.1981 f A
Buff Nlag Elec 3Hs aeries C...1967 j D
H
35
40
106
D
1957 mn
1st lien A ref 5s series B
f Brown Shoe
64
107 h 109 H
95
87%
106%
108:
......
47
253
40
1947 mn
5%
4
109
73%
*50 %
1946 mn
Debenture gold 6a...—.....1950 j
35
107 %
75 %
j
1950 f
107%
31%
7%
Bklyn Manhat Transit 4Hs...1966 mn
Bklyn Qu Co A Sub con gtd 5s.l941 mn
1st 5s stamped
Bklyn Union El 1st g 5a
Bklyn Un Gas 1st cons g 5s
1st lien A ref 6a series A
54%
43%
108 %
33
60H
40
26 h
27
106
29
43
8
25
32 H
49%
42
107"
35 H
2
41H
28
34 %
....1944 J
♦Certificates of deposit.
"41 %
19
21
1st g 4Ha series JJ—
..1961 A O
{♦Boston A N Y Air Line 1st 4a 1955 F A
Brooklyn City RR 1st 6s
1941 J
J
Bklyn Edison cons mtge 3%a..l966 m N
7
40%
41H
21%
21
Boston A Maine 1st 5a A C....1967 M s
1st M 5s aeries II
1955 m N
32
20H
22%
25
*40
"20% ~28~~
28
21
14%
6%
17H
53 H
34
129 % 133
107 H
43 H
52 H
41H
117h 119
4
D
29
40H
41H
101h
27
Big Sandy 1st 4a
28
1
89
15
28
"2
22
7
33
53
52
104 h 108 h
84 h 98 h
15H
25
45 H
44
52 %
7H
27
44
94
118H
........1955
debs..........1952
a f conv
6
11
h
3H8..1943
♦Berlin Elec El A Undergr 6 Hs 1956
Beth Steel cons M 4 Ha ser D..1960
3Hs
4
90%
117 %
1960
10h
47 H
90
♦Berlin City Elec Co deb 6 Ha—1951
♦Deb sinking fund 6 Hs
1959
14H
14%
105
132
1948
20H
4
45 H
52
1959
69 H
29 H
*46
~45H
179
12 H
1943
15%
28
12
13M
54H
-——1951
50
53H
1979 MN
1978 J D
3H-4H-41 las extl conv..
4-4H-4H% extl read).
Toledo Cin Dlv ref 4s A
Bangor A Aroostook 1st 5a
Bell
25H
"2
12
11%
_
14H
19H
52 H
3H-4-4HS ($ bonds of *37)
external readjustment
1979 MN
3H-4-4H% (J bonds of *37)
external conversion
.—..
cons
23%
23%
23%
14h
14h
55%
54
4s stamped....
..1951
Battle Creek A Stur 1st gu 8a_.1989
Beech Creek ext 1st g 3
Ha
1951
43
53H
1960 MN
.1964 MN
6s
f 6s......
♦S'western Dlv 1st mtge 5s.. 1950 J
♦Certificates of deposit.
let A ref 5s aeries C
8
24 h
23 %
12%
P L E A W Va Sys ref 4S...1941 MN
Certificates of deposit....
Telep of Pa 5s aeries B
16
16%
16%
16%
12 H
.....I960 FA
15%
15%
14H
20%
100 H
1996 MS
♦Certificates of deposit...
.
68
28
...1961 A O
f 5 Ha guar
♦External
17
21
30
A
J
a f 5 Ha
1971 J
Tokyo City 5a loan of 1912....1952 M S
a
21H
5%
20H
33
24%
21
21H
.
23 %
18%
18h
20
22 H
*20
24
17
♦Ref A gen 6s series F
27
21H
62
16%
15
20%
19H
21H
63
47 h
2
.6%
22%
Taiwan Eleo Pow
External
102
D
♦Silesia (Prov of) extl 7a
..1958 J D
4Hs assented—.1958 J D
♦Slleslan Landowners Asan 6s..1947 F A
1965
H
25 H
......1962 MN
extl........1962 MN
Sydney (City) a f 6 Ha
29
48
13
25 H
28 H
..1940 A O
f 7s.
♦Saxon State Mtge Inst 7s
2
49
27
31%
14%
6H
102
48%. 62%
27,
107
7H
6%
7H
7H
72
100
51
20 H
♦Certificates of deposit
25
22
20 H
17H
62
105 H
110
22
Cons mtge 3Ha series E
1936 J
58
20
'
(♦8s extl loan of 1921.
♦88 external....
22
20
70
6H
San Paulo (State of)—
58 H
20%
20
♦Debenture 6s_.
,.1952 MN
56
20
19
24H
57%
20%
m"s
gen 6s series C
44
37%
72
d
♦Certificates of deposit.
Con ref 4a
12 %
seo
30
30
"lO
102
...
...1995 J
.
101
186
1
58
O
14
15
12H
101
54%
55%
130
104
11%
♦Certificates of deposit
80
101
21H
102% 106 H
9H
...July 1948 A
*67
57
High
33H
28H
21
22%
104
"11%
103
Low
25
21%
19
12 H
24
103 H
17
20
19
10 H
62
21%
21%
14
O
4
20 H
14H
A
59
103
yd
22
36H
58
103"
..1995
7
18H
12
No.
♦Certificates of deposit.
♦Ref A gen 5s series D
,.2000
♦Certificates of deposit..
7
18
18H
18
35
42
9H
9H
16
35
18
18H
103 H
*10 k"
♦8a secured extl
32H
33
42 H
35
♦7s extl loan of 1926..
1966 MN
♦7a municipal loan
......1967 J D
♦7a series B
30 H
34
♦8a extl loan of 1921.......1946 A O
♦6s extl a f g..
.1968 JiD
a
♦Ref A
37
40
—.1958
♦Rio de Janeiro (City of) 8S...1946 A
♦Extl seo 6 Ha..
.1953 F
Bio Grande do Sul (State of)—
♦Secured
38 H
50
8H
30H
42%
J
J
58......1941 J
Baldwin Loco Works 5a stmpd.1940 mn
Bait A Ohio 1st mtge g 4s.July 1948 A O
30H
31H
17
Since
Jan. 1
High
42 H
3s
...1953 m S
j
deb 4% si 939 j
40
8%
70
Range
Asked
41
j
1959 j
♦Ref A gen 5s series A
106
11
33
A
32 %
j
tr 5s
12 H
12H
11
10
34
%
13 H
Atl Gulf A W1SS coll
Atlant'o Refln'ng deb
{(♦Auburn Auto conv
Austin A N W 1st gu g
1948 J
..1948 J
13H
10
10H
40
Bid
Low
Atl A Dan 1st g 4s_.
Second mortgage 4a
♦1st mtge g 5s
10 H
32
J
Queensland (State) extl a 178..1941 A O
25-year external 6a.........1947 F A
a
6
m
♦Prussia (Free State) extl 6Ha-1951 M S
♦External a f 6a....
.1952 A O
♦6Ha extl secured
16
101
30 H
1950 J
f
19%
67
59
4Ha assented
.....1968
♦Porto Alegre (City of) 8... ...1961 J D
♦Extl loan 7Ha
J
...1966 J
Prague (Greater City) 7 Ha
1952 MN
a
17
52 H
66 H
60
Range or
Friday's
Sale
High
Low
"53
50
D
♦Nat Loan extl a f 6a 2d aer..1961 A O
♦Poland (Rep of) gold 6a
1940 A O
♦Stabilization loan a f 7a
1947 A O
♦8a extl secured
Price
100 H
102
100H
J
Week Ended March 24
54
49 H
A
♦Peru (Rep of) external 7s
1959 M S
♦Nat Loan extl a f 6s 1st aer..I960 J
D
♦Rhlne-Maln-Danube 7a A
Ho.
20
MN
BONDS
N. Y. STOCK EXCHANGE
Last
Since
Jan. 1
Range
si
(sqoa
52%
53 H
...1963 MN
♦Stamped
♦Fernambuco (State of) 7a....1947 M 8
♦External sink fund g 8a
4 Hs assented
High
A
Week's
Friday 1
Range or
Friday's
dk Asked
Sale
Week Ended March 24
1769
Week's
3Ha extl readjustment..
1958 F A
4Hs assented
......1958 F, A
Yokohama (City) extl 6a..
..1961 J D
♦Warsaw (City) external 7s
RAILROAD
AND
Canadian Nat gold 4 Hs
Guaranteed gold 6s
Guaranteed gold 6s.
Guaranteed gold 5s.—
Coll trust 4a of 1907
-
10-year deb 4H> stamped
1st
cons
1946
A
104H
4a series B
warr
Alb A Susq 1st guar 8Hs
Coll A conv 6s....
♦Coll A
4Hs debentures
Allls-Chalmers Mfg
82
4s.,—1952
conv
101
2
5
18
1
34
104
104
100% 104 H
58
66 H
108 H
105 %
104
107
33 H
{♦Car Cent 1st
guar
4s
72
59
74
85 H
/OH
30
63
75%,
Cart A Adlr 1st gu gold 4s
Celotex Corp deb 4 Ha w w
38
48 H
♦Cent Branch U P 1st g 4s
29
41%
{♦Central of Ga 1st g 6s—Nov 1945
52
60
105H
99
A
M S
91H
109H
91H
109
34H
113
59 %
105 H
99 H
*"l2
92 %
111
19
25
153
115
119%
119H
119
103 % 106 H
100
97
89
94
H
American Ice
a
f deb 5s...
Amer IG Chem
conv
5 Ha
M
S
M
S
1953 J
108H 112
20-year sinking fund 5H8---1943 MN
8Ha debentures
1961 A O
..1966 J
conv
Amer Wat Wks A Elec 6a
D
deb..1950 J
~m%
ii"x#
15
102
103%
89
101
101H
102M
29
100H 104H
111 H 112 %
105 H 108 %
52
187
lll»i« 111H
126
108 %
107H
108%
181
108 H
107
108H
106
99
i
J
aer
104H
A.1976 MN
Anaconda Cop Mln a f deb 4 Ha 1950 AO
31H
57%
102H
102H
D
J
4
102
57H
1949 MN
Am Internet Corp conv 5Hs—1949 J
Amer Telep A Teleg—
3Ha debentures
Am Type Founders
31H
16
31H
48%
40
60 H
102 %
103 H
119H
68
115H
10
115
114
115H
18
113 h 115%
122 %
123
10
81%
98%
114%
56
122 H 124
79 %
82 h
97 h 100 %
114
98
19
92
122 %
.
93%
56
79H
80%
98
114
92
*13
55
52
97
16
16
19h
63
32
8h
4
4
102 H 107
104 % 106
Cent Pacific 1st ref gu gold 4s—1949 F
{Ann Arbor 1st
......1967 Jan
1995 Q
g 4s
24
24
18
21
26
40
13
30 H
42
96
98
Through Short L 1st gu 4s—.1964 A O
Guaranteed g 5s
..—..I960 v a
Central RR A Bkg of Ga—
mn
5s extended to May 1 1942....
J
Ark A Mem Bridge A Term Ss.1964 MS
Armour A Co (Del) 4a series B.1955 F A
1st m a f 4a aer C (Del)
J
.1957 J
97H
97H
99%
99%
Central Steel 1st g a f 8a..——.1941 MN
Certain-teed Prod 5Hs A..—.1948 m 8
Atchison Top A Santa Fe—
General 4s
...1995 A O
♦Adjustment gold 4s.......1995 Nov
97 H
99
98%
99%
"55
08%
98
98%
50
108
109H
Conv gold 4a of 1909.......1955 J
Conv 4a of 1905
1955
Conv gold 4a of 1910......-1960
Conv <ieb 4 Ha
.....1948
*74%
Rocky Mtn Dlv 1st 4s
..1965
Trans-Con Short L 1st 4a....1958 J
S
•
ef 4 Hs A
Atl Knox A Nor lut g 5a
Atl A Charl A L 1st 4 Ha A
1st 30-year 5s series B
Atl Coast Line 1st
1962 M
1946 J
1944 J
1944 J
110%
D
85%
64 H
7
102 %
103
84
110%
"~7
109H
110%
5
"85"
r"i
96 H
5
102%
85
96 H
4a July 1952 M S
For footnotes see page 1773.
46
96
86%
93
95
91
97%
91H
98 H
89
96
4%
8
107
3
5
104H
12
31
"33"
"16
17
20 %
75
17
18
*108%
71 %
.73
♦
_
.8*
"55"
'
57
78
"76
60
*115
81
82
103
75
104 %
110% 111%
28%
39 H
17
17
28
110
77%
72H
60
63 H
115
"30
24
71 %
65%
52
115H
83
65
109H 111K
107
3
109
*54
*56 H
5%
s
97
110%
4%b (1935 Issue)
1950 M
102
102 %
3
101H
101 %
102
16
122
121%
123
15
54
98%
99 %
99
98%
76%
55
115H
86
99
19
100 H 102 H
100H 102
118H 124 H
96
95 H
100
99 H
109 H
J
*
j
J
*108
Warm Spring V 1st g 6s.....1941
114
117H
104H 111
j
107
104H 105
117H
Potts Creek Branch 1st 4a...1946 J
R A A Dlv 1st con g 4a
1989 j
H
111
2d consol gold 4s
....1989
*
m s
109%
110%
85
86
89%
97
85
86
87
85
64
65 H
13
63 H
75 H
75 H
9
73
79
67
4
66%
72
66 %
S f deb
8 f deb 4 He (1938 Issue)
1950 M S
Ches A Ohio gen g 4 Ha.
..1992 m s
Ref A imp mtge 3 Ha aer D—1996 MN
Ref A lmpt M 3Hs aer E....1996 F a
Craig Valley 1st 5e
May 1940 J j
99 H 102 %
98 H 100%
109
111
110
*110H
"85"
J
General unified 4 Ha A
1964 J D
10-year coll tr 5a
May 11946 MN
LAN coll gold 4s...
Oct 1952 MN
cons
6
98 H
*99%
J
J
97%
96%
110
102H
106 H 110
87 H
97
J
Cal-Arlz 1st &
135
....
95
97
D
D
96 H
94
D
D
6
*110%
18%
6%
6%
10
106
67
65
"31
12 h
Champion Paper A Fibre—
109
1995 MN
♦Stamped 4a
9
103 %
O
23 H
37
3H
7%
110H
104 %
j
a
4
11
*97%
Gen mortgage 5s...—
Cent Hud G A E 1st A ref 3 Hs.1965 m s
16
♦Anglo-Chilean Nitrate—
S f Income deb
*7
.1941
1941 M S
,
9%
*4%
46
32
9
4
1946
105
%
*8
♦Mobile Dlv 1st g 5a
106
92
52
*
104H
88 H
87
%
*31%
♦Chatt Dlv pur money g 4a—1951
♦Mac A Nor Dlv 1st g 5a—..1946
103
105%
43%
107H
96
3H
*7%
105% 108%
104H 111H
40
*12
A
j
h2h 114%
96% 100%
91h 94%
105
106 ■,
91
91
—1959
Central of N J gen g 6s
1987 J
General 4s.'
..........1987 J
Central N Y Power 3%s
1962 A
17
116 %
"94""
♦Consol gold 6s.—......1945 MN
♦Ref A gen 5Hs aeries B
1959 a o
1951 f A
Cent Illinois Light 3 Ha.......1966 AO
J
{♦Cent New Eng 1st gu 4a
.1961 j
47
43%
105 %
Cent 111 Elec A Gas 1st 6fl
99
98 h
114h 116 %
114 h 116%
117h 120
118h 119h
116h 118H
118
1947 J d
1948 j D
Central Foundry mtge 6s..
55
92
90 h
7
♦Mid Ga A At Dlv pur m 6s. 1947
♦AIpine-Montan Steel 7a—.1955
Am A Foreign Pow deb 6S—2030
56
22
23
96%
f
14
115.
Carriers A Gen Corp deb 5a w w 1950 MN
1981 f A
♦Ref A gen 6s series C
115%
115%
118%
...1949
78
32
115
115
A
Coll trust gold 6s
Deo 11954
Collateral trust 4Ha..*..—.1960
82
*50
115H
Caro Clinch A Ohio 1st 6a ser A1952
34
35
50
f
j
Canadian Pae Ry 4% deb stk perpet J
Coll trust 4 Hs—*..—11946 MS
j
5s equip trust ctfs
1944 J
79 H
O
1950 A O
....1951 F
67
101
47
1970
39 H
77 H
70 H
♦5a stamped
..........I960 A O
Allegh A West 1st gu 4a...
1998 A O
Allegh Val gen guar g 4s
1942 M S
Allied Stores Corp deb 4Hs
35M
50%
J
j
July 1969 J
.Oct 1969 A O
*75 H
F
1950 A
58
105
35H
.....1949 J
5e
conv
104 %
107 %
*27
...1946 A
Alleghany Corp coll trust 5a...l944
103
104 H
1948 A
28
104H
103 H
58
1943 J
assented
58 H
107%
Albany Perfor Wrap Pap 00...1948 A
6a with
55%
*100
A 5s......1943 J
cons
.
*100
m;d
F
..1952 A
Adriatic Eleo Co extl 7s
Ala Gt Sou 1st
1947
58,
99
Guar gold 4 Ha
June 15 1955 j *D
Guaranteed gold 4 Ha.—1966 f A
Guaranteed gold 4%a._Sept 1951 M s
j
Canadian Northern deb 6 Hs—1946 J
INDUSTRIAL
COMPANIES
X (♦Abltlbl Pow * Paper 1st 5s.l953 J D
Adams Express coll tr g 4s
1948 M B
1957 j
53%
89%
71H
♦Chic A Alton RR ref g 3a.
1949 A O
j
Chic Burl A Q—111 Dlv 3Hs—.1949 J
j
Illinois Division 4s—..—1949 J
General 4s
.......1958 m S
1st A ref 4 Ha aeries B.......1977 f
1st A ref 6a aeries A......—.1971 f
11H
I00M
103
98 H
11H
99 %
102%
96%
12
47
100 %
36
103
51
98 H
98
A
92
92
93 %
12
A
98%
98
98%
22
10H
14H
97 H 100 %
101H 103 H
96H 100
89 H
94%
94 H
99%
Mar.
New York Bond Record—Continued—Page 3
1770
Friday
Friday
Range or
Range
BONDS
Last
Salt
EXCHANGE
Week's
Last
BONDS
N. Y. STOCK
Fridays
Since
N. Y. STOCK EXCHANGE
Week Ended March 24
Price
Price
Week Ended March 24
Bid
A
Low
111 1st (Is—1934
{♦C A E 111 Ry gen 6s
1961
J §♦ Chicago A East
A
O
MN
6s.....1982 ii'N
M S
{♦Chicago Great West 1st 4s...1969
J
J
{♦Chic Ind A Loulsv ref 6s
1947
1947 J J
♦Refunding 4s series C
1947 J J
♦1st A gen 6s series A
1968 MN
J
♦1st A gen 6s series B„May 1966 J
Chic Ind A Sou 60-year 4s
1966 J J
Chic L 8 A East 1st 4 %s
1969 J D
{Chle Milwaukee A St Paul—
J
♦Gen 4s series A
May 1 1980
J
♦Gen g 3 %s series B—May 1 1989
J
♦Gen 4 Ms series C._.May 11989
J
♦Gen 4 Ms series E—May 1 1989
J
♦Gen 4Ms series F_..May 1 1989
A
{♦Chlo Mllw St P A Pac 6s A..1976
O
♦Conv adj 6s—
Jan 1 2000
MN
{♦Chlo A No West gen g 3%s-1987
♦General 4s
1987 MN
M N
♦Stpd 4s non-p Fed inc tax 1987
MN
♦Gen 4%s stpd Fed inc tax—1987
M N
♦Gen 6s stpd Fed Inc tax..—1987
M N
♦4 Ms stamped
1987
{♦Secured 6M»
1938 MN
No.
Low
97
"97
16
High
100
22%
10 m
16%
2
15
21
80 m
20
9
81M
86 M
95
18%
10
12 %
3
24%
13%
13
13
16%
18M
"19H
18
86 m
17m
Chicago A Erie 1st gold
♦Refunding g 6s series B
High
110
*97
7
♦Certificates of deposit
Jan. 1
Asked
13
8
4%
♦4
9%
15
"~3
73
11M
3%
5%
4%
~4m "~2
4%
73
10
11%
*7%
6
00 M
111
*111%
75
111
23 %
23
20
24 m
24 m
1
26
26
1
*23
%
29m
22%
22%
28%
27
22%
22%
29
28%
12
3%
16
29
13
12m
13m
11
23%
8%
2%
12%
12%
12%
13
16
12%
16%
14
16%
19
*21
8M
9m
2%
2%
*12
"ll"
27 %
9m
149
3
166
17
~~6
13
14
13%
14
14m
I
7
13%
16"
10M
"~6
17
"l0" "26"
J
D
8M
9m
♦1st A ref 4Mb
J
D
8
8m
5
7%
7%
12%
U
♦1st A ref 4 Ms ser
J
D
8M
8M
17
8
11
4m
4%
81
4%
5%
52
47%
15
15m
14
14%
14m
7M
14
57
18%
16%
MN
4m
A
J
1951
{{♦Den A R G 1st cons g 4s
1936
1936
J
.....I960
Ch St L A New Orleans 6s.....1951
Gold 8Mb
June 15 1961
Memphis Div 1st g 4s
1951
East Ry
D
58—1995
5s
Erie A Pitts g gu
3%s ser
69 m
8
♦Ref A lmpt 5s of
3
4%
♦Erie A Jersey'lst s f 0s
47
75%
83%
66
65
60
63%
60 m
54
43
50%
§i"
106 m
106%
6
104
107
J
108%
109%
20
107
109%
J
J
107 m
108
34
103 %
104%
32
105% 108%
100% 104%
97
87%
M S
J
93 m
M S
95 m
O
75 m
93
m
95%
75 m
*13
"lOo"
—1967 J D
4s—.1942 MN
MN
♦Series B
eonv
4s series D
-
108m
110%
*102%
95'
55
95 m
47
88
96%
75 %
3
70
79
13%
108%
110%
100%
105%
107%
14 %
109
163"
105%
1057*2
108 M
105 %
108 %
75
*55
4s—.1993
—.1993
J
Cln Wabash A M Div 1st 4s. 1991 J
J
.1977
63
15
110%
111%
103
108%
109%
65
Ernesto Breda 7s
..1954
5s Internationa
1st lien
s
83 m
104
series
f 5s stamped
1st lien 6s stamped
1942 M 8
1942 M 8
....1942 M 8
1964 J
30-year deb 6s series B
Firestone Tire A Rubber 3 Ms. 1948 A
J
{♦Fla Cent A Pennin 5s
1943
{Florida East Coast 1st 4%B... 1959
Fonda Johns A GIov 4 %a
99 %
101
99%
112
111M
108 %
Stamped guar 4 Ms
Conn Rlv Pow
s
f 8MB A
164"
~~6
82
70
89%
79%
100% 106%
102% 104 -
101%
123
1
101
101%
160
2
112
2
111%
108%
10
92% 102%
94
102%
92% 102%
109% 112
109% 111%
107% 110%
103
105
103»»i
103j1»
14
102% 103%
1031#M107
106%
107%
50
100
109%
109%
4
109
108%
109%
109%
657
89 m
89%
1
74
108%
107% 110%
107% 109%
107% 111%
89%
89%
110% 112%
108% 108%
*109
110%
110%
109
105%
110%
106%
10
106
39
105
107
106 m
107
91
106% 107
.
110%
106%
.....1956
106 m
106 %
106%
11
105
3Ms debentures..
1968
♦Consolidated Hydro-EIec Works
106 %
106 M
107
49
105% 107%
3 Ms debentures
1958
J
1951
D
{♦Consol Ry non-conv deb 4s—1954
of Upper Wuertemberg 7s
Consol Oil
conv
deb 3 Ms
20%
104 m
103 %
J
10m
..1955
J
10
1955
O
10 %
48%
108
♦Debenture 4s
♦Debenture 4s
Consolidation Coal
s
f 5s
1967 M N
1970 M N
1966 MN
1st mtge 3 Ms
1st mtge 3 Ms
1st mtge 3 Ms
Container Corp 1st 6s
16-year deb 5s
Continental Oil
Crane Co
s
conv
1946 J
1943 J
2%s_...1948 J
f deb 3 Ms
Crown Cork A Seal s f 4s
1951 F
109 %
109 m
109
108%
105 %
104%
D
19%
♦Gen Elec (Germany) 7s
15-year 3%s deb
cons
40
65%
7
7%
7
7
*3
10
9%
17%
1%
1%
100% 102
41
40
43%
22%
102% 104%
19
107% 109%
106% 108%
107% 109%
109%
105%
32
108
52
103% 105%
99"
~14
7
35
35%
23
36%
37%
7
40
*33
109 %
109%
1943 MN
64 %
61%
41%
64%
103% 105%
98% 100
107% 109%
103% 105%
104% 106%
37
31%
36
40%
"'4
226
*
103%
106
105%
*
"64"
6
8
11
60
"51"
104%
52%
52
104%
106
"3
64
*13%
62%
105% 107%
"44
100% 101%
71%
57%
45
16
14
17%
15%
39%
39%
1
102%
100%
100%
99%
102%
100%
45
*87
59
59%
103% 107%
39%
D
50
55%
30
14%
*15
99% 104%
109
100
"61%
102% 105
80
90
18
39%
45
102%
100
100%
99
84%
D
J
J
74%
74
75
104%
106%
,
90%
"75"
75
103% 106%
13
2
103
104%
32
"73% "80%
64%
98%
58
J
90
92%
4
87%
General 4%s series D
..1976
General 4 %s series E„
1977
General mtge 4s series G._1940
85%
86
7
79
86%
8
78%
Gen mtge 4 sserles H
Gen mtge 3%s series I
1940
1907 J
J
84
J
99%
97
J
89
89
90%
J
77
77
78
84
*49%
Feb
♦Green Bay A West deb ctfs A
Greenbrier Ry 1st gu 4s
J
7%
Feb
1940 MN
Gulf Mob A Nor 1st 5%s B...1950 A
1st mtge 5s series C
1950 A
Gulf A Ship Island RR—
1966
o
110-year deb 4%s
f Hackensack Water 1st 4s
1940
Houston Oil sink fund 5%s A. 1940 MN
Hudson Coal 1st s f 5s ser A...1902 J D
1949 MN
ser
1951
1951
Omaha Div 1st gold 3s
1951
38
St Louis Div A Term g 3s
Gold 3 Ms
1951
Springfield Div 1st
Western Lines 1st g
1951
3 Ms...1951
4s
1951
g
91
91
95%
95%
93%
96%
107% 110
102% 105%
109
*Io5*i~«
*
105«w 105»i«
40
119%
119%
5
118
73%
76%
55
67
33
119%
33
75
'101%
32%
101%
28%
4
101%
32%
19
16
*124
13%
13%
111%
*85%
14%
46
111%
21
J
A
*84%
O
101
28%
121
76%
38%
102%
36%
125%
51%
15%
112%
*84%
♦
A
30%
124
111%
55%
54%
"56"
53%
53%
*
"53%
111
84%
90%
83%
61%
""54%
*
"50%
92
43%
11%
85
55%
63
51%
62
75
"55%
O
1955 MN
F A
45%
79
91-
J
J
1952 J
—1953 MN
1966
69
o
1952
Aug 1
81
78
"49
1955 MN
Cairo Bridge gold 4s
1950
Litchfield Div 1st gold 3s—.1951
Loulsv Div A Term g 3%s__ 1953
"7%
77%
108%
108%
1951 M 8
Refunding 5s
T....
7%
"49"
Refunding 4s
40-year 4%s
81%
60
47%
Collateral trust gold 4s
Purchased lines 3 %s„
94
68%
"48%
A
Extended 1st gold 3%s
1st gold 3s Bterllng
Collateral trust gold 4s
83%
7
O
A. 1957 F
1st gold 3 %s
83
o
J
1952
J
♦Harpen Mining 0s
1949
J
Hocking Val 1st cons g 4%s
1999
o
Hoe (R) A Co 1st mtge
1944
MN
{{♦Housatonlc Ry cons g 6s_—1937
94
89%
89%
103%
91
O
Gulf States Utll 4s series C
94
101%
76%
76%
J
1st ref A Term M 5s stampedl952
Gulf States Steel s f 4 %s
1961
94
80
*67
O
O
154
78
100% 105%
J
39
108% 110%
50
70%
101
52%
.....1973
General 5s series C
34
6
38
110
110
104
100%
D
♦Adjustment Income 5s.Feb 1967
HUnols Bell Telp 3%s ser B
1970
Illinois Central 1st gold 4s
1951
18
103%
J
Great Northern 4%s series A..1961
General 6%s series B
1952
12
108%
109%
*123%
100%
O
1947
52
1
O
1773.
40
62
A
5s
gu
10%
44%
2
7
D
98%
87%
102% 104%
"l2
Gt Cons El Pow (Japan) 7s...1944 F
1st A gen a f 0%s
1950 J
"2
134
D
"72
128
*105
10%
48%
109%
104%
J
98%
104
8
J
Hudson Co Gas 1st g 5s
108%
J
100
100% 102
102% 103%
"63%
D
Hudson A Manhat 1st 5s
105%
7Ms series A extended to 1940—
16
7%
63
"7%
Gouv A Oswegatchle 1st 5s
1942 J
Grand R A I ext 1st gu g 4%s_. 1941 J
J
Grays Point Term 1st
10%
105%
6s series B extended to 1940....
70
106
*50
13%
103 m
"35 m
70
104
*38
'40 M 8
10
103 m
J
w w
A
J
5s Oct 1 *45
10
108
D
For footnotes see page
1946
1940 J D
MN
1948
♦Sinking fund deb 0%s
♦20-year s f deb 6s...
5
D
1952 J
103%
J
6
A
1942 J
Del A Hudson 1st A ref 4s
J
56
98%
107 m
Cuba RR 1st 5s g
103%
MN
J
10%
10%
*104%
D
Cuba Nor Ry 1st 5 Ms
Dayton Pow A Lt 1st A ref 3 Ms 1900 A
109%
108
..1950 MN
103
D
1947 J
20%
104%
*9%
J
1956
J
1960 J
Consumers Power 3%s.May 11965 MN
1st mtge 3 Ms
May 11965 MN
♦Debenture 4s
Francisco Sugar coll trust 0s... 1950
22
*111
1961
1
2%
1%
♦Debentures ctfs B
Consol Edison (n y) deb 8Mb.1946
3 Mb debentures
1948
90
17
101%
70
75
—.1951
87
101%
103
*%
Gotham Silk Hosiery deb 5s
72
Conn Ry A L 1st A ref 4 MS—1951
14
40%
45%
98
101%
*90
10%
41
40
3
*100
103"
*1%
91%
105
-
14
10%
100% 101%
101%
85
102%
Conn A Passump River 1st 4s—1943
70
105%
i"j
1941
75
102 %
109 %
18
135
MN
♦Certificates of deposit
86%
5
104
"i09m
21%
18%
8
158
{{♦Proof of claim filed by owner
15
105
..1968
15
18
23
{(♦Proof of claim filed by owner.
(Amended) 1st cons 2-4s
1982
38
102 M
...1968
1st mtge 3 Ms series I
22
MN
82%
Commonwealth Edison Co—
Conv debs 3 Ms
22%
17%
70
1952
83%
90%
65%
107
48
19
16
♦Certificates of deposit
{(♦Ga Caro A Nor 1st ext 08—1934
♦Good Hope Steel A Ir sec 78—1945
Goodrich (B F) conv deb 0s...1945
1st mtge 4 %s
1950
47
J
43
76
*101%
J
58
1981 M S
1965 A O
65
18%
105 "
105
J
39
1st mtge g 4s series F
1st mtge 3%s series H—
107%
103% 103%
7%
J
1974 M 8
♦1st A ref 5s series A
A
18
D
100
39
11
11
J
1951
107%
12
debentures
1942 J
If Commercial Invest Tr deb 3 Ms *51 J
O
Gen Pub Serv deb 5%s
1939
Gen Steel Cast 5 Ms with warr.1949
105
65
2mb
92%
142
105% 109%
05
95%
103%
11%
D
Gen Motors Accept Corp deb 3s 1946 F
44
Columbus Ry Pow A Lt 4s
1
22
11
M S
108" 108""
108
*100
A
23
20%
A
D
{♦Ga A Ala Ry 1st
74 %
1965 M N
Commercial Credit deb 3MB—.1951 A O
F
1950 J
106% 100%
63
Columbus A H V 1st ext g 4s..
Columbus A Tol 1st ext 4s
105
85%
90
110%
*105m
'lOO %
107%
64%
*85
111
76
J
19
112
*52%
1938
109
*106 m
O
108
M S
{♦3d mtge 4 %s
90
*100 M
O
♦50
*50
100%
12%
110
139
44%
90
88 M
81
1948 A
1956 F
20
100% 108%
105
103
*41%
99 m
93 %
82
16 1952 A
15 1961 J
2
94
J
♦Geneasee River 1st s f 6s..1957 J
♦NYA Erie RR ext 1st 4s„ 1947 MN
99
39m
Apr
3
24
143%
11%
44%
O
96
63
Jan
111%
44%
1975
1955 J
Gen Cable 1st s f 6%s A
44
Debenture 5s
107%
Gas A El of Berg Co cons g 5s..1949 J D
Gen Amer Investors deb 5s A..1952 F A
O
Debenture 6s
16
J
A
1930
70
lio"
100 %
107
108
15
60%
90
Columbia G A E deb 6s...May 1952 MN
*90
*140
.....
63%
*99 %
A
107
105%
16
*
1907 MN
67%
Colo A South 4Ms series A....1980 MN
1970
106%
105%
105%
86
i
D
♦5s lnoome mtge
42
40
17%
63%
57%
o
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron Co gen b f 5s..1943
"98% 103""
35
102
46
65
67 %
O
o
18
*26
6%
*102
77
O
1977
111% 112%
110% 112
21%
58 i
69
J
1st b f 4Mb series c
3
54
*102
90
77
A
Cleve Union Term gu 5 Ms—1972
1st s f series B guar
1973
16
112
*40
101
3%
*104%
75%
*59
4s
1990 MN
Bpr A Col Div 1st g 4s
1940 M S
J
W W Val Div 1st g 4s
1940 J
J
Cleve Elec Ilium 1st M 3%B—1965
O
Cieve A Pgh gen gu 4 Mb ser B.1942
O
Series B 3Ms guar
......1942
J
Series A 4 Ms guar
.....1942
Series C 3 Ms guar
1948 MN
Series D 3 Ms guar.
1950 F A
Gen A ref mtge 4 mb series B.1981
Cleve Short Line 1st gu 4 Ms—1961
111%
112
J
68
55 m
58
St L Div 1st ooll tr g
Gen 4Mb series A
111%
112
O
*75
D
1977 J
Ref A lmpt 4 Ms series E
111%
J
*67
D
General 5s series B
111% 113
110%
1953
Fort BtUDCo 1st g 4 %s
Cieve Cln Chlo A St L gen
25
60%
50
89 m
J
MN
Cln Leb A Nor 1st con gu
10%
4%
1963
1953
♦Conv 4s series A
Federal Light A Traction 1st 5s 1942
ICin Un Term 1st gu 6s ser C..1957
1st mtge guar 3 Ms series D..1971 MN
Clearfield A Mah 1st gu 6a
1943 J J
0%
5%
7
112%
1940
0
1944 A O
1st mtge 3 Mb
4
22
J
{♦Erie RR 1st cons g 4s prim1..1996
♦ 1st consol
gen lien g 4s
1990
3%
Chicago Union Station-
A
13
7%
*3%
1966
B...1940
stamped
Fairbanks Morse deb 4s
{♦Choc Okla A Gulf cons 5s...1952
Cincinnati Gas A Elec 8Mb.—1966 F
4
*23%
111%
J
4s
1952 F A
MN
Elgin Joliet A East 1st g 5s....1941
A O
El Paso A 8 W 1st 5s
—1966
♦Rel A Impi 5s of 1927
*75
M 8
A
11
111%
D
O
Electric Auto Lite conv
♦Gen
D
..1943
15%
14%
10%
7
A
9
Chlo T H A So'eastern 1st 58-1960 J
Childs Co deb 5s
3%
4
4
Minn Nor Div 1st 4s__ 1948
1st 6s
1956 MN
9%
*62 M
J
12
7%
East T Va A Ga Div
8%
*03%
59 m
—1963
E......1963
8mb guaranteed
1951
Chlo A West Indiana con 4s...1952
1st A ref M 4mb series D
1962
108
34
MN
{(♦Dul Sou Shore A Atl g 68—1937
J
Duquesne Light 1st M 3 Ms—1905
6%
D
1st mtge 4s "Mes D
109
108
104% 100%
105% 108
105% 100%
105% 107
12%
4%
3%
Dul MlssabeAIr Range Ry 3%sl962 A
J
6%
D
Guaranteed 4s
High
Low
"12"
12%
1961 J
Dow Chemical deb 3s
6%
J
1st mtge 3%« series
"ii%
J
1995
7 %
6%
J
Deo 1 1960
No.
107%
A
M S
Gen A ref mtge 3 Ms ser G—1960
♦Detroit A Mac 1st lien g 5s...1995 J D
J D
♦Second
gold 4s
High
106
*106%
10%
J
Detroit Term A Tunnel 4%s„1901
Since
*106%
J
{♦Des M A Ft Dodge 4s ctfs
1935
M S
{♦ Des Plains Val 1st gu4%s—1947
D..1961 F A
Gen A ref M 4s ser F
1905 A O
6%
7
5%
m
MN
J
J
107%
107%
F
(♦Consol gold 4 %s
{♦Den A R G West gen 5s.Aug 1955
♦Assented (subj to plan)
A
♦Ref A lmpt 5s ser B...Apr 1978
3%
O
♦Certificates of deposit
♦Conv g 4mb
*108%
*105%
MN
0%
A
{♦Refunding gold 4s
1934
♦Certificates of deposit
MS
{♦Secured 4Ms series A.....1952
5a—
Stamped as to Penna tax
Series C 3%s
F
J
♦Certificates of deposit
Inc gu
1st A ref 4 %s
1st mortgage 4 %s
Den Gas A El 1st A ref s
Ed El 111 (N Y) 1st cons g
16m
♦1st ref g 5s
May 1 2037
stpd.May 1 2037
C.May 1 2037
♦Conv 4Mb series A
1949
{{♦Chicago Railways 1st 6s stpd
Aug 1938 25% Part paid .. ...
{♦Chic R I A Pac Ry gen 4s.. 1988
Jan. 1
16
13
Range
Friday's
A
Asked
Bid
Low
J
1971 J
1969 J J
1909 J J
f 5s...1951 MN
Detroit Edison Co 4%s ser
23 %
Range or
Sale
Del Power A Light 1st 4 %s
25, 1939
Week's
2
18
47%
"46
51
60%
71
62
69%
"48%
62
50
*232
46
56%
83%
83%
83%
*63"
90
63
63
*64
70
63
65
*50
59%
*54
75%
*60
85
60
63
"ll"
61*
*.
*60% "el"
Volume
New York Bond Record—Continued—Page 4
148
BONDS
Last
N. Y. STOCK EXCHANQE
Week Ended March 24
Price
Range
High
BONDS
N. Y
Since
Jan. 1
Bid
No.
Low
D
1963
1940
J
D
A
O
1948
F
A
Ind Bloom A West 1st ext 4s__1940 A
O
♦Ilseder Steel Corp 6s
543*
52
51
50
1033*
1033*
38
I
55
543*
59
1033*
18
38
3
95
66
70
*8
11
S
♦103
104
Industr'al Rayon 4 3*s
..—1948 J
Inland Steel 33*s series D
1961 F
A
1966 J
J
1932 A
"70""
O
J
953*
96
93*
104
18
93
Inter lake Iron conv deb 4s
1947 A
tat Agrlc Corp 5s stamped
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A.. July 1952
♦1st 6s series B
J
A
♦1st g 5s series C
Interna t Hydro El deb 6s
133*
6
593*
68
35
613*
613*
843*
1023*
133*
133*
3
23*
♦11
1956 J
1944 A
1941 A
3
15
35
43
68
6
573*
563*
11
"4
24
2%
s f
50
32
133*
633*
23*
753*
30
32
7
30
173*
313*
59
52
585*
943*
933*
85
79
963*
853*
363*
{♦1st
35
723*
{♦1st cons 5s gu as to lnt
♦1st A ref 6s series A
23*
5
65
713*
109
108
109J*
105
1043* 107
663*
673*
303*
173*
36
37
20
20
27
363*
983*
983*
J
99
18
173*
943* 100
107
1073*
733*
♦Certificates of
♦1st A ref
s
*95
102
1023*
163
"873*
1023*
*1053*
79
1023*
1063*
103
1023*
1023*
100
103
83*
98
96
1023*
83*
1663*
88
102 3*
1063*
96
1023*
1023* 105
100
1033*
104
102
A
83*
83*
863*
84
87
793*
913*
54
543*
45
583*
533*
533*
533*
483*
453*
453*
423*
583*
51
503*
*44
"45"
45
43
713*
67
67
86
90
223*
543*
273*
25
26
60
593*
61
59
843*
313*
39
39
39
A
223*
19
193*
1974
-
*183*
*433*
J
*343*
Leh Val Harbor Term gu 6s—1954 FA
51
51
43*8—1940
"26" "23"
"223*
♦4s assented
2003 MN
cons
2003 MN
43*8
♦4 3*s assented
K
"m*
17
173*
183*
18
2003 MN
:
163*
503*
203*
183*
183*
18
22
18
21
193*
223*
19
22 3*
58
115
3
1283*
1293*
4
128
129
16
108
109
8
1951
n
129
f deb 3 3*8
52
21
115"
6s
52
17
115
liquid Carbonic 4s conv debs.. 1947
Little Miami gen 4s series A
1962 MN
"46" "56"
18
129
57
61
61
112
1153*
1283* 1293*
1273* 130
108
"36
Gen A ref
s
s
♦Long Dock Co 33*8 ext to
Long Island unified 4s
1950 A O
1949 M B
*61
70
62
62
1949 M 8
1949 M S
85
86
12
85
86
12
6
6
69
10
al063* al063*
1940 J
2003 A
1st A ref 4 3*s series C
2003 A
1st A ref 48 series D
2003 A
1st A ref 33*8 series E
2003 A
1003*
1003*
2
3
165*
17.
173*
163*
163*
*65
g
"84"
South Ry Joint Monon 4s
Atl Knox A Cin Dlv 4s
1952 J
M S
J
1955 MN
1773.
F
A
*1093*
77
1053*
2
....
2
65
3
163*
173*
"l73* ""36
163*
1
75
17
213*
4
18
263*
32
22
2234
293*
293*
30
5
53
6
263*
473*
65
53
34
1023* 1053*
*1033*
1053*
1073*
1043*
28
1073* 109
1053*
16
1003* 1053*
983*
993*
132
963*
963*
12
1083*
100
953*
973*
75
703*
79
673*
7234
673*
75
503*
49
503*
49
663*
53
48
53
48
64
44
453*
42
49
107
1073*
104 3* 1073*
115
115
1143* 1153*
973*
98
"l073*
115
98
98
*71
74
39
98
A
J
42
'1043*
104 3*
1043*
143
1046i6
1043*
39
1033* 105
1043* 1063*
1053*
1053*
16
1043* 1053*
*3*
*3*
3*
*3*
3*
*3*
"3*
*3*
3*
13*
O
O
D
D
1
13*
13*
1283* 1293*
1223* 126
79
923*
110
1063*
105?*
*383*
123
•
3*
3*
1053* 1063*
3*
101
79
853*
973* 100
87
1253*
1263*
7
169"
1083*
1093*
19
1073* 1093*
1113*
77
1043* 1055*
243* 243*
30
24
"l
7
72
72
3
65
54
72
56
4
75
51
1023*
104
69
653*
{{♦N O Tex A Mex n-c lnc 5s—1936
1033*
1043*
69
39
27
20
343*
1954
.
I223* 124"
1253*
1033*
♦Certificates of deposit...
"12
60
1233*
223*
273*
22 3*
273*
1243* 1283*
1233* 1263*
104
♦1st 43*8 series D
1053* 1093*
1273*
1955
♦1st 53*8 series A
40
126?*
24
4»
N O A N E 1st ref A Imp 4 3*8 A 1952
New Orl Pub Serv 1st 6s ser A—1952
1st A ref 5s series B
1063*
126?*
*22%
J
1st g 4 3*s series B
1961 MN
N J Junction RR guar 1st 4s_. 1986 F A
N J Pow A Light 1st 43*8
1960 A O
J
New Orl Great Nor 5s A
1983 J
110
""3* "13*
3*
*13*
J
863*
82 3*
72
46
102
1048i6
J
87
843*
693*
293*
102
1053*
J
803*
993*
24
*102
J
.
80
108
41
D
New England Tel A Tel 5s A—1952
705*
77
1053*
163*
65
9
25
♦Certificates of deposit...
♦1st 6s series C
1956 F
30
173*
*
J
♦1st 5s series B__
20
163*
163*
"33* "52
21
J
993*
'87
18
63*
213*
203*
213*
193*
4tf
213*
203*
213*
203*
30
D
933*
893*
87
163*
953*
1948 J
94
993*
4
*
5s... 1945 J
..1945 J
5s
87
833*
163*
993*
1954 MN
4a
1
8
173*
43*
42
253*
*3*
14
873*
84 T
100
101
*15
3*
92
1946 F
3*8.1944
151
43*
*15
33*
3*
98
1980 M S
1945
1003*
18
173*
163*
173*
1043*
.1946 J
913*
873*
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 43*s
173*
A
98
"913*
Paducah A Mem Dlv 4s
For footnotes see Dage
"43*
New Orleans Term 1st gu 4s... 1953
Unified gold 4s
1st A ref 6s series B
Lower Austria Hydro El 6
213*
203*
83
813*
913*
563*
Louisville A Nashville RR—
♦
163*
...1965 J
f 4s
guar
109
24
♦Assent warr A rets No 4 on '51
cons
86
173*
{♦Assent warr A rets No 4 on *26 J
♦4s April 1914 coupon on
1951 A
♦4s April 1914 coupon off...1951 A
{♦Naugatuck RR 1st
873*
163*
*163*
43*
163*
163*
163*
♦Assent warr A rets No 5 on *77
{♦New England RR
♦Consol guar 4s
J
173*
173*
34
Nat RR of Mex prior Hen 4 3*s—
Newark Consol Gas
A..1969 J
113*
♦4s April 1914 cohpon on
1977 AO
♦4s April 1914 coupon off...1977 A O
108
ser
22
♦Assent warr A rets No 4 on *57
49
Louisiana A Ark 1st 6s
123*
♦43*8 July 1914 coupon off..1957 J
983* 1015*
Louisiana Gas A Elec 33*8
1966 M S
Louis A Jeff Bridge Co gu 4s. .1945 M S
113*
♦43*8 Jan 1914 coupon on...1957 J
♦43*s July 1914 coupon on..1957 J
106
1283*
1253*
873*
1093*
"123*
40
National Rys of Mexico—
8
125
23
Nat Dairy Prod deb 33* ww_.1961
Nat Distillers Prod deb 4 3*8... 1945 MN
Nat Gypsum 43*s s f debs
1950 MN
94
1283*
7
1978 F
1951 J
A
ser
52
A
27
Mountain States TAT 33*8.. 1968 J D
Mutual Fuel Gas 1st gu g 5s...1947 M N
Mut Un Tel gtd 6s ext at 5%—1941 MN
107
O
263*
1955 M N
Constr M 43*s series B
106
1951 F
J
Constr M 5s series A.—.—1955 M N
A
1944 A
21
Gen A ref s f 5s series D.....1965 A
Morris A Essex 1st gu 3 3*—-2000 J
D
Lorlllard (P) Co deb 7s
5s
263*
11
f 4 3*s series C—1955
A
4s stamped
75
25
s
1946 F
Guar ref gold 4s
60
303*
1965 A
1953 F
*85
23*
683*
553*
513*
373*
323*
46
f 5s series A...—1955 A
Gen A ref s f 5s series B
1955 A
Gen A ref
Nat Steel 1st coll
1013*
653*
45
24
1975 "MB
1977 M 8
6s debentures
1952 J
503*
9
28
Montana Power 1st A ref 3)*s.l968 J
Montreal Tram 1st A ref 5s....1941 J
Lombard Elec 7s series A
101
15
1103*
*106
1013*
"l3
52
43
{Mobile A Ohio RR—
♦Montgomery Dlv 1st g 5a.. 1947 F A
♦Ref A lmpt 43*8
1977 M S
{♦Secured 5% notes
1938 M S
Mohawk A Malone 1st gu g 4s. 1991 M S
Monongahela Ry 1st M 4s ser A '60 MN
Monongahela West Penn Pub Serv
1st mtge 43*8
..—I960 A
Lone Star Gas 33*s debs
a
13*
67
293*
A
Nassau Elec gu g 4s stpd
Nat Acme 4 3*s extended to
213*
213*
O
1965 A
1944 A
13*
67
25
O
♦1st A ref 5s series I
183*
483*
173*
O
1st 50-yr 6s gu
4
"46"
♦Certificates of deposit
{♦Mo Pac 3d 7s ext at 4 % .July 1938 MN
493*
473*
68
9
33*
13*
J
1981 F
Nash Chatt A St L 4s
18
*57
8
6
2
10
183*
49
Lex A East
Ligget A Myers Tobacco 7s
23
203*
i
43*
53*
83*
33*
J
MN
O
83*
J
♦Certificates of deposit
♦Conv gold 53*8
1949 MN
♦1st A ref g 5s series H
1980 A O
♦Certificates of deposit...
183*
10
53*
50
♦Certificates of deposit
♦1st A ref 5s series G
...1978 MN
30
Leh Val Term Ry 1st gu g 5s...1941 A
5s assented
1941 A
O
D
3
83*
48
J
1965 F
4s
20
19
"21"
J
23*
5
67
33*
23*
1
63*
""l3*
8
"3
23*
*3
J
Jan 1967 A
♦Certificates of deposit
18
443*
523*
I
J
6
23*
63*
73*
763*
14J*
1978 J
A
ser
163*
193*
183*
2003 MN
2003 MN
6a
193*
183*
183*
193*
60
*453*
4 3*8 assented
1940
♦Lehigh Val (Pa) cons g 4s....2003 MN
Loews Inc
903*
*19
A
♦Certificates of deposit
cons
89
92
39
873*
183*
♦5s assented
53
39
183*
♦General
59
64
643*
*30
89
"39"
1964
♦General
75
88
893*
1974 FA
Leh Val N Y 1st gu
67
713*
*643*
♦89
26
Sec 6% notes extend to.....1943 J
Certificates of deposit
1943
Prior Hen 4 3*s series D
♦Cum adjust 5s ser A
J
8
72
133*
543*
♦Certificates of deposit
s f 58
♦1st A ref
8
♦25-year 53*8
♦1st A ref 53*8 series B
1978
{♦ Mo-Ill RR 1st 5s series A...1959
Mo Kan A Tex 1st gold 4a
1990
M-K-T RR pr Hen 6s ser A
1962
40-year 4s series B
1962
♦General
♦
1964 F
8
J
;
♦1st A ref 5s series F
deposit—1954
f 6s
5
J
1946 J
6s
96
"903* "97""
99
*53*
23*
23*
J
95
*165
J
1934 MN
1938 J
1938 J
873*
A
253*
J
90
O
753*
g4s lnt gu *38 J
*70
F
1954 F
cona
con
893*
88
*97"
1949 M
{|*M St P A SS M
*70
A
t
♦1st A ref gold 4s
1949 M S
♦Ref A ext 50-yr 5s ser A...1962 Q F
{♦Mo Pac 1st A ref 5s
72
1951 M S
{♦Minn A St Louis 5s otfa
*713*
♦Certificates of deposit
♦1st A ref s f 5s
e96
253*
1043*
J
O
96
3
923*
Lehigh A N Y 1st gu g 4a
1945 M S
♦Lehigh Val Coal 1st A ref s f 5sl944 F A
3*
35
5
J
J
*25
133*
108
3% to—1947 J
1941 J
1997 J
43*8 A
J
1940 A
5*
26
J
Cons sink fund 43*s ser C—1954 J
Lehigh A New Eng RR 4s A—1965 A
1979 J
83*
%
253*
133*
29J*
693*
Lake Sh A Mich So g 3 Ha
Lautaro Nitrate Co Ltd—
Lehigh C A Nav
J
1952 MN
Ref A lmpt 43*s series C
102
11
Lake Erie A Western RR—
1976
1954
1940 J
1st gold 33*8
7
*3*
D
City Air Line 4s
Jack Lans A Sag 33*8
*3*
96
423*
323*
...1942 F
♦1st mtge Income reg
1977 M S
1977 M S
♦Miag Mill Mach 1st s f 7s
1958 J
Michigan Central Detroit A Bay
993*
8
2
2
99
953*
713*
70
....
5s 1937 extended at
54 3*
88 H
62
11
30
1961 J
2d gold 6s
39
102J* 1043*
1103* 1U3*
943*
27
1942 F
99
A
44
1
23
1953 F
1960 F
O
F
12
111
9
MN
Laclede Gas Light ref A ext 5s.l939 A
A
1043*
1103*
111
5
MN
M S
19
61
104
S
113*
30
1083*
Coll tr 6s series B
♦Mex Interaat 1st 4s asstd
♦4s (Sept 1914 coupon)
M
50
693*
J
Coll A ref 63*8 series C
Coll A ref 53*s series D
4
20
Metrop Ed 1st 4 J*b series D
1968
Metrop Wat Sew A D 53*s
1960
{{♦Met West Side El (Chic) 4s. 1938
753*
293*
J
1959
50
~80~~ "87"
11
313*
D
1947 F
J
MN
10
50
30
J
3 Ha collateral trust notes
Q
81
943*
J
{♦Kreuger A Toll secured 5s
Uniform etfs of deposit
833*
81
81
O
*54
Kansas Gas A Electric
1964 J
D
Kinney (G R) 5 Ha ext to..—.1941 J
Koppers Co 4s series A
1951 MN
Kresge Foundation coll tr 4s..1946 J
1013*
81
85
D
Kansas City Term 1st 4s
1961
101
84
20
{♦Mid of N J 1st ext 5s
*23*
693*
663*
unguaranteed
1961
Kings County El L A P 6s
1997
Kings County Elev 1st g 4s—1949
Kings Co Lighting 1st 5s
1954
1013*
*81
D
{♦Mil A No 1st ext 4 3*8...
1939 J
♦Con ext 43*s
...1939
{♦Mil Spar A N W 1st gu 4s... 1947 M 8
J
{♦Mllw A State Line 1st 33*8—1941 J
30
Stamped
1013*
*10
O
333*
223*
813*
81
89
Jones A Laughlin 8teel 414" A..1961 M S
Kanawha A Mich 1st gu g 4s..1990 A O
Plain
20
993*
943*
173
4 Ha
27
*82
83 3*
69
'MB
29)*
5
80
653*
J
55
20
20
713*
513*
313*
353*
893*
69
Apr 1950
1960
434s—1980
♦Karstadt (Rudolph) 1st 6s—1943
♦Ctfs w w 8tmp (par 1645)..1943
♦Ctfs w w stmp (par $925)-.1943
♦Ctfs with warr (par $925). .1943
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s
1987
Kentucky A tad Term 43*8—. 1961
32 3*
293*
67
2
A
O
27
393*
32
100
A
22
27
66
1950
32
293*
9
29
91
633*
♦Certificates of deposit
High
1053* 107
99
9
98
{♦Iowa Central Ry 1st A ref 4s. 1951 M S
Kan City Sou 1st gold 3s
Ref A impt 5s
Low
47
10
80
74
66
O
273*
1959 MN
J
J
A
2
463*
273*
303*
293*
47
Manila Elec RR A Lt s f 5s
1953 M S
Manila RR (South Lines) 4s... 1939 MN
1st ext 4s
No.
68
20
D
Manatl Sugar 4s s f
Feb 1 1957 MN
{♦Manhat Ry (N Y) cons 4s_. 1990 A O
♦Certificates of deposit
♦Second 4s
2013 j~D
{♦Man G B A N W 1st 33*a
1941
Marlon Steam Shovel s f 6s
1947
Market St Ry 7s ser A...April 1940
Mead Corp 1st 6s with warr..1945
High
893*
"983*
84
58
J
{{♦K C Ft S A M Ry ref g 4S..1936 A
1053*
68
80
17
79
J
James Frankl A Clear 1st 4s..1959 J
66
893*
1013* 1023*
133* 203*
15
25
1955 F
Debenture 5s.
D
Jan. 1
83 3*
9
55
tat Rys Cept Amer 1st 5s B—1972 IV1N
1st lien A ffef 6 Ha
1947 F A
1952
1075* 1093*
Asked
1053*
f deb 5s. 1951 MN
1945 J
1960 J
Since
dk
Low
s
Maine Central RR 4s ser A
Gen mtge 43*8 series A
Range
Friday's
Bid
133* 20
87
723*
493* 60 3*
973* 100
♦11
84
Internet Paper 5s ser A A B—1947 J
Ref s f 6s series A
1955 M S
tat Telep A Teleg deb g 43*s~
613*
♦1013*
1956 J
tat Merc Marine a t 6s
70
84
O
J
593*
613*
1942 MN
74
1073*
M S
1932
15
643*
35
1073*
633*
1083*
63
61
{♦10-year 6s
{♦10-year conv 7% notes
♦Certificates ol deposit
Coll tr 6s series A.
103*
1043*
973*
61
flnterboro Rap Tran 1st 5s
Certificates ol deposit
1st A ref 6 Ha
47
563*
1033* 105
32
413*
95
J
M
603*
70
J
J
{♦tad A Louisville 1st gu 4s—1956
tad Union Ry 33*s series B..1986
52
95
1950 J
tad 111 A Iowa 1st g 4s
104
Range or
Sale
Price
High
McCrory Stores Corp
1963 J
Last
STOCK EXCHANGE
Week Ended March 24
111 Cent and Chic St L A N
1st A ref 43*s series C
Illinois Steel deb 43*8
Week's
Friday
Range or
Friday's
<fe
Asked
Sale
Low
Joint let ref 6a series A
1771
Week's
Friday
593*
1023* 1043*
103
1043*
65
743*
303*
343*
35
F
1954 O
A
*173*
32
32
37
33
35
35
1956 A
30
313*
313*
363*
353*
393*
343*
333*
32 3*
333*
30
21
31
333*
New York Bond
1772
Friday
Last
BONDS
Range or
Friday' I
N. Y. STOCK EXCHANGE
Sale
Week Ended March 24
Price
Bid
&
Low
Newport A C Bdge gen gu 4 He. 1945 J
N Y Cent RR 4a serlea A...... .1998 F
A
10-year 3 Hs sees f
Ret A inapt 4 He series A
.1946 A
O
2013 A
O
Ret A Impt fie series C
2013 A
O
Conv secured 3Hs
1952 MN
j
1997 J
N Y Cent A Hud River 3 He
J
Since
No.
111
"99
66 H
64 H
67
79H
77 H
79H
64
54 H
57 H
135
61
63 H
71
218
70 H
69
80 %
64
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 24
Price
Low
109H
73H
Penn Glass Sand 1st M
82 H
63 H
62 H
69 %
68 H
60
79
77 H
84 H
78
1998 F
62 %
1998 F
A
"65"
191
68
3
64 H
70
65
A
8
57 H
67
20
60 H
N Y Chic A St Louis—
80 H
9
73 H
7
78 H
78
extended to... 1947
86
1941
70 H
1953
N Y Connect 1st gu 4 He A
106H
*107
"54 H
1951
Conv 6% notes
N Y Edison 3Hs eer D
1st lien A ret 3 He ser E
N Y A Erie—Bee Erie RR
1947
1966
124 H
1946 MN
N Y A Harlem gold 3 He
♦Non-conv debenture 3 He—1947 M 8
♦Non-conv debenture 3 He.-1954 A
♦Non-conv debenture 4s
J
1940 A
♦Collateral trust 6s
O
J
♦Debenture 4s
..1967 J
14H
4s
1992
A
J
F
N Y Trap Rock 1st 6s.
6s stamped
13M
11H
UH
11H
14H
11
12 H
13H
17H
21 H
6%
5%
14H
13 H
27H
8H
17 H
56 H
53 H
57 H
6%
3H
9%
H
77
"58""i
110H
102
104 H
4
104 %
91
110H
*72%
78
3
109H
109
8H
6
"8H
"31
Q
45 H
110H
102H 103H
8
108 H 110H
14
9
MN
1974 M S
3
108
98 H
12
55
14
12H
17H
15H
55
54
60
55
122 H
120 %
*110
106"
106
5
13H
122H
117H
118H 123
106
106" l07
81H
80
81 %
169
48 %
48 H
49 H
61
55
67
55
H
60
A
"58 H
108H
57 H
J
107H
55H
79 H
46
J
gu g 4s... 1948 J
♦Stamped
J
J
Ohio Connecting Ry 1st 4s.... 1943 M S
*3H
-
63
62
2
61
6
64
74 H
65
55
64
14
40
107H 109H
*5
*105H
4
6
108
107
107
108H
108 H
106H
106 H
106H
106
107 H
107
108
106
(♦Pac RR of Mo 1st ext g 4s.. 1938
(♦2d ext gold 5s
1938 J
Pacific Tel A Tel 3Hs ser B_.
Ref mtge 3Hs series C
Paducah A 111 1st s f g 4 Hs
Panhandle Eastern Pipe L 4s..
109K
*116H
76
Guar 3 Hs trust ctfs D
Guar 4s ser E trust ctfs
.1944 J
28 year 4s
.1963 F
1952 MN
109 H
107 H
110
sec
113H 116H
116H 118H
106H
ink
106
103 H
76 %
75
81H
58
112H
58
65
60
111H
110H
108 H
lorn
*78
72
108H
'iom
108H
*101H
112H
111H 113H
109
111H
105H 1C9H
m
109 H
82 H
67
108H
72
104 H
56
55 H
57
102
18
99 H
102
86
87
42
83 H
89
99
100
19
98 H
55
11
45
54 H
"123H
123 %
*
*102%
*101H
*101H
*101H
101H
101H
D
D
102H
S
110
10
114H
107H
107
103 %
169
HIH
12
111H
11H
110H
J
3H
3H
1937 J
J
T08H
9%
107 %
1940 A
11
H
3%
109H
26
7
269
90
2
93 H
1
105H
105H
14
O
*108
*105H
.1949 F
1953 J
D
1960 F
A
*109H
A
*115H
115
1964
MN
Gen mtge 6s series A
.1970
D
106H
Gen mtge 5s series B
Gen 4Hs series C
Pitts Va A Char 1st 4s
O
1977
J
1C5K
97 H
guar...1943 MN
107 M
1975 A
Pitts A W Va 1st 4 Hs ser A. .1958
1st mtge 4Hs series B
—.1959 A
1st mtge 4Hs series C
I960 A
O
Pitts Y A Ash 1st 4s
D
A
1st gen 5s series B
1st gen 5s series C
1st 4 Hs series D
123 %
1
62
102 H
58
123 % 123H
61
103
H
61
101H 102 H
101H 101H
103 H
102
99 H 101H
98 H 102
61
98 H
102 H
116H H7H
112H H5H
58H
6H
103 H 104 H
63 H
76
58
67 H
61H
71
109H 115
108
110
108 H 110
104
108
104
107
98 H 103 H
112
110
14
1H
3
4
14
9H
107H 112H
90 H
94 H
9H
93
104 H 105 %
O
105
107 H
105H
97%
107 H
50
49
49
47 H
49
1948
50 H
A
17.
10
14
3
5
2
11
D
107 H
102 H
101H 107
93 H
98H
106 H 107 H
45
51H
45
14
51H
H
52
104
106
*101H
1977
116H
112H 116H
*102 H
.1974
105
.
112
6
.104
104
" 105
105
117H
115
50
D
108H
106 H 106 H
*107 %
1963 F
ser
96 H
90H
106" 106"
*106
1957 M N
guar 4 Hs
96 X
92 H
77 H
107
A
Series G 4s guar
Series H cons guar 4s
Series I cons 4 H8
92
*107
1946 M N
100
103 H 107 H
81
90 H
28
10
93H
1942 M N
Series E 3Hs guar gold
Series F 4s guar gold
12
4
90
93H
O
1942 A
"ii
107
S
J
108
102
1949 M
Hs—1967 M
D
1962 F
Port Gen Elec 1st 4 Hs
1960 M S
1st 6s 1935 extended to
J
1950
Porto Rico Am Tob conv 6s.. 1942
J
6s stamped
1942
J
Potomac Elec Pow 1st M
3HS.1966
Pressed Steel Car deb 6s
1951 J
68H
*
14 %
108 H
86H
,
86H
2
3H
1
3H
*44 %
i
52
100H
37
66 H
99%
100H
75H
106H
28
35 '4
13
35H
183
108H
J
58
106
1
41 %
"i§H,
13H
194
107
40
40
J
{♦Providence Sec guar deb 4s..1957 MN
{♦Providence Term 1st 4s
1956 M S
Purity Bakeries s f deb 5s
J
1948
69
67
*106H
J
{{♦Postal Teleg A Cable coll 6s. 1953
41
13H
16H
108H 1''9 H
81H
88
3H
40
4
49 H
97H 100H
pt pd ctfs
Gen A ref 4 Hs series A
Gen A ref 4Hs series B
D
D
65M
64
57
J
1997
J
78
w
w.1956 M S
103
Rensselaer A Saratoga 6s
gu
10
77%
23
77
"77"
58 H
75H
O
78
64
79
55
61H
69
80
1941 MN
1997
RepubUc Steel Corp 4 Hs
ser B.1961
Purch money 1st M conv
5Hs '54
Gen mtge 4Hs series C
1956
Revere Cop A Br 1st
mtge 4H8.1956
♦Rhelnelbe Union s f 7s
.1946
F
A
101H
92 H
92
103M
93H
4
52
36
105H
106
50
94
93 %
94
46
90 H
27
99 H 101 %
38 H
51
100 %
100H
100 H
J
J
39
39
1
J
20 H
20 H
3
"24H
24 H
s f conv
!
1953 F
A
1955 A
25
O
1952 M S
Rlchm Term Ry 1st
gen 5s
♦Rlma Steel 1st s f 7s
25
25
*23
104 %
"ii
4
27 H
104 H
J
A
alOM
D
*44
{♦Rio Grande West 1st gold 4s. 1939
J
116
*104H
1965
gu 5S..1939
104 %
{♦Rio Grande June 1st
A coll trust 4s A
Roch G A E 4 Hs series D
con
Gen mtge 5s series E__
Gen mtge 3Hs series H
1952
1949 A
O
35%
20
1977 M S
1962 M S
1967 M
S
Gen mtge 3 Ha series 1
1967 M S
{(♦R I Ark A Louis 1st
4HB-.1934 M S
♦Ruhr Chemical e f 6s
1948 A O
{♦Rut-Canadian 4s stmp
1949 J
{♦Rutland RR 1st con 4Hs.. 1941 J
♦Stamped
J
J
18H
♦122H
109H
*108H
9H
.....
J
106 H
105 H
J
♦{Rlv A G Dlv 1st g 4s
♦Certificates of deposit
11
20
15 H
109H
108H
10H
2
30
9%
46
•
44
20
ink
106H
106 %
106
19
....
4
13H
26
6
5H
11
105H
9H
26
11
9
*107 %
J
6H
4H
7H
104H 106 H
105H 107
106H 107
93H
88 H
60
58
62H
34
65H
63
59 H
64
*13
62 H
58
*40
{♦St L Peor A N W 1st gu 5s... 1948
St L Rocky Mt A P 6s
1955
sptd
{♦St L-San Fran pr lien 4s A.. 1950
15H
13
17 H
62 H
60
10H
9H
9H
♦Certificates of deposit
♦Prior lien 6s series B
13H
45
6H
O
1933 MN
27 H
27 %
103H 107H
35
6H
J
O
1947 J
28
~35M
5%
*6
D
f deb 4s
24 H
103 H 105 H
'
"6
A
s
22
28
*109H
9H
St Jos A Grand Island 1st
4s...1947 J
St Lawr A Adlr 1st g 5s
1996 J
2d gold 6s
1966 A
St Louis Iron Mtn A
Southern—
Saguenay Pow Ltd 1st M 4H8.1966
20
21 H
21
alOM
%
35
94H
24
30
M N
1952 MN
debentures
89 H
94%
105H 107
106
J
4s
80
104
MN
J
♦Direct mtge 6s
♦Cons mtge 6s of
1928
♦Cons mtge 6s of 1930
Richfield Oil Corp—
7"
100
M N
9H
62 H
23
54 H
10H
102
9H
14
10K
10 H
26
9
13H
14H
J
10 H
♦Certificates of deposit
♦Con M 4Ha series
A...... 1978 m's
♦Ctfs of deposit stamped..
♦{8t L SW 1st 48 bond ctfs
1989 MN
9H
10H
9H
10H
10
9H
9H
10H
153
9H
14
9H
9H
10
12
9H
13H
61H
37
54 H
1950 J
♦2d 48 lnc bond ctfs
Nov 1989 J
{♦1st terminal A unifying 5a. 1952 J
♦Gen A ref g 58 series A
1990 J
For footnotes see page 1773.
80
♦111
J
1967 J
Series C 4Hs guar
Series D 4s guar
Safeway Stores
108
109 H
108H 109H
101H 101H
104H 105 H
109
104H
100
113
109 H
1981 J
Pitts C C C A St L 4H8 A.
Series B 4Hs guar
cons
"20
109H
A
97
4H
34
67
67
1977 J
6s series A.
73H
1
109 H
113
■c2
4H
109
83
65H
72
*54 H
101
101 H
87
D
1948 M S
Pirelli Co (Italy) conv 7s
1952 MN
Pitts Coke A Iron conv 4 Hs A.1952 M S
Series J
71
1974 F
{(♦Philippine Ry 1st s f 4s
Phillips Petrol conv 3s
♦1st
75
1952 M 8
Parmelee Trans deb 6s
1944 A O
Pat A Passaic G A E cons 5s... 1949 M 8
♦Paullsta Ry 1st s f 7s
1942 M S
Penn Co gu 3Hs coll tr ser B_. .1941 F A
Guar 3 Hs trust ctfs C
.1942 J
H
104H
1955 F
Pictures deb 6s... 1955 J
109
117H
105 %
J
7
54
4H
*105M
1943 MN
General g 4Hs series C
General 4 Hs series D
.
1955 J
3Hs conv debentures..
1947 M 8
f Paris-Orleans RR ext 6Hs... 1968 M 8
107
112H 113H
112H 115H
*114
1966 A
1966 J
104 H 105H
*113
1946 J
1962 J
Phi la Bait A Wash 1st g 4s
General 6b series B
101H 105
109 %
104 %
104 H
D
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G—- 1964
1st A ref mtge 3Hs ser H... 1961
1st A ref mtge 3 Hs ser I
1966
104 %
109
D
Ore Short Line 1st cons g 5s... 1946 J
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
104H
D
Ontario Power N F 1st g 5s
1943 F A
Ontario Transmission 1st 5s...1945 MN
Otis Steel 1st mtge A 4Hs
3Hs deb.. 1952
♦Rhine-Westphalia El Pr 7s... 1950
6H
6H
104 %
1961 J
conv
114H
♦Rhine-Ruhr Water Service 68.1953 J
108H
1972 J
1966 J
Phelps Dodge
1
*52
1980 M S
Remington Rand deb 4Hs
53 %
60 H
135
60
1967 M S
1946 J
85
100
{♦Og A L Cham 1st
1965 M N
58 H
65 %
2047
2047
1st g 4 Hs series C
com stk
(65% pd)_—
(♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s_1951
*47
J
O
117
114H
1947 M S
4s... 1940 A
cons
for deb 6s A
50
60
47
20
117
April 1990 Apr
Peoria A Pekln Un 1st 6Hs... 1974 F A
Pere Marquette 1st ser A 5s... 1956 J
J
1st 4s series B
J
1956 J
{♦Radlo-Kelth-Orph
39
F
Northern States Power 3Hs... 1967 F
Paramount
100H
100 H105",,
14
*39
2047
Guar stpd cons 5s
Ore-Wasb RR A Nav 4s
109 H'
13H
1946
4s—1946 J
4
95
16
*50
Northwestern Teleg 4Hs ext..1944 J
con g
81
3
109H H1H
104"32
♦Ctfs of deposit stamped
Oregon RR A Nav
80
70H
78
3H
110H
109H
62
97 H
guar 5s—
♦Apr 1 1935 A sub coupons..1946
♦Oct 1938 A sub coupons
1945
1st mtgeSHs
Oklahoma Gas A Elec 3Hs
48 debentures
45
_24
...
39
8H
41
{♦Northern Ohio Ry 1st
Ohio Edison 1st mtge 4s
1st mtge 4s
Q
5H
*10H
Norf A W Ry 1st cons g 4s
1996 O A
North Cent gen A ref 5s......1974 M 8
Ref A Impt 6s series B
Ref A Impt 5s series C
Ref A Impt 6s series D
110H
104H 106
93
104H
101H 105H
8H
12H
10427„
98
13H
1997 Q
2047 Q
2047
54
109
106
102'*32 102l63»
110H
5
77
60
3H|
*39
A
Gen lien ry A Id g 3s Jan
Ref A impt 4Hs series A
16
15H
15H
14H
8H
{{♦Norfolk South 1st A ref 6s. 1961 F
♦Certificates of deposit
Apr *33 to Oct *38 coups..
North Pacific prior lien 4s
13H
16H
23
H
7H
10427,,
Gen A ref 4Hs series A
10H
*4
O
g 6s...1941
15
12H
J
85
♦Income 4s
♦Conv deb 6s
103
A
{(♦Norfolk A South 1st
Refunding gold 5s.._
Peoria A Eastern 1st
{♦Phlla A Reading C A I ref 6s_1973
104H
104 H
1946
IfNord Ry ext sink fund 6HS--1950
O
13
110H
D
{{♦N Y Westch A Bost 1st 4Hs '46
J
Niagara Falls Power 3Hs
1966 M S
Nlag Lock A O Pow 1st 6s A—1955 A O
Niagara Share (Mo) deb 6HS.1950 MN
1943 A
76 H
*105
A
1946
111
12
13
*50
A
F
87%
70
99 %
*60
J
♦Terminal 1st gold 5s
1943 MN
N Y Telep 1st A gen s f 4 Hs—1939 M N
Ref mtge 3Hs ser B
J
..1967
86
65
"
7H
1961 MN
19«3
87
Phi la Electric 1st A ref 3
*53
N Y QueeDS El Lt A Pow 3Hs 1965 M N
N Y Rys prior Hen 6s stamp... 1958
J
{(»N Y Susq A West 1st ref 6s 1937
§♦26 gold 4 Hs
1937
♦General gold 5s
1940
95
O
Phlla Co
7H
O
N Y Steam Corn 3Ha-
1984 J
—1952 A
68
5H
O
N Y A Rlchm Gas 1st 6s A
170
50
D
A
112
96 X
50
13H
D
M 8
-1956
{♦N Y Providence A Boston 4s 1942
N Y A Putnam 1st con gu 4s..1993
106H
87 H
93 M
33
13H
{♦Harlem R A Pt Ches 1st 4s 1954 MN
{♦N Y Ont A West ref g 4s
17 H
100
21
..1967 MN
♦1st A rel 4 He ser of 1927
105H
96 H
96
58
12H
12H
13 H
♦Non-conv debenture 4s—.1966 MN
1966 J
1948 J
106H
87 X
O
50
12H
J
1955 J
D
O
1981 A
63
*12
O
♦Cony debenture 3 He
♦Conv debenture 6s
H
107 H 108 H
107 H 109 H
99H
118
1970 A
61
13
119
117H
1968 J
56
*65
U5H
A
163
60
*
90
10
F
99H
60
8
*5H
89H
98 H
*54
O
M
*10
109 H 112H
88
99H
Peop Gas L A C 1st cons 6s
98 H
93
104 H 106 H
107 H 108 H
89 %
D
59 %
J
1943 J
1941 M S
A
69
58
17
i960
70
♦N Y L E A W Coal A RR 6 He *42 MN
{♦N Y A N E (Boat Term) 4s..1939
{♦N Y N H A H n-c deb 4s.j.,. 1947
106 H
49
123H 126
116H 117H
101H
1973 MN
N Y A Long Branch gen 4s
31
17H
*99 H
1973 MN
♦NYLE&W Dock A Imp 5s
"43
5
108H
72 H
106H
60 H
124H
17H
2000 MN
B—
6
♦116H
N Y Lack A West 4s ser A
♦General
108H
108H
124
108 H
70 H
104
106
55
54 H
107H
108H
"ldSH
N Y Gas El Lt H A Pow g 5s.. 1948
1949
Purchase money gold 4s
4 He series
2
80
*53 H
1966 A G
♦N Y A Greenwood Lake 5e._
63 H
70 H
106 H
109 H
106
1953
1st guar 6s series B
N Y Dock 1st gold 4s
%
70 H
95
O
83 H
369
105H
8
18
Debenture g 4Hs
General 4Hs series D
Gen mtge 4Hs series E
Conv deb 3Hs
80
55 H
105H
107 %
100
93 H
93
12
71H
67 H
52
105H
108H
93
105H 107 H
111
69 H
64 H
54H
31
111
48
67 H
S
A
6
98 M
110
66H
O
1946 F
13
106H
97H
1
High
110
1965 J
1978 M
98
106 H
97H
Low
"in"
General 4 Ha series A
General 6s series B
1974 A
No.
Since
Jan.
MN
stpd dollar.May 1 1948
68 H
♦Ret 6 He series A
1st mtge 3He
4s sterl
Range
si
oqcQ
J
Pennsylvania RR
1970 A
♦Ret 4 He series C
3-year 6% notes
O
3,.
Asked
High
&
98
D
Gen mtge 3 Ha series C
Consol sinking fund 4 Hs
4s collateral trust
H
4Hs—1960 J
Pennsylvania P A L 1st 4 Hs—1981 A O
cons g 4s
1943 MN
Consol gold 4s
1948 MN
85H
53 H
81
82 H
54H
15
S
Pa Ohio A Det 1st A ref 4 Hs A. 1977 A
4 Hs series B
.1981 J
80 H
~57 %
Range or
Friday's
Bid
Low
Penn-Dlxle Cement 1st 6s A—.1941 M
76
82 H
O
Last
High
109 H
63
1939
Week't
Sale
Jan. 1
67 H
63
J
2013 A
Mar. 25,
Range
68
1942 J
Ret A impt 4
5
Friday
A eked
High
*109
Debenture 4s
He eer A
Lake Shore coll gold 3He..
Mich Cent coll gold 3 He
Record—Continued—Page
Week't
60 H
10
60
*30
21
34 H
20 H
12!
21H
"16
12H
13H
13
10
14
65
29 H
35H
19
23 H
12
15H
Volume
New York Bond
148
*
Friday
BONDS
N. Y.
STOCK EXCHANGE
Range or
Sale
s?
Week Ended March 24
Bid
<k
4a_.1968 J
N. Y. STOCK EXCHANGE
Week Ended March 24
High
NO.
87 m
87 m
1
10m
A
con g
87 m
J
7
87M
87 M
1940 J
1972 J
St Paul Un Dep 5s guar...
8 A A Ar Pass 1st gu g 4s
San Antonio Pub Serv 4s
J
98 m
98m
98 m
2
1966 M S
43 M
J
116x
116x
116x
2
1943 J
J
1963 A
O
Santa Fe Pres A Pben 1st 6a
1946 J
J
J
J
San Diego Consol G A E 4a
♦Stamped
♦Guar
s
f 61*8 series B
1946 A
♦Stamped
A
Scioto V A N E 1st gu 4s
6s series A
com
A
111 x
5
110
112M
hom
9
15M
18
3
15
31
28 x
_
*15
O
3
5x
5m
7%
♦Certificates of deposit
6x
8
7
1
A
3m
3m
A
3
3
103m
104 x
1951 M S
♦Siemens A Halske deb 6 Ms
♦Silesia Elec Corp 6 Ha
1951
1962 J
1941
104x
D
58
M S
..1946 F
A
1951
Socony-Vacuum Oil 3 Ms
M
1965
F
A
Southern Colo Power 6s A
1947
J
J
Southern Kraft Corp 4Mb
Southern Natural Gas—
1946 J
D
A
J
110m
104x
5
3
103M 105
55
62
20 M
25
73
82
54
96 M
99 M
2
103 %
35
106x
75
108
10
102 M 105
105
107 M
117M
19
109 M 110X
100X 104 M
94 m
55
104x
37
101
50 m
53 m
17
50
54x
53
56
79
52 X
61M
47
94
1981 M N
51x
51x
51m
1946 J
J
61x
1950 A
O
90
66
1955
58
50
53
50
49 %
52 m
52 m
60
62
90
64 x
90 M
95
104 X
58 X
207
46 X
67 X
57 M
152
78
40M
57 X
57 M
68
92
29
84 H
93
66 m
70
64
1994
85 m
87
55
52 x
55 x
72
68 m
72
72
75
*75
79
1956
Q
Devel A gen 6 Ms
Mem Dlv 1st g 5s
1956
O
75
1996
J
St Louis Dlv 1st g 4s
1951
J
71
D
78
68
80 M
72
80
65
111 m
71
107
81
10
17
17
11
17m
Staley (A E) Mfg 1st M 4s
1946 F
1c5
105
Standard Oil N J deb 3s
1961 J
105m
104m
105m
73
1953 J
104m
103 m
104m
48
83 H
107 x
34
2MB
Studebaker Corp conv deb 6s. .1945 J
Swift A CO 1st M 3Ms
1950 MN
1951 J
Tenn Coal Iron A RR gen 5s
Tenn Cop A Chem deb 6s B
1944
83 m
80
107
J
*125
1947 J
Term Assn of St L 1st g 4Ms...1939 A
O
1944 F
102 m
A
100
102
102
102
114
h5x
16
107
33
107
-
1951 J
106
-
»
Third Ave Ry 1st ref 4s
1960 J
♦AdJ Income 6s
79
106
108 M
h7x
22
114
16
81
89
8
82
89
87
84x
86 m
85
_
-
87
95
RR 1st consol 4s..
1966 F
White Sew Mach deb 6s
1940 MN
32
9x
10 m
92 m
j05x
20
54 m
89
78
1
85
65x
6
54 M
108
12
82 M
95
4
104 X
106
18M
17 M
30
17M
18M
17M
"61M
79
87 X
93
107M
91M
17M
119X 121M
110X 111M
105 M 107
6
89M
23 M
23 X
17M
60
61M
20
56
66
61M
66
35
58
68
64 M
62
64 M
51
57
67M
22X
*
49 M
"*17
17M
49 X
49 M
11
45 M
ilOM
n~8
22 M
55
•53X
48 M
*104X
110 M
110M
95
66 X
59
52 M
109M HOM
95 X
21
101X
2
D
101X
9M
10M
16
6
10X
J
102X
101 M
102 X
41
101
102 X
94 M
94 M
2
{♦Wis Cent 50-yr 1st gen 4s...1949 J
94
J
J
113
113
*8M
♦Certificates of deposit.....
97 M
113
110
9M
2
7
*5
Wisconsin Elec Power 3Ma—..1968 A O
Wisconsin Public Service 4s...1961 J D
{♦Wor A Conn East 1st 4Mb—1943 J
J
97
94 M
14
*5M
MN
93 X
101M 101X
3
9X
9X
♦Certificates of deposit
11M
9M
8M
7
5M
4X
5X
106 X 108X
107 M 109 X
5M
107M
107M
107 X
109 X
109 M
109 X
..1948 M S
105X
104M
106 X
194
MN
105M
105
105X
52
9X
5
*8M
Youngstown Sheet A Tube—
Conv
deb
4s
1st mtge s f 4s
e
C
ser
1961
Cash sales transacted during the current
104X HO
104 M 107 X
wijek and not included In the yearly
range:
Mich. Central 4s 1940, Mar. 21 at 99.
r
Cash sale; only transaction during current week,
transaction
a
Deferred delivery sale; only
during current week,
n Odd lot sale, not included In year's range.
( Negotiability Impaired by maturity,
t The price represented Is
Ex-interest.
x
the dollar quotation
200-pound unit of bonds.
per
Accrued Interest payable at
exchange rate of $4.8484.
^ The following Is
list of the New York Stock Exchange bond Issues which have
a
been called In their entirety:
Brown Shoe 3Xs, 1950, Apr. 13 at 105.
Cine Un Term 6s ser. C 1957, May 1 at 105.
Commercial Invest, trust 3Ms 1951, April 15 at 103MGulf States Utll 4Ms 1946. Mar. 23 at 102M.
Hackensack Water 4s
,1952, April 26, 1939 at 105i
1 at 102.
Paris Orleans 5Ms 1968, Sept. 1 at 100.
♦
Friday's bid and asked price.
65 M
105
105
121
106 X
107
O
60 X
90 X
62 x
92 x
44 x
92 x
10
1937
1952
ioox
1
89
Jan 1960
111X
{ Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies
81M
89
96 M 100M
41m
44 x
108X
123 M 125M
105X 108 X
101X
10M
Wilson A Co 1st M 4s series A. 1955 J
Conv deb 3Xs..
1947 A
Winston-Salem S B 1st 4s
1960 J
term 1st 4s '86
107 M
101«n 101X
125
86 X
91M
A
{{♦Wllkes-Barre A East gu 6s. 1942 J
{♦Sup A Dul dlv A
106 M 108 M
Nord Rys 6Ms 1950. Oct
ioox
J
1949 M S
Wheeling Steel 4Mb series A
~
16
87 M
107
J
1966 M S
47
90
*106
J
2361 J
D
95
38 M
108X
120X
J
2361 J
Registered
86
79
110M
110M
1900 M S
West Shore 1st 4s guar
61
50
107
D
J
100 X
92
'
124X
MN
♦Westphalia Un El Power 6s..1953
66 X
80
89 X
novA
O
1951 J
180
*101h«
...1946 M S
Teleg g 4Mb..1950
25-year gold 6s
30-year 5s
107M
75
45 X
42
1_
A...1946 M S
♦5s assented
91
13
59 M
26
100X
*40
O
118M
84 m
84 x
1964 M S
{(♦Third Ave RR 1st g 5s
Tide Water Asso Oil 3 Ms
1
72
117x
Tex Pac Mo Pac Ter 6 Ms A
94 M 101
102 M
102
113M 115M
103
107 M
91 m
«
^
106M 107 H
125 M 126 M
101 M 103
106x
84m
*
1977 A
...1979 A
1980 J
Gen A ref 5s series D
2
86
91m
2000 J
Gen A ref 5s series C
226
ioox
77
91 X
44M
J
1943 A
64
83
100 x
D
1977 J
18M
104 X 105 M
104 M 106 M
103
105
106x
-
106 m
1943 J
Texas A Pacific 1st gold 5s
Gen A ref 5s series B
x
«
100
Gen refund s f g 4s
1953 J
Texarkana A Ft S gu 5Mb A...1950 F
Texas Corp deb 3 Ms
Texas A N O con gold 5s
24
127
*102
N
Tenn Elec Pow 1st 6s ser A.1
gold 5s
1
108 M
I60X
14
106
105M
60 X
n
J
1952 A
110M 112M
104 X 107M
106 X
13 H
*104
62
J
West N Y A Pa gen gold 4s
74
1
108
111
91X
48
108
106 x
'
61 X
76 X
106m
-
J
1st A ref 3s series C
1968
So'western Gas A El 4s ser D..1960 M N
J
♦{Spokane Internat 1st g 5s
1955 J
80
60 M
66
71
So'western Bell Tel 3 Ms ser B..1964
56
241
D
Western Maryland 1st 4s
1st A ref 6 Mb series A
ser
12M
9X
1st mtge 3 Mb series 1
1966 J
West Va Pulp A Paper 4
Ma...1952 J
Wheeling A L E Ry 4s
13
8X
8M
8M
Westchester Ltg 6s stpd gtd...l950 J D
Gen mtge 3 Mb
1967 J D
West Penn Power 1st 6b ser E.1963 M S
Western Union
8M
9X
9X
1939 J
ser
8M
9X
O
{♦Warren Bros Co deb 6s
1941 M S
Warren RR 1st ref gu g
3Ms—2000 F A
Washington Cent 1st gold 4s..l948 Q M
Wash Term 1st gu 3
Mb
1945 F A
1st 40-year guar 4s
1945 F A
{♦Western Pac 1st 6s
"lOX
8M
8M
O
72 M
86x
1956
8M
1980 A
Certificates of deposit
17
17 M
41M
40 M
9
O
1955
Southern Ry 1st cons g 6s
Devel A gen 4s series A
Devel A gen 6s
*41X
A
1939 M S
52 X
15M
O
Warner Bros Plct deb 6s
28
17
19
1978 A
1955 A
108
106
9
110m
104x
*15X
"25"
49 M
28 X
50
*17M
1976 F
f 6s
22
24 M
2
S
s
42 X
16
26
A
High
105M 107 X
*50 H
1955
Wash Water Power
Low
26
24
J
Walworth Co 1st M 4s
68 debentures
106M 108 X
53
S
San Fran Term 1st 4s
107 m
103x
S
10-year secured 3Xs
5
75 m
103x
94
D
M
M
Gold 4Mb
1st cons
10 H
17
3M
98
21
109x
1c4m
1969 MN
So Pac RR 1st ref guar 4s
1st 4s stamped
6M
14
75H
21M
*107
O
Gold 4Mb
Gold 4 Mb
1966
11
64 M
107
S
6M
7 M
115
1961
(Oregon Lines) A—1977
1
105
108
Southern Calif Gas 4 Ms
1st mtge A ret 4s
1st mtge pipe line 4 Ms
1951
So Pac coll 4s (Cent Pac coll)-.1949
72
102x
105 %
South A North Ala RR gu 5s..1963 A
South Bell Tel A Tel 3Ms
1962 A
8
39
J
Walker (Hiram) GAW deb 4Mb 1946
H
4
5
73
102x
1950 A
1
67 m
21
...
97 m
J
3
96 m
21
F
21
58
*
1952 A
Skelly Oil deb 4s
83
14
14
F
Shell Union Oil deb 3 Ms
Shlnyetsu El Pow 1st 6 He
Slleslan-Am Corp coll tr 7s
Simmons Co deb 4s
-
17
4M
1935 F
♦Series B certificates
-
10
7x
6m
MS
--
5
7 x
31M
13
5x
*4
30
28
116M 116X
18
19 H
14
*2*4
A
2
20
*12m
O
28
_
28 x
120
No.
22
S
20
*116
High
107 X
45 M
Jan. 1
26
M
♦Ref A gen 5s series B
♦Ref A gen 4 Ms series C
♦Ref A gen 6s series D
19M
A
gen 5 Mb A.1975 M
{♦Wabash Ry ref A
109 M 110M
18
*28
O
A
106
18
O
F
7
68 M
106 M
18
...1946 MS
{{♦Atl A Blrm 1st gu 4s
1933
{♦Seaboard All Fla 6s A ctfs—.1935
1st 4Mb
him
O
A
106 m
*108
1989 M N
({♦Seaboard Air Line 1st g 4s..1950
(♦Gold 4s stamped
1950
♦Adjustment 5s....
Oct 1949
(♦Refunding 4s
1959
♦Certificates of deposit
♦lBt
111m
67
Asked
106
1954 J
1941
{♦DesMoines Dlv 1st g 4s_.193»
♦Omaha Dlv 1st g 3 Ms
1941
♦Toledo A Chic Dlv g 4s
1941
115M H8
34
62
106
1965 IMN
1942 M S
{♦Scbulco Co guar 6 Ms
57
1939 F
♦1st Hen g term 4s
♦Det A Chic Ext 1st 5s
98 M
Since
&
43 X
107M
1939 MN
Range
Friday's
Bid
Low
Virginian Ry 3Xs series A
♦2d gold 6s
97 M
Range or
Sale
{{♦Wabash RR 1st gold 5s
1
7
Week's
Last
Price
High
ow
St Paul Minn A Man—
t Pacific ext gu 4s (large)
1773
BONDS
Since
Jan. 1
*6x
D
{♦St Paul E Gr Trk lBt 4 Ms—1947 J
{♦St Paul A K C Sh Lgu 4Mb—1941 F
Range
bqcq
Asked
Low
St Paul A Dulutb 1st
6
^Friday
•a..
Friday's
Price
Record—Concluded—Page
Week's
Last
38 X
46 M
223
7X
3
87 M
13 M
93
105
♦
z
No sales transacted during current week
Bonds selling flat.
Deferred delivery sales transacted
during the current week and not Included in
the yearly range:
*■
Czechoslovak 8s 1951, Mar. 23 at 24M-"
106M
Tokyo Elec Light Co Ltd—1953 J
D
Tol A Ohio CeDt ref A imp 3Ms 1960 J
Tol St Louis A West 1st 4s
1950 A
D
1st 68 dollar series
53 m
54 x
O
62 h
1942 M S
Tol W V A Ohio 4s series C
D
99 x
♦Guar
sec s f
1946 J
6
1952 F
7s
1945
Ujlgawa Elec Power s f 7s
Union Electric (Mo) 3Mb—i.. 1962
{{♦Union Elev Ry (Chic) 5s—. 1945
106
1st lien A ref 5a_—
no
U S Pipe A
Fdy
conv
deb 3 Mfl-
115*3?
115*32
8
108x
107 m
108x
72
111 m
113m
91
8
20
M
O
..
26
^
~
40
106
3
110
66
95
42
96
78
12
79
41
833,640
$25,184,000
$7,417,000
Week Ended March 24
Sales at
1939
Exchange
5,562,870
1938
57,598,237
5,708.590
54,381.475
Stocks
$3,003,000
$2,611,000
112
$20,891,000
65,519,000
106
117
7,417,000
25,184,000
7,080,000
105x
105x
25,890,000
341,537,000
$38,277,000
63,686,000
321,319,000
$35,604,000
$35,581,000
$427,947,000
$423,282,000
39
«
»
«*.
-
^
-
-
-
39
38 x
39
39
-
38 x
39 m
3
2
12
118X
Railroad and industrial
104 M 106
38 M
50
Total.
38 X
50
38
50 X
39
87 M
93
98X
94 X
99 M
87 x
1947 J
10
90
67 x
1959 F
68
16
66
69 X
67 x
68m
22
65X
69 X
100m
67 x
101x
18
Stock and Bond Averages
Below
101
1955 F
*
1957 M N
J
109
*m
{♦Vera Cruz A P 1st gu 4 Ms
{♦July coupon off
1934
J
1968 M S
109 H
X
x
daily closing
on
M
30
J
lie
22
107M
30
2
27 M
30
*74
59
~
~
60
-
4
Bonds
Stocks
10
10
Total
30
20
15
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
Dale
roads
ties
Srocks
trials
Rails
Rails
ties
Bonds
.
72
58 X
of representative
compiled by Dow, Jones & Co.:
35
72
-r
averages
the New York Stock Exchange
H
liox
the
*m
Va Elec A Pow 3 Ms ser B
99
103M
106X 106X
106 M 106 M
are
stocks and bonds listed
as
Vanadium Corp of Am conv 5s. 1941 A
1 to March 24
State and foreign
73
.1958 A
Jan,
1939
.1938
Government
99 m
2003 J
5,189,000
$35,604,000
3,830,000
5,562,870
111 M
98
1st cons 5s
225,000
$3,003,000
645,730
Total
109 M 110M
24 X
30
88 m
Va A Southwest 1st gu 5s
5,974,000
7
96 x
1949
703,000
5,687,000
543,000
4
2
87 m
5
6,976,000
5,266,000
28
hom
28
97 x
Va Iron Coal A Coke 1st g
5,715,000
431,000
3,820,000
Stocks—No. of shares.
97 m
J
566,000
3,874,000
112
hom
J
J
J
4,064,000
$535,000
New York Stock
98x
Cons s f 4s series B
Sales
$6,063,000
$1,198,000
1,080,000
$4,330,000
107 X 109 M
75
83 X
69
81
1944 F
Vandalla cons g 4s series A
Bond
Friday.
99
5
76
Total
States
Bonds
947,000
....
Thursday
99 M
98
109
75
United
For'n Bonds
1,275,000
1,279,000
1,451,000
1,134,000
Wednesday
108 X
116M
97 m
108m
_
108x
110m
77 m
Slate,
Municipal &
688,910
1,440,350
Tuesday
110
13
9M
115*31 116X
107 X 109 X
HIM 114M
Utah Lt A Trac 1st A ref 5s._. 1944 A
(♦Debenture 5s
Exchange,
Bonds
1,007,240
Monday.—
85
108 X
96 m
S
♦Sink fund deb 6Ms ser A... 1947 J
United Stockyards 4Mb w w_. 1951 A
{{♦Util Pow A Light 5 Ms
Stock
Miscell.
of
Shares
Saturday
96 x
78 x
♦Un Steel Works Corp 6 Ms A.. 1951 J
Utah Power A Light 1st 5s
York
23 X
26
107 x
97 m
97 m
Number
March 24, 1939
110m
108
1946 J
1951
10
...
113 m
1948 J
♦Sec s f 6 Ms series C
12
Week Ended
109
76
110
J
({♦United Rys St L 1st g 4s... 1934 J
U S Steel Corp 3Xs debs
..
J
United Clgar-Whelan Sts 6s... 1952 A O
United Drug Co (Del) 5s
1953 M S
1944
-
75
109m
A
1950 A
U N J RR & Canal gen 4s
.
....
*10m
1970 A O
1971 M N
35-year 3 Ms debenture
30
*22 x
June 2008
United Biscuit of Am deb 6s
New
Railroad &
Stocks,
123M 124
*68
Union Pac RR 1st A Id gr 4s... 1947
1st lien A ref 4s
June 2008 M
34-year 3 Ms deb
99 m
106
*
A
J
1952
3 Ms debentures
106
O
Union Oil of Calif 6s series A... 1942
the
at
Daily, Weekly and Yearly
"98" lOO"
6
*123 m
4s..
Transactions
"
Trenton G A El 1st g 5s
1949 M S
J
Trl-Cont Corp 5s conv deb A.. 1953 J
♦Tyrol Hydro-Eleo Pow 7Ms.. 1955 MN
Toronto Ham A Buff 1st g
63
63
90.43
141.82
29.87
24.14
47.71
107.09
94.53
52.64
107.46
Mar.
23
140 33
29.36
23.65
47.09
106.92
93.86
52.25
107.16
90.05
Mar.
22
139.51
28.96
23.26
46.69
106.76
93.45
52.30
107.09
89.90
Mar.
21
143.41
30.01
24.17
48.13
106.92
94.34
53.53
107.34
90.53
Mar.
20
141.28
29.46
23.69
47.35
106.77
93.91
52.64
107.30
90.15
18
141.68
29.58
23.92
47.53
106.85
93.84
52.86
107.35
90.22
Mar.
Mar.
24
New York Curb Exchange—Weekly
1774
and Yearly Record
Mar.
25, 1939
the only transactions of the week and when selling outside
No account is taken of such sales In computing the range for the year.
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are
of the regular weekly range are
shown In a footnote In the week In which theyoccur.
the"following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (Mar. 18, 1939) and ending the present Friday (Mar. 24, 1939).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
Tn
week
dealings occurred during the week covered.
which any
Last
Sale
STOCKS
Par
Price
Supply Mfg class A.*
*
Class B
4H
Alnsworth Mfg common. 6
Air Associates Ine com.-.l
8%
common—*
preferred..
*
1%
AJr Investors
Conv
Warrants
Low
Shares
'4%
Tsoo
4
30
34 %
1,000
25
Jan
8
8%
1 lA
1,400
$6
7%
8%
■1%
6%
7%
Feb
1%
Jan
Jan
Jan
62%
1%
""266
82%
140
1%
100
79
Jan
*
1%
$3
com....
Co common..*
Aluminum
6% preference
100
109%
105
110
2,950
113
112
113
460
Ltd
common.*
0% preferred
Inc.. 10
15%
100
113"
120%
'2*650
110
110
15%
117H
"22 k"
American Beverage com_.l
100
«34
Mar
39
Feb
8
Jan
Bliss A Laugblln com
Mar
7%
Jan
Jan
1st preferred
2d preferred
Jan
110%
14%
Jan
115%
Mar
Brazilian Tr Lt A Pow...*
Jan
15%
Mar
Breeze Corp
Mar
3%
Feb
Brewster
113
Mar
Jan
Bridgeport Gas Light Co.*
Bridgeport Machine
*
Preferred
...100
141
100
108
Jan
110%
Mar
5,000
18
Jan
25%
Mar
1%
100
Jan
3%
Jan
60%
Jan
1%
70
60
Mar
7%
1,800
7
Mar
2%
300
2%
Msr
100
%
Jan
Amer Box Board Co com.l
7
52
2H
%
%
Common class B
10c
*
*
Amer Centrifugal Corp_.l
H
1%
1H
Feb
1
2,500
Mar
67
1%
20
300
21
20
$3 preferred
66 60 prior pref
Jan
2%
2SH
Mar
Feb
Class
2%
Jan
31
33%
1,075
27
Jan
35
Mar
29%
32%
800
26
Jan
34
Mar
1%
1%
400
~22% ~2~4%
'V,400
uie
100
10
23
Amer Foreign Pow warr
ltx»
Amer Fork A Hoe com..*
Amer Gas A Elec com...*
$6 preferred
*
36%
114%
American General Corp 10c
34%
37%
114% 114%
4%
325
26
Jan
28 %
H
Jan
Mar
31%
112%
2%
Jan
Feb
Jan
Mar
1%
11
1
25%
Jan
116
Mar
4%
Jan
Jan
28%
Mar
100
27
Jan
31 %
Mar
7
Mar
.
4%
62.60 preferred
.1
28%
Amer Hard Rubber Co..60
7
80
11
200
4H
10C
1,000
150
✓
3H
1%
18
Jan
Jan
9%
Mar
Jan
4H
74
1%
3%
1%
3%
Mar
Jan
24 H
5%
12%
,
11%
12%
32
7%
77
600
%
1%
Mar
%
1%
100
3%
Feb
4%
26
50
10H
11
300
30
30
20
26
Jan
7%
'2~300
3
Jan
Jan
8,400
3,600
4H
Jan
2,200
10 %
9%
10
""4% ""4% "l"
4
11
25
Jan
Jan
9%
Jan
31
11%
30
Jan
31
21%
Jan
22%
22%
Jan
22%
21
30
Jan
24
Feb
Feb
27
Feb
Mar
20
£1
Amer dep rets reg
Am dep rets
"is
ord reg..l0s
23 %
*
British Col Power cl A
pref... 100
Class A
13
6%
preferred
150
6%
500
13
6%
Mar
21
Feb
2%
100
2
Jan
4%
2H
Feb
Feb
100
2,300
21
21
Brown Forman Distillery. 1
66
14%
13
*
pref
Jan
7%
Jan
Mar
27
2%
Feb
*
Brown Rubber Co com
1
550
Jan
10%
31%
Mar
16%
Jan
18
Mar
Bunker Hill A Sullivan 2.60
16%
Jan
18
Jan
Jan
6
13
100
13
Jan
17
34%
950
27%
Jan
34%
Mar
22%
22%
22%
1,500
20 %
Jan
23H
Mar
13
13
13%
1,100
105H
11%
Jan
15 %
2
Jan
2%
Jan
2
Jan
2%
1H
Mar
4
Mar
4
Burma Corp Am dep rets..
Macy___20
17 H
17%
17%
200
Amer Lt A Trao com...26
n%
15%
16%
4,100
28%
28%
100
27
Jan
29
Jan
12
13%
475
12
Mar
15
Jan
Jan
60
Jan
*33
Burry Biscuit Corp..12 He
Cable Elec Prods v t c.__*
66
Jan
4
13
32
4H
Bruce (E
31
8%
Jan
10
24
3%
7%
200
9
Jan
Mar
Jan
2%
20%
British Celanese Ltd—
L) Co com.
6
Buckeye Pipe Line
60
Buff Nlag A East Pr pref 25
65 1st preferred
*
»
1H
32
Brown Fence A Wire oom.l
24
900
Mar
*
Jan
250
6
ord bearer£l
{Brown Co 6%
Mar
1,200
17%
20%
1%
39%
Amer Tobacco—
Jan
Feb
40%
7%
100
26%
62 preferred...
Amer Invest of III com
4%
27
19,800
Feb
10
100
10
10
Mar
22H
A. 10
n-v
Amer Laundry
1%
24%
..1
Class B
Amer Cyanamld class
Class B
33
29 H
Jan
5%
9%
Am dep rets
26
Class A
5
9%
*
36
20
Aeronautical... 1
Registered
British
Am Cities Power A Lt—
Class A with warrants.26
2
*
Jan
38%
500
2H
4H
cl9
9%
A—
Jan
600
British Amer Oil coupon..*
Mar
75
10H
Brlllo Mfg Co common...*
Jan
17
Mar
1%
,21
21
10%
8%
preferred..
7%
.10c
6
al9
25
Mar
6
12H
6H
37%
1
Class A
Jan
17
1H
Bright Star Elec class B__*
Brill Corp class B
*
American Capital—
common
100
..*
3,400
17
"I%
63 opt conv pref
7%
200
14
6
Bowman-Blltmore com...*
Jan
%
Corp com
6
12H
13%
6
18%
Mar
23%
51
Class A
*
1
W) common
Blue Ridge
20%
100
American Book Co
x34
Jan
1%
100
American Airlines
X34
3
Aluminum Goods Mfg...*
Aluminum Industries com*
Aluminum
*
Feb
Mar
Jan
131
Jan
Mar
Bliss (E
Jan
Mar
Jan
17
Jan
105
%
Jan
Blauner's common....... *
Jan
1%
9
%
Feb
Mar
13
Jan
Mar
2
Mar
9
10
Mar
%
%
1,100
1,600
600
Mar
%
26
94%
86%
%
%
17
62.60 conv pref
Birdsboro Steel Foundry
A Machine Co 00m
Mar
Jan
1
*
pref—
conv
Class A conv com
%
%
16
17%
80
%
High
Low
Shares
•
1
*
Blumenthal (S) A Co
*
Bohack (H C) Co com...*
7% 1st preferred....100
Borne Scrymser Co..
26
Bourjols Inc
*
Allied Internet Invest com*
Allied Products
%
66%
H
Price
warrants.....
7%
*86 % "89%
87
*
Invest com
18
71
Alles A Fisher Inc com.
Alliance
2%
Feb
61%
Purchase
1939
Week
Bickfords Inc com...
Jan
8%
11
Range Since Jan. 1.
for
of Prices
Low
High
Berkey A Gay Furniture. 1
Jan
Jan
34%
Mar
Mar
Jan
6
Jan
100
"366
*
pre!
Feb
800
16
-
preferred
31 %
20%
Mar
Alabama Gt Southern-.60
Ala Power $7
Jan
24
26
28
"I"
Par
(Continued9
High
Week's Range
Sale
STOCKS
18%
34 H
8
1
Agfa Ansoo Corp com
of Prices
High
Low
Last
Range Since Jan. 1, 1939
for
Week
•28
Acme wire v t c com...20
Aero
Week's Range
Sous
Friday
Sales
Friday
Jan
Jan
107
Jan
Jan
Cables A Wireless Ltd—
6% preferred
26
Amer Mfg Co common 100
Preferred
"13%
100
Amer Maracalbo Co
1
Amer Meter Co
,-.»
%
24%
26
2,100
%
Jan
400
1
26
24%
Mar
Amer Potash A Chemical. *
American Republics.... 10
Amer
8eal-Kap
2
com
1,500
5%
8%
5%
%
%
"1%
Anchor Post Fence..
*
.»
Preferred
Ashland Oil A Ref Co
Associated
Elec
1
Jan
%
Jan
9
5%
3%
Feb
16 H
Feb
17%
Jan
Canadian Car A Fdy pfd 26
30
Jan
33 H
Mar
Feb
Canadian Indus Alcohol A*
Feb
1
Jan
77%
27
Mar
2,700
16%
Jan
500
3%
Jan
3%
Jan
400
1%
Jan
1%
Jan
111
112
200
600
70
%
500
2%
12
1089*
%
Jan
Feb
Jan
%
Feb
2%
Jan
3
Jan
2%
Mar
3%
Jan
6%
6%
1,300
5%
Jan
7%
Feb
4%
4%
£1
9H
9%
9%
300
l
a%
%
400
Class A
1
)aie
%
%
1,700
%
66 preferred
*
9H
8%
9%
2,400
5%
>n
1,200
Option warrants
Jan
7%
5%
Jan
8
Jan
%
Feb
10
Mar
»*i«
Jan
Jan
2%
22
22
18%
3%
23
1
3H
24 H
Jan
100
H
Feb
1C
85
10
78
'is
13%
Mar
5%
200
5%
Feb
6
Jan
Jan
100
11
Mar
15
19%
19%
100
23%
Jan
3%
1,000
19%
3%
Mar
3%
"3%
11
Jan
4%
Jan
Feb
91%
87%
Jan
1%
11
5%
27%
Jan
6Q
250
48
Feb
61%
91 %
91 %
92
93
Mar
f Jan
%
Jan
Jan
preferred
Cent Hud G A E
Cent States Elec com
Jan
3H
Jan
31H
Jan
2%
Jan
8%
Jan
-
Jan
4%
Jan
Feb
15
Feb
21%
20%
3
37%
23
7%
6%
7%
21%
8,200
110
1,500
1%
2%
Jan
1%
Jan
Jan
4
Jan
36
Mar
45
Jan
20%
Mar
29%
Jan
Strip Co...
6
Corp
__10
Cherry-Burrell common. .6
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach
4
Chief Consol Mining.....!
Cbllds Co preferred
100
4,100
6
Jan
1,400
19
9
Jan
3H
3H
5%
-•
122%
72
6%
14
48
3H
Mar
4%
4%
5%
200
5%
5%
Mar
25
6%
7H
4,500
43%
52%
7,100
110
37
Mar
46
72
71
72
125
55
Jan
84
68%
68%
5%
68%
53 H
Jan
81
1,700
5%
Mar
Jan
5H
250
4%
16
Jan
20%
Feb
1%
3%
38H
Jan
50
Jan
10%
Mar
600
5%
Jan
6%
Mar
2,500
6%
Mar
8%
Jan
Clark Controller Co
1
19%
2
Jan
Claude Neon Lights Ino..l
%
Cities Ser v P A L 67 pref. *
66 preferred
»
City Auto Stamping
*
City A Suburban Homes 10
100
42
Jan
50
Jan
39
Jan
40
Feb
Cleveland Elec Ilium
4
20
"
25
2,700
Clayton A Lambert Mfg..*
100
*
Cleveland Tractor com...*
24%
27
3,500
1
8%
100
173%
7%
Jan
5
11
26
Feb
13
Jan
Jan
11%
Feb
Club Alum Utensil Co
Mar
36%
2%
Jan
Cockshutt Plow Co
Feb
Feb
7%
Mar
10%
Jan
169
121
38
*~38~
36
50
5%
4%
2%
6,700
173%
60
164
Jan
175
Mar
121%
75
120
Jan
123
Mar
Colorado Fuel A Iron
Jan
35
Mar
5%
27
Jan
42 %
Mar
Jan
Feb
6%
Jan
2
2%
7%
Jan
7%
2%
1,100
7%
7%
100
2%
Colt's Patent Fire Arms.25
'"*25
Mar
7
900
2%
com.
8%
%
2%
34%
4%
Feb
1%
Cohn A Rosenberger Inc.*
Colon Development ord.
*
3
800
6
6H
3%
Mar
7%
Jan
8%
Feb
4
Feb
4%
Columbia Gas A Elec—
*38*
6% conv preferred
4%
£1
warr.
Conv 6% preferred ..100
For footnotes see page 1779.
36
Cllnchfleld Coal Corp.. 100
5%
24%
1%
16
Bell Tel of Pa 6 % % pf.100
Benson A Hedges com
*
52%
4%
600
Jan
Rights
Mar
4%
1%
Jan
9%
45%
1%
4H
%
Jan
39%
Mar
100
8
58
4%
52
Mar
9*600
Mar
45%
*
%
7%
4%
79
Jan
*
'*11
"l0%
45
130
*
BB
7% 1st preferred
4%
»n
J^n
Feb
Preferred
7% 1st pref vto
"9"
6H
Preferred B
Preferred
100
20
62
6
15
Jan
121H
200
7%
Jan
Mar
14
6%
43%
3%
7H
4,100
Jan
5%
Jan
3H
375
1H
9%
6%
6%
4H
3 H
Jan
25
48 H
45
Feb
2
4%
10
700
hi
Mar
Co com...*
"l0%
ht
5
Jan
225
100
»16
6
1%
Jan
200
7%
%
9%
9%
97%
Mar
Jan
1,100
22%
7
Bardstown Distill Inc
1
Barium Stainless Steel... 1
Barlow A Seellg Mfg A...6
1%
Jan
Jan
7%
85
*i«
7
7
Jan
6%
96
3H
74
70%
Jan
20%
7
91%
Jan
275
122 % 120
6%
21
14%
Mar
3H
14
14
800
30
35
800
Jan
91H
90
900
3%
10
10
*100
Charls
Cities Service common..10
Baldwin Rubber Co oom.l
1%
10
120
Chamberlin Metal Weather
25%
16%
Babcook A Wilcox Co....*
Baldwin Locomotive—
8H
96
ht
3H
1%
7%
Jan
Jan
36
ht
3%
300
Mar
1
Jan
37%
1 %
1
1,000
18
Jan
Feb
2%
8H
95 H
1%
...100
preferred
7% preferred
Conv preferred-
6%
Jan
%
4
l
92%
1
Cent Pow A Lt 7% pfd 100
Cent A South West UtU 50c
4H
13 H
*
com
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref. 100
Feb
Mar
2%
84
59
Jan
22
35
*
»i»
98
87%
1st
15
»
Jan
11
Feb
10
Conv pref
21 %
Feb
26
Bell Tel of Canada.
Jan
19
26
Bellanca Aircraft com
Mar
5,300
5%
.....
14H
25
xw
pref
Mar
85
200
w w
10
conv
96
87
96
5
Feb
900
Warrants
61.60
Jan
13 %
26
%
7%
Beaunlt Mills Inc com..10
Jan
Mar
•11
5
Jan
7%
Beech Aircraft Corp
Bell Aircraft Corp com..
Feb
4%
28
26
Mar
2%
Basic Dolomite Inc com.. 1
Bath Iron Works Corp
1
Feb
100
300
7»
3H
28
85
7% 1st partlc pref.-.100
•is
Automatic Voting Mach—»
Avery (B F)
6
(L)
Catalln Corp of Amer
6,000
20
%
2%
com
Jan
Mar
96
14 H
100
100
Conv pref opt ser '29.100
Centrifugal Pipe
*
1
7% preferred
1H
h$
*
2,900
6
Baumann
preferred
%
"u
18
1,700
30
Automatic Froducts
Purch warrants for
66
B
Cent Ohio Steel Prod
Austin Silver Mines
Class A common.
8
Feb
*
96 %
%
Aviation A Trans Corp
Axton-Flsher Tobacco—
Feb
%
5%
1
67 dlv preferred
*
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..*
*
5H
%
Jan
Assoc Tel A Tel class A..*
Atlas Corp warrants
Atlas Plywood Corp
125
1,200
5H
»!•
Castle (A M) common..10
Jan
Assoc laundries of Amer.*
6% preferred
6% preferred
Class
Mar
%
>n
Atlantic Coast Line Co..60
Mar
*
Celluloid Corp common.15
t c
Jan
1%
2
Celanese Corp of America
Common
v
Carman A Co class A
Mar
92
Assoc Gas A Elec—
Common
.Capital City Products...*
Carlb Syndicate..
25c
Carrier Corp common..—1
Carter (J W) Co common. 1
Casco Products.
*
Industrie?
Amer deposit rets
%
Jan
112
600
4%
Mar
"is
3H
5.900
2.600
1%
400
27 H
2%
6%
4%
200
1
*
2%
"TOO
2
1
1
Carnation Co common...*
2%
"~6~% "7%
1%
*
non-voting
Marconi
Canadian
Carnegie Metals com
1
Carolina P A L 67 pref...*
H
2%
7
25
Jan
Feb
2H
Feb
B
30
30
Mar
3%
2H
80
Am dep 6 % %
14
Jan
Mar
Jan
pref shs £1
1%
3
13
Jan
Camden Fire Ins Assoc...6
3%
21
H
Calamba Sugar Estate..20
1%
2%
18%
12
10
Arkansas P A L 67 pref..*
Art Metal Works com
6
4%
30C
Mar
Mar
3%
19%
"~"l%
Wupperman..l
Apex Elec Mfg Co com...*
Appalachian El Pow pref *
fArouturua Radio Tube—1
Common class A
1,100
1
Jan
64%
Jan
>'is
300
Jan
1%
29
67
Angostura
Arkansas Nat Gas com...*
7%
2,300
7%
Am Superpower Corp com*
1st 66 preferred
*
66 series preferred
*
American Thread pref...6
Feb
55
'
2%
2
6%
6
Mar
Mar
94 %
Jan
72%
80
69
9
1,900
81
200
77
67
69
325
55 H
Mar
Volume
New York Curb Exchange—Continued—Page 2
148
Friday
STOCKS
Loot
Sales
Week's Range
for
Week
of Prices
High Shares
Sale
(Continued)
Par
Columbia Oil A Gas
Price
1
Range Since Jan. 1,1939
3%
3%
3%
2,800
Low
3%
Jan
4H
14
•ii
5,700
<ti
Jan
Fire Association (Phlla)
Jan
Ftek Rubber Corp....
l
16 preferred
...100
Florida P A L $7 pref....*
Ford Hotels Co Inc......*
500
%
34%
400
Jan
Jan
27
28%
525
<a
Jan
%
32%
1
Jan
Mar
Mar
Jan
1
Feb
•it
•«
100
Jan
36%
29%
H
15%
500
15
Jan
16
Jan
37
27 H
29%
26%
%
Jan
37
Jan
•i»
Jan
Compo Shoe Macn—
1
15 %
15
Conn Gas A Coke Secur
$3 preferred
*
Consol Biscuit Co.......
6
Consol Copper Mines
6
Consol GELP Bait com *
6% pref class A
100
7%
77
113%
6
Mar
Jan
53%
150
52%
4%
300
4
Mar
6
Jan
S3
30
91
Mar
92
Jan
4%
4
91
1%
1%
4%
5
Jan
1%
Feb
Mar
6%
92%
Jan
92%
«x«
200
7%
9%
200
6%
17
25
200
4%
oonv
preferred
1
2%
60
5
6%
19%
19%
1
Crowley, Mliner & Co—*
5
IOC
6%
20
100
7 it
2~
Jan
55%
Jan
2
'""lOO
Jan
Feb
3%
90
Mar
Mar
Mar
1%
Jan
Feb
%
4%
Jan
Mar
Feb
6%
6%
19%
Mar
23%
Jan
5%
Mar
9%
Jan
Feb
6
Jan
2
Mar
9%
Jan
Jan
18%
25
14
Jan
%
6%
17
15
..........35
200
400
5%
23
2
Feb
6%
6%
14%
Mar
Feb
Jan
Jan
Feb
50
900
1%
Jan
200
Detroit Steel Products...*
25
26
26
26
10
com..
7% preferred
27%
10
"23 %
10
23%
.....10
Diamond Shoe Corp com.*
1%
1%
24%
1,000
Jan
Feb
Feb
17%
17%
27%
7
6%
26
2%
7%
Jan
Jan
1%
1%
Jan
8
18
30
24
10
75
14
15%
Jan
Feb
Jan
Mar
Mar
Mar
Jan
88%
18
Draper
Corp
"68% *69
...
7%
1%
1%
700
4
Jan
7%
Feb
Jan
9
Jan
Jan
64
Jan
1%
64
"
i% *"i%
'"200
Jan
100
16%
Jan
19
Mar
11
Jan
14%
50%
Mar
Mar
$3
preferred
conv
13%
500
*x«
"""lOO
Jan
Jan
lss
Jan
'66
45%
Jan
41%
%
Feb
1%
67%
20
45%
Jan
Jan
800
14
Jan
80%
17%
100
49%
Feb
62%
6% preferred A
100
100%
Jan
50
95%
Jan
100%
6%
Mar
Gen Water O A E oom—.1
S3 preferred
.—...*
100% 100%
6
6
100
88
89
225
75%
78
4%
29%
4%
24%
Mar
6
Jan
37
Mar
79%
Jan
96
Mar
"*4%
Jan
Mar
78
Mar
7
Jan
Feb
37
Feb
Jan
Grand Rapids Varnish...*
Gray Manufacturing Co. 10
com
stock
—
Jan
Jan
Grumman Aircraft Engr.l
Guardian Investors.—
Gull Oil Corp
25
Gulf States Utll S5.50 pref
$6 preferred
Mar
24%
Mar
33
Jan
11
Jan
Feb
98%
1,400
%
»x«
2%
16%
Jan
Jan
Feb
Feb
2%
Jan
Mar
19%
6%
9%
Jan
Feb
Jan
22%
Jan
86%
129%
16%
60
20%
100
"*9% "*10%
T,m
20%
10
125"
......
Hazeltlne Corp..
1,300
6%
Mar
Mar
Feb
2
Mar
2%
Jan
Jan
22%
%
Feb
*"36%
16%
%
36%
4,900
18
16%
36
37%
101% 102%
4,800
110
11
Mar
65
Mar
%
300
300
%
%
1%
5%
1%
5%
%
Mar
Jan
800
-
%
Mar
*
Jan
23
Mar
Feb
36
Mar
3%
J*
Jan
22%
Jan
Feb
9%
Jan
3%
4"200
Mar
Jan
7%
"
"T% ""8%
Feb
4
Feb
7%
Class A—.
Feb
Mar
Mar
7%
9%
Jan
7%
24%
26%
Jan
Jan
26%
Jan
Jan
Jan
10
Jan
41%
Feb
Mar
14%
Jan
Preferred ex-war.....25
Hewitt Rubber common..6
9
9
300
Common
*
4 % % prior preferred. 100
1%
39
200
7%
38%
50
250
45
9%
Jan
Jan
Jan
45
10%
1%
25%
12%
Heyden Chemical...—.10
Hires (Chas E) Co cl A
»
0%
1% Feb
19% Mar
9% 'Mar
38%
20%
1%
22%
10%
700
22 %
10
Jan
1%
19%
Jan
Jan
Holllnger Consol G M...6
Holophane Co common.
Holt (Henry) A Co cl A.
19%
8%
17%
Jan
Horder's Ino....
$6 preferred series B
Easy Washing Maeh B
15
*14 %
*
♦
3%
Economy Grocery Stores.*
Edison Bros Stores
...2
S5
preferred.—.....—*
16 preferred
*
75
25
15
500
2%
700
3%
16%
15
17
Eisler Electric Corp.....1
Elec Bond A Share com..6
15
1%
10
18
1%
9%
1%
10%
400
60
59
60
70%
65
70%
Elec Power Assoc com....1
Class A—........ ...1
3%
3%
Elec P A L 2d pref A.——*
2%
2%
3%
3%
1,400
4,200
6,100
22%
19
Option warrants
Electric Shareholdings
1,400
71,000
3%
250
4%
800
1
Feb
Mar
Jan
Jan
Jan
Jan
2%
2%
19
2
Jan
65
Feb
Hubbell (Harvey) Ino——5
Humble Oil A Ref......
Jan
72%
Mar
1%
Electrographic Corp.....!
10
300
10
0% preferred
—.100
6%% preferred——100
7% preferred
100
8% preferred—....100
Empire Power part stock. *
Emrfco Derrick A Equip..6
Equity Corp common.. 10c
33 conv pref
1
Esquire-Coronet
_1
Eureka Pipe Line com..50
European Electric Corp—
3%
Mar
Ferro Enamel
Corp
Mar
13%
14%
600
13%
Jan
15#
Jan
12%
Mar
8
Mar
Jan
Jan
12
Jan
Mar
Jan
3
100
37%
109
325
"59% "IV>A
2l"300
3
37%
37%
109
59%
4%
4%
10
1,300
Hussmann-Llgonier Co..
3%
29%
5%
...5
1
10
IPO
Jan
Jan
Jan
3%
10%
Mar
Feb
1%
Jan
Jan
Jan
Jan
21%
70%
Mar
Mar
1%
Common
Hydro Electric Securities
Hydrade Food Prod—5
Hygrade Sylvania Corp.
Illinois Iowa Power Co
*
5% conv preferred....60
Div
arrear
5%
51%
Feb
71
Mar
56
Feb
71
Mar
65%
73
62
Feb
73
Mar
74
3,300
1,300
64%
21%
Feb
74
Mar
Imperial Chem Indus..£1
Imperial Oil (Can) coup..*
Registered.....
.-*
Imperial Tobacco ol Can.5
Imperial Tobacco ox Great
Feb
24%
Mar
300
"766
19%
21%
5%
10%
Jan
Indiana Pipe Line
Jan
1,900
Mar
7% preferred
—100
IndpisP A L6%% pf—100
Indian Ter Blum Oil—
7%
300
7%
Mar
%
1,300
*i«
Jan
27%
17%
17%
150
27
Mar
3,100
5
Mar
%
28%
8%
Mar
20
50
17%
6%
6%
15%
Jan
Jan
16%
,
12%
8
8
22%
»
—
-
-
13%
-
-
-
18%
8%
21
22%
8,300
900
300
%
9%
Jan
5%
18
%
Mar
Jan
12
Feb
69%
Jan
3%
11%
Jan
Jan
5%
Mar
•is
Jan
12
Jan
Class B
...
Jan
Mar
Mar
Insurance Co of No Am. 10
7
Jan
22
Mar
100
1,400
16%
9%
Jan
Jan
9%
Feb
%
1,600
•11
Jan
rx«
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
4%
2%
29%
4%
25
Mar
Jan
Mar
Jan
Feb
600
6%
Mar
1,200
15%
Mar
17
Feb
Mar
Feb
Feb
16
100
16
Jan
16%
Mar
15%
15%
100
15%
Feb
16%
Feb
400
29%
6%
Jan
Mar
6%
6%
Jan
8
103%
10% 10%
103% 104%
30
150
International Cigar Mach *
5%
20%
Jan
9
9
Jan
103%
Mar
Mar
%
8%
Jan
Feb
%
9
Jan
Mar
5
Jan
.....
8%
23%
Jan
4%
5%
200
Jan
Mar
32
Feb
Jan
7
10%
12%
108
Jan
Jan
Jan
1%
1%
Jan
Jan
Industrial Finanoe—
Jan
7%
19%
Feb
6
8%
4%
1%
23%
3%
18%
'»x»
16
V t
1
c common
7% preferred
..—100
%
1,100
Jan
%
Mar
Jan
10
Feb
68%
Mar
Jan
24
Jan
21%
•is
200
9%
66%
63
21%
%
9%
65%
150
9%
Jan
Jan
Internet Hydro Eleo—
Pref S3.50 series
A stock
60
purch warrants.
1
Intl Industries Inc
1779.
110%.
Mar
16
10
Jan
7
7
Mar
6%
Non-voting class A...
13
Jan
6%
54%
7%
1,600
Indiana Service 6% pt.100
7%
7
Jan
Mar
39%
16%
5
Britain A Ireland....£1
5
3
Jan
Jan
.54%
etls
375
27%
Flat Amer dep rights...—,
fldello Brewery..
1
For footnotes see page
,1%
"3% ""3%
1%
3%
20%
Illuminating Shares A
1,875
•it
7%
24%
Jan
Feb
10%
69%
fit
150
67
"68."
Mar
109
1
7% pref stamped. —100
71
71
65
3
35%
8%
JHuylers of Del Ino—
Mar
66
66%
l
Fanny Farmer Candy ooml
Fansteel Metallurgical...*
Fedders Mfg Co
6%
8
Corp 5
Jan
53
1%
warrants.......
Falrchlld Aviation....... 1
Falstaff Brewing
Hummel-Ross Fibre
Jan
20
1%
.....1
Elgin Nat Watch Co
16
Empire Dlst EI 6% pf 100
Empire Gar A Fuel Co—
Option
500
7% pref unstamped —100
changed to Gen
Shareholdings Corp
Elec Shovel Coal 34 pref..*
o
6%
11%
24%
6% preferred.......100
Jan
Feb
60
10
13%
Hormel (Geo A) A Co com*
Horn (A C) Co com.....
Mar
Mar
Jan
6%
...—*
Horn A Hardart......._*
Name
Electrol Ino v t
24
Hoe (R) A Co class A...10
Mar
Mar
Mar
3%
18%
.
w—.....26
12%
Jan
9%
53%
60%
Heller Co common..—.-2
Mar
Jan
Mar
16%
400
4%
8%
6% conv preferred..-60
25c
Helena Rubensteln.—.*
Hecla Mining Co
9%
%
14%
Feb
Mar
Mar
3,700
100
Jan
%
J%
6
4
10%
%
14%
Jan
23
9%
%
14%
IK
Jan
29
Preferred
Eastern States Corp.....*
$7 preferred series A
*
*
Mar
400
Jan
Mar
102%
107%
2%
"""lOO
31
31
Jan
7
Jan
40
Jan
5%
100
Jan
Jan
63
2
7
Jan
2%
400
2%
7
7
I
Feb
8%
2%
Feb
Eastern Malleable Iron. .26
7%
Jan
Mar
Feb
39
Jan
Jan
Jan
95%
103%
Jan
Mar
750
7%
12%
36%
4%
East Gas A Fuel Assoc—
Jan
Mar
Jan
Feb
69%
124%
100
*17%
Eearn Dept Store com—
w
18
325
700
6%
Jan
Feb
450
85
124% 125
36%
37
6
6)
Haverty Furniture cv pfd. *
Jan
100
"
Hat Corp ox Am cl B com. 1
Mar
5
16%
*
Jan
1%
Jan
%
81
Jan
Jan
3%
%
%
L
12%
Jan
1,600
,
60*
Mar
4%
28
130
8
Greenfield Tap A Die...
Grocery Sts Prod com..25c
Jan
65
70
1,100
94%
4%
(Vt« agreement extend. *
Great Atl A Pao Tea—
4%
28%
4%
24%
1%
preferred—..—100
Jan
31
88%
400
625
Feb
Mar
16%
50
400
.....
Feb
16
4%
6%
Eagle Plcher Lead.—...10
Feb
2%
50
4%
5%
1
Mar
%
.
300
4%
5%
10 %
Duro-Test Corp com
Duval Texas Sulphur....*
Jan
Jan
Jan
70
52
1%
1%
Hartman Tobacco Co....*
Harvard Brewing Co
72
%
52%
%
General Tire A Rubber—
Jan
*30
Jan
Jan
Jan
ltt
*
Jan
73%
20%
Jan
18
52%
$6 conv pref w w
*
General Telephone com.20
7% 1st preferred..—100
preferred—..—100
Dubllier Condenser Corp.l
Duke Power Co....—100
Durham Hosiery cl B com *
2
42%
1
Gt Northern Paper—26
Mar
15%
Driver Harris Co.......10
Mar
Gen Rayon Co A stock..
General Shareholders CorpCommon
Jan
1%
hi
Warrants
Gen Outdoor Adv 6% pflOO
Gen Pub Serv go pref...
Mar
Mar
60
....
12%
'""lOO
*13%
Hartford Elec Light——26
Hartford Rayon v t c.—.1
200
175
23%
88
Hall Lamp Co..————*
Haloid Co
—5
"90
21
"1 % "T%"
Gen Electric Co Ltd—
Amer dep rets ord reg.£l
Gen Flreprooflng oom—.
Feb
Mar
Jan
9%
15%
17%
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
*30
9%
18%
Jan
Feb
16
Mar
9
17
10
Jan
83
1%
Dominion Textile Co...
600
2,300
Jan
Mar
4%
Gorham Mig Co—
10
Jan
.
Feb
15
41
21%
5%
9%
100
300
8%
18
17%
17%
17%
23%
Gorham Ino class A—.—*
S3 preierted
...—*
25
Jan
700
7%
200
1%
Jan
Mar
Jan
200
Jan
Mar
Jan
Feb
Jan
Mar
Mar
Feb
Mar
Jan
23
Mar
Mar
Feb
15%
1%
2%
2%
31%
27%
200
100
9
23
Mar
1%
10%
3%
100
4
4
Mar
83
Feb
4%
200
4%
10
Mar
4%
1%
13%
19%
20%
150
Jan
Jan
Mar
300
1%
4%
20%
20%
3%
83
21%
Dominion Bridge Co.
Dominion Steel A Coal B 25
4,900
1,800
15
Am dep rets ord reg_.£l
Dobeckmun Co common
4
3%
19%
20%
9%
14%
Distilled Liquors Corp...5
Distillers Co Ltd—
Dlvco-Twln Truck oom—1
Feb
Jan
83
Non-vot
1%
1%
73
1%
13%
20%
Goldfleld Consol Mines—1
Mar
13%
Det Mich Stove Co com..
Detroit Paper Prod.
1
Jan
9
Gamewell Co S6 c v pref.*
Gatlneau Power Co oom.*
5% preferred
...100
General Alloys Co
Jan
Jan
51%
109%
7%
7%
Jan
12%
6% pref w w—.——20
Detroit Gray Iron Fdy...
62%
100
Jan
Jan
Feb
Feb
Jan
10
A oonv preferred..—..*
Detroit Gasket A Mfg..
100
9
34
Georgia Power $6 pref...*
15 preferred-.—*
Gilbert (A C) common...*
Preferred............*
Glen Alden Coal...—*
Godchaux Sugars Class A.*
Class B. ..—......—*
$7 preferred...——.*
Jan
108
2
23%
Feb
Mar
Jan
100
Stores..........
Dennlson Mfg 7% pref 100
Derby Oil A Ret Corp com*
Jan
4%
1,000
2,900
3
10%
1%
17%
Mar
Mar
3%
46%
24%
5%
4%
20%
5%
3*
Jan
Mar
8%
"*5%
64%
9
50
5%
14%
-1 %
100
Mar
125
Jan
200
10
Mar
90
25
Mar
200
650
12%
Jan
Gen Gas A El 6% pref B—*
10%
1%
48% 50%
109
109
6%
6%
6%
6%
16%
17
13%
15
25
26%
Jan
73
General Investment oom.l
S6 preferred..
.....*
9
Davenport Hosiery Mills
Dayton Rubber Mfg com.*
De Vllblss Co
4
9
175
64%
<
6,500
85
40
Jan
2
Mar
11
77
39
Mar
Jan
68
25
1
9
Feb
Jan
stock—;!—*
20
Jan
16%
preferred
100
Curtis Mfg Co (Mo)
5
Darby Petroleum com..
1
10
High
58
conv preferred.—100
conv
Jan
*
com
Jan
Low
20
19%
23%
27%
Mar
1%
...10
t c.*
com r
Jan
9%
1
8%
52%
6%
15%
4%
1,700
10%
6%%
Dejay
400
-%
7i«
Cuneo Press Inc.........*
Decca Records
2%
5,900
1,300
Crown Drug Co com...25c
Preferred
..25
Class A
300
6%
Crown Cent Petrol (Md).6
Crown Cork Internet A..*
Cuban Tobacco
800
\5M
6
Croft Brewing Co
oom
Jan
Mar
Mar
Mar
7*
2%
£1
preferred..
Jan
84
74
....6
Crocker Wheeler Elec....*
0%
4%
400
"% *""7« *2400
%
Creole Petroleum
Crystal OU Ref
7 ;
20
5
SO preferred A........*
Cosden Petroleum com
1
0%
Jan
Common.............1
partic pref—15
Cont
Fruebaut Trailer Co
Fuller (Geo A) Co com
13%
com
S3 prior preference.....*
Courtaulds Ltd
60
Feb
Feb
1%
$4 preferred
Copper Range Co......
Copperweld Steel new
Mar
117%
1%
4%
7%
9%
Mar
Jan
500
92%
%
Cont Roll A Steel Fdy
*
Cook Paint & Varnish...*
71
1,800
1%
5
92%
300
Range Since Jan. 1,1939
65
9%
10%
tor
We
'eek
Shares
Froedtert Grain A Malt-
%
91
Corroon A Reynolds—
Common
Jan
114%
Continental Oil of Mex..1
Cooper Bessemer
Feb
8%
580
52%
Cont G A E 7% prior pf 100
6%
400
1
Consol Royalty Oil
..10
Consol Steel Corp com...*
Jan
Jan
5%
6%
Range
of Prices
High
65
1
Amer dep rets.-.100 fires
Fox (Peter) Brew Co
6
Franklin Rayon Corp.—.1
&
....100
preferred
Ford Motor of Can cl A..*
Class B—...
•
Ford Motor of France—
10,900
Consol Mln A Smelt Ltd.5
Consol Retail Stores.
100
Week's
Low
10
.
Ford Motor Co Ltd—
Am dep rets ord reg—£1
6%
7%
76 %
77
112% 113%
Consol Gas Utilities....
8%
Price
.........
V t c ext to 1946
Sales
Sale
Par
Commonwealth A Southern
Community P ALSO pre! *
Community Pub Service 20
Community Water Serv.
Last
High
Jan
11
Warrants...........
Commonw Dlstribut
STOCKS
{.Continued)
Low
Columbia Pictures Corp..*
1775
Friday
17
19
1,300
16
•is
"3"
"3%
1~600
2%
Mar
Mar
%
Jan
Feb
4%
Jan
New York Curb
1776
Last
Week's Range
Sale
of Price*
Low
High
Par
Price
Internat Papet A
Pow warr
Registered
2%
20
Share*
25
Par
High
Mar
5%
Mar
Jan
4%
Jan
27%
Jan
27
Jan
Molybdenum Corp
1
Monarch Machine Tool..*
Jan
Monogram Pictures
Feb
1
Utll—10
Montgomery Ward A—•
Montreal Lt Ht A Pow..*
Moody Investors part pf.*
fMoore (Tom) Distillery. 1
Mtge Bank of Col Am shs—
Mountain City Cop com 6c
Mountain Producers
10
Mountain Sts Tel A Tel 100
Murray Ohio Mfg. Co..
Muskegon Piston Rlng.2%
Muskogee Co com
6% pref
-100
Nachman-Sprtngftiled— . . *
Nat Auto Fibre com
1
Nat Bellas Hess com——.1
25%
600
3H
Jan
Feb
3
100
%
Mar
3%
%
Mar
SI.75
7%
%
*
.......1
Class B_
S3.60 prior pref
*
Warrants series ot 1940-.
International
5%
A
(FL) Co.—a—.1
Feb
h*
Jan
900
2%
Jan
4%
Feb
6%
900
4%
Jan
5%
Jan
14%
400
14
Mar
14%
Mar
10
4
Jan
7%
Feb
100
16%
5%
%
18%
18%
3%
4%
IH
14
5%
,
ht
Jan
19%
21%
Mar
4%
Feb
ht
Mar
Jan
4%
2%
Feb
1%
1,000
%
15%
Feb
Jan
1,100
17%
Mar
%
TT%"
*
Jeannette Glass Co
Mar
3%
%
.1
*
Italian Superpower
Jacobs
Mar
5
1
Irving Air Chute.
Jan
15%
38%
Jan
17%
Interstate Hosiery Mills..*
Interstate Power $7 pre!..*
Iron Fireman Mfg v t c._*
%
Jan
Feb
x3
5%
14%
Investors Royalty
100
36%
36%
34%
'it
36%
Vitamin—1
Interstate Home Equip..!
Jan
Mar
10
11
—*
preferred
4,400
3%
100
1%
Jan
Jan
Jan
100
Jones A Laugblln Steel. 100
7% preferred
75
79
79
5%% preferred.....100
6% preferred...
100
67%
78
92%
40
86%
25%
1,000
112% 113%
4%
4%
8%
8%
20
85
85
Kansas G A E 7% pref.
5
Kennedy's Inc...—
Ken-Rad Tube A Lamp A *
"""% ""%
Kingsbury Breweries,... 1
Kings Co Ltd 7% pf B 100
100
1
5% preferred D
Kingston Products
Kir by Petroleum
1
Feb
100
100
112%
Mar
4%
Mar
"200
%
58
58
2
2%
1%
54%
1%
2%
2%
1%
Klrkl'd Lake G M Co Ltd 1
70
1,600
700
600
94
Mar
99%
Mar
39
National Oil Products
6%
Jan
Mar
National
Jan
National
2%
Feb
National
Jan
3%
1%
Mar
National
Jan
13%
Mar
Nat Tunnel A Mines
1%
Mar
10
Feb
73
Jan
4% oonv 1st pref
5%
200
300
6%
5%
40%
Lakey Foundry A Macb.l
3%
41%
3%
39%
2%
7,600
1,600
10
64
64
Lane Bryant 7% pref.. 100
12
Jan
6%
Mar
7
Jan
Feb
2%
Jan
Jan
39%
57
51%
50%
3%
05
Mar
3%
3
3%
%
ht
Develop...25
(R G) Inc ..1
%
Feb
Feb
8%
Jan
Jan
3%
Jan
2,500
%
Feb
%
Jan
32%
Mar
28%
30
300
27%
Jan
6
12 H
12%
13
250
12%
Mar
*
18%
18%
18%
500
Jan
Lit Brothers common....*
700
150
22
1%
1%
300
*
*
26%
7%
N Y Auction Co com
Feb
N Y City Omnibus
1%
Jan
24
Jan
22
11%
Feb
Jan
13%
36%
Mar
20
9%
Jan
Jan
1
Jan
26
Jan
35
Mar
19%
Jan
30
Mar
N Y Water Serv 0%
1%
6%
Jan
1%
Jan
Jan
7%
Jan
1%
400
6%
7%
2,600
'J#
100
92%
h*
1%
■
»i«
Feb
1%
Mar
150
30%
Jan
3,700
"11
Jan
%
1%
Jan
hi
200
1%
1%
200
40
28
25
*
Mapes Consol Mfg Co...*
Jan
Mar
25
2
Manlschewltz (B) com
Mar
98
Feb
2
4i«
1
.*
Jan
Mar
1
31
31
1H
50
1
Jan
■
Feb
Feb
19
Jan
34
*
Marlon Steam Shovel
16%
*
Mass Utll Assoc v t c
1
Massey Harris common..*
Master Electric Co
1
3%
....
16%
3%
200
16%
•
Feb
Mar
2
Feb
20%
Mar
6
Mar
Mar
Jan
17
Mar
5
Jan
2%
Feb
Mar
7%
Jan
Jan
18%
Jan
Feb
54
Dredging...*
12%
*
141
Memphis Nat Gas com...6
3%
Memphis P & L $7 pref..*
Mercantile Stores com
*
Merchants A Mfg cl A...1
"l7"
4%
4%
1%
100
13%
400
143%
1%
75
3%
1,500
"17%
"_250
4%
1,200
•
Participating preferred.*
27
27
Merrltt Chapman A Scott *
Warrants
.
50
Jan
Jan
Feb
%
9%
Feb
Jan
12%
Mar
43
40
10
33%
Jan
5%
Jan
0%
Feb
Jan
13%
Mar
12%
1,200
3,100
12
Jan
6
Jan
300
30
Jan
40
Mar
78
300
70
Jan
85%
Mar
100
4
1,300
Mar
5
Feb
3%
Mar
5%
ht
Jan
Jan
%
Mar
1%
Jan
"Too
50%
5C
49
Jan
60%
12%
13
900
11
Feb
13
Mar
5%
65
05
4%
62%
Feb
8%
800
7%
Jan
8%
Feb
1%
Mar
1%
1,200
1,000
1%
1%
1%
13%
Jan
Jan
2%
1%
15%
Feb
Feb
%
Jan
Jan
111%
50%
Mar
30
110% 111
102
44
46%
600
42%
Jan
78%
40%
Jan
11
100
7u
1%
Jan
5%
5%
300
5
Jan
5%
Mar
%
3%
4%
%
3%
200
%
Jan
%
Feb
50
3%
30%
Mar
3%
Feb
36%
Jan
15
Mar
50%
104%
Jan
72%
Mar
3%
12
"65%
63%
....
66%
650
.....
"166
33
33
10
53
"52"
650
56
8
Jan
Jan
14
Mar
52
Mar
1%
Jan
600
70%
Jan
80
Jan
Jan
27
Jan
Mar
2
Jan
10%
Jan
26
Feb
23%
Jan
27
Mar
z7%
22%
500
Feb
101% 101%
Jan
9
107
Jan
110
30
100
Jan zl03%
Mar
100
10
10
"19"
"l9""
"""To
1%
1%
1,400
8%
16,200
9%
Jan
Jan
13%
4%
22%
Jan
Mar
Jan
Jan
9%
Mar
525
89
Jan
91%
Mar
Jan
82
7%
S6
x7S
%
300
%
Jan
1%
100
1%
Mar
5%
5%
1,000
5%
60%
IT66
Feb
Jan
'6%
Mar
"56"
Mar
90%
Mar
50
Jan
64%
Mar
Jan
Jan
1%
5%
Mar
Jan
1%
65%
22%
21%'
Feb
47
1,100
1%
10
2%
2%
200
$0
56
625
53%
Mar
18
18%
200
17
*
preferred
54%
North Amer Rayon cl A—*
Class B
common..—*
Jan
17
60
43
0% prior preferred
,
%
Feb
3%
Mar
Nor Central Texas Oil...6
3%
3%
200
%
%
900
ai»
v
10..
*
Class B
v
t c
*
Middle West Corp com..6
Ohio Edison $0 pref
5
1318
7%
7%
5
900
1
$3
preferred
Feb
2%
Jan
8
300
94%
Mar
100%
6%
Mar
10%
1,800
9%
Mar
12%
Feb
15
Jan
20%
Mar
Jan
31
21%
Feb
18
100
Jan
105%
Mar
200
110
Mar
112%
Jan
111%
104%
Feb
114%
111%
Mar
102%
Mar
105
Mar
9
Feb
114
114
114
109% 110%
11%
12%
2%
feb
Pacific P A L 7% pre!—100
Pacific Public Serv
*
Mar
Feb
Jan
Jan
Jan
Jan
9%
13%
Mar
Jan
43%
Mar
100
Mar
9%
"""25
Feb
103%
1,200
1%
Feb
•
6%
Jan
1
2,700
6%
10C
5
Jan
4
2%
8%
Jan
1%
4
100
3%
8%
1%
32%
Midland Oil Corp—
30
100""
Too"
29%
5%
90
26
39
11%
1st preferred—25
Pacific Ltg $0 pref
*
Jan
Feb
75
110
Pacific G A E 0% 1st pf-25
Jan
Mar
""25
110%
Jan
Feb
100
"22"
104
110%
Jan
%
Feb
Jan
103 %
%
7
%
Jan
Jan
"22'
Mar
4%
Jan
Feb
27
1*
6%%
Jan
4
Feb
88
PaclUc Can Co common..*
Jan
Feb
1%
4%
81%
260
18
50
Overseas Securities
Jan
100
140
97
6
Jan
Jan
Feb
9%
pref—.100
100
Feb
3,200
7%
Feb
5%
90
0% 1st preferred
%
Mar
Jan
5%
89%
94
89%
—*
%
Middle States Petrol—
Class A
2
Mar
Jan
"11
Jan
*ii
1,300
Feb
7
Feb
87
59%
•u
Michigan Steel Tube..2.50
Michigan Sugar Co
.*
Jan
18
1%
*ii
500
Mar
4
19
0% conv prior pref-.100
Oldetyme Distillers
1
Omar, Inc.....:
1
*
Jan
10
108
108
5%
Oklahoma Nat Gas com.15
95
Jan
900
1%
1%
71
1%
72%
26
1%
62%
1%
1%
53%
Ollstocks Ltd common
Feb
Mar
Mar
4%
Mar
Jan
Feb
6
1
Common
%
*
111
Mar
Nor Amer Lt A Power—
Mar
1%
35
95
preferred-.15
Metropolitan Edison—
Michigan Bumper Corp—1
Michigan Gas A Oil
1
Jan
Jan
Jan
11
1%
4%
Ohio P 8 7% 1st
Jan
Jan
400
1,200
Jan
Mar
Feb
5%
1%
Jan
33
Jan
5
1%
%
Jan
Jan
78%
6%
..6
6%
77
Mar
1%
1
N1 pissing Mines..
Ohio Oil 6% pref
100
Ohio Power 0% pref—100
Jan
50
800
%
25c
Partlclpat
$0 preferred
Mexico-Ohio Oil
Jan
1,200
Mar
28
Jan
Mar
8
1%
1%
Class B common
5%
Feb
Jan
5%
Jan
4%
Ohio Brass Co cl B com...*
4
Jan
6%
50%
Class B opt warrants
Jan
Jan
Jan
100
200
11%
1%
Feb
Mar
Mar
Jan
9%
Feb
%
Mar
149
4
8
Mar
%
7
'""%
86%
20%
Jan
Jan
26
Mar
'.«
80%
98%
2%
17
%
4%
A preferred... 100
Mesabl Iron Co
1
Mar
1%
7
Jan
4%
9%
"32% ~32%
T',900
32
Jan
33%
29%
200
28%
Jan
30
29%
107
107
75
106%
Feb
79
80
90
68%
Jan
108%
85
Jan
Feb
Mar
Mar
Mar
Mar
Jan
Mar
7%
Mar
Jan
21%
Mar
Jan
101%
Mar
5%
Jan
7%
Jan
3%
Mar
3%
Mar
6
20
99
$1.301st preferred..
Page-Hershey Tubes com.*
Jan
Pantepec Oil of Venezuela•
pref
3%
Mar
3%
Feb
Jan
15%
Jan
$2 non-cum dlv shs
12
*
Co
*
97% 101
50c
Midwest Oil Co
5%
American shares
10
1%
8%
8%
1%
8%
425
100
1,600
Mining Corp of Canada..*
1%
8%
1%
Minnesota Min & Mfg—_*
47
48%
Minnesota P A L 7% pf 100
Miss River Power pref. 100
87
88
Missouri Pub Serv com..*
93
12
Midwest Piping & Sup...*
Jan
Feb
Jan
Mar
Jan
450
37
Jan
20
87
Mar
115
3%
109
1%
8%
12
Parker Pen Co
5%
12,300
For footnotes see page 1779,
14
10
Jan
"\2
Parkersburg Rig A Reel__l
Jan
Patchogue-Ply mouthMills *
Jan
Mar
Pender (D) Grocery A
Class
B
"12%
19
19
"""566
14
Mar
Jan
20
Mar
37%
Jan
7%
39
39
50
9
8
9
600
50%
Mar
39%
Feb
Jan
12
Feb
29
Peninsular Telephone com*
Preferred
100
90
Jan
Feb
18
39
Mar
16
11%
*
Jan
Jan
10
*
1%
Jan
30%
Jan
53
Jan
56
Penn Edison Co—
Jan
115%
Feb
Feb
4
Mar
$2.80 preferred
$5
*
preferred
Penn Gas A Elec class A._*
5%
Paramount Motors Corp.l
Midland Steel Products—
Mid-West Abrasive
1,000
3,500
3%
77
100
100
Jan
3%
Mar
69
34
33
5% 1st pref
6% 2d preferred
Class A opt warrants
Feb
Feb
Mar
Jan
125
...
6%%
Midvale
33
7%
15%
1%
12%
Mar
14%
12%
5%
12
8%
86
*
Mead Johnson A Co
conv
6
12%
-10
com—1
Nor Ind Pub Ser 0% pf.100
7% preferred
100
Northern Pipe Line
10
Nor Sts Pow new cl A—25
Northwest Engineering..*
Novadel-Agene Corp....*
100
Mo Cord Rad A Mfg B
Preferred
11%
39%
Nor European Oil
McColl-Frontenac Oil—
Metal Textile Corp
%
Common
%
1%
Feb
Feb
10
Jan
Niagara Hudson Power—
6
Class A preferred
100
NIles-Bement-Pond
*
Nineteen HundredCorp B 1
5
53%
Mar
Niagara Share—
Feb
15%
130
Mar
No Am Utility Securities
May Hosiery Mills Ino—
$4 preferred
0% preferred
pf.100
Mar
31
Jan
Feb
10%
8
7%
N Y Pr A Lt 7%
Mar
2
"600
5
16%
100
3%
.....
200
N Y Merchandise
Noma Electric
5%
Communica'ns ord reg £1
200
9
N Y A Honduras
2%
Marconi Intl Marine
Margay OH Corp
Mar
8
20%
125
1%
Jan
5%
Jan
69
Warrants
160
8%
Mar
Jan
Feb
6%
Jan
—
2,300
400
35,000
Jan
Jan
Jan
*
Mar
%
5%
4%
12%
Mar
Jan
1,700
*
Feb
1%
31%
1
Lynoh Corp common....5
1
New Process Co
23
26%
Lucky Tiger Comb G M.JO
Ludlow Valve Mfg. Co...*
Majestic Radio A Tel
Manatl Sugar opt warr
Mangel Stores
$6 conv preferred
Feb
25
12%
31%
1%
...*
Louisiana Land A Explor.l
Louisiana P A L $6 prel..*
Mar
17
1%
30%
28%
8%
100
100
Jan
3,600
12%
29 %
$2
common—...*
1st preferred
*
Nelson (Herman) Corp—6
Neptune Meter class A—*
Nestle Le Mur Co cl A...»
Nevada Calif Eleo com. 100
7% preferred
100
New Engl Pow Assoc
*
0% preferred
100
New England Tel A Tel 100
New Haven Clock Co
*
New Idea Inc common...*
New Jersey Zinc
25
New Mex A Ariz Land—1
Newmont Mining Corp. 10
8%
12%
1
7% preferred
Jan
Mar
31%
28%
Feb
5%
8%
Rosarlo 10
10
pref-.100
$0 preferred...
—*
N Y Shipbuilding Corp—
Founders shares
1
New York Transit Co
5
6
0% pref class B
Loudon Packing
-
Mar
6%
166%
Mar
29%
25%
~5,30C
5%
Jan
Jan
3%
2%
Mar
Jan
"4% "5%
11%
Nebraska Pow 7% pref-100
20%
22
*
Locke Steel Chain
Lockheed Aircraft
Lone Star Gas Corp
1%
24
Loblaw Groceterias cl A..*
Long Island LightingCommon....
15
Jan
156
Nebel (Oscar) Co com.
Jan
13
22
17%
11%
22%
Xl2
1
25
B._
Feb
Mar
Lion Oil Refining
preferred
Jan
Mar
2%
Line Material Co
Llpton (Thos J) class A
Mar
%
7%
•
preferred
Jan
1,900
Lefoourt Realty common. 1
Lehigh Coal A Nav
11%
48
Lake Shores Mines Ltd—1
5%
Transit
Nehl Corp
12
275
Navarro Oil Co
10
8%
15%
100
Feb
Mar
Tn
Mar
12.50
*
Nat Union Radio Corp...1
64
McWilllams
4
preferred...*
Steel Car Ltd—*
Sugar Refining.*
Tea 5% % pref. 10
2%
58
Jan
5%
Feb
5%
14%
23
Jan
%
5%
4%
Conv part
Mar
Jan
2
123%
5
com...*
*
Nat Service common
1
Mar
Mar
500
200
4
*
12
27%
%
4%
Koppers Co 0% pref... 100
100
10
Kreuger Brewing Co
1
Lackawanna RR (N J) .100
31
27
4
Mar
Jan
4%
Jan
200
30%
3%
%
11%
20
260
163
Natl Refining new
Kresge Dept Stores
Kress (8 H) special pref.
161
Nat Rubber Mach
Jan
Class
""6% "6%
163
Feb
Jan
Kobacker Stores Inc
2%
Mar
79
2,700
100
20
2%
9
Jan
900
12%
10
4%
107%
Mar
12%
2,100
13
1%
20
National P A L $0 pref—*
8
1
4%
com—*
Nat Mfg A Stores
Jan
1%
38
13
ColO
Knott Corp common
12%
—
Jan
10
Klelnert (I B) Rubber
0%
4%
National City Lines
Feb
Jan
High
Low
9%
116%
20
Range Since Jan. 1, 1939
for
Week
Shares
Soc A
com.l
S3 conv pref
60
National Container (Del).l
National Fuel Gas
—*
Mar
Range
of Prices
High
Jan
Jan
50
Klein (D Em 11) Co com..*
Le Tourneau
Loan
13
com.l
Jan
87
Week's
Low
Feb
7%
105
Kimberly-Clark 6% pf.100
Jan
Mar
24
23
100
Jan
Jan
10
90
24
92 %
Julian A Kokenge com...*
Leonard Oil
Monroe
National Candy Co
Jersey Central Pow A Lt—
Conv
$2.50
Common
Montana Dakota
International Utility—
Class A.
Price
Mock. Jud, Voehrlnger—
5%
2%
B_*
Internat safety Razor
Low
24%
—
International Product*—•
Sale
(Continued)
3,600
3
26
2H
25 %
Last
STOCKS
Range Since Jan. 1, 1939
4,400
5%
5%
Internat Metal Indus A.
International Petroleum..
for
Week
1939
25,
Sales
Friday
Sale*
Friday
STOCKS
{Continued)
Mar.
Exchange—Continued—Page 3
56
4%
56
4%
50
100
3%
Jan
5%
Mar
Jan
Volume
New York Curb Exchange—Continued—Page 4
148
Friday
Last
STOCKS
Par
Penn Mex Fuel Co
Price
of Prices
High
Low
Pennroad Corp v t c
♦
1X
IX
7X
8
101
103 X
350
97X
100
25
"ll'x ~83~X
23*
Feb
Sllex Co common...
9?*
Jan
'""506
Jan
105?*
Feb
98
S3
pref
'i»
Jan
100
Mar
Simmons H'ware A Paint.*
2X
150
Mar
167
Jan
Feb
16
Jan
182"
74
Jan
84?*
Mar
Simplicity Pattern com... 1
Singer Mfg Co
—.100
Singer Mfg Co Ltd—
92?*
63
Jan
71?*
Feb
Feb
27
Feb
Jan
Jan
Skinner Organ
ox
200
63*
Jan
10?*
73*
Feb
1183*
Feb
1
23*
30
725
118?*
29?*
Feb
30
Feb
303*
Jan
Sonotone Corp
1
1?*
3
3
100
X
Jan
33*
Mar
Boss
1
4X
2,000
4?*
Mar
63*
20 X
4X
21
Conv $3 pref series A.
250
20?*
Mar
29
15X
900
13?*
Mar
18?*
10
.
Pierce Governor oommon
Pines Wlnterfront Co
Pltney-Bowee
2X
2X
2,200
2?*
Mar
2?*
6x
OX
7
1,200
63*
Jan
7?*
Pitts Bess ALE RR
50
413*
Mar
43
1,200
10
Mar
54
Fel
12?*
64?*
Jan
100
7X
104
400
7X
7X
4X
2,200
Pratt A Lambert Co
20?*
1
*
1
Pressed Metals of Am new
Corp
Prosperity Co class B
Providence Gas
Prudential Investors
preferred
21?*
36
*
Premier Gold Mining
Prentice-Hal! Inc com
3X
12
Canada— *
6% 1st preferred
100
Power Corp of
36
200
9
9X
*
*
$7 prior preferred
preferred
20
53 X
51
57
29
30?*
193*
7% prior lien pref—100
50?*
22
20?*
4X
Common
104?*
107
1?*
1J*
100
Feb
3?*
Jan
16?*
16?*
400
153*
Jan
173*
Mar
21?*
22?*
600
21?*
Jan
23 X
Jan
1?*
200
Ifc
Jan
2?*
12 X
Jan
17?*
183*
900
6?*
6?*
300
Am dep rets ord reg—£1
Am dep rets ord bearer £1
Spencer Shoe Co.*
Feb
Stahl-Meyer Ino
4?*
Jan
12
*
*
Standard Cap A Seal com. 1
Conv
Mar
2?*
10?*
Mar
Feb
Standard Invest $5?* pref*
Standard Oil (Ky)
10
Mar
Jan
Jan
Jan
93
101
5X
8X
7X
100 x
Jan
Mar
Standard Oil (Ohio) com
5%
Mar
104?*
108?*
Common class B
Standard Steel Spring....6
Standard
5
Jan
12
Jan
113
Jan
123
20
161
Feb
158?*
17
17?*
100
17
Jan
11?*
11?*
175
10
Jan
•x«
Feb
153*
250
Mar
Feb
40
15*
oommon.*
3
Mar
28
Feb
100
3?
600
500
6
3 '
Mar
.5
Jan
Jan
Mar
183*
12?*
»i«
Jan
Mar
Mar
Feb
2?*
5
7
Jan
Jan
Jan
X
Jan
X
Jan
10 X
Jan
12 J*
xlO X
10 X
X
«i«
100
2,400
2X
Radiator.
1
Rio Grande Valley Gas CoVoting trust ctfs
1
RochesterG&E16 % pf C100
Richmond
2?*
800
3
X
100"
"166
Feb
Feb
5
Feb
4
2X
100
X
X
X
4X
X
3*
Jan
Jan
Jan
Jan
?*
Jan
100
Too" "ioo"
Feb
102
Feb
99
Mar
104
Jan
Jan
15
14
Jan
Rolls Royce Ltd—
11?*
900
2-
2X
200
5
5?*
200
X
400
10?*
9X
Roosevelt Field Inc—-—5
1
20
*
Royalite Oil Co Ltd...—*
Royal Typewriter
*
81.20 conv pref
Rossla International
Rustless Iron A Steel
*
Ltd—*
82 conv pref A
—50
8t Regis Paper com
6
7% preferred
100
1
iox
Mar
6?*
Mar
3*
Jan
*
»i«
Jan
25
37
Mar
43
"llx
60
Mar
71
5?*
200
10?*
2,000
4?*
93*
Feb
Feb
Mar
Jan
2X
2X
100
40?*
2?*
X
600
•n
900
55?*
3?*
Feb
63*
12?*
44?*
Feb
61
56
Jan
9,700
12?*
23*
2?*
2,400
ix
500
13*
1
2X
3
X
65
Mar
Jan
Mar
Jan
9?*
Jan
2?*
11
IX
lix
11X
100
23
23?*
800
Mar
3?*
59?*
11
Mar
17
Jan
9
800
1?*
1?*
400
1
Jan
Jan
Mar
13*
*
?*
7X
?*
8
7
Mar
Sentry Safety Control
100
3
100
2?*
3
3?*
1,800
6?*
6?*
750
Class
A
65?*
Too
Jan
Feb
"266
25
14
3?*
33?*
33
X
*
1
800
34
1,800
X
Jan
X
7X
3X
Seversky Aircraft Corp—1
Shattuck Denn Mining. .5
7X
100
4X
7,800
OX
20
Shawlnigan Wat A Pow..*
Sherwin-Williams com..25
6% cum pref ser AAA 100
Sherwin-Williams of Can. *
7X
3X
102
112?*
For footnotes see page 1779.
7X
20 X
108
112?* 112?*
7
3?*
63*
Jan
Mar
9?*
5?*
Jan
Jan
Jan
*
Union Investment com..*
Union Premier Foods Sts. 1
Union Traction
Co—-50
"iix
94
Corp
Mar
Feb
Feb
Jan
42
Mar
Mar
14?*
Mar
Jan
5?*
Jan
3?*
Mar
53*
Mar
363*
Jan
X
Mar
i»n
Feb
12?*
14
31
Jan
15?*
69?*
Mar
30
94
Jan
Jan
12
3?*
200
3
133*
*3?*
13
300
12
Jan
1,600
12
Mar
13?*
Feb
Jan
22?*
Jan
99
Feb
1013*
Feb
Jan
4
15?*
15?*
Mar
Jan
2
Jan
2
Jan
60
Feb
62
Mar
53*
4?*
Feb:
14?*
13*
Mar
Feb
15
69
Mar
81
Mar
4?*
1,300
72?*
150
100?*
Jan
105?*
110?*
43*
72
TT6"
"30
107?*
Jan
111
X
500
X
Feb
X
Jan
Jan
Jan
Jan
Jan
1?*
Mar
Feb
Mar
Jan
7
•
Jan
133*
Mar
Feb
38?*
Mar
2?*
600
Mar
3?<
100
6?*
Jan
7?*
4
100
4
Feb
53*
Jan
Jan
Jan
33*
Mar
2
Mar
3?*
1?*
123*
400
1?*
12?*
,
$3
Jan
Feb
100
3
Mar
13?*
1,100
14?*
"Too
1?*
1
23,600
X
133*
Jan
15?*
Jan
23*
4?*
Jan
4?*
87?*
""2?* ""2?*
87?*
85
Jan
1X
Jan
»xi
ojsoo
88?*
900
"16
Jan
Mar
7
2X
Mar
3 X
Jan
923*
Mar
70 X
Jan
X
Mar
»»ii
Feb
Jan
86?*
Feb
2,000
85
Jan
Mar
7
"
2?*
Mar
Jan
Jan
Feb
40
Feb
1
X
Mar
Mar
3
12?*
1,200
70
80
Mar
3
Jan
2
2?*
7,500
1?*
2?*
2
2?*
4,900
13*
Mar
2X
Jan
28?*
32
7,300
27 X
Jan
36?*
Mar
23
23
125
20 X
Feb
23
Mar
•
693*
Jan
733*
Mar
5X
Jan
6?*
Mar
~30~X
23
Molasses Co—
22?*
Mar
Jan
1133*
Mar
Umted Profit Sharing—25c
200
112
Feb
*15?*
Mar
10
United Shipyards ol A...1
Am
10%
Mar
12
2?*
*
*
Products...*
preferred
United
1?*
300
3
3
"14?*
?*
$6 1st preferred
Milk
Jan
8
9?*
28?*
2?*
7
2?*
12?*
Jan
"xi
3,200
11?*
31
4
»
Feb
200
10?*
X
United Lt A Pow com A.*
Common class B
•it
8
113*
warrants
Mar
Jan
463*
38
20
14
Jan
X
400
100?* 100?*
"4?* " T?*
102
Jan
Feb
40
5,800
18?*
90 3*
94
8ts_. 10c
400
14
Mar
X
$3 cum A part pref...
1,400
1,600
Jan
Mar
300
X
*
Series B pref
Feb
Mar
9
9?*
Jan
dep rets ord reg—
United N J RR A Canal 100
Jan
Jan
9?*
600
X
X
15?*
30
Union Gas of Canada
United
1
Seton Leather common.—*
1,300
43*
X
Option warrants
Mar
Serrick Corp (The)
Jan
Feb
5?*
United G A E 7% pref. 100
1
£1
1
Feb
1
Jan
530
*
United Gas Corp com
1
1st $7 pref non-voting.*
Jan
?<
Jan
7?*
Feb
2
403*
United Chemicals com..
Jan
00 x
1,000
23*
To" *"40
40
Tung-Sol Lamp Works
.1
8O0 div. preferred. .. *
Ulen A Co ser A pref...—*
Mar
X
65?*
9 J*
4
33
'
2
United Elastic Corp
70
Feb
11?*
2?*
383*
103*
-
-
United
69?*
Jan
3
53*
Mar
Jan
Feb
63*
Jan
2?*
14
Mar
83*
Mar
8?*
7
Trl-Contlnental warrants
Feb
OX
Mar
35
Feb
Jan
X
"150
Feb
Mar
5
'~~8X "9
43*
Jan
Jan
Selfridge Prov Stores—
Amer dep rets reg
5?*
Jan
Jan
Feb
107
Mar
Un Cigar-Whelan
Feb
Feb
59 X
Jan
7?*,
6?*
6?*
Jan
1?*
Mar
500
Feb
3?*
3?*
8
7?*
Jan
11?*
200
Jan
ox
4 J*
Jan
400
4X
6
Mar
3X
1'ii
Selected Industries Inc—
85.50 prior stock
25
Allotment certificates—
2?*
2
Jan
1
Jan
ix
Mar
Jan
Jan
Jan
Jan
2?*
33*
Unexcelled Mfg Co——10
X
Jan
313*
3
-
Mar
500
»u
Jan
3X
Plot
Common
?*
i3i«
Jan
Mar
Screen—
1
Co.... 10
Lux
Trans
1?*
31?*
X
Mar
»!«
100
1
10?*
10c
Tonopah Mining of Nev.l
4,800
*
Feb
*x«
3
Corp
Toledo Edison 6% pref. 100
7% preferred A
100
13?*
1?*
1?*
32?*
300
3?*
£1
Ordinary reg
10.000
1?*
1?*
31?*
31?*
Securities Corp general.—*
Segal Lock A Hardware..1
Selberllng Rubber com—*
Feb
1?*
20
5?*
3
Todd Shipyards
Jan
Mar
Feb
Jan
1
373*
Tobacco Secur Tr—
12?*
Warrants......
stock
Roofing Inc
Tubize Chatlllon Corp.-
273*
Mar
200
Tobacco Allied Stocks
Trans Pork Stores Inc.
22?*
8?*
100
Tlshman Realty A
Jan
28
8?*
28
14
1
Constr*
*
Tobacco Prod Exports.—*
Tilo
Jan
1?*
11?*
3?*
6
Jan
Feb
Jan
Jan
21
8?*
Feb
2,600
13*
Jan
107
—
16
Taggart Corp com
1
Tampa Electric Co com..*
Tastyeast Ino class A—.1
Taylor Distilling Co
1
Technicolor Ino common.*
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref—.100
Texon Oil A Land Co..—2
Jan
Mar
21?*
19
8X
Mar
3?*
Jan
Tonopah Belmont Devel
Mar
4?*
2,700
Jan
28
300
24?*
1?*
Def registered 5s
Jan
52
~12~x
—5
*
Scovill Mfg
25
Scran ton Lace common..*
Scranton SpriDg Brook
Water Service pref
*
Scullin Steel Co com
*
Convertible
Class B com
Jan
9?*
9?*
21?*
Swan Finch Oil Corp
Transwestera Oil
Schlff Co common
Common
1
5?*% conv pref
50
Superior Oil Co (Calif)-.26
Superior Port Cement
$3.30 A part
*
Jan
150
Savoy Oil Co
Selby Shoe Co
2?*
Feb
5
X
2%
Samson United Corp com 1
Seeman Bros Inc
Jan
37
St Lawrence Corp
Salt Dome Oil Co
Feb
63
5
Ryan Consol Petrol
Safety Car Heat A Lt
133*
2?*
60
*
*
Ryerson A Haynes com—1
Jan
Feb
37
2?*
1
82.50 conv pref
3i«
X
in
Jan
800
2?*
Oil—
Sunray
Thew Shovel Co com
ord reg— £1
Rome Cable Corp com—5
Am dep rets
Russeks Fifth Ave
Drug Co
Sunray
Mar
60c
Eng'g—6
Reynolds Investing
1
Rice Stlx Dry Goods
*
Reliance Elec A
Jan
100
30
Jie
6
*
*
*
Sullivan Machinery
Jan
33?*
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Sterling Inc
-.1
Stetson (J B) Co com.—.*
(Hugo) Corp
Stroock (S) Co
Mar
41
X
X
.50
20
Stlnnes
Jan
21
Jan
100
1?*
*
6% 1st preferred
6% 2d preferred
190
29
6% pref D
—100
Roeser A Pendleton Inc..*
Mar
5?*
X
—100
6?*% pref
Sterchi Bros Stores..
Feb
102
Stein (A) A Co oommon.
Mar
Mar
Feb
19
50
8?*
"24"
phate A Acid Wks Inc 20
Starrett (The) Corp v t 0-1
Steel Co of Can Ltd...—*
Jan
6?*
21X
1053*
Jan
Mar
Jan
Jan
Feb
Phos
Mar
Mar
Feb
6
900
X
1
Wholesale
18?*
1,100
30
9
12
Jan
103*
Standard Sliver Lead
Mar
58?*
25 J*
Mar
Jan
Feb
X
20
X
1
Mar
X
»xi
Mar
17?*
1053* 105?*
19 3*
105?*
—*
Preferred
60
99?*
18
*
35
' 153
6
Root Petroleum Co
100
preferred
Jan
43*
Feb
19
9
1
Mar
Feb
1063*
'""166
Feb
12
25
25
(Neb)
Standard
Jan
Jan
28
Reeves (Daniel)
Oil
Mar
Jan
4?*
1?*
11.60 conv preferred..20
X
14
Raytheon Mfg com.—50c
Red Bank Oil Co
*
Reed Roller Bit Co
*
Relter-Foster Oil
10
preferred
Jan
2,340
*
83 conv preferred
;
Standard Dredging Corp—
Common
1
Jan
Feb
40
1
Feb
Mar
Standard Brewing Co
Mar
23
Jan
Jan
16
Jan
3
34?*
15?*
Mar
Jan
1,150
•
6?*
34X
Feb
Jan
117?* 120
15X
Mar
Mar
hi
Feb
11
*
>
2H
2?*
1?*
53?*
22
4?*
153
5X
Feb
4
14
300
""5?* ""5?*
Manufacturing..10
Quaker Oats common
*
6% preferred
100
Quebec Power Co
*
Ry A Light Secur com...*
Railway A Util Invest A..1
Raymond Concrete Pile—
Pyrene
"266
"ox "ox
Jan
Feb
Mar
200
Jan
100
IX
Spanish A Gen Corp—
Feb
Jan
Feb
*ii
53 X
3X
10
3
Jan
8
2X
Feb
94?*
|Pub Util Secur 87 pt pf—*
preferred
—*
86 preferred..
*
Puget Sound Pulp A Tim.*
Pyle-Natlonal Co com—5
700
3
9X
Mar
Puget Sound P A L—
85
100
1?*
18?*
Jan
26?*
103?*
4
1?*
Jan
Feb
Mar
152
31
Mar
44 X
20
Mar
IX
503*
700
4
80
40
28?*
4
*
Jan
*i«
800
97?*
96?*
Mar
Jan
Feb
200
Public Service of Okla—
102
29?*
27?*
25
Standard Tube cl B
6% prior lien pref—100
Jan
Jan
100
1?*
..10
...
Standard Products Co....1
30 X
41?*
28?*
43?*
800
28?*
19
9
""SO
40
29?*
33
400
108X 108?*
42?*
29?*
18?*
Jan
'iol'x lo4x
100
423*
Jan
Preferred A
Jan
Jan
Feb
28?*
Jan
Standard Pow A Lt
7% 1st preferred
100
Public Servloe of Indiana—
Mar
42
Jan
Public Service of Colorado-
6% 1st preferred
1
Jan
Mar
5?*
2?*
31
Mar
50
3?*
1?*
18?*
5?*
100
400
33
7
100
1,100
Southwest Pa Pipe Line. 10
36
200
3,400
1?*
4?*
Southland Royalty Co.—5
25
25
9X
2?*
1?*
2?*
South Penn Oil
Mar
400
25c
*
*
*
*
Mar
Feb
Jan
Jan
Jan
2
36
2?*
1?*
4?*
1?*
Mar
Mar
Feb
1?*
X
1,000
ZX
5
7i.
43*
84?*
Mar
Mar
8
X
Jan
Jan
1
7X
2*406
3?*
84?*
8
700
100
*
Jan
Jan
117
X
7X
800
4?*
3
219
Jan
200
'"ix "ix
25c
Sugar common.—6
Feb
Jan
Feb
Mar
1%
Feb
3,600
1
X
2?*
1?*
175
Jan
7X
112
103
210
148
preferred
Southern Pipe Line
Southern Union Gas.
Feb
10 x
56
41X
Polaris Mining Co
Powdrell A Alexander
41X
10
1
Pittsburgh Plate Glass.-25
Pleasant Valley Wine Co.l
Plough Inc
*
Pneumatic Scale com—10
Mar
54 J*
50
Forglngs
Pittsburgh A Lake Erie.60
Pittsburgh Metallurgical 10
Jan
100
7%
*
Feb
133*
South New Engl Tel—.100
Postage
Meter
1,200
2,100
4?*
6% original preferred.25
6% preferred B
26
5?* % pref series C
25
Southern Colo Pow cl A. 25
Jan
2X
Pioneer Gold Mines Ltd-.l
com.
South Coast Corp com
Southern Calif Edison—
1
2?*
2
200
175
4?*
13?*
Common
»x»
Jan
*
Smith (H) Paper Mills..
Solar Mfg. Co
Mfg
2?*
1?*
Amer dep rets ord reg.£l
Sioux City G A E 7% pf 100
83*
*
Feb
*
OX
pre! 26
Phillips Packing Co.
Phoenix Securities—
16
conv
300
100
High
11?*
*
8X
70
Low
25
25?*
m
Week
Simmona-Boardman Pub—
1
Phlle Elec Pow 8%
$6
Jan
Mar
»
Phila Elec Co #6 pref
Producers
1?*
8X
68
1
Philadelphia Co common.*
Potrero
Shares
15
96?*
Pepperell Mfg Co——100
Periect Circle Co
Pittsburgh
Mar
73*
6,300
1,100
150 X 150?*
60
Pennsylvania Sugar com 20
Pa Water A Power Co
*
Pilaris Tire A Rubber
IX
8
100
*
preferred
Penn Salt Mfg Co
i»n
Line stamped
1
for
of Prices
Low.
High
Price
Shreveport El Dorado Pipe
Feb
X
Penn Cent Airlines oom..l
Pa Pr A Lt $7 prel
Par
Week's Range
Sale
(Continued)
High
Low
Range Since Jan. 1. 1939
Last
STOCKS
Range Since Jan. 1, 1939
for
Week
Shares
1
2.60
Penn Traflle Co
S6
Week's Range
Sale
(Continued)
1777
Sales
Friday
Sales
237
Jan
X
preferred
10
9X
10
900
Jan
9?*
Mar
Feb
242
•xi
10?*
Jan
Feb
Last
of Prices
Loto
High
Par
United Shipyards class B.l
United Shoe Mach com.26
Preferred
Price
IX
79
25
.
United Specialties com___l
U S Foil Co class B
..1
IX
3X
4X
4,600
IX
1,550
200
400
4
2,000
4X
U 0 and Int'l Securities..*
"el"
1st pref with warr
U S Lines pref
1*
*
U S Playing Card...—10
for
of Prices
Low
High
Par
Feb
Mar
6,000
80%
75% 359,000
71%
68%
Jan
84
Mar
70
Jan
78%
Mar
74
70
74
60,000
68
Jan
77
Debenture 5e
Mar
74
70
74
25,000
08%
Jan
77
Mar
78%
79%
80%
82% 255,000
82%
76,000
72%
Jan
86
Mar
72%
Jan
86%
Mar
82%
75
Jan
87
Mar
Jan
101
Jan
Mar
131
Feb
Feb
Jan
4%
Jan
4X
X
Mar
6%
X
Jan
Cities Serv PAL 5%s.l962
82%
Feb
6%s
1949
Community Pr A Lt 6s '57
82%
Mar
61
08
Jan
400
IX
Jan
1%
Jan
28X
Jan
30%
Mar
Conn Lt A Pr 7s A...1951
15X
500
13
Jan
16%
Jan
25X
650
21
Mar
4%
Jan
2%
Jan
Jan
3X
Feb
Mar
he
Feb
%
6%
*16
600
3X
200
2
200
6X
United Wall Paper
Universal Consol Oil....10
"2 k"
Universal Corp v t c—.
Universal Insurance
Universal Products Co...*
Utah-Idaho Sugar
6
Utah Pow A Lt 97 pref...*
Utah Radio Products
1
Utility Equities Corp....*
$6.60 priority stock...
Utility A Ind Corp com..6
Conv preferred.. ....
lUtU Pow A Lt common..1
1
Class B
100
1
6
Van Norman Mach Tool.5
Venesuela Mex Oil Co..10
Jan
Cuban Tobacco 5s
Feb
Jan
Cudahy Packing 8%s.l956
62%
03
15,000
86%
89% 144,000
107% 108
67,000
62
3,000
62%
95%
96
29,000
Jan
14
Feb
Delaware El Pow 5%s.l959
100
106
Mar
Denver Gas A Elec 5s. 1949
107%
107% 107%
2X
14 X
3X
12X
Feb
Jan
Jan
17X
17x
50
15%
Jan
%
17%
"i«
800
X
Jan
1
8%
19
Mar
Feb
"16
00
"ix
"i'x "l
IX
'"566
X
X
IX
4.000
he
100
22,000
6
Mar
15
600
12*
Jan
1%
Mar
%
Feb
Jan
Feb
3,000
107%
Jan
5,000
104%
Jan
101% 102
25,000
103%
99%
Mar
102
Jan
102%
Mar
44%
Mar
10,000
107%
Jan
4,000
82%
Jan
87%
13,000
101%
Feb
104%
Mar
2%
Jan
Jan
30
Jan
Mar
28
Feb
8X
5X
ex
9
300
8
5X
300
4X
ex
100
7%
"16
111
*42
50
108
108
85%
86
53
Mar
Banks 6s- 5sstpd—.1961
Feb
9
Mar
♦First Bohemian Glass7s'57
15
15
Jan
7%
Feb
Florida Power 4s ser C 1960
"94~"
93%
94%
ex
Jan
9
Feb
Florida Power A Lt 5s. 1954
98%
Jan
6%
Mar
5s ex-warr stamped. 1944
99
Feb
1
Mar
Gatlneau Power 1st 5e_1956
104
Jan
1%
Jan
111
Mar
Finland Residential Mtge
Jan
Mar
Mar
1960
1952
Eroole Marelii Elec Mfg
0 %a series A
1953
Erie Lighting 5s
1907
Federal Wat Serv 5%s 1954
Mar
*he
38 X
101% 102%
101%
50%
300
8%
Jan
11%
200
4%
3%
Jan
5%
Mar
2%
Jan
1
1.26
3X
West Texas Utll $6 pref—*
West Va Coal A Coke
*
90 X
1
1
3X
3X
400
3
3
400
92
90
1
700
X
Mar
3X
900
3X
Jan
80
Jan
5
3%
97
Mar
Jan
94%
Mar
97%
Jan
99%
Feb
97
99
27,000
95
Jan
99%
Mar
103% 104
37,000
Mar
105
3,000
84
Jan
90
1,000
89
Mar
97%
Jan
90%
Mar
1%
4%
87
87
Mar
General Pub Serv 5s..1953
96
Feb
Gen Pub Utll 0%s A.1950
85
87%
Jan
1,000
15
Mar
♦General Rayon 6s A.1948
Mar
Gen Wat Wks A El 6s. 1943
"91%
103%
Jan
Georgia Power ref 5s—1907
Georgia Pow A Lt 5s—1978
Jan
♦Geefurel 6s
Western Maryland Ry—
43X
20
43%
40
Jan
50%
Jan
14
12
X
200
14
*
12%
9
15
Feb
Jan
Grocery Store Prod 6s. 1945
7
Mar
Feb
87
Jan
92%
Mar
Jan
103%
Mar
69
27%
68%
27,000
2,000
25,000
*
ex
5X
....
*
2X
7X
5X
2X
8
100
400
1
7%
Wisconsin P A L 7% pf 100
Wolverine Portl Cement-10
400
Jan
72
Jan
87
Jan
91
Mar
49%
50
108%
*45
44%
~2~66o
46
Jan
50
Feb
100% 101
40
*21
13,000
98%
Feb
101
Mar
Feb
Houston Gulf Gas 6s..1943
Jan
8%
Jan
Mar
6%
Jan
6%s ex-warrants... 1943
Houston Lt A Pr 3%s.l960
1^%
Mar
♦Hungarian Ital Bk 7%s'63
Hy grade Food 6s A
1949
61%
*—
61%
40
Jan
1949
61%
61%
62
2,000
108% 109
44,000
400
800
13%
Guardian Investors 5s. 1948
6%
Jan
Hall Print 6s stpd
1947
Jan
3
Jan
♦Hamburg Elec 7s
1935
Feb
10
Jan
♦Hamburg El Underground
9
Jan
'
5,300
Jan
8%
Mar
1,300
Jan
1 %
Jan
101
23
A St Ry
6s series B...
IX
102%
23%
4,000
99% 100
103% 103%
102% 102%
32,000
110
Idaho Power 3%s
1967
TIU Northern Utll 6s—1967
110%
64%
18%
Jan
26%
Mar
94%
Jan
100%
Mar
Feb
103%*
101%
Jan
102%
Feb
109
Jan
110%
Mar
66%
Mar
2.000
103
2,000
6,000
4,000
59
Jan
65
Bonds
Feb
Mar
110%
105ru
*104% 106
Mar
Mar
105%
Jan
Feb
104
103
104
50~666
101%
Jan
104%
101
100% 102
33,000
98%
Jan
103
101
1st A ref 6s
1946
...1051
1st A ref 6s
I960
1908
1st A ret 6s....
.1967
Aluminium Ltd debt 6sl948
105
105
102 X
104 X 105
102 X 102 X
101%
Appalachian Elec Power—
1st mtge 4s.
.1963
Jan
106%
Mar
6s series A
98
Jan
105
Mar
6 %s series B
Jan
104
Mar
5s series C
94%
105
101%
96%
Mar
Indiana Hydro Elec 5s 1958
Mar
Indiana A Mich Elec 5s '55
96
52,000
95% ,124,000
5,000
J 04
Feb
34,000
108%
Feb
92,000
20,000
85%
Jan
105
Jan
108%
5,000
100
Jan
102
105
108X 108%
"93"
Amer Radiator 4%s—1947
Amer Seating 6s stp—1946
102
23.000
162"
88
93
105X 105%
101 x 102
81 %
Jan
Jan
106%
109%
96%
Jan
109 X
100 X
108% 109%
16,000
106% 106%
Appalao Power Deb 6s 2024
Ark-Loulslana Gas 4S.1961
123
123
ioi"
104
104%
18,000
1,000
23,000
Arkansas Pr A Lt 6s..I960
103 X
103% 104%
75,000
Associated Elec 4%s—1953
56 X
108%
106%
118%
102%
101%
41%
Feb
Mar
1951
Jan
Mar
78 X
ioe"
Mar
83%
Jan
Feb
Jan
...1966
90%
86%
101%
Iowa Pow A Lt 4%s—1958
Iowa Pub Serv 6s
195"
107%
Mar
59
Mar
tear00 Hydro Elec 7s_195/
"46%
39
1
39
Mar
39
Mar
Isotta Fraschlnl 7s...1942
81
Mar
6s series B
1961
Mar
Italian Superpower 6s. 1963
105%
100%
Mar
Jacksonville
91%
Alar
Mar
*44
11,000
5,000
52
%
Jan
54
Mar
Mar
55%
Mar
56
Jan
69%
38%
Jan
49
46
46%
Jan
Feb
Mar
102%
89% 90%
85
86%
101% 102
102
102%
107% 107%
72,000
84,000
9.000
15,000
11.000
77
Jan
98%
Jan
92%
87%
102%
98
Jan
102%
Mar
Feb
Feb
Jan
108
Mar
Mar
105
105%
104
Mar
Jan
104%
105
5.000
46%
48
13.000
46%
Mar
65
63
65
7,000
59%
Feb
80
Jan
38
35%
38
33,000
35%
Mar
44
Mar
43%
44
7.000
38
Jan
45
Mar
105% 105%
2,000
105
Mar
107
106% 106%
108%
*119
121
103
103%
103%
50,000
52%
Jan
Gas—
6s stamped
1942
Jersey Central Pow A Lt—
91%
6s without warrantsl947
*80
89%
85
Mar
Feb
87
Mar
Works—
1950
101
Bell Telep of Canada—
1st M 6b series A—.1056
109
6s series O
...1960
Bethlshsm Steel 6s
1998
Birmingham Elec 4 Hal 968
Birmingham Gas 6a—.1959
99
108% 109
123
123%
23,000
9,000
Mar
Jan
Mar
Mar
Kentucky Utilities Co—
1st mtge 5s ser H
1961
94
92%
94%
2.000
123
Mar
15,000
144
Mar
86
Jan
69%
Jan
86
Mar
Lake Sup Dist Pow 3 %s *60
103
102% 103
81
Jan
94
Mar
Lehigh Pow Secur 6s..2026
109
108% 109%
84%
92
QQ
Jan
Mar
0%8serle8 D
1948
5%s series F
1955
5s series I
1909
104
103% 104
*98
"94%
92
94%
102%
Jan
104%
Mar
♦Leonard Tletz 7%s_.1940
*25
103
101
Jan
105
Mar
Jan
105
Mar
104%
104% 104%
113
Feb
Mar
101%
Jan
115%
103%
91%
102%
Lexington Utilities 5s. 1952
Libby MoN A Libby 5s '42
Long Island Ltg 6s
1945
Feb
Louisiana Pow A Lt 5s 1957
106%
106
104%
104% 104%
104%
9,000
104%
24.000
104% 104% 122,000
113% 114%
5,000
102% 103%
2,000
87
9,000
87%
100
102
75,000
"101
42
39
40 X
66
96%
83
Jan
Mar
95
92%
Jan
110%
22%
"5:606
95
Jan
30
Mar
103
Jan
105
94%
7,000
7,000
102%
Jan
95
106%
15,000
105%
Jan
107
91
88%
Metropolitan Ed 4s E.1971
107
107
106%
107%
98%
Jan
102%
Feb
103 X
47 X
103% 103%
10,000
103%
Mar
104%
Jan
8,000
1779.
107
92
21,000
Jan
Feb
33,000
92
100% 101
Mar
103
*90
101
80%
Jan
Feb
Mar
55%
78%
100
95%
69%
Jan
97
4,000
*95%
96%
100% 100%
Jan
Jan
100%
Jan
Memphis Comml Appeal—
Deb 4%s
1952
Memphis P A L 5s A..1948
Mengel Co conv 4%s.l947
55%
Jan
105
Jan
90
Feb
122,000
72%
Jan
93%
Mar
66
44%
70%
102
63%
63%
79
30,000
29:006
65%
Marion Res Pow 4%s.l954
MoCord Rad A Mfg
80%
Jan
Mar
Mar
47%
Mar
97%
90
29%
46%
47
Mar
103%
104%
Mar
Jan
*75
121
Jan
Jan
♦7s without warr'ts.1941
46
32
*80%
Jan
102%
Jan
Mar
Jan
38%
.1955
Mar
28%
Jan
35
Cincinnati St Ry 5%s A '62
Mar
108
103%
99
Chicago A Illinois Midland
106%
Jan
•24,000
50
98%
Jan
Mansfield Mln A Smelt—
58,000
41% 156,000
42
10,000
100
104
Cent Pow A Lt 1st 68.1956
108%
120%
1947
95,000
70,000
14,000
Cent States Elec 6s_..1948
page
110%
123%
126%
148%
97%
Jan
97
84%
mx
1927
Jan
Feb
105%
103%
119%
*107
144
84 X
Cent Ohio Lt A Pr 6s.. 1960
Cent Power 5s ser D—1967
Chlo Jet Ry A Union Stook
Yards 6s
1940
116%
106%
123%
95%
104 X
1966
Jan
105%
4 %s series C
1901
Kansas Elec Pow 3 %s_ 1960
Kansas Gas A Elec 6s .2022
144
97
Canadian Pao Ry 0s—1942
Carolina Pr A Lt 6s.-.1966
Cedar Rapids M A P 6s *63
Cent States P A L 5%s *63
90%
1947
123
144
Broad River Pow 6s..1964
Canada Northern Pr 6s *53
6%s ex-warrants... 1954
102% 209,000
5s series B
Kansas Power 6s
1st M 6s series B—.1957
see
73%
43%
82
5s series D
4 %a series F
1968
Iowa-Neb LAP 5s—1957
44%
94
6s series B
12,000
53,000
Jan
*90
|*Chlo Ry« 6s ctfs
75%
91,000
Jan
6s with warrants.__ 1947
Ry 4%s A
Mar
47
Avery A Sons (B F)—
♦Convertible 6s
62%
63%
Jan
Jan
Jan
43
1962
40
12,000
54
61
Debenture 6s
29%
Jan
5,000
40
Interstate Power 5s—.1957
1,000
Jan
Mar
Interstate Public Service—
125,000
72%
03
63%
Jan
102%
104%
Jan
Mar
49
10,000
9,000
55
123%
Feb
Jan
"e'ooo
50%
104%
Jan
60
59%
46%
42
78%
104%
104% 106
110%
1962
40
37%
77
107
Mar
1957
1955
42%
47%
104
Mar
109%
International Power Beo—
39
Assoo T A T deb 6 %S-A'55
Atlanta Gas Lt 4%s„ 1956
Atlantic City Elec 3%s '64
Jan
100
73%
♦Indianapolis Gas 5s A 1952
49
Registered
86
1,000
7s series F
105
Mar
3,000
7s series E
Jan
94
93
106
■
Jan
Feb
Mar
93
Mar
Jan
Jan
Mar
94%
106
*109% 112
1967
6s
Mar
30
40%
41X
103
Jan
107%
85,000
45X
1977
100%
Jan
86
111
Mar
1068
Feb
100%
40%
51
46%
Jan
Conv deb 6%s
98%
8,000
58
27%
Debenture 6s
28,000
20,000
58%
70,000
Conv deb 6s.......I960
99% 100%
102%
89%
92%
102
~92%
1963
Mar
39%
40
100%
1st ilen A ref 5s
Mar
36
93%
Mar
42
38 X
Jan
58%
63%
1,000
Jan
85%
60
Jan
84,000
39
95%
27,000
1950
Feb
68
38
70,000
90%
Indiana Service 5s
31
65
99
Jan
Associated Gas A El Co—
Conv deb 4 Ha O
1948
Conv deb 4%b_._.._1949
1947
...1953
6%s series C
1948
Debentures 4%s
87
Mar
97%
Corp—
$9,000
30,000
100 X 101 X
95X
105
Amer G A El debt 6s..2028
Am Pow A Lt deb 08—2010
106
105X
Electric
Feb
Mar
88%
98%
Sf deb5%s—May 1957
Indiana
1st A ref 6s
1st A ref 4%s
Pr A Lt 1st 8s ser A.1953
1st A ref 5s ser C... 1950
Sold
Alabama Power Co—
Jan
61%
108%
1st A ref 5%sser B.1954
*11
BONDS
Jan
Jan
Mar
ex
IX
Mar
53
40%
2%
500
1
52%
Feb
"2', 000
92%
6
8X
109%
Mar
46
Jan
Feb
2X
8X
Jan
49%
40
5%s
1938
Heller (W E) 4s w w —1940
5X
8X
Jan
60
Jan
84%
2%
6%
6%
14
Mar
72%
1,000
2%
7%
500
14
Mar
29
Jan
3,000
Jan
Mar
5X
Woodley
70%
Mar
Mar
91
5%
5%
2X
5X
Jan
67
8%
7X
58
27%
67%
75
91
*108% 109%
Guantanamo A West 6s '68
250
73
95%
67
•
Gt Nor Pow 5s stpd.-I960
10
Jan
'67%
1965
Jan
Jan
81%
67
Gobel (Adolf) 4%s—.1941
Grand Trunk West 4s. 1950
Mar
*
Jan
32,000
27%
1963
Glen Alden Coal 4s
100
Western Tab A Stat—
103%
73
73
3,000
91
25,000
91%
102% 103% 248,000
86
Mar
Feb
20
89%
95%
96
General Bronze 6s
Mar
60,000
98% 157,000
1940
Jan
Jan
Feb
108
Gary Electric A Gas—
11X
4X
Mar
Empire Dist El 6s
6
10
Jan
Mar
81%
Jan
20.
1.600
112
Feb
800
1.200
45,000
Jan
111
225
>*16
Jan
73
103% 104
26
ex
110
111
23 X
50 X
76%
4,000
103%
24%
X
111
El Paso Elec 5s A
20
0
62%
Elec Power A Light 5s.2030
Elmlra Wat Lt A RR 6s '66
25
50 X
Feb
Jan
23 X
1,700
9%
Jan
IX
24%
IX
Jan
Feb
10
Mar
4%
For footnotes
108%
66%
Edison El Hi (Bost) 3 %s 65
13X
IX
Welsbaum Bros-Brower__l
Locom
Jan
Jan
Feb
IX
Petroleum
1
Woolworth (F W) Ltd—
Amer dep rots
6c
0% preferred
£1
Wright Hargreaves Ltd..*
Yukon-Paclfto Mining Co.6
100%
1,000
60%
Jan
100
Wolverine Tube com....2
Mar
68%
84,000
Eastern Gas A Fuel 4s. 1950
500
Wilson-Jones Co
Jan
100
61%
03%
110% 111
74%
70%
Mar
"16
Wlllson Products Ino
97
Jan
1%
Jan
IX
tlx
Williams Oll-O-Mat HI..*
Jan
1%
49 X
*16
Jan
Jan
95
Jan
1,160
64
Mar
Mar
Mar
53 X
52
Feb
68
91%
108%
01
104%
1
X
»x«
Williams (R C) A Co
Jan
Jan
Mar
XX
♦Certificates of deposit
IX
Weyenberg Shoe Mfg—.1
Jan
96%
%
%
Aug 1 1952
Jan
Feb
*
Vot tr ctfs oom..—.—*
60%
81%
6%
Mar
Jan
..1
Wayne Knitting Mills—5
Westmoreland Inc
Jan
5,000
1%
2%
X
Walker Mining Co
Westmoreland Coal Co
128%
"looo
6%
Jan
Feb
49
6%
*16
7% 1st preferred
Jan
Jan
%
6%
IX
IX
275
*
Western Air Express
♦Deb 7s
6%
500
he
*
Wentworth Mfg
6
500
66
Waitt A Bond class A...
Wellington Oil Co
♦6%s
Aug 1 1952
♦Certificates of deposit
IX
X
6
102
Detroit Internet Bridge—
Jan
.154
he
15
111
Mar
4,000
100
X
"52 k
Waco Aircraft Co....—*
Class B
1944
IX
IX
pref—100
Vogt Manufacturing
*
common
89%
IX
53 X
55
Petroleum... 1
Wahl Co
02%
107%
2,300
0
Va Pub Serv 7%
Wagner Baking v t c
6s ser A stamped
1943
Contl Gas A El 6s.—1968
Jan
2X
Universal Pictures com—1
*126% 128%
Gen mtge 4%s
1954
Consol Gas Utll Co—
Jan
101
125
1,000
?Cuban Telephone 7%s.'41
X
2X
'"206
101
129
109%
111%
101
Jan
600
2,800
"4
*110
.1939
6,000
Jan
X
"l«
8
Jan
5s
129% 129%
129%
2%
14%
4%
*16
"if
*16
60c
7% preferred
Valspar Corp oom...
94 conv pref..
27%
Jan
3X
2X
6
•
100%
(Bait) 3%s ser N—.1971
Consol Gas (Bait City)—
Feb
Mar
3%
*
41,000
Consol Gas El Lt A Power
25
82%
tCommunity P 8 5s.. 1960
150
IX
•
v t c
United Verde Exten
—
High
Low
79%
Jan
Jan
Range Since Jan. 1, 1939
75
.1960
3X
42
$
1969
Debenture 5s
Conv deb 5s...
85%
44%
2X
U S Stores Corp com
$7 conv 1st pref....
Price
80%
1906
1%
Jan
I
1958
Cities Service 5s
Jan
Feb
IX
78
25, 1939
Week
High
X
26
.1
com
U S Rubber Reclaiming
Baldwin
Week's Range
Sale
14%
20
$1% conv pref
United Stores
'"600
Last
33
IX
33
US Plywood
U S Radiator
"63 H
Low
Shares
44 X
44
4%
Week
84
79
BONDS
(Continued)
Range Since Jan. 1, 1939
Week's Range
Sale
Sales
Friday
Sales
Friday
STOCKS
(Concluded)
Venezuelan
Mar.
New York Curb Exchange—Continued—Page 5
1778
6s stamped
4s series G..
1943
1965
*25
*50
50
109% 109%
66
Feb
Jan
96%
101%
Feb
Feb
Jan
91%
Mar
Jan
108%
Jan
110
Feb
Mar
Volume
Last
Weft's Range
for
Sale
of Prices
Low
High
Price
Middle States Pet OHs '45
1st A rel 5s
100
104**
92 H
Mississippi Power 5S..1955
Miss Power A Lt 5s
1957
99** 101,000
98**
4,000
108** 108**
12,000
83**
81**
99 *4
Miss River Pow 1st 5s. 1961
Missouri Pub Serv 5s. 1960
2,000
27,000
100** 101
100
101** 120,000
104
104**
33,000
92** 38,000
90**
101
4**s._1967
1978
1955
Minn P A L4**s
"mi
98**
Jan
Feb
59
66**
Mar
101**
Deb 5s series B
2030
84
84**
2026
Jan
101?*
99
Jan
101?*
Mar
Jan
105
82**
Jan
88**
108**
73**
Jan
97**
99
97**
36
£35
110** 110**
|*Nat Pub Serv 5s ctfs 1978
Nebraska Power 4**s_1981
6s series A.........2022
Nevada-Calif Elee 5S.1956
119** 119**
119**
Jan
109?*
Feb
Mar
"85"
Conv deb 5s
104**
55,000
92**
Jan
99?*
35
Feb
36**
Jan
Jan
110**
115**
68
"94?*
98
N V Central Eleo 5 **s 1950
100**
Jan
89**
Mar
Jan
119
72**
Mar
67**
26,000
Jan
72
Mar
83,000
54**
Jan
72**
107?*
Jan
58,000
91
Jan
74,000
93
Jan
104
42,000
104
2,000
104
109
95?*
98?*
Feb
Mar
103
79
5 **• series A
..1956
Nor Contl UtU 5**S..1948
107
Jan
109
Mar
99
Jan
103**
Mar
Jan
106
Jan
113J*
104**
112J*
50
Jan
96
Mar
68
5s series D
99**
Jan
57**
108?*
Feb
9,000
105
Feb
107
1946
1951
"99 k~
6,000
105**
Jan
3,000
1,000
103?*
Jan
104
Feb
106**
104**
105?*
12,000
98
Jan
102?*
6.000
108
109
Pacific Ltg A Pow 5s
1964
Penn Cent LAP 4J*s.l977
"96**
107*4
.1954
.1968
Peoples Gas L A Coke—
4s series B
—1981
94**
1961
96?*
5**s~1972
Pbila Rapid Transit 6s 1962
Pledm't Hydro El 6**s '60
Pittsburgh Coal 6S..1949
Pittsburgh Steel 6S...1948
113**
Phila Eleo Pow
106J*
Wheeling Eleo Co 6s..1941
Wlso-Minn Lt A Pow 5s '44
Wise Pow A Lt 4s
Feb
Jan
112**
102?*
Mar
Feb
58
4,000
11,000
104**
57
104** 104?*
Jan
Jan
FOREIGN
90
84.000
23,000
92
Jan
94?*
Feb
76
Jan
Jan
105**
103**
109
91
Jan
Jan
Jan
104?*
103**
Mar
97
107** 108
93
95**
113
44
99
Mar
Mar
90
Jan
94
*■
Jan
16,000
89
Jan
94?*
Feb
26**
26**
25?*
Feb
28**
Jan
27
26
Jan
26**
Jan
£24
£24
32
32
24?*
Jan
24*4~Mar
♦6sctfSof dep...Apr
£24
32
8**
Jan
11?*
Mar
Mar
11
Mar
18
Feb
19
Feb
15
Mar
15
Mar
16**
Mar
'47
107
18
18
40
♦Bogota (City) 8s ctfs.1946
Bogota (see Mtge Bank on
£13**
20
♦7s 3d ser ctfs of dep.'67
♦Baden 7s
1951
106
Mar
♦Caldas 7 **s ctfs of dep.'46
£12
103?*
Mar
♦Cauoa
£12
Jan
109**
Mar
Jan
108
Mar
103**
Mar
105
106
Mar
108**
12,000
2,000
6,000
50,000
9,000
3,000
44,000
£11
Jan
♦7**s ctfs of dep...1946
Cent Bk of German State A
♦Prov Banks 6s B..1951
£22
40
22
Jan
Jan
£22
40
22
Jan
25**
25**
Mar
£19**
£19**
30
30. "
19?*
Feb
19?*
Feb
£10
20
91**
93**
Jan
Jan
Jan
95?*
97**
113**
Mar
Mar
98?*
77
Jan
26,000
42
Feb
51
Mar
108
Mar
Jan
99
Jan
17J*
22
108?*
Jan
4,000
43
104**
39**
Jan
9,000
100**
Jan
1,000
22
rs
107*4
20?*
22
Feb
77
43
105?*
23
Mar
3.000
Feb
152**
Jan
Jan
92
Mar
45,000
72
Jan
90**
Mar
83*4
52,000
70**
Jan
86
Mar
83?*
8,000
30?*
17,000
Jan
88
Mar
Feb
35
♦Lima
(City) 7s—.1939
(Prov) 6**s.l949
(City) Peru 6**s '58
Jan
Jan
96?*
10,000
28**
16*4
Jan
35*4
Jan
20
Mar
16**
Feb
20
Mar
Mar
£18
"Jan
"e'ooo
108**
135*4 135**
"l'ooo
134
Feb
4,000
24
Jan
27
24
Feb
31**
Jan
Jan
103?*
Mar
16**
"s'ooo
101**
8,000
58**
Feb
Mar
109?*
18
135**
65
Mar
Mar
Mar
Mar
Jan
7s
1958
17**
£11?*
"l2"
11
£12?*
1951
£10**
1954
♦Mendoza 4s stam ped .1961
Mtge Bk of Bogota 7s. 1947
£9**
♦6**s ctfs of dep
♦Issue of
J
33
20**
20**
103*4 104
13,000
103**
Mar
106
Feb
103**
103*4 103*4
16,000
4,000
Mar
Mar
105**
106?*
Feb
103*4 103?*
103**
103**
76**
Feb
1970
103*4
Sheridan Wyo Coal 6s 1947
------
Sou Carolina Pow 5s. 1957
91*4
Southeast PAL 6s...2025
103**
ft>3
103?*
80,000
105*4
105*4 105?*
109?* 110
109*4 110
33,000
104
Jan
106?*
108?*
18
3,000
111
Jan
103**
Feb
"7',000
44?*
Feb
52**
Mar
30,000
102?*
Feb
8,000
103**
Jan
103**
104J*
Jan
94**
Mar
Feb
Jan
106?*
Mar
Jan
15
Mar
Jan
15
Mar
Feb
10
Feb
Jan
9
Jan
Mar
79
Feb
Mar
28
25?*
Jan
26**
Mar
£24
25?*
Jan
26**
Mar
£25**
32
30
♦7s ctfs of dep. Oct '47
£24
26
13
13
♦Issue of Oct 1927
'
Mar
3,000
"ie' '
Jan
Mtge Bank of Columbia—
♦78 ctfs of dep
♦7s ctfs of dep
£24
1946
1947
£24
Mtge Bk of Denmark 6s '72
91**
£24
91**
♦Parana
(State) 7s._.1958
11**
11**
♦Rio de Janeiro 6**s.l959
12?*
11**
♦6**s ctfs of dep... 1947
£**
£**
1921
♦5 **s
♦Santa Fe 7s
52
stamped. 1945
1949
£10
1961
♦Santiago 7s
£10
32
32
32
96 11**
13
H
%
8,000
91**
Mar
96**
Mar
20,000
8*4
Mar
6?*
*4
Jan
Jan
Jan
Jan
15
26,000
Mar
52
?*
1,000
52
52
14**
?*
?*
Mar
Feb
Jan
Mar
11**
Feb
14*4
Jan
10?*
12**
12**
Feb
14**
Jan
Mar
111*4 111?*
£104*4 104**
48
48?*
102?* 103**
liO?*
112?*
105**
Mar
6*4
9
14?*
18
13
10
"I~7"666
12
21*4
20
Feb
11**
13**
Jan
Feb
Mar
108?*
Jan
Jan
110?*
10,000
'
17
1,000
16?*
11
25
17**
Mar
35,000
Feb
£35**
May 1927
'
♦Russian Govt 6 **s—_ 1919
103*4
Jan
78
£19**
17**
♦MedeUln 7s stamped. 1951
Jan
40
102?* 103**
56**
57*4
£107
107*4
92*4
88
♦Mtge Bk of ChUe 6s.1931
63 **
108** 109*4
£17
18
28
17,000
38,000
32**
*7s ctfs of dep. May'47
29
Jan
100
97
93
£18
1947
♦Secured 6s
♦7s ctfs of dep
107**
Feb
96
1952
♦Hanover
75**
82
♦External 6J*s.
♦German Con Munlo 7s '47
♦Hanover
Mar
Jan
12
Mar
92**
96?*
1953
♦Maranhao
147
1955
5**s
6s
Jan
Feb
11**
Danzig Port A Waterways
Mar
Jan
30**
Danish
Mar
2.0001 106?*
110,000
♦6**s ctfs of dep.—195^
Feb
Feb
85?*
27
♦6s ctfs of dep..Oct '61
Feb
95**
Feb
1952
Jan
10
1,000
Cundinamarca (Dept of)
Jan
105
8,000
80
11**
..1948
Columbia (Republic of)—
♦6s ctfs of dep..July '61
Feb
1,000
105
1948
Valley 7s
♦7s ctfs of dep
♦6s series A
111?*
11
15
20
14?*
11**
20
81
------
18
£8**
£8**
£17
Jan
94?*
96?*
£26
£10
£9
♦7s 1st ser ctfs of dep.'57
♦78 2d ser ctfs of dep.'67
Jan
113**
78?*
47**
24
'48
of) Co¬
91**
82**
£21
(Dept
106**
105**
83*4
57
2,000
lumbia—
100?*
84*4
103
Feb
1,000
94
8,000
Queens Boro Gas A Eleo—
------
105**
92
32
Antioquia
Jan
88
—
Jan
Jan
Jan
Mar
£24
26**
'46
Jsn 1947
♦7s ctfs of dep. Jan
Feb
85?*
-
104
♦6s ctfs of dep...Aug '47
Mar
32
113**
87 J*
37**
88
-
Jan
102**
Feb
90
5,000
103
Jov
-
106**
£26?*
♦7s ctfs of dep. Apr
Feb
113
Pub Serv of Oklahoma—
-
Mar
105**
100**
106 **
GOVERNMENT
♦20-year 7s
Mar
Public Service of N J—
1937
Mar
105**
MUNICIPALITIES—
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
Jan
98
103?*
100** 101**
22
I^St L Gas A Coke 68.1947
47,000
21,000
63
Mar
Jan
92
1937
ser
♦Prussian Eleotrlo 6s.. 1954
Safe Harbor Water 4*<s '79
"l'ooo
105** 105**
102?* 103?*
104?* 105
♦7s
93**
114**
86** 139,000
36**
96** 105.000
109?*
——
Jan
53
108
15
16,000
Shawlnlgan W A P 4**s '67
1st 4*4 s series B
1968
105*4
Jan
18
43
83*4
104
Mar
18
104
—-
108
Jan
£10
108** 108?*
-
108?*
Jan
101
£10
108**
1952
Jan
105**
Feb
Jan
31?*
110**
9,000
£106
1947
Jan
4o"66o
£10
'59
1st A ref 4**s ser D.196C
"l'ooo
19?*
107?*
101?* 102
B ctfs of dep. 1945
1961
1948
101?*
57**
104**
C ctfs of dep. 1945
D ctfs of dep. 1945
109**
Scrlpp (E W) Co 5**S_1943
Scull In Steel 3s
1951
£107?* 110
107** 107**
105** 105**
115
£113
ser
Jan
♦Schulte Real Est 6S..1951
107**
ser
Jan
Servcl Ino 5s
Wash Ry A Eleo 4s
1951
Wash Water Power 5s 1960
West Penn Elec 5s...2030
♦7s
64
'62
90
♦7s ser A ctfs of dep. 1945
107
♦Saxon Pub Wks 6s
Jan
♦7s
i9~666
San Joaquin L A P 6s B
82
Mar
17,000
5 *4s series A
3,000
26** 125,000
113?*
70
72**
108** 108?*
♦Ruhr Gas Corp 6 **s. 1953
♦Ruhr Housing 6**s..l958
89
Mar
72 J*
Puget Sound P A L5**s '49
1st A ref 5s ser C...1950
Mar
89
09
26
1954
deb
112?*
108**
107*4
Mar
Jan
Jan
Jap
101**
Potomac Edison 5s E.1956
1966
Mar
Mar
95
91**
87
2,000
2,000
Portland Gas A Coke 5s '40
6% perpetual certificates
96**
98**
44,000
29,000
11,000
96**
£18
Potrero Bug 7s stmpd.1947
Mar
94*4
Mar
105
♦Pomeranian Elec 6s—1953
Mar
97
Mar
78
"47"
92**
79?*
94?*
94
96**
104
103** 103**
107
107**
Penn Water A Pow Ss.1940
21,000
Mar
Jan
Jan
70**
91
105
109
103**
83
94
Jan
105
1950
Deb 5He series B..1959
112
92**
Jan
94
Penn Pub Serv 6s C—1947
4a series A
116
Jan
Penn Ohio Edison—
4Hs series F
Jan
10,000
6,000
27,000
92
91**
14,000
£100
101**
1971
PowerCorp(Oan)4**sB
Feb
78,000
80**
£34**
86**
1979
4s series D
90
46,000
92J*
1955
Park Lexington 3s
JaD
103**
£113
1942
Paolflo Pow A Ltg 5e
Feb
78?*
Feb
94
1946
♦6e income
Mar
Jan
Mar
Pacific Gas A Eleo Co—
Pacific Invest 6s ser A. 1948
Mar
49,000
112** 113**
104
Mar
82**
87*4
104?*
100**
102
1941
80?*
Jan
Jan
Jan
Waldorf-Astoria Hotel—
Mar
104?* 105**
"96**
Mar
107
93** 96**
102?* 104
'105**
Pacific Coast Power 6s *40
4 **s series B
6s
27**
97
1944
Va Pub Serv 5**s A..1946
1st ref 6s series B—1950
Feb
99** 100
108** 109
1946
Okla Power A Water 5s '48
6s series D
4 **s
27
Mar
89
91
Jan
Feb
26?*
23**
70**
76**
Mar
104?*
113*4 115
77**
74**
115
45**
52
17,000
6,000
17,000
81?*
83?*
1973
118
Jan
N'weetern Eleo 6s stmpd'45
6s series A
1952
6s series A
Jan
Mar
Feb
Mar
105
1st 5s
6s series A
Utah Pow A Lt 6s A..2022
78**
Jan
116**
106*4
106
104?*
47
104
Penn Electric 4s F
87*4
J»York Rys Co 5s
107
104
let 6s series B
Un Lt A Rys (Del) 5**s '52
United Lt A Rys (Me)—
40
78**
106*4
Yadkin River Power 6s '41
3,000
105
5s conv debs
1959
1
15,000
40
£24
76?*
-
Mar
13,000
1970
Ogden Gas 5s...
Okla Nat Gas 4**s.
— -
81?*
AND
N'western Pub Serv 5s 1967
— -
Mar
105** 105**
105** 105**
...1969
4 Kb series E
»
1974
51
45*4
£24
103?*
54**
51**
105**
..1966
Mar
Mar
Northern Indiana P S—
5s series C
6**s
5 **8
Stamped 5s
4,000
98
"
1966
Feb
107*4 107**
53
No Indiana G A E 6S..1952
United Lt A Pow 6s.—1975
West Newspaper Un 6s '44
West United G A E 5*<s'66
9 >,000
96
50
1945
f 6s
s
Feb
No Amer Lt A Power—
98
♦1st
Mar
70,000
£113** 113?*
£54
58
Nippon El Pow 6KS..1953
1,000
86**
5,000
£106
N Y A Weetch'r Ltg 4s 2004
Debenture 5s
1954
118
West Penn Traction 5s '60
West Texas UtU 6s A 1957
Feb
107** 108
102** 103**
107**
N Y State E A G 4**s 1980
118
Jan
102**
Mar
52**
41
Mar
Jan
86**
86
61?*
50**
31,000
Mar
New York Penn A Ohio—
♦Ext 4)*s stamped. 1950
N Y P A L Corp 1st 4 **s'67
Jan
Mar
51,000
Jan
92
Mar
44
101?*
98?*
105**
Feb
7.000
98
95?*
61
Mar
1.000
95
JaD
58?*
Feb
Jan
97
86 J*
41
Feb
77*4
118**
100** 101
5e stamped
1942
♦Inoome 6s series A.1949
Feb
120
Jan
55
95
96**
Debenture 6**s
1954
New Orleans Pub Serv-
Jan
29,000
43
Mar
Jan
96
54
62
67**
1..1950
Mar
85"66o
68
62**
99?*
95*4
61
Mar
107**
106**
*52
Mar
86
68
61**
108?* 108?*
92** 95**
"68"
5s______________..1948
New Eng Power 3**s_1961
New Eng Pow Assn 58.1948
Jan
£118** 119**
New Amsterdam Oas 6s '48
N B Gas A El Aasn 6s 1947
Jan
49~66O
85
82**
■
Conv 6s 4th stamp. 1950
United Eleo N J 4s...J949
United El Serv 7s
1956
Feb
101?*
Jan
5~66O
107
Feb
106**
93**
106
95*4
♦United Industrial 6?*b '41
77
11,000
Jan
den Co—
98
£100** 102**
Neisner Bros Realty 6s '48
High
Low
103
49,000
4,000
105*4 105*4
...2022
A
'Twin City Rap Tr 6J*s
Mar
100
~
series
Jan
Jan
87
6s
Feb
95**
99**
8,000
84**
100** 102
$
High
Tlets (L) see Leonard
98**
103 H
3,000
11,000
100 J* 101
100 H
1944
5>*s
Nat Pow A Lt 6s A
Range Since Jan. 1, 1939
Weel
105?*
Tide Water Power 6s..1979
Mar
Montana Dakota Power—
Nassau A Suffolk Ltg 5s *45
Texas Power A Lt 5s. .1956
Jan
65
for
of Prices
Low
Price
Par
High
Low
Wert's Range
Sale
(Concluded)
97**
£96
63**
Midland valley BR 5s 1943
S
Last
BONDS
1, 1939
Range Since Jan.
Weel
Par
Sales
Friday
Sales
Friday
BONDS
(Continuei)
Milw Gas Light
1779
New York Curb Exchange—Concluded—Page 6
148
•1st 4 Ha series D
83
83
1,000
91
92
23,000
Jan
83
83
Jan
95**
94**
Jan
Mar
♦7s
Feb
104K, Feb
Sou Calif Edison Ltd—
1945
Ref M 3**s.May 1 1960
Ref M 3**s B.July 1 '60
1st A ref mtge 4s..-I960
Sou Counties Gas 4**s 1968
Sou Indiana Ry 4s
1951
8" western Assoc Tel 5s 1961
S'western Lt A Pow 5s 1957
So'west Pow A Lt 6s. .2022
So'west Pub Serv 6s..1945
Debenture 3?*s
109?*
109?*
111?*
------
104
89
106?*
88?*
104**
89
106?* 106?*
1,000
20,000
Standard Gas A Elec—
1948
1948
1951
62*4
Debenture 6s .Dec 11966
1957
Standard Investg 5 **s 1939
Standard Pow A Lt 68.1957
♦Starrett Corp Ino 58.1950
Stlnnes (Hugo) Corp—
2d stamped 4s
1940
2d stamped 4s
1946
Tennessee Elec Pow 5s 1956
Terni Hydro-El 6 Ms. .1953
Texas Elec Service 5s. 1960
6s
(stpd)
Conv 6s (stpd)
Debenture 6s
6s gold debs
61
63
63
83
104**
35,000
58
Jan
30,000
35
Jan
Feb
Jan
Jan
70
Mar
70?*
Mar
*
No par
value,
a
Deferred delivery sales not Included in year's range,
year's range, r Cash sales not included
the rule sales not included In
range,
x
£ Friday's bid and asked price.
♦
n U nder
In year's
Ex-dividend
Bonds being traded
No sales were
transacted during current week.
flat.
{ Reported in receivership.
fThe following Is a list of the New York
,
Curb bond Issues which have been
called
in their entirety:
Community Pub. Serv. 5s 1960, May 13 at
63
60**
63
60?*
57 H
Jan
70**
Mar
Cuban Telep 7**s
61
63
63*4
46,000
63*4
Jan
70
Mar
Illinois Northern UtU. 5s,
61
62*4
40,000
2,000
57 J*
62**
60
Jan
69**
Mar
96**
70 H
Mar
100.
96
95
96
21,000
87
Jan
62*4
61
63
73,000
57
Jan
25 J*
25**
27*4
Mar
35
56*4
60
11,000
58
Jan
64
Mar
38
38
38?*
14,000
35
Feb
50
Jan
78,000
88**
Jan
36,000
43
Feb
53**
Jan
95,000
97?*
Jan
102**
Mar
1041. Sept. 1 at 105.
1957, April 1 at 105-
Cash sales transacted during the current
week and not Included In weekly or
Jan
57
e
99?*
------
101
99?* 100
45
46 **
99?* 101
8,000
25**
Mar
yearly range:
No
y
100?*
Feb
sales.
Under-the-rule sales transacted during the current
week and not Included in
weekly or yearly range:
No
z
sales.
Deferred delivery sales transacted during
In weekly or
the current week and not
Included
yearly range:
No sales.
Abbreviations
Used Above—"cod",
certificates of deposit;
"cons." consolidated;
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v,"
c," votibg trust certificates; "w 1," when issued; "w w." with
"v t
without warrants.
,
non-voting stock;
warrants: "x-w "
Financial
1780
Chronicle
1939
Other Stock Exchanges
Baltimore Stock
March 18 to March 24, both inclusive,
Exchange
Sales
Friday
Week's Range
Last
Sale
for
Shares
Low
Arundel Corp
*
Atlantic Coast (Coram) .50
22%
20%
21
21
Bait Transit Co com vtc.*
35C
35c
36c
1st pref vtc
16%
""78
Consol Gas E L A Pow...*
112% 114%
6%
6%
113%
5% preferred
100
Davison Chem Co com. 100
6%
5
5
Eastern Sugar Assn com.. 1
Fidelity A Deposit
20
10
mmmmmrn
Mfrs Finance com v t..—*
Mar Tex Oil
Common class A
Mon W Pen P S 7% pref-25
Mt Vern-W MillsPreferred
50
Phillips Paoking pref...100
Seaboard Comm'l com.. 10
Jan
1.35
•
3
-
Mar
16%
145
Jan
71
1,110
112%
Mar
368
6%
Mar
50
5
2.10
Mar
Jan
Jan
8%
Jan
Jan
5%
Jan
Jan
117
128%
Mar
35%
Jan
75
20%
1,741
17%
Jan
21
129
10c
Feb
65c
1,043
85c
Mar
1.40
900
82c
92c
16%
10
27
27
50
Mar
Jan
1.40
13
Jan
17
25
JaD
27%
Jan
Mar
Mar
Jan
13%
780
11%
Jan
14%
Jan
1.10
650
1.00
Feb
1.25
Jan
87%
87%
179
88%
Mar
67%
30
83%
67%
Jan
67%
Mar
67%
Mar
13
»
13
20
13
Feb
13%
Jan
1.10
—
"87%
tm
35%
45
mmm
~-
'
43
12%
13%
m~
59
39
39
36%
21%
36%
22
Western National Bank.20
33%
33
33%
23
22
26
85
37%
20%
—
Mar
Mar
38%
Jan
3,147
19
Jan
23%
Mar
17
31
Jan
33%
Mar
23
$10,000
20
Jan
24% ' Jan
26
1,900
8.000
22%
Jan
Mar
2,000
15%
36%
Bonds—
Bait Transit 4s flat... 1975
A
6s flat
1975
Finance Co of Amer 4% *47
~'m
"
•
— —
~
99% 100
99%
96
Jan
27%
100
Feb
Georgia Carolina A North
'
Extended 1st 6%._.1934
15%
15%
Mar
15%
Mar
Stocks (Continued)
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
18
200
A1 lie-Chalmers Mfg Co—*
37%
40%
304
37%
Amer Pub Serv pref—-.100
68
68
25
18
Amer Tel A Tel Co cap. 100
Armour A Co common—5
Aro
(Del)
3
33%
Aviation A Trans C cap.l
Backstay-Welt Co com
*
Barlow A Seelig Mfg A com b
10
*
Bendlx Aviation com—.5
Belden Mfg Co com.....
Berghoff Brewing Co
Mar
6%
Jan
Jan
10%
Jan
Feb
1
Jan
100
33%
Mar
36
Jan
34
3%
64
6
3
2%
3
1,500
7
7
140
6
*
Bracb A Sons (E J) cap
Last
Sale
Par
American Pneumatic Ser
Common
6%
Sales
Amer Tel & Tel
of Prices
High
High
9%
18
18
26%
29%
19%
27%
20
50c
5
32c
Jan
60o
Feb
1%
10
1%
Jan
1%
Mar
167%
153% 158%
%
%
4,629
149%
%
Jan
Jan
80
84
100
141
140
142
Boston
100
45
45
48
18
18%
Albany
100
Elevated
Boston Herald Traveler. _*
Boston A Maine—
Prior preferred.
100
C1 A 1st pref std.-.-lOO
2%
3%
CI B 1st pref (stpd) —100
Boston Per Prop Trust...*
12%
Brown-Durrell Co com...*
1%
Calumet A Hecla
*
Preferred B
Castle A Co (A Ml
Convertible pref
1
Mar
66
Mar
Preferred
19
Jan
Prior lien preferred
*
17%
Feb
261
0
Jan
11%
Mar
160
1%
Jan
3%
Mar
3%
88
1%
Jan
3%
12%
120
Jan
12%
100
11
Chain Belt Co
*
6%
5%
Feb
1%
Jan
Mar
9%
Feb
6
6%
25
23%
30
30
10
1
Jan
195
1%
22
15
Feb
530
4%
10
Jan
20
290
13%
Mar
35
3%
9
Jan
Mar
Jan
23%
13%
20
300
19
Jan
23 %
Jan
71
510
66%
Jan
75%
Feb
200
%
Jan
%
Jan
5%
Jan
1%
Mar
%
%
5%
5%
300
1%
1%
2,100
16%
Mar
70
1%
52
105%
105
4%
16
Preferred..
1%
71%
*
Convertible pref.
1%
52
6
Jan
Feb
108
*
1%
Jan
130
45
Jan
55
Mar
30
105%
100
Jan
108
Mar
30
4%
16%
120
Chic Yellow Cab Co Inc..*
8%
1%
76%
2,160
2%
Jan
34%
Jan
38%
Mar
62
Jan
78%
Mar
67%
Jan
Feb
Feb
72
Feb
Mar
5
06%
9%
Jan
Jan
84%
Mar
Mar
^
110%
Jan
108
650
70%
6%
16%
15
10
71%
108
8%
Mar
Jan
Jan
Mar
3%
100
1%
9%
Feb
Jan
3%
Mar
Cities Service Co—
Jan
(New) common
10
6%
7%
400
12%
Jan
Club Alum Uten Co
..*
2%
3
700
2%
Jan
1%
26
Mar
New
25
capital
Mar
25
Mar
Consol Biscuit
Mar
7%
Consolidated Oil Corp
Consumers Co—
20
Jan
24
Jan
32%
Mar
Jan
V t c
pref part shares..50
Jan
12%
13%
275
12%
Jan
16%
22%
24
125
21%
Jan
29%
Jan
20
102%
28%
Jan
103%
Mar
Mar
37%
27
10c,
1%
40
10c
1%
20
Jan
2%
20
2%
20
27
Mar
300
10c
Mar
25c
Jan
390
1%
Mar
2%
Jan
6%
Mar
Crane Co
.'
145
2
50
Jan
Mar
20
Mar
Jan
22%
100
5c
Mar
1%
1%
107% 110%
%
%
55
1%
Feb
2
Jan
48c
46c
51c
320
Cudahy Packing pref—100
Cunningham Drug St.j.2%
20
2%
100
Deep Rock Oil
18%
18%
10
19%
4%
21%
4%
7%
7%
300
11%
410
Deere A Go
conv
pref.
.
15
*
*
com
21%
5
com
Diamond T Mot Car com.2
Mar
.Tan
.
Common
*
Feb
1%
Jan
Eddy Paper Corp (The)..*
Elec Household Utll cap.5
l.no
Jan
<xi
11%
Elgin Natl Watch Co... 15
20c
30c
Mar
11
Feb
14%
Jan
Feb
Jan
24%
Jan
Four-Wheel Drive Auto. 10
Jan
Fox (P) Brewing com
16
Fairbanks Morse
20%
19%
Reece Folding Mach Co. 10
Shawmut Assn T C
*
1%
1%
"10%
9%
11%
10%
1,328
9 %
Jan
13%
2,102
11%
Mar
17%
Jan
Gardner Denver Co com..*
80c
80c
200
80c
Feb
86c
Jan
25
25%
940
22%
-Feb
28%
Mar
18
19
130
17
Feb
78
41%
Feb
85%
Jan
Jan
44%
Mar
"25%
18
79
79
83%
1,247
43%
43%
44%
45
54c
1%
.
Jan
1%
11
73
Mar
Jan
16%
17%
26%
Mar
Jan
Mar
Mar
13%
Jan
Feb
24
Jan
Jan
10
Jan
2%
23%
1,100
15%
Jan
23%
50
4%
Jan
5
7
Jan
9%
Jan
10%
Feb
12%
Jan
14%
Feb
1%
Mar
Jan
Mar
Jan
23
11
15
16
350
Feb
4%
3%
3%
1,300
Jan
16%
3%
Mar
20%
600
19%
Jan
22%
Mar
36%
340
3 4%
Mar
43%
12
Gen Amer Transp Com. .5
215
Jan
14%
34%
*
com.
50
13%
Jan
55
19%
3%
FltzStm A Con DAD com*
18%
10
Jan
Dixie Vortex—
112%
100
850
10
15
Mar
909
150
25%
Mar
30c
16%
2%
%
12%
21
68
15%
705
14
46o
30c
*
68
15%
30
25%
205
105
.
Cumul cl A pref...
..35
Decker (Alf) ACohn com. 10
Mar
5c
103% 103%
28%
25
1,690
12%
25
5
103%
—
Jan
2%
5c
107%
%
100
com
Dexter Co (The)
1%
*
com
Dayton Rubber Mfg com.*
18
5c
12
150
12
Jan
14%
Jan
4%
13%
250
Feb
4%
Mar
4%
3
3%
Jan
400
10
Jan
2%
400
2
Jan
13
13%
250
12%
Jan
14
50%
10%
63%
102
50%
Mar
60
Jan
i<J%
150
11%
Feb
2%
2%
750
Mar
2%
Jan
*
39%
42%
608
10%
2%
36%
Mar
Jan
General Motors Corp
10
General Outdoor Adv com *
44%
47%
2,741
43%
Jan
42%
51%
6%
Mar
13%
.6
2%
Fuller Mfg Co com......1
General Candy Corp A
5
General Finance com____l
General Foods
13
com
"2%
Mar
15
2%
Mar
Jan
Mar
*
*
59c
1,850
54c
Mar
1%
6%
150
1%
Jan
2
Jan
255
Mar
8%
Jan
0%
Jan
7%
Feb
Gillette 8afety Razor
*
Goldblatt Bros Inc com..*
7
200
11
11
350
11
Mar
2%
60
2%
Feb
3%
Feb
Goodyear T A Rub com..*
29%
32%
845
29%
Ma
Mar
24%
Feb
Great Lakes DAD com..*
23
24%
3,700
23
Mar
13%
37%
27%
Jan
2%
*
54c
1%
6%
Corp__l
Warren (S D) Co
7%
Container Corp of Amer. 20
Continental Steel
Jan
Warren Bros
9%
Mar
Jan
3%
6% cum pref
25
Utah Metal A Tunnel Co.1
Jan
6
5%
Feb
910
Union Twist Drill Co
5
United Shoe Mach Corp.25
g
100
1%
4%
.*
Feb
1,175
6%
Mar
Jan
8
1
Torrlngton Co (The)
8%
Jan
6%
Mar
4%
Stone A Webster
*
Suburban El Sec. Co com.*
8
"T%
6
Mar
25
t c.l
RR
*
300
5%
1
com
1
Jan
Old Dominion Co
28%
15%
Mar
Mar
0%
Jan
Pacific Mills Co
Jan
12%
420
4%
2.50
26%
50
267
13%
NYNHAHRR.....100
13,250
12%
1%
20
Nat Tunnel A Mines Co..*
New England Tel A Tel 100
27%
7
50
com
27%
12%
27%
Compressed Ind Gases cap5
29%
10
5
Feb
9
9%
520
9
Mar
11%
Mar
23
23
15
23
75c
Feb
Hall Printing Co com
Bonds—
10
5%
6%
24%
.....
5
Harnochfeger Corp com. 10
Eastern Mass St Ry—
Series A 4%s
1948
85% $15,000
81%
Jan
85%
Mar
88
1948
8%
Helleman Brew Co G cap.l
85
88
83
Jan
90
Mar
1,000
35
Hibb Spencer Bart com.25
Horders Inc
Hupp Motors
March 24, both inclusive, compiled from official sales lists
Friday
Sales
150
5%
6%
5
Mar
Jan
5%
Jan
Jan
Jan
1,200
6%
Jan
9
Mar
100
8%
35
34%
Jan
37
Jan
12
11%
Jan
13
Feb
24%
100
24
Feb
25
Mar
12%
14%
700
12%
Jan
17%
20
Jan
1
Co
1%
1%
450
2%
5%
5%
650
1%
5%
Mar
10
Jan
6%
Jan
14%
15%
1,400
14%
Mar
20%
Jan
20
20
100
19%
Jan
22%
Jan
com
Illinois Brick
5
30
12
Houdallle-Hershey cl B—*
Chicago Stock Exchange
5%
24%
*
com.
Hormel A Co (Geo) com A*
to
Jan
25
1
March 18
Jan
19%
Chrysler Corp common..5
177
Feb
7%
360
Chicago Towel com
93
16
5s:
100
1,695
1,000
1%
Jan
Jan
Mar
8%
74%
Jan
7%
23%
17%
11%
2%
22%
70%
Chicago Corp common...*
Jan
1%
19%
21
Mar
Feb
6%
400
71
Feb
5
Inc
B
Mar
1
Mergenthaler Linotype..*
Narragansett Racing Assn
Series
20
Chic Flexible Shaft com..5
1%
14
Venezuela Holding
Waldorf System
Jan
Feb
8%
100
Pennsylvania
Jan
17
37
Jan
1%
pref...—..100
Butte
32
6%
c
1
Isle Royal Copper Co...15
Me Cent—
North
Feb
36
Mar
25
Helvetia Oil Co t
National Ser Co
Mar
23%
37
Mar
22%
'30"
Hathaway Bakeries pref..*
v
Mar
20%
*
6%
19
._*
Mass Utilities Assoc
10
Jan
19%
*
com
Preferred
cum
Jan
5,400
1,150
4%
1%
100
Employers Group
*
General Capital Corp....*
Georgian Ino cl A pref..20
Gillette Safety Razor....*
5%
7%
17%
Jan
Commonwealth Edison—
:
Common...
Jan
Central S W—
Mar
205
Jan
Jan
22%
7%
Cent States Pow A Lt. pf.*
9
3
10%
%
6%
29%
13%
70%
*
Feb
45
22
Mar
1 l
Feb
21%
*
Common
55
10%
%
Feb
1,000
3
8%
10
com.
Mar
80
9%
10
Cent 111 Pub Ser $0 pref—*
Central 111 Sec com
1
•Tan
1%
89%
110
20%
100
Preferred
Burd Piston Ring com...1
146
1%
10
13
Jan
913
Ja-
7
8%
4%
250
6%
21%
11%
Mar
4%
22
6%
21%
12%
z80
6%
100
0%
21%
820 rl27
1%
100
4%% prior pref
6% preferred..
Eastern Mass St Ry—
Common
Mar
1%
25
East Gas & Fuel Assn—
Common
170
6%
4%
25
Copper Range...
8%
2%
2%
11%
37
647
Feb
250
240
1
5% conv pref
—.30
Campbell Wyant com—
Foundry cap
_*
1%
Boston Edison Co
7%
2,100
25
*
5
Butler Brothers
Low
50c
100
Eastern 88 Lines—
Common
Range Since Jan. 1,1939
for
Week
Shares
*
Assoc Gas A El Cod A...J
Boston A
Week's Range
Low
Jar
50
'•
Common
Bruce Co (E L) com
50
pre!
non-cum
Price
Jan
7
550
5
Class A preferred
Stocks—
4
Brown Fence A Wire—
compiled from official sales lists
Friday
Jan
Ja<
500
9%
9%
1
Feb
an
1,800
9%
5
Bliss A Lauehlln Inc com.5
3%
2%
250
10%
Feb
Mar
400
6 %
22%
Mar
4%
9%
%
3%
"23%
170%,
Jan
50
100
3%
10
Mar
820
6
9%
Jan
72%
Jan
3%
10
47%
149%
0%
Belmont Radio Corp
Mar
%
%
*
Athey Truss Wheel cap..4
59
8%
19%
2,121
10
10
1
Associates Invest com
Aviation Corp
4%
153% 158%
4%
4%
1
Equipment com
Asbestos Mfg Co com
60
Jan
Jan
Mar
Jan
18
6%
17%
Class A
High
Low
100
Borg Warner Corp—
Exchange
March 18 to March 24, both inclusive,
Shares
8
8
10
Allied Products com
(New) common
Boston Stock
Range Since Jan. 1, 1939
Last
Mar
93c
Sales
Friday
Mar
65c
31%
Municipal Dept. CGO. 521
10 S. La Salle St., CHICAGO
Mar
Feb
4%
187
19
80%
117
Exchanges
Bell System Teletype
Trading Dept. CGO. 405-406
Jan
32%
2
Preferred
US Fidelity A Guar
65c
16%
mmrnmmm
•
Mar
87c
r
jrnmmmmw
100
Northern Central Ry
30c
120
75c
90c
New Amsterd'm Casualty 6
North Amer Oil Co com.. 1
33
Members Principal
Jan
65c
19%
1
Merch A Miners Transp..*
31%
32%
19%
mmmwmm
1
Mar
Mar
121% 123%
—mmm~m
Fidelity A Guar Fire
Houston Oil preferred—100
78
Paal H. Davis 6c <90.
24%
21
16%
74
Brager Eisenberg Inc com 1
High
Jan
20%
20
1.50
1.35
*
Low
562
22%
21
Listed and Unlisted
Range Since Jan. 1, 1939
Week
of Prices
High
Price
Par
Stocks—
SECURITIES
CHICAGO
compiled from official sales lists
Illinois Central RR
com
100
15
Indep Pneum Tool vtc..*
4
Jan
Stocks—
of Prices
Price' Low
High
for
Week
Shares
Jan
Common (new)
*
Low
High
60
25
"36%
Adams (J D) Mfg com...*
Advanced Alum Castings.5
2%
com
Allied Laboratories
For footnotes
com.
see page
9
62
450
55%
Jan
36%
37%
165
36%
Mar
Q
Q
50
8
Jan
1783,
2%
2%
300
2%
Feb
14%
.*
3%
50
240
3%
79%
Jan
83%
Jan
94%
57%
60%
719
52%
Jan
66
Mar
*
18
18
50
15%
Jan
19
Mar
1
1
21%
23
400
21%
Jan
Indiana Steel Prod
Inland
Abbott Laboratories—
Acme Steel Co
3%
82%
International Harvest com*
Range Since Jan. 1, 1939
1
Jarvls (W B) Co cap
Par
Week's Range
Sale
*
Iron Fireman Mfg vtc
Last
14%
100
11%
Feb
com
Steel Co cap
Mar
Katz Drug Co com
43
Jan
9
Mar
23
4%
Kellogg 8witchboard com.
Kentucky Utll Jr cum pf_50
3
Jan
Mar
Kerlyn Oil com A
Kingsberry Brewing cap.
5
26
Jan
4%
4%
700
4
Jan
5
Mar
5%
64%
15%
Jan
6%
500
5
Feb
6%
Mar
110
29
36
3%
37
Jan
40%
Mar
3%
550
3%
Jan
3%
Feb
%
1,050
%
Mar
%
Jan
Volume
Financial
14$
Week's Range
of Prices
Week
Price
Low
High
5
2k
2H
250
2
*
Ubby McNeill A Libby..*
23 %
23%
5%
20
22
Jan
Cohen (Dan)
Jan
Jan
Mar
2k
Jan
Crosley Radio....
Crystal Tissue.
Dow Drug pref.
Eagle-Picher
Leath A Co—
83 H
Printing
5k
3k
com—.*
preferred..
31
...»
Liquid
Carbonic
17k
*
com
Loudon Packing com
_*
Marshall Field com
1k
11X
12k"
__*
17X
McCord Rad A Mfg A_.
29
Jan
2
Jan
Jan
Feb
20
Jan
16 %
Feb
Jan
i8k
lk
Jan
Preferred
Formica Insulation
Jan
Gibson Art..
Sports Prod.......
150
1%
11X
Jan
15
Feb
ex
200
5%
Feb
8
%
Jan
Class A common
...1
Prior preferred
*
Mickelbrerry's Food com. 1
900
k
Conv preferred
27 X
3k
6J4
7k
Middle West Corp cap...6
Midland United Co—
27X
3%
7X
3k
4%
*
200
4k
4k
27k
3%
4%
20
1,050
11,900
.
preferred A
Feb
5k
Jan
preferred A
2%
3X
OX
13,550
IX
2%
2,970
X
100
Miller A Hart
500
28k
4k
8k
Feb
Lunkenhelmer.
Jan
Moores Coney B
P&G
Feb
5
62
8k
25
4k
50
10k
10k
100
2
50
50
Mar
Mar
4k
Mar
10k
100
10k
Jan
12k
Jan
Mar
Feb
Mar
5
100
Jan
100
Jan
Mar
10 k
135
10
Jan
11
26
"26""
*
Jan
14k
5
100
iok
26k
15
25
Jan
27 k
k
8k
Mar
Jan
Mar
2k
2k
Feb
Feb
Jan
Jan
Jan
7%
Waco.
Feb
Western Bank.
8%
2,024
44 H
Jan
54k
41%
20
41%
Mar
43
17
20
k
50
56 k
468
Jan
Feb
k
Mar
57 k
Mar
Mar
53
Jan
111
2
111
Mar
117
Jan
270
6
216
Mar
225
Mar
16
16
150
14 k
Jan
16
Feb
lk
;_*
11
205
7k
Mar
33 k
139
27 k
Jan
36 k
Mar
lk
lk
200
lk
Jan
lk
Jan
33
....10
7k
5
75
4k
Jan
5k
25
5k
Mar
5
10
5
5k
*
......
X
Feb
5
5
Mar
2
Jan
Jan
6
6k
5k
Mar
Jan
Mar!
Jan
Jan
Mar
41X
17
33X
18
Feb
111
111
Preferred. ....... ....60
Feb
50 H
6
7k
3
47
40k
24k
2k
216
*
Playing Card
9
100
Jan
k
56 k
k
.....*
U S Printing......
Jan
190
Jan
2
20
Rapid
Jan
2
3
Jan
23
69
20
—..*
U S
Jan
34k
415
*
100
.100
Mar
180
24k
2
6% pref
8% pref
Mar
40 k
23k
2
.
Feb
9
Mar
38 k
40k
...»
Randall A
5k
Jan
40
9
8k
9
Kroger................*
Mar
Mar
X
X
1,030
%
3
pref..*
Minneapolis Brewing com 1
conv
107
Jan
4k
.*
Leonard
%
%
IX
•
Mar
5
10 k
*
Jan
3%
X
k
100
106
25
4k
*
Hobart A
k
4H
26
800
2%
2%
prior lien pref.. .100
prior lien pref
100
15
5
iok
100
*_v~
Mar
.
Midland Utll—
6%
7%
6%
7%
Jan
106
Jan
Mer A Mfrs Sec—
'
14
5
100
10
...
17 %
3,750
Jan
*
450
High
13
14
*
*
66
-
IX
12X
6
Marbatt-Dearbora com..*
Mar
10
18
18 X
2
100
2k
18%
5X
100
31
2X
Lindsay Lt & Cbem com. 10
Lion Oil Ref Co com
*
238
4
25
Low
Shares
56
14
14
.
Cumul pre!
Lincoln
Week
106
Cin Union Stock Yard....*
Cln Union Term pref. .
100
5k
32 k
Jan
Jan
2%
for
of Prices
Low
High
Price
Par
6k
Jan
La Salle Ext Univ com
Stocks (Concluded)
High
Low:
Shares
Week's Range
Sale
for
Sale
Range Since Jan. 1, 1939
Last
Range Since Jan. 1,1939
Last
Par
Sales
Friday
Sales
Friday
Stocks (Concluded)
1781
Chronicle
8X
.
.
Montgomery Ward—
Common
_..*
Mtn States Pow pref. 100
Muskegon Mot spec A...*
National Battery Co pref.*
49
_
"34k
13X
Nat Bond A Invest com..*
Nat Pressure Cooker
2
34%
13%
300
30 X
Jan
34 k
70
13%
Mar
15k
1
IX
1X
23k
23
2X
11X
20
North 111 Finance com...*
1
17
Jan
IX
24%
2%
1,400
11X
50
11
30
6
IX
900
8
18%
100
lk
Jan
Jan
2M
Mar
27
3
Jan
Jan,
7k
Feb
Jan
7
9
Feb
20k
Jan
13
Jan
18
40%
47k
Feb
10
15%
Jan
Jan
20
Feb
50
14
43k
13X
Feb
16
Mar
k
Jan
24 k
Jan
Feb
100
Omnibus Corp v t c com..*
Penn El Switch conv A.. 10
17%
15
15
Penn RR capital
19X
20%
565
18
35%
460
34
Jan
40k
90
25 k
Jan
29
50
Poor A Co class B
12X
180
11%
Mar
50
%
Mar
10
645
9X
Mar
120
110
113 %
Jan
9%
1
117
Preferred
Serrick Corp cl B com
.
Slgnode Steel StrapCommon..,
*
:
Jan
11
Jan
Jan
Jan
Clark Controller
981
Mar
Mar
Jan
77k
Mar
Cleveland Railway
Cliffs Corp v t c
10
23 k
17 k
40
1k
1%
90
110
.....2
13%
39%
73%
IX
14X
39%
73%
IX
648
10
St Louis Nat'l Stkyds cap.*
Standard Dredge com....I
Spiegel inc
com
St Joseph Lead cap
Conv preferred
Storkline Furn
10
.
Sunstrand Mach Tool com5
Swift International
15
Swift A Co
72
...25
im
"u%
Union Carb A Carbon cap *
United Air Lines Tr cap.5
"iik
U S Gypsum Co com
20
Utah Radio Products com *
alO
alO
Feb
Feb
40
37
Jan
Mar
31k
Mar
343
Jan
37
Mar
Jan
41
Mar
18 k
18k
10
15k
Jan
22 k
Mar
Kelley Isld Lime A Tran.. *
13k
14
199
13k
Feb
14k
Jan
29k
Jan
McKee
34
36
75
31
Feb
36
Jan
12 k
Jan
Feb
Medusa Ptld Cement
15
Jan
17k
Feb
500
26 k
Jan
19
1,300
18 k
Jap
3
700
5%
8
6k
3
14%
450
13
83
598
80 k
UX
790
9k
Mar
Jan
97%
50
90k
Feb
Jan
Mar
Feb
Murray Ohio Mfg
Jan
National Acme,
Miller Wholesale Drug..
_
*
Jan
Feb
9k
Jan
Mar
Mar
4
107
15k
5k
42
43
a30
a30
alOk all
Packer Corp
9k
15k
180
8
42
Mar
48
4
30
Jan
30
Jan
12k
Jan
12k
Jan
Mar
8k
Jan
14k
Ilk
Mar
236
14k
*'
635
Reliance Electric..
6
all
45
X
Jan
k
Feb
Richman Bros
*
30k
33
1,026
Convertible preferred-.7
Wahl Co com:
.*
1%
i%
x
18%
21%
107%
2%
700
lk,
Jan
lk
Feb
Seiberling Rubber.
*
a6k
a6k
50
Feb
Jan
Mar
1
Jan
85
18k
Mar
24k
Jan
8% preferred.......100
Stouffer Corp A
*
Thompson Products Inc..*
79
568
k
16 k
19k
285
98 k
Jan
119 k
Jan
Troxel Mfg
50
2k
Mar
2%
Jan
Upson Walton
500
4k
Mar
Jan
West Res Inv
300
77 k
Jan
5k
80
Wrlgley (Wm) Jr (Del)..*
Yates-Amer Mach cap
5
78 X
Zenith Radio Corp com..*
"l8X
•>
4X
79
Mar
2
1%
150
lk
Mar
18%
3,100
15k
Jan
22 X
108 k
Jan
lllk
82 k
35
Jan
13k
Ilk
Mar
30
Feb
50
100
Jan
35
Feb
Jan
21
Mar
27k
4k
Feb
3k
100
3k
l.l
Corp pref 100
4k
4k
100
4
Jan
50
66
Jan
66
Jan
Mar
85
3k
66
Mar
7k
Jan
34
5
a24
Feb
35
Jan
6k
1
Mar
Jan
Jan
4k
67 k
Jan
143
a4lk a44k
Youngstown Sheet A Tube*
Feb
420
35
a24
20
8
Feb
Jan
108 X 109 X $17,000
all
Jan
143
8
13k
...*
4
100
*
Mar
3k
90
20
x
Wlscon Bankshares com
Mar
3k
a9
al4
4
.
Patterson-Sargent
70
a9
Nineteen Hundred Corp A*
Otis Steel. J
-Jan
60
al4
*
...
Jan
Mar
J»n
.165]
16k
16k
a23k a25k
3k
3k
National Refining (new)..*
Prior pref 6%
i...
Mar
15k
90k
13 k
112k
2k
Ik,, Mar
.*
Midland Steel Products..*
19 k
10 k
,
Mar
10X
(AG) B.
10k
28k
Jan
14%
1,150
Feb
32
33
X
W'house El A Mfg com
50
Williams Oil-O-Matlc com*
34
50
Jaeger Machine
93%
Walgreen Co common."...*
Western Un Teleg com. 100
Jan
Mar
Jan
8%
27%
X
18k
19%
102%
2%
4%
78%
1%
Jan
16"
26 k
65
k
5
Common
70
Feb
15k
26 k
Mar
Jan
9k
100
Utll A Ind Corp—
Jan
Jan
225
37
39
60
1
75
all
39 k
Jan
13
210
a23k a23k
al9k a20%
31k
31k
Goodyear Tire A Rubber.*
Greif Bros Cooperage A..*
Interlake Steamship, t
Jan
Ilk
Jan
12
Jan
356
1,450
Mar
75
23k
22 k
Feb
Jdh
26
200
all
Goodrich (B F)
Mar
Jan
Mar
Mar
5
Faultless Rubber
Jan
Feb
16 k
10 k
1,284
a22k a23%
62
62k
...
Feb
25
Commercial Bookbinding.*
Eaton Mfg
*
Electric Controller
General Tire & Rubber. .25
18
66 k
20
Feb
Jan
Mar
Mar
61
Jan
3k
1.24Q
]
11
Colonial Finance
90
556
Jan
10
2k
27%
IX
i6k
116
57
6k
7%
7k
10k
19k
13 k
20%
9%
5%
k
80%
"l%
17
21k
17k
140
High
Feb
Jan
3
3
Thompson (J R) com
25
Trane Co (The) common.2
21
10
"
Mar
10
90
5%
19k
21
*
Low
7
Mar
lk
150
3%
10
19k
56 k
.100
..1
...
Jan
16 k
42k
Feb
Mar
8%
.6
com
39 k
30
18%
.25
Mar
lk
Jan
12H
42
150
20
90
27
Standard Gas A Eleci.com
Standard Oil of Ind
Stewart-Warner
-
26 k
Jan
Mar
Jan
90
11%
10
10
Jan
15k
Feb
Mar
Jan
Jan
3X
20
3
Mar
100
90
Southwest Lt A Pow pref.*
2
10 k
23%
19
10
Cleve Cliffs Iron pref
10
150
13
1%
lk
2k
32k
Feb
550
2
18%
...
Jan
8
345
6k
10
11
23
Range Since Jan. 1,1939
for
Week
Shares
100
*
150
250
66 k
Low
,7
Brewing Corp of Amer...5
City Ice & Fuel
*
1X
of Prices
High
Price
*
157
72X
23%
Preferred
__30
So Bend Lathe Wks cap..5
South Colo Pow A com..25
Akron Brass Mfg....
Feb
4,900
12%
13
Par
Mar
2
29%
8%
2
2
1
Mar
Week's Range
Sale
Stocks—
10
70
*
Jan
lists
Sales
Last
Jan
151
10
IX
28%
8%
1
Co
Schwltzer Cummins cap_.l
Sears Roebuck A Co com.*
Friday
Jan
16k
X
14%
Exchange
March 24, both inclusive, compiled from official sales
10
10
10
to
20
153% 153%
100
Reliance Mfg Co com
Rollins Hos Mills com.
Cleveland Stock
March 18
Mar
123
11%
..1
Quaker Oats Co common.*
Sangamo Electric
17%
28
27
27
*
Potter Co (The) com
Pressed Steel Car
A. T. & T. OLEV. 665 & 666
Feb
20
230
13X
Peoples G Lt&Coke cap 100
Perfect Circle (The) Co..
Union Commerei Building, Cleveland
Mar
Telephone:OHerry 6060
43X
Prior lien pref....
GILLIS 1<J RUSSELLco.
Jan
12k
Jan
14%
Members Cleveland Stock Exchange®-
JanJan
Feb
21
60
Jan
Mar
i9k
Jan
Ohio Listed and Unlisted Securities
Mar
1
Jan
150
100
7% preferred...
5
Jan
400
7
7%
18X
7k
Northwest Bancorp com..*
Northwest Eng Co com..*
Northwest L'tll—
4
400
7
Northern Paper Mills com*
50
18 X
1
Noblitt-Sparks Ind com..5
com
14
5
17X
Natl Union Radio com...1
North Amer Car
110
5
Nat Ref Inv Tr conv pref.*
National Standard com. 10
Jan
17
iex
Feb
Bonds—
Commonw Edison 3 %e '58
109%
Watling, Lerchen Si Co.
Members
,
New York Stock Exchange
Cincinnati Listed and Unlisted Securities
N«fw York Curb Associate
Detroit Stock Exchange
Chicago Stock Exchange
Buhl Building
W. D. GRADISON & CO.
,
DETROIT
Telephone: Randolph 5530
,
Members
Cincinnati Stock Exchange
DIXIE TERMINAL
New York Stock Exchange
Detroit Stock
BUILDING, CINCINNATI, O.
March 18 to March 24, both
Teletype: CIN 68
Telephone: Main 4884
Exchange
Inclusive, compiled from official sales lists
Sales
Friday
Last
Cincinnati Stock
March 18
to March
Exchange
Par
Stocks-
24, both inclusive, compiled from official sales lists
Week's Range
for
Sale
of Prices
Low
High
Week
Price
lk
i
1
33c
34c
1
6k
23
7
2,660
25
*
15k
Burry Biscuit com^_.12kc
2k
lk
4k
Allen Electric com
Range Since Jan. 1,1939
Last
Stocks—
Par
Amer Ldy Macb
Baldwin
.
.
Week's Range
for
Sale
Aluminum Industries.
of Price 8
Low
High
Week
Price
_*
3k
17
.20
...8
Baldwin pref
2k
73k
10k
lk
100
Churngold
Cln Ball Crank com
*
Cin Gas & Elect pref..
CNO&TP
.100
...100
Cin Street......
"106k
290
50
Cin Telephone.....
Auto
Sales
Friday
50
For footnotes see page 1733.
3k
17
2k
90
37
Low
3
High
Brown McLaren—....
3k
Jan
16 k
Jan
17 k
Mar
Chamb Metal Weath com 5
Mar
Mar
Mar
Chrysler Corp com
..5
Consolidated Paper com. 10
471
2k
10
73 k
11
lk
20
10k
lk
103 k
Jan
Feb
Jan
107 k
Mar
272
Feb
300
Mar
Jan
3
Jan
Detroit Edison com .
Jap
92
Feb
Det-Mich Stove com
3k
290
2k
91
200
140
10
220
214
25
Mar
73k
105k 106k
290
100
City Brew com.
Baldwin Rubber com
Briggs Mfg com
Burroughs Add Mach
'
Shares
1
2k
88
3k
75
Mar
Ilk
Jan
lk
Jan
Crowley Milner com ._...*
Cunningham Drug com2.50
75 k
Det A Cleve Nav com
...
10
100
1
100
Low
High
IX
Feb
33c
lk
Jan
Mar
40c
Jan
Jan
Jan
7k
31k
Jan
2,995
k
22 k
15k
893
15k
Mar
18 k
2k
400
2
Jan
2k
Jan
lk
500
Mar
1,310
Jan
Mar
lk
5k
lk
4k
72 k
75k
2,887
68
i3k
2k
13k
120
13
Jan
2k
200
2
Feb
16
16
725
120
91c
267
1
lk
116
116
ik
ik
1,200
90c
Consumers Steel
Range Since Jan. 1, 1939
Shares
89
600
6
k
14k
7
76c
80c
13k
2k
16
Jan
Jan
Jan
Jan
Mar
1.00
.
1 k
Jan
Mar
Jan
Jan
Mar
112
Jan
Jan
ly*
Mar
Jan
123
Feb
Jan
2
Jan
Financial
1782
Last
Sale
Par
Week's Range
for
High
Low
Low
Shares
High
IN
IN
1,015
IN
Mar
2N
Jan
6
UN
12 N
200
11N
Mar
13 N
Mar
6
Ex-Cell-O Aircraft com—3
4N
300
4N
Mar
5N
Jan
1
Det Paper Prod com
Det Steel Corp com
IN
Eureka V acuum com
Mogul
19N
15
*
*
Frankenmuth Brew com..l
Federal
com
IN
com—.-1
General M otors com
10
Goebel Brewing com
1
23 N
Jan
15N
Mar
5N
Jan
18N
14N
358
4
27N
Mar
26 N
2,213
23
Jan
42 N
42 N
10
42
Jan
43
6% preferred B
25
5N% preferred C
25
80 Calif Gas 6% pref A..25
29 N
29N
Feb
28N
28 N
Mar
32 N
32 N
42 N
29N
28 N
32 N
16
14N
Pacific Co—100
Southern
IN
Feb
IN
Jan
Standard Oil Co of Calif..*
10N
Feb
19N
Mar
41
5N
790
5
Mar
2N
252
2N
Mar
7N
2N
Jan
Jan
27N
28 N
Jan
27 N
Jan
28 N
175
480
6N
6
18
14
14N
6N
Feb
14N
Mar
Jan
33
Jan
Jan
21N
29 N
Mar
Feb
45N
Mar
6
270
Mar
7N
Jan
18
2,836
5,592
19
14N
32 N
27
39N
2,730
2,190
43
18N
Jan
614
29 N
455
16N
28N
40
840
28 N
Jan
High
Low
Shares
25
935
IN
17
High
Low
26 N
5
"2 N
Week
Co Ltd..25
Original pref
25
So Calif Edison
2N
3
Oar Wood Ind com
General Finance
Jan
Feb
Mar
565
246
for
of Prices
Price
Par
Superior Oil Co (The)—25
Transamerica Corp
2
Union Oil of Calif
25
Universal Consol Oil
10
15N
17
Fruehauf Trailer
19N
15 N
4
4
Fed Motor Truck com
5
{Concluded)
Stocks
Week's Range
Sale
of Prices
Price
Range Since
Last
Range Since Jan. 1, 1939
1939
Sales
Friday
Sales
Friday
Stock* (Concluded)
Mar. 25,
Chronicle
Mar
Jan
19N
16N
Mar
Mar
13 N
Mar
45 N
47 N
4,002
43 N
61N
Mar
2N
Jan
2N
Jan
Weber Shwcse A Fix 1st pf*
4N
4N
4N
4
Mar
4N
2N
880
100
2N
410
1
Mar
IN
Jan
Wellington OU Co of Del. .1
3N
3N
3N
600
3N
5
1
Mar
1
15
15
15
100
14
Feb
16
Jan
*
com..*
13 N
13N
6N
14N
2,336
12 N
Jan
17
Feb
Mar
8N
Jan
Black Mountain Consol 10c
3,000
19Nc
Mar
Jan
695
6N
30c
6N
22c
6N
60c
Jan
76c
Jan
Cardinal Gold
1
a9c
a9c
1,000
Jan
10c
Jan
65c
2N
Jan
Cons Chollar GAS Mng. 1
1.35
1.35
200
IN
2N
Jan
2
Feb
1.35
2
IN
Mar
2
1,555
2,600
7c
60c
c9c
com—1
Kingston Prod com
1
KJnsel Drug com
1
Kresge (S 8) com
10
60c
600
47c
Mar
55c
Jan
Tom Reed Gold
23
22
1,724
20 N
Jan
23 N
Feb
Jan
Graham-Paige
com—>--1
Hoe kins Mfg com
Houdaille-Hersbey B
Hudson Motor Car
Hurd Lock & Mfg
470
60c
23
IN
Lakey Fdy & Mach
3
3N
320
2N
Jan
2N
100
IN 'Jan
2N
Feb
93c
-
Masco Screw Prod com
93c
200
75c
Jan
96c
Mar
Mar
30c
Jan
Anaconda
Jan
10c
10c
10c
1,000
9c
Feb
10c
Jan
3Nc
3NC
4c
6,000
3c
Feb
4c
Jan
Unlisted—
al4
al3N al4N
490
18N
c41N
a41N a42N
40
14N
41N
Jan
Amer Smelting A Refg
Mar
53 N
Jan
149 N
Jan
165H
Mar
Jan
38 N
Jan
100
Copper
16c
19c
2,807
2N
2N
197
2N
Jan
2N
Jan
Aviation Corp
2N
2N
200
2
Jan
Jan
1,300
14 N
477
155
155N
1,228
a28
a26N a28N
908
Bendix Aviation Corp
IN
2N
IN
155
50
Amer Tel A Tel Co
1
Mid-West Abrasive com50c
Motor Wheel com
—.6
pref
Mlcromatlc Hone com
16C
—
Murray Corp com..
10
Packard Motor Car com..*
IN
14
14 N
7
6N
41
16 N
16N
2
Rlckel (H W) com
River Raisin Paper com..*
2H
7N
11N
IN
a28N
8N
Feb
Feb
2N
Jan
Continental Oil Co (Del) .5
Mar
700
IN
570
7
Jan
8
Mar
545
Feb
2
Mar
767
IN
IN
3N
820
3
2N
725
2N
24 N
140
24 N
IN
1,550
IN
Mar
99
55
14N
2N
15
Tivoll Brewing com
99
Mar
IN
Feb
Jan
3N
Mar
Mar
2N
Jan
Jan
25N
2N
Jan
15
37c
1
Union Investment com...*
Tom Moore Dlst com
Mar
5N
Jan
81N
42N
Mar
91N
52 N
Mar
7N
a36N
16
17 N
22
22
22
*
a8 N
a8N
a3N
08N
Mar
2N
Jan
6
IN
Jan
2N
IN
IN
IN
IN
1,835
Jan
4N
Loew's Inc....
Nor American Aviatlon«_l
North
Co
American
Ohio Oil Co
Mar
Packard Motor Car Co—*
c3N
Feb
Paramount Pictures Inc-.l
alON
Jan
IN
Mar
Mar
2N
Feb
25c
Mar
22c
600
15c
Jan
14 N
605
14N
Mar
19
Jan
Jan
42
Radio Corp of Amer
185
200
*
Mar
48 N
17N
Jan
24 N
Jan
55 N
Jan
7N
Mar
9N
Feb
Jan
43 N
52 N
Jan
Jan
34
200
40N
46N
Mar
579
Jan
50 N
890
17N
Jan
22 N
1,015
14N
Jan
19N
Jan
22 N
Jan
26 N
Feb
88
8N
Feb
10
Jan
75
4
Jan
4N
alON
20
10
Jan
a3N
a9
Jan
18 N
46N
170
a6N
a7N
208
alN
Republic Steel Corp
Seaboard Oil Co of Del— *
IN
20c
14N
IN
Jan
a7
Radio-Keith-Orpheum —*
l
200
44 N
345
a35N a36N
45N
45N
*
100
Jan
165
37c
450
37 N
37 N
210
17N
260
412
o20N
48 N
4
Feb
o48N o49N
7N
7N
17N
16N
3N
Jan
11N
019 N
45 N
2N
27 N
Jan
a48N
International Tel A Tel..*
Jan
7N
Jan
ION
al9N
40 N
Jan
Jan
24
*
Kennecott Copper Corp..*
Mar
5N
Feb
60
*
*
(B F) Co
48 N
4
Feb
General Foods Corp
*
3N
26 N
100
Montgomery Ward A Co.*
Jan
Feb
328
New York Central RR—*
Mar
Feb
26 N
6
Jan
3
2N
<z24N a24N
o9N
a9N
38N
38N
40 N
40 N
Jan
100
8N
12N
Mar
Jan
Mar
125
55c
311
Jan
10N
IN
a28N
18N
3N
3N
6N
350
38 N
Int Nickel Co of Can
Mar
260
*
Electric
Jan
220
Co
General
Jan
Jan
90
026 N
Jan
Jan
4
*
Young Spring & Wire
4N
20
Mar
2
Wayne Screw Prod com. .4
Wolverine Brew com
1
25
a4N
32c
1
Warner Aircraft com
Electric Power A Light—*
a9 N
Jan
a4N
a81N a83N
048N a50N
7N
7N
11N
UN
IN
IN
2N
3N
3N
Feb
31
13 N
2N
1
Jan
29 N
250
3N
*
B
8N
Jan
Feb
1,230
*
Universal Cooler A
Mar
1,340
3N
3N
United Specialties
6
fl24N
A
6N
23 N
24 N
25
6
1
5
Curtiss-Wright Corp
555
420
2N
3
*
United Shirt Dist com
Solvents
Feb
100
Mar
97
fl48N
*
Commonwealth A South..*
IN
IN
1
com—10
1
Columbia Gas A Elec Corp*
Jan
7N
2N
IN
24 N
Stearns (Fred'k) pref... 100
Tlmken-Det A xle
Mar
18
Goodrich
Scotten-Dlllon com...__10
Standard Tube B com
Jan
43 N
7N
IN
3N
2N
a4N
«83N
Case (J I)
Commercial
6N
a28
'
25
Jan
IN
2
5
Borg-Warner Corp
Canadian Pacific Ry
Jan
15N
Jan
26
23 N
6N
23 N
a28
a28
Mar
3N
40 N
7
23N
6
8N
4N
428
220
7
6N
(The) (Del)3
100
Caterpillar Tractor Co...*
1,108
3N
40 N
16 N
Jan
Mar
16
Jan
2,676
3N
3N
40 N
7
Mar
6N
1,030
Parker Rust-Proof com
*
2.50
Parker Wolverine com—*
Penln Metal Prod com_..l
Pfelffer Brewing com
*
Prudential Investing com.l
Reo Motor com
5
IN
13
Jan
7N
Parke Davis com
Jan
Amer Rad A Std Sanitary.*
10
Mich Sugar
20c
1
16c
McClanahan
22c
—1
Zenda Gold Mining
2N
com-.1
1
Oil com—-1
200
Jan
Mining—
IN
3N
La Salle
Mich 811
IN
1
Jan
alN
alN
25
Jan
Jan
Jan
13N
Jan
Jan
8N
Mar
Feb
2N
Feb
6N
2
19
18
i 19
450
25
Jan
18
19
18
205
18
Mar
21N
Jan
308
69 N
Jan
74 N
Jan
150
12N
Jan
13N
Jan
23N
7N
Jan
18 N
Jan
Sears Roebuck A Co..*...*
a70 N
Socony-Vacuum Oil Co. .15
Southern Ry Co ——___*
al2
a69N O73
al2
al2N
al8N
al6N al8N
384
16N
Jan
6N
310
6N
Mar
046 N a47 N
56
48N
Jan
7N
375
7N
Feb
8N
Mar
al8N ai8N
35
18N
43 N
Jan
19N
Jan
Jan
Inc....*
6N
Standard Oil Co (N J)...25
a47N
1
25
al8N
25
a41N
Standard Brands,
Wm. Cavalier & Co.
Studebaker Corp
Swift A Co
Texas Corp
MEMBERS
13N
a81 N
Union Carbide A Carbon
Chicago Board of Trade
Neu> York Stock Exchange
(The)
Tide Water Assoc Oil—10
7N
6N
7
a41N 042 N
135
47 N
Jan
13N
225
12N
Feb
14 N
Mar
60
81N
Feb
90 N
250
34 N
Jan
41N
Feb
130
2N
Mar
3N
Feb
51N
Jan
13N
Los Angeles
623 W. 6th St.
5
a36 N
(Del).*
2N
44 N
44
N
44 N
790
42 N
Jan
*
5
56 N
54N
56 N
975
64 N
Mar
5N
5N
103 N 105 N
710
5N
Jan
290
103 N
Mar
United Aircraft Corp
San Francinco Stock Exchange
Angelee Stock Exchange
United Corp (The)
U S Steel Corp
Teletype L.A. 290
Warner Bros Pictures
5N
103 N
WestlnghouseElec A Mfg50
Los
Angeles Stock Exchange
March 18 to March 24,
both inclusive, compiled from official sale*
lists
Jan
a81N o82N
a36 N a38N
United States Rubber Co 10
Loe
Jan
60
2N
2N
Jan
Jan
69
Jan
6N
Jan
110
Philadelphia Stock Exchange
March 18
to
March 24, both
inclusive, compiled from official sales
lists
Friday
Last
Sale
Par
Stocks—
Price
Week's Range
uj
Range Since Jan. 1, 1939
for
High
LOW
Last
Shares
Sale
High
Low,'
Par
Stocks—
Co...l
4N
4
4N
990
3N
Cona..l
12c
12C
12c
200
12c
60c
50C
50c
150
50C
Mar
IN
IN
2N
2,225
Buckeye Union Oil com._l
2c
2c
2c
1,000
*
com..*
al4N
al4N al4N
20
15
Feb
Calif Packing Corp
al6N al7N
50
16N
Feb
Central Investment
100
al7N
13N
13N
384
Bandlnl Petroleum
Barnhart-Morrow
Byron Jackson Co
<
13N
Feb
American Stores
Jan
American Tel A Tel
75c
Mar
IN
2c
2N
Jan
jaD
3c
Mar
Mar
13
—
100
158
pref..50
13N
16N
100
120 N
*
5N
Barber Co.
Feb
Bell Tel Co of Pa
17
Jan
Budd (E G) Mfg
17N
Jan
Budd Wheel
pref.
Co
.
Co--.—-.—*
Chrysler Corp
5
Jan
83 N
Jan
8N
8N
4N
8N
Jan
9N
Jan
Curtis Pub Co eom
4N
8N
4N
591
Consolidated Steel Corp..*
150
4N
Mar
6N
Jan
Elec
8
8
8
550
8
Jan
9N
Mar
General Motors.
5
Mar
4n
*
Preferred
Creameries of Amer v t c.. 1
Douglas Aircraft Co
*
Electrical Prods Corp.....
520
74
74
74
10N
4N
4N
100
3N
Feb
66 N
4N
66 N
170
63N
Jan
70 N
Feb
10N
11
560
9N
Jan
UN
Mar
.5
Exeter Oil Co A com..... 1
7
7
7
50c
50C
55c
Farmers & Merchs NatllOO
393
393
General Motors com—.10
45
45
Emsco Derrick & Equip.
67 N
.
7
Mar
500
60o
Mar
10
393
46 N
7N
200
1,054
400
8
1.16
1.15
1.20
800
06 N
a6N
40
Hupp Motor Car Corp...l
IN
IN
IN
200
Lincoln Petroleum Co.. 10c
a7c
a7c
a7c
29
29 N
Inc.-.2
Los Angeles Investment. 10
2N
Menasco Mfg Co—
1
MtDiablo OilMng&D..1
Oceanic Oil Co
1
70c
70c
Pacific Clay Products
*
10
5H
11N
6N
UN
10
alON
Los Ang Industries
Pacific Finance com
Preferred A
7% preferred
Mar
37
Jan
38
976
2N
Jan
4n
1,740
4N
Jan
3N
5N
Jan
4N
9N
Mar
2N
Mar
52
Jan
Jan
29N
Mar
30N
Jan
17
Feb
50
50
7
Feb
Philadelphia Traction—50
Salt Dome Oil Corp
1
'IN
Jan
2N
Jan
Scott Paper
*
Tonopah Mining.
1
Transit Invest Corp pref..
29N
29 N
17
36 N
Feb
Feb
2N
Jan
3N
3N
Jan
4N
Mar
3N
Mar
5N
Jan
United Gas Impt
49c
800
49c
Mar
55c
Jan
70c
300
70c
Feb
85c
240
5N
Mar
7H
Jan
250
Jan
Mar
IN
IN
Mar
IN
3N
146
3N
Jan
3N
Jan
7N
7N
7N
265
6N
Feb
7N
Feb
13
13N
340
12
Jan
16 N
Jan
48 N
49 N
287
45N
Jan
50 N
Mar
N
1,200
N
Mar
N
Jan
IN
3N
3N
May
38 N
Feb
13N
Feb
"49N
•is
607
IN
N
372
N
Jan
1,357
Jan
34N
3N
3
36 N
UN
3N
2N
2N
Jan
12 N
9,974
2N
2N
31N
11N
111N H3N
204
111N
Jan
116
Jan
7N
$9,000
5N
Jan
8
Mar
Jan
6
Feb
17
Jan
Jan
3N
N
2N
United Corp com
Preferred...
30
17
24 N
165
3n
*
Union Traction
2N
30 N
Jan
"In
50
Jan
1,027
2,839
4,949
2N
3N
2N
4N
3N
49c
49c
4N
Mar
51N
1,521
25
Jan
Jan
Jan
30 N
Jan
119N
Feb
12c
6N
Mar
Jan
-
Mar
Mar
27 N
42 N
310
Mar
95c
7c
4N
424
1,691
28N
47 N
37 N
3N
116N
20N
pref.
7
500
1,030
31
Lockheed Aircraft Corp-.l
Jan
Mar
18 N
144N
Phila Rapid Transit
Jan
Feb
1.40
Jan
84 N
3N
4N
Phila Insulated Wire—..*
42
5N
Jan
4
1
Phila Elec Pow pref
38
Jan
Mar
66 N
78
Feb
Jan
8N
2,253
Mar
Mar
170
300
Jan
Mar
124
21N
8N
30 H
Jan
19N
6N
37
Jan
5N
144N 144 M
117N H8N
Jan
600
119N
505
Jan
Feb
302
261
IN
8N
38 N
20N
7N
0
02954 a32 N
Feb
8,240
7N
a6N
Mar
12N
25
IN
Phila Elec of Pa $5
qSl N
Mar
13N
15N
8N
Penna Salt Mfg
*
170N
►
IN
Jan
Goodyear Tire & Rubber.*
Hancock Oil Co A com...*
Mar
Jan
Mar
305
7N
Mar
18
a6N
45N
149 N
13N
IN
Mar
2,044
Holly Development Co... 1
Hudson Motor Car Co...*
47
1,734
|Jan
8N
9N
6N
37
27 N
15N
16 N
121N
6N
4N
76N
' 5N
8N
*
Pennroad
51N
06 N
High
Low
467
1
50
Nat Power A Light
Jan
Jan
6N
Week
Shares
50
Jan
Jan
a6N
Range Since Jan. 1,1939
.
Jan
Mar
6N
f°r
584
43 N
360
7N
37
28N
37 N
*
.50
Lehigh Valley
Corp vtc
Pennsylvania RR
Milling..25
Golden State Co
10
67 Nc
399
Gladdlng-McBean & Co..*
Globe Grain A
10N
AH
*
Storage Battery.. 100
4
74N
HornAHardart(NY) com
Lehigh Coal A Nav
-—6
Corp
10N
153N 158 N
9N
.—-*
Consolidated Oil Corp--.*
Chrysler
of Prices
High
Low
10
Bankers Sec Corp
16
.
Price
Week's Range
Jan
30c
Mar
Berkey & Gay Furn Co— 1
Bolsa-Chica Oil A com.. 10
5N
Jan
Sales
Friday
W 6€K
rrvxs
4N
26
12 H
Mar
20
Mar
10N
Feb
12N
113N
210
Mar
Jan
Jan
Feb
Bonds—
Elec A Peo tr ctfs 4s. .1945
Mar
42
10N
10N
10N
Jan
olON alON
*
com...*
Preferred
472
11N
10
a9N
10N
Pacific Gas A Eleo 00m..25
31N
a9N alON
32 N
31N
Feb
409
28N
Jan
25
.25
32 X
32 H
32 N
180
31N
Jan
33 N
32 N
Mar
29N
29 N
29 N
100
29 N
Jan
29 N
Mar
31
30 N
31N
1,025
27N
Jan
33 N
48 N
Mar
Friday
Mar
Last
Preferred C
6% 1st pref
5N% 1st pref
Pacific Indemnity Co... 10
46 N
*
46 N
46 N
Republic Petroleum com.l
Richfield Oil Corp com...*
2N
2N
8N
8N
2N
4N
5N
30 N
30
31
Pacific Lighting $6 pref.
.
.
Warrants
2N
Roberts Public Markets..2
4N
Ryan Aeronautical Co—1
5N
Safeway Stores Inc
*
SecurityCoUnits ofBenlnt.
30 N
SheU Union Oil
Corp
30
*
al2N
Sierra Trading Corp..-25c
»
Sontag Chain Stores Co..*
For footnotes
see page
30
9N
1583,
261
43
Jan
2N
JaD
3N
10N
Jan
100
3N
Jan
1,600
1,825
2N
4N
5N
30 N
Mar
3N
4N
3,750
5N
Feb
555
Mar
Feb
7N
Jan
Blaw-Knox Co
*
Byere (A M) common
Jan
31
30
12N
Jan
13N
Feb
4C
Mar
6c
Jan
9N
Price
official sales lists
Sales
Week's Range
of Prices
High
Low
20 N
*
120
30
Par
Feb
39
1,000
9N
Sale
Stocks
Allegheny Ludlum Steel..*
Armstrong Cork Co
*
4c
29
both inclusive, compiled from
Range Since Jan. 1,193
for
Week
Shares
High
Low
Jan
al2N al2N
4t5
March 18 to March 24,
Jan
Mar
513
8N
2N
8N
30 N
26
4c
Signal Oil & Gas Co A
3
Pittsburgh Stock Exchange
Mar
Mar
Carnegie Metals Co
1
Clark (D L) Candy Co...*
250
27 N
Jan
32 N
Jan
Columbia Gas A Elec
*
200
8N
Feb
9N
Mar
Consolidated Ice com
*
43N
13N
12N
9N
35c
5N
7N
25c
5N
6N
25c
21N
43N
13N
9N
40c
27 N
56 N
Jan
Jan
Mar
Mar
17 N
Jan
Mar
60c
Jan
425
20
117
43 N
Mar
483
12 N
60
3,532
9N
35c
12N
Jan
Jan
5N
400
5N
Mar
6N
Jan
7N
1,049
6N
Mar
8N
Feb
25c
600
25c
Mar
25c
Mar
Volume
148
Financial
Friday
Par
Devonian Oil Co
Week's
Price
Low
100
1,102
8
21
8
IT
l
pref
Koppere Gas A C pref.
Lone Star Gas Co
.
100
Pitts Brewing pref
Steel
106 %
25
72%
9%
2,734
Jan
3
Jan
Feb
28%
116%
Mar
Golden State Co Ltd
Mar
6%
Jan
Feb
9%
Mar
9
100
60c
Mar
80c
Jan
lc
5,100
lc
Jan
lc
Jan
50%
30%
50%
31%
50%
30%
Mar
Shamrock O & G 6% pf 100
5%
106
5%
Mar
33%
Mar
25
Jan
26%
Jan
Jan
40c
Jan
Jan
31%
Jan
Leslie Salt Co.
Jan
118%
Jan
25
25
100
1
30c
30C
400
Brake
*
24
24%
318
24
103
108%
120
99%
24%
105
1
2
1%
85
Jan
1%
Alton, 111.
Tulsa. Okla.
FOURTH
AND
OLIVE
ST.
Lyons-Magnus B
Brown
*
common
Shoe common
Burkart
Central Brew
Emerson Electrie
Internat
Shoe
Johnson-S-S
Shoe
Common
Range Since Jan. 1, 1939
for
Week
Low
High
1st preferred
Pacific Tel & Tel
Mar
36
Mar
Jan
2
125
2
Mar
2
Mar
9
350
8%
Mar
9
Mar
90
31%
34
Jan
34%
Mar
Mar
8%
Jan
Jan
7
100
7%
32%
Mar
31
10
92
45
92
Mar
97
Jan
65
62
65
Mar
70
Natl
*
Candy
common
345
40
Jan
42
960
Jan
32%
Mar
28%
31%
1,428
24%
25%
Jan
37%
Mar
25c
106
28%
272
8%
54
205
4
15
11%
25c
200
Jan
7%
375
46
Feb
8%
Jan
58
Mar
Mar
3%
7
Jan
3%
3,215
1,517
1,600
3%
%
7
7
10%
100
40
30
Mar
70
28
Mar
4%
Rayonler Incorp com
Rayonlerlno pref
45%
47
Ryan Aeronautical Co
Schlesinger Co (B F)—
7% preferred
Sound view Pulp
10%
10%
Feb
Jan
10
Feb
6
Feb
Mar
Mar
Mar
com
100
2
170
2
Mar
6%
245
5
Jan
15
28
Jan
34
34
6
2%
2%
Feb
6%
Mar
35
Mar
106
10
"l5
Victor Equip Coeom_.._l
Preferred
.5
6%
Jan
6%
Mar
Yellow Checker Cab
Mar
YosemltePtldCement prflO
St Louts Car 6s extd...
77
77
7,000
75
Jan
77
Mar
Am Rad A St
tScullin Steel 3s
1941
55
55
1,000
55
Mar
60
Mar
fUnited Railway 48.1.1934
28%
5.000
24%
31%
Mar
American Tel A Tel Co. 100
Amer Toll Bridge (Del)..l
158%
28
Anaconda Copper Mln_.50
Anglo Nat Corp A com..
a27%
Pacific
on
5:30 P. M.
Coast
Jan
Exchanges, which are
Eastern Standard Time (2 P. M. Saturdays)
Members New York Stock
own
Consolidated
for
of Prices
Week
Price
Alaska Juneau Gold Mln 10
10%
13%
Jan
16%
7%
Mar
107
595
14
Mar
30
32
Jan
Jan
Jan
Feb
15
Jan
Mar
Jan
19%
33%
4,483
21%
325
30
Jan
6
39%
258
26%
Jan
21
Mar
46%
5%
Jan
29%
Jan
5
300
33
90c
100
75c
Jan
90c
13%
473
12%
Feb
6%
9,104
35c
18%
18%
1,406
1,666
6
7
14
15
429
3%
14%
7%
35c
Mar
55c
18%
6
Jan
Mar
13%
Jan
3%
Mar
8%
Mar
130
15
Mar
895
1,250
27
6
300
.
34
430
20
25
Jan
14%
29
Mar
Jan
19%
8%
17
4
9
27%
19
30%
3%
200
3%
Jan
4
14%
153% 158%
375
14%
Mar
17
Mar
945
149%
Jan
170
Mar
38c
Jan
High
Range Since Jan. 1, 1939
Shares
Low
1
481
30c
1,075
115
950
6
6
900
6
Mar
170
Mar
Jan
550
16
Jan
18%
Jan
Oahu Sugar Co Ltd cap.20
Olaa Sugar Co
20
20
21
Jan
30c
Mar
10%
5%
Jan
4%
Feb
Mar
M J A M M Cons
Calif Packing Corp com..*
Carson HU1 Gold Mln cap 1
Caterpillar Tractor pref 100
Central Eureka Mining..1
3%
5
*
1
Crocker First Natl Bk. .100
70
20%
Jan
Feb
Onomea Sugar Co
20
10%
Mar
12%
Jan
35c
800
25c
Jan
35c
Jan
17%
463
16%
Jan
40c
30c
Jan
300
12
86%
4
*
Corp..4
Ewa Plantation Co caD. .20
Jan
Jan
325
4
Jan
10
300
Mar
45c
107
4%
85
19%
5%
300
Mar
Schumach Wall Bd com..*
Jan
Shasta Water Co
Jan
Mar
Feb
com
5% % preferred
6% preferred
25
Mar
Standard Brands lnc
Mar
25
Mar
14%
Jan
Mar
91
Jan
16%
21
Feb
U. S. Petroleum Co
7%
33
Feb
4%
Mar
9%
Jan
10%
Mar
Jan
18
Mar
685
20
14
Jan
41%
Feb
960
7
Mar
10%
Jan
r
100
31
Jan
Mar
t
35%
33
*
Jan
Mar
Feb
12%
38%
Jan
42%
22
Jan
27
10
Jan
35c
100
30c
2.50
100
2.50
6%
7%
6%
2,320
6%
Mar
7
570
7%
Mar
9%
Mar
37c
Jan
1.90
13c
8
35c
Jan
3.00
5%
1,010
1,000
1.90
Feb
2.50
150
Mar
40%
Jan
21%
5
22
Jan
3%
10
35%
20%
3%
15c
4,630
12c
Feb
16c
270
47%
4%
Jan
Mar
Jan
Mar
o50
5%
25
Feb
Feb
Feb
7
Mar
15
Jan
Jan
24
375
50
18%
206
Mar
Jan
7
540
6%
5%
210
5
Mar
28%
92
27
Mar
5%
200
20
25%
26%
1,044
028% 028%
29%
29%
a0% 06%
47%
47%
7%
7%
8
37
65c
67%
6
54
37
3%
20%
3%
10
4
26c
52%
6%
8%
19%
1,500
20
'29%
Jan
Jan
28c
1,165
5%
Mar
2.05
a7%
25
Jan
fl36%
16%
23%
28%
1
United States Steel com..*
Warner Bros Pictures
5
West Coast Life Insurances
Jan
Jan
Feb
9%
7%
37%
5
Studebaker Corp com
1
United Aircraft Corp cap. 5
Jan
3%
'6
Mar
Jan
1%
6%
*
11%
100
8
9
Mar
586
3%
Standard OU Co of N J. .25
595
%
39
15%
25
14
4
Mar
Jan
7
26%
a7%
*
84%
10%
150
Jan
Mar
Mar
Mar
048
So Calif Edison com....25
110
10
32
17
Jan
Jan
570
36
7
296
3%
68%
5,279
12%
36
7%
595
105
20
87
10%
15%
Emporium Capwell Corp.*
Pref (ww)
50
Emsno Der A Equip Co..5
11%
84%
16
100
300
10
150
Jan
35%
9%
21%
3%
Radio Corp of America
*
Riverside Cemen t Co A..*
Santa Cruz Portland com50
100
6
35%
770
Mar
7%
8%
3%
29%
34%
510
23%
10%
3,965
8
100
11%
9
035
5
20%
105% 105%
4
3%
75
71%
18%
18%
4%
4%
8
"23%
Nash-Kelvlnator Corp
25c
Mar
260
4%
16%
19
111
%
15c
40c
35c
07%
"5%
16%
*
34%
1
20%
10%
20
34%
a6%
Montgomery Ward A Co. *
Mountain City Copper..5c
16%
25
262
28c
2TOO
North American Aviation 1
15
7%
190
Feb
175
4%
-
10
Feb
Jan
1,749
36
Mar
35c
6%
*
9%
Mar
6%
2%
23%
34%
75
2%
23%
Jan
Jan
4%
a6%
Mar
2.50
._*
9%
4%
9%
10
200
39
30c
9
27%
105
4%
67c
26%
20
Bancorporatlon..*
McBryde Sugar Co
5
20c
388
10
9%
Marine
High
a26% a27%
%
C7%
com
Italo Pet of Amer pref
Kenn Copper com
1,850
6
Holly Oil Co
Idaho-Maryland Mines.. 1
Inter Tel A Tel
55c
35%
170
Imp Diesel Engine..5
Doernbecher Mfg Co
Low
9%
Associated Ins Fund Inc. 10
Electric Products
Mar
Mar
2%
"8%
9%
30c
1
20
Bank of California N A..80
.
Jan
8%
4%
23%
Italo Pet Corp of Am com. 1
Sales
Week's Range
Sale
...*
14 "Vu
5
2,962
a6
25
Oil Corp...
General Electric Co
Hawaiian Sugar Co
Exchange
Last
_
Jan
Mar
12
Jan
5%
4%
Elec Bond A Share Co....5
inclusive, compiled from official sales lists
Friday
Preferred...
3%
140
43%
5
10
Curtisa-Wright Corp
Domlnguez Oil Co
offices in San Francisco and Los Angeles
Francisco Stock
March 24, both
Di Giorgio Fruit pref.
Mar
100
27%i 28%
55c
3
.1
Cities Service Co com.. 10
Claude Neon Lights com
Hobbs Battery Co B
Crown Zellerbach com—5
Mar
2.75
2,010
16%
14%
Corp...5
Chesapeake & Ohio
Exchange
Oortlandt 7-4160
t c
18
16%
23%
40
14%
3%
5
Aviation Corp of Del..;
Blair & Co lnc cap
111 Broadway, New York
v
110
106
14%
*
Argonaut Mining Co
Stock
Schwabacher & Go.
Creameries of Am
15%
Mar
2,588
33
150
Sntry
Bendlx Aviation
Chrysler Corp com
Consol Chem Ind A
8%
Jan
10%
Unlisted—
1,
pref
140
32
8%
26%
Walalua Agricultural Co_20
Western Pipe A Steel Co 10
32%
Calamba Sugar
12
3%
Jan
Callf-Engels Mining
Mar
1,276
6
Feb
Calif Art Tile A
Mar
6%
10%
Jan
35c
18%
Mar
Calamba Sugar com
150%
Mar
15
6%
5%
Atlas
Jan
4%
7
90c
5%
27%
Anglo Amer Mln Corp
Anglo Calif Nat Bank
147%
13%
Transamerica Corp
j.2
Treadwell-Yukon Corp
1
ser
Jan
Jan
132
30
Thomas Allec Corp A
*
Tide Wat Assoc Oil com. 10
35
Par
30
7%
21%
250
43%
28%
200
Stocks—
Mar
Feb
4%
105
"5 %
265
.
129
14
6%
San
Jan
32
16%
28%
6
121
8%
27%
-
10
Jan
60
6%
7
12
1
25
109
Jan
2.75
25
cap
Feb
Mar
4%
6
So Cal Gas pref ser A
Southern Pacific Co
106
Jan
Mar
20
5
10
6%
Feb
180
5%
Universal Consol Oil
2
Jan
41%
986
5
Feb
Scruggs-V.-B. Inc com...5
28%
601
5
2%
'
Feb
563
6%
1
Sperry Corp
21%
11%
11%
Jan
34%
32%
29%
49%
Mar
2,081
25
Spring Valley Co Ltd
*
Standard Oil Co of Calif..*
Feb
2.40
Jan
Feb
21%
21
15%
Mar
Mar
Mar
7
com
Mar
5
2.00
950
100
Jan
Feb
Mar
28%
31%
470
Preferred series A
Jan
Mar
6,350
3%
Roos Bros
19c
7%
2,926
18%
15
18
Feb
18
10%
10
Mar
18%
Feb
160
16c
5%
26
Republic Petroleum com.l
Rheem Mfg Co..
1
Richfield Oil Corp com
Feb
5%
Mar
12
Mar
9%
Mar
28
10%
35
33
Mar
11%
Jan
11%
Jan
60
31
Feb
3,663
106% 106%
6%
"21%
Jan
Jan
9%
1
Feb
10%
55
2.15
32%
32%
29%
...25
to
5%
34
23%
200
149% 150
Feb
Jan
200
2.00
Pac Tel A Tel pref
100
Puget Sound P & T com..*
RE&RCo Ltd com.....*
Union Oil Co of Calif
Union Sugar com
March 18
Mar
Jan
Jan
Mar
500
123% 125
com..
3
31%
14%
10%
46%
106%
12
15
11%
8%
29 %
Jan
Private Wire to
4%
9%
11%
Feb
Mar
20
32%
29%
31
25
30c
15
10%
11%
2.00
~32%
Mar
2%
20
16c
26
5%
open until
Jan
210
Mar
solicited
Mar
5
Mar
Orders
Mar
7
31
2
MJ " uti cf
3%
10
30
7%
-
Feb
7%
4%
«.
106
11%
Mar
120
2%
8
28
Mar
20
Jan
20
«.
Mar
16%
10%
5%
106
9
25
-
Mar
16%
108%
3,065
205
1
Mar
70c
Jan
10%
2
com.
2bC
Jan
12%
9%
4%
common
Mar
55c
223
9%
2
Sterling Alum
25c
700
10
Mar
11%
25c
34
8
Wagner Electric com...15
100
60c
14%
Jan
3
Feb
25c
60c
14%
12
*
Mar
40%
1,327
4%
Stix, Baer A Fuller
Mar
43%
14%
St Louis Bk Bldg Eq com *
St Louis Pub Serv pref A. *
100
Mar
12%
13%
RIce-Stix Dry Goods com *
Preferred
20
29%
100
Jan
5
11%
Jan
100
Super Mold Corp
*
8%
Jan
Mar
15%
38
14 %
$6 dividend
Mar
28
Pacific Pub Service com..*
Shares
Jan
40%
Pacific Gas & Elec com..25
32%
20
--
Midwest Pipe common
20
6%
10%
20
5%
'•
200
2,440
Jan
10%
>..*
19
12%
43
Mar
Feb
15
Mo Portl Cement com..25
19
11%
43
43
6%
5
Laclede-Christy Clay Prod
Laclede Steel common..20
700
6%
8
2%
33%
*
com
Feb
6%
23%
6%
80
Jan
11%
Knapp Monarch com....*
Mar
240
Feb
25c
*
com
21
5%
16%' Mar
8
2%
Jan
705
1.40
9%
05
25c
40
5%
9%
30%
31
Ii%
Mar
21
27
3%
100
Jan
38%
6
com..
Mar
1.00
20
21
*
6% 1st pref
6%% 1st pref
Pacific Light Corp
Jan
Mar
395
Jan
Exchange
Mar
Mar
1.20
Paauhau Sugar Plant...15
Pacific Can Co com
92
100
Jan
Jan
38%
21%
18%
185
7%
com.*
429
Jan
Mar
1.05
80
100
com *
com.
20
15%
21%
540
512
53
Hussmann-Llgonler
Jan
lfc
17
Griesedleck-W estBre wcom *
Hydr Press Brick
Preferred
13%
17%
5%
36
Falstaff Brew common... 1
Hamilton-Brown Shoe
150
Mar
7%
High
34
"65
Jan
7
16c
8%
pref. .100
6%
7%
2
Ely A Wlk D G 2d pref. 100
Jan
756
3,681
5%
31%
2
31
28%
8%
7%
14%
O'Connor Moffatt cl AA._*
Oliver Utd Filters A
*
16%
"34 "
125
31
Jan
Mar
27
30
10
Coca-Cola Bottling com__l
Columbia Brewing com__5
Collins Morris com
1
6%
43
28%
10%
34%
5
common
Chic A Sou Air L pref
510
10%
of Prices
31%
2,229
27
Week's Range
Low
"16%
1
9%
51%
%
34%
9%
8%
28
Sales
*
Mfg common
Mar
Occidental Insurance Co.10
Occidental Petroleum
1
Friday
American Inv
7%
7
19%
100
Pacific Coast Aggregates 10
Sale
Feb
1,020
38%
*
6% preferred
Teletype: St. L 193
St. Louis Stock
Last
30%
5% % preferred
100
N American Oil Cons...10
Telephone: CHestnut 5370
Price
Jan
St. Louis Stock Exchange
St. Louis Merchants Exchange
N. Y. Coffee A Sugar Exchange
Par
Jan
21%
47
14%
Feb
14
200
8%
6%
Mar
Jan
Chicago Stock Exchange
Chicago Board of Trade
N. Y. Curb Exchange (Associate)
New York Cotton Exchange
1
Mar
85%
30%
North Amer Invest—
MEMBERS
New York Stock Exchange
Stocks—
High
Jan
14
6%
2%
No Amer Invest com
LOUIS
7%
*
Magnavox Co Ltd
Magnin A Co (I) com
Preferred
Natomas Co
STREETS
28
7
..10
Meier & Frank Co lnc
1877
25%
50
31
Menasco Mfg Co com
1
National Auto Fibres com 1
INVESTMENT SECURITIES
180
14
7%
*
50
March Calcul Machine
FRANCIS, BRO. & CO.
25%
14
2
Preferred
Jan
2%
81
44%
Langendorf Utd Bak B._»
.
ESTABLISHED
47
LeTourneau (R G) lnc
1
Lockheed Aircraft Corp._l
*
Co
West'house
West'house El A Mfg ..50
Unlisted—
IXL Mining Co...
Langendorf Utd Bak A
59%
Low
260
28
Holly Development
1
Home F A M Ins Co cap. 10
Honolulu Oil Corp cap..**
Mar
Victor Brewing
264
Range Since Jan. 1, 1939
Shares
25%
~14~
*
25c
100
5
High
85%
Gladding-McBean & Co..*
Jan
60c
lc
Low
84
Hale Bros Stores lnc
*
Hawaiian Pineapple Co..*
190
60c
5%
84
*
Feb
United Eng A Fdy
Vanadium Alloy Steel
v t c
Preferred
2
1
*
Price
6%
Jan
5%
Week
"~7%
26%
100%
1,100
70
Jan
for
of Prices
General Paint Corp com..*
Feb
Feb
Mar
Weel's Range
General MetalsCorp cap2 %
General Motors com
10
Jan
8%
4%
7
Feb
1
...
Pennroad Corp
1.50
25
57%
6%
Mar
Jan
Mining Co__
Air
12
Jan
10
52
Mar
Jan
1,259
6%
Foundry
Co
San Toy
90c
30
14%
Par
Fireman's Fund Ins Co..26
Food Machine Corp com 10
Foster & Kleiser pref
25
Galland Merc Laundry
*
Jan
18
Mar
5
4%
2
2%
28%
28%
106% 112%
4%
2
*
11%
Jan
8%
8%
25
Pitts Screw A Bolt
Renner
68
Feb
8
Stocks (Concluded)
High
15
1.835
25
68
68
*
Pitts Plate Glass
1%
25
*
Mountain Fuel Supply-.10
Nat Fireproofing Corp
5
Pitts
1
25
Low
136
14
100
Jeannette Glass
16
Sales
Last
Sale
Shares
High
13%
14
Friday
Range Since Jan. 1, 1939
for
Week
16
5
Follansbee Bros pref
Fort Pitt Brewing
Range
of Prices
10
Duquesne Brewing Co__
1783
Sales
Last
Sale
Stocks (Concluded)
Chronicle
20
360
170
100
4
Jan
20
Mar
23%
27%
2Ih
115
47%
7%
307
35
70c
500
57%
5%
6
3,231
1,202
5
5
10
Jan
65c
Jan
Jan
4%
26
8%
6
28%
7%
26%
27%
28%
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Mar
Jan
Feb
Mar
Mar
Jan
Mar
Mar
Jan
29%
Mar
Mar
7%
47%
8%
42%
Mar
Mar
Jan
Jan
Mar
Mar
Mar
Mar
75c
Jan
54
Mar
6
Jan
69%
6%
Jan
Mar
4%
Feb
5
Jan
No par value.
a Odd lot sales.
b Ex-stock dividend,
d Deferred delivery,
Cash sale—Not Included In range tor year,
t Ex-dlvldend.
y Ex-rlghts.
Listed,
t In default.
Mar. 25,
Chronicle
Financial
1784
1939
Canadian Markets
LISTED
AND
UNLISTED
Montreal Stock
Provincial and Municipal Issues
Closing bid and asked
quotations, Friday, March 24
Exchange
Sales
Friday
Range Since Jan. 1, 1939
Last
Bid
Provinoe of Ontario—
Ask
Bid
Province ol Alberta—
1 1942
Week's Range
for
Sale
of Prices
Low
High
Week
Ask
,
1 1948
60*
62
6s
Oct
Oct
1 1956
Colombia—
6s
J«ly 12 1949
414s
Oct
1 1953
Province of Manitoba—
4J4s
Aug
1 1941
6s
June 15 1954
6s
Dec
2 1959
Prov of New Brunswick—
414s
Apr 16 1960
414s
Apr 16 1961
Provinoe of Nova Sootia—
414s
Sept 15 1952
6s
Mar
1 1960
57*
59
6s
Sept
15 1943
6s
JMay
1 1959
121
122
1 1962
107
10814
16 1965
115
11614
-J»n
6s
4*0
Prov ot British
4s
100
99
Jan
H514|11614
Mar
2 1960
10914 110*
Feb
1 1958
107
May
1 1961
111* 112*
414 s
99
88
4s
4 lis
88
90
108
106*
108
109
108
5s
June 15 1943
78
81
614s
Nov
Oct
16 1946
1 1951
78
81
78
80
414s
116* 118
30*
Mortgage.25
Telegraph...J40
Tramways—100
68*
4s
6s
15 1944
1 1944
114
Dec
July
414s
6s
Ask
414s
94
92*
Sept
11946
Deo
1 1954
98*
97%
9214
98%
6s
103*
96 *
9114
1 1960
-July
414s
414s414s
6s
6s
6s.
-
Bid
Ask
118* 118*
115* 115*
115* 115*
1 1946
July
614s
March 18 to March 24,
8s....
12214 12214
110
11014
100
99
11962
Jan
of Prices
Low
High
Week
9
250
7
48*
60
16*
345
7
i
15
170
100
174*
Brazilian Tr Lt & Power.*
10*
8*
*
*
BruckSllk Mills.
*
Building Products A (new)"
25*
25*
British Col Power Cor p a -
.2*
B
3
3
High
16*
Jan
Jan
Feb
10*
16,916
230
26
107
2*
210
3*
2,344
50
7*
22*
2
3*
14*
75
8*
1.718
99*
318
95
16*
150
2*
511
8*
826
10
13*
5,536
30*
1,090
13
14*
100
101
35
360
14*
101
220
7*
7*
105
12*
29*
10*
60
6*
140
7
'
6
51*
*
25
*•
18*
31*
29
31
15*
*
110
100
17
10*
Mar
18
34
1*
2
6
4*
6
13
Jan
Jan
Mar
Jan
r
"64*"
i
C Corp.,.*
.
2*
8
Feb
Jan
Mar
6*
8*
Jan
Jan
Jan
90*
100
Feb
102
102
1
102
Mar
102
Mar
Penmans
...
—
Power Corp of
102
42
42
140
41%
Feb
42%
10
1014
862
10
Jan
12%
Jan
1314
12
1314
4,022
12
Mar
19%
Jan
45
45
45
55
48
Mar
57%
16
17
355
16
Jan
3
3
25
3
Feb
Price Bros & Co Ltd—.*
100
*
*
9
Mar
140
6
Mar
10
98
Jan
98
Jan
100
Power pref
106
Jan
106
Mar
10
Mar
10
18
Jan
20
Mar
St Lawrence Paper pref. 100
28
32
585
28
Mar
42
Jan
19%
Mar
8
"~4%
*
Viau Biscuit
Mar
70
150
68
Jan
73*
Jan
160
414
55
160
Jan
171
414
800
4
Jan
7
214
25
Feb
3
Jan
Feb
50
Feb
855
1.50
151
1,75
1.70
Jan
Jan
2%
Mar
2
Feb
2
Jan
914
30
7%
Feb
10
Mar
714
714
65
7
Feb
9
Jan
25
2314
2314
15
23
Jan
24
Feb
Preferred..;
Banks—
41
167*
Feb
100
-—100
100
-.100
—
Montreal
Nova Scotia
162
162
169
175
79
169
Mar
178
205"
203
209
344
203
Mar
222
Jan
302
302
24
301
Jan
310
Feb
100
Canadlenne
Commerce
188"
188
191
359
176
Jan
192*
Royal
165
164*
Jan
"
Jan
Mar
Montreal Curb Market
March 18 to March 24, both
inclusive, compiled from official sales lists
Sales
Friday
Range Since Jan. 1, 1939
Last
Week's Range
for
Sale
of PricesLow
High
Week
Price
Par
Stocks—
Abitlbl Pow & Paper Co—»
1.10
100
100
——*
7*
1.05
1.20
6,810
5,991
115
Mar
162
Jan
160
Feb
12*
7
Mar
13
Mar
13
85
92
2,358
85
Mar
112*
22*
23*
22*
4
Beldlng-Corti 7 % cm prflOO
140
British Columbia Packers *
28*
9*
Jan
65
Mar
1
147
Feb
150
Feb
125
4*
Jan
185
11*
Mar
Jan
'
Mar
6*
15
Mar
Jan
1.25
Mar
19
Mar
11*
Jan
11*
Jan
16*
Mar
88
Jan
93*
Feb
Jan
~—
-
*
28*
Jan
3,076
3
Jan
4*
Feb
75
135
Jan
372
375
2*
Jan
6
Mar
1,890
6*
Jan
8
82
Jan
57*
Jan
cum
4*
22*
4*
20*
Jan
23*
12,
28*
526
11
Jan
28*
688
28
Jan
12*
28*
33
34*
246
32*
Jan
36
Jan
112
15
4,571
1
Consol Bakeries of Can
107
6*
Feb
»
Jan
Feb
Mar-
Jan
Jan
7*
Jan
13
Jan
14
1,265
1.30
Jan
1.80
21*
610
19*
Jan
362
Feb
Jan
23
Jan
8
Jan
8*
Peb
166*
Mar
166*
Mar
15
24
Jan
14*
Feb
.50
125
50c iJan
75c
Feb
8
205
6
Jan
10
31
140
30
Jan
41
8
'25
6
Jan
8*
Mar
1.60
Jap
1.60
fJan
1,575
35c
Jan
1.10
Jan
1,325
1.50
Jan
2*
Feb
30
4*
.fan
5*
Jan
30
31
8
*
,
1.60
—
4
100
1.60
40c
35c
40c
1.75
City Gas A Electric Corp. *
Commercial Alcohols
*
Preferred.
102
111
7*
Catelli Food Prods Ltd...*
Celtic Knitting Co Ltd
Mar
5*
Jan
12
15
*
*
100
pref
Jan
1.75
1.90
5
.5
5
*
14
Jan
Jan
15
15*
Jan
17*
Mar
5*
4%
5*
12,578
4*
Jna
7*
Jan
1.60
J 1.50
1.65
510
1.50
Mar
3*
5
14*
Mar
15
*
Consol Paper Corp Ltd—*
Cub Aircraft
15,
Jan
Jan
Mar
7%
-
135
50
pref 100
ColOO
Can Vlckers Ltd
Jan
Mar
4
8*
8*
167* 167*
M tm
-
Mar
4*
21*
111
*
Preferred
Cndn General Invests
Cndn Inds 7% cum
77
5
Ltd
Cndn Pow & Paper Inv
Jan
12
Co Ltd..*
Can Nor Pow 7% cm pf 100
7*
140
140
22*
Canada A Dom Sug (new) *
7%
3*
4*
Brewers & Dlsts of Vane..5
*
Jan
21*
55
23*
Brit Amer Oil Co Ltd
Jan
2%
12
Cndn Light A Power
Feb
M8r
11
Beauharnols Pow Corp...*
Jan
65
1.00
11*
91
(New)
Jan
76
High
Low
Shares
18*
Jan
90*
2%
50
Mar
2
„
_
_
66
77
66
56*
56*
38
56
Feb
5*
5*
145
5
Mar
5
5*
705
4*
180
4*
4*
Jan
Mar
6
David A Frere Ltee A
Donnacona Paper A
Jan
Jan
2
B
Falrchlld
6
*
4
4
4
4
4*
7*
6*
7*
------
Aircraft Ltd.—5
14
14*
14
Jan
15
40
40
3,655
10
Jan
40
Mar
40
Mar
Fleet
11*
12
605
10
Jan
13*
Mar
Ford Motor of Can A
*
21
20
21
Fraser
*
*
11
10*
12
11*
11
12*
36
35
a,
-
95
95
93
Mar
94
Feb
33*
1,891
30*
Mar
35*
Jan
10
Ltd
Companies Ltd
Voting trust ctfs
*
16*
4,632
16
Jan
17*
Mar
4,213
15*
Mar
16*
Feb
Fretman (A J) 6% cm pf 100
Inter-City Baking Co.. 100
7*
Jan
Intl Paints (Can) Ltd A..*
30
7*
29*
Mar
50
Mar
49*
200
30
31*
375
51
........
7*
51
49*
40*
46*
Jan
66*
Jan
Loblaw Groceterias A
25
25
30
25
Feb
26*
Jan
25*
»
—
—
11.653
Feb
33
Mar
51*
Mar
5% cum pref
Intl Utilities Corp B
Jan
11* 'Mar
13
Feb
11*
30
—
-
—
-
—
23*
50
23* jMar
1,025
50c jJan
75
Mar
77
Feb
McColl-Fron 6% cm pf.100
90
90
91
35*
40
11
11
11*
11*
165
5*
44
5*
*
Melchers Distilleries
11
12*
11*
Mar
13*
Jan
4
Jan
5
*
Feb
No par value.
Jan
60
12
Jan
370
35
Mar
60
81
Feb
Feb
Jan
15
Jan
60*
Jan
94
Mar
*
Melchers Distillers Ltd pf*
Mitchell (Robt) Co Ltd..*
Jan
1.05
15
Jan
Jan
24*
85c
75
Mar
Jan
70c
23*
12
Mar
Feb
80c
—
39*
37
50c
40c
12
17*
8
2*
40c
35
Jan
Mar
3
25
"39"
Feb
Jan
17*
17*
Mar
250
2*
MacLaren Pow A Paper..*
Mar
23*
30
Massey-Har 5% cum pf 100
*
Jan
Jan
38
Jan
14
20
»Jan
Feb
3
Jan
10*"*!'Jan
Mar
rMar
3*
50
6*
28
27*
615
1,064
11*
20
1
*
425
36
Jan
14*
Jan
4
5
Jan
37*
6
50
3
14
Jan
35
25
37*
4
1,275
36
40
14
5
Mar
3,108
37*
Jan
Mar
3
Lake of the Woods
3*
85
11
26
Jamaica Public Ser LtK— *
Mar
6
10*
75
"
'Feb
6*
Jan
2,958
3
26"
*
2U
Jan
4
2*
Mackenzie Air Service.-.*
8
Jan
5*
1,265
0
Aircraft
15*
7*
1*
50
4*
*
Mar
17
135
6
4
*
Dominion Stores Ltd
6*
16
2
*
B
Jan
6
16
*
15*
*
10
50
1.50
Jan
914
*
16
77%
100
—
30*
Lindsa£(C W)
12
Jan
——_*
Preferred
Zellers Ltd
15*
7*
•
Jan
68
50
"l.75
16*
100
135
1,237
19*
Jan
185
Jan
11%
19*
15
108
150
568
Feb
7314
214
*
*
33*
International Power
9
160
100
United 8teel Corp
..*
*
Jan
125
14%
70
—25
Imperial Oil Ltd
*
Imperial Tobacco of Can_5
*
100
7%
11*
Feb
110
1.60
5
11*
£1
Jan
71
14*
*.
"
Feb
110
1114
7314
*
Preferred
12
5
8
8
1..*
Mar
22%
50
"
40
*
3,687
13
110
1.25
6
5%
5
Internat Pet Co Ltd
2014
12
1.25
5*
5%
100
Intl Bronze Powders pref 25
1914
110
Can Breweries
4*
*
100
2014
100
Feb
1,025
Jan
1,925
18
10
9*
Jan
4*4
15%
Jan
11
18
290
15*
2%
10
1014
60
preferred
6*
4*
„
3,646
104 %
Jan
9%
St Lawrence Flour Mills.
13*
66
_
35
314
3
3
*
10614
6*
9
Jan
60
6
98
13*
1.00
11
9
6
*
*
19
Jan
9
Canada Vinegars Ltd
5
MaJ
4%
98
Canada Starch Co Ltd. 100
175
Jan
19
*
Jan
155
Feb
100
Preferred
S ague nay
Jan
8%
10*
*
Canada—*
Mar
60
89
Mar
15
37
75
1.25
162
Jan
Feb
20*
45
19
Jan
Mar
Jan
297
19
'
Jan
7
Jan
6
Gypsum Lime & Alabas..*
Lang (John A) & Sons
Laura Secord
Mar
29
4*
*
Goodyear T pref lnc '27.50
Gurd (Charles)
*
Intl Power pref
29 %
16
64
14*
General SteelWares preflOO
Intl Nickel of Canada
Jan
1,030
77
9
15
*
Rights
Intercolonial Coal
Mar
Canada Malting
64
1.00
"l9~"
Foundation Co of Canada *
Indust Accept Corp
82
Mar
11*
12
Enamel & Heating Prod..*
Preferred.
Jan
61*
4*
*
Preferred
71
27
150* 150*
100
Hudson Bay Mining
8,141
15
Asbestos Corp Ltd
Mar
77
100
Howard Smith Paper
7814
JaD
Jan
Holt Renfrew pref
7414
Jan
Jan
HoUinger Gold Mines
22*
47
5
Hamilton Bridge
61
Jan
21*
8*
Preferred.
Jan
20
160
Jan
-
3*
Jan
1,050
General Steel Wares
45%
48 *
35
10
Feb
105
Jan
5,705
Gatlneau Power
Jan
2,087
10
6% cum pref
7% cum pref-
Mar
21
Jan
5*
Famous Players
41%
54
20
35
Jan
110
16*
Feb
110
50
870
.
Mar
7
Jan
Mar
105
Mar
6*
10*
Electrolux Corp
42H
Jan
Jan
42 %
15
Jan
Jan
-
16*
Jan
5
Dryden Paper
Jan
157
Mar
105
Mar
9
5*
2*
10*
Jan
Jan
160
Preferred
40
Mar
Jan
10
Preferred
2,768
160
Mar
162
Dominion Textile
43
MaJ
75
100
*
Jan
4*
•
Jan
Dominion Steel A Coal B 25
Preferred
73
210
4,618
26
17*
Distillers Seagrams.-.---*
640
55*
25
54
Crown Cork & Seal Co—*
5,919
Mar
Mar
Feb
19
2*
Mar
101
101
4*
6*
Consol Mining A Smelting 6
Dom Tar & Chemical
57
Mar
Mar
5
7
3
18
50
4%
Jan
Jan
35
2*
Mar
Mar
9
7
28
2
19
4*
Jan
15
103
*
25
Mar
Mar
8
1,866
12*
102
19
1.85 1.92*
Jan
Jan
103
1.90
Jan
15
*
pref
8*
6*
175
12*
*
Dominion Glass
Jan
J an
29*
*
Canadian Indus Alcohol..*
Dominion Bridge
Jan
16*
Jan
35
Cndn Foreign Invest
Cockshutt Plow
50
Jan
15
13*
30*
*
Jan
16
166
17
8
8*
100
Rights
*
Canadian Cottons pref--.
48*
15
35
Preferred 7 %
Jan
960
75
2
2
(new).*
Preferred
50
Canadian Bronze pref--100
Canadian Car & Foundry."
Preferred
——25
Jan
14
7*
Can North Power Corp—*
Canada Steamship
10
Jan
98*
16*
99%
Class B
665
7
15
16
8
*
Canadian Pacific Ry
Mar
157
Winnipeg Electric A
Feb
9*
10
174*
75
16*
—100
100
Dominion Coal
10
9%
9*
16
*
Bathurst Power & Paper A *
Bawlf (N) Grain pref —100
Canadian Locomotive
Mar
Mar
54
69
26
Western Grocers Ltd
Low
Shares
48*
.
Breweries
Celanese
28
27*
6
54
7
B
9%
Agnew-Surpaes Shoe——*
Algoma St6Gl Corp- - *
Canadian
4
65
69
15
Tuckett Tobacco pref..
Range Since Jan. 1, 1939
for
Price
Pw
Preferred
27
68
475
Steel Co of Canada
Sales
Week's Range
Sale
Cauada Cement
*
Southern Canada Power.
Exchange
both inclusive, compiled from official sales lists
•
Calgary Power
Mar
Sherwin Williams of Can.*
Last
Bell Telephone
32
27
Shawinigan W A Power.-*
Friday
nref
Jan
*
A
1 1962
Jan
4s
Montreal Stock
AnffiA Oan Tel
29 *
100
Simon (H) & Sons
Associated
12,449
26
St Lawrence Corp
115*
119* 119*
119
119*
Jan
31
52
100
100
Preferred
Stocks—
"78
Voting trust
Ask
Grand Trunk Pacific Ry-
115
Mar
2914
Canadian Northern Ry—
Sept
1 1961
June 15 1965
Feb
1 1956
July
1 1957
July
1 1969
Oct
1 1969
Feb
1 1970
4 lis
52
4
27
Rolland Paper
Dominion Government Guaranteed Bonds
414s
Jan
Mar
52
Pow
Ottawa L H &
Regent Knitting.
114* 115%
7
*
Quebec Power
Canadian National Ry—
7%
20
53 >4
Niagara Wire Weaving _. _ *
Noranda Mines Ltd
*
5% preferred
114*
Bid
Jan
Feb
42
*
25
Preferred
Preferred
Canadian Pacific Ry—
80*
103
Mar
5
6%
4114
43
National Steel Car Corp..*
Preferred
Bid
Ask
79*
perpetual debentures _
Sept 15 1942
629
Ottawa Electric Ry
Railway Bonds
Canadian Pacific Ry—
3,730
54
Mont Loan &
Ogilvie Flour Mills
Bid
514
614
High
2
Mar
27
*
National Breweries
Prov of Saskatchewan—
5
2
52
Mont LEAP Consol
Montreal
50
614
5*
*
*
McColl-Frontenac 01
Low
Shares
2
2
Corp—*
Massey-H arris
Montreal
109*
105
MacKinnon Steel
Price
Par
(Concluded)
Stocks
Mitchell (J S)
Provinoe of Quebec—
93
90
June
414s
102* 103*
110*T11 *
.....
1.20
6
11*
11
1.20
6
11*
25
1.35
Jan
639
6
11
Mar
1
1.35
Jan
6*
,
Jan
640
Jan
16*
Jan
Volume
148
Financial
Chronicle
1785
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Par
Page-Hersey Tubes
Paton Mfg Co
*
*
Week's Range
of Prices
Week
Price
103%
Low
High
5
Low
Stocks
High
6% cum
Walkervllle Brewery
7
101
Feb
104
Jan
Bathurst Power A
5
Mar
12
Feb
"~~4%
108
4%
cum
345
Beatty 1st pref
Jan
4%
Mar
Jan
Bell Telephone Co
Bldgood Hlrkland
Jan
Big Missouri
Mar
50%
Jan
Biltmore
Jan
20%
Jan
108
44
655
43
20
20
110
19%
100
Range Since Jan. 1, 1939
Shares
7
Jan
11c
Mar
1.18
Jat!
1
99%
2%
Jan
103
11c
17c
1.20
1.25
59,400
14,000
102 H
20
102
102
3H
174
169
675
4
174H
749
1
23c
20c 23 He
22,692
21c
18c 22He
6
7
4,250
*
!
30
50
High
6%
_1
Blue Ribbon pref
Low
115
15c
4
1.40
Jan
Jan
High
for
Week
1.22
Benuiiarriols
100
Jan
4%
1.00
43
20
Jan
Low
7
*
7%
Feb
106
79
105
Jan
6%
110
1.25
1.15
*
pref
101
1,032
4%
108%
107
*
Price
Bear Exploration & Rad.. 1
60
.
of Prices
*
Beattle Gold
Walker-Good & Worts (H)*
Si
Par
25
101
Provincial Transport Co.
Quebec Tel & Pow Corp A*
Sou Can Pow 6% cm pf 100
(Continued)
Week's Range
Sale
Power Corp of
101
Sales
Last
10
5
99
7
Canada—^
1st pref
100
Range Since Jan. 1, 1939
Shares
103% 103%
Exchange
Friday
for
Sale
Stocks (Concluded)
Toronto Stock
Sales
Last
165
8%
32o
40
Jan
Jan
Jan
Mar
Jan
5%
Mar
Mar
175%
Feb
30c
18c
Mar
30c
Jan
145
6
Mar
25
7%
32%
Mar
75
30
Jan
20c
Mar
22c
Feb
Jan
11.75
7%
Jan
12%
Mar
4
Feb
5%
Mar
,
Jan
Jan
Jan
Bobjo Mines
Aldermac Copper Corp
*
40c
35c
38c
2,600
Alexandria Gold
1
lc
10
lc
1,000
Ashley Gold
1
Beaufor Gold
8c
1
Bouscauillac Gold
1
Bulolo Gold Dredging
5
Cndn Malartic Gold
*
Capltol-Rouyn Gold
1
200
5c
7c
38,800
10%
4,726
8%
10%
24,696
4%
4%
22 H
25
8.030
26%
175
3
150
2%
45c
40,700
37c
Mar
75c
24c
20,400
19o
Jan
33c
Jan
75
60c
Mar
65c
Jan
Mar
15%
Jan
5c
Mar
500
Jan
Brazil
lHc
Jan
Brewing & Distilling
9c
Feb
British American Oil
Jan
Brit Col Power A
Jan
10c
14c
Jan
22c
100
12c
10H
Mar
Jan
28o
Traction
10H
5
"22"
*
2H
Jan
Broulan-Porcuplne
l
41c
Jan
10c
Brown Oil
*
22c
6c
Mar
26%
1,300
85c
2,200
73c
Mar
1.00
Jan
2c
2c
1,000
2%c
2%e
Jan
3%o
Feb
Buffalo-Aukerite.
24
2c
3c
25
28
Jan
21H
25H
25H
B__
73c
"24
Gold—1
Cartter-Malartlc
5c
10c
10%
Jan
lc
200
21c
12c
*
Mines
Jan
35o
2,000
19o
21c
8c
10c 10%c
1
Big Missouri Mines
1
Bralorne
Mines—
Preferred
37c
21c
1
60
11H
12
1
4c
6,900
6c
Jan
Buffalo-Canadian
*
4%
18c
22c
36,410
Jan
25c
Feb
Building Products (new).*
16%
1
2.25
2.45
3,900
2.25
Mar
2.74
Jan
*
1.35
1.35
100
1.35
Mar
1.48
Feb
Gold.l
-*
20c
20c
2,600
20c
Mar
290
Jan
Calgary & Edmonton
32 %
31%
3,208
31%
Jan
Jan
Calmont
Duparquet Mining Co—1
4c
4c
32%
4%c
7,600
4c
Feb
8c
Jan
Canada Cement.
1
2.47
2.25
2.47
10,750
2.14
Jan
2.80
Jan
1
Central Cadillac Gold
Central Patricia Gold.
—
Coniaurum Mines
Cons Cnlbougamau
Dome Ml nee Ltd
East Malartic Mines
"20c
Feb
I6c
33%
Bunker Hill
55
96
Feb
101%
Mar
101%
101
Mar
102
Mar
Jan
Mar
Canada ~ycle & Motor.lOO
Canada. Malting—
*
25c
Mar
Canada Packers
4c
4c
4%c
2,500
4c
Jan
6%c
Feb
Lake Shore Mines Ltd
40 %
Macassa Mines
1
1
4.90
Mar
50%
Jan
4.65
Mar
5.80
Jan
Mclntyre-Porcuplne
6
55%
1.11
52%
Jan
58%
Mar
12
Jan
1 .31
Jan
56%
1.10
1.50
970
.1.12
54%
MeKenzle Red Lake Ooldl
1,555
600
1
40
101
391
32
Jan
35%
72
75
66
Feb
77
Mar
Jan
152
Mar
Breweries pref.*
Cndn Bk of Commerce. 100
Canadian
Can
Canadian Can A
1.50
100
1.50
Mar
1.50
Mar
49c
55c
9,100
4!;c
Mar
60c
Mar
49c
1,500
4"c
Mar
50c
Mar
2~50
2.30
2.50
5,650
2.30
Mar
3.35
Jan
Can Car & Foundry
Preferred
*
3.65
3.30
3.70
4,890
3.30
Mar
4.80
Jan
Canadian Dredge
*
6c
6c
6c
1,800
6c
Mar
16c
Jan
Pato Consol Gd Dredging 1
2.25
2.25
2.25
450
2.25
JaD
2.60
Jan
1.45
1.60
1.46
Jan
1.85
Jan
Canadian
1.65
1.75
1,200
7,000
i .45
Jan
1.91
Mar
4.90
5.10
400
4.90
Mar
5.60
Mar
2.45
2.45
2.45
Mar
2.65
Jan
Canadian
1.28
1.40
1-28
Mar
1.72
Jan
9c
Mar
Pamour-Porcuplne
Pandora Cad
"
Pend-Orielle M & Metals. 1
.1
Perron Gold
"l"75
Pickle Crow Gd M Ltd...l
Pioneer Gold of Brit Col._l
Preston-East Dome...—.1
Red
Crest Gold
Shawkey Gold
2,000
-
6c
Mar
3,300
3 He
Mar
6c
Jan
3c
Jan
4%c
Jan
1.00
1.12
1,000
9,110
1.00
Jan
1.44
1.10
Slscoe Gold Mines Ltd__.l
800
3%c
3%c
1.10
1
6c
3%c
1.10
1.18
8,960
1.10
Mar
1.67
1
1
Sherrltt-Gordon
100
,
3%c
*
Reward Mining
1.40
6c
6c
20
45
1.25
19%
18H
169
170
3H
'~18%
18
1.60
2,075
658
21
172
82
1.25' Ma'-
Jan
169
Mar
23
Jan
179
Mar
3%
Mar
370
19
Jan
1.86
Mar
18%
415
3%
Jan
4%
19
Jan
Mar
Jan
6%
Jan
Jan
25
30 H
29H
30 H
395
29%
Mar
17
19
135
17
1%
2
740
71c
88c
13,876
15%
17
112%
615
14
Jan
20
Jan
10
109
Feb
122
Jan
4%
4,473
*
Preferred..
6%
.....
83c
*
100
R_
25
16
112
"~4%
4H
Wineries
7
3H
Carnation pref
Castle Trethewey..
100
3%
25
2.15
2.30
4,200
75
106
105
106
7%
Jan
18
Jan
Jan
M8r
34%
23%
1%
Mar
2%
Jan
71c
Ma-
1.03
'Mar
Jan
Jan
3
2.15
6%
Jan
Jan
4%
3%
Feb
Mar
2.39
Jan
Mar
103
106
Feb
85c
85c
20,350
86c
Mar
1.05
1
2.39
2.22
2.48
19,400
2 22
Mar
2 75
Jan
Jan
1
9c
8c
9c
13,100
6C
Jan
12c
Feb
Jan
Chemical
1
50c
35c
50c
6,700
3cc
Mar
70c
Feb
1.06
98c
1.10
43,070
98 c
Mar
1.39
Jan
72c
72c
4,380
60c
Jan
85e
Feb
'"38c
38c
40c
4,900
38C
Mar
55c
Jan
21%c
Jan
1
Research
10,400
Jan
Chestervllie-Larder Lake. 1
56c
63c
43,106
Jan
1.03
Feb
80c
90c
8,775
1,100
78c
Mar
1.01
Mar
Chromium Mining
Commoil
3.00
80c
3.00
3.20
Mar
3.55
Jan
1
4~25
4.25
4.25
1,575
4.25
Jan
4.60
Mar
Thompson Cad
1
18c
17 He
21c
49,050
18c
Mar
31c
Feb
Mar
5.75
Mar
5.00
Jan
12%
68c 60He
1
37
17%
89c
...
10
Central Patricia
Central Porcupine
Teck-Hughes Gold
Sylvanlte Gold
Jan
41
90
58c
Mar
Jan
25
3,685
60c
56o
2%
10%
Jan
13%
1
47c
Jan
Jan
12 H
1
8tadacona (new)
Sullivan Consolidated.
2
7%
17%
13 H
...»
Sladen Mai
572
99
1.25
*
Oil
P
345
9
Mar
*
B
C
2%
140%
41
Cariboo
1
*
119
20 H
8
Cndn Indus Alcohol A—.»
Canadian Malartic..
*
"55c
Normetal Mining
O'Brien Gold
"
17 H
*
:
45c
Mining Corp of Canada—*
New True Fissure
101%
148% 152
Canadian
3,557
126
35
70
2
Mar
1.20
Jan
33
50
1.74
1,600
4.95
4.65
40
Canada Steamships
Preferred
100
11
70
100
Jan
1.50
1.40
Canada Permanent
85
35
*
Canada Wire B
*
Canadian Bakeries pref. 100
Canadian Breweries.
*
40%
1.50
Jan
98
6.00
1
65c
98 %
2.35
Kirk land Lake Gold
Jan
100
—
Mar
Jan
34c
Mar
Mar
Mar
2.80
10%
Mar
10C
Jan
Mar
19c
10c
Jan
1.90
Mar
7
1.42
Feb
12%
355
4.90
Mar
Jan
Feb
17
8%
1,800
7c
H%0
Jan
7
1,615
5%c
Mar
8%
6,575
27
6c
*
19c
1,500
2%c
14%
40c
1.65
7c
7c
Jan
1,205
6.200
17
36c
5.20
8c
Jan
39c
18c
7c
11
Jan
1
1.42
8c
Mar
32,950
23,500
4.90
1
Mar
3
2.20
18c
—
27
Jan
2.00
1.63
(New)
23%
Jan
2.10
5.20
Consol Gold
Jan
22
*
*
Klrkland Gold Rand
20%
11
1
J-M
13,000
Jan
11
Oils..
Preferred/...
3,596
9%
11
*
--
3%
15%
6c
Burlington Steel
Falconbrldge Nickel
Jollette-Que
12%
4H
*
Francoeur Gold
Eldorado Gold M Ltd
65
10c
*
Commonwealth Petroleum*
Conlarum Mines
i..
Consolidated
Consol
Bakeries...*
Chlbougamau
Ventures Ltd
*
5.00
30
5.35
Walte-Amulet
*
6~90
6.50
6.95
3,155
6.30
Jan
8.10
Jan
Cons
Wood Cad
1
12c
lie
I2%c
9,200
10c
Feb
18*%C
Jan
Consumers
Wright Hargreaves
*
8.55
8.15
r8.60
4,505
8.00
Jan "8.85
Mar
*
10c
10c
1,000
9c
Jan
15%c
Jan
*
1.00
1.13
Jan
1.61
Jan
Davies
22c
22c
2,900
3,300
1.10
—*
19c
Jan
31c
Jan
Denlson Nickel Mines..
2.05
2.10
200
43c
1
Smelters
6
25c
"
L40
26c
1,500
1.45
13.944
1.29
630
14%
100
20c
20c
53 H
51H
21c
Cosmos.
Crows Nest Coal..
180
19
100
33%
.1
5c
2,400
4,396
55%
177
178
36c
Jan
19
Gas
18c
46%
Jan
Jan
1.74
Jan
15%
1.30
15
15%
-
Mar
17
Mar
27c
Feb
61
Jan
Jan
Jan
177
Mar
35
19
Mai
22
Jan
33%
101
27
Jan
35
Mar
5c
3,000
33,450
.
142
182%
Mar
OilAnaconda Oil Co.
Oil
Anglo-Canadian
Brown Oil Corp
Calgary <fc Edmonton
43c
2,000
37c
Feb
Jap
*
34%c
Mar
55c
Jan
Home OH Co
*
Dominion Bank
2.45
38,925
2.00
Jan
3.70
Jan
Okalta OUs
Dominion
1.16
300
1.02
Jan
1.72
Jan
37%
555
35%
Jan
44%
Jan
*
Royallte Oil Co
♦
*
Distillers Seagrams
Dome Mines (new)
500
—*
2.40
2.18
1.08
1.93
Jan
Jan
2.75
75c
37c
32c
37c
12c
12c
17
18H
*
32 %
31%
18H
32%
3,000
3,995
5,219
100
206
206%
106
25
16
16%
80
Coal pref
Dominion Explorer
2
1
Dominion Foundry
%C
22 %
22
Dominion Steel Coal B—25
9%
9
Dominion
36
37%
,
12c
Petroleum
34%c 34%c
*
Dalhousle Oil Co.
Davies Petroleums Ltd
Dark water
5H
5H
Stores..
*
Dominion Tar
2%c
10%
5%
1,000
610
23
5,240
5c
Mar
8%c
Jan
32c
Jan
60c
Jan
11c
Jan
16c
Jan
13%
Jan
Jan
20%
33%
210%
18%
3%c
Mar
30%
200
Jan
15%
2%c
Jan
Jan
Mar
Mar
Mar
Mar
8%
4%
5H
77
250
5
5
73
25
Jan
12%
Jan
6%
Mar
Feb
22
250
6
Feb
7
Mar
Mar
Feb
Feb
77
i
7%c
7c
8c
25,700
5c
Feb
9%c
Mar
Duquesne Mining
1
24c
22c
25c
30,900
21c
Mar
26c
Mar
East
*
8c
10c
10,200
7c
Jan
13c
Mar
Preferred
Statistical Information
gladly furnished
on
CANADIAN STOCKS
77
100
Dorval Slscoe
....
Crest Oil
Mar
East Malartic
Membersi
McCarthy
77,675
211
Jan
14
14
100
14
Mar
16%
Jan
27
27
97
27
Mar
30
Jan
Steel
Eldorado
.1
I-ale bridge
Toronto Stock
Exchange, Montreal Curb Market.
Canadian Commodity Exchange
Canada Permanent
249
*
Economy Investment--.25
Mara &
1
Eastern
..1
Federal-Kirkland
1
....
Fern!and Gold.
Week's Range
Range Since Jan. 1, 1939
for
Rlvhts
8c
6,000
4 55
Jan
3,758
19
Jan
4c
3,500
5c
13,300
8%c
9,300
15
Abitlbl
1.10
*
preferred
Alton Mines Ltd
1
Low
1.00
7H
Mar
6c
Feb
9%
6o
6c
2,634
3%c
2%c
3%c
29,800
2c
18c
16c
18c
1,500
16c
7%
Mar
2%
Jan
*
21%
9Hc
Jan
Jan
Feb
4c
Mar
Mar
30c
Jan
30c
Jan
Aldermac Copper
Algoma Steel
Amm Gold
16%c
19c
2,400
16He
19%
5
19%
36c
38c
19,100
34c
Jan
9
9%
50
9
Jan
38c
*
*
1
10 He
*
1.00
*
Mar
23%
Jan
10c
Mar
14 %C
Jan
19c
2,700
18c
Mar
25c
Jan
14%
'
19%
15%
90%
382
11
Jan
16%
Mar
281
Jan
94
Feb
335
88%
2%
6
Mar
1,740
5%
Jan
7%
Jan
4c
Jan
ll%c
Feb
20c
Feb
30c
89
4%
5
5%
4%
6
"<T%c
6c
7c
*
22c
21c
22c
21,100
20,199
1
18Hc
Jar
20c
10,600
18c
Mar
28c
Jan
60c
1,400
50c
Mar
60c
Jan
6c
6%c
1,400
6c
Ma'
13%c
2%c
2,500
2c
Mar
411
71%
Jan
2c
Goodfish
75
Goodyear Tire
78
57
55
57
1
2%c
2%C
3%c
3,500
2%c
Mar
4c
1
7 He
6%c
9 He
55,200
6%c
Mar
13%c
Jan
Jan
Grandoro
*
4%C
4%c
3,000
4%
Mar
7
Jan
Jan
Great Lakes Paper votlDg.*
4%
5%
185
Feb
7
Jan
Preferred
50
Voting pref
12
9,500
9Hc
Mar
1.14
30,210
93c
Mar
1.52
Jan
Great Lakes Paper
*
3.00
910
3.00
Jan
3.25
Feb
Gunnar Gold
1
10Hc
17c
Jan
'
49c
12c
11c
12c
15,000
Jan
17 He
Feb
Gypsum Lime & Alabas..*
6c
7%c
5,000
6c
Mar
Harding Carpet
*
5%
3
4%c
6,950
3Hc
Mar
10Hc
6 He
Feb
3%c
Feb
Hard Rock
1
1.25
Auglte-Porcupine Gold
l
50c
44c
52c 112,100
41c
JaD
72c
Jan
Harker
Mar
1
1
8
13
12
*
12c
93c
3.00
9%c
3%c
12
40c
5
3
1.12
8
49c
228
55
4
Jan
9c
1
1
Feb
17
Jan
30
10%
Jan
12
Mar
40c
Mar
160
12
6%
Jan
3%
975
2%
Jan
3%
Mar
1.37
64,320
1.12
Mar
1.95
Jan
Mar
10
5%
8
1.425
8,285
4%
8
Jan
1.25
Mar
6,700
15%c
Jan
Jan
58
Feb
35C
Jan
1
Jan
Hlnde A Dauch
*
11
100
10%
Mar
15
220
Jan
Hollinger Consolidated
5
14%
10%
13%
11%
Mar
14 H
5,265
13%
Jan
15
4
300
Feb
310
Feb
Home Oil Co
*
2.40
2.20
2.45
81,691
1.98
Jan
3.75
Jan
65
239
Jan
Mar
Homestead Oil
1
12c
10c
13c
8,800
10c
Mar
26 %c
Jan
Mar
Howey Gold
27c
29c
10,525
24c
Jan
31c
Mar
250
250
5
2,700
20c
Mar
Bank of Toronto
17c
1.30
18c
203
305
4
1.25
19c
21 He
305
*
1.28
*
6,175
Bank of Nova Scotia... 100
*
1
High wood-Sarcee
10,999
20
.—*
Jan
10c
207
Base Metals
64c
24c
21 He
203
Barkers
Mar
9c
100
100
Jan
58
15,875
Hedley-Mascot Mines
Barcelona Traction
Jan
Jan
Mar
Granada Mines
1
Cons
3%C
78
Jan
24
1
Bank of Montreal
Jan
18c
"6 He
Astoria-Quebec
Bankfield
•'
Jan
50c
50c
Ashley
Bagamac Mines
Feb
33
14 H
Mar
Anglo Huronlan
Arntfleld Gold.
Jan
17c
Mar
52c
Feb
19%
Anglo-Can Hold Dev
Mines
8%c
Mar
1,400
27
Grabam-Bousquet
1
100
Alberta Pacific Grain—
Preferred
Mar
.Jan
Jan
2,853
J
Gold Eagle.
7%c
12c
*
Gold ale Mines
Mar
Jan
Mar
18c
14 %
90 H
Gold Belt
8c
6.00
24
21%
Gillies Lake Gold..
High
4%c
2.37
19%
General Steel Wares
Week
Shares
7%
1
Alberta Pacific Consol
1.20
1.00
*
AjaxO&G
of Prices
High
Low
4,245
4,780
100
Acme Gas & Oil
»
6%
Price
30
Mar
31
God's Lake
Sale
Par
Stocks—
1.41
Mar
10c
..100
——
5.35
22
4%C
'19c
Gatlneau Power
33,075
279
29
20%
Preferred
Sales
"4Hc
*
Francoeur
1.65
3%C
1
Foundation Petroleum..
both inclusive, compiled from official sales lists
Last
4.95
20 H
22
.100
Ford A
Exchange
Friday
1.41
1.61
Faulkenhara Lake Gold—1
Fleury-Blssell pref
March 18 to March 24,
221
5.15
Fanny Farmer..
Building, 820 Bay St., TORONTO
Toronto Stock
249
5
*
4
18c
23c
38c
Jan
20
4H
Jan
250 H
5
30
4
Mar
5%
Mar
16f
Mar
30c
Jan
3,200
*
No par value.
-.
1
Jan
Jan
Financial
1786
Mar.
Chronicle
1939
25,
Canadian Markets—Listed and Unlisted
Toronto
Last
Sale
Stocks
Par
(Continued)
Price
for
of Prices
Low
High
Week
Shares
High
Low
Stocks
4.501
30*
Jan
35*
Jan
Par
(Concluded)
33*
65
65
10
64*
Feb
70*
Mar
20% pref.100
Imperial Bank.
10U
Imperial Oil
*
9
9
90
8*
Jan
9*
Jan
212*
212*
117
202*
Feb
Jan
Sterling Coal
16*
16
16*
7,769
15*
Jan
17*
Mar
Imperial Tobacco
5
15*
15*
15*
650
13*
Jan
16*
Feb
Inspiration
1
Huron A Erie
35c
100
*
20
Preferred
1
1
1
Jelllcoe Cons
J
M Consolidated...
Kerr-Addison
—I
—
Kirk land-Hudson
1
Lamaque Gold
5
79*
Feb
90
46*
Jan
4J44
24*
Jan
56*
27*
25*
100
26
50c
Feb
70c
Jan
Mar
Jan
11*C
13*c
Jan
Jan
Teck
Mar
11c
Jan
Texas Canadian
Feb
Tip Top Tailors
5
1.82
70,163
33c 37 *c
8,000
Jan
10
1.66
33c
12
Jan
2.08
Mar
73c
Jan
Feb
B
Toburn
8c
2,400
8.353
40
6.60
3,820
Jan
Mar
54C
Jan
Towagmac
Twin City
29c
35c
32,050
29c
12*
1,210
11*
Mar
13*
Jan
66c
Feb
85c
Jan
.j.
50
Ucbl Gold
8*0
Jan
Union
66c
85c
Jan
United Fuel A pref
2.85
Mar
2.85
3.10
43,325
13,115
24*
632
540
3.60
Jan
22
Jan
25
Mar
21*
Feb
23
Jan
50
B pref
14,483
Jan
1.91
Mar
3.20
J.n
3,5c
Mar
55c
Mar
2.34
36c
40c
47,015
30,900
50*c 61*c
60,550
43c
Jar
69c
lc
3,000
lc
Feb
1*0
Mar
1.05
1.30
515
1.05
Mar
1.65
Jan
Ma;
4*
Mar
Jan
7c
Jan
7*
1
*
Preferred
5*
36
*
McColl Frontenac...
6*
*
6
1
McDougall-Segur
Mclntyre Mines
McKenzle Red Lake
Mc Vlttle-Graham
1
McWatters Gold
*
3
4*C
12c
50*
Jan
1.08
Mai
1.32
Jan
5,800
6c
Mar
13c
Jan
15,060
43c
Mar
75c
Jan
7.500
1.43
Mar
2.05
Jan
2c
Mar
3c
Feb
30c
Mar
48c
6c
43c
50c
1.43
1.55
65
20
20
8c
Jari
1.05
Mar
9c
1.05
1.15
3,300
25,470
37*
408
35
37
158
35
163
l*c
163
161
27,933
8c
13,000
l*c
300
4*
5*
24
10
24
10
10
6,300
4*c
Feb
21c
Mar
14c
850
4*C
New Golden Rose
1
1.62
1.65
14c
Mar
74*
78*
*
8c
9c
2,325
4*0
5c
2,500
78*
1.62
3*c
13*
61*
Jan
51*c
Jan
9c
25c
1.80
Jan
Jan
Mar
Mar
82
Mar
13c
Jan
6c
Feb
500
44c
Mar
70c
Jan
Jan
60c
Mar
Feb
3*
Jan
3.35
Jan
1.73
Jan
2.355
45c
3*
120
3*
2.28
50
53
3*
1.13
36c
10,310
1.16
11,705
1.01
Jan
l*c
I,500
1*C
Mar
2*c
Jan
20,733
35c
Mr
53c
37c
35c
110
Feb
108
110
6
6*
85
4*
Oro-Plata
*
30c
35c
9,100
30c
9
"
*
7c
6C
6*c
104
99
10,600
305
104
n
3.25
Porcupine
*
1
3.70
3.25
3.75
Pantepec
5*
5*
310
5*
1
4*c
4*c
5c
4,100
4*c
23,150
Jan
Mar
4 *C
17*
Mar
4.70
Jar
Pioneer
1
2.45
1
1.73
Power
*
2.50
1.65
2,525
1.84
15,850
10*
2.40
10
100
2.40
Jan
7*0
Ma
15
5.15
Jan
Feb
15,133
18
52*c
Mar
Mar
Jan
"
Jan
7*
7*
7*0
Mar
4.80
112
.Tan
Mar
39c
5*c
4*0
18
Mar
61c
1.94
20
Jan
Mar
Jan
5.60
2.70
Jan
Jan
Mar
2.45
Jan
Mar
1.65
10
12*
24c
19c
1,900
18c
Jan
2.07
14,475
1.97
Mar
2.40
9*
100
9*
Mar
10*
1.36
1.20
1.40
1.19
Jan
1.75
Feb
40c
Mar
8*
40c
50C
Quebec Mining
1
50c
54c
1,125
40c
Mat-
65c
Jan
*
10c
10c
800
10c
Mar
15c
Jan
9C
*
Long
Ronda Gold
Royal
Mines
11
*
Saginaw Power pref
Anthony..
10*
"37*
3
70
8c
13*
15,600
3
Feb
Wright
10*c
Mar
180
Jan
1,103
36
Jan
10
13c
13,900
200
104
10*C
3
ll*c
31c
192
44*
Jan
_
4c
Feb
5c
Mar
■
Feb
160
67
20
3c
3*c
2,900
1.00
1.12
8,430
92c
1.09
1.03
1.14
46,092
1.00
6.85
6.50
6.85
1,983
5.25
4
10
3*
B
4
150
20
10
Feb
Feb
4*
Jan
Mar
10*
Mar
1.70
Mar
3*
8
Jan
1.45
Jan
Jan
7.20
Mar
5
Feb
10
Mar
12
F"eb
3
Feb
87*
47
82*
Jan
1.10
1.18
14,805
1.10
Mar
Sladen Malartlc.
1
59 *c
57c
65c
8c
6*c
38,350
27,200
60c
61,139
'2*
56c
64c
5
*
5
2*
2*
Mar
Mar
1.13
86
1.14
4
1
1
Feb
12c
13,700
10c
Feb
19c
Jan
8.10
8.60
24,090
8.00
Jan
8.90
Mar
6*c
1.000
Bo
Feb
Pe
Jan
10c
Toronto Stock
Exchange—Curb Section
inclusive, compiled from official sales lists
March 18 to March 24, both
Sales
Friday
Last
Par
Stocks—
Week's
Sale
of Prices
Low
High
Price
Range
Range Since Jan. 1,' 1939
for
Week
Shares
High
Low
1.60"
Mar
3.00
Jan
3*c
3.00
1
l*c
♦
3*
3 *
100
3
Jan
4
Jan
4*
4*
90
4
Jan
5
Mar
13*
65
12
Jan
14
Jan
.....
BretP-Trethewey
...
Bruck Silk
*
Canada Bud
4*
*
Canada Vinegars
—5
Coast Copper
—
2C
9,000
95c
5*
Mar
2*
Mar
Mar
7*
Jan
Mar
90c
-
200
2c
Feb
3c
41c
45c
2,755
40c
Jan
75C
*
Preferred
1,15
Feb
4*
-
3c
7
100
DeHavllland
Jan
1.80
-
3c
45c
80
4*
90
1.67
85
Jan
55
7
Mar
14
Mar
105
70
Feb
90
Mar
28
8*
29*
30*
455
Jan
37*
Jan
*
65c
75c
9,610
60c
Jan
1.45
Jan
*
4*
5
200
4*
Feb
6
Feb
35
*
Dominion Bridge
Foothills
Hamilton Bridge
30*
*
25c
25c
*
—
.
12
10
12
"
25c
Mar
10c
1.500
7 *c
2J300
12c
5*
Jan
....
31
2,050
29*
2*c
2*c
lc
Jai
1.45
1.60
10,550
1.40
1
.100
1.53
-
Shawinlvan.
*
Supertest ordinary
2*
*
Mines..
10
2*
115
Jan
2C
Feb
1.95
Feb
120
Jar
2
Mar
3*c
Jar
76
125
125
..
*
Roger-Majestic A
Jan
Jan
Mar
32
Mar
l*c
1,700
2,000
2c
l*c
30*
Pend Oreille
Robt Simpson pref
17c
8
Jai
30
*
...1
II & P._.
Pawnee-K irk land
13 *c
Mar
25
Jan
Jan
Feb
12
Mar
12c
8
7 *c
Jan
65c
Feb
10
12c
7*c
_100
Oil Selections
Temlskaming
30
310
25c
8
1
*
L
55
32
30
.100
Preferred
Honey Dew
Honey Dew pref
'
Jan
Feb
2*
■
Jan
19*
20*
520
19*
Mar
22*
Mar
38
20
38
209
38
Mar
38*
Jan
.
Jan
14 *e
Feb
8c
1
8c
7c
6,200
Industrial and Public
March 18 to March 24, both
Utility Bonds
inclusive, compiled from official sales lists
hid
Ask
hid
Abitlbl P & Pap ctfs 5s 1953
Alberta Pac Grain 6s.. 1946
58
58*
82
84
Manitoba Power 5 *s. 1951
5*s series
«
—
109*
Ask
87
87
Maple Leaf Milling—
2*8 to *38-6*8 to '49.
37*
38*
Minn A Ont Paper 6s.
1958
41
'4
Montreal Island Pr 5*s '57
Calgary Power Co 5s..1960
103
Canada Bread 6e
Cedar Rapids M A P 5s '53
98*
1945
49
51
/28*
28*
104* 106
-
1939
1956
1973
Montreal Tramway 5s 1941
50*
50*
10 3
lot
3*s
«
-
103* 101*
Power Corp. of
102* 103*
value) 3s
113* 115*
5s
1961
40*
41*
90*
Can 4*s'59
Dec
1
1957
Price Brothers 1st 5s..1957
96
103*
95
97
4s...1957
92
94
91*
Provincial Pap Ltd 5 *s *47
101
2nd
Dom Gas A Elec 6*8.1945
95
97
Consol Pap Corp—
5*8 ex-stock
3*8...
par
99*
conv
deb
Donnacona Paper Co—
1956
71*
72*
Saguenay Power 4*s A '66
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
93*
42
48
Shawlnlgan W A P 4*s '67
106* 107
105*
103* 103*
Fraser Co 6s
97*
98*
Smith H Pa Mills 4*s '51
102*
4g
Jan 11950
4*s series B
Gatineau Power 5s...1956
Gt Lakes Pap Co 1st 5s '65
Int Pr A Pap of Nfld 5s 68
102*
1966
—
—
104
103* 104
Jan
Jan
Jan
80c
Jan
6*c
Jan
13c
Jan
Mar
1.C3
Feb
33
3
Jan
5*
100
2
Jan
81
82*
United Grain Grow 5s. 1948
United Secure Ltd 5*s '52
Lake St John Pr A Pap Co
Winnipeg Elec 4*s
Mar
1960
92
94
62
63*
102*
5*s
1961
85
88
4-5s series A
1965
67
68
5s
1951
45
47
4-58 series B
1965
53
54
Mar
3*
B——1952
1946
lst5*s
Feb
52c
45c
Feb
170
1 85
4*
l*c
6,784
95c
1.85
—
5*
•*
Dalbousle OH
175
—
—
*
Crown Dominion
3 00
95c
^
*
Consolidated Paper—
13
13
1
Canadian Marconi
Montreal
Mar
*
Beath A
93
Mar
15*c
Slscoe Gold
100
Mar
65
6 *c
101
106*
Jan
Jan
10*
3c
1
*
2.12
8.55
Canadian Vlckers Co 6s '47
Jan
Jan
10
Jan
8*c
Feb
Mar
63
Canadian Inter Pap 6s 1949
Canadian Lt A Pow 5s 1949
4*c
4
Mar
4
1 50
70
Montreal L H A P (550
Jan
1.09
3c
6,100
12,300
4*c
150
!l*c
....
Jan
l*c
Ma-
*c
108
17c
*
Feb
103*
Jan
.
12*
95
104*
Mar
Paving
Jan
MaMar
101
1.18
Standard
Jan
10c
10*
106
13*C
*
4c
Jan
Mar
4*c
5,500
*e
Jan
8*c
88
1941
II,000
Stadacona
3,500
Canada North Pow 5s. 1953
13,092
Standard Chemical
6c
5*c
Jan
24
Feb
4*c
Jan
Mar
15c
Lake
1,000
2*
6*c
1
*
Hargreaves...
Ymir Yankee Girl
Burns A Co 5s
Ma-
1.60
Slave
4*c
63
1,
-
63
.100
Wood (Alex) pref
Wood-Cadillac
-
Jan
7c
1.41
Simpsons pref
-
109
10*
Simpsons A
Mar
106
13 *c
1
21
4c
_
Beauhamols Pr Corp 5s '73
V.60
Sllverwoods pref
10
21
4c
.
Brown Co
13*c
Slgman Mines. Quebec..
Jan
He
Bell Tel Co of Can 68.1955
1
Sherrltt-Gordon
2
50
Jan
_i
50c
110
568
Jan
50
Sheep Creek..
Jan
2*
11
Jan
San Antonio
Gold
15c
89
33c
3*
10*
Shawkey
Jan
10*
28
St Lawrence Corp
A
Sand River Gold
—
Mar
142
106
lie
20c
24
9,200
37*
36
106
13c
*
12c
21
Mar
6c
1,600
10,400
191
187
100
...
6c
30c
25
7c
100
Royal lte Oil
8t
21c
24
1
Bank
*
6c
30c
*
Lao.
Jan
6,200
89
J an
Quemont
Roche
Jan
13c
12C
Feb
Pros Air
1
Jan
1
Jan
9*
94,125
3,100
_
8.25
Jan
18c
1.97
9*
Gold
Jan
Mar
2.00
25c
Red Crest
1.00
20*
2
*
Mercury Mills pref
1.45
Powell Rou
Reno
Jan
Mar
50c
51*
~
*
Mandy
12,600
"5 JO
Riverside Silk.
Jan
5.80
Jan
11
Wllrsey-Coghlan
Klrkland-Townsite—
45c
E Dome........ j
Jan
5.00- Mar
Jan
89
W|nnlnee Flectrlc A..
Jan
1.76
1
Preston
7
Jan
*
Jan
39c
.1
Jan
4
6.20
--
Jan
1.65
Metals...
Preferred
White Fagle
4.75
42c
Pickle Crow
Premier
15*c
19
*
12c
1.75
4*c
Photo Engraving.
Gold
Feb
Mar
42
100
104*
1
Corp
Prairie Royalties
Feb
Mar
9*c
1,931
4*c
Jan
1
Cons
Perron Gold
—
Westflank
Mar
11,500
34,147
1
_
100
Jan
6c
95
Partanen-Malartlo.
Gold.
5
42
•
35
Jan
2.28
*
*
Mar
2.55
1.07
1*0
2.50
Oils
,»
Jan
55c
50
Premier
Mar
24
65c
Page-Hersey
Feb
3,698
*
Jan
Jan
8c
Orange Crush pref
Ontario Loan
Paymaster
6*
65c
1
Mar
20
Jan
10,012
*
Omega Gold.......
Paul ore
170*
50c
*
Pamour
Jan
44C
1
-
Olga Gas
14
38
Mar
3*
95
Jan
Jan
Mar
11*
34
40
4*
Jan
Mar
3
1.65
Mar
45
6.54
12c
...1
Preferred
Jan
*
Gold
Okalta Oil
Preferred
Jan
1.45
40
45c
*
Pacalta
Feb
Jan
70*
12*e
1
5
O'Brlon
40
43,454
Jan
14C
Northern Canada
1,866
7.00
Jan
*
North Star pref
13
34
Mar
1.10
Jan
20c
Newbec Mines..
.1
24
2*c
Feb
1,100
10,158
Mar
Feb
Ma
Jan
49
59
Mar
Mar
24
9*
26c 111,700
21c
4*C
Mar
.Tan
l*c
4*
26c
...
8c 10*c
1*0
Jan
Feb
20
8*c
1.12
*
....
3
100
24,385
Jan
8*c
7*c
T.36
20
Norgold Mines
1.30
19*
45
*
Jan
1,200
3.354
12,625
1
Normetal
24c
13c
1.15
10 *c
...6
Feb
Mar
40c
Mar
42*
6.85
♦
Mar
83
56*
*
Mines
00
113
1,500
94
168
13c
1
Nordon OH
Feb
Mar
26c
60c
Feb
6*
1.08
1
Nlplsslng
'
3
3*
West Turner Petroleum50c
54*
.26c
*
85
106
3,850
50c
Wpstons
1.10
Monarch Knitting pref.100
Nay bob Gold
34C
12*
-
Jan
Feb
12
106
34
—
-
Jan
2.30
16*
46
15
87
106
3,960
Jan
800
National Steel Car
Feb
5.30
Jan
31c
Preferred (new)
Mar
5.00
Jan
31c
National Sewing A
Mar
11*
42*
5.20
7
1
National Grocers
1.75
15
*0
3,790
60
Model Oils
.
1,025
11*
42*
1.75
9*c
Jan
6*
1,000
Murphy
1.90
11*
9*c
Feb
2*0
100
Mar
9*c
Mar
2c
A
107 *
9*c
5
*
1
*
Feb
3,790
36
MlntoGold
Moneta-Porcupine
Moore Corp
105
9*c
537
271
'
Monarch Oils
25
37
3,190
56*
*
Mining Corp..
105* 106*
9*c
5,400
90*
5*
90
100
Preferred
59
40
Mar
35
5*
5
39*
11*
35
5*c
4*c
100
Massey Harris
Noranda
Western Canada Flour
10
5*
4
..
Wendigo..
3*
30
3
Mar
1.10
—
*
Amulet
Walkers.
Jan
3*
5*
7
5*
*•
*
Walte
7
3*
Maralgo Mines
Morrls-Klrkland
Jan
Feb
*
Preferred...
9
1
4
Jan
Maple Leaf Milling
w.
Jan
90
Jan
1.91
1.30
1.30
*
Vulcan Oils
4.60
2.10
...
4.75
26 c
12*
-
Jan
Mar
Mar
*
Ventures
4.95
Preferred
Feb
Mar
52
82c
*
5;90
Macassa Mines.
Maple Leaf Gardens
54
8
4.00
3
100
United Oils
Mar
MacLeod Cockshutt——-1
lc
Feb
26c
25
—
United Fuel pref
4.60
5.00
lc
12*
1.25
♦
Gas
United Steel
61 *C
-
-
1
Jan
23*
Jan
*
Feb
3.05
11*
86
-
1
5c
24
275
42*
1.90
11*
Toronto General Trust .100
Toronto Mortgage
66c
1
106*
*
42
6.85
Jan
11*
11*
...]
—:
50*
3.55
9
Toronto Elevators pref ..50
Feb
Mar
9
Toronto Elevators
Mar
3.00
16,090
4,150
Mar
Mar
85
Mar
82
25,775
90c
Mar
Mar
10
3.25
4.40
1.75
5.50
85
52
8*c
4,300
1
Jan
3.00
82c
Jan
22,500
*
Jan
4.00
Mar
70c
Malartlc Gold
1.01
52
1.15
70c
Madsen Red Lake
Mar
82c
100
Preferred
5*c
Manitoba & Eastern
77c
*
5c
36c
7.500
4.20
5*o
22*
Feb
»
Hughes
1.50 100,660
21*
14*C
*
50
Preferred
11*
22*
3.20
•
Tamblyns
Mar
70c
Mar
11*
1
Sylvanite Gold
69c
*
*
—*
8*c
85
Supersilk pref
5c
1
Loblaw A
Jan
1,200
88c
69c
Leltch Gold
Little Long Lac..
2,745
3.00
80c
1
Lebel Oro
24 *C
Mar
1
—l
LavaCap—
11c
Mar
Sullivan
Mar
35c
Mar
18c
2.05
9*c
5*C
12
Jan
5c
1,550
8*c
5*c
6.00
Jan
15.300
9*c
5*C
7 *C
Mar
6c
1
1,700
40
~
Sudbury Contact
43,340
3,285
1.38
4
16*
18c 18*c
5c
—
w
*
Sudbury Basin
9c
~i".50
Jan
3
4
2.33
5*c
1.66
Mar
40
4
2.05
5*c
1.79
74
383
2.26
6*C
6c
77*
809
72*
*
6c
11
Jan
Mar
74
*
Straw Lake Beach
5*c
5*C
68
65
70*
Sturgeon River Gold......1
60c
11
18*
69*
100
Feb
Jan
18
71*
25
60c
6c
110
17
18
Steel of Canada
High
Low
Shares
High
Low
Price
Jan
5
26
8c
1
83
Feb
13,644
50*
40*
.3
(new)
91*
Jan
81
Mines—.*
Lapa Cadillac
Laura Secord
Mar
90
1
Lake Shore
Jan
7*
48
1
Laguna Gold
45c
Jan
81
1
Klrkland Lake—
Mar
5
90
*
Kelvlnator
35c
232
81
—1
Iutl Utilities B
Jacola Mines
700
6
49*
100
^
Preferred A...
International Nickel
35c
5
International Metal A—
Preferred
212
215
Week
73
Preferred
32*
Range Since Jan. 1,1939
for
of Prices
*
Stedman
30*
Sm__*
Sales
Week's Range
Sale
1, 1939
Range Since Jan.
Week's Range
Last
100
Hudson Bay Mln A
Huron A Erie
Exchange
Friday
Sales
Friday
Stock
Toronto
Stock Exchange
•
No par value.
/Flat price.
n
Nominal."
Volume
148
Financial
Quotations
Bid
a3s
c3s
1 1977
Jan
Feb
o3%s May 1 1954
1 1954
d3 %8 Not
a3 %s Mar
1 1960
o3%s Jan 15 1976
a 4s
May 1 1957..
a 4s
Nov
a4s
May 1 1959
1 1958
a 4s
May 1 1977
a4s
Oct
....
1 1980
a4%8 Sept
1 1960
a4%8 Mar
1 1962
a4%s Mar
1 1964
....
Bid
99%
98%
98 %
1 1975
City Bond$
Ask
98%
1 1979
a3 %8 July
a4%s Apr 1 1966
a4%s Apr 15 1972
a4%s June 1 1974
101% 102%
107% 108%
107% 108%
106
107%
106
107%
111% 111%
112
113%
112% 113%
115% 117
116% 117%
116% 117%
«4% s Jan
Ask
118
1 1977
a4%s Nov 15 '78
i4%a Mar 1 1981
FISCAL FUND,
Stock Series
inc.
Insurance Steck Scries
122%
121
i4%s May 1 1957
r
119%
121%
121%
122%
119%
119%
120%
120%
a4%s Feb 15 1976
122%
Transcontinent Shares Corporation, Sponsor
122% 123%
%8 Nov
1 1957
119% 120%
119% 120%
14 %s Mar
1 1963
121
14
i4
1 1967
14
%a Dec 15 1971
i4
%s Dec
LOS ANGELES
122%
121% 123
122% 124
124
125%
126% 128
%8 June 1 1965...
i4 %s July
117% 118%
117% 118%
1 1979
JERSEY CITY
Par
Bid
Par
17%
19
40
45
Bensonhurst National... 50
75
100
Chase
Ask
Bid
Ask
3s 1974
62.15
less
1
World War Bonus—
3s 1981
62.20
less
1
4 %8 April 1940 to 1949._
Highway Improvement—
61.50
4s Mar A 8ept 1958 to '67
Canal Imp 4s JAJ '60 to '67
50
National City
12%
National Safety Bank.12%
Penn Exchange
10
.13.55
32
Commercial Natlonal__llH»
Fifth Avenue...
100
170
176
Peoples National
690
730
Public National
34
Ask
42
46
25%
26%
11%
13%
10
12
60
47
54
25
112%
Barge CT4%s Jan 1 1945.
Bid
National Bronx Bank
135%
Barge C T 4s Jan '42 A *46.
BOSTON
New York Bank Stocks
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
New York State Bonds
Bid
1787
Over-the-Counter Securities—Friday Mar. 24
on
New York
Chronicle
116
Canal A Highway—
5s Jan A Mar 1964 to *71
Highway Imp 4 %s Sept '63
62.30
....
144
Canal Imp 4%s Jan 1964..
144
Can A High
141%
Imp 4%s 1965
.
29%
31%
1790
Sterling Nat Bank A Tr 25
24
26
103
First National of N Y..100 1750
Merchants Bank
100
97
Trade
15
18
Bank
12%
135%
NEW YORK BANK, TRUST CO.
Port of New York
Bid
Authority Bonds
Ask
i
and INSURANCE STOCKS
Ask
Bid
Port ot New York—
Holland Tunnel 4%s ser E
Gen A ref 4s Mar 1 1975.
108
Gen A ret 2d ser 3%s "65
Gen A ret 4th ser 3s 1976
105%'106
104% 105%
100% 101%
Gen A ret
102
4 %s ser B 1940-53.MAN
Laird, Bissell & Meeds
107%I108
Gen A ret 3d
ser
3 %s '76
3%s
1977
George Washington Bridge
109
1939-1941
%j 103%
.'.MAS
1942-1960
...MAS
6
.90%
110% 111%
Inland Terminal 4%s ser D
1939-1941
MAS 60.60 to
19421960
MAS
no
120
Broadway, New York
Bell
Ask
U S Panama 3s June 11961
4 %8 Oct
1959
114
4 %8
July
1952
111% 112
5s
Apr
1955
101
Feb
1962
115
5%8 Aug
1941
6s
125
Bankers
118
117% 119%
111% 113%
110
Conversion 3s 1947
112
Bid
.10
County—
Central Hanover
20
Chemical Bank A Trust. 10
92%
95%
49%
53
59
Bid
Bid
106% 106%
106% 106%
3s 1956 opt 1946— ...MAN
106
13%
3%s 1955 opt 1945...MAN
4s 1946 opt 1944
JAJ
Ask
20
53%
54%
10
14%
15%
We Maintain
CAMDEN
Joint Stock Land Bank Bonds
Ask
Atlanta 3s.....—..
Atlantic 3s
100
101
Burlington 5s
4%S
/31
/31
99% 100%
Central Illinois 5s..
100
34
New York 5s
North Carolina 3s.
First Carolinas 5s
First Texas of Houston 5s.
First Trust of Chicago 4%s
100%
Ohio-Pennsylvania 5s
100
101
101
102%
101% 102%
Fort Wayne
100
Oregon-Washington 5s
/48
Pacific Coast of Portland 5s
Pennsylvania 3 %s—
105
4%s
52
106%
100
101
84
St Louis 5s
f22
24
86
San Antonio 3s
100% 101%
Aetna
/II %
12%
86
Ameiicazi Alliance
96
100
Southwest
99
101
Lafayett6_*a
Lincoln 4%s.
6s
83
Union of Detroit 4%s_.
99% 100%
100
100%
99% 101
5s
92
Virginian
91
93
Virginia-Carolina 3s...
5s
99
Par
Aetna Cas A Surety.. —10
Aetna
.1(1
100%
Joint Stock Land Bank Stocks
■
Par
Bid
Ask
50
Atlantic
Bid
100
10
Hid
14
74
22%
24
Jersey Insurance of N Y...
Knickerbocker
6
24%
26
Lincoln
Re-Insurance. 10
65
75
29
Camden
90
100
Carolina
Des
60
65
San Antonio
100
77
82
4
7
Virginia
1
2%
Virginia-Carolina
2
1.90
9%
.3%
5
34%
599
Fire
604
A 1 %% due Apr 15'39 6.25%
due
May 15 1939 6.25%
due
June 15 19396.25%
due
July 15 1939 6 25%
due
Aug 15 1939 6.25%
due
Sept 15 1939 6.25%
Bid
1% due
Oct.
1%
1%
1%
1%
due
due
Nov
due
—Jan
Dec
due
Mar
Ask
13%
10
21%
31%
45%
Connecticut Gen Life. ..10
26%
22%
28%
33%
35%
-2%
1%
2%
49%
51%
Excess
7%
Federal
..10
Fidelity A Dep of Md. ..20
..10
8%
39%
41%
122
Franklin Fire
New York Fire
5
97%
25%
27
2 60
National.25
Pacific Fire
25
Phoenix
10
6
18%
20
Providence-Washington. 10
32%
34%
7%
86
Accident
11%
Reinsurance Corp (N Y).2
Corp 5
39%
41%
Republic (Texas)
10
Revere (Paul) Fire.....10
..10
21%
Arundel Bond
Corp 2-5s '53
87%
Arundel Deb Corp 3-6s '53
55%
Nat Union Mtge Corp—
Series A 3-6s
1954
Associated Mtge Cos Ino—
Debenture
3-6s
1953
Series B2-5s
57%
1954
Ask
89
70
»
-r
—
Empire Properties Corp—
2-3a
1945
Interstate Deb Corp 2-5s'55
——
1953
98%
m
mm'rn
...
1953
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-68.1953
55%
51
58
ture
1953
Corp 3-6s
Deb Corp 3-6s
•
-
—-
55
10
219
6%
28%
5
224
8%
32%
33
31%
111% 114%
3
4
11
Sun Life Assurance
100
420
470
Travelers
100
454 "
464
23%
27%
73%
29
U S Fidelity A Guar Co-2
21%
75%
U S Fire
51%
53%
54%
56%
U 8 Guarantee
58
60%
29%
31%
Westchester
31%
33%
4
Fire
10
2.50
Chicago & San Francisco Banks
Par
1953
A Trust
Bid
1953
90
203
1953
56
.
First
National.— —100
70%
219
63
Unified Deben Corp 5s 1955
49
3-6s
214
Bid
Ask
292
300
Northern Trust Co
540
555
100
Continental Illinois Natl
Bank A Trust... .33 1-3
53
Par
Ask
Harris Trust A Savings. 100
....100
Realty Bond A Mortgage
deb
88%
10
25%
56
Potomac Realty Atlantic
-.10)
62
26%
Seaboard Surety
Security. New Haven
Springfield Fire A Mar..25
Stuyvesant
6
26%
23%
3%
23%
9%
American National Bank
/30
52
10
.
..10
Home
Corp—
54
70
1
Hartford Steam boiler.
50
26%
6
9
25
22
rn-rnmmm
1953
11%
23%
67
25%
—
Hartford Fire
88%
Potomac Deb Corp 3-6s '63
3-6s
/30
5
16
preferred
40%
13%
«•
90
Nat Bondholders part ctfs
series A A D
2d
Great American
Potomac Maryland Deben¬
Central Funding
series B A C
Globe A Republic
Potomac Franklin Deb Co
49%
Mortgage Bond Co of Md
Inc 2-6s
2-5a
3-6s
54
Seaboard Fire A Marine..6
Hanover
Issues)
Potomac Cons Deb
74
St Paul Fire A Marine...25
Halifax
59%
•
Rhode Island
25
Great Amer Indemnity
84
Potomac Bond Corp (all
Cont'l Inv Bd Corp 2-52 '53
Cont'l Inv DebCorp3-6s '53
23%
23
38%
Globe A Rutgers Fire. ..15
132
115% 118%
75%
79%
Preferred
9%
Glens Falls Fire
Surety Guaranteed Mortgage Bonds and Debentures
127
6
84
30
Georgia Home
18%
5
95
28%
General Reinsurance
14%
33%
47%
5
River
Northwestern
27%
61%
8%
127%
.12.50
Northeastern
Northern.....
North
17
46
125%
63%
65%
Firemen's of Newark. ...6
2 1940 6 .30%
1 1940 6 .35%
Bid
122
2
New Brunswick...
10
New Hampshire Fire...10
Fireman's Fd of San Fr.25
16 1939 6.30%
1 1939 6 .30%
1 1939 6 30%
Ask
7%
New Amsterdam Cas
Gibraltar Fire A Marine. 10
Bid
25%
59%
23%
Fire Assn of Phlla
1%
1%
1%
1%
1%
1%
10
26%
Eagle Fire
Ask
10
Continental Casualty. ...6
2 10
85
Federal Intermediate Credit Bank Debentures
Bid
National Casualty
National Fire
National Liberty
2
National Union Fire..-.20
21%
Employers Re-Insurance 10
100
5
com
24%
City of New York
4
6
8%
Merchants (Providence)-.5
32%
-t10
Boston
20
S*
Mercb A Mfrs Fire New'k 5
7%
100
Mercb Fire Assur
3
4%
59%
52
95%
100
100
3%
40%
25%
6%
100
H%
2%
24%
92%
Potomac
10
50
..10
American._ .2%
Baltimore
38%
2%
19%
67%
41%
6
38%
Pennsylvania
Fremont
8%
Fire
American
50
Lincoln
66
.1(1
American Reserve
42
Moines
10
14
125
First Carolinas
Ins Co of North Amer
12%
37
......
1%
18%
Equitable.. ...5
7
Ask
10
30%
76%
..10
Bid
10
29
Bankers A Shippers- ..25
Ask
Par
Home Fire Security
Homestead Fire
American of Newark.. .2%
40
Carolina
Ask
Maryland Casualty
1
Mass Bonding A Ins..12%
117
North
,
.,10
.
American Home
Denver
Dallas
A. T. & T. Tel.—Phla 220
47
Automobile
Par
New York..
60
BUILDING, PHILADELPHIA, PA.
105% 109%
American Surety
Atlanta
AMERICA
45
Life
American
90
5S
NORTH
% jimjdev & (So.
Agricultural
101
«
98% 100
Iowa of Sioux City 4%s.„
PHILADELPHIA
Insurance Companies
107% 103%
100
3s
OF
COMPANY OF
N. Y. Tel.—Rector 2-3300
Potomac 38—2.
Illinois Midwest 5s
Trading Markets in:
100% 101
99% 100%
Southern Minnesota 5s.
Greensboro
90
1625
INSURANCE ASSOCIATION
STOCK EXCHANGE
84
5s
5%
80
1575
Established 1895
100%
102
82
4%s
Fremont 4%s
4%
.100
United States
Members Philadelphia Stock Exchange
Phoenix
101
Fletcher 3%s
54
Title Guarantee A Tr. ..20
ASSOCIATION
(6c0.
100% 101
99% 101
/5
101% 102%
99% 100%
99% 100%
Dallas 3s
Denver 5a
40%
102% 105%
99% 101
New Orleans 5s._.
34%
5%
FIRE
INSURANCE
Ask
84
/31%
Chicago 4%s and 5s
FIRE
Bid
Montgomery 3s...
20
New York..
107% 107%
112% 112%
106%
Bid
38%
52
,
29
14%
Empire
1530
26
Manufacturers
11%
11
10
.100 1490
Underwriters
Ask
3s 1955 opt 1945— ....JAJ
3s 1956 opt 1946— ....JAJ
9%
Corn Exch Bk A Tr
Federal Land Bank Bonds
266
Preferred
25
Continental Bank A Tr.10
109% 111%
215
261
Irving
Kings County
Lawyers
6%
80
47%
60
Ask"
Bid
200
Guaranty
55%
5
75
Clinton Trust
Colonial Trust
Par
Fulton..
416
53%
7
Companies
Ask
400
100
Brooklyn
4%a July 1952
6s
July 1948 opt 1243.
U S conversion 3s 1946
116
100
Bronx
Govt of Puerto Rico—
117%
109% 111%
Hawaii 4%s Oct 1956.
123
Bank of New York
Tel. BArclay 7-3500
-
Philadelphia
Teletype N Y-l-1248 and 1-1249
Par
Ask
116
103
—
New York Trust
Bid
Philippine Government—
System
111
United States Insular Bonds
Bid
-
Wilmington
1.35%
52
For footnotes see
page
1790.
73
224
SAN
FRANCISCO—
12%
Bk of Amer NT AS A
33%
35%
1939
25
Mar.
Chronicle
Financial
1788
Securities—Friday Mar. 24—Continued
Quotations on Over-the-Counter
DEALERS
Guaranteed Railroad Stocks
RAILROAD BONDS
3o$epb Walkers Sons
Robert L. Whittaker & Co.
Mtmkort Nrw York
Stork Excbongo
IfDealers In
120 Broadway
Members Philadelphia Stock Exchange
2-6600
STOCKS
Direct Wire to DeHaven A
Parentheses)
(Guarantor in
10.50
4)s
Delaware (Pennsylvania)
126)4
131
Ohio 4)4s
.1939
53
11"
.1943
80
82
.1940
36)$
2.00
28%
30)4
83
86
Buffalo"Rochester"&
St Louis Bridge 1st
preferred
Tunnel RR St Louis (Terminal RR)
31H
33)*
.1955
Pittsburgh 4)4s registeredClearfield 4s
32
.1957
99)*
100)*
15
20
Cambria A
45)4
49
73
85)4
.1951
82
68
72
Southern 4s
New Orleans 5s
Chicago Stock Yards 5s
Cincinnati Indianapolis & Western 5s
.1956
82
.1965
40
42)*
Cleveland Short Line 4)4s
.1961
84
87
.1995
51
.1951
108
.1960
/65
.1962
105)*
Chicago Indiana A
Chicago St. Louis &
76 %
79 %
2.00
47
49
2.00
44 H
47
Cleveland Terminal & Valley
60
Connecting Railway of
5.60
154
9.00
4.00
45
60.00
158)4
48)4
650
%
Duluth Mlssabe A
87
Income 6s.
Iron Range 1st 3)4s
38)4
43
1.50
41
43
3.00
81
72
76
.1945
43)*
45)*
.1953
64
.1950
73
.1959
54)*
.1978
94
.1940
45
48~~
.1947
64
66
.1959
111
.1991
51
Georgia Southern &
Florida 53
Illinois
Jamestown
7.00
172)4
145)4
68)4
Lehigh Valley 4)4s
*
Macon Dublin & Savannah 5s
175)4
~0~82
72)4
Memphis Union Station 5s
Mohawk & Malone 4s
131
65
—
6.00
245
54)4
58 H
6.00
60
65
6.00
59
62)4
5.00
61)4
65
3.50
30
33
3.00
55 34
58)4
.2000
101
.1948
96
.1993
51
.1947
85
.1939
77
§6""
.1941
104
104%
.1947
116)*
84)*
Pittsburgh Bessemer &
Lake Erie 5s—
Portland Terminal 4s—.
.1961
1,
Providence & Worcester 4s
Bonds
Ask
Bid
5s
1.26
New Orl Tex A Mex 4)*a_.
64.00
3.00
3.50
New York Central 4)*s._^
62.75
54"
.1942
105
103)*
97
.1967
.1957
.1946
111"
108)*
99)*
105)*
.1951
101)*
.1940
65
.1954
42
46
.1990
Virginia A Pittsburgh 4s.
55
57
2.00
64.50
—
4.00
3)48 Dec 1 1936-1944—
65.00
4.00
N Y N H A Hartf
5s
3.75
64 50
——*
3.25
64.50
4)*s
3:25
64.00
5s
1.00
64.00
N Y Chic A St L 4)*s
4.00
65.00
61.50
5s
3.50
65.00
5s
Boston A Maine 4)4s
102)*
77
.1947
Peoria 5s—
Toledo Peoria A Western 4s
Toledo Terminal 4)4s
Toronto Hamilton A Buffalo 4s
United New Jersey Railroad & Canal 3)4s_—
Vermont Valley 4)4s
Washington County Ry. 3)4s
64.50
Baltimore A Ohio 4)4s
54"
100 %
99)*
.1940
Pennsylvania & New York Canal 5s
Philadelphia & Reading Terminal 5s
130
240
6.00
b 2.00
4)*s..
56)*
3)4s
New York Philadelphia A Norfolk 4s
New York A Putnam 4s
Norwich A Worcester 4)4s
New York A Harlem
West
Atlantic Coast Line
78~~
New London Northern 43
10.00
Ask
106 %
.1945
Terre Haute &
Bid
53
67)*
Central—Louisville Div. A Terminal 3)4s.
Indiana Illinois & Iowa 4s
89)4
4.50
3.00
4s— — ,—s
Philadelphia 4s
Franklin A Clearfield 4s.
Kansas Oklahoma A Gulf 5s.
34)4
60)4
6.00
u
-.
78
162"
100)*
.1961
Florida Southern 4s
36)4
63)4
4.00
100
(Pennsylvania)
100
(D L A W)
100
Valley (Delaware Lackawanna A Western)
—100
Vlcksburg Shreveport A Pacific (Illinois Central)—100
Preferred
100
Warren RR of N J (Del Lack A Western)
50
West Jersey A Seashore (Penn-Readlng)
60
Denver A Salt Lake
800
5.00
3.875
Utlca Chenango A Susquehanna
Railroad Equipment
38)*
.1944
————————--------..............
3.50
A Canal
United New Jersey RR
...
5.00
100
Second
4)4s_
5s —
5.00
.100
-.100
100
Rensselaer A Saratoga
Boston A Maine
2.85
100
Chicago (Penn.) pref
(Penn)
(Delaware A Hudson)
pref (Terminal RR)
Pgh Ygtn A Ashtabula pref
65
8.50
--50
Pittsburgh Fort Wayne A
4)4s
Boston A Albany
60
8.75
pref (N Y Central)
Georgia RR A Banking (L A N-A CL)—
Lackawanna RR of N J (Del Lack A Wextern)
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (D L A W)
Northern Central (Pennsylvania)
Oswego A Syracuse (Del Lack A Western)—....—50
Pittsburgh Bessemer A Lake Erie (U S Steel)
60
...
Baltimore &
6.00
50
25
100
100
100
100
---50
100
60
Port Wayne A Jackson
74
38
Line 4s
.1939
Atlantic Coast
70 H
37
/35
/36
98%
.1945
Ailed
Bid
6.00
(Illinois Central)
100
Albany A Susquehanna (Delaware & Hudson)—-—100
Allegheny & Western (Bull Roch & Pitts).
100
Beech Creek (New York Central)—
50
Boston & Albany (New York Central)
100
Boston & Providence (New Haven)
—
100
Canada Southern (New York Central)
.100
Carolina Cllncbfleld & Ohio com (L A N-A O L)—-.100
Cleve Clnn Chicago & St Louis pre! (N Y Central)—100
Cleveland A Pittsburgh (Pennsylvania)
50
Alabama A Vlcksburg
.1945
and Youngstown 5)48.
Canton
Akron
Par in Dollars
stock
Asked
Bid
Dividend
Preferred
Townsend, Phil.
Railroad Bonds
Guaranteed Railroad Stocks
Betterment
PHILADELPHIA
-
-
Kingsley—0782—Bell Teletype Phil. 377
OUARANTEED|
NEW YORK
WALNUT ST.,
1420
Tel. REctor
3.75
62.50
2.00
Northern Paclflo 4)*s
62.25
1.50
62.50
2.00
Pennsylvania RR 4)*s
61.50
62.40
2.00
5s
61.50
1 00
Cent RR New Jersey 4)*s_
64.50
3.25
PUBLIC UTILITY STOCKS
1 00
Canadian Pacific 4)4s
DEALERS
4s series E due
Canadian National
4>*s
—
5s.
-
Jan A July
Chesapeake A Ohio—
62.20
61.25
64.50
5s
5e
—
4.65
4.65
Dec 1 1937-50
Marquette 4)*s
62.40
64.76
64.75
4.00
3.75
3.75
62.50
Southern Pacific 4)*a
4.00
Direct wire to Fuller, Cruttenden
4.00
64.40
2.00
Public
Bid
Utility Stocks
Par
Ask
64.76
64.60
61.76
1.00
61.50
1.00
6)4s
5s
v-
Alabama Power $7 pref..*
86
87)*
62 00
1.00
Arkansas Pr A Lt 7% pref *
88
90
Miss Rlv Pow 6% pref. 100
62.65
2.00
Associated
4)*S
4.00
Great Northern 4)4s
Mississippi P A L $6 pref.*
62.65
,2.00
62.00
1.00
Southern Ry 4)*s
6s
Texas Pacific 4s
61.50
1.00
62.75
2.00
Union Pacific 4)*s
61.25
0.50
Internal Great Nor 4)*s—
64.00
3.00
Virginia Ry 4)*s
61.50
1.00
Long Island 4)4s
63.50
2.50
Wabash Ry 4)*s
63.50
2.50
64.50
3.50
Hocklng Valley 5s
Illinois Central 4)4s
5s
.
98
98)*
5s
mfontm
98)*
5)*s
w.
-
00
99
6s
5s
*
*
Original preferred
10.50 preferred
*
pref.*
Birmingham Elec $7 pref.*
Atlantic City El 6%
$1.60
25
preferred
Carolina Pr A Lt $7
6% preferred-
pref.-*
*
Western Maryland 4)*s
2.50
Western Pacific 5s
64.75
4.00
2 50
64.75
4.00
Miscellaneous Bonds
Consumers Power $5 pref*
Bid
104
River Bridge 7s...1953
28
Apr
1 1939
K
51
100
115H
Derby Gas & El $7 pref—*
32)*
16.50
Jan 15 1942
100,21 100.23
100.25 100.27
54)*
93 J*
•
Bridge—
112)*
1.60
less
%
4s serial revenue..1968 6
3.40
less
1
100.15 100.17
June 1 1939
1 H% notes Feb 1
101.29 102
1944
Sugar Stocks
Par
Cuoan Atlantic Sugar. .7%
1
1
For footnotes see page 1793.
Bid
7%
4
12 %
Ask
9
Savannah Sug Ref com
1
30)*
|
West Indies Sugar Corp.. 1
CO
New
*
$7 prior lien pref
New York Power A
pf:.*
41
103)*
Light—
$6 cum preferred
101)* 103
7% cum preferred
108)* 110%
N American Co
Northern
(Del)
*
100
5)*% pf 50
States
51%
51%
Power—
74
100
7% pref
72
*
*
*
100
107
108
103
104)*
100
100
101
*
Ohio Edison $0 pref
Ohio Power 6% pref
109 % 111
118% 114%
103
24 %
26 %
29)*
Penn Pow A Lt $7 pref
101
*
100
10814
102
Queens Borough G A E—
Gas..*
110
112)*
23
26
4)*
6%
54)*
6% preferredRepublic Natural Gas
100
1
28)*
30%
2%
3%
Rochester Gas A Elec—
6% preferred D
100
Stoux City G A E $7 pf.100
08% 100%
93
95H
preferred
50
7% pf—100
Kan Gas A El 7% pref. 100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr.100
56)*
Southern Calif Edison—
91
93
20%
30%
113
116
6% pref series B
25
Tenn Elec Pow 6% pf.100
74
76
100
93)*
25
26)*
Texas Pow A Lt 7% pf.100
100
101
100
30
31)*
Toledo Edison 7%
pf A. 100
33)*
7)*%
5% conv p&rtic pref-.50
Memphis Pr & Lt $7 pref.*
94)*
96
32)*
Mississippi Power $6 pref *
76
78 %
78)*
81
*
7% preferred
93)*
94)*
05%
110
111%
$5 preferred
*
United Gas A El (Conn)—
115
116
100
83
86
55%
50%
Union Elec Co of Mo—
As*
4%
39 H
102
26
26)*
Jamaica Water Supply—
$7 preferred
1
25
*
32
5
14
E 5)* % pf.*
Eng Pub Serv Co—
New Eng G A
52
*
Interstate Power $7 pref.*
7% preferred
Bid
16H
111%
108% 110%
109
110%
78)*
80%
Mass Utilities Associates—
Par
|
15
25)*
Jer Cent P A L
U 8 Housing Authority—
Home Owners' Loan Corp
49
no
—
24
preferred
Interstate Natural
111)*
100
7% pf 100
7% preferred
Okla G A E 7% pref.. 100
Pacific Pr A Lt 7% pf.. 100
17 cum preferred
$6 preferred
5%
28
Ohio Pub Serv 6% pf__
Idaho Power—
7% preferred
65
4s serial revenue..1942 6
100.17 100.20
cum
4)*
26)*
38
$6 cum preferred
100.27 100.29
113)* 115)*
Mountain States Power—.
Nassau A Suf Ltg
$7 preferred
Dallas Pr & Lt 7% pref.
62
25
(Minn) 5% pref
91%
1
4s s f revenue '77. A AO
101.21 101.25
_
—
5%
101J4 102 %
1
Reynolds Invest'g 5s 1948
l%s Jan 3 1944—
97
4H
less
Trl borough
Preferred
83
05%
less
14%
102.23 102.27
CallMayl6'39 at 101
_
93
81
2.40
14% notes July 201941
14%
Nov 1 1941
102.18 102.22
1 1943
Eastern Sugar Assoc.
91
2.00
'
100.9
2s May 16 1943—
l)4s
86
1949 6
Corp—
100.6
Natl. Mtge Assn
Call Jan 3'40 at 102
96
84
1944 6
Reconstruction Finance
100.21 100.23
July 1939
Deo 1940
2s
93)*
Federal Water Serv Corp—
Fed'l Home Loan Banks
Is
23
3)*s revenue
Federal Farm Mtge Corp
1)48-——Sept
22
3)*s revenue
H % notes Nov 2 1939.
Pub Serv 7% pref
7% preferred
79
108
107
way Authority 3 )*s '68
mmmm
100.16 100.18
Ask
78
Nebraska Pow 7% pref. 100
77)*
100
7% preferred
New York City Park¬
Commodity Credit Corp
7%
116
Continental Gas A El—
Ask
Bid
As*
6%
7)*
76)*
Penn
New Orl Pub Serv $7
7% preferred.*
100
$6 preferred
100
Cent Pr & Lt 7% pref.. 100
Consol Elec A Gas $6 pref *
Consol Traction (N J). 100
3.50
Bear-Mountain-Hudson
6
West
Monongahela
3
Central Maine Power—
64.50
6)*f>
Missouri Kan Pipe Line..5
Electric
1.50
62.75
63.50
—
A
Buffalo Niagara A Electern
63.50
6)4s
Missouri Paclflo 4)4s
Gas
%7 preferred
41
Maine Central 5s
Bid
1.00
2.00
58
4.00
Erie RR4)4s
1.75
62.75
5s
58
Federal
NEW YORK
Bell Teletype: N. Y. 1-1043
& Co., Chicago
Hanover 2-3888
4.00
64.40
St Louis Southwestern 5s
WALL STREET,
64
2.00
64.50
5)*s
Denver A R Q West 4)*s—
2.00
64.50
5a
St Louis-San Fran 4s
94 %
93
2.25
62.40
Incorporated
2Mb series G non-call
4)*s
Chicago R I A Paclflo—
Trustees' ctfs 3)4s
2.00
62.75
Bishop Reilly & Co.
1.75
62.40
Reading Co 4)*s
65.10
,.
Chic MUw A St Paul 4)4s.
Pere
3.75
65.10
Chicago A Nor West 4)*s_
3.75
64.50
6s
1.50
0.50
2.30
1937-49
7% preferred
Utah Pow A Lt $7 pref
Virginian Ry
*
100
148
Volume
Financial
148
1789
Chronicle
5?
Quotations
Public
Bid
Over-the-Counter Securities—Friday Mar. 24—Continued
on
Utility Bonds
WE
Ask
4194
7794
6194
Associated Electric 6s. 1961
Inland Gas Corp 694S.1938
86
Kan City Pub Serv 4s, 1957
Kan Pow A Lt 1st 494s '65
3094
3194
Amer Utility Serv 6s. 1964
44
3194
6294
6394
MAINTAIN
At*
Bid
2394
2594
10994 11094
~
Income deb 4s
1978
32
6294
81
Main Office
35
Income deb 494s
1978
Conv deb 4s.......1973
Conv deb 494s
1973
3494
3894
3994
Mich Consol Gas 4s 1963..
61
63
6294
6394
Missouri Pr A Lt 3948.1966
Mtn States Pow 1st 68.1938
Conv deb 6s.......1973
68
IN
UNLISTED
Jersey City Office
921 Bergen Avenue
Tel. Journal Sq. 2-4400
Teletype JCY 1518
6994
Conv deb 5 94s
MARKETS
Members N. Y. Stock Exchange and other Princtpat Stock and Commodity Exchanges
5494
7894
Lehigh Valley Transit 6s *60
Lexington Water Pow 6s '68
TRADING
GOODBODY & CO.
Assoc Gas A Elec
Corp—
Income deb 394s
19)
Income deb 39*8—1978
ACTIVE
Investment Trust Issues
56
115 Broadway
77
80
8s without warrants. 1940
Assoc Gas A Elec Co-
9494
96
Cons ref deb 4948—1958
Sink fund inc 4s
1983
3694
Sink fund lnc
33
3 Ha
1973
99
38
32
4s.
10294 10394
10294 10294
10494 10494
1949
1954
34
3948.
35
4s
32
33
North Boston Ltg Prop's
Sink fund lnc 5-6s—1986
34
Secured notes 3948—1947
Ohio Power 394s 1968
S f Inc 5949-6948—1986
35
1959
;
10694 10694
10694 10614
10894 10894
68
7094
Ohio Pub Service 4s..1962
Blackstone Valley Gas
A Electric 394s
1968
Old Dominion par 5s..1951
110
109
95
96
73J4
7694
7994
1st lien coll trust 6s. 1946
82
Central Illinois Pub Serv
Portland Elec Power 6s *50
9994 10094
10794 10894
G '60
Central Public Utility—
Income 6Ms with stk "52
/194
Cities Servloe deb 5s..1963
72
148
2037
.....2037
-
218
1st A ref Ss
1st mtge 394s_.—.1968
15094
22094
11094 111
Pub Serv of Northern 111—
Commonwealth Edison—
334 s
1958-1939
294
7494
1st mtge 394s
8994
92
4794
4894
6994
Sou Cities Util 5s A..1958
4794
1962
82
Republic Service coll 6s *51
St Joseph Ry Lt Heat A Pow
494s
1947
Sioux City G A E 4s.. 1966
10994
Crescent Public Service—
104
4894
105
Dallas Pow A Lt 394S-1967
Dallas Ry A Term 6s.1951
Federated Util 594s—.1957
Havana Eleo Ey OS—1952
51
106
110
7194
7094
73
Bankers Nat
Invest
Texas Public Serv 5s..1961
Toledo Edison 394s
1968
Utlca Gas A El Co 5s.l967
108
Wisconsin G A E 394s. 1966
Wis Mich Pow 3 94s..1961
Bid
l
10.60
Keystone Custodian Funds
2594
Series B-l
3.58
Series B-2
.47
.53
Series B-3
5
594
Series K-I
14.61
494
594
Series K-2
10.68
Series S-2
14.48
5H
694
Series S-3—
Series S-4
11.89
Corp
.......
27.30
23.04
14.91
.
Basic Industry Shares..10
Boston Fund Ino
British Type Invest A...1
15.39
16~55
.16
.31
Maryland Fund Inc—-10c
5.33
Brood St Invest Co Ino..5
24.38
26.07
Mass Investors Trust....1
20.82
Bullock Fund Ltd
—1
Canadian Inv Fund Ltd.-l
1394
1594
Mutual Invest Fund-,..10
11.06
3.85
4.20
23.04
24.78
Chemical Fund
1
a?9.92
10.74
Commonwealth Invest... 1
♦Continental Shares pflOO
3.48
3.79
6M
7%
*.......
..
Series AA
3.48
...1
2.28
Nation Wide Securities—
Common——26c
Voting shares..
2.73
1
27
♦Crum A Forster Insurance
30
3294
7.61
Automobile...........
6.21
.............
9.77
Bank stock...........
8.21
Building supplies......
Electrical equipment..
115
♦Common B share...10
12.65
Agriculture
7.38
Insurance stock
.
25
♦8% preferred..—.100
1.27
5.69
1
Aviation.
2.73
♦Crum A Forstef com...10
3.69
....
National Investors Corp.l
2.25
Series AGO mod
7.21
New England Fund
N Y Stocks Ino—
2.40
•
Accumulative series...1
Series AA mod
1
4.52
Manhattan Fund Ino
9.38
7.64
.......
89~~
♦7% preferred...
100
Cumulative Trust Shares
11194
Machinery..........
7.83
4.71
Metals.............
8.50
Oils
126
8794
Investors Fund C
3.24
24
Amer Gen Equities Ine 25c
Am Insuranoe Stock Corp*
Assoc. Stand Oil Shares..2
105
7194 7394
9294
9094
10654 107
Western Pub Serv 594s '60
6894
♦Amerex Holding Corp..*
Amer Business Shares
4.04
Par
Askl
12.90
3.65
Corporate Trust Shares.. 1
72
10394 104
4694 4894
Tet Bond A Share 58—1958
Coll lnc 6s (w-s)
1954
Cumberl'd Co PAL 394a'66
83
4894
109
Cons Cities Lt Pow A Trac
6s
1962
Consol E A G 6s A...1962
10794 10794
1968
1948
Pub Util Cons 694s
Bid
12.13
Century Shares Trust...*
8394
1994
Public Serv Eleo A Gas—
1st A ref 5e
1968
8194
/1894
..1961
1st lien 3-68
Par
Admlnis'd Fond 2nd Inc.*
Affiliated Fund Inc...194
♦Class A
Peoples Light A Power—
Cent Ark Pub Serv 58.1948
Central G A E 594s
1946
8.04
109
Delaware Fund.
10894
3.60
...
D
We make markets in all issues of:
1.58
Railroad equipment....
Steel.....
2.91
No Amer Bond Trust ctts.
15.87
.......
Deposited Bank Shs ser A1
Deposited lnsur Shs A
1
Deposited lnsur Shs ser Bl
Diversltled Trustee Shares
42
C
17.16
...26c
ment Fund series A-l
49
2.60
No Amer Tr Shares 1953
2.31
Series 1955
3.65
2.76
5.65
Dividend Shares
7.17
7.90
....
6.35
Series 1956
1.24
1.35
Series 1958---
Eaton A Howard Manage¬
2.70
—1
2.48
Plymouth Fund Inc...I0c
♦Putnam (Geo) Fund——
COMPANY
14.23
.42
PRUDENCE
17.58
18.85
Eqult Inv Corp (Mass)..6
Equity Corp S3 conv pref 1
27.63
29.39
2794
2894
Fidelity Fund Ino.......*
18.96
20.40
First Mutual Trust Fund..
TITLE
7.1.4
7.91
10c
2.45
2.71
Quarterly Ine Shares.-10c 10.53
5% deb series A........ 100
9.82
Representative TrustShslt
.26
Republlo Invest Fund.25c
Selected Amer Shares..294
9.23
Selected Income Shares—
4.20
Insurance stk series. 10c
3.20
3.56
Sovereign Investors....
Fixed Trust Shares A—10
9.44
MORTGAGE CERTIFICATES
CERTIFICATES
BONDS AND
BANK AND TRUST COMPANY
PARTICIPATIONS
Fiscal Fund Ino—
Bank stock series
NEWBURGER, LOEB A CO.
Members New York Stock Exchange & Other Exchanges
40
Wall Street,
Telephone "WHitehall 4-6300
B
7.89
♦State St Invest
4.20
4.50
Super Corp of Am Tr ShsA
Fundamental Invest Inc
17.24
18.65
4.97
5,58
ATLANTIC CITY, N, J.
B
General Capital Corp....*
General Investors Trust.*
Certificates
Group Securities—
Agricultural shares...
Automobile shares.....
„
Aviation shares
Bid
Alden Apt 1st mtge 38.1957
J34
Beacon Hetel inc 4s..1958
14
B'way Barclay lnc 2s..1956
/2094
Ask
371
16
2294
33
2.43
3.68
B
1948
69
Brooklyn Fox Corp—
3s..
.1957
Chanln Bldg 1st mtge 4s '45
/9 94
4694
1294
4994
Chesebrough Bldg 1st 6s '48
48
5094
2s
.—.1946
6894
N Y Majestic Corp—
4s with stock stmp—1956
3194
1948
3594
Court A Remsen St Off Bid
6.70
/54H
/43J*
3594
6694
459*
Ollcrom Corp v t C——
i Park Avenue—
/494
4494
/1994
5194
8.12
Series C
—1
2.46
Series D
.1
2.41
Trustee Stand Oil Shs A.l
5.53
1
5.13
Series B
7.40
Trusteed Amer Bank Shs B
4.30
4.69
Trusteed Industry Shares.
3.43
3.74
5.74
5.27
6.27
6.82
4.66
.5,08
4.13
Steel shares...........
5.96
.
....
1
Investors..*
♦Independence Trust Shs.
2494
6494
4394
165 Bway Bldg 1st
24
5.11
,
4.50
.57
«
(J S El Lt A Pr Shares A..
.91
1594
2.22
B
Voting shares.........
.98
1
13.50
Wellington Fund...
6."49
5.57
20c
40c
16.76
18.02
2.12
Institutional Securities Ltd
Bank Croup shares
1.09
1.19
Insurance Group Shares.
1.31
1.43
Prudence Co—
9
7.47
Investm't Banking Corp
♦Blair A Co
294
♦Central Nat Corp d A..*
♦Class B
*
29
♦First Boston Corp
10
♦Scboelkopf, Hutton A
Pomeroy Ino oom—.10c
1794
2
794
794
3994
Equit Off Bldg deb 58.1952
Deb 5s 1952 legended—
5.87
5.11
Petroleum shares......
RR equipment shares..
3394
2594
Hotel units
Trustee Stand Invest Shs—
6.39
4.69
6.85
•Huron Holding Corp
594s series F-l.........
594s series Q
...
30
Eastern Ambassador
.....
6.29
Incorporated
63
/3394
6.70
9.90
6.34
Supervised Shares
6.80
Tobacco shares
8
69*
4.60
Mining shares.....
2694
f5l
594s series BK
2994
1950
Dorset 1st A fixed 2a_.1957
24
N Y Title A Mtge Co—
594s series C~2.
Colonade Construction¬
3948
669*
32.72
Investing shares.......
Merchandise shares....
Metropol Playhouseslno—
1945
30.43
-
Food shares
100
N Y Athletic Club—
65
1st
9'8
36
Broadway Motors Bldg-
ist 4s (whs)
1948
6s
3.51
AA..
Building shares.......
Chemical shares—.....
Ask
Metropolitan Chain Prop—
S f deb 5s
B'way A 41st Street—
1st leasehold 3s.
1944
4-63.
Bid
.
7994
O
4.61
D
Real Estate Bonds and Title Co. Mortgage
,56
Corp..
7.17
Foundation Trust Shs A
Bell System Teletype NY 1-2033
15.37
Standard Utilities Ine.60c
Foreign Bd Associates Ino.
New York
LEBANON, PA.
.68
Spencer Trask Fund.....*
..10
Fundamental Tr Shares A2
PHILADELPHIA, PA.
v
leading Cities
Investing Companies
10094 101
1965
.1983
6s series B
REctor 2-5485
Private Wire System Connecting Branch Offices in
North American Co—
Sink fund lnc 5948—1983
ser
Tel
100
City
10894 10994
69
7094
Narragansett Elec 894s *66
N Y, Pa A N J Util 5s 1956
Sink fund lnc 4-5S..1986
S f lnc 494&-594S—1986
1st mtge 39*s
Cent Maine Pr 4s
New York
N Y state Eleo A Gas Corp
494s„ 1983
Sink fund lnc 6s
9894
10694 10794
9794
2d mtge 6s
103 E 57th St 1st
.—.1951
6s—.1941
594s '51
m
mm
Telephone and Telegraph Stocks
3894
22
50 Bway Bldg 1st 3s inc '46
Par
594s stamped....—1961
Realty Assoc Sec Corp—
500 Fifth Avenue—
2994
329*
4194
6948 (stamped 4e)—1049
4594
5s
1943
Income
5894
«»
«
-
469*
.1955
3894
4294
...1957
6894
7794
Rlttenhouse Plaza (Phlla)
52d A Madison Off Bldglst leasehold 3s. Jan 1 '52
42
Film Center Bldg 1st 4s '43
40 Wall St Corp 6s
1958
4294
42 Bway 1st 6s..
1939
/6494
1400 Broadway Bldg—
1st 694s stamped..l948
294s
Roxy Theatre—
4494
6894
42
4494
37
40
1st mtge 4s
o
Savoy Plaza Corp—
3.6s with stock.
1956
3594
3894
Sherneth Corp—
1st 3-59*s (w-s)——1956
71
74
Harriman Bldg 1st 6s. 1951
26
4494
4894
4794
394s with stock..
616 Madison Ave—
Ask
Bell Telepof Canada. ..100
Bell Telep of Pa pref...100
170
175
15
Pao A Atl Telegraph——25
1494
16
29
31
115
Peninsular Telep
12094 122
Cuban Telep 7% pref..100
60
Emp A Bay State Tel..100
100
43
Franklin Telegraph
25
—
Rochester
•
mm
com——*
Preferred A—.——..100
...
11094 113
Telephone—
56.50 1st pref—
100
113
...
So A Atl Telegraph..—.25
Gen Telep Allied Corp—
%0 preferred...—
*
Int Ocean Telegraph...100
1009* 1039*
Mtn States Tel A Tel—100
127
15
18
Sou New Eng Telep—.100
155
157
61 Broadway Bldg—
Hearst Brisbane Prop 6s '42
3594
Bid
New York Mutual Tel.100
100
113
-
80 Park Place (Newark)—
29
/33>4
par
Ask
95
100
Preferred.
449*
Bid
Teleg (N J) com.*
Am Dlst
Fuller Bldg deb 6s
1944
1st 2 94-4s (w-s)
1949
Graybar Bldglst Ishld 5e'46
1st 394a
Hotel St George 4s... 1950
5194
1948
Lefcourt State 1st lshld...
1950
3s with stock......1957
Lefcourt Manhattan Bldg
1st 5s
1947
6194
6294
Textile Bldg¬
lst 4s (w-s)
69
72
2394
4194
64
m
mm
4494
35
...
7% pf.100
11794
...
3694
6994
Wisconsin Telep
37
3294
130
Chain Store Stocks
Syracuse Hotel (Syracuse)
3894
5894
21
5894
5194
1st 3s_
.....—1955
Par
Bid
Par
Ask
Bid
Lewis Morris Apt Bldg¬
lst 4s
...
1951
Lexington Hotel units....
Lincoln Building-
w-s—1963
Loew's Theatre Rlty Corp
Income 594s
.—1958
3794
40
4494
5394
5094
Trinity Bldgs Corp—
1st 594s
1939
2 Park Ave Bldg 1st 4s 1946
1947
9494
96
4094
43
5694
Wall A Beaver St Corp—
1st 6s
3s................1950
Ludwlg Baumann—
1st 5s (Bklyn)
1st 5s (L I)
1947
1951
5394
6894
...
—
1st 494s w-s
...1951
Westlngbouse Bldg¬
lst mtge 4s
——1948
7
7% preferred..— ...100
/G Foods Ine common *
1794
18
7194
7% preferred
20
...
7% preferred...——100
Miller (I) Sons common—*
4
6
394
19
25
994
694% preferred...—100
Murphy (G C) $5 pref .100
Reeves (Daniel) pref
100
United Cigar-Whelan Stores
1294
$5 preferred...—.*
100
23
104
For footnotes see page
75
2~"
20
6% pref—...
65
194
100
Flshman (M H) Co Inc..*
Kress (S H)
Ko backer Stores
294
Bo hack (H C) common.—*
Diamond Shoe pref
•
10
90
B
Walbridge Bldg (Buffalo)—
London Terrace Apts—
1st A gen 3s w-s
1952
Borland Shoe Stores.....*
794
1194
1790.
108
99
2394
10994
—,
2594
Financial
1790
Mar.
Chronicle
1939
25,
Quotations on Over-the-Counter Securities—Friday Mar. 24—Concluded
Industrial Stocks and Bonds
Par
Alabama
Par
Ask
Bid
2%
34 %
37%
Preferred 6%%
Norwich Pharmacal
10
11%
12
Ohio Match Co
100
89%
24%
94
Patbe Film 7%
25%
Petroleum
-..._*
American Cy namld—
6% eonv pref
25
100
(new)
-*
Pan Amer Match
American Hard Rubber-
8% cum pref
American Hardware
Bid
Corp__26
♦
pref
Conversion
59
11
12%
99
102
%
8
Petroleum Heat 4 Power.*
62%
Pilgrim
35
Pollak
Art Metai Construction. 10
1~8%
20%
Remington Arms com
*
Scovill Manufacturing..25
23
177
Exploration
1
Manufacturing.._*
Bankers Indus Service A.*
%
1
Singer Manufacturing..100
Surdities inc common....1
4%
6%
1
2%
3%
Singer Mfg Ltd
Skenandoa Rayon Corp..*
Solar Aircraft
1
Cessna Aircraft
44
QulDcy—.100
Cblc Burl 4
10
Chilton Co common
47
2%
Standard Screw
3%
8
Columbia Baking com...*
*
19%
25
Strom berg-Cartaon Tel Mfg
syivanla iDdus Corp
*
Taylor Wharton Iron 4
21%
Crowell Publishing com..*
29%
31%
Dennison Mfg class A...10
%
1%
SI cum preferred
20
Stanley Works inc
10
.*
Steel oommon
com...10
55
67%
Devoe 4 Reynolds B com *
24
28
Tennessee Products
•
*
*
Dentist's Supply
4%
7%
4%
34%
40%
5
6
17
5%
1%
28%
31%
Tublze Cbatillon cum pf.10
77%
United ArtistsTheatcom.*
1%
3%
United Piece Dye Works.*
%
71%
Fairchild Eng 4 Airpl—1
Federal Bake Shops
*
3%
4%
6%
Veeder-Root Inc com
5%
*
$3
22
14%
3
Foundation Co For she...*
American shares
•
•
preferred
—100
preferred
West Va Pul p 4 Pap com. ♦
Preferred...
100
3%
4%
3%
conv
7%
t c 1
37
39
West Dairies Inc
12
13
Oen Machinery Corp com*
Good Humor Corp
1
16
17%
*
Wick wire Spencer Steel..*
com v
$3 cum preferred
4%
6
Wilcox 4 Gibbs
4%"
*
Graton 4 Knight com
6
WJR Tbe Goodwill Sta
50
com
..100
39
43%
27
29
York Ice Machinery
Great Northern
36%
38%
5
Worcester Sa t
Great Lakes SS Co com..*
Paper.. 25
7%
...
1948
7s
1946
/15
Cities 7s to
Bogota (Colombia) 6%s '47
.1945
Bolivia (Republic)
8s. 1947
1958
7s
7%
1969
1940
7s
45%
6s
100
43%
46%
13%
15%
105
93%
1%
14%
96%
2%
21
23
12%
5%
5s..1931-51
Brazil funding scrip
(Germany) 78.1935
1940
6
Interstate Bakeries f5 pref.
Kildun Mining Corp
.
6%s
Buenos Aires scrip..
1953
/23
43%
1
%
100
38
41%
Caldas (Colombia) 7%s '46
Call (Colombia) 7s.-.1947
American Tobacco 4s_ 1951
28
Chicago Stock Yds 5s. 1961
100
19
Cont'l Roll 4 Steel Fdy—
25%
17
Long Bell Lumber
12%
13%
61
52
100
$6 preferred
Wire
1st conv s f 6s
Crown Cork 4 Seal 4 %s *48
Crucible
Macfadden Pub oommon.*
2%
*
26%
30
Marlin Rockwell Corp
1
36%
37%
5
1%
11%
1%
12
27%
28%
$3 conv preferred—
Merck Co Inc common..1
6% preferred
100
Steel
4%s
3%
McKesson 4 Robblns
Preferred
1940
of
Deep Rock Oil 7s
1937
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co—
Nat
Radiator
13%
N Y Shipbuilding
29
ScovUl
*
100
105
6%
Type com...*
preferred
100
New Britain Machine....*
108
1%
1946
5s
11%
24
Nat Paper 4
98%
/72%
/13%
101
/16%
58-1946
18%
1st 6s._
1962
/50
Costa Rica funding 5s. '51
Costa Rica Pac Ry 7%s *49
n8
/28
/18
/14%
20~~
5s................1949
Cundlnamarca6 %s
1959
Dortmund Mun Utll 6si2'48
Duesseldorf 7s to
1945
101
Ohio Cities Water 5%s *53
'
1945
Birmingham Water Wks—
5s series C
1957
105
5s series B
1954
101
5%s series A
..1954
Butler Water Co 5s— .1957
104
105%
Chester Wat Serv 4%s '68
(Ger'y) 0%s '60
1
1953
7%s
1966
1966
1967
..1967
80
1st coll trust
4%S—1966
1950
101
1st consol 4s
194*
101% 103%
1st consol 6s
1948
Prior lien 5s
+ mm
1948
103
99
...
103%
101%
mmm
Phlla Suburb Wat 4S..1965
107
mm*
Pinellas Water Co 5%s., '69
101
mm*
Pittsburgh Sub Wat 5s '58
102
City Water (Chattanooga)
6sseries B._
1954
101%
1st 6s series C
1967
105%
108%
104
Piamrield Union Wat 5s '01
107
70
Richmond W W Co 68.1957
—1946
72
75
Roch A L Ont Wat 5S.1938
100%
ConneUsville Water 6s 1938
Greenwloh Water 4 Gas1962
6s series B
1952
Scran ton Gas A Water
100%
99
102
4 %s
101
101%
5s series B
1954
1954
103%
68
1962
104%
1966
104% 106
1st A ref 6s A
mm.
5s
84
82
75%
1958
1967
96%
105%
105%
1965
100
1960
101%
Sprlngf City Wat 4s A *60
100%
Terre Haute Water 5s B '56
101%
104% 106
107
6s series A
5%s
1956
194P
103%
102% 104
104
.
...
Muncle Water Works 5s '65
105%
...
101%
.
.
96%
1951
95%
I960
100%
Westmoreland Water 5s '62
„
...
104
102
Wichita Water—
87
90
68 series B
1956
101%
mmm
6%s
1951
92
94%
6s series C
1960
105%
m
New York Wat Serv 5s *61
93
95
6s series A
1949
105
mmm
Newport Water Co 5s 1953
101
/Flat
price,
dividend.
value,
a
W ma port Water 6s...1952
Interchangeable,
on
New
York Stock
b Basis price,
d Coupon,
103% 105%
e Ex-Interest.
Exchange.
I Quotations per 100 gold rouble bond, equivalent to 77.4234
♦
Quotation not furnished by sponsor
or
/40
/20
St'nnes 7s unstamped. 1936
/81
1930
/70
Certificates 4s
1946
7s unstamped
Certificates 4s
1940
/60
/49
Toho Electric 7s.....1955
102
/73%
75%
Tolima 7s
/20
/15%
16%
1947
103
35
/3Q,
Union of Soviet Soc Repub
7% gold ruble
1943
Uruguay conversion scrip..
'
Unterelbe Electric 6s. .1953
/16%
75
1947
Wurtemberg 7
/20
Vesten Elec Ry 7s
1945
to
186.52 91.12
35
/20
/20
/17
Issuer.
NOTICES
—Announcement is made of the formation of the Stock Exchange firm
of Benjamin & Sternbach with offices at 30
the
new
and
firm, which will transact
are
a
Pine Street, New York. Parnters
general investment and brokerage
Alfred Benjamin and Sidney M. Sternbach, Jr.
Benjamin
was
prior, to that
associated until recently with
was
with
Lazard
Freres & Co.
previously associated with Toerge & Schiffer.
The
Stern,
Mr.
new
Lauer & Co.
Sternbach
was
firm will clear its
business through Stern, Lauer & Co.
bonds. Central School District No. 1 of the Towns of Cato, Ira, Conquest,
mm
n Nominal quotation,
w 1 When Issued,
w-s With stock,
x ExNow selling on New York Curb Exchange.
• Ex-llquidating dividend.
t Now listed
Oct 1935 to April 1937
Stettin Pub Utll 7s.—1940
Hamburg Electric 8s .1938
Victory and
Sterling
(Cayuga
County),
Lysander
15,
gold.
New York, dated
1938.
—R. H.
Johnson & Co., members New York Stock, Curb, and
Phila¬
delphia Stock Exchanges, announce the removal of their main office to
64 Wall Street, N. Y. City, where they will occupy the entire fifth
—The Board of Governors of the Chicago
grams of pure
(Onondaga County),
Butler (Wayne County) and Hannibal (Oswego County),
Oct.
par
50
/61
Coupons—
—Manufacturers Trust Co. is New York paying agent for $350,000 school
1951
No
1950
Oct 1932 to April 1936
68
business,
99%
97%
5s series B
*
1957
Mr.
1950
1st mtge 5s
New Rochelie Water—
50
1956
/10
.1953
in
106
6s series B
1st mtge 5%s
New Jersey Water 5s. 1950
..
Western N Y Water Co—
105%
6s
Haiti 6s
mmm
103
W Va Water Serv 4s—1961
102
1460
Mtge Bk Jugoslavia
6s
CURRENT
98
Morgantown Water 5s 1965
Saxon State Mtge 6s—1947
State
...
Union Water Serv 6%s '61
Monongahela VaUey Water
1948
102
Texarkana Wat 1st 5s_1958
95
6
/6%
/13
9%
/20
/22
1951
0%s
104% 105%
98%
Middlesex Wat Co 6 %s '57
Monmouth Consol W 5s '56
Saxon Pub Works 7s—1946
09
101% 102%
1960
107%
107%
Long Island Wat 5%s.l956
Sao Paulo (Brazil) 08—1943
Hanover Harx Water Wke
78~~
1st mtge 6s
Kokomo W W Co 58—1958
..
1960-1990
Guatemala 8s
100%
5s series B
Indianapolis W W Secure—
Joplln W W Co 5s
mmm
12%
67%
28%
Great Britain A Ireland—
6s series A
—
1st mtge 3 %s
1907
Sbenango Val 4s ser B 1961
South Bay Cons Wat 6s '60
South Pittsburgh Water—
...
mm".
80%
f'20
/H
/18%
/8%
/20
/18%
Dec 1938...
4s
Water Service 68.1961
6s
Jan 1937 to Dec 1937
Jan 1938 to
103
/21%
stamped. 1942
/38
/20%
J20%
Scranton-Sprlng Brook
Huntington Water—
Indianapolis Water
1958
/24
f2 8
/5%
Jan 1934 to June 1934..
mmm
1947
8%
/16
Co
102
1948
2d series 6s
Apr 15 '35 to Apr 15 '38-
li"
/6
scrip
Santa Fe 7s
/17%
/66
mmm
/9%
10
2i%
Santa Catbarlna (Brazil)
.
July 1933 to Dec 1933..
...
106%
1957
7s ctfs of deposit. 1957
Stem A Halake deb 6s.2930
July 1934 to Dec 1936—
st Joseph Wat 4s ser A.'06
da series A
f20
/11%
Gray (Austria) 8s
1964
German defaulted coupons
100
6s series A
1938
1946
June 1 '35 to June '38...
105%
1946
Saarbruecken M Bk 6s.'47
Salvador 7%
/8
/7%
Office
German Young coupons:
Dec 1 '35 stamped
...
67
Community Water Service
5 %c series B
fS
f 19
/18%
1933
Santander (Colom) 7s. 1948
German scrip
German Dawes coupons:
Dec 1934 stamped
mmm
/16
R C Church Welfare 7s '46
118% 120%
Funding 3s
10*
/is
/20
/20
Rom Catb Church 6%a *46
Rio de Janeiro 6%
/44
Agricultural 6s
German Conversion
100% 101
28
/9%
fl9
8s ctfs of deposit. 1948
89
50
/60
/23
/8%
/19
'36
1941
6s
4s
Peoria Water Works Co—
106% 107 %
104%
'36
1941
6s
Rhine Weetph Eleo 7%
8s
„
1941
many) 7s
1946
Prov Bk Westphalia 6e '33
/16
German Central Bank
mm.
/S5
1968
Protestant Church (Ger¬
/16%
German Building A Land
bank 6%s
—1948
Penna State Water—
mmm
/30
/45
/22
Porto Alegre 7s
15%
French Nat Mall SS 6s '52
90
103
/17
/20
1936-1937
Coupons
German Atl Cable 7a—1945
Ask
80.
..
55
53
1956
City 6%s
6% scrip
Poland 3s..
/16
/20
/20
Electric Pr
mmm
City of New Castle Water
58
1952
Panama
Prov Bk Westphalia 6s
61
vestment
101
1st 4 ref 5s
Calif Water Service 4s 1961
Panama
20
/16
East Prussian Pow 68.1953
107
Ohio Valley Water 5s. 1954
Ohio Water Service 5s. 1958
mm*
1945
55
European Mortgage A In¬
Bid
/7%
/99%
State^1946
/21
7s Income
Ore-Wash Wat Serv 5s 1957
99%
Oldenburg-Free
Oberpfals Elec 7s
/7%
Duisburg 7% to
19
52%
7s to
Farmers Natl Mtge 7s. *63
Frankfurt 7s to
1945
99
Mtge 7s
1948
North German Lloyd 6s '47
4a
1947
Cordoba 7s stamped..1937
1968
7s.£
103
/26
/50%
n%
1962
National Hungarian A Ind
Hungary 7 %a
3%
/56
Water Bonds
Atlantic County Wat 5s '68
/93
Nat Centra] Savings Bk of
1
7%s income
Ask
/93
(A
..
1953
106
Alabama Wat Serv 5s.1957
/1%
A B) 6 %s.1946-1947
(C A D) 6 %s. 1948 1949
...
.
16
.1946
105
2d conv Income 5s..1962
Ashtabula Wat Wks 5s '58
/21
/15
/17 %
/20
Nat Bank Panama—
16
German Central Bk
6%s
27%
m
Municipal Gas A Elec Corp
Recklinghausen 7s..1947
Nassau Landbank 6%s '38
/15
70
07
fl7
M unic Bk Hessen 7s to '45
mm
Colombia 4s._
Woodward Iron—
16
/19%
1945
City Savings Bank
107%
56%
/20
fZ5
Montevideo scrip
98%
1945
Mfg 5%s
25%
Bid
m
99
101%
Witberbee Sherman 6s 1963
3%
Mannheim A Palat 7s.l941
—
99%
75%
15%
Distillers Products—
100
m mm
Budapest 7s
98%
62
3%8 w 1..1949
24%
Chilean Nitrate 5s
61
Conv deb
/21
/20
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
Water 7s
1948
Central German Power
84
Nat
Leipzig O'land Pr 6%s '46
-
90
86
McKesson 4 Rob 5%s 1950
116
1947
Madgeburg 6s.....1934
81
7% preferred
100
Muskegon Piston Ring. 2%
Casket....
*
Preferred
102
1948
Conv. deb 6s
Mock Judson 4 Voehringer
National
see
America
.......1948
/45
5
m
Central Agric Bank—
90
Lawrence Portl Cement 100
*
110%
Fabrics 78..1942
Am
9%
/37
/20
Land M
mmm
/7%
1944
Cauca Valley 7%8—1946
Ceara (Brazil) 8s
%
8
Nov 1935 to May 1937
Koholyt 6%s
1943
Bk Warsaw 8s '4 J
4%
4%
47%
6%
47
/61
4
...
/41
(115
31
King Seeley Corp com—]
Landers Frary 4 Clark..25
Nov 1932 to May 1935
17
Munich 7s to
Burmeister A Wain 6s. 1940
47
Coupons—
mmrn
/7%
6%
10%
5
/7%
/44
/44
Meridlonale Elec 7s_—1957
1962
Brown Coal Ind Corp—
7%s
23
7%
Bonds—
7%
6
28%
18
British Hungarian Bank—
Callao (Peru) 7%s
Harrlsburg Steel Corp
Jugoslavia 6s funding. 1956
Jugoslavia 2d series 5s. 1956
_
/17
6s.
Hungarian Discount A Ex¬
change Bank 7s
1936
...
/22
21
•
preferred
Brazil funding
Bremen
Hungarian Ital Bk 7%s '32
—
...
m
/16
/3%
/3 %
/3%
f4
f 19%
/23%
/30%
95%
/18
/7 %
/7%
Hungarian Cent Mut 7s '37
...
.
/2 4
/17
8s
2%
1%
/26
/26
1939
Housing A Real Imp 7s '46
Hansa SS 6s
...
fZ2
Brandenburg Elec 6s__ 1953
•
Gen Fire Extinguisher...*
Packing com
6%
43%
/16
1946
of Colombia 7 % -1947
BarranquUla ,s'35-40-46-48
Bavaria 6%s to
1945
Bavarian Palatlnite Cons
85
Warren (Northam)—
Welch Grape Juice com..5
19
13%
30
Preferred
Fohs Oil Co
*
6%
1%
134% 140
29%
31%
Trlco Products Corp
68%
Bank
Art
Bid
Ask
1946
Anhalt 7s to
Antioqula 8«
18%
34%
*
Bid
5%
31%
38%
2%
Draper Corp
Tel. HAnover 2-5422
St., N. Y.
Foreign Unlisted Dollar Bonds
182
28
100
13%
3%
24%
6%
Time Inc
Preferred
52 William
3%
31%
Douglas (W L) Shoe—
Conv prior pref
Preferred..
2%
24%
Dictaphone Corp
*
Dixon (Jos) Crucible--.100
Domestic Finance cum pf_*
Oarlock
12%
& CO., INC.
BRAUNL
3
6%
19
58
Products—
Maize
%
2
17
100
Andian National Corp...*
.
18%
10
85
1
Inactive Exchanges
65
17
American Mfg. 6% pref
Amer
Foreign Stocks* Bonds and Coupons
Ask
Mew Haven Clock-
Mills Inc......*
American Arch
Stock Exchange
on
floor.
March 16
approved the membership application of C. W. Britton. senior partner of
C. W. Britton & Co., Sioux City, Iowa.
Volume
148
Financial
General
Chronicle
1791
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
NOTE—For mechanical
reasons
However, they
it is not
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
are
Air Reduction Co.—New
FILING OF REGISTRATIONS STATEMENTS UNDER
The following additional registration statements
(Nos. 3973
to
3981, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The total involved is
approximately $56,566,638.
Commonwealth Edison Co. (2-3973, Form A2) of Chicago, 111. has filed
a registration statement
covering $25,851,900 of 3H% convertible deben¬
tures, series due 1958, rights evidenced by transferable subscription war¬
rants to subscribe for the debentures, and
1,034,076 shares of $25 par
value capital stock to be reserved for conversion of the debentures.
March 16, 1939.
(For further details in V. 148, p. 1637.)
registration statement covering $304,000 4M& of 1954, issued under the
name of Newport & Fall River Street
By.
The statement also
covers 59,550 shares of $20 par common stock held
by Utilities Power &
Light Corp.
Proceeds of sale will be used to pay indebtedness and for
working capital.
Principal underwriter will be Stone & Webster and
Blodget, Inc.
William P. Sheffield is President of the company.
Filed
March 16, 1939.
a
former
,
Brewster Aeronautical Corp. (2-3975, Form A2) of Long Island City,
N. Y. has filed a registration statement covering 106,250 shares of $1 par
value capital stock and a like amount of warrants to purchase the capital
stock.
A maximum of 425,000 subscription certificates will be issued to
Of the
subscriptions, four will represent
one
a jointly-owned
organization, the Weldrod Corp, to combine the operations of the two
companies in the production of electric welding machines and equipment.
The new company has a capital of $600,000.—V. 147, p. 2673."
Alabama Fuel & Iron Co.—80-Cent Dividend—
Directors have declared a dividend of 30 cents per share on the common
stock, payable April 1 to holders of record March 20.
This compares with
20 cents paid on Jan. 3, last; 30 cents paid on Oct. 1 last; 20 cents paid on
April 1, 1938 and previously regular quarterly dividends of 30 cents per
share ware distributed.'—V. 147, p. 3903.
Alabama Water Service Co. (&
Filed
Newport Electric Corp. (2-3974, Form A-2) of Newport, R. I. has filed
stockholders.
Subsidiary Formed—
This company and the General Electric Co. have formed
SECURITIES ACT
warrant for
Surchase of rightshare of capital stock. of its company will on theto stockThe capital stock offer basis of
olders the one to subscribe to shares
share for each four shares held at a purchase price of $8.50 per share.
Van Alystyne, Noel & Co., the principal underwriter, has agreed to pur¬
one
Calendar Years—
Total operating revenues
Provision for uncollectible accounts-Maintenance.
Provision for retirements &replace'ts
General taxes
Provision for Federal income taxes..
Surtax
on
company.
Work
is
President
of
the
Inland Steel Co. (2-3976, Form E-l) of Chicago, 111. has filed a registra¬
tion statement covering 45,000 shares of no par value capital stock which
the company intends to issue under a plan of reorganization for the Wilson
& Bennett Manufacturing Co., in exchange for 243,000 shares of Wilson &
Bennett common stock.
Stockholders selling capital stock of issuer re¬
ceived through exchange may be underwriters.
Philip D. Block is Presi¬
dent of the company.
Filed March 18, 1939.
Annapolis Industrial Loan Co. (2-3977, Form A-l) of Annapolis, Md.
a registration statement covering 10,006 shares of $20 par, 7%
has filed
cumulative preferred stock, 10,000 shares of no par value common stock,
which are to be offered in units of one each at $25 per unit.
Proceeds are
to
b3 used for working capital.
Southeastern Investment Co., Inc., has
J. W. Crosley is President of the company.
been named underwriter.
Filed March 20,1939.
American Estates Co. (2-3978, Form C-l) of St. Paul, Minn, has filed
registration statement covering certificates of beneficial interest in trust
a
fund A, the aggregate amount of which is not to exceed $250,000.
Proceeds
for investment.
Sponsored by a depositor.
H. C. Fay is President of the
company.
Filed March 20, 1939.
Consolidated Gas Electric
Light & Power Co. of Baltimore (2-3979,
Form A-2)
of Baltimore, Md. has fil»d a registration statement covering
223,063 shares of $100 par value series B, 4 H % preferred stock and interim
receipts for such shares.
Filed March 21, 1939.
(For further details see
subsequent page).
West Coast Telephone Co. (2-3980. Form A2) of Everett, Washington
has filed a registration statement covering $3,800,000 first 4s of 1964 to
be offered at 100.
Proceeds of the issue will be ussued for redemption of
funded debt of issuer and Puget Sound Telephone Co.
Blyth & Co., Inc.,
and others named,underwriters.
Chester H. Loveland is President of the
company.
Distance Telephone Co.
(2-3981, Form A-2)
of
Manila, Philippine Islands has filed a registration statement covering
$1,500,000 first A 6s of 1953 to be offered at 101.
Of the total, $1,000 000 was sold prior to registration and a repurchase offer is being
made in connection with these bonds.
W. G. Pitfitld & Co., Ltd., is
named as principal underwriter.
Proceeds of the issue will be used for
retirement of debt, constructiqn and working capital.
Theodore V. Halsey
is President of the company.
Filed March 22, 1939.
:
in
The last previous list of registration statements
our issue of March 18, page 1629.
was
given
-----
--
'
—
Six-Cent Dividend—
a dividend of six cents per share on the common
stock, par 25 cents, payable April 15 to holders of record March 31.
A
dividend of nine cents was paid on Jan. 14, last; seven cents was paid on
Oct. 15 last; one of six cents was paid on July 15, 1938, one of eight cents
was paid on April 15, 1938, and a regular quarterly dividend of 15 cents
was
paid on Jan. 15,1938.—V. 147, p. 3903.
Akron Canton & Youngstown
Ry.—Earnings-
Consolidated Income Account for Calendar Years
(Including Northern Ohio Ry. Co.)
1938
$1,694,439
Operating revenues
Operating expenses—
1,280,942
Net operating revenue
$662,707
1,377
$413,497
Rent from, locomotives
Rent from work equip ..
1937
$2,122,096
1,459,389
1,623
_
.
338
85
$415,542
156,262
Total income
Railway tax accruals
Uncollectible ry. rev
Hire of freight cars
_
$665,024
105,470
176,428
Joint facility rents
882
58
251,851
249
Net oper. income
Miscell. rent income
Misc.non-op. phys.prop.
Contrib. from other cos-
1935
$1,986,860
1.334,947
$854,033
2,725
2,689
$651,913
30
378
784
30
$859,477
151,729
$653,105
91,239
391
_
_
Rent for pass. tr. cars—
Joint facility rents-
1936
$2,264,738
1,410,705
_
1,036
$306,525
11,384
9,467
11,436
_
«
$483,150
11,470
9,198
9,024
10
18
21
5,477
sec_-
12,456
5,556
15,583
14,643
Miscellaneous income.—
87
106
86
Dividend income
Inc. from funded secur.
Inc.from unfunded
_
Miscellaneous rents..—
Misc. tax accruals
Int. on funded debt
Int. on unfunded debt.
Inc.transf'd to other
$360,076
1,392
$124,991
Gross income
.
cos.
Misc. income charges
418
178,400
787
$81,566
12,196
9,495
3,701
^
224,598
870
4,187
339,284
21,806
1,333
2,480
4,511
342,415
22,541
_
524
$528,116
1,478
4,962
335,979
20,629
5
576
65,851
1,250
$478,523
1,335
991
331,131
22,000
18
—
2,837
$383,048
10,146
10,575
7,072
1937584
3,920
1,007
Net income
def$244,968
def$13,620
/'
$161,148
$122,041
1,586
$422,542
263,853
3,132
1,552
$136,084
40,758
$154,003
xl46,006
5,527
Consolidated Balance Sheet Dec. 31,1938
Aldred Investment Corp.
Int.
on
416% debentures
1937
1936
1935
$84,135
$77,529
9,022
69,909
7,937
70,314
7,705
74,561
$79,051
6,851
78,441
378
Exchange..
Loss
on
See
securities sold..
Net loss..
Bal. forward fr. prev. yr.
as per
(Canada)—Earnings—
1938
$77,022
Calendar Years—
Income from investments
General expense..
See
y
$32,143
y
$6,748
39,694"
$5,697
32,945
prof.$4,894
27,249
$29,831
bal. sheet
See
x
$2,287
32,118
507
960
990
See
x
$32,945
$27,249.
x Net profit on securities sold has been credited to capital surplus ih the
amount of $1,327, in 1938 and $4,948 in 1937. y Losses on sales or securities
have been charged against capital surplus as follows:
$1,864 in 1935, and
$6,447 in 1936.
..
Balance Sheet Dec. 31,
i938
■
(at market prices $1,056,728), $2,302,809; cash in
bank, $38,801; accrued interest and dividends declared, $19,319; prepaid
"taxes, $1,212; total, $2,362,141.
Liabilities—40-year 4M% debentures/ $1,529,500; 6% preferred (cumu¬
lative) stock, $500,000; common stock (50,000 shs. no par), $250,000;
accrued debenture interest, $34,414; accrued provincial taxes, $2,424;
accrued exchange, $167; capital surplus, $15,806; earned surplus, Dec. 31«
1938, $29,831; total, $2,362,141.—'V. 147, p. 3443.
Assets—Investments
Gas
Co.—Bonds
to
Be
Sold
n
issued an order exempting
sale of $240,000
bonds SH% series due 1965.
The bonds ara to be sold privately, for cash, at 104 plus accrued interest
to the date of delivery.
The bonds are to be sold to the Penn Mutual Life
Insurance Co., under an agreement which specifically provides that the
purchase is made for investment and not for resale or with a view to dis¬
tribution. " The applicant states that $245,000 of the proceeds will be used
to retire bank loans which were incurred for improvements and betterments
and for refunding customers' deposits, $2,600 will be used to reimburse its
treasury for moneys expended for improvements, and $2,000 will be used
to defray the expenses of the sale.
No finders' fees will be paid.
The proposed offering was authorized by the Pennsylvania Public
Utility Commission on Feb. 15.—V. 148, p. 1307.
The Securities and Exchange Commission has
from the provisions of the Holding Company Act the private
first mortgage
Allis-Chalmers Mfg. Co .—Annual Report—
Orders booked
Unfilled orders
IslQuar.
IndQuar.
ZrdQuat.
ithQuar.
$19,314,557 $21,017,738 $14,195,522 $12,200,086.
end
of
♦
...
„
...
20,248,025
.
16,562,202
10,796.269
10,411,411
20,310,099
24,703,561
19,961,454
12,568,322
1,403,648
quarter
Sales billed
Net profit.....
1,475,410
505,160
♦830,272
Loss.
Dividends amounting to $2,663,314 were declared payable quarterly
during the year at the annual rate of $1.50 per share on all common stock
outstanding.
At Dec. 31.1938, there were 17,525 stockholders as compared with 16,360
at the close of 1937.
a
The following table shows the orders booked, unfilled orders, sales billed,
and net profit or loss for the past five years, as contained in the annual
^
„
,
.
.
,
reports to stockholders:
Unfilled
Orders
1936
♦
-
Orders
Sales
Booked
End of Year
Billed
.$21,875,008
38,283,740
65,289,107
94,778,845
66,711,281
*
-
$8,013,858 $20,287,148 *$1,039,405
7,510,592
38,787,006
1.985,136
13,818,337
58,981,362
4,014,112
21,243,567
87,353,616
7,841,167
10,411,411
77,543,437
2,553,946
Loss.
the Securities and Exchange
with the sale of 15-year 4%
fund debentures, the net profit or loss for the three
years ended Dec. 31, 1934. 1935, and 1936 was reported as follows:
1934,
loss $767,029; 1935, prof $1,967,220; 1936, prof $3,869,505.
In the registration statement filed with
Commission in August, 1937 in connection
x
convertible sinking
—V, 148, p. 1307,
$403,947
'263,613
2,664
108,173
14,328
53
Assets—Utility plant, $9,209,139; misceU. investments & special deposits,
$9,815; cash, $101,440; accounts, warrants and notes receivable (net),
$120,595; accrued unbilled revenue, $17,794; material & supplies, $63,618;
prepaid insurance & taxes, $15,528; deferred charges, $43,198; total
$9,581,128.
Liabilities—Long-term debt, $5,767,853; accounts payable, $35,254;
consumers' deposits, $28,992; general taxes accrued, $30,557; Federal inc.
taxes accrued, $30,935; divs. on pref. stock, $3,396; unearned revenue,
$17,252; miscell. accruals, $5,060; consumers' extension deposits, $37,967;
reserves, $1,485,107; contributions for extensions, $3,626; $6 cum. pref.
stock (6,955 no par shares), $679,300; common stock (6,000 no-par sns.),
$600,000; capital surplus, $538,670; earned surplus, $317,157; total, $9,581,128.—V. 147, P, 2712.
Privately—
^Directors have declared
$417,015
-
Includes arrearages.
Allentown-Bethlehem
Affiliated Fund, Inc.—To Pay
$399,105
4,842
$93,860
40,758
75,000
Gross income
Int. on long-term debt
Miscellaneous interest
Surpl.
Filed March 22, 1939.
Philippine Long
6,872
8,079
54,002
110,079
$361,954
263,553
2,955
1,586
Net earnings-.--
Other income—net
x
019,187
67,496
119,172
114,395
19,503
2,860
-
Net income.
*
Preferred dividends
Common dividends
James
343,618
$357,639
4,314
undistributed profits
and
working capital,
Filed March 17, 1939.
1936
$1,043,031
65,154
127,867
118,772
9,489
Amortization of debt discount & exp-
additional
1937
$1,075,104
372,997
020,423
.
chase any shares not so purchased by stockholders and will offer such shares
at the prevailing market price.
Proceeds will be used to retire bank loans
for
Sub.)—Earnings—
1938
$1,073,838
Operation..—
413,403
General expenses charged to construe.
Crl8,487
Rent for leased property
__
Financial
1792
W The differences between the figures In the registration statement
Consolidated Income Account for
x
Cost of sales,
$58,981,363 $38,787,007
American Beverage Corp.—Secretary Resigns—■
Mintzer, has resigned as Secretary and general counsel
corporation.
No successor has been chosen.—V. 148, p. 1630.
*
77,284,012
53,455,342
36,415,578
$3,693,662 $10,069,604
$5,526,021
Operating profit---
150,180
675,849
151,584
281,857
502,804
90,464
$6,503,634
$3,246,554
495,392
769.417
George J.
$2,371,429
73,849,776
ministration expenses.
658,429
707,775
Miscellaneous
182,039
266,369
$4,534,130 $11,043,748
1,020,117
1,275,980
Total income
Deb. int. and expenses..
129,129
Loss act. of Pitts, flood.
Special credit
z 19,933
980,000
y2,341,000
1,215*000
665,000
Credit Corp.—Larger
American Business
Directors have
declared
a
Dividend—
dividend of 10 cents per share on the common
22 to holders of record March 16.
This
A, payable March
class
stock
with 7 cents paid on
July 5 and April 14, 1938, this
compares
Dec. 5, last, and 10 cents paid on Oct.
latter being the initial dividend.
5,
Corporation announced that gross receivables of the corporation topped
all previous month-end highs with outstandings of $3,922,518 at the end
of February, an increase of $279,692 over January.—V. 148, p. 1630.
z79,399
Prov. for Fed, inc. tax..
of
this
Other income—
Credit
Int. and discount (net)..
a
Beard
has been reduced from 15 to
incl.depr.
selling $c 3,d-
dovcloDi
American Bank Note Co.—Directorate Reduced—
retired as a director of this company and the
14 members.—V. 148, p. 1307.
H. Victor Keane has
1935
1936
Co. above.—V. 148, p, 1467.
See American Bakeries
Calendar Years
1938
1937
$77,543,438 $87,353,616
Sales billed
1939
Corp.—Name Changed—
American Bakeries
and
In the annual reports to stockholders represent adjustments
between years in order to state the net results on a more comparable basis.
those shown
25,
Mar.
Chronicle
650,000
Prov. for Fed. surtax
$4,014,113 $1,985,137
2,417,434
10,727,944
9,812,956
1,769,367
1,344,394
$2.27
$1.48
964,889
637,853
zSpecial credit arising from liquidation
$2,553,946
$7,841,167
2,663,314
6,202,941
12,245,850 12,355,218
Shs. cap. stock outst'd'g
1,776,092
1,773,341
Earnings per share
$1.44
$4.42
x Depreciation included1,261,466'
1,031,686
Net profit for year...
y
Includes excess profits taxes.
and accounts receivable of Advance-Rumely Corp. and B. F, Avery
Inc.
a Arising from liquidation of Advance-Itumely and other
of notes
&
Sons,
assets.
Consolidated Balance Sheet Dec. 31
Accts.
aNotes
&
11,677,994
20,154,993
22,387,790
Taxes accrued
einpl'ees' wkg.
259,934
25,301,845
fund," Ac.—Inventories
b Factory
304.925
-
—
1,913,279
1,347,513
2,449,047
American Hair & Felt Co. (&
1,540,629
337,620
32,023,654
11,525,220
625,031
709,034
214,854
226,987
Deferred charges
s.
2,345,305
728,078
722,075
2,289,756
15-yr. 4% debs.
25,321,500
55,129,718
55,129,718
12,245,850
Treasury stock Drl64,674
^
_
-Eai
(& Subs.)-
ns.
1939—2 Mos.—1938
1939—Month—1938
$1,428,565 $1,078,122
Period End. Feb. 28—
^
25,321,500
d Com. stock
34,839,894
11,504,060
-—
depreciation,
American-Hawaiian Steamship Co.
3,078,424
337,620
58,048
After
Subs.)—Earnings—
1937
1936
1935
$186,960prof$461,920prof$393,352
obsolescence, taxes, &c.—V. 147, p. 3302.
1938
$181,437
Calendar Years—
Consolidated net loss.x
1,221,784
surtax
equipment
x
profits taxes &
36,723,614
with RFC—
first page of this department.
See list given on
6,886,822
Deb. int. accr'd.
Goodw. A pat'ts
Other assets.
American Discount Co.—To Pay 50-Cent Dividend—
declared a dividend of 50 cents per share on the common
payable April 1 to holders of record March 20. This
compares with 30 cents paid on Dec. 15, last; 75 cents paid on Aug. 25 last;
25 cents paid on June 1,1938 and 50 cents paid on Dec. 15, 1937.—V. 147,
p. 3903.
Directors have
American Estates Co.—Registers
4,093,829
Fed.inc.& excess
sites,
bldP8.,mach'y,
Exchange has approved the company's application
57,143 additional shares of capital stock:, par $1.—V. 148, p. 1630.
stock, no par value,
pletion of con¬
tracts billed.
debtors,
Centrifugal Corp.—Listing—
The New York Curb
to list
Reserve for com¬
accts.
receivable
Sundry
-■
1307.
p.
American
payable &
payrolls
6,734,860
148,
ler.—V.
$
Liabilities—
$
Cash on hand &
demand depos
1937
1938
1937
1938
Assets—
the appointment of Wm. L. Stancliffe as Manager
and of Lester P. Philp as Assistant to the Comptrol¬
Company announced
of Miscellaneous 8ales,
Dividends paid
Surplus at end of year..
Foundry Co.—New Officials—
American Car &
492,000
$2,821,473
2,620,627
$2,436,659
2,322,983
$200,847
3,869
$113,676
4,962
x$500
$204,715
70,309
140,445
$118,639
147,993
3,751
$64,270
x$25,603
12,355,218
AdvS. on contr.
728,832
Sundry creditors
Reserves
-..
Operating earnings
Operating expenses
1,082,923
1,336,735
$91,830
3,506
.
Other income-
co
X
oo
■
oo CO
i
Earned surplus.
c
Dr202,803
104,578,603 110,636,083
Total
After reserve for receivables of $3,967,731 in 1938 and $3,030,986 in
1937. b After reserve for depreciation of buildings and machinery of $18,660,791 in 1938 and $17,692,976 in 1937. c Represented by 11,878 no par
shares in 1938 and 14,629 no par shares in 1937. e Represented by 1,787,970
noparshares.—V, 148, p. 1467.
a
dein¬
Total profit before
Fed.
and
prec.
104,578,603 110,630.083
Total
$95,336
66,729
come tax
Prov. for
depreciation--
i
Profit on sale of securities
Fed.
Net profit before
income
x
x$70,809
$28,607
taxes.
148,
Indicates loss.—V.
p.
1307.
Allemannia Fire Insurance Co.— Extra Dividend—
The directors have declared
an
extra
dividends of 10 cents per share on Jan. 2, 1935, and
in each of the four quarters prior to this latter date.—V. 147, p. 3903.
company paid extra
Alpha Portland Cement Co.—New Director—
H. Lee Mason Jr. has been elected
deceased,—V.
147,
p.
a
director to succeed J. M. Lockhart,
3301.
American Bakeries Co.—Annual Report—
Dec, 31,
On
1938 the dissolution of American Bakeries Co., the sub.
consummated and its properties vested in this company,
that day was changed from "American Bakeries Corp." to
"American Bakeries Co."
This company, thus, has become the operating
company
was
whose name
on
company.
In December
all of the outstanding preferred stock of the subsidiary
amounting to $415,000 was called for redemption and during the
year $58,700 of the 5% dividend notes of American Bakeries Corp. were
acquired.
All remaining dividend notes outstanding in the amount of $338,293 on
Dec. 31, 1938, are to be retired on or before April 1, 1939, through re¬
demption or purchase at their face amount and accrued interest, pursuant
to resolutions which have been adopted by the board.
To offset, in part,
reduction of the working capital in meeting the cost of such redemption and
retirement, the company borrowed on Dec. 31, 1938, on a five year loan,
the sum of $500,000.
Comparative Income Account
company,
Year End.
,
Period Ended—
Net operating profit
Dec. 31,
'38
$1,621,233
I HI 111
Depreciation
Maintenance & repairs.
Int.
_
on notes
Prov.
for
Fed.
&
40,340
$1,661,573
340,980
254,412
18,234
$1,422,173
321,094
256,862
23,590
$1,298,478
282,799
251,433
25,791
$878,751
274,503
192,600
12,896
State
income tax
236,713
216,118
187,500
67,500
$811,234
$604,509
$550,955
$331,253
28,681
30,772
32,190
34,547
$782,553
$573,737
507,379
53,236
$518,766
219,648
$296,706
572,562
$1,134,352
132,020
150,979
77,370
38,650
$738,414
131,369
75,489
Dividends paid on sub.
co.
pref. stock
Net
inc.
735,333
10,116
$1,528,002
dividends
133,730
150,981
77,370
24,202
Class A dividends
Class B dividends
Miscell. debits
lotal surplus-.
6,501 shares of its stock, which are held in the treasury to be used
expansion.
Consolidated Income Account for Calendar Years
for possible
further
1938
1937
$26,941,639 $25,711,195
Net sales..-.
$3,726,033
$3,970,981
176)397
345,120
174,629
107,706
$4,338,462
279,093
$4,071,153
$4,145,611
$2,538,082
398,401
189,947
655,078
249,697
166,882
391,795
1---.
Total income-
Interest, &c_
Depreciation
212,549
241,173
668,689
258,112
1
Federal tax
775,753
$2,430,376
...J
Foreign tax
Fed.
for
21,985,163
$4,162,066
Operating income
Other income
Prov.
1936
1935
$21,377,625 $16,391,169
17,406,643 13,960,793
22,779,573
Costs and expenses.
tax
on
73,343
76,923
$2,875,399
2,738
1,926,756
$2,825,261
2,423
1,807,011
profits-
Net income
$3,025,505
2,883
-
To minority interests
Dividends
1,846,734
$1,729,708
1,915
1,478,620
$1,015,828
$249,173
741,060
672,100
$3.81
$2.57
x Being the average number of shares outstanding during the year.
In
arriving at this average not only the additional stock issued by company on
July 23, 1938 70,798 shares, in connection with the acquisition of S. M. A.
Corp., but also the number of shares of treasury stock purchased by com¬
pany in the open market during 1938 has been considered.
Surplus
Shares of capital stock--
Earnings
per
share
-
$945,904
741,060
$3.88
$1,175,887
x771,724
$3.92
,
$1,141,720
$735,333
$869,268
131,369
515,841
"2,410
24,177
$507,379
$219,648
Balance Sheet Dec. 31, 1938
company dissolved as of Dec.
(d?set,sT9&B£ in banks and
1947,
1938
Cash
a
$
Inventories
cur.
1,185,318
19,912
16,271
repre¬
$
& ac¬
2.038,415
2,415,455
1,258,669
1.401,071
4,001,603
4,783,261
Acer. Fed. & for'n
73,925
102,608
Inc., &c., taxes.
877,644
787,127
97,907
101,707
Dividends payable
161,271
148,212
Other curr. llabs..
58,235
255,770
410.775
430,069
.....
assets
(less
3,883,860
reserve)
Goodwill,
3,861,959
expenses.
250,000
Notes payable
1
1
marks, &c
Deferred expenses.
Other assets
crued
Purchase
trade¬
money
mortgages
656.090
166,079
156,944
Reserves
59.108
225,583
Cap.stk. (par $1).
Earned surplus
31, 1938.)
fo/ depreciati°n of S2,087,812), $3,030,473; goodwill,
pay.
1,500,000
I
x
Total
12.691,435
x 6,501 shares at cost,
148, p. 1159.
y
12,849,107
569,445
805.842
741,545
8.090.025
6,765,865
163,514
Capital surplus
on hand' &1.285,680; U. S. Treasury bonds due
(pledged per contra), $2,591; customers' accounts receivable (less
reserve $2,842), $93,956;
liscellaneous accounts receivable, $3,035; em¬
ployees accounts receivable, $4,185; inventories, $310,515; prepaid ex¬
penses, $109,194; miscellaneous stocks, at cost, $600; plant and equipment
Accts.
1937
y500,000
Notes payable
(net).
_
assets..
Investments
Fixed
$
Liabilities—
1,750,624
securities
Receivables
Other
"1938
1937
t
Assets—
Market,
P^j?udbl^' assets and liabilities of American Bakeries Co. of Georgia,
1
x.
„
_
also acquired Eff Laboratories, Inc., a corporation
engaged in the manufacture of commercial vitamin products.
The Eff
Laboratories, Inc. acquisition was made for 7,000 shares of American
Home Products Corp. stock, which had been purchased in the open market
for cash, so that no additional stock was issued.
In addition to the above the corporation purchased during the year
to
Surplus credits
subsidiary
July 23, 1938.
vitamin products.
The corporation
Consolidated Balance Sheet Dec. 31
accruing
parent company
Previous surplus
Preferred
Products Corp. stock and became effective
The S. M. A. Corp. is a manufacturer of infants' foods and
70,798 shares of American Home
Jan. 1, '38 Dec. 26, '36 Dec. 28, '35
$849,191
29,560
assets and
by issuing
its subsidiaries, acquired during the year the
S. M. A. Corp.
This acquisition was made
undistributed
$1,257,603
40,875
Corp.—Annual Report—
and diversification
following out its policy of expansion
The corporation, in
of products of
business of the
Years Ended
53 Wks.End.
$1,379,253
42,920
Miscellaneous income-..
American Home Products
dividend of five cents per share in
addition to a regular quarterly dividend of 25 cents per share on the capital
stock, par $10, both payable March 30 to holders of record March 21.
A
similar extra dividend was paid in each of the 13 preceding quarters.
The
Treasury stock.. Dr290,629
Total...
.12,691,435 12,849,107
Further reduced to $250,000 Jan. 3, 1939.—Y.
senting amount of the purchase price of the common stock of sub. company
$2*0^*861° total !$6e93*4
091
.Liabilities—Accounts payable and accrued expenses. $23,296; 5% 15-year
,notes dated July 1, 1935 (called for redemption April 1, 1939),
$338,293;
ono
unpresented bonds of Huston Biscuit Co. and accrued interest
thereon, $2,400: provision for Federal and State taxes, $414,229; notes
payable, banks (due $100,000 annually beginning Dec. 31,1939), $500,000;
Reserve in lieu of salesmen's fidelity bonds, $2,210;
7% cum. pref. stock,
(par $100), $2,137,400; class A stock (58,500 shares incl.
8,i70
SPSSX^110 par)• $2,582,510; class B stock, 90,000 shares
12,b30 shares
In
shares in
no par incl.
treasury (of which 6,700 shares reserves under option
agreements), $270,000; earned surplus, $1,141,719; capital stock reacquired
??d held in treasury, at cost, Dr.$477,968; total, $6,934,091.—V. 148,
1467.
•
American
^ asset va*ue thereof at date of acquisition,
p.
The
directors
capital stock,
Seal-Kap Corp. of Delaware—12-Cent Div.—
dividend of
12 cents per share on the
value, payable April 15 to
holders of record March 31.
have
no par
declared
a
paid on Dec. 15. Oct, 10 and June 10, 1938;
20 cents paid on Sept. 10, 1937; 10 cents paid on Dec. 10, 1937; 20 cents
on Sept. 1,1936, and on April 1, 1935, and $3 per share on April 10,1934.—•
This compares with 10 cents
V.
148, p. 722.
American Steamship
Co.—$1 Dividend—
Directors have declared a dividend of $1 per share on the common stock,
payable April 1 to holders of record March 21.
A dividend of $6 was paid
on Dec. 24, last; one of $2 was paid on Oct. 1, last and dividends of $1 per
share were paid on July 1, last, and each three months previously.—V. 148,
p.122.
Volume
Financial
148
American
Radiator
Consolidated. Income
&
Statement
Calendar Years—
Standard
Corp.—
Sanitary
1937
Operating profit
$7,768,159 $18,548,459 $16,840,873 $11,620,673
Interest received
107,193
305,360
254,970
352,011
Miscellaneous income-.
435,417
345.230
685,006
x646,562
Total income
$8,310,768 $19,199,049 $17,780,849 $12,619,245
721,491
828,680
728,063
737,352
Depreciation & depletion
3,902,422
4,637,925
4,431,948
4,361,229
Miscellaneous charges__
124,750
239,440
371,873
262,325
Exchange loss on foreign
funds transferred
323,379
Reserve for Govt, taxes.
2,180,886
2,387,304
4,109,942
3,325,343
Reserve for surtax
18.426
29,398
Res. for reval. of profits
in restricted countries
800,000
902,707
1,000,000
650,000
Interest paid
for
Consol. net profits
Preferred dividends
loss$424,077
505,911
493,391
778,784
$7,344,514
335,048
4,519,539
$2,798,860
335,048
1,506,743
$7,205,511
335,048
6,027,052
def$2,265,868
$843,411
$2,489,927
$2,463,812
10,044,956
10,045,087
10,039,719
$0.68
$0.70
—_
_
Incl. $465,960 profit realized on foreign funds transferred as
dividends.
Consolidated Balance Sheet Dec. 31
1938
1937
$
$
9,345,037
12,006,569
Assets—
Cash__.._.
Manketable
3,238,337
Accrued
Notes
payable.
3,732,266
Res .for Govt .tax
1,788.020
Res. for insur,.
10,211,519
13,903,170
32,504,952
counts raceiv.
41,748,861
closed
banks
175,392
167,441
Advs, to officers
278.800
233,538
Peas. & benefits
554,818
Accts.
Foreign
employees,
464,646
244,008
d Investments..
11.841,183
4,567,157
569,508
exch'ge
400,000
400,000
Preferred stock.
4,786,400
1,912,190
1,915,574
b Common stock
90.702,953
90,702,953
Paid-in surplus-
69,064,387
Deficit
43,152,006
1,036,939
rec.
Inventories
$
128,257
2Z3.134
158,653
300,330
Reserve for contin¬
1,104,099
939,272
55,768
1,901.442
Sundry accts.
gencies
Prov.
44,329
330,000
for
tional
promo¬
150.000
expenses.
2,097,223
Res. for foreign ex¬
expenses.
96,900
98,748
Due from employ's
Stock in affil. cos.
148,635
149,365
change fluctua's
Federal income tax
125,160
379,148
415,353
16,800
22,950
Capital stock...
9,701,400
9,701,400
4,089,476
4,126,301
115,337
101,902
14,732,094
15.241,368
Prepaid
a
Cash surr. value of
Earned surplus
life ins. policies.
Misc.
counts reeeiv'le.
Goodwill,
&
146,183,230
165.825,116
int—
„
146.183,230 165,825,116
Total...
After reserve for doubtful accounts of $965*370 in 1938 and $1,478,693
22,667
23,136
20,631
7,432,063
7,432,063
_
patents
trademarks..
Total
—
14,732,094 15,241,3681
Total.
Represented by 524,400 shares par $18.50.
b After reserve for de¬
preciation of $2,588,779 in 1938 and $2,339,664 in 1937.—Y.
148, p. 1467.
a
Stamping Co.—Earnings—
2 Months Ended Feb. 28—
1939
Sales..
Net profit after all charges
1938
$85,163
16,572
*
$20,681
lossll,346
Financial Statement Two Months Ended Feb. 28
1939
Current assets.
Current liabilities
—V.
147,
p.
1938
$131,233
20,166
...
Current ratio.
$111,840
25,229
4^ to 1
QU to 1
"
3903.
American Water Works & Electric
"
Co., Inc.—Weekly
Output—
Output of electric energy of the electric properties of American Water
Works and Electric Co. for the week
ending March 18,1939, totaled 45.138,000 kilowatt hours, an increase of 12.3% over the
output of 40,178,000
kilowatt hours for the corresponding week of 1938.
Comparative table of weekly output of electric energy for the last five
years follows'
Week Ended—
1939
1938
1937
1936
1935
Feb. 25
45,493,000 40,054,000 52,478,000 44,398,000 41,099,000
Mar.
4..——.45,301,000 41,135,000 52,311,000 43,979,000 4i),857,000
Mar. 11___
45,149,000 40,430,000 52,466,000 43,606,000 40.311,000
Mar. 18
45,138.000
40,178,006 52,373,000 44,172,000 40,548.000
—V. 148, p. 1631.
Amoskeag Co.—Earnings—
Year Ended Dec. 31—
1938
b Represented by 10,158,738 no par shares,
c
Income—Dividends
Total
After depreciation
cost.—V. 148,
shares common stock, at
p.
Net income
x
Exclusive of gains and losses
Analysis
722.
of Changes
on
$910,010
20,309
52,075
56,883
$497,863
x
$674,533
235,477
$585,129
23,281
49,443
14,542
income-
Interest.
Legal and other expenses
Provision for Federal, &c., taxes
of $43,236,365 in 1938 and $44,862,328 in 1937 and in 1938 reserve
$3,463,313 ($4,733,171 in 1937).
d Including 113,782
1937
$511,285
73,843
Interest
for revaluation of
$780,743
sales of securities.
in Reserve for Shareholders and Profit
and Loss
Balance, Dec. 31, 1937
American
Republics Corp. (& Subs.)—Earnings—
1938
-$11,586,121
9,527,673
Years End. Dec. 31—
Sales.--.....-..
Cost of sales.
—...
1937
1936
$15,467,633 $10,137,511
12,326,432
7,920,108
o
1935
$8,407,298
7,016,210
$3,141,201
107.714
$2,217,403
270,42U
$1,391,087
14,402
$2,066,968
1,037,298
Gen., adm. & sell, exps.
x76,685
Drilling expenses
566,574
Deprec. & other amort.
4,183
Depletion on cost
$3,248,915
1,047,614
705,617
441,651
7,750
$2,487,824
847,865
533,135
388,309
10,355
33,500
$1,405,489
886,142
347,786
Total income
—
.
leaseholds.
Surrendered
Received from liquidation of Amoskeag Mfg. Co. shares
Excess provision for 1937 Federal taxes
Excess provision
cancelled
168,134
Total
173,110
293,082
239,044
128,820
187", 166
63~073
12", 200
41,238
3,802
$368,741
392,415
$418,559
$171,468
$23,674
$231,069
Amortization of intangible
drilling costs,
tion depletion and lease amortization charges
Rec'le
After deducting deprecia¬
(not shown separately).
In v.,
less res.
lower of
853,774
(at
1,587.784
735,707
735,706
42,448
87,349
98,315
-
assets
Accrued expenses.
266,960
31,651
248,402
305,165
Capital stock...13,080,490
13,080,490
1,729,455
168,730
.
19,537,133 18,098,392
for doubtful notes and accounts of $2,000 in
1938 and
$11,553 in 1937.
y Less reserve for depreciation, depletion, amortization
and obsolescence of $8,874,482 in 1938 and $8,510,993 in 1937.
z Rep¬
x
After
reserve
resented by shares of
American
$16 par.—V. 147,
p.
Safety Razor Corp.
allowances
(& Subs.)—Earnings—
1936
1937
$7,470,680
$8,547,985
6,911,278
$8,624,2181
$1,636,706
97,984
$1,731,643
6,350,552
Operating income
$1,120,128
58,983
Other income
y
Decrease in reserve
$1,179,111
179,897
Profit on sale of sec. (net)
27,597
Foreign <fc Fed. inc. taxes
250,034
Total income
Depreciation
1935
Balance
stk. outst
Earnings per share
71,829
13,000
$1,654,979
59,069
7,900
$1,816,472
186,909
74,872
289,874
$1,721,949
207,373
loss3,636
239,932
$1,414,226
on
j declared a dividend of $2 per share on account of accumu¬
the 7% prior preferred stock, par $100, payable April 1 to holders
Like amount was paid on Dec, 28, last and regular
of record March 2z..
quarterly dividend of $1.75 per share was last paid on Dec. 28, 1937.
Of the current dividend, $1.75 applies to the current
quarter and 25
toward arrearages,
1,048,800
1,179,900
1,048,800
$1.48
$245,443
a524,400
$2.47
$234,326
a524,400
$2.70
8.
Holland and R. J.
were
elected
Strittmatter, both of whom
resigned during year.—-V, 147, p. 3904.
Arkansas Power &
Operating revenues
Oper, exps., incl. taxes
Property retirement re¬
serve appropriations.
.
.
Light Co.—Earnings—
1939—Month—1938
$718,386
$692,133
378,114
369,919
1939—12 Mos.—1938
$9,249,670
4,803,682
$9,056,074
4,793,780
Net oper. revenues
Rent from lease of plant
96,000
98,008
1,281,599
962,746
$244,272
$224,206
$3,164,389
$3,300,148
$244,272
1,091
$224,206
$3,164,389
13,758
$3,284,527
7,988
$245,363
$3,178,147
1,761,697
120,011
GY7.432
$3,292,515
1,814,271
112,832
015,677
$1,303,871
$1,381,089
(net)
Prl5,621
Operating income
Other income (net)
Gross income
875
Other int. and deductions
7,765
$225,081
151,458
9,344
CY422
Cr 543
Int.
on
mortgage bonds.
Net income
x
146,385
$91,635
$64,822
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
949,265
949,265
$354,606
$431,824
$222,208
b174,800
$7.27
x Including
selling, general and administrative expenses (exclusive of
depreciation).
y Applicable to investment in affiliated company,
z Of
a subsidiary company,
a Par $18.50.
b No par.
which amount to $5,
William E. Wickenden and E. J. Kulas
directors to succeed S,
$1,271,008
def$114,703
a524,400
16,655,587
department.
Int. charged to construe.
z335
$1,294,243
891,480
Dividends.
15,725,706
Not
Reported
62
profit
Shs. of cap.
6,892,575]
$776,777
United States surtax
Net
$1,734,690
177,185
36,607
299,807
14,650,314 15,095,350
Directors hav
lations
_
goods sold
Cost of
loss
Total
Apex Electrical Mfg. Co.- -Accumulated Dividend—New
Period Ended Feb. 28—
Sales, less disct.. rets. &
x
508,032
Res've for share¬
Annapolis Industrial Loan Co.—Registers with SEC—
3903.
1938
Calendar Years—
462,674
y
Represented by 72,846 $4M cumulative preferred and 89,911 (90,000
cents
Total
52,204
15,725,706 16.655.5871
At annual meeting
19,537,133 18,098,392
12,719
Dividend payable.
14,472,448 14,936,930
1,000,000
Directors—
2,262,597
Surplus-
$
600,000
Res. for Fed. taxes
1,293,975
See list given on first page of this
1,072,500
Reserves.
z
y
19,136
1,319,813
after one year..
1937
$
loans
Dec, 31, 1937) common shares no par.
Note—'The approximate value of the securities owned, based
upon market
quotations or other estimated fair value Dec. 31, 1938, was $10,816,004.
—V. 147, p. 3755.
682,477
447,544
at
....
Bank
and
761.625
appraised value. 15,400,350 13,771,949
Total
1938
Liabilities—
$
holders <fe profits
$
1,100,776
1,226,445
Notes payable
1,846,590
Deferred assets
Fixed
1937
$
payable-
Notes payable, due
cost or
Investments
y
832,824
Accounts
Deferred credits
market)
Other assets
1938
Liabilities—
$
722,434
3,225
Accts. & bills rec.
1937
424,682
261,610
y
1937
$
748,341
Marketable secur.
x
073
183,479
1,069,780
(secured)..
value.-s.
Consolidated Balance Sheet Dec. 31
1938
—
1,826
charged to profit
$14,650,314
%
Total..
Deficit
Cash.
Falls Corp.
y$30,541
130,805
$351,751
523,219
_loss$287,754
Assets—
Moore's
Investments—book
Dividends
x
$15,684,034
462,673
565,569
2,976
Comparative Balance Sheet Dec. 31
Assets—
Cash
Estimated pro v. for sur¬
tax of undistrib-profits
437
°
1938
...
Res. for Fed. inc. taxes.
Net income
'
shares purchased and
201
Net payments account
and loss
215,842
212,207
73,800
Engineer., exploration &
geophysical expenses.
Dry hole costs
a-c
Balance, Dec. 31, 1938
1
*
for 1937 dividends
Dividends declared out of 1938 net income
Net loss from sales of securities.
Cost of 50 preferred shares purchased and cancelled
Cost of 89 common shares purchased and written off
undeveloped
leaseholds
$15,095,350
497,863
90,181
Net income
$2,058,448
8,520
Gross profit from oper.
Other inc. & chgs. (net).
Amortiz. of
144,850
non-curr. ac¬
Deferred charges,
32,155,495
prop¬
Total..
in 1937.
961,391
950,620
1937
$
Accounts payable.
Accrued liabilities.
69,064,387
87,626,049
...
erty,
reserve
secur.
rec.
11,260,000
11,277,500
5,698,399
obllg
Long-term
Minority
items.
Plants,
503,018
Marketable
Accts. & notes
2,291,549
valuation res.
79,336,262
vestments
Deferred
a
702,577
5,704,039
4,786,400
Pension fund in¬
c
356,946
to
banks
Inventories
<fc
684,770
502,524
246,651
wages.
pay.
$
$
4,947,800
4,495,587
2,883,133
Notes and ac¬
in
1937
1938
LtaMltties—
Notes &mtg.pay.
se¬
curities
Cash
hand
on
335,048
stock
common
outstanding (no par). 10,044,956
Earnings
per
share
on
avge. amount outst'g.
Nil
a
1938
Liabilities—
$
2,149,060
Cash in banks and
$0.24
dividends
Surplus
x
1937
%
2,549,105
American
250,000
325,684
334,995
3l"8~,864
304,045
598,547
Idle plant expense
Shares of
1938
Assefs—
b Fixed assets
investment
in Spanish company..
Minority interest
Common
1793
Consolidated Balance Sheet Dec. 31
(Including Subsidiary and Affiliated Cos.)
1938
1936
1935
Gross sales
-$109,364,466 $150854,035 $128532,678 $103797,203
Returns, allowances, dis¬
counts, freight.
10,186,159
14,117,210
12,954,639
11,045,420
Inter-co. items elim
12,215,533
17,038,669
14,439,483
9,353,837
Cost of sales
62,594,288
80,285,458
66,229,517
55,558,132
Sell. & admin, expense-- 16,600,327
20,864,238
18.068,166
16,219,141
Reserve
Chronicle
Balance
x Dividends accumulated and unpaid to Feb. 28, 1939, amounted to
$1,344,792v
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, were paid on Jah. 2, 1939.
Dividends on these stocks are cumulative.—V. 148, p. 1632.
to
Co.- -Co-Registrar—
Andes Copper
Accumulations after the payment of
holders of record March 21.
dividend will amount to $106.50 per share.—V. 147, p.
current
Bank of Jersey City has been appointed co-registrar
for this company,—V, 147, p. 3445.
251939
Mar.
Chronicle
Financial
1794
the
1768.
The First National
Baltimore & Ohio RR.- -RFC Sells $1,305,030
Associated Gas & Electric
V. 148, p.
Co.—Weekly Output—
elected
a
resigned as Secretary of Commerce on
He is 72 years old.—-V. 148, p. 1310.
He
Dec. 15 last to return to private life.
'
$1,814,206
Net
Portfolio holdings
— -
-
companies- z6,881,574
consolidated controlled
Other investments
Undistrib.
----
a2,652,229
equities in former sub... bl,384,046
expenditures
cl, 117,755
2,134,442
49,289
Claims and
Deferred charges
3o,39U
.....—
$27,520
$26,052
875
$52,313
1,772
$49,595
853
charges
$28,374
5,950
$26,927
5,458
$54,085
11,875
$51,184
10,913
income
$22,424
$21,469
$42,210
$40,271
.
$156,830,—V. 148, p. 1161.
$66,509,942 $66,892,003
-
Liabilities—
stocks.
Divs. pay. on issuable capital
Due to brokers for secur. purchased.
Other accts.
payable and accr. expens.
Provision for current year taxes
5% income note payable by a sub...
Provision for contingencies
Amount applic. to minority interests
6% preferred stock cumul. (par $50).
Common stock (par $5)
Capital
22,799,400
16,522,135
§'?21'o4k
i'ifonlo
surplus
Earned deficit
Net unrealized
$187,878
184,758
220,302
77,703
157,500
1,403,207
249,517
__el4,413,988
depreciation
&
$73,872,429
53,948
Gross
$1,790,793
sales—
Selling & adm. exps.—
Operating profit excl.
of depreciation
$141,228
$101,736
52,272
7,580
32,880
36",555
31,510
7,164
7,774
$156,524
$5,745
$36,885
and allowances.
y
,
4l",460
Dividend of June,
of 10% on A shares outstanding, payable in additional A shares,
9,191 shares at $5.
z Dividend of May, 1936, of 1 share of A stock for
each 30 shares of A and B outstanding, 5,817 7-30 shs. at $5.
1935,
Consolidated Balance Sheets Nov. 30, 1938
on hand and in banks, $218,245; notes receivable, $363,541;
receivable, $202,328; inventories. $885,445; operating plant,
property and equipment
(non-operative), $200,200; Title Guaranty de-
Eosit.repossessed, and on slow and doubtful accounts.which equipfnent has
$5,000; oalance due on unpaid accounts for $49,561 (less reserves
een
$31,804). $17,756; prepaid expenses and
plant (development costs, $37,898;
of
deferred charges, $25,489;
less amortization at 20%
$15,159), $22,739; Diesel patents, $1; employees' accounts,
$2,147; total, $2,686,414.
'
.
Liabilities—Notes payable to bank, $140,000; accounts payable and
accruals, $148,171; mortgage on property, Houston, Texas, $3,596; con¬
vertible 6% extended notes due March 1, 1945, $548,000; capital stock
($5 par), $902,391; capital surplus, $657,188; deferred profit on incomplete
installations, $11,554; earned surplus from Dec. 1, 1934, to date, $275,513,
total, $2,686,413 —V. 148, p. 723.
Mattoon
annum,
per
Baldwin Co.—To
Pay 10-Cent Dividend—
The directors have declared a
mon
stock, payable March 25 to
with 15 cents
-and
on
dividend of 10 cents
per
on
the
This compares
Works—Bookings—
taken in February by the Baldwin Locomotive
companies, including the Midvaie Co., was announced
as compared with $2,010,085 tor February,
The dollar value of orders
March
20
as
brought the total for the consolidated group for
the first two months of 1939 to $18,032,982 as compared with $5,950,505
in the same period of last year.
Consolidated shipments, including Midvaie, in February amounted to
$1,711,397 as compared with $2,217,837 in February, 1938.
Consolidated
shipments for the first two months of 1939 aggregated $3,357,630 as com¬
pared with $5,883,063 for the first two months of 1938.
On Feb. 28, 1939 consolidated unfilled orders including Midvaie amounted
to $28,120,600 as compared with $13,401,321 on Jan. 1, 1939 and $23,960,476 on Feb. 28, 1938.
All figures are without intercompany eliminations.—V. 148, p. 1160.
The month's bookings
Baltimore Brick Co.—Accumulated Dividend—
$476,396
$422,594
108,136
62,929
$29,834
83,404
$584,532
18,754
zl09,599
$485,523
69,950
$113,238
32,660
17,500
$456,180
35,751
321,420
173,825
$390,211
$63,078
34,459
$1.57
Earnings per share
Includes provision for
surtax on undistributed
25,362
1,375
173,665
173,665
$2.04
$2.42
.
bad debts of $64,399.
z
Nil
Includes $20,400
fpr
profits.
Consolidated Balance Sheet Nov. 30, 1938
Assets—Cash, demand deposits, $258,287; notes and accounts receivable
(less reserves for losses $145,227) and less commissions to jobbers con¬
tingent upon collections, $250,996), $1,498,193; inventories, $1,169,717;
cash surrender vaiue of officers' life insurance, $82,745; other assets, $52,628;
fixed assets (less depreciation of $765,466), $594,583; patents (less reserves
for amortization of $18,173), $9,183; total, $3,665,338.
Liabilities—Trade
creditors,
$123,487; customers' credit balances,
$20,565; accrued wages, bonus and commissions, $57,527; accrued property
and other taxes, &c., $45,278; reserve for Federal income taxes, $5i,697;
bank loans, $500,000; deferred income, $120,676; $5.50 cum. preferred
(6,250 shares no par), $625,000; common stock (173,825 shares no
par), $869,125; paid-in surplus, $727,353; earned surplus, $533,955; treasury
(115 shares of preferred purchased for sinking fund purposes),
Dr$9,325; total, $3,665,337.—V. 147, p. 3756.
stock
stock at cost
Berghoff Brewing Corp.—Option Voted-—
Stockholders at their recent
B-G Foods,
-
meeting approved granting
President, option to purchase 15,000 shares at $8 a
F.
B. Evans
share.—V. 147,
p.
3756]
I nc.—Accumulated Dividend—
The directors have declared a dividend of $1.75 per share on account of
accumulations on the 7% cumulative preferred stock, par $100, payable
April 1 to holders of record March 20.
This compares wtih $5.25 paid on
Dec. 21, last; $3.50 paid on Oct. 1, last and $1.75 paid on July 1 and on
April 1, 1938.
A dividend of $5.25 was paid on Dec. 21, 1937,
See also
V. 147, p. 1183 for record of previous dividends payments.—V. 147, p. 3604.
Bickford's, Inc.—40-Cent Dividend—.
Directors have declared a dividend of 40 cents per share on the common
stock, payable April 1 to holders of record March 23.
Like amount was
paid on Jan. 3, last and regular quarterly dividends of 30 cents per share
were previously distributed.—V. 147, p. 3905.
Birdsboro
Steel
Machine
&
Foundry
Co.—New
Directors—
Three additional directors
were
elected to the Board of this company at
the recent annual stockholders' meeting.
They are Samuel M, D. Clapper,
Alfred R. Hunter and John F. Headly. New directors increase the Board to
14 members from 11.
Stockholders also votea to amend the company's charter to provide for
a new line of products which will further diversify the
company's activities.—V. 147, p. 2860.
the manufacture of
Birmingham Electric Co.
Period End. Feb. 28—
-Earnings—
1939—Month—1938
Operating revenues
Oper. exps., incl. taxes..
$629,804
468,442
1939—12 Mos.—1938
$616,220
457,537
$7,477,985
5,705,009
$7,667,285
5,728.523
3,732
600,000
3,731
620,000
$1,169,244
4,212
$1,315,031
7,521
Amortiz. of limited-term
investments
310
311
50,000
50,000
$111,052
536
$108,372
$111,588
45,750
4,412
$108,929
45,750
4,319
$1,173,456
549,000
52,556
$1,322,552
549,000
52,011
$61,426
res. approp.
Net oper. revenues
Other income (pet)
Gross income
Interest on mtge. bonds.
Other int. & deductions.
Net income
x
1938.
a dividend of $1 per share on account of
cumulative preferred stock, payable March 27
The directors have declared
$764,701
734,867
-260,738
173,825
stock
Shares common stock. -1
x
1935
1936
$1,240,801
818,206
$307,843
com.
$14,102:,261
accumulations on the 5%
1937
$1,584,097
xl,107,701
$58,860
$571,900
$721,541
com¬
paid on Dec. 24, last, and five cents paid on Sept. 24, June 25
3904.
Works and subsidiary
on
$347,545
$5.50 pref. stk.
on
March 25, 1938.—V. 147, p.
Baldwin Locomotive
$209,304
49,762
on
Prop. retire.
share
holders of record March 20.
$152,705
$357,605
..'
Net income.
(at cost, Ijss provision for depreciation of $574,-
688), $743,522; real estate
$471,247
119,596
4,106
...
Divs.
Assets—Cash
accounts
..
Divs.
y45,955
deducting rjplacements
6,445
126,095
$229,050
128,555
.
._
_
Total income
,
de¬
Net profit
Dividend.!
$341,844
1,168
$104,720
—
Interest expense
Federal taxes
$145,397
59,278
7,580
32,880
20,209
-
Mattoon
$213,812
59,939
2,209
1161.
Operating profit
$123,801
21,596
$294,141
65,646
Prov. for income taxes..
After
31,619
$196,853
67,980
velopment costs
Int. on 6 % gold notes ...
x
$70,116
„
$505,236
Dr33,989
$169,978
63,049
Other income
948,401
234,994
z29,086
Depreciation
of
1,105,839
292,803
$247,857
46,283
'
$346,485
Dr4,641
1938
Grossprofit
$1,112,058
Sell., gen. & admin, exp.
883,008
1935
55,624
—
$231,132
Drl7,320
Bastian-Blessing Co. (& Subs.)—Earnings—
$1,307,195
$68,204
Other income.
Amort,
1936
$1,468,759
419,004
$656,539
151,303
Years End. Nov. 30—
fDrl6042092 Drl9338369
1,757,775
$458,083
111,598
...
Net income
—V. 148, p.
of de-
1,252,128
397,437
$303,367
72,235
$174,850
Dr4,872
Other deductions
Imperial Diesel Engine Co. (& Subs.)—Earnings
Cost of sales, excl.
811,113
$228,798
Gross income—
Interest on funded debt-
shown in the above statement for 1938,
represent amounts based on Oct. 31, 1936 market quotations or, in the
absence thereof, appraisals by the board of directors of investments ac¬
quired at inception of the company through consolidation which became
effective on that date, and costs of subsequent purchases.—V. 148, p. 1310,
x
692,580
deprec.)
Other income
$182,068
$121,201
155,737
246,018
221,945
291,668
70,70.5
248,666
157,500
1,645*,666
1,530,532
238,528
89,944
24,798,958
22,987,750
16,901,73,5
17,283,017
44,699,340
46,880,926
4,211,745 sur1605,398
1937
$2,424,636
397,558
Tax accruals
1939 (cost $1,929,727).
1938
$1,150,663
47,001
Note—Costs of investments, as
Atlas
$1,467,652
$700,925
346,667
Net rev. from opers..
....$66,509,942 $66,892,003 $73,872,429
x Includes
accounts receivable,
y Representing securities for which
market quotations are available, priced at Dec. 31, 1938 market quotations
(cost $63,857,294).
z Cost $6,221,613 carried by the management for
purpose of this statement at the above amount,
a Cost $4,545,(507 carried
by the management for purpose of this statement at the above amount,
b Undistributed equities in
former subsidiary companies in procass of
liquidation, including $1,346,109 based on management's valuations of
investments (cost $1,004,906).
c Notes and accounts receivable $703,714
and expenditures of $699,041 in connection with companies in process of
reorganization, carried by the management for purpose of this statement at
the above amount,
d After deducting $378,799 excess of cost over par value
of common stock in treasury,
e Excess of cost over market or management's
valuations of assets,
f Claims against and purchased notes of affiliates of
Utilities Power & Light Corp. carried at amount of cash received therefor
Years End. Nov. 30—
1939—2 Mos.—1938
$575,465
Oper. exps. (incl. maint.
Total
in Jan.,
1,589
,
1939—Month—1938
Period End. Feb. 28—
Gross oper. revenues
Operating income
Total.
$221,938
172,343
Bangor & Aroostook RR.—Earnings—
7,114,438
3,277,477
1,416.856
3,029,416
6,900,486
4,441,496
1,377,251
174,076
rates, is
135,895
55,559,651
x159,854
47,204,97*
y49,064,875
and receiv. from non-
Investments in
$226,389
84,823
Note—No deduction is made for interest on series A 4% and 5% deben¬
tures.
The approximate interest for the two months, at the full stipulated
690,307
sold, &c.
-----Claims against and purchased notes. _ f3,333,046
Divs. receiv. and interest accrued-..
x226,822
$110,87^6
85,211
Gross income-
Fixed
Corp.—Consolidated Balance Sheet—
[Corporation and Its Investment Company Subsidiaries]
Assets—
^.31 '38 Oct. 3^38 Oct. 31..*37
$2,601,387
$4,624,210
Due from brokers for secur.
$112;731
Operating income
Non-operating income.
Atlas
Cash
$s95.785
784,909
Net oper. revenues—
16
1939—2 Mos.—1938
$1,849,615 $1,862,157
1,623,226
1.640,219
$882,826
770,095
Taxes
RR,—New Director—
Roper, former Secretary of Commerce, was on March
director of this railroad to succeed the late Norman James.
O.
below.—1
Co.—Earnings—
1939—Month—1938
Operating revenues
Operating expenses
week,—V. 148, p. 1632, 1496.
Atlantic Coast Line
Equipment
RR.
Western
[Including Baltimore Coach Co.]
Period End. Feb. 28—
ended March 17, Associated Gas & Electric System reports
net electric output of 93,414,026 units (kwh.).
This is an increase of 9,503,883 units or 11.3% above production of 83,910,143 units for a year ago.
Gross output, including sales to other utilities, amounted to 97,928,026
Daniel
Great
1632.
Baltimore Transit
For the week
units for the current
Chicago
Issue—See
Trust
Art Metal Construction Co.—Smaller Dividend—
The directors have declared a dividend of 30 cents per share on the com¬
mon stock, par $10, payable April 1 to holders of record March 24.
This
compares with 30 cents paid on Dec. 23, last; 50 cents paid on Oct. 1, July 1
and April 1, 1938 and $1.20 paid on Dec. 15,193^.
See also V. 14<,p.3904.
557
Dividends applicable to preferred stocks for the
period, whether paid
unpaid
Balance
x
429,174
429,174
$142,726
or
$292,367
Dividends
$286,116.
accumulated and unpaid to Feb. 28, 1939, amounted to
Latest dividends, amounting to $1.75 a share on $7 preferred
a share on $6 preferred stock, were paid on Jan. 3, 1939.
stock and $1.50
Dividends
on
these stocks
are
cumulative.—V. 148, p. 1633.
Borden Co.—Retirement Plan—
Theodore G. Montague, President, announced on March 21 stockholders
will be asked to approve an employes' retirement plan at the annual meeting
to be held April 9.
Pointing out the company has never had a definite
retirement
plan, Mr. Montague stated experience has demonstrated that
affording reasonable security to employees reaching retirement age has
promoted morale and efficiency.
Volume
The
148
Financial
plan has been formulated, after careful study with the view of
supplementing the Social Security Act by providing retirement allowances
based upon that portion of the salary or wage which is not taken into
account in determining old-age benefits under the Act and
by allowing
credit for the past service with the
company of those employees who are
included in the plan.
If
Chronicle
new
approved, the plan will become effective July 1, 1939.
The company
subscribing employees will make joint and equal payments under
for service after the effective date.—V. 148, p. 1471.
1795
(J. G.) Brill Co. (■& Subs.)—Earnings—
Calendar Years—
1938
1937
1936
1935
y$6,464,930
6,599,307
$8,616,431
8,154,619
$6,940,065
6,799,226
$3,458,317
4,152,948
loss$134,376
$461,812
811
191,981
Sales
Cost and expenses
Operating profit
and the
Miscell. income
the plan
Extraordinary charges._
Cr51,179
Provision for taxes
(Sidney) Blumenthal & Co., Inc. (& Subs.)—Earnings
Consolidated Income Account for Calendar Years
1938
1936
1935
$1,413,888
1,004,147
403,329
$2,414,205
996,271
390,455
$2,149,346
818,331
384,583
loss$722,973
51,361
$6,412
163,017
_loss$671,612
$169,429
$1,190,152
639,190
364,800
79,974
137,630
85,900
profit
Expenses.
Depreciation.
Operating profit
Other income
Total income
Write-down of inv., &c.
Interest
152,008
Fed'l income
$1,027,479162,673
75,467
taxes* &c._
Undistnb. profits tax
Net
loss.
Surplus
Deficit.
$1,097,476
267,685
84,889
134,687
$823,621
142,023
50,480
_
$545,227prof$521,848prof$610,215
$681,598
——
______
Preferred
,
$946,432
151,044
$530,262 sur$541,830 sur$670,155
x292,13l
94,380
16,124
$732,078
1,432,573
credits.
$530,262 sur$ 155,319 sur$654,031
1,962,835
1,807,516
1,153,485
dividends
Surplus charges
14,965
...
;
Deficit
Previous surplus
—loss$133.565
$541,593
Dr365,000
xl2,500
$216,516 loss$853,401
Including undistributed profits tax.
y Includes $4,640,805 of sales
affiliated companies.
Of this amount, motor coach sales aggregating
$4,506,886 were made to the A. C. F. Motors Co. (Del.), an affiliated
x
1937
$497,847
798,755
422,066
Gross
xll2,200
Net profit
$140,839 def$694,631
36,998
206,230
19,982
59,940
to
company (and sold by it). no part of which product appears in the inventory
of that company at Dec. 31, 1938.
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash, $1,197,582; notes receivable (net), $225,229; accounts
receivable, net, $73,098; due from affiliated companies ($647,245 collected
in Jan., 1939; balance due in 1939),
$676,952; inventories, $1,816,379;
marketable securities, at cost, incl. accrued interest (quoted values at
Dec. 31, 1938, $113,665; plus interest accrued of
$2,000), $159,931; pre¬
paid accounts, $15,115; investments, at book values, $304,147; real
estate,
plant and equipment (less depreciation of $5,327,033), $4,094,941; invest¬
ment in idle nlants, $385,347; cash on deposit with
Fidelity-Philadelphia
Trust Co. vnd3r terms of
an escrow agreement dated Jan.
11,1938, $120,000
deferred accounts, $33,547; patents, $1; goodwill, $1; total,
$9,132,271.
Liabilities—Notes payable (banks $150,000, affiliated company $50,000)
$200,000; accounts payable, vendors and others, $169,737; accrued accounts,
$144,031; due to affiliated companies, $63,362; miscellaneous reserves,
$259,501; 7% preferred stock, $4,580,000: common stock (48,102 shares, at
$100 par). $4,810,200; deficit, Dec. 31, 1938, $1,094,559; total, $9,132,271.
—V. 148, p. 1633.
British Columbia Telephone Co.—Bonds Called—
Surplus, Dec. 31-
$700,496
239,412
-
Earnings
$1,432,573
239,412
$1,962,835
239,412
Nii
—
Shs. com.stk. (no par)—
Nil
$1.77
share
per
.,807,516
233,412
$2.19
$21 per share on account of accumulations.
x
Co., London, England,
Consolidated Balance Sheet Dec. 3i
1938
A 8 sets—
Fixed assets
a
Patents,
$
5,267,928
$
Preferred stock.
5,317,129
goodwill,
__
b Common stock..
2
Cash
1,179,359
661,639
20,175
1,530.210
253,519
970,253
994,670
2,734,117
2,921,116
(due after 1 yr.)
Reserves
:
105,946
81,857
Inventories
Investments
Pur.
16,535
Deferred charges.
_
money
8.
1,262,300
1,000,000
577,922
404,945
,
mtge.
f., &c._
312,275
1,500,000
1,500,000
Total
10,531,299
After
a
1937.
161,046
161,046
....
960,550
_
.
10,531,299
t,833,886 in
.
10,236,892
rev.
on
.
Net
Bal. to B.-M. T. Sys.
1937
•
1936
1935
$2,103,333
37,888
$1,922,285
35,551
$1,507,563
39,531
$1,094,056
249,829
297,962
$2,141,222
268,210
278,613
$1,957,836
372,805
247,359
$1,547,095
352,242
198,087
"2",259
96,313
50,000
9,300
a,315,000
a265,488
6,174
152,087
$449,953
300,000
$1,220,099
900,000
$1,069,92.5
b825,000
$838,502
260,175
—
502,426
$9,250,768
4,135,740
$9,632,235
4,115,771"
$688,651
59,461
$555,608
73,455
$5,115,028
•
641,827
$5,516,464
642,417
$748,112
694,664
$629,063
689,188
$5,756,855
5,517,226
$6,158,881
5,533,777
def$60,125
$239,629
$655,104
def$60,125
$239,629
$655,104
Current income carried
Accruing to minority int.
of B. & Q. T. Corp.-.
Co.—Earnings—
1938
$1,058,034
$53,448
income—
non-oper.
to surplus-
before prov. for deprec $1,073,862
Other income.-,
20,195
1939—Month—1938
1939—8 Mos.—1938
$3,803,814
$3,813,701 $31,975,357 $32,724,329
2,628,091
2,755,667
22,724,589, 23,092,094
oper.$1,175,723
properties
487,072
Gross income—
Total income deduc'ns—
New Directors—
John P. Maguire, President of John P. Maguire & Co., Inc., and
George
Beisheim, Treasurer of this company, have been elected directors to replace
R. G. Hutchins and Theodore Hetzler, resigned.—Y. 147, p. 2675.
Bower Roller Bearing
1313.
1938 and $4,711,415 in
b Represented by 239,412 shares of no par value.
Years End. Dec. 31—
Gross
profits
on - sales
»
from
oper.
Operating income-.—
228,473
Total
10,236,892
deducting depreciation of
Net
Taxes
of cap. stk.
Deficit
p.
(Including Brooklyn & Queens Transit System)
Period End. Feb. 28—
Total oper. revenues—.
Total oper. expenses.
—
97,500
180,483
Surp. arising from
acq.
York, State of New York.—V. 148,
Brooklyn-Manhattan Transit System—Earnings—
Surp .avail .for pref.
dlv. &
at Harris Trust & Savings
4,294,589
Accts. pay. & accr.
Life Insur. pollcles.
Accts. receivable.
3,560
240,383
Notes & trade ac-
_
$
1,530,210
4,294,589
Saltex Looms, Inc.,
1st mtge. bonds- 1,150,000
Notes payable
2,000,000
cept'ces receiv'le
_
1937
1938
Liabilities—
&c
at the holder's option in the currency of the United States of America
Bank, Chicago, 111., or &t the principal office of
City Bank Farmers Trust Co. in the Borough of Manhattan, City of New
or,
1937
$
All of the outstanding first mortgage gold bonds,
5% serif s A, have been
for redemption on June 1 at It5 and accrued interest.
Payment
will be made at any branch of the Canadian Bank of Commerce
or, at the
holder's option in the currency of Great Britain at the fixed rate of
exchange
of $4.86 2-3 to £1, at the office of Brown,
Shipley &
called
6,115
$47,333
(Excluding Brooklyn & Queens Transit System)
Period End. Feb. 28—
Total oper. revenues-...
Total oper. expenses
Net revenue from oper
1939—Month—1938
$2,188,927
1,330,407
1939—8 Mos.—1938
$2,208,755 $18,566,772 $19,155,588
1,417,458
11,667,026
11,871,111
...
Sell., adm. & gen. exps__
Depreciation
Approp. for conting
Other charges
...
Prov. for Fed. inc. tax..
Net profit
T__.
Dividends paid
...
$858,520
296,245
$791,297
309,823
$6,899,746
2,558,326
$7,284,477
2,558,640
$562,275
55,950
$481,474
71,156
$4,341,420
623,298
$4,725,837
$618,225
576,385
$552,630
573,090
$4,964,718
4,591,547
$5,345,061
Total income deductions
Total
Curr.inc.car'd to surp.
$41,840
def$20,460
$373,171
$757,699
Taxes
Surplus
Earnings
per
$5)_
$320,099
300,000
$4.06
300,000
share
Includes surtax
a
$149,953
...
$1.50
on
undistributed net income,
$244,925
300,000
$3.56
oper.
properties
Operating income
IjTet non-oper. income—
Gross income...
—V.
Shs. cap. stock (par
on
$578,327
300,000
4,587,362
148, P. 1163.
Brooklyn & Queens Transit System—Earnings—
$2.79
Period End. Feb. 28—
b Includes $0.50 payable
Total oper. revenues—Total oper. expenses
March 25, 1937.
619,224
1939—Month—1938
1939—8 Mos.—1938
$1,625,498
$1,616,951 $13,497,831 $13,668,260
1,299,572
1,341,283
11,074.720
11,245,912
Balance Sheet Dec. 31
Assets—
1938
,
Cash
U.
1937
$206,316
S.
$139,762
850,000
bills
Acc'ts receivable-
439,612
Cash surrender val.
life insurance
Inventories
Inv. in
10,100
9,000
794,149
_■
com.
Liabilities—
1,017,522
stock
1938
Accounts payableReserve tor taxes,
799,951
540,591
disc.
Treas.
1937
$136,288
$119,940
241,889
429,192
Dividend payable.
150,000
Res. for conting50,000
150,000
comm'ns, &c
y
Capital stock
1,500,000
Surplus
Capital surplus..
.
2,568,625
18,560
50,000
1,500,000
2,418,672
18,560
Ahlberg Bearing
Co.-x
ings, &c
2,081,233
$275,668
192,603
$2,423,111
1,577,414
$2,422,348
1,557,131
$135,100
15,967
$83,065
$845,697
•■14,661
117,959
$865,217
122,093
Total income deductions
$151,067
139,460
$97,726
137,391
$963,656
1,097,198
$987,310
1,089,906
Curr.inc.car'd to surp.
$11,607
revenue
on
oper. props
Operating income
Net non-oper. income—
Gross income-.
54,690
Calendar Years—
1938
Gross income.
Total...-.- —.$4,665,362
$4,686,365
Total
-$4,665,362 $4,686,365
x After depreciation of
$1,422,127 in 1938 and $1,320,383 in 1937.
presented by shares of $5 par.—V. 148, p. 273.
y
Re¬
Gen., adm. & sell. exp__
Operating profit-
— —
Other income...
Bowman-Biltmore Hotels
Period End. Feb. 28—
x
x
Corp.—Earnings—*
1939—Month—IW8
Profit.
$323
1939—2 Mos.—1938
$21,085
'■
$5,599
$59,279
After ordinary taxes, rental and interest, but before amortization and
provision for income taxes.—V. 148, p.
Breeze
1020.
Corporations, Inc.—Neiv Directors—
H. L. Boulton and John F. Lucas have been elected directors
succeeding
Melville G.
President,
Healy and Joseph L. Lucas.
succeeding Merwin M. Ellis,
Treasurer succeeding T. B. "Wright.—V.
Brewster Aeronautical
E. L. Beh
and H. L.
148, p. 724.
appointed ViceBolton was elected
Corp.—Personnel Change—
Registers with SEC—
Listing—
•
Company has notified the New York Stock Exchange that Ralph E.
Day, President, and Herbert W. Jones, Vice-President, have exercised
options for the purchase of 12,000 shares and 800 shares, respectively, of
common stock of the company at $5 per share.—V. 148, p. 1633.
Briggs & Stratton Corp.—New Director—
—V.
148, P.
Lindley was elected a director of this corporation at the annual
meeting held March 21, succeeding Francis F. Randolph.
1313.
sale
of
—
—
—
.
1936
1935
$434,434
148,050
$317,205
118,023
$339,822
106,961
$257,008
27,381
$286,384
16,170
$199,182
8,779
$232,861
32,529
$284,389
25,026
$302,554
26,931
*$207,961
26,140
$265,39?
28,566
capital
—
809
_
50,245
x.56,436
x26,98l
35,279
$209,119
157,634
Net profit..-.Dividends
$218,377
177,870
$154,840
115,584
$201,545
98,482
Surplus for year.,
Previous surplus
Charges
,—
_
$51,485
569,196
$40,507
528,689
$39,256
489,433
$103,063
386,369
$408,669
$569,196
$528,689
$489,433
"$2.64
$2.77
$1.75
$2.36
y212,011
—
Profit & loss surplus.
_
Earns, per sh. on 40,000
classBshares
Includes $9,149 ($950 in 1936) surtax on undivided Profits,
y Transfer
paid-in surplus of organization expenses, goodwill, &c., written off
thereagainst in 1928, $178,705; excess of cost of class A treasury stock over
stated value, $33,306.
Balance Sheet Dec. 31, 1938
from
Bridgeport Brass Co.—Options Exercised—
Walter S.
on
assets, &c
Federal tax
x
of this department.
The corporation's application to list 106,250 additional shares of capital
stock, par $1, has been approved by the New York Curb Exchange.—
V. 148, P. 1163.
stockholders'
Total income-
DepreciationLoss
1937
$420,164
163,155
was
Corporation announced on Feb. 21, 1939 that Temple N. Joyce, VicePresident, was no longer connected with the corporation.
See list given on first page
def$39,665 def$133,542 def$102,596
148, p. 1163.
Bucyrus-Monighan Co.—Earnings—
2,225,827
65,777
from oper
$325,926
190,826
—V.
117,196
Read, est., build¬
Deferred charges..
Net
Taxes
Assets—Cash, $244,028; trade notes and accounts receivable (less reserve
losses of $85,146), $691,168; inventories, $266,335; prepaid in¬
and traveling expenses, $1,067; cash surrender value of life insur¬
ance policies, $17,450; machinery, equipment, patterns, &c.,
(less reserve
for depreciation of $251,127), $223,290; goodwill, $1; total, $1,443,339.
Liabilities—Trade accounts payable, $53,405; dividends payable Jan. 1,
1939, $13,113; due to affiliated company, $38,666; accrued wages, &c.,
$9,271; accrued personal property tax, $9,200: accrued Federal taxes on
income and capital stock, and social security taxes, $55,388; class A con¬
vertible $1.80 cum. pref. stock (29.139 shs., no par, at a stated value of
$22.50 per share), $655,628; class B common stock (40,000 shs., no par,
at a stated yalue of $5 per share), $200,000; earned surplus
(including
for credit
surance
Financial
1796
Mar.
Chronicle
Balance Sheet Dec. 31
A stock in treasury),
$244,373 representing the stated value of class
$408,669; total, $1,443,339.—V. 147, p. 3757.
I
1938
(F.) Burkhart Mfg. Co. —Smaller Dividend—
dividend of 30 cents per share on
a
$
Fixed assets...—16,165,960
the common
par $1, payable April 1 to holders of record March 20.
A dividend
paid on Nov. 25, last, this latter being the first dividend
paid since Jan. 1, 1938 when 50 cents per share was distributed.
See V. 145,
p. 4111 for detailed record of previous dividend payments.—V. 147, p. 3152.
stock,
of 50 cents was
Pref cesh.
redernp.j^
sinking fund
1.630,997
Inv. in 6% notes of
...
$1,422,923
$1,397,843
129,939
11,439
407,003
120,783
152,802
117,334
5,460
399,793
110,460
148,316
88,286
5,400
$650,024
$619,541
Indebted,
Deferred
164,378
y Depreciation
Taxes
Provision for uncollectible accounts._
1,973
—
16,674
276,333
45,128
$621,984
19,050
265,851
34,530
$648,487
15,916
252,945
x41,232
$313,862
108,000
195,641
operations
2,443
$651,997
Net income from
Total income
$302,553
108,000
174,981
Other deductions
Interest charges (net)
Provision for Federal income taxes—
363,911
Accounts payable.
99,680
Unclaimed
divs..
4,882
3,759
273,961
298,201
Unclaimed
consum.
12,999
14,274
320
387
139,057
208,573
accrued
Accts. receivable
deposits
Indebt. to affil cos.
ernpl. for travel.
of
...
Common dividends
Includes $901 for surtax on
x
2,998
3,603
undistributed income, y
and to clearing accounts.
$338,394
108,000
130,708
Excluding depre¬
Dom. of Canada &
Prov. of Alberta
affil.
2,112
73,784
4.299
10,012
inc. & other taxes
11,533
78,910
charges.
(current)
Special
surplus
161,557
41,452
630,997
Earned
surplus—
200,429
(estimated)
Miscell. reserves..
18.093,768 16,937,229
Total
Net income
Preferred dividends
Canadian Pacific
Ry.—Earnings—
Earnir\gs for the
'
Week Ended March 14
1939
1938
Decrease
$2,309,000
$2,331,000
$22,000
Balance Sheet Dec. 31
Fixed assets......10,937,572
10,624,248
2,248
1,831
81,372
1,285
Investments.
deposits..
Special
on
and
5,650,000
5,250,000
119,250
Funded debt
112,174
87,500
41,828
Traffic earnings
—V. 148, p. 1635.
Capital Administration Co., Ltd.—To Change Meeting
Trade accts. pay.,
refundable
incl.
Accrued interest-_
94,168
47,627
taxes
Prov. for Fed. inc.
subscribers accts,
receivable
$
Accrued
197,199
266,669
hand
Consumers'
$
deposits
Cash In banks and
a
1937
lAabililies—
%
A. s nets—
1938
1937
.
126,235
139,195
_
55,965
salvage
27,000
Equip, pur. contr.
&
at cost or
92,991
521,337
99,940
values...
529,228
Deferred charges...
b9,779
75,305
90,742
1,613,871
1,501,634
Deferred credits..
Reserves
......
6% cum. pref. stk.
1,800,000
(par $25)... —
Com.stk. (par $25) 2,108,200
Capital Transit Co. (& Subs.)—Earnings—
12,056,226 11,465,129
Total
2,108,200
401,742
464,841
surplus...
.....12,056,226 11,465,129
Total
uncollectible accounts of $7,453 in 1938 and $9,811
b Including land contract.—V. 147, p. 1331.
in 1937.
Earnings for 12 Months Ended Jan. 31, 1939
before interest-
1634.
p.
$909,883
118,530
669,896
$683,855
638,993
$1,028,412
636,278
7,665
8,'i 191
11.1 166
4,229
11,524
4,269
$137,773
$29,109
Consolidated Balance Sheet Dec. 31
378,631
funded debt
10,515
_
Callaway Mills—Dividends Resumed—
by the company in several years.—V.
146, p. 3947.
dividend of $1 per share on account of
accumulations of the 5% cum. pref. class B stock, par $50 payable April 1
to holders of record March 22.
Like amount was paid on Jan. 3, last and
dividends of 75 cents were paid on Oct. 1, July 2, April 1 and Jan. 3, 1938
and on Oct. 1, 1937.—V. 147, p. 3905.
The directors have declared
a
18,935
1,384.508
881,554
643,296
In banks
Ltd. (& Subs.)—Earnings—
29,488
(trade)
38,169
33,839
Matured bond int.
88,797
523,570
96,855
29,488
Fare tickets out'd'g
127,909
51,679
526,263
96,938
26,088
133,622
83,939
80,656
Other curr. & accr.
65,247
16,403,011
54,415
15,892,750
1,727,303
profits. 2,024,109
1,727,295
1,629,677
61,058,591
59,738,780
Accts. rec.
Expenses
Interest
Depreciation
-
1,464,482
117,575
Bond discount
Res.
for
Dom.
income
&
Prov.
1935
$258,563
$235,495 x$l,659,960 x$l,677,013
b Fixed assets..-.25 193,892
545,753
Cash
26,070,223
522,930
100,000
bonds
11,462,500
stock...' 3 391,500
3,391,500
5%
demand depos1 050,000
300.000
213,241
372,281
Adjusted losses due
by underwriters
15,504
32,640
Accounts payablefor taxes...
Bond int. accrued.
259,980
1,181
103,654
1,862
Oih. accr. charges.
8,255
369,161
496,523
Amounts billed
20,012
19,911
10,500,000
152,324
96,342
Int. rec., accrued.
Inventories
.
Guar, dep.oncontr
Prepaid
uncoinpl.
167,472
158,116
Dividends
526,099
expenses.
Investments..
204,835
Earned
.
$4,873,148
2.300,000
$4,870,105
2,300,000.
73,227
74,182
Cr2,434
:
11,955
...—1,255,237
1,255,237
$1,244,075
$1,243,729
Balance
—V.
148,
$2,498,9^6
stocks for the
P.
1472.
on
...
Earnings-
(A. M.) Castle & Co.
221,549
114,625
114,625
369,321
payable
surplus
$2,499,312
$179,657
$174,261
applicable to preferred
period, whether paid or unpaid
Dividends
361,451
264,808
120,870
repairs & maint..
Depreciation
1936
1935
$1,282,389
$778,656
$456,245
52,888
220.267
48,000
55,500
54,111
106,278
53,726
Net earnings after oper.
1937
1938
Calendar Years—
$330,635
58,736
42,133
exps.,
Federal taxes
28,199,526 28,383,3751
$377,593
191,667
6,269
5,450
charged tp con¬
struction
559,687
90,577
270,160
399
869
trustees..
22,425
$371,378
191,667
$4,845,499
27,649
$4,847,680
718
-
Net income..
1,278,500
428,213
contrs
Reserves..
Funds depos. with
$376,875
624
1st M.
gold bds., Kings¬
ton El. Co., Ltd. 1, 248,000
Pro v.
claims,
&c.,
20-yr.
$370,754
— --
Interest on mtge. bonds
Other interest & deduc.
Interest
.10 500,000
Acc'tsrec., less res.
6%
Other income (net)
Gross income
1st M. bonds,
series A
est. amt. recov.
,
5%
pref.
stock,
($50 parL
11 462,500
Common
Ontario
Guaranteed invest.
Ins.,
1939—Month—1938
1939—12 Mos.—1938
$947,484
$978,908, $11,966,428 $12,169,777
486,730
512,033
6,038,748
6,224,278
90,000
90,000
1,080,000
1,100.000
revenues
Operatingexps.,incl. tax
I
Liabilities—
Assets—
Total
61,058,591 59,738,780
Net oper. revenues
$
1937
1938
1937
Undivided
2386.
Prop, retire, res. approp.
1938
Capital surplus—
Carolina Power & Light Co.—Earnings—
Consolidated Balance Sheet Dec. 31
of
519,511
Period End. Feb. 28—
Loss.
Prov.
446,749
liabilities
Reserves
_
Total....
—V. 147, p.
76,875
72,717
Net profit,
•
4,541
Interest accrued._
450,841
3,843
_.r..
Operating
x
453.140
Mat'hand supplies
Balances In closed
,
taxes—
26,088
Other accts. & int.
Deferred charges.
58,673,411
7,378,196
1,347,511
1,507,143
117,575
$9,434,180
8,133,458
1,378,625
-.$10,989,282 $10,524,119
8,534,420
9,046,707
673,231
603,053
1,004,097
1,008,241
revenue
Elec. Power Co.
Taxes accrued
of
pay.
banks
1936
1937
1938
Total
to Pot.
matured interest
for
Dep.
Years
Consolidated Income Account for Calendar
Accts. pay.
640,859
Mkt. sec. (at cost)
receivable
Canada Steamship Lines,
15,355,594 15,115,550
130,369 Funded debt
192,307
208,700
598,000 Accts. pay. (trade)
22,450 Funded debt due
within 1 year—
424,400
275,800
598,000
Cash on hand and
Ltd.—Accumulated Class B Dividend
Canada Bread Co.,
$
56,350,070 Capital stock ($100
par)...—
24,000,000 24,000,000
131,164
deposit
Reacquired sec...
Other lnv. (at cost)
1937
$
Liabilities—
§
^
Cash and secur. on
Company paid a dividend of 15 cents per share on the common stock,
Feb. 20 to holders of record Feb. 10.
This was the first dividend paid
1938
1937
1938
-
.
Prop. & plant acct.57,227,357
on
9,234
$257,307
$885,998
Assets
-
$633,003
50,852
$828,026
and expense
Other interest charges.
Net income
Gross income after taxes and other charges but
148,
$793,791
34,234
$978,800
703,313
-
594,151
785,825
Amort, of bond discount
California Water Service Co.—Earnings—
—V.
$938,915
39,885
Net oper. revenue
on
7,197,790
8,260,016
649,290
1,015,533
Non-oper. income
Int.
1937
1936
1935
"
$11,090,583 $10,557,842 $ 9,487,650
8,341,078
809,536
1,146,177
Gross income.
After provision for
a
1938
Calendar Years—
Operating revenue
$11,489,014
8,281,249
Operating expenses
Taxes (incl. Fed. inc.tax)
1,013,654
1,255,195
Provision for deprecia'n.
1,800,000
.
Earned
will consider amending
Stockholders at their annual meeting on April 11
company's by-laws so as to change their annual meeting day from the
second Tuesday in April to the fourth Tuesday in February.—V. 148, p. 874.
Div. decl. on pref.
stk. pay. Jan. 1.
Date—
34,530
27,000
taxes
oper.
mat'ls & suppl's,
Construe.
$32,489 in 1938 and $25,520 in
1937.—V. 146, p. 4110.
ciation charged to non-operating
1938
36,839
560,995
18,093,768 16,937,229
Total
After reserve for doubtful accounts of
x
353,108
150,500
interest
22,315
Advs. to officers &
cos.
49,006
560,995
&
596,232
Mat'ls & supplies.
Other income (net)
Consum. depos.
8,000,000
1,707,414
1,652.319
44,811
& other expenses
$645,589
2,899
2,684,432
Reserve for deprec.
54,696
630,997
Cap. redemp. res.
Res. tor amortiz..
3,500.000
734,580
in banks
Investments
x
60,426
154,535
companiesCash on hand and
1936
403,888
128,826
9,200
...
tion
1937
$1,488,495
Operating revenues
General operating expenses
Maintenance and repairs
110,000
Invest, in explora¬
1938
Calendar Years—
1,707,414
General reserve
(affiliated co.)._
$
$
Liabilities—
15,181,530 6% cum. pref'ence
shs. ($100 each). 3,500,000
560,995 Ordinary shs. ($100
8,000,000
each)
Cndn. Utli Ltd.
Adv. to affil. co._.
-Earnings—
California Water & Telephone Co.
1937
1938
1937
$
jMR
Directors have d blared
1939
25,
..28,199,526 28,383,375
Prov. for Federal surtax.
depreciation of $15,659,160 in 1938 and $14,736,449 in 1937.
—V. 146, p. 2679.
,
17,500
Add'l provision for prior
Total....
Total
>
b After
13,360
taxes
2,301
$216,406
year's
$958,932
630,000
$559,377
450,000
$348,407
y234,302
$328,932
z240,000
$4.00
$109,377
120,000
$4.66
$114,105
120.000
$2.90
40,000
Prov. for gen. oontin's..
Canada Wire & Cable Co.,
Ltd.—New Director—-
P. D. Rensenhouse of New York was elected a director of this company
at the annual meeting
of shareholders held
on
March 20 in Toronto.
He
300,000
Dividends
succeeds Walter Bobbins who retired.—V. 148, p. 724.
Canadian National
Shs. of stock (par $10)-Earnings per share
Rys.—Earnings—
Earnings of the System for the Week Ended March 14
1939
—V. 146, p.
1938
$3,199,849
_
Gross revenues
$3,205,466
y
Decrease
z
Co., Ltd.—Earnings—
1937
1936
U. S. Treas. notes.
$2,219,726
57,265
47.045
$2,187,866
1,501,703
$2,350,945
1,662,943
$2,316,614
1,626,145
$2,266,772
1,512,821
193,803
198,874
222,090
234,478
ance
dividends
dividends
receivable
.
$492,360
168,268
x248,000
$489,128
172,966
240,000
$468,378
177,644
240,000
$519,474
182,138
240.000
$76,092
$76,162
$50,734
x
$97,336
$8,000 of which was paid by distribution of securities.
382,932
767,308
taxes,
surance,
a
Less
22,914
1,268.840
19,847
268,267
5.400
for
2.853
gen'l
40,000
contingencies—
(par
Paid-in
surplus
199,397
2,400,000
199,397
surplus
2,400,000
2,178,079
2,221,672
$10)
26,621
1,301,022
$5,028,866 $5,340,546
reserves
16,906
54,133
Earned
7,531
2,710,627
in¬
&c
and
Misc. curr. lia-bil—
Capital Btock
7,155
Plant <fe equip
1937
$149,671
38,838
social sec.taxes.
Reserve
1,623,086
Total
Balance, surplus
213,315
Comm'a & miscell.
Inventories
$140,760
34,191
Federal inc. taxes.
120,875
Cust. accts. and
notes
1938
payable-
Capital stock
120,875
215,677
policies
Prepaid
Net income
Dec. 31
Liabilities—
Accounts
Local taxes, &c—
90,000
life
receivables
and
1937
$193,245
Value of life insur¬
a
amortization
with
insurance cos—
1935
$2,286,518
64,427
$2,259,349
62,502
Total income
$1,297,387
Cash.
Deposits
1938
$2,125,364
Calendar Years—
Ordinary
1938
Assets—
Sales of gas
Other income
dividends paid in treasury stock (5,712 shares),
old share into two new shares.
Balance Sheet
1634.
Preferred
$89,525
$0.90
Resulting from stock split-up of one
$5,617
Canadian Western Natural Gas, Light, Heat & Power
Expenses, &c
Deprec., depletion
Excludes
def$83,594
240,000
Total
$5,028^66 $5,340,546
of $59,979 and $81,832 at Dec. 31.
148, p. 725.
for doubtful receivables
1938 and 1937, respectively.—V.
Volume
Financial
148
Central Power Co.—Earnings—
Caterpillar Tractor Co.—Earnings
$38,973,427
42,998,833
29,862,066
$6,799,471 $12,664,727 $13,874,704
2,430,507
2,221,306
1,940,160
$9,111,361
$4,368,964 $10,443,421 $11,934,544
Cr349,242
Cr489,170
Cr520,l23
$7,302,303
0460,224
Cost of sales, oper. exps.,
Gross
46,763,418
42,929,138
&c.f less miscl. inc.._
profit (inventory-
estimated)
Depreciation
Balance
Interest earned
Interest
7,103
7,665
1,993,872
1,809,057
2,615
7,698
1,258,311
2,187,493
paid
Prov. for Federal taxes.
Operating revenues
Operating expenses
Depreciation
x
Before deducting
$8,931,053 $10,259,476
$6,452,535
provision for any amount which may become due
for
1939
Liabilities—
$
3,260,651
9,258,729
10,249,020
less reserves
and
goodwill
buildings,
Land,
x
$100)11,515,200
y Common stoCk__ 9,411,200
Capital surplus... 13,733,577
Earned surplus.^.13,821,556
Pf. stk. (par
1
1
...
equipment, &c_ .20,025,023 20,540,122
Prepaid insurance,
&c
taxes,
94,463
$406,596
$373,708
239
177
535
770
long-term debt—
19,513
$374,244
248,331
16,872
$363,289
Misc. int., amort., &c__
$406,774
241,570
19,589
$148,255
98,126
$145,614
84,107
$109,041
47,299
$76,200
42,042
$50,129
$61,507
$61,742
$34,158
Gross income
Int.
on
income
Surplus for year
Balance Sheet Dec.
receivable
warrants
51,642,076 55,338,644
|
51,642,076 55,338,644
Total
$12,012,185 in 1939 and $11,258,662
Represented by 1,882,240 no par shares.—V. 148, p. 1315.
After reserve for depreciation of
x
in 1938.
y
Celluloid Corp.
(& Subs.)- -Earnings1937
1936
1935
$34,200
$375,227
Drl9,632
Dr3,494
$385,541
15,776
$252,624
36,780
$14,569
208,699
$371,733
193,268
$401,317
190,355
$289,403
121,046
14,210
18", 661
28",108
loss$194,131
profit..
1,622,971
Previous surplus—.—
$160,464
1,629,681
$182,854
1,590,119
$154,148
1,483,736
$1,428,840
$1,790,145
$1,772,973
$1,637,884
167,174
143,292
47,764
$1,622,971
$1,629,681
$1,590,119
Calendar Years—
Profits from
1938
•
operations.
(net)
Other income
Total income
Provision for deprec—
Federal cap. stock tax.
contingencies
Prov. for
Net
.
Total
$7,940,336; cash, $270,792; accounts, notes and
$239,660;
(net),
materials
x$l,428,840
.
23,882
pref-_
Nil
$6.72
$7.65
$6.45
surplus of $1,326,572 arising from decrease of capital Dec. 31,
(no par) shs. 1st
Includes
1932.
Consolidated Balance Sheet Dec. 31, 1938
and other securities, at cost,
$303,750; trade notes and accounts receivable, less reserves ($52,400),
$640,169; other accounts and interest receivable, $12,957; inventories,
$1,679,254; mortgages on properties sold, $1,202,589; investment in affili¬
ated company (at net equity, not in excess of cost), $21,345; real estate,
plant and equipment (less reserve for depreciation, $4,514,653), $4,268,275;
Prepaid expenses, deposits and advances, $63,797; patents and licenses
(less amortization, $16,292), $6,059; experimental and research expenditures
$482,343; deferred charges, $23,930; total, $9,491,531.
Liabilities—Accounts
payable
(trade), $106,928; accrued liabilities,
$173,600; due to affiliated companies, $14,587; $7 1st preferred participating
stock (23,882 shares, no par), $2,388,200; $7 dividend preferred stock
(24,551 shares, no par), $2,455,100; common stock (194,951.75 shares, par
$15), $2,924,276; surplus (arising from decrease of capital Dec. 31, 1932),
$1,326,572; earnea surplus, $102,268; total, $9,491,531.—V. 146, p. 1393.
Assets—Cash, $787,064; U. S. Government
Corp.—Acquisition—
Celotex
develop a full Jine of building materials,
corporation on March 20 announced the purchase of an additional
43,300 shares of the outstanding stock of the Certain-teed Products Corp.
These shares, representing the next largest holdings to those of Celotex,
were purchased en bloc from the General Investment Corp. and the Standard
Investing Corp. of Boston at a price of $12.50 a share.
This purchase brings Ceiotex's Certain-teed holdings to 9,496 shares of
preferred and 147,260 shares of common, and increases Ceiotex's interest
in Certain-teed's outstanding common stock to approximately 24%.
This step, together with the recently announced plans of the company to
market 100,000 shares of common stock, as well as the proposal to acquire
all of the outstanding minority interest in the stocks of the American
In furtherance of its plans to
Gypsum Co., should strengthen the position of the Celotex Corp. materially,
according to O. A. Mansell, Vice-President.
Funds to be derived from the proposed sale of 100,000 common shares
will enable the company not only to retire bank loans but to provide in¬
creased working capital for the anticipated expansion of the company's
sales volume and operations.
The Continental Illinois National Bank & Trust Co. of Chicago has
proposed exchange of the out¬
shares of Celotex common
designated exchange agent for the
standing American Gypsum shares for 12,565
stock, Mr. Mansell said.—V. 148, p. 1635.
Central Arizona Light & Power
$21,027; customers' deposits, $32,792; accrued taxes, $67,788;
interest, $118,598: other current liabilities, $10,408; reserves,
$409,782; contributions in aid of construction, $59,988; earned surplus,
$189,342; total, $8,797,154.—V. 148, p. 1164.
Central States Edison, Inc.
Operating revenues
Oper. exps.,incl. taxes__
18
on
393,300
$935,376
92,727
$87,266
$1,028,103
18,958
227,500
1,002
10,633
$1,090,052
227,500
8,808
Cr4,719
Cr3,194
charged to con-
30,597
31,850
49,000
49,530
41,610
Taxes..
35,233
30,830
27,795
$94,752
2,228
$85,321
2,527
$82,490
4,571
'$96,980
2,103
$87,849
2,159
$87,062
48,219
50,616
52,205
$46,659
$35,074
$34,167
Net operating income
Non-operating
Gross
income
-
income
....
Interest charges of subsidiaries..
Int. on Central States Edison, Inc.,
collateral trust bonds
—
—
_____
—
Net income
$81,182
$67,567
preferred stocks for the
unpaid
108,054
,
Balance
108,054
$748,884
1635.
148, p.
Central
Indiana
Period End. Feb. 28—
Operating revenues..
Oper. exps. & taxes
Net oper. income
Other miscell. inc. (net).
Gross income
Int. & other deductions.
Net income
Power
Co.
(&
1939—2 Mos.—1938
Subs.)—Earnings—
1939—12 Mos.—1938
$865,640
689,952
$5,295,161
$4,278,011
$5,119,272
4,166,915
Dr4,607
$175,688
Dr2,996
$1,017,150
Dr8,921
$952,356
10,215
$181,738
107,910
$172,693
107.580
$1,008,229
640,340
$962,571
657,680
$73,828
$65,112
$367,889
$304,891
$966,082
779,737
$186,345
...
Assets—Plant, property and equipment, $1,465,327; cash,
$96,180;
S. Savings bonds, $7,500; notes receivable, $341; accounts receivable,
(net), $40,742; accounts receivable (miscellaneous),
$1,419;
inventories,
$28,729;
merchandise accounts receivable sold
(contra),
$4,492; other assets, $7,132; deferred charges, $4,172; total, $1,656,035.
Liabilities—Long-term debt, $946,450; mortgage notes payable (due in
1939), $1,000; accounts payable, $14,045; ice coupons outstanding, $62;
accrued interest on long-term debt, $15,774; other accrued interest, $717;
accrued Federal income taxes, $1,080; other accrued taxes, $6,523; other
accrued liabilities, $1,289; merchandise accounts receivable sold (contra),
customers
a
meeting of the directors
retired
as
Co.—New President—
of this company held March
Texas, was elected President.
President, will continue as a director
Hill Jr. of Los Fresnos,
company.—V. 148, p. 1636.
extension
$114,438;
$4,492; mortgage notes payable, $12,000; consumers' and line
deposits, $37,859; reserves, $333,866; capital stock ($1 par),
earned surplus, $166,440; total, $1,656,035.—V. 148, p. 874.
-Earnings-
Central Vermont Ry., Inc.
1939—Month-—1938
Period End. Feb. 28—
1939-2 Mos.—1938
368,882
$830,899
761,461
$737,283
795,959
x$3,551
25,023
$69,438
52,169
x$58,676
x$110,698
68,559
$365,331
$423,677
385,906
Railway oper. revenues.
Railway oper. expenses.
Railway tax accruals—
$37,771
25,725
Railway oper. income.
Hire of equip., rents, &c.
$12,045
26,888
x$28,574
30,716
$17,270
64,497
loss.
$14,843
972
$59,290
1,014
$47,227
5,321
$179,257
5,945
$13,871
104,141
$58,276
106,159
$41,906
209,304
$173,312
213,363
$118,011
$164,435
$251,210
$386,675
Net
rev.
from ry. oper.
Net railway oper.
Other income
!
Loss before fixed ch'ges
•
x
Indicates loss.—V.
,
52,022
148, p. 1164.
Central West Co.—75-Cent Dividend—
Directors have declared a
dividend of 75 cents per share on the common
stock, voting trust certificates payable March 31 to holders
March 20.
A dividend of $1 was paid on Oct. 10, last and one
share was distributed on Dec. 18, 1937.—V. 145, p. 3813.
Chemical Fund, Inc.—To Pay
Directors on March 22
declared
a
of record
of $1 per
8-Cent Dividend—
dividend of eight cents per share on the
stock, payable March 29 to holders of record March 24.Like amount
was paid on Jan. 14, last and an initial dividend of 1% cents per share was
paid on Oct. 15, last.—V. 148, p. 4050.
Chesapeake & Ohio Ry.
-Earnings—
1939
$8,356,864
2,961,413
2,026,414
1938
1937
1936
$7,329,989 $10,340,517 $11,374,481
2,129,306
1,452,086
4,437,488
3,217,328
5.342,659
4,668,511
17,493 ,302
6,366,330
15,895,324
5,188,192
3.496,545
19,526,376
7,947,818
5,525,276
21,699,950
4,455,885
February—
railway
Net from railway......
From Jan. 1—
Gross from railway——
Net from railway
Net after rents
—V. 148, p. 1317.
Hosiery Co.—Initial Dividend—
declared an initial dividend of 10 cents per
stock, payable April 1 to holders of record March
Directors havei
common
p.
9,966,441
8,480,213
share on the
27.—V. 146,
2530.
Chicago
Great
Western RR.—RFC Sells $27,020,000
Salomon Bros. & Hutzler—
;
Railroad Securities to
Jesse
Chairman of the Reconstruction
announced the sale to Salomon Bros. &
Jones,
Finance Corporation,
Hutzler of $24,880,000
certificates and $2,140,000 bridge bonds of seven railroad
at a premium of $1,005,315.
These include:
$690,000 Chicago Great "Western equipment trusts at
102
662,000 Norfolk Southern equipment trusts at
101H
1,305,000 B. & O. equipment trusts at
101 Fi
2,859,000 C. M. St. Paul & Pacific equipment trusts at
103^
3,764,000 Lehigh Valley equipment trusts at
101M
15,600 Southern Ry. equipment trusts at
105
2,140,000 "Wabash-St. Charles bridge bonds at.
101
The sales, except in the case of Southern Ry. and the C. M. St. Paul &
Pacific Ry. include all the equipment trust certificates of these roads owned
by the RFC.
Of the Southern Ry. equipment trust certificates, the Cor¬
poration retains $3,900,000, 20% of each maturity.
The Southern Ry.
certificates in the total amount or $19,500,000 were for 100% of the cost of
the equipment and mature from two to 15 years at 4%. The 20% of these
which the RFC retains is subordinated in point of security to the 80%
sold, but is payable rateably as the 80% is paid.
equipment trust
Hutzler announce that only one of the
being reoffered, the others having been dis¬
Salomon Bros. &
148, p. 725.
Central Power & Light
who
$856,938
$794,689
$686,635
period, whether paid or
690
Consolidated Balance Sheet Dec. 31, 1938
March 23,
Dividends applicable to
At
142,824
699
—
194,952
21,519
$947,228
Cr261
...
$378,698
Depreciation
Chester Pure Silk
..
struction.,
—V.
35,352
374,700
34,960
25,000
'
—V.
2,665,213
,
18,958
mtge. bonds.
Interest
2,768,186
$100,839
Gross income
Other interest.
$412,305
216,027
Maintenance
Net after rents
$4,022,493
$4,131,822
,
$75,926
11,340
$100,821
Net oper. revenues—
Other income (net)
1936
1937
1938
Operating expenses
1939—12 Mos.—1938
2,913
2,913
40,000
Prop, retire, res. approp.
Int.
Co. —Earnings—
235,023
235,247
Amortization of limitedterm investments
(& Subs.)—Earnings—
$425,951
225,447
Gross from
1939—Month—1938
$338,862
$378,981
Period End. Feb. 28—
$74,440;
supplies,
payable,
this
been
and
accrued
Net income
Earns, per sh. on
x
31,1^88
U.
Dividends declared
Surplus
258,081
29,008
prepayments, $3,624; deferred charges, $268,300; total, $8,797,154.
Liabilities—Common stock (par $100), $1,974,600; 7% cum. pref. stock
($100 par), $992,400; 6% cum. pref. stock ($100 par)-, $244,000; long-term
debt, $4,597,800; accounts payable, $81,628; preferred stock" dividends
Total gross revenues
Total
75,905
$404,571
236,802
Non-oper. income
Calendar Years—
50,175
39,661
_
461,866
2,150,000
2,096,517
11,661,496
9,411,200
1 3,733,576
14,709,004
-
1,249,178
Res. for Fed. taxes
trade-mks.
Pats.,
&
expenses
Notes payable
19,058,010 22,102,660
Inventories
1,114,984
329,009
Accrued payrolls
Notes & accta. rec.
$
1,582,356
Accounts payable.
2,396,667
1938
$
1938
$
1
$362,519
101,758
$404,332
Assets—Utility plant,
Balance Sheet Feb. 28
A.SSCtC
806,098
154,652
Net oper. income
undistributed earnings.
Cash
1935
$1,399,174
909,215
155,217
80,238
Pref. stock dividends
profit carried to
surplus
L_ $3,452,792
1939
1936
$1,518,379
1,307,377
Net
surtaxes on
1937
$1,563,735
888,550
174,125
Taxes
Net
x
1938
$1,564,512
879,986
178,437
Calendar Years—
1936
1938
1937
S59.428.145 $56,873,538
12 Mos. Ended Feb. 28—*
1939
Net sales
.$49,728,609
1797
Chronicle
20 L. C.
James C. Kennedy,
and advisor of the
above issues is
posed of privately. The issue being reoffered is the $690,000
equipment issue of Chicago Great Western being priced to
yield from 1.50% for the July maturity to 3.40% for the
January,, 1944 maturity.—V. 148, p. 1472.
1798
Financial
Chronicle
Chicago Indianapolis & Louisville Ry.—New Director—
Chicago Milwaukee St. Paul & Pacific RR.—Equip.
Trust Issue Awarded—The
company on March 21 awarded
Northwestern Mutual Life Insurance Co. $1,920,000
to the
on a
bid of 100.50,
or a
The certificates will mature on April 1, 1940 to 1954.
The road received
three bids for the issue.
The second high bid of 100.0777 was submitted
by Salomon Bros. & Hutzler and Stroud
and
6c Co.
submitted by Evans, Stillman & Co.
was
RFC Sells $2,859,000
The third bid was 96.5775
As an adjunct to said business, the company,
Dubuque and Decorah,
also bottle and sell at wholesale, certain other carbonated
non-intoxicating
non-ctreal beverages and soft
tions
Chicago Pneumatic Tool Co. (& Subs.)—Earnings—
Calendar Years—
1938
1937
1936
$5,873,853
3,509,661
413,028
$4,455,714
2,702,063
388,054
of
drinks, which
are not
substitutes for
imita¬
or
Coca-Cola.
combined net profit of the company and Kankakee,
after provision for State and Federal income taxes, was $36,042 in 1938,
$11,4/4 in 1937, and $15,591 in 1936.
(Kankakee became a subsidiary of
the company on Sept. 1, 1937).
According to the certified profit and loss statements, Decorah suffered a
Earnings—The
$3,600,822
2,408,132
336,894
$1,365,597
162,233
127,000
on or
wholesale, to retail dealers located within their resective territories.
Equipment Trust Issue—See Chicago
148, p. 1636.
Great Western RR.—V.
Manufacturing profits
a$4,702,743
Admin., sell. & gen. exp_
3,382,200
Depreciation
358,422
was
incorp. in Missouri
25, 1939
about April 20, 1920
Prior to charter amendment on Feb. 20, 1939, the corporate name of the
company was Hannibal Coca-Cola Bottling Co.
89.574% of the out¬
standing common (voting) stock of the company is held by F. E. Gunter.
On Sept. 1, 1937, the company purchased (for a cash consideration of
$197,836 ), and the company now owns, the entire outstanding capital stock
of Kankakee (111.) Coca-Cola Bottling Co.
On March 1, 1939, the company exercised an option for the purchase of
the entire issued and outstahding capital stock of Coca-Cola Bottling Co.
of Dubuque, la., and Decorah (la.) Coca-Cola Bottling Co.; and an esti¬
mated $500,000 of the net proceeds to be received by the company from the
sale of the securities now offered, will be used in the payment of the purchase
price of the capital stock of Dubuque and Decorah.
Company and its said subsidiaries are, by virtue of the exclusive, "first
line," territoial franchise contracts, engaged in the business, each within
its allotted territory, of bottling the beverage which is known
by the trade¬
mark name "Coca-Cola," and distributing and selling Coca-Cola in bottles,
The Interstate Commerce Commission has authorized Ernest E.
Norris,
President of Southern Ry., to hold the
position of director of this railway.
—V. 148, p. 1317.
3% equipment trust certificates, series T,
2.93% yield basis.
Mar.
Company—Company
$855,796
174,286
21,190
1935
loss of $2,9/5 in 1937 and a loss of $55 in 1938.
\
Profit from operations
Unrealized
loss
$1,951,164
107,618
y325,000
$962,121
9,221
93,000
Other income charges—
Prov. for Fed. inc. taxesi
-
for'u
on
zl43,584
Profit from operations;
Income credits
x
—,—
$716,316
77,487
$1,518,546
83,770
$1,076,364
72,449
$660,320
72,Sal
$793,803
172,419
Net profit--..
Prior pref. dividends—
Pref. dividends, old
$1,602,316
74,187
158,253
407,010
$2.26
$1,148,813
$733,161
pref. dividends-
542",955
Earns, per sh. on com__
$0.16
$3
con v.
According to the certified profit and loss statements the net profit of
was $3,674 in 1936, $4,190 in
1937, and $4,155 in 1938.
The comb.ned net profit, of all four companies, for the year ended
Dec. 31, 1938, after provision for State and Federal income taxes, was
$40,142.
The annual dividends on the 25,000 shares of $1.25 no par value
cumul. conv. pref. stock so long as the entire 25,000 shares remain outstand¬
Dubuque after provisim for income taxes,
ing.
633",616
$2.58
$0.48
Before
minority interest,
y Includes
$73,000 for surtax on undis¬
z Unrealized loss at Dec. 31, 1938, on foreign exchange
(including $82,174 applicable to certain foreign subsidiary companies
operating in countries having exchange restrictions).
a After deducting
cost of goods sold amounting to $6,514,953.
x
tributed profits,
Consolidated Balance Sheet Dec. 31
1938
$
Cash
1,454,658
Acc'ts
%
1,980,564
25,979
8,023,144
148,466
90,360
1,571,790
1,668,439
502,885
455,085
Acc'ts pay. & accr.
-
rec.
1937
%
Notes payable
935,990
1,701,480
-
1938
Liabilities—
Notes & acc'ts rec
(trade)
-
1937
$
Assets—
(misc.)-
13,700
Inventories
Marketable secure.
7,451,773
22,765
receiv.
183,881
40,384
1,206,903
-
767,134
mach., eqpt., &c 3,826,879
61,035
reserve
Res. for lnsur., &c
60,594
29,715
Contingent
122,714
49,036
liabilities & taxes
3,982,941
Long-term
29,320
due
_
25,215
2,415,133
3,314,775
y Common stock..
3,353,203
Capital surplus.._c4.,077,649
Net assets of for'n
subs.,
2,415,133
4,065,364
a
by off.
and employees.
31,665
b $3 conv. pf. stk-
advances, &c___
Am'ts
43,373
Minority Interest,
foreign subsid..
Misc. investments,
Prior pref. stock.
Earned
&c
surplus..891,614
3,377.500
March 22
3,353.203
(3)
837,434
305,325
exp-.
Columbia Broadcasting System,
301,307
16,307,180 16,331,106'
Total
.16,307,180
x Alter
depreciation of $4,673,874 in 1938 and $4,441,403 in 1937.
Represented by 335,320 shares (no par),
a Represented
by 68,700
(70,000 in 1937) no-par shares,
b Represented by 181,135 no-par shares,
c Includes $12,285 capital surplus arising from purchase of prior preferred
stock for retirement.—V. 147, p. 3451.
Cleveland Graphite Bronze
Co.—Earnings—
1938
1937
$4,978,223 $10,388,435
23,742
59,018
1936
1935
$7,753,889
101,089
$7,083,513
100,786
Net sales after disct..
Cost of goods sold
$4,954,481 $10,329,417
4,027,644
7,388,670
$7,652,800
5,529,186
$6,982,727
4,959,615
$2,123,614
542,200
$2,023,112
498,379
Calendar Years—
Manufacturing profit
Sell., gen. & admin. exp_
$926,837
581,881
1,966
--
Other income
Total income
Other deductions
Prov. for income and
profits taxes
for surtax on
distributed profits
814
1,609
$l,o80,600
42,371
$1,523,124
32,816
$2,402,868
510,351
$1,622,971
89,956
$1,555,940
40,246
291,948
228.912
242,577
ex¬
cess
Prov.
455
63,563
Operating income. L
$2,330,409
72.459
$454,747
81,526
Prov. for doubtful accts.
$2,940,746
609,882
$342,989
111,758
-
un-
,
96,745
Net income
$309,658
$1,503,825
2,781,064
$1 <238,b59
2,170,174
27,916
$1,273,117
1,647,172
1,045
$3,692,498
321,920
$4,284,888
$3,436,749
643,840
$2,921,334
240
"*672
*11*845
480
Surp. bal. at end of yr. $3,370,338
Earnings per sj&are on
321,920 shares
$0.96
a Less returns and allowances.
$3,382,840
$2,781,064
$2,170,174
$4.67
$3.85
$3.95
Bal. surplus at Jan. 1
3,382,841
Surplus additions
Total surplus
-
Dividends paid in cash
Trans, to cap. stk. acct.
Other surplus deductions
901,376
.
643,840
106,840
Assets—
1938
Cash—
1937
$730,904
—trade (net)
700,614
Indebt. of employ.
and others
Sees, of affil.
369,711
1938
1937
$118,728
151,806
39,061
1,127*358
1,968,027
$87,936
453,950
Accts. due officers
& employees
5,066
5,456
Indebt. of affil.co.
Inventories
Liabilities—
Accts. pay. (trade)
Accrued liabilities.
$929,636
c
490
Res. for divs
Cap. stk. (par $1)
Earned surplus
97.115
3,358
-
3,118
321.920
321,920
3,382,840
3,370,338
co. at
cos(
42,500
8,747
42,500
15,500
Total fixed assets
1,083,042
1,107,654
b Pats. & pat. rts_
39,910
45,364
23,092
Mtge. note rec
a
Prepatd
Total
expenses.
—
29,377
.$3,966,641 $4,346,880
p.
Coca-Cola
Co.—Rights to Subscribe—
Output—
corresponding period last year, an increase of 10.9%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
Kilowatt-Hour Output1938
Week Ended—
March 18
March 11
March 4
Feb.
25—:
Per
1939
138,411,000
.
139,046,000
—-
139,179,000
142,276,000
--
Cent
Increase
124,827,000
124,101,000
126,762,000
126,661,000
10.9
12.0
9.8
12.3
p.1637.
Columbia Gas & Electric Corp. (& Subs.)—Annual
Report—Philip G. Gossler, Chairman, and Edward Rey¬
nolds, President, state in part:
Operations—The following summary of the consolidated income statement
for the year 1938 indicates the important changes from the year 1937:
.
1938
Total gross revenues
1937
(subsidiary companies)
$92,968,358 $98,810,34/
71,814,601
74,769,297
21,549,213
24,413,732
Consolidated net income (after all fixed charges).. 10.230,747
13,573,490
Preferred dividends paid
6,459,665
6,577,021
Balance-...-.
3,771,082
6,996,469
Earnings per share of common stock outstanding-$0.31
$0.57
Subsidiary companies of Columoia Gas & Electric Corp. sarve a highly
industrialized area.
A contraction in the activity of general business
is therefore reflected in the revenues o* these
companies, not only because
of diminished sales of gas and electricity for industrial use. Dut
also because
of lessened use by residential consumers at times when
declining employ¬
Total operating expenses (subsidiary companies)
Gross corporate income (subsidiary companies)—
__
ment results in reduced income.
The decrease in gross revenues was due chiefly to smaller sales of
gas.
Total gas sales in 1938 w?re
10-7% less than in 1937.
Industrial gas sales
particularly were adversely affected by the depressed business conditions
and were 21.8% less than those in 1937.
Industrial sales began to decline
in September,
1937.
This trend was arrested in August, 1938, since
time
December
Tolal
$3,966,641 $4,346,880
2862.
Bottling Co. of Hannibal, Mo.—Preferred
Offered—Clement A, Evans & Co.; Milhous, Gaines
& Mayes, Inc.; The Equitable Co.;
Robinson-Humphrey
Co., Atlanta, Ga.; Elder & Co., Chattanooga, Tenn.;
Bankers Bond & Securities Co., Hannibal, Mo., and Gatch
Bros., Jordan & McKinney, Inc., St. Louis, Mo., are
offering at $25.50 per share and divs. 25,000 shares $1.25
(no par) cum. conv. pref. stock.
Stock
Edison
Weekly
The electricity output of the Commonwealth Edison Co. group (inter¬
deducted) for the week ended March 18, 1939, was 138,411,000 kilowatt-hours, compared with 124,827,000 kilowatt-hours in the
which
After deducting reserve for depreciation of $658,177 in 1938 and $558,219 in
1937;
b At cost after reserve for amortization,
c On
stock
exchange.—V, 147,
Inc.—Options Extended
company sales
there
was
the
has
been
a
progressive
only month of the
exceeded those of the
a
for
on surrender of the
—
Balance Sheet Dec. 31
Accts. & notes, rec.
made
SuDject to approval by the Illinois Commerce Commission and to the
making of an offer by the company, holders of shares of record at the close
of business on March 24, shall have the right to subscribe at oar for con¬
vertible deDentures, SH% series, dated July 1, 1938, and due July 1, 1958
(on which the holder waives payment of interest from Jan. 1, 1939, to and
incl. May 15, 1939), ratably in proportion to their respective
holdings based
on the total amount of shares outstanding on March
24, 1939.
—V. 148,
65,444
.
Commonwealth
.
Cash discount allowed__
Gross sales
oe
Company has advised the New York Stock Exchange that options
previously granted to executives for the purchase of an aggregate of 4,72f>
shares of class A stock have been extended to March 10, 1940, and that
options in respect to 610 shares of said stock terminated on March 11,1939.
The corporation further reports the exercise of options in respect to 576
shares of class A stock.—V. 148, p. 1473.
16,331,106
y
a
will be used for working capital.—V. 148,p. 1165.
Payment of interest amounting to 5% will
Insur., taxes, duty
& develop,
any,
coupon due April 1, 1939, from the 5% income mortgage bonds, due 1970.
—V. 148, p. 1318.
61,035
Goodwill
Total
1939.
The balance, if
Colorado Fuel & Iron Corp.—Interest—
Land, buildings,
x
will be $31,250.
Capitalization—
Authorized
Outstanding
$1.25 (no par) cumul. conv. pref. stock
25,000 shs.
None
Common stock (par $1)
*100,000 shs.
62.500 shs.
*
37,500 shares may be issued to meet the conversion provisions of the
$1.25 cumul. conv. pref. stock.
Note—2,465 shares of pr»f. stock (par $25) are also outstanding but
have been called for redemption.
Underwriting—The name^ of the underwriters are as follows:
Clement A. Evans & Co., Atlanta, Ga
6,350 shs.
The Equitable Co., Atlanta, Ga
-_6,350 shs.
Elder 6c Co., Chattanooga, Tenn
„---_..---_l,000 shs.
Milhous, Gaines & Mayes, Atlanta, Ga.
3,300 shs.
Bankers Bond & Securities Co., Hannibal, Mo
1
2,500 shs.
Robinson-Humphrey Co., Atlanta, Ga
3,000 shs.
Gatch Bros., Jordan & McKinney, Inc., St. Louis, Mo
2,500 shs.
The underwriters are firmly committed to purchase the number of shares
set opposite each of their respective names, and to,
severally, pay to the
company the aggregate sum of $575,000.
Application of Net Proceeds—(1)$500,000 (estimated), will be used in the
payment of the purchase price of enitre issued and outstanding capital
stock of Dubuque and Decorah.
(2) $65,000 (estimated), will be used to retire, by redemption, 2,465
shares of outstanding preferred stock (par $25), called for redemption on
same
month
a
improvement.
Nevertheless,
in which industrial gas sales
earlier.
year
year
Residential gas sales were substantially larger during the first three
months
of 1938 than during the first three months of 1937, when
they were adversely
affected by mild weather and the Ohio River floods.
Throughout the
of the year,
rest
however, consumption per customer was generally lower than
been a year earlier.
Gross revenues from the sale of gas were 6.7% less than those in
1937
The smaller decrease in revenues than in volume of sales was
attributable
to the fact that the most severe declines in sales occurred in
the industrial
classifications, where rates are lower than those received from other classes
of service.
On the whole, rates were little changed from those
in effect
it
had
during the preceding year.
Sales of electric energy were smaller than those in 1937 by 8.2
%.
were smaller by 22.6%, although the trend
trial electric sales
last half of the year was generally upward.
Residential electric sales continued to expand
1937 by 9.4%.
in 1938 was
exceeded
those
of
As compared with 1929, average residential consumption
average annual bill was 4.1% smaller.
revenues declined 1.1%.
74.7% greater while the
Electric gross
Indus¬
during the
and
,
Financial
Volume 148
The following table compares the number of customers and the volume of
sales in 1938 with those In 1937:
1937
1,102,491
147,524,469
351,521
1938
Gas customers at end of the year
1,116,066
Gas sales (MCF) during the year
131,778,861
Electric customers at end of the year
357,597
Electric sales (Kwh.) during ths year
1,217,177,634
1,325,627,718
The number of both gas and electric customers served at the close of
1938 was the greatest in the history of Columbia System.
Expenses—Total operating expenses were reduced during 1938 by 4%.
Maintenance expense of the gas properties was virtually the same as in
1937,
In the electric properties, however, expenditures for maintenance
were $408,000 smaller than those in the
preceding year, when abnormal
repairs were necessitated by the Ohio River flood.
Total taxes in 1938 took a larger proportion of
gross revenues than in
1937, although the dollar amount was smaller by 5%, because reduced
consolidated net income resulted in less provision for Federal income
taxes even though in some individual companies taxes increased.
Unem¬
ployment insurance taxes were more than 59% higher than in 1937.
Construction—Construction expenditures during 1938 were about $14,080,000, or approximately 53% of those during 1937.
The additions com¬
pleted have increased the aggregate installed rated generating capacity of
Columbia System power stations from 483,000 kva. at the beginning of
1937 to 597,000 kva.
Due to the smaller demand for gas, w;ell drilling was curtailed during
1938.
The total number of wells drilled and purchased dining the year
133, as compared with 244 in 1937.
Of the wells, only 23 were dry
holes as compared with 55 a year ago.
Productive wells at the end of the
was
year
,,
numbered 8,820.
Fe^er,°}, EequlaiUm—On Jan. 13, 1938 the corporation registered under
the Public Utility Holding Company Act of 1935, by filing a notification
2C reJ£SiratV?n w**h the Securities and Exchange Commission.
On April
23,1938, the corporation filed the complete registration statement pre¬
scribed by the Act.
The regulations promulgated by the SEC under the Act provide, among
other things, that a registered holding
company must
as between "earned surplus" and
"capital
classify its surplus
surplus," and that it may not
surplus" without the per¬
declare dividends out of "capital or unearned
mission-of the Commission.
Prior to Its registration the corporation had
not classified its surplus as
'capital" and "earned," and found it impossible to do so retro¬
Application was therefore made by the corporation to the Com¬
mission for permission to pay during 1938 the
regular dividends on the cor¬
poration's preferred and preference stocks and dividends not to exceed
50 cents per share on the common stock, out of its single unclassified sur¬
plus, which was $13,261,609 at Dec. 31, 1937.
The Commission by its
order dated April 8,1938, and
subsequent orders, permitted th„ corporation
to pay the regular quarterly dividends on its preferred and preference
stocks but denied permission to pay any dividends on the common stock.
The Commission in its findings questioned certain entries recording assets
of the corporation and its subsidiary companies, most of which were made
years ago.
It appeared to the Commission that if such entries were re¬
stated, the amount by which the book value of the corporation's invest¬
ments might be reduced might be in exc.«s of its surplus.
The Commission
did not attempt .to determine what revaluations, if any, should be made
either on the books of the corporation or its subsidiary companies, but
suggested that an inquiry be made to ascertain whether the entries record¬
ing certain. investments should be revised.
The corporation made the
inquiry suggested by the Commission and found a number of items on its
.
between
actively.
books and on the books of its
suosidiary companies which might be consid¬
ered debatable in the light of current accounting practices.
The officers of the corporation, therefore, developed a plan whereby,
without awaiting the final determination and disposition of all such de¬
batable items, the net earnings of the corporation
since| Dec. 31, 1937 would
in the opinion of counsel for the corporation be availaole under the present
rules of the SEC for such
dividends as the directors might deem advisable
without the necessity of making an
application to the Commission for the
approval of each dividend.
The plan provided as follows:
(1) Corporation would reduce capital represented by common stock
(without reducing the number of shares) from $194,349,006 to $12,304,282,
and so create a surplus of $182,044,724 which would be designated as special
capital surplus and would not be available for dividends.
(2) Surplus prior to Jan. 1, 1938, the nature of which cannot be deter¬
mined as between earned arid unearned
surplus, would be treated as though
it were capital surplus and so would not be available for dividends without
an application to and an order of the SEC.
(3) All charges and credits to surplus arising out of transactions prior ^to
Jan. 1, 1938 (including any charges which result from losses accrued but
unrealized prior to that date) would be made to surplus prior to Jan. 1,'
1938, or to special capital surplus.
(4) Certain charges would be made by the corporatfon as of Dec. 31,
1937, to special capital surplus or to surplus prior to Jan. 1, 1938, as soon
as the proposed reduction of capital was effected.
(5) Dividends received from subsidiary companies paid out of earnings
since Dec. 31, 1937, would be treated as income by the corporation; but
dividends received from subsidiary companies paid out of surplus prior to
Jan. 1, 1938, would not be treated as Income by the corporation.
(6) In certain suDsidiary companies special capital surplus would be
created either by reducing the
capital represented by their common stocks
or by the surrender by the corporation, as
a.capital contribution, of in¬
debtedness of such subsidiary companies due to the corporation.
(7) If and when it was finally determined that any subsidiary company
should make any charges to surplus which arose out of transactions prior to
Jan. 1, 1938, whether such charges aross from reductions in the amount at
_
which its fixed assets
were
carried
on
its books or from other transactions,
subsidiary companies.
These subsidiaryXcompanies were indebted to the
corporation at Dec. 31, 1938 for loans, accounts and interest payable in
the amount of $69,951,268, consisting chiefly of advances made from time
to time for construction and other requirements,
not indebted to any of its subsidiary companies
but the corporation was
except for minor current
charges, and neither the corporation nor any of its subsidiary companies
had any outstanding bank loans.
In October, 1938,
pursuant to authority from the P. U. Commission of
Ohio and the SEC, the Dayton Power & Light Co., a wholly-owned sub¬
sidiary company, sold 42,500 additional shares of common stock to the cor¬
poration for $2,550,000 in cash.
The proceeds were applied to the payment
of about $1,973,000 of notes held by the corporation (incurred principally
for construction) and to provide funds for additional construction.
For several
years Huntington Gas Co., a wholly-owned subsidiary com¬
pany, operated under lease the properties of Cincinnati Gas Transportation
Co.
The lease by its terms expired on June 30,1938, and was not renewed.
Subsequently a plan of liquidation and dissolution of Huntington Gas Co.
was entered into
by the corporation; and pursuant to such plan, approved by
the SEC, Huntington Gas Co. distributed its assets, consisting chiefly of
the stock of Huntington Development & Gas Co., to the corporation and
was
dissolved.
Subject to the approval of the necessary public authorities, Atlantic
Seaboard Corp., a subsidiary, will sell all the securities of its subsidiary
companies to the corporation.
Atlantic Seaboard Corp. will thereby
cease to be a sub-holding company.
An application has been filed witn
the New York State P. S. Commission for
approval of the purchase of all
the assets of Eastern
Pipe Line Co., a subsidiary company of the corpora¬
tion, by Home Gas Co., another subsidiary company of the corporation.
After such purchase, Eastern Pipe Line Co. will be dissolved.
Pursuant to the plan referred to ("Federal Regulation"), certain sub¬
sidiary companies have filed declarations with the SEC under the Public
Utility Holding Company Act of 1935 for permission to reduce their capital
and to create like amounts of special capital surplus.
The companies and
the amounts are: Cincinnati Gas & Electric Co., $22,500,000; United Fuel
Gas Co., $29,700,000; Columbia Corp., $2,300,000; Ohio Fuel Gas Co.,
$6,719,015; and Huntington Development & Gas Co., $2,000,000.
The
Commission has issued orders with respect to the first two named companies
permitting these reductions, and such reductions have been duly effected.
The other cases are pending and similar applications for other subsidiary
companies are being prepared.
■ •
Litigation—The Department of Justice has sought to reopen the consent
decree whereby Columbia Gas & Electric Corp. was enjoined from dominat¬
ing Panhandle Eastern Pipe Lirie Co. or interfering with the latter com¬
pany's freedom of action in selling natural gas in interstate commerce.
While no violation of the injunctions of the decree is alleged, the Department
of Justice asks that Columbia Gas & Electric Corp. and Columbia Oil &
.Gasoline Corp. submit plans whereby either (a) Columbia Oil & Gasoline
Corp. will dispose of its holdings of stock of Panhandle Eastern Pipe Line
Co. or (b) Columbia Gas & Electric Corp. will dispose of its interest in any
securities having present or potential voting rights in Columbia Oil & Gaso¬
line Corp.
Columbia Gas & Electric Corp. does not admit the right of the
Government to ask for any such modification of the decree.
On Nov. 4, 1938, the Department of Justice filed a suit in Wilmington,
Del., against Columbia Gas & Electric Corp., its officers and directors,
the declared purpose of which is to requi(e the corporation to divest itself
of the control and ownership of securities of American Fuel & Power Co.
and the subsidiaries of that company, Inland Gas Corp. and Kentucky
Fuel Gas Corp.
The purchase of tlhese securities was made in 1930.
These
properties have been operated in receivership or bankruptcy Under the
jurisdiction of the Federal District Court ever since 1931, and no earnings
therefrom have ever been included in the consolidated statements of Colum¬
bia Gas & Electric Corp. and its subsidiary companies.
The total invest¬
ment in the securities in question is now carried by the corporation, after
deducting reserves provided therefor, at less than $1,000,000.
Income Statement (Corporation Only) Jor Calendar Years
.
t
$13,637,284
997,274
3,332,357
.822,728
3,052,090
907,542
consolidated--—
*
*
On other investments.__——
Total
revenues-
—
---—
------------
__$ 15,771,618 $18,594,191
DO»1 Do
w»lul
11,194
101,560
for "Federal income taxes
Rents
-
-
-
338,214
Management and service contract fees
General and administrative expenses—
Gross
9,934
Balance Sheet Dec.
x
y
31, 1938 (Corporation, Only)
x
Pro Forma
,
Actual
$
Liabilities—
§
S
Assets—
Investments
y
Pro Forma
$
---419,291,981 352,843,747 Long-term debt.104,570,700 104,570,700
694,607
250,933
6,881,131
Notes rec., subs.
Accts.
Actual
receivable
Acer. int. rec...
334,650
88,460
380,469
250,933
165,841
Accrued
int.
273
Prepayments—
Unamort.
debt
273
disct. & exp—
2,673.525
2,673,525
Other def. chgs.
257,880
1,609,822
408,162
.54,131
5,376
2,536
2,602,391
on
long-term debt
6,881,131
334,650 Accrued taxes..
88,460
380,469
165,841
1,609,822
408,162
54,131
payable-
Accts.
Other accr. liab-
credits
5,376
Res. for retire'ts
2,536
2,602,391
Deferred
257,880
Other reserves.
Cum.
6%
-
pref.
*
stock, series A 94,784,500
94,784,500
Cum. pref. stock
4,046,600
stock
Special cap. sur.
Surplus prior to
Jan.
1
12,386,000
12,304,282
194,349,006
Com. stock
Special cap. surp.
appr. for prem.
on pref. stock.
Earned
4,046,600
12,386,000
z
Capitalization, Financing and Corporate Changes
19,201
$8,733,158 $11,361,692
x Does not include $653,037 of dividends received from subsidiary com¬
panies which the corporation has agreed not to include in income because
they were declared out of their surplus prior to Jan. 1.1938Net income
f
With minor exceptions, Columbia Gas & Electric Corp. owns the entire
outstanding voting stock, except directors' qualifying shares, of each of it
17A'9,B
15™?§
holders held March 7, 1939, Dy the holders of more than 66% of the shares
of each class.
Less than 1% of the outstanding stock of any class voted
against the proposal.
■
The reduction of capital and the carrying out of the plan have caused
numerous changes in the accounts of the corporation and its subsidiary
companies since Dec. 31, 1938, and will cause additional changes.
The
balance sheet as at Dec. 31, 1938 and the pro forma balance sheet as of
Dec. 31, 1938, giving effect to the plan, are shown below.
On Feb. 6,1939; the corporation filed with the SEC a plan and an appli¬
cation under Section 11 (e) of the Act, requesting an order finding that
upon consummation of the plan, the operations of th3 holding company
system consisting of the corporation and its suusidiary companies-will be
limited to a single integrated public utility system as defined in the Act
and such other businesses as are reasonably incidental or economically
necessary or appropriate to the operations of such integrated public utility
system, and that the corporate structure is not unnecessarily complicated
and that it does not cause unfair or inequitable distribution of voting power
among security holders.
This plan did not deal with any interest of the
corporation in Columbia Oil & Gasoline Corp. or its subsidiary companies,
or in Michigan Gas Transmission Corp., Indiana Gas Distribution Corp.,
or American Fuel & Power Co. (now dissolved), or its former suosidiaries,
each of which involved such special problems as to be the subject of sepa¬
rate applications.
On Feb. 24, 1939 the corporation filed with the SEC a plan and an appli¬
cation under Section 11 (e) of the Act, requesting an order finding that the
retention of the present interest of Columbia Gas & Electric Corp. in the
properties formerly owned by American Fuel & Power Co. and in its former
1938.
1,217,507
-.-$14,273,058 $16,928,188
5,228,53o
5,228,535
143.734
143.734
corporate income—
Interest on long-term debt
Amortization of debt discount and expense
Other interest
Other income deductions.
"}■&% series
5% cum. pref'ce
rea¬
------
659,669
— -
Feb. 15,1938, in the aggregate amount of $1,627,175, which had previously
been charged to earned surplus since Dec. 31, 1937.
The reduction of capital was approved at the special meeting o* the stock¬
interest in businesses which are
103,869
60,683
Provision
Cash
an
_
THiXGS-
Organiza'n exp.
Special funds.—
sonably incidental to the operations of the integrated public utility system
of Columbia Gas & Electric Corp.
The corporation and its subsidiary companies aro complying with the
terms of the Federal Fair Labor Standards Act which took effect Oct. 24,
.
Provision for retirements
subject to the rules, regulations and orders of any governmental oodies
having jurisdiction.
k
The corporation filed with the SEC a declaration requesting permission
to submit to the stockholders the proposal to reduce the capital of the cor¬
poration and to carry out the consequent program.
On Jan. 25, 1939, the
subsidiaries will be the retention of
1937
1938
Dividends—On stocks of subs, consolidated-1—x$10,854,514
On other investments-:
--762,018
Interest—On bonds & notes of and loans to subs.
such charges would be made by the suosidiary company to its surplus prior
to Jan. 1, 1938, or to its special capital surplus, to the extent available,
Commission issued its order pjrmitting the declaration to become effective
subject to certain conditions and reservations.
The order also authorized the corporation to charge to surplus prior to
Jan. 1, 1938 the dividends paid on its preferred and preference stocks on
1799
Chronicle
—
——
1, 1938— 13,212,242
9,680,780
116,093,939
1,405,779
surplus
since Dec, 31,
1937
-
2,656,604
3,590,230
Total
430.853,910 363,711,069
x These actual columns do not give effect to various transactions
which
have taken place between Dec. 31, 1938 and March 20, 1939, but as of
Dec 31, 1938. or as of earlier dates.
Such transactions and certain other
transactions are given effect to in the pro forma columns.
430,853,910 363,711,069
Total
y These pro
accountant.
forma columns are not covered
by the opinion of auditing
Represented by 12,304,282 no par shares.
Note—Iii the pro forma balance sheet and surplus amounts effect i
given to the following proposed action, none of which had taken place a*
Dec 31, 1938, but substantially all of which had taken place at March 20,
1939: (1) Reduction of the capital represented by common stock in the
amount of $182,044,724 and the creation of special capital surplus in a like
amount; (2) a reduction aggregating $60,419,070 in the figure appearing on
the books of the corporation for its investments and corresponding charges
of S1M82
prior to Jan. 1. 1938 $47 457 744 to special1 «tpltal
surplus, $56,643 to earned surplus s nee Dec .31, 1937, and $2,822,512
to reserves; (3) the transfer from surplus prior to Jan. 1, 1938, or $734,022
to reserve for investments in subsidiaries, representing an amount equal
to charges to surplus made by certain subsidiary companies for the purpose
of creating additional reserves for possible Federal and other taxes for
periods prior to the dates of acquisition by the corporation: (4) the write-off
Sf $694,607 organization expense by a charge to ^Deciul capital
>
(5) the appropriation from special capital surplus of $9,680,780, which is
z
171toSSSlu.
Mar.
Chronicle
Financial
1800
25, 1939
Consolidated Balance Sheet Dec. 31, 1938
the
premium over par value to which the preferred stock is entitled on in¬
voluntary liquidation: (6) the transfer from special capital surplus to
reserve for investments in subsidiaries of $8,117,653: (7) the credit to earned
Actual
x
/
Assets—
y
Pro Forma
$
$
,
surplus since Dec. 31, 1937, and the charge to surplus prior to Jan. 1, 1938
of $1,627,175, the amount of the dividends on the preferred and preference
stocks paid Feb. 15. 1938; (8) the charge to earned surplus since Dec. 31,
1937, of $653,037, the amount of dividends received from subsidiary com¬
panies paid from their surplus prior to Jan, 1, 1938, of which $636,905
is credited to surplus prior to Jan. 1, 1938, and the balance credited to
Marketable
investments in subsidiaries.
Materials and supplies
Investments
Cash in banks and on hand
-x
Actual-
Since
Jan. 1 1938 Dec. 31
I
$13,261,609
received
Dividends
_
Funds
'37
from
subs,
paid
from
Other deferred charges
Total
x
653,037
$13,261,609
investment in sub. company dissolved
Additional provision for 1937 Federal income taxes
Cash dividends—
Preferred stock—$6 per share on 6% series A—
5% gold debentures, due May 1, 19o2
5% gold debentures, due April 15, 1952
Gold debentures, 5% series due Jan. 15,1961
—
619,300
Purchase money warrants of a subsidiary
Long-term debt of subs, (current maturities)
Accounts payable
$13,212,242
Balance, Jan. 1. 1938
Net inc. for year end. Dec. 31
—
1938-.
sub. cos. paid
prior to Jan.l '38
Special capital surplus created by re¬
duction of capital
$182,044,724
received
Accrued interest
Consumers' service
Earn. Surp.
Prior to
Jan. 1 1938
$13,261,609
Dec. 31 '37
Contingent earnings pending rate decisions (net)..
4,569,873
Retirements and depletion reserve
133,617,929 133,687,944
Property revaluation reserve
2,475,512
8,117,653
Undetermined Federal and other taxes
7,480,047
7,480,047
Injuries and damages reserve
2,042,368
.2,042,368
Other reserves
•
4,290,150
4,192,235
Columbia Gas & Electric Corp.:
Cum. 6% pref. stock, series A ($100 par)
94,066,400
94,066,400
Cum. prefTstock, 5% series ($100 par)
3,869,500
3,869,500
5% cum. preference stock ($100 par)
12,166,800
12,166,800
z Common
stock
193,069,184
12,223,256
Subsidiary companies—Preferred stocks
50,000,200
50,000,200
Minority com. stocks & surp. applic. thereto._
169,211
179,728
Special capital surplus appropriated for premiums
on preferred stock
—;
9,680,780
Special capital surplus
113,5o8,365
Surplus prior to Jan. 1, 1938
16,993,631
14,382,678
Earned surplus since Dec. 31,1937
3,683,867
5,272,694
Since
$8,733,158
from
from their surplus
Total
16,132
$182,044,724 $13,898,515
-
636 905
$8,749,290
Reductions in investments in sub. cos.:
Elimination of
excess
of book
.
over
value on books of predecessor
companies
36,045,494
Adjust, of surp. at date of acquisit'n
Elimination of surplus at acquisit'n
from certain investments
3.482,169
par
6,280,819
—
Unrealized losses in investments—
5,344,282
Deficits from acquisition to Dec. 31,
1937
Other reductions
Reduction in other investments
Total
3,331,310
119,767
2,585.799
9,680,780
8,117,653
—694,607
56.643
Approp. for prems. on pref. stock—._
Reserve for investments in sub.
Miscellaneous charges
Cash dividends
cos..
734,022
x
220,891
1,881.525
Balance, Dec. 31, 1938—
$116,093,939
$1,405,779
$3,590,230
These actual columns do not give effect to various transactions which
have taken place between Dec. 31
1938, and March 20, 1939, but as of
x
Dec. 31, 1938, or as of earlier dates. ./ Such transactions and certain other
are given effect to in the pro forma columns.
transactions
y
These pro forma columns
are not
covered by the opinion of auditing
accountant.
z In accordance with the order of the SEC dated Jan. 25,
1939, (a) sur¬
plus prior to Jan. 1, 1938, is not available for dividends without an appli¬
cation to and an order of the Commission; (b) special capital surplus is
available only for charges arising out of transactions prior to Jan. 1, 1938
(including any charges resulting from losses accrued but not realized at
that date) and is not available for dividends; (c) no charge may be made to
special capital surplus or to surplus prior to Jan. 1, 1938, unless 30 days'
prior notice is given to the Commission, which has reserved jurisdiction to
disapprove any such charge; (d) the Commission has reserved jurisdiction
with respect to the ultimate disposition of any balance of special capital
surplus or of surplus prior to Jan. 1, 1938, and, unless the time is extended
by the Commission, any such balance remaining on Dec. 31, 1942, must
be restored to common stock capital account; (e) the Commission has re¬
tained and reserved full jurisdiction under the Public Utility Holding Com¬
pany Act of 1935 with respect to dividends and surplus, including jurisdic¬
tion to enter such orders as it may hereafter deem advisable (i) to require
additional charges (other than those specifically proposed by the corpora¬
tion) to sDecial capital surplus or to surplus prior to Jan. 1, 1938, (ii) to
prohibit the declaration and payment of dividends on the common stock
to protect the preferred and preference stockholders in the light of such
charges as may hereafter be made to special capital surplus or to surplus
prior to Jan. 1, 1938, and (iii) irrespective of the extent of such charges to
prevent the payment of dividends on the common stock unless after the
declaration thereof and after making provision\for all existing dividend
requirements on the preferred and preference stocks of the corporation there
will remain consolidated earned surplus since Dec. 31, 1937, equal to the
requirements for six quarterly dividends on such preferred and preierence
stocks; (f) no dividend may be paid upon the common stock without a fur¬
ther order of the Commission, unless after the declaration of such dividend
there will remain earned surplus since Dec. 31, 1937, of the corporation
$1,627,175 in excess of the aggregate of all accrued and unpaid dividends
on such preferred and preference stocks.
This amount, however, may be
included In computing the consolidated earned surplus since Dec. 31, 1937.
In the pro forma balance sheet and in the pro forma surplus accounts
effect is given in surplus prior to Jan. 1,1938.
See also note under balance
sheet.
Consolidated
Income Statement
taken
place between Dec. 31, 1938 and March 20, 1939, but as of
Dec. 31, 1938, or as of earlier dates.
Such transactions and certain other
transactions are given effect to in the pro forma columns.
"
399,642
1,627,175
—728,169,260 675,165,110
These actual columns do not give effect to various transactions which
have
y
These pro forma columns are not covered by the opinion of auditing
accountant.
z
z
deposits & accr'd int. thereon..
Other accrued liabilities
Surplus
Special
Capital
Surplus
Divs.
$2,656,604
Pro Forma Surplus Account
y
$
4,331,330
6,835,288
2,290,578
2,iU4,/o8
363,124
Accrued taxes
Balance, Dec. 31, 1938
Pro Forma
49,979,000
4,542,900
49,929,000
77,559,000
131,438
1,608,160
4,331,330
6,835,288
2,z90,o78
2,104,768
363,124
4,569,873
49,979,000
4,542,900
49,929,000
77,559,000
131,438
l,608,lo0
Bonds of subsidiaries—
5,687.070
202,330
5% cumulative preference stock
y
$
Bonds of Columbia Gas & Electric Corp.:
$9,386,195
220,891
— —
Actual
Liabilities—
49,367
— —
$5 per share on 5% series
z
369,314
1,939,202
6,298,023
852,008
728,169,260 675,165.110
their
Total
on
expense
------
.
Loss
369,314
1,939,202
6,298,023
852,008
impounded pending rate decisions (cash)
Unamortized debt discount and
$8,733,158
surplus prior to Jan. 1,1938
355,402
334,818
7,771.880
1,381,545
11,901,117
334,818
Special funds and deposits
Earn. Surp.
Prior to
Balance, Jan. 1, 1938
securities
7,771.880
Prepaid ins., taxes, gas lease rentals & royalties, &c.
1,381,545
Accounts receivable
11,901,117
Surplus
Net income for 1938
19,167,279
18,689
19,167,279
18,689
355,402
Due from officers and employees
Interest and dividends receivable
Surplus Accounts Year Ended Dec. 31, 1938 (Corporation Only)
„
622,437,647 572,019,296
55,342,334
52,756,535
Property, plant and equip., incl. intangibles
Represented by 12,223,256 no par shares.
Note—In the pro forma consolidated balance sheet and surplus accounts
effect is given to proposed action, most of which had not taken prnce at
Dec. 31, 1938: (1) as described in note to financial statements of Columbia
Gas
&
Electric
Corp., and (2) the creation of special capital surpius in
subsidiary companies either by reducing the capital represented
common stock or by the surrender by the corporation as a capital
contribution of indebtedness of such subsidiary companies due to the cor¬
poration.
At March 20, 1939, substantially all of the action described in
said note had taken place and special capital surplus had been created
by some of such subsidiary companies.
Effect is also given in the pro forma
consolidated balance sheet and surplus accounts to inter-company and
other adjustments incident to the consolidation of the pro forma accounts.
certain
by their
Consolidated Surplus Accounts
-x
Actual
Surplus
Prior to
Jan. 1
Balance, Jan. 1. 1938
Net income for year ended Dec. 31, 1938
Miscellaneous
1938
Earn. Surp.
Since
Dec. 31 '37
$19,839,948
credits..
478,822
Total
$10,230,747
4,274
-$20,318,770 $10,235,022
Federal
2,947,486
Miscellaneous charges
(includes adjustment for
minority interests)
377,653
91,490
Cash dividends paid by Col. Gas & Elec. Corp.:
...
Reserve for
contingencies—undetermined
and other taxes
Preferred stock, cumulative—•
$6 per share on 6% series A
5,656,320
$5 per share on 5 % series
Preference stock—5 % cumulative—$5 per share
z
Balance, Dec
31, 1938
y
194,100
609,245
$16,993,631
$3,683,867
Pro Forma Surplus Account
Special
Capital
Surplus
f
k
Surplus
Prior to
Jan.
1
1938
Earn. Surp.
Since
Dec. 31 '37
Balance, Jan. 1, 1938
$19,839,948
Net income for year ended Dec. 31,'38
$10,230,747
Special capital surplus created by re¬
duction of capital
$182,044,724
Adjustments in consolidation
1,426,257
—.
Miscellaneous
(Corporation and Subsidiaries) for
Year Ended Dec. 31, 1938
credits
478,822
•
4,274
Calendar Years
Subsidiary Companies—
1938
Gross revenues—Gas
1937
*
.$62,031,969 $66,479,063
26,958,087
27,265,557
1,465,295
1,501.870
2,513,007
3,563,857
Electric
Railway and bus
Other operations
Total....
..$182,044,724 $21,745,028 $10,235,022
Reserve for contingencies—undeter¬
mined Federal and other taxes
2,947,486
Reductions in investments in sub.
Elimination of excess of book
cos.:
over
par value on books of predecessor
Total gross revenues
Operating
expenses
$92,968,358 $98,810,347
45,115,971
46,046,658
6,004,506
6,457,250
10,058,986
10,865,627
8,199,270
8.646,644
2,435,868
2,753,117
_
:
Maintenance
Provision for retirements and depletion
Taxes
Provision for Federal income taxes..
Net
Other
operating
revenue
income
-
-—$21,153,756 $24,041,050
395,456
372,682
Gross corporate income
Interest and other fixed charges of subsidiaries
Preferred dividends of subsidiaries
$21,549,213 $24,413,732
3,717,105
3,497,190
2,450,012
2,450,012
Earnings applicable to minority interests
Balance applicable to corporation
Columbia Cas & Electric Corp.—
3,862
.$15,378,234 $18,445,027
Revenues—Interest
Other
$822 728
762,018
$1,904,817
1,666,003
$86,186
revenues
$907,542
$1,584,746
1,498,560
revenues
Total
21 504
$238,814
997,275
companies
acquisition
Elimination of surplus at acquisit'n
from certain investments
Unrealized losses in investments
Reduction in other investments
Approp. for
prems. on pref. stock
Reserve for possible prop, revaluations
Adjustments in consolidation
Miscellaneous
charges
(includes
z
9,680,780
8,117,653
1,426,257
ad¬
justment for minority interests)
Cash dividends paid by Columbia Gas
& Electric
1,803,924
676,402
117,579
1,614,916
4,844,749
$113,558,365 $14,382,678
$5,272,694
Corp
Balance, Dec. 31. 1938
x These actual columns do not
give effect to
have taken place between Dec. 31, 1938, and
Dec. 31, 1938, or
2,123,545
-
3,482,169
5,344,282
2,585,799
as
of earlier dates.
various transactions which
March 20, 1939, but as of
Such transactions and certain other
transactions
Administrative and other expenses and taxes
y
revenue
Total before fixed charges...
Interest and other fixed charges
Interest capitalized
$15,464,420 $18,683,841
5,538,510
5,565,106
Cr304,837
0 454.756
Consolidated net income.
Preferred dividends paid
$10,230,747 $13,573,490
6,459,665
6,577,021
Balance...-----Ea rnings per share of common stock
outstanding.
.
$3,771,082
$0.31
$6,996,469
$0 -57
are given effect to in the pro forma columns.
These pro forma columns are not covered by the opinion of auditing
accountant.
z
Net
36.045,494
Adjustment of surplus at dates of
Also
see
note under
consolidated balance sheet.
order of the SEC dated Jan. 25,
the corporation is not available
In accordance
with
1939, (a) surplus prior to Jan. 1, 1938, of
for dividends without an application to
and order of the Commission; (b) special capital surplus of the corporation
is available only for charges arising out of transactions prior to Jan. 1, 1938
(including any charges resulting from losses accrued but not realized at
that date) and is not available for dividends; (c) no charge may be made to
special capital surplus of the corporation or to surplus prior to Jan. 1, 1938,
of the corporation unless 30 days' prior notice is given to the Commission,
which has reserved jurisdiction to disapprove any such charge; (d) the Com¬
mission has reserved jurisdiction with respect to the ultimate disposition of
any balance of special capital surpius of the corporation or of surplus prior
Volume
148
Financial
Chronicle
1801
to Jan.
1. 1938. of the corporation,
and, unless the time is extended by the
Commission, any such balance
remaining on Dec. 31, 1942, must be re¬
stored to common stock
capital account: (e) the Commission has retained
and reserved full jurisdiction under
the Public Utility
Holding Company
Act of 1935 v-itb
respect to dividends and
surplus of the Corporation, in¬
cluding jurisdiction to enter such orders as it
m$y hereafter deem advisable
(i) to re mire additional charges to
special capital surplus (other than those
specifically proposed by the corporation) or to surplus prior to Jan.
1, 1938,
fii) to prohibit the declaration and payment of dividends on
the common
stock to protect the preferred and
preference stockholders in the light
of such charges as may hereafter be
made to special capital
surplus or to
surplus prior to Jan. 1, 1938, and (iii) irrespective of the extent of such
charges to prevent the payment of dividends on the common stock of the
corporation unless after the declaration thereof and after
making provision
for all existing dividend requirements on the
preferred and preference stocks
of
the
Dec.
such
corporation
there
will
remain
consolidated
earned
surplus
since
31, 1937, equal to the requirements for six
quarterly dividends on
preferred and preference stocks; (f) no dividend
may be paid upon
the common stock of the corporation
mission, iimess after the declaration
without
of such
further order of the Com¬
a
dividend there will remain
earned surplus since Dec. 31, 1937, of the
corporation SI,627,175 in excess
of all accrued and unpaid dividends on the
corporation's
preferred and preference stocks.
This amount, however, may be included
of the aggregate
in
computing the consolidated earned surplus since Dec. 31, 1937.
Special capital surplus of subsidiary companies is not available for divi¬
Dividends paid out of surplus
prior to Jan. 1, 1938, of subsidiary
companies will not be included in income by the
corporation but will be
credited to its surplus prior to Jan. 1,
1938, or to investments, if paid out
of surplus existing at dates of
acquisition by corporation.—V. 148, p. 1473.
dends.
Commercial Solvents
Corp.—New Director—
Henry E. Perry was elected a mamber of the board of directors of this
corporation at the annual meeting of stockholders held March 17.
Mr.
Perry succeeds William S. Gray, resigned.—V. 148, p. 1318.
Commonwealth & Southern
Corp.—Monthly Output—
Electric output of the system for the month of
February was 655,480,493
kilowatt hours as compared with
581,988,317 kilowatt hours for February,
1938 an increase of 12.63%. For the two months ended
Feb. 28, 1939, the
as compared with
1,218,401,306
period in 1938, an increase of 13.00%.
Total output for the year ended Feb.
28, 1939 was 7,947,480,891 kilowatt
hours as compared with 8,362,837,266 kilowatt
hours for the year ended
Feb. 28, 1938, a decrease of
4.97%.
Gas output of the Commonwealth &
Southern Corp. system for the
month of February was 1,622,907,400 cubic
feet as compared with 1,424,624,000 cubic feet for February, 1938, an increase of
13.92%. For the two
months ended Feb. 28, 1939, the
output was 3,351,851,700 cubic feet as
compared with 3,077,818,000 cubic feet for the
corresponding period in
1938, an increase of 8.90%. Total output for the year ended Feb.
28, 1939
was i4,766,655,800 cubic feet as
compared with 15,412,012,500 cubic feet
for the year ended Feb. 28, 1938, a decrease of
4.19%.—V. 148, p. 1637.
output was 1,376,759,697 kilowatt hours
kilowatt hours for the corresponding
Community Public Service Co.-Suspended from Dealings
The
company's first mortgage 25-year 5% sinking fund bonds, series A,
due Jan. l, 1960, have been
suspended from dealings on the New York
Curb Exchange.
These bonds were called March 14 for redemption on
May 13, 1939, at 100 plus accrued interest. Holders of these bonds
may
obtain immediately the full
redemption price plus interest up to May 13,
1939.—V. 148, p. 1473.
^
Compo Shoe Machinery Corp.—Listing—
The
New
York
Consolidated Edison Co. of New York announced
production of the
electric plants of its system for the week
ended March 19, amounting to
141,600,000 kilowatt hours, compared with 132,200,000 kilowatt hours
for
the corresponding week of
1938, an increase of 7.1%.—V.
148,
Consolidated
Gas
Electric
Curb
be headed by White, Weld & Co.
the existing preferred stock.
Company
Connecticut, a plan of reorganization.
Following
approval of this plan by the Commission under date of Dec. 1, 1938. the
ordering that the plan be put
31, 1938, and requiring a report
in writing to the court on or before Feb.
15, 1939, of all acts and things
done and performed under the
plan.
8uch a report was duly filed with the
court on Feb. 15, and
following a final public hearing on the matter, the
court on March 6, issued an order
terminating the reorganization proceedings
Briefly, the plan provided for the issue of $5,000,000 debentures bearing
interest at the rate of 5% per annum and
maturing 20 years after the
effective date of the plan; 20,000 shares of class A
non-voting stock, having
(par $100), and 10,000 shares of class B voting stock (no par), having a
stated book value of $10 per share.
The plan further provides a minimum
annual sinking fund payment of $100,000 to a
maximum of $150,000 for
retiring the debentures. The total capital liability including debentures and
stock is $7,100,000 as compared with total
capital liability of $40,000,000
of the old company which consisted of
$20,123,000 debentures and
stock of
capital
$19,877,000.
Fixed charges which ran at an annual rate of $2,~
270.000 for the old company were reduced to
approximately $250,000 for the
reorganized company.
«
The entire $5,000 000 principal amount of new
5% fixed interest deben¬
tures and the entire $2,000,000 of class A stock are
owned and pledged by
the New Haven with the Reconstruction Finance
Corporation and the
Railroad Credit Corporation in the
proportions, respectively, of 70% and
The entire 10,000 shares of new class B stock are also owned
by the
New Haven and are in the hands of its trustees,
unpledged.
the year 1938 as accounted for
$102,493 greater than the deficit
accrual of $1,239,001 for interest not
paid to or,
for
was
of 1937, and included an
included in the income account of the New
Haven, also depreciation and
retirement
charges of $499,111.
The earnings for the year 1938 if related to the
capital structure and debt
of the reorganized
company would result in $549,088 of income available
for fixed charges, and would have been
sufficient to pay all the new fixed
charges, provide for a sinking fund payment of $150,000 on the new deben¬
6%
upon the new class A stock, and leave a balance
new
1637.
is also proposed to call for
redemption
on
group.
According to the registration statement, the proceeds from the sale of
shares to the underwriters will be applied,
together with such addi¬
tional funds as may be necessary, to the retirement of
any
the unexchanged
shares of series A preferred stock.
Any remaining proceeds will be usea to
reimburse thq company for capital
expenditures made since April 30, 1934.
The price at which the shares of the new
preferred stock may be offered
to the puolic and the expiration date of the
exchange offer are to be furnished
by amendment to the registration statement.—V.
148,
Continental Motors Corp.3 Mos. End. Jan. 31—
Net loss after deprec.,
1939
1938
$160,728
Cumberland County Power &
Calendar Years—
1166.
p.
-Earnings-
$141,664
devel. exps., taxes, &c.
148, p. 578.
—V.
xl938
1937
'
1936
$36,414
$48,003
Light Co. (& Subs.)—
1937
1936
1935
$4,637,869
3,362,493
$4,399,486
3,164,328
$4,132,872
2,911,381
$1,307,275
81,949
$1,275,376
52,458
$1,235,158
$1,221,491
55,080
$1,389,224
$1,327,835' $1,292,367' $1,276,571
Operating revenues
$4,579,059
Oper. expenses & taxes.3,271,784
Net operating income.
Non-operating income..
Net before interest
Interest, amortization &
other deductions.
560,066
$829,158
239,964
93,683
Common stock dividends
y1,127,592
57.209
558,179
6% cum. pref. stock divs
5}4 % cum.pref.stk. divs
$769,656
239,964
54,501
125,000
Net income
.
708,613
*
705,276
$58 >,754'
239,964
$571,294
239,964
23,600
118,000
Includes Berwick & Salmon Falls Electric Co.
liquidation of which was
consummated Dec. 31, 1938.
y Includes $750,000 value of 7,500 shares of
common stock issued as a dividend.
Consolidated Balance Sheet Dec. 31
Fixed
1937
|
$
$
-
!
capital..___25,227,876 24,218,751
on
a
hand
569,668
....
tracts
class B stock.—V. 148,
Accounts payable.
716,384
...
616,277
2,850
2,539
_
26,365
121,113
Accrued
Accrued
24,914
66,770
re¬
121,000
leased property
59,146
7,461
8,971
309,217
345,480
56,822
56,209
Int. unclaimed—
1,801
3,181
87,472
28,453
1,233,543
1,404,184
473,545
478,244
21,237
46,742
contra
...
Prepaym'ts & def.
lease
from
Portland RR.Co
1,550,684
1,651,941
21,780
21,780
2,345,849
2,169.841
($100par)..... 4,023,600
4,023,600
6%
.
cum. pref, stk,
5cum.
pref.
stock ($100 par)
securs
cost
3,181
3,380,949
Res. in connection
with
RR. Co
1,801
3,546.607
Reserves..
Due from Portland
c
Common stock..
d Surplus
30,241.163
Total
59,146
.
Matured divs. and
agents—contra.
charges
98,235
24,260
of
Prov. for Fed. inc.
fiscal
Miscell. lnvestm'ts
at
rental
161,478, Consumers' deposit
and int. thereon
118,000
Special deposits...
bReacquired
37,754
taxes
taxes..
120,498
Unbilled inc.—est.
Cash deposit with
Other assets
124,647
98,235
Other accrd. liabil.
Materials & suppl.
-for oper. & const
&
133,655
on
funded debt
sale
trustee
$
608,105
Accrued interest
Int. & divs. receiv.
Merchandise for
1937
$
•
11,005,000 11,005,000
con¬
Notes receivable.
">
303,065
Accts. receiv. and
mdse.instal.
1938
Liabilities—
Funded debt.
Notes payable
Cash in banks and
30%.
p.
of
Exchange Ex¬
March 21 filed with the Securities and
Exchange Commis¬
sion a registration statement
(No. 2-3979. Form A-2) under the Securities
Act of 1933, covering 223,063 shares
($100 par) series B 4H% cumulative
preferred stock and interim receipts for such shares.
The new preferred stock is to be offered in
exchange, share for share,
to holders of the
company's series A 5% preferred stock, with a cash adjust¬
ment of $0.32 a share for accrued
dividends.
Any of the shares not taken
under the exchange offer will be
purchased by a group of underwriters at
$110 a share less $1 a share for all shares
purchased in excess of 20,000, but
not in excess of 50,000. and less
$2 a share for all in excess of 50,000.
It is
stated that White, Weld & Co. of N.
Y. City will bead the
underwriting
plan was confirmed by the court Dec. 2. 1938
into effect as confirmed, effective as of Dec.
of $29 000 as earned upon the 10,000 shares of
Co.
The company has mailed notices to its
preferred stockholders that It
has (March 21) filed with the Securities
and Exchange Commission
registra¬
tion statement relationg to a
proposed issue of $22,306,300 of 4 H % preferred
stock to be offered to the holders of the
existing preferred stock in exchange,
share for share, for the
5% preferred stock, and, to the extent that it is
not so taken in
exchange, to be sold to certain investment bankers who in
Assets—
The company operating under Section
77-B of the Bankruptcy Act, on
July 14, 1938, filed with the U. S. District Court in New Haven and with
the P. U. Commission of
tures. full dividends of
to
1637
p.
Power
Baltimore—Registers with SEC—Proposed
1938
The operations of Connecticut Co.
a deficit of
$695,997, which
&
isting 5% Preferred Stock for 4lA% Preferred—
Co.—Reorganization—
resulted in
Light
x
Exchange has approved the application to list
voting trust certificates (expiring 1946) representing 25,000, additional
shares of common stock, par $1.—V. 148,
p. 1473.
Connecticut
Weekly Output—
29.200,97.51
2,000,000
4,045,750
2,670,265
Total
1,000,000
3,295,750
2,997,599
30,241,163 29,200,975
a After reserves of $70,435 in
1938 and $76,188 in 1937.
b 242 shares
ref. stock, 6% cum. at cost,
c Represented by 54,699 no par shares in
1938 and 47,199 no par shares in
11937.
d Including an amount of
'
attributed to capital surplus.
Cuneo
$227,598
V. 147, p. 3908.
Press, Inc.- -$2,000,000 Debentures Placed Privately
in 1938—
In his remarks to stockholders for the year 1938 John F. Ouneo
states; '
In August company negotiated a loan of
$2,000,000 from The Equitable
Life
Assurance Society of the United States, represented
by its 10-year
This loan was negotiated in order to have added
working
capital, and has placed the company in a position where it no longer has
occasion to discount any of its customer's notes.
debenture.
Connecticut Light & Power
Co.—Earnings—
12 Months Ended Feb. 28—
Net income after erpenses, taxes, charges and
pre¬
ferred dividends
Average number of shs. of common stock outst'g_.
Earnings per share on common stock
1939
1938
«
$3,617,502
$3,752,959
1,148,000
1,148,000
$3.27
$3.15
Officials Promoted—
Directors
of the
company, meeting on March 22 in Hartford,
Conn.,
Day to the company's executive committee from his former
Vice-President, and elected Robert H. Knowlton Executive
elected Irvin W.
position of
a
Vice-President.—V.
148, p. 1474.
<
Consolidated Edison Co. of New York,
Earnings for the 12 Months Ended
Jan. 31,
tiJSi
Inc.—Earnings
1939®
Operating revenues—From sales of electric energy
From sales of gas
Other operating revenue
^
"""
$100,246,555
33,997,220
The net consolidated income for the year 1938 amounted to
after providing $610,490 for depreciation and
$1,025,201
$278,521 for repairs, and
after deducting a special reserve for bad debts of $150,000 in addition to
the regular provision for bad debts of $145,768.
After a further
deduction
of Federal income tax of $211,000—in addition to miscellaneous taxes of
approximately $438,545—$1,025,201 was transferred to surplus.
Current assets as of Dec. 31, 1938 were
$5,149,275, of which $1,194,963
in cash in banks.
The total current liabilities were
$1,575,244, of whichreserved for taxes.
on Jan. 25, 1939, decided to retire
$200,000 of the out¬
standing preferred stock.
A substantial amount has since been purchased,
and the balance has been called for redemption on
April 1, on which date
the outstanding 6M % cumulative preferred stock will be reduced
to $1,700,000.—V. 148, p. 729.
was
$403,735
was
The directors
Cutler-Hammer, Inc;
Calendar Years—
4,955,070
-Earnings—
1938
Total operating revenues
Operating expenses
Depreciation
Taxes (including provision for Federal income
tax)
__
$139,198,844
76,019,579
10,188,560
26,996,014
•
—
Operating income
Non-operating revenue
Non-operating revenue deductions
long-term debt
Miscellaneous
interest, amortiz.
miscellaneous deductions
of debt discount
&
exp.
204,002
$897,989
185,194
Joss$194,021
57,056
$1,796,943
48,583
$1,630,053
33,248
$712,795
24,567
$1,845,526
168,639
1,834
x559,907
11,150
$1,663,301
x345,925
2,603
$737,363
130,000
3,977
Net profit for the yearloss$307,437
$1,274,469
$1,314,773
$603,386
838,493
922.498
83,988
659,998
$1.93
329,999
329,999
$'.83
Other income.
Provision for taxes.
Common divs. paid plus
&
591,060
Net income
$1,834,056
152.952
from operations.
Prov. for depreciation.
$45,798,181
11,115,459
Gross income.
on
1936
$1,949,895
Profit
$25,994,692
20.544,209
740,721
-
Interest
1937
_Ioss$13,238
180,783
loss$136,965
■
_
$34,091,661
Other
debits
State tax
1935
Shs.
of cap. stock out¬
standing (no par)
Earnings per share
x
Includes $67,803
659,998
Nil
$3.98
($43,140 in 1936) undistributed earnings tax.
Financial
1802
(net)$l,147,484 ■$1,427,807
708,780
31,535
366,805
22,677
Cash
Accounts payable.
Accruals:
Taxes, general..
21,216
35,000
1,757,845
50,419
2,991,938
investments
1,044,313
3,110,323
1,043,762
at
cost
amortlza'n.
174,129
96,953
40,175
4,118
15,732
59,758
343,820
67,802
taxes
Undls. earns, tax
Social secur. and
unempl. insur.
Patents,
less
30,313
33,974
taxes..
7,427
7,346
Miscellaneous..
34,725
17,667
73,240
42,297
3,299,990
3,299,990
Paid-in surplus
2,832,321
2,860,822
Earned surplus—
1,342,655
1,675,771
Reserves
Amt.
.....
due sub
Capital stock—
c
Total
....$7,929,120 $8,879,461
for depreciation of $4,169,063 in 1938 and 4,b After reserves of $43,084 in 1938 and $41,605 in 1937.
Represented by 659.998 no par shares.—V. 147, p. 3012.
....$7,929,120 $8,879,461
Total
a
After deducting reserve
137,740 in 1937.
c
Years Ended Dec.
x
$2,727,227
1.685,422
$872,024
$1,148,809
93,129
$1,041,805
113,224
$1,241,938
y44,086
45,768
z157,333
44,229
$1,155,029
127,596
-
$999,619
income
Gross
1936
$2,74.5,547
1,596,739
Prof it from operations
y45,388
payable, &c_ .
Int., mtge. bonds, note
a
$2,173,429
1,301,405
profit from operations
Selling, general & adminis. expenses._
Income credits.
1937
1938
31—
Gross
115,190
44,329
184,452
Total
162,453
Royalties <fc com
Fed. & State Inc.
2,630,338
charges.
Inventories.
Deferred
a
-
Net plant & prop
Total
$159",468
Wages & salaries
Mutual ins. depos.
Value life insurance
policies.
$200,000
Notes payable
b Notes and accts
receivable
1937
1938
Liabilities—
1937
1939
25,
Subs.)—Earnings
Dixie-Vortex Co. (&
Comparative Balance Sheet Dec. 31
1938
A suets—
Mar.
Chronicle
25,895
160,978
32,359
and Canadian inc. taxes
Provision for Federal income taxes—
Other deductions
Prov. for Pa.
33,161
49,872
zl96,469
$950,522
$875,527
334,969
490,375
177,489
329,739
342,421
Shares common stock
202,666
202,916
202,916
Earnings per share.
...
$1.42
$2.48
$2.11
x After provision
of $178,764 in 1938, $165,661 in 1937 and $163,552
in 1936 for depreciation of plant and equipment, and $27,476 in 1938,
$31,627 in 1937 and $35,480 in 1936 for amortization of patents, &c.
y In¬
terest only,
z Includes $3,393 for surtax on undistributed profits in 1937
Net income for the year
Dividends—Class A stock.
Common stock
$734,999
446,621
.
$40,244 in 1936.
above figures include the Individual Drinking Cup Co., Inc.,
subsidiary company for the four months ended April 30, 1936, the
effective date of the merger.
Consolidated Balance Sheet Dec. 31
and
a
The
and its
Reynolds Corp.—Accumulated Dividend—
16 voted a dividend of $3 per share on the $6 preferred
payable April 1 to holders of record March 24. leaving arrears
on the issue of $29.
On Dec, 20 last the company paid $1.50,
J.A.Camp¬
bell, Secretary, stated that the directors feel that there is reasonable assur¬
ance that the company will be able to continue the payment of quarterly
dividends at the rate of $1.50 per share and to proceed with the gradual
Corroon &
Directors on March
series A stock,
reduction of the
accumulated dividends.—V. 147, p. 3607.
Light Co.—Earnings—
1939—Month—1938
1939—12 Mos.—~ 1938
$519,005
$6,710,703
$6,504,602
Operating revenues
$518,696
280,423
3,660,408
3,353,795
Oper. exps., incl. taxes..
288,571
Dallas Power &
retirement re¬
serve appropriations. _
Accident res. appropria'n
Property
605,321
5,451
411,879
21,226
8,052
a
1937
$187,750
Accounts payable.
179,218
231,875
Acer, wages & exps
Accrued taxes
33,291
281,070
324,168
105,678
330,948
Notes pay. to bank
600,000
&
accept.
Notes
accts. rec.,
306,429
trade
officers
from
Due
Period End. Feb. 28—
1938
$162,319
471,488
1938
1937
..$1,769,892 $1,385,772
Assets—
Cash
Mkt'blesec,,atco8t
2,159
3,066
1,328", 182
3,788
1,442,443
and employees..
int. receiv.
Accrd.
Inventories-
Note
in
187,900
6,344
equlp't. 2,332,266
Apparatus lent
1,000
1,000
Int.
on
mtge. bonds..
i
552
$217,410
$222,073
$46,667
42,514
Gross income
$2,540,035
364
Pat'ts, trademarks
and goodwill
657,658
63,700
674,337
52,625
$46,667
38,350
$1,601,135
$1,598,739
507,386
$1,093,749 $1,091,353
x includes amount required to amortize debt discount and expense over
the life of the outstanding debt plus an additional amortlzction of $37,000
and $32,500 for the respective one month periods and $411,000 and $227,000
for the respective 12-month periods covered by this statement,—V. 148,
Balance
p.
.
- — - —
.... —
-
1474.
& Terminal Co.—Earnings—
1939—Month—1938
1939—12 Mos.—1938
Dallas Ry.
Period Ended Feb. 28—
$233,089
$227,377
$3,066,870
181,514
2,318,458
2,285,435
appropriations..
8,336
5,387
257,505
156,465
Net oper, revenues—
Rent for lease of plant- .
$41,276
15,505
$40,476
15,505
$490,907
186,063
$552,956
186,063
$24,971
2,083
$304,844
21,639
$366,893
17,521
$27,054
23,74o
2,546
$326,483
282,390
$384,414
286,079
25,649
$768
the
$18,691
103,901
1,541
Gross income
Int.
$27,312
23,515
,—
bonds
mtge.
on
1,959
Other deductions
"
Net income..
x
.
$L838
25.4Q2
applicable to preferred stock for
period, whether paid or unpaid..
Dividends
Balance, deficit
$31,215
$85,210
-—------
Dividends
Latest dividend
Dayton Rubber Mfg.
Yards Co.—To Pay 50-Cent Common
proposed reduction of capital of the company by $1,671,592 to be effected
by the cancellation of 82,099 shares of class A stock of the company of the
stated value of $20 per share and 29,612 shares of common stock of the
company of the stated value of $1 per share held in the treasury of the
corporation, all of such shares to have the status of authorized, but unissued
stock of the company.
The shares of stock proposed to be canceled were
acquired by the company as a result of the merger of Dixie-Securities Corp.
with and into Dixie-Vortex Co.—V. 148, p. 127.
Dunlop Rubber Co., Ltd.—Final Dividend—
Eastern Gas & Fuel Associates**
12 Months Ended Feb. 28—
Federal income taxes
dividend of 50 cents per share on the common
1938
1939
,384,423 $11,272,135
577,631
342,954
(estimated)
4,061,004
4,041,470
2,935,624
644,390
2,983,534
*
1,627
654,695
1,627
$398,824
$3,013,178
$1.62
Debt discount and expense
$12.23
Minority interest.
Earned per sh. of 4)^ % prior preference
Note—No provision has been
—V. 148, p. 1639.
For the week ended
stock
made for surtax on undistributed profits.
Inc.—Weekly Input—
16, 1939 the Kilowatt-hour system input of
which are subsidiaries of American Power & Light
Co., as
March
the operating companies
Co., Electirc Power & Light Corp. and National Power & Light
compared with the corresponding week during 1938, was as follows:
IHCTCQSC
Operating Subsidiaries of—
1939
American Power & Light Co
106,640,000
Electric Power & Light Corp
50,774,000
National Power & Light Co.._ 88,130,000
—V. 148, p. 1641.
,
_
*
1938
99,132,000
48,191,000
80,156,000
Electric Power Associates, Inc.—To
1
" ""
Amount
7,508,000
2,583,000
7,974,000
7.6
5.4
9.9
Dissolve—
Directors have resolved to recommend to stockholders that the corpora¬
Ltd.—Earnings—
1937
1938
:$18,810,620 $19,838,338
Calendar Years—
stockholders either by distribu¬
tion to them of securities now owned where practicable, or of cash realized
from the sale of securities over a period of time, it was announced
tion dissolve and distribute its assets to its
1935
1936
18,769,115
19,616,294
$19,434,840 $17,875,503
18,274,425
19,336,164
$41,505
17,231
Sales
Earnings—
"
.
Interest
April 1 to holders of record March 20.
Previously regular
quarterly dividends of 75 cents per share were distributed.—V. 147, p. 2124.
Cost of sales
■
Depreciation and depletion..
stock, payable
Dominion Stores
on the American De
of record March 23.—V. 146,
final dividend of 8%
Directors have declared a
pository Receipts payable April 22 to holders
p. 2690.
_
.
Directors have declared a
$6,467,629 $6,885,925
for depreciation of
reserves
Exchange is in receipt of notice from this company
The New York Stock
Ebasco Services
Dividend—
899,853'
of
Lake Ry.—Interest Payment—
notifying holders of its income mortgage bonds that an
interest payment at the rate of 3 lA % has been declared for the year ended
Dec. 31, 1938, payable April 1, 1939.
Payment will be made on and after
that date at the office of Bankers Trust Co., New York, or the International
Trust Co., Denver, Colo., paying agents.—V. 148, p. 1321.
The company is
Denver Union Stock
Total
b At cost (less
Net income avail, for div. requirements
Co.—Par Value Changed—•
adjourned annual meeting, approved the pro¬
posal to change the par value of the common shares from no par to $1 par,
the change to be made effective on April 30.—V. 148, p. 1475.
Stockholders at a recent
Denver & Salt
Earned surplus...
Total consolidated iilcome
accumulated and unpaid to Feb. 28,1939, amounted to $554,amounting to $1.75 a share on 7% preferred stock
was paid
on Nov. 1, 1933.
Dividends on this stock are cumulative.—
V. 148, p. 1475.
x
139.
317,347
1,010,741
Capital surplus
After reserves of $34,600.
45,000
3,573,000
202,916
333,905
May Reduce Capital—
103,901
$25,771
Operating income
Other income
65,000
3,572,880
202,666
stock.
approximately $101,000; the company acquired 82,099 shares of its class A
stock and 29,612 shares of its common stock previously owned by the
corporation, and issued 82,093 shares of its class A stock and 29,362 shares
of its common stock to the former stockholders of Dixie Securities Corp.
$72,686
serve
d Common
$2,289,807 in 1938 and $2,133,173 in 1937.
c Represented by 178,644
(178,650 in 1937) no par shares,
d Represented by 202,666 (202,916
in 1937) no par shares.
Note—On Dec. 30, 1938 Dixie Securities Corp. merged with and into
Dixie-Vortex Co.
Incident thereto $787,100 414% five-year mortgage
bonds of Dixue-Vortex Co. previously owned by Dixie Securities Corp.
were extinguished and a bank loan of the corporation in approximately
the same amount was assumed by the company: the company was released
from its liability to pay future expenses of the corporation aggregating
$2,994,856
183,477
Operating revenues
Oper. exps., incl, taxes._
Property retirement re¬
develop.
expenses
Class A stock
$6,467,629 $6,885,925 |
Total..
a
507,386
$132,393
stocks for the
$132,892
Net income
applicable to preferred
period, whether paid or unpaid
Dividends
$2,540,587
653,833
288,015
$2,638,780
560,000
477,645
787,100
mental
c
to
—
$2,638,416
54
187,900
mtge.
Reserve for experi¬
2,246,440
Deferred items—
$217,356
$222,073
in 1941)
>4% 5-yr.
135,996
(at cost)..
customers
Net oper. revenues—
Other income.
v
4
bonds
1941)
b Plant &
Note payable (due
(due
receiv,
Invest,
Liabilities—
Dlvs. payable
$222,043
12,279
$98,676 loss$398,922
38,531
23,771
$58,736
151,018
1,440
50,803
4,586
$234,322
138,401
1,156
36,943
$122,447 loss$360,392
192,282
137,867
1,260
1,000
48,853
47,283
653
5,741
March
on
22.
a special meeting of the common stockholders has been called
1939, to vote upon this recommendation, the announcement
Accordingly,
Gross
profit
Other income
Gross income
Depreciation
_
—
—
Directors' fees
Executive salaries
Legal fees
Prov.
for
come
municipal
792
in¬
795
taxes
1,225
1,814
$65,581
280,014
$610,341
282,382
a9,500
$149,112 prof$46,736
280,014
280,614
Nil
$0.16
Net loss
outts'd'g
Earnings per share
Shs. com. stock
Nil
Nil
Includes Provincial income taxes.
Balance Sheet Dec. 31
1938
Liabililies-
1937
1938
$511,977
$534,533
Call loans
511,700
564,900
Prov, for taxes
Accts. receivable..
241,560
212,440
Reserve for
1,751,495
869,998
1,596,980
51,661
974,617
1
1937
1
Assets—
Cash
Mortgages
Deferred charges..
Capita assets
Goodwill
Total
x
Bills & accts. pay.
59,475
.$3,946,207 $3,946,132
Represented by 280,014 shares
V. 148, p. 1475.
accrued charges.
x
y$819,172
$676,870
25,326
31,969
future
40,000
fire losses
11,000
recelv.
Inventory
.
The action was taken by the directors, according to Seton Porter, Presi¬
dent, in a letter addressed to stockholders, after careful consideration of
problems confronting the corporation and its prospects for future use¬
the
fulness
its stockholders.
to
legislation, notably the Public Utility Holding Company Act
no longer practicable for the corporation to adhere to its original
of making long-term investments of relatively large amounts in
public utility company securities, partucilarly in the common stocks of
such companies,
Mr. Porter stated in his letter.
"Because of the Pubuc Utility Holding Company Act the corporation
last year distributed a major portion of its holdings of American Water
Works & Electric Co., Inc., common stock, its largest single investment in
the public utility field.
"Expenses have always been kept at a minimum, nevertheless under
existing conditions they constitute a disproportionate burden no the income
from securities owned and thus diminish qe t return which can be realized
"Recent
has made it
purpose
Federal income tax
a
for April 17,
stated.
■.
Capital stock
Profit & loss surp.
38,354
3,100,340
def38,632
3,100,340
98,599
and paid to stockholders as
Emerson
The
Drug Co.—40-Cent
directors
class A and class
March 22.
Total.
(no
par),
.$3,946,207 $3,946,132
yAccounts
payable and
dividends.
"Furthermore, certain other iegisiation which will be recommended to
Congress affecting corporations of tbis type may further hamper
corporation s business and increase its expense."—V. 148, p. 730.
have
the
the
Dividend—
dividend of 40 cents per share on the
payable April 1 to holders of record
with 50 cents paid on Dec. 20, last; 40 cents
declared
a
B common stocks,
This compares
paid on Oct. 1, July 1 and April 1, 1938; 50 cents paid in each of the three
preceding quarters and previously quarterly dividends of 40 cents per share
were distributed.
In addition an extra dividend of 40 cents was paid on
Dec. 18,
1936.—V. 147, p. 3761.
Volume
Financial
148
Ex-Cell-O
Sales,
less
&
returns
surplus.
1938
1937
1936
1935
$4,298,192
2,767,809
$5,384,634
3,550,818
$4,258,962
3,029,583
$3,451,633
2,411,026
$1,229,378
105,709
129,333
433,027
119,778
$1,040,607
207,041
584,777
133,306
$1,833,816
156,345
178,827
566,965
148,654
$503,945
$783,023
$441,530
27,438
$364,532
20,455
$468,969
985
$384,988
6,068
770
683
b Including Federal income taxes of
$71,051 (1937—$78,770), but ex¬
cludes Federal income tax of $165,536 on transactions described in note
(d)
below.
discounts,
allowances.
b Cost of sales
Depreciation
Selling expenses
General & adminis, exps.
_
Other income
19,125
17,203
$523,070
Total income.
Interest paid
$800,226
/1,296
11.31*2
1
Sundry charges
1,892
/
;
Prov. for normal inc. &
excess profits taxes
c
As of
May 31, 1938 the
subsidiary company to actual cost to the parent
company.
This reduction in the amount of $5,263,498 was charged to
earned surplus, including net earnings for the
year to May 31, 1938, and
68,923
114,016
369,851
123,283
an amount of
$3,220,750 was transferred from capital surplus to eliminate
the deficit then existing in the earned
surplus account.
d Represents net profit of
$830,843 from sale of 60,000 shares of
83,500
113,500
deducting Federal income
28,500
1938
Income notes
rec
b8,485,000
c
Misc. invest
427,975
2,567,105
Cash
$437,677
236,007
Dividends....
Shs. of cap. stk. outst'g
Earnings
$413,214
286,720
378",728
(sub.
Balance Sheet Dec. 31
Cash
_____
Notes & accts.
(net)——
500,000
Acer,
527,979
5,426
73,440
Inventories-
765,249
57;828
receivable
619,980
706,893
....
56,567
Prepaid ta es, &c.
Rentals
Acer.
3,066
54,035
95,723
101.961
58,167
State,
56,637
40,500
&c
21,197
Fed.,
&c., taxes---—.
Sundry accruals &
74,225
deposits.
21,850
15,000
15,000
on
Land contracts rec.
13,675
15,816
income..
'
83,500
142,000
E onuses due execu¬
*
_____
tives
Bal. due from offs.
Res.
employees.
9,700
14,713
1
1
Prop., plant, &c. 1,425,957
1,498,066
Misceil. investm'ts
a
$350,000
$430,000
Prov. for Fed. tax.
(not current)
Perishable
banks
Def.
Rental machs.
derlease
40,451
b
256,835
263,197
Land, &c., not used
72,436
1
1
in
JDrl,668
712,891
683,685
979,769
1
$4,017,888
1938
$3,666,2511
Total..'...
160,909,703 102019,817
Consolidated Balance Sheet Dec. 31
.•
1937
^
§
jA sscts
Total
Total
As at
1
Goodwill
held
73,410
Patents.
1,162,203
Earned surp.-Since
Oct. 1, 1933
1,179,523
un¬
.
Stock
15,034
102,166
1,180,035
inc
treasury
Capital surplus—_
46,678
20,/. 09
184,350
ins.
Capital stock
tools,
less depreciation
lental
45,825
10,631
_______
ur comp.
16,988
'....60,909.703 102019,8171
May 31, 1938, investments in subsidiary companies were written
by $6,763,498, earned surplus being charged to the extent thereof
and the remainder to capital surplus: $1,925,767 was transferred from
capital
surplus to preferred stock, and $35,000,000 was transferred from capital
surplus to reserve for depreciation in investments.
b In January, 1938, these notes were surrendered for cancellation as a
contribution to the capital of the subsidiary company and this amount was
transferred to investments in common stocks of subsidiary companies.
c
Represented by 51,357 shares of common stock of El Paso Natural
Gas Co. held by trustee under declaration of trust.
The quoted market
price on Dec. 31, 1938, when applied to such shares indicates an amount
of approximately $1,489,300.
d Represented by 158,080 shares $5 cum. pref. of no par value
)entitled
to $105 per share upon redemption or
voluntary liquidation, or $100 per
share upon involuntary liquidation, plus accrued dividends), 196,934 shares
$5.50 cum. pref. and 75,000 shares of $6 cum. pref., of no par value (en¬
titled to $110 per share upon redemption or voluntary liquidation, or $100
per share upon involuntary liquidation, plus accrued dividends).
Total
preferred stock authorized, 431,000 shares.
On May 31, 1938 each series
of preferred stock was increased from the amount paid in on such series to
the amount to which it is entitled in involuntary liquidation,
namely, $100
per share, by transfers from capital surplus aggregating $1,925,767.
e Represented
by 1,909,968 shares of $1 par value.
payrolls, sal¬
aries,
receivable
less reserve
pay.,
120,111
,51,538
down
1937
1938
Accts. pay., trade.
100,000
rec.
Misc. notes & accts
Rentals
$134,433 dtfbtes
$251,716
U. S. Govt, secure.
a
Liabilities—
$4,017,888 $3,666,25i
1938
Liabilities—
After
deducting depreciation,
b 556 shares.—V. 147,
p.
3158.
Engineers Public Service Co. (& Subs.)—Earnings—
Calenadr
Operating
Operation
Years—•
1938
revenues.
_______
Maintenance
...
Taxes
Preferred stock-
1937
9,234,497
Non-operating income (net)
.
receiv.
■
128,296
$13,928,093 $13,721,658
5.717,692
5,596.789
—
reserve
$8,210,400
2,285,836
1,5)6,890
on
Balance
Balance
Balance
of
$4,092,603
25,985
appiie.
Earnings from sub.
to
Engineers
cos.,
Earnings from other
Total
Allowing for loss__
b Balance
26,290,092
522 ,964
376,455
26,944
8,183
179,498
reserves.
.
Parent cos.'res c23,488,641
Cum. pref. divs.
not
$4,353,418
234,851
$4,422,719
___^
549,762
applic. to stocks of Engineers Public
Co., after allowing for loss
$3,872,957
requirements
of
Engineers
Public Service Co__--_2,323-,537
Service
$4,118,566
349,789
2,323,537
1938
Dividends—Preferred
Interest—Bonds.
Interest—Time notes
Interest—Income notes
Interest—Miscellaneous
on
Miscellaneous
miscellaneous investment
Int. on serial notes
Net
profit
__
No provision made
a
$2,470,222
76,274
59",812
b Taxes
Interest
151
Balance for dividends and surplus
$2,968,766
Earned surplus at beginning of year
credits
2,569,063
c3,220,805
Direct
Total
$2,741,670
4,692,526
d943,727
deductions
$7,587,054
$5,808,861
hand
98,189
crued
$270,291
101,222
gold notes.....
457,484
389,026
Earned surplus at end of year (1938 since May 31,
165,134
14,816
5,557
expenses,
State taxes
8%
cum.
stock
565,741
2,569,063
1938,
stock of subsidiaries paid out of earnings of such subsidiaries
1,073
321,930
__
28,000
1st pref.
400,000
(par $100) 1,000,000
1,000,000
cum. pref. stk.
(par $100)
2,000,000
597,938
400,000
2,000,000
8%
Common stk. (par
Total..
a
$1,880,091
After reserve for
$1,997,626
|
Total
1,500,000
2,960,655
2,909,538
..$1,880,091
$1,997,626
1,500,000
depreciation of $1,660,797 in 1938 and $1,623,020 in
1937.—V. 147, P. 2683.
Family Loan Society, Inc.—Dividends—•
Directors
have
declared
an
extra
dividend
of 37 Y*
cents per share in
addition to the regular quarterly dividend of 87 lA cents per share on the
$3.50 partic. preferred stock, both payable April 1 to holders of record
March 18.
Similar payments were made in previous quarters.—V. 148,
1027.
Radio & Television Corp.—Underwriters—
corporation in an amendment to its registration statement filed with
and Exchange Commission, states that the offering price of
its 600,000 shares ($1 par) common stock will be $6 a share.
The underwriters and the amounts to be underwritten are: E. H. Roirins
& Sons, Inc., 123,000 shares; Kuhn, Loeb & Co., 90,000; Eastman, Dillon
The
the Securities
Excludes dividends of $202,763 received subsequent to May 31,
954
286,160
ser. gold notes
due June 1, 1937
Plant & equip.—
,t cost.
$56,161
Prov. for Fed. and
165,135
ing fund...____
y
1937
$53,633
,
6%
1st pref .stock sink¬
Prepaid
1938
expenses.
Accrd. int.on serial
Mdse., materials &
p.
5,808,861
loss$74,540
undistributed profits.
Accts. pay. and ac¬
$247,185
Farnsworth
$31,340
on
Liabilities—
1937
1938
on
$2,976,522
119,252
$8,377,924
1,171,580
293
a5,600
$25)
Deficit
$8,758,633
c5,263,498
2,323,556
-
348
Federal surtax
Cash in banks and
Godwin.
Preferred dividends declared
charges
loss$3,012
47,120
24,115
loss$51,117
150,714
114,468
1,130
1935
$101,984
46,511
18,185
$97,741
12,040
Crl40
for
1936
$201,762
59,361
15,548
1,112
a28,000
Consolidated Balance Sheet Dec. 31
219,500
$3,226,755
142,971
114,867
revenue
Expenses
367,580,612
1937
$ 1,294
40,511
Misceil. charges (net)___
Prov. for Fed. inc. tax__
ceiv., less res've
1937
780
102,714
1938
*
306
revenue
1,945,569
373,427,622
Total
(& Subs.)- -Earnings-
Calendar Years—
Operating profit
Depreciation
products..
a$2,865,607
135,535
73,562
48,251
367,580,612
Accts. & notes re¬
(Parent Company Only) for Calendar Years
_
10,436,070
575,709
56,149,545
2,564,803
For depreciation in value of investments in subsidiaries, $35,000,000*
Fairbanks Co.
Applicable to Engineers Public Service Co., before allowing for un¬
earned cumulative preferred dividends of certain subsidiary companies,
b Of earnings of parent & sub. companies applicable to Engineers Public
Service Co. stocks, before allowing for loss,
c In investment in common
stocks of sub. companies, measured by cum. dividends on preferred stocks
of such companies not earned within the year, less minority interests and
intercompany eliminations. Such amounts are not a claim against Engineers
Public Service Co. or its other subsidiary companies,
d Includes $767,727
(1937—$1,028,790) Federal income taxes.
e Includes
Federal income
taxes of $71,051 (1937—$78,770 excluding Federal income taxes of $165,536
applicable to profits credited direct to earned surplus.)
_
415,366
1938, $11,511,358.
b In common capital stocks and surplus of subsidiary
companies (including surplus $52,302; 1937—$61,483).
c
As of May 31, 1938, the investments in subsidiary companies were
written down by $6,763,498, earned surplus being charged to the extent
thereof and the remainder to capital surplus; $1,925,767 was transferred
from capital surplus to preferred stock; and $35,000,006 was transferred
from capital surplus to reserve for depreciation in investments in subsidi¬
aries.—V. 148, P. 1641.
$3,768,777
a
Revenue from subsidiary companies:
Dividends—Common.
12,584,433
less provision made (by charges to consolidated earned surplus) for cumula¬
tive preferred dividends not declared by such subsidiaries as at May 31,
dividend
Income Statement
cos.).._
Capital surplus.c24,911,840
a
76,274
59,812
150,714
257,990
___________
declared
vsub.
,
Balance
common
27,660,326
Earned surplus.
$4,680,709
:
1938)
2,027,502
res've
llab..
a
Total _______373,427,622
135,535
122,593
103,020
sources
c
a
Retirem't
damage claims
10,092
Expenses, taxes and interest
on
curr.
Deferred
808,611
4,486,828
4,066,618
incl. in charges above:
c
Total
credits
51,257
__
Cust. deposits..
Int. & tax. accr.
Oth.
231,132
Public-
Preferred dividends, declared
Interest-.
Direct
9,767,639
468,737
Divs. declared
Other
by parent company, in¬
cluded in charges above.
Total
10,474,105
Other def, debits
$4,066,618
4,309,469
earnings
bonds owned
on
Dividends
239,862
1,244,405
$4,309,469
Service Co
Preferred
16,809
3,001,364
521,168
1,296,397
1,706,025
51,432
788,028
4,527,395
200,204
520,468
_
h Minority ints.
__
Amount applicable to minority interests
Amort,
11,198
243,949
$8,124,869
2,787,861
$4,327,674
18,205
...
preferred stocks, declared
Cum. pref. divs. earned Out not de. Jared
a
2,919,500
449,445
1,743,495
Res.for injury &
Balance
Di vidends
6,873,469
debt
disct. & exp__
2,919,500
2,000,489
149,485,000
Coupon
44,507
248,611
2,567,059
Mat'ls & suppl's
Prepayments...
Unamort.
Balance
Appropriations for retirement
notes
Notes payable
Notes pay.(cur.)
Accts. payable.
pref. stk.
Debentures._
381,465
6,376,231
(curr.)
Accts. receivable
$22,098,806 $21,616,195
8,170,713
7,894,537
_
...
78,679
142,734,000
3,644,000
on
Bonds
900,000
Int. receivable..
Balance..
Interest and amortization
78,679
3,286,000
Prem. & disc,
294,509
7,587,483
Special deposits-
$22,540,100 $21,953,733
x>r441,294
Dr337,538
1,909,968
69,206,854
9,401,211
1,438
Notes <fc warrants
Net operating revenues
1,909,968
69,443,863
Pref. stock
12,813,925
U. S. Treas. bills
$ 1
41,075,633
Subsidiary cos.:
100,000
Sink, fund cashj.
Cash....
43,001,400
stock-
381,137
100,000
Other investm'ts
.$52,715,814 $52,456,910
20,257,604
20.630.744
3,587,139
3,634.264
6,330,971
6,238,169
Common
256,986
.
Inv.lrj assoc.cos.
1937
$
Prop., pl't <fceq_328,567,970 328,433,108
Oth. phys. prop.
1,139,369
722,165
Notes receivable
a
20,245
295,364
Capital surplus _al4,705.790 56,149.545
Earned surplus... 1,171,580
2,569.062
174,000
374
_
cos.)
Total
depreciation.
1937
112
120,853
Taxes accrued
Int. & divs. receiv.
Includes rents and royalties received on leased machines,
b Includes
costs relating td leased
machines, excluding maintenance, repairs and
1938
$
01,400 41,075,633
9,968
1,909,968
Accounts payable.
1,875.000
427,975
1,476,873
cor.) (current)..
Acc'ts receivable
$0.88
a
Assest—
1937
$
stock.4;
Common stock..
e
Notes receiv. (sub.
$335,657
382,617
$1.08
$655,617
425,530
386,845
$1.69
393,345
$1.11
share.....
per
1938
d Preferred
a57,862,710 89,443,868
Time notes receiv.
income
(Company Only)
1937
Liabilities—
1,350
for surtax on un¬
distributed profits
tax and expenses applicable thereto.
Balance Sheet Dec, 31
42,578
52,650
common
stock of El Paso Natural Gas Co. held
by trustee under declaration of trust
and $112,883 net profit from
liquidation of subsidiary companies, after
Investments
Proy.
Net
company reduced the book value of its invest¬
ment in common stock of a
Gross oper. income...
$1,530,384
Maintenance and repairs
101,315
Net operating profit.
1803
accumulated prior to June 1, 1938, such dividends being credited to capita
Corp.—Earnings—
Calendar Years—
a
Chronicle
Financial
1804
Consolidated Balance Sheet
& Co.,
Bylleeby &
Wagenseller
Co., 90,000• W. E. Hutton A. Co., 61.000: Hemphill, Noyes
60.000; Hallgarten & Co., 48.000: Riter & Co., 48.000; H. M.
Co., Inc., 35.000; William Cavalier & Co., 30,000; O Melveny,
&
Fall River Gas Works
Invest'ts & advs-.
40,657
Operation
Taxes
$176,196
41
$176,265
60,000
978
$116,265
$107,798
105,890
1168.
156,229
160,869
160,680
Co.—Smaller Dividend—
declared a dividend of 50 cents per share on the common
stock, payable March 31 to holders of record March 27.
Dividends of 75
cents was paid on Dec. 29, last; dividends of 50 cents were paid in each of
the three preceding quarters; a dividend of $1.75 was paid on Dec. 24,
1937, and previously regular quarterly divided* of 50 cents per share were
Fonda, Johnston
Period End, Feb.
28—
Total ry. oper. revenues-
Railway operating exps_
$13,703
3,249
x$79
3,931
$20,093
6,783
inc.
$10,454
x$4,010
$13,309
138
403
General Acceptance Corp.—Acquisition—
corporation, according to F. R. Wills, President,
announced the
the Madison
Co. of Jersey
City, N. J.
These three companies are engaged in the refinancing of auto¬
mobiles and operate under the New Jersey Small Loan Co. regulations.
Registration statement covering 11,588 shares of 7% cumui. conv. pref.
stock and 5,000 shares class A common stock to provide necessary additional
capital for the acquisition of these companies will be filed with the Securities
and "Exchange Commission in Washington within the next few days.
424
income--
$10,203
$12,907
623
x$4,148
1,056
-890
x$10,740
2,064
$10,826
x$3,092
$13,796
x$8,676
972
782
2,019
1,968
Total incomeMiscell. deductions from
income..
--
fixed charges
$11,777
25,492
"
$17,387
$2,882
(& Subs.)—Earnings—
Foster Wheeler (France)i
1938
1937
1936
1935
---$10,614,145 $10,492,223 $7,886,000 $6,073,400
Ltd. (Eng.), and Soc. Anon.
aProfit from manufactur¬
225,780 lossl47,227 loss421,398
171,276
114,723
112,539
72,188
50,868
3,857
390,167
87,807
judgm't-
Realized foreign exch
Profit on sale of treasury
,
57,921
stock
Idle plant
Net
$477,975
— —
$76,286 def$232,814
289,338
285,893
b31,409
b22,838
$397,056
clll,203
Profit
207,417
6.3,244
97,232
Income taxes
98
Minority dividends
plant
1
prof$162,447
$101,499
$244,559
$541,545
a After
deducting all costs, incl. operation and maintenance of plants,
erection and installation of apparatus, selling, general and administration
expenses,
b Foreign taxes,
c No provision for depreciation of assets of
the British subsidiary is included in the deduction for depreciation shown
above.
It is considered that the depreciation previously provided by that
company is sufficient to cover all accrued depreciation at Dec. 31, 1938.
Net loss
[Including corporation and Foster
24,265
20,209
193,265
2,562,879
24,358
&
30,114
199,499
501,086
155,808
costs
c
aLand, bldgB., ma¬
$620,670
$640,175
698,846
42,788
chinery, eq.t <fcc.
521.760
Cash
U.S.Treas. notes.
102,542
86,851
exchange
15,155
differences
980
1,386
1,672,800
2,581,800
1,672,132
After depreciation of $2,951,677
Represented by shares of $10 par.
1192.
a
1
—
356,390
318,249
379,666
642,886
Bond Int. accrued-
651,671
701,953
Surplus--..
431,837
State,
Industrial
Inventories
b Sundry
14,078
34,264
411,355
aCcts. rec
exp. and
deferred charges
Investments
patterns,
dies, &c_:
Goodwill
and $3,005,041 in 1937.
Accumulated since Jan. 1, 1938.
!.$3,264,382 $3,329,4101
$3,264,382 $3,329,410
by 287,780 shares,
Total
depreciation, b After reserve, c Represented
$5, less 58,900 shares in treasury.—V. 148, p. 279.
After
General Finance Corp.—Earnings—••
1937
Gross income
Net profit after all chgs.,
incl. pref. divs. & Fed'l
But not
x$105,049
865,075
$0.11
787,800
$0.16
$0-06
undistributed profits tax.
General Fireproofmg
directors have declared
The
-V.
stock,
Co.—20-Cent Dividend—
a
dividend of 20 cents per share on the
payable April 1
amount was
1
V. 147, p.
Halved—
March 27. Like
15 cents paid on
See also
1, 1938.
3912.
*
Co.—Earnings—
General Electric
for Calendar Years
1936
1935
$268544,587 $208733,433
1938
1937
Net sales billed
$259,484,341 $349739,514
Costs, expenses, and all
charges except plant
interest--228,268,430 289,817,426 227,832,488
11,654,663 12,066,672 11,798,531
deprec. and
181,003,106
9,338,547
sales$19,561,248 $47,855,416 $28,913,568
$18,391,780
Plant depreciation.
Net income from
and
divs. from
and mis¬
cos.
cellaneous
7,479,437
375,152
14,183,127
871,434
13,350,225
786,177
7,537,115
1,021,589
366,941
298,789
603,275
348,638
793,652
516,926
649,546
$28,044,558 $63,812,041 $44,192,260
315,229
265,279
245,094
$28,116,956
273,184
investm'ts.
Inc. from marketable sec.
Interest on
bank balances
and receivables
Total income
Interest
declared a dividend of 50 cents per share on the common
stock, no par value, payable April 1 to holders or record March 17.
This
compares with $1 paid on Dec. 23, last and dividend of 25 cents paid on
Oct. 1, July 1 and April 1, 1938.
See also V. 148, p. 127?
...
147, p. 3912.
to holders of record
paid on Dec. 24, last and compares with
and on July 1, 1938 and 20 cents paid on April
common
73,230
631,550
$0-12
X128.213
865,070
outst'g
share.
Shs. common stk.
Earnings per
$232,932
$66,506
taxes
income
1936
$365,758
1938
1939
28—
3 Mos. End. Feb.
Royalties and sundry rev.
—V. 147, p.
Franklin Process Co.—-Dividend
1
1
....
affiliated
1938
15,150
34,438
411,031
91,527
10,830
41,442
47,799
liabil.
Subcontract
Prepaid
Interest
al62,448
$8,850,198 $8,951,017
Total
in
378,993
munic. and
bonds
b Accts., notes rec.
100,599
7«,760
14,205
Income Account
billed
$8,850,198 $8,951,017
68,368
115,972
salaries,
Calendar Years—
Unshipped contr'ts
for
Accrued
wages,comm.,Ac.
other
taxes
Res.
76.0S0
Accounts payable.
7, 00
on
billed contracts.
Earned surplus
y
186,705
759,352
wages & exps...
1938 and 1937
1937
Liabilities—
1938
Commonstock-.$1,144,400 $1,144,400
1,515,000
10-year debentures 1,420,500
1937
1938
Assets—
Oct.
$7 preferred stock. 1.672,800
z Common stock.2,581,800
Capital surplus..- 1,796,007
oped patents
x
1,400,000
Min. int. in subs..
devel¬
Total
500,000
payable
Accrued
39,634
purchased
$804,616
Acer, commissions,
2,448,969
56,355
Fixed assets
Goodwill
Notes
1937
$947,447
payable.
Accr. Inc. &
Deferred charges.-
1938
Liabilities—
Accounts
27,649
in¬
Other assets
Patents
107,731
1,954
2,481,057
287,765
2,801
surance cos
y
2,551,398
1,877,361
288,930
interest-
with
Deposits
Wheeler (France)
1937
$787,234
Federal income taxes for the years
Consolidated Balance Sheet Dec. 31
"
x
Wheeler, Ltd. (England), and Societe
Anonyme Foster
1938
$632,683
2,878,832
475,767
31
$80,336
$110,567 loss$325,087 -
$52,623
-
Note—No provision for
par
——
Consolidated Balance Sheet Deo.
$201,629
101,978
19,315
47,598
177,040
23,755
is deemed necessary.
a
153,500
—
$216,114 loss$210,594
95,349
99,793
10,198
14,70#
28.134
9,817
expenses
Total
74,394
deductions.107,092
on sale of Cle veland
Other
$72,624
129,005
$150,106
87,667
profit
Patents,
Depreciation
36,731
$491,105
294,457
302,625
25,033
.
ing and trading
Other income-
$168,515 loss$247,32$
—
Operating profit.
Increased—
Foster Wheeler Corp.
Investments
$94,419
55,687
1,983,257
$422,076
Profit.---
declared a dividend of 15 cents per share on the common
stock, payable March 22 to holders of record March 15.
This compares
with 12K cents paid on Dec. 22 last; 10 cents paid on Sept. 22 last; 20 cents
paid on June 22 last, and regular quarterly dividends or 25 cents per share
previously distributed.—V. 148, p. 731.
Unfilled orders
$273,419
profit-
Gross manuf'g
Directors have
Calendar Years—
$94,084
317,312
24,098
$2,474,363
1,857,179.
Interest
""
Incl. P'oster Wheeler,
$1,848 548
1,575,129
$37,474
Associates, Inc.—Dividend
Foreign Bond
$1,161,314
1,067,23#
$2,279,255
Costs
148, p. 437.
1935
1936
1937
con¬
on
Other income
fixed chgs
Subs.)—Earnings—
1938
Calendar Years—
Gross earnings
struction.,
x$10,645
26,830
$13,715
x$3,874
13,513
$9,853
12,735
-
Indicates loss.—V.
Inventories
1168.
P.,
General Bronze Corp. (&
Depreciation
for
available
i48,
—V.
Expenses, &c
Total fixed charges
Accruted
18,337.565 17,922,626
(including 7,185 shares held in
Total
Represented by 480,000 no par shares
be exchanged for warrants).
acquisition of the Madison Finance Co. of Newark, N. J.;
Finance Co. of Hackensack, N, J.t and the Madison Finance
x$10,316
251
Railway operating
Net rents
Marketable secur.
13,652
359,223
Gemmer Mfg. Co.—Accumulated Dividend—
declared a dividend of $1.50 per share on account of ac¬
$3 cum. class A pref. stock, payable April 1 to holders of
record March 24.
A dividend of $1.25 was paid on Dec. 27 last, and one
$1 was paid on Dec. 2 last, this latter being the first distribution to be made
since Jan. 3, 1938, when a regular quarterly dividend of 75 cents per share
was paid.—V.
148, p. 1323.
x$2,308
8,008
Notes & accts. rec.
13,825
445,756
escrow to
& Gloversville RR.—Earnings—
1939—Month—1938 .
1939—2 Mos.—1938
$45,900
$37,468
$86,480
$76,475
32,197
37,547
66,387
78,783
Net rev from ry. oper.
Assets—
of
W This
Railway tax accruals—
Cash-
in aid
construction
Surplus.
distributed^—V. 147,p.3911.
Loss
4,328,979,
4,612,919
Reserves
18,337,565 17,922,626
533.821
564,798
Accrued taxes
Total
47,091
51,671
Directors have
Florence Stove
Patent infring.
(contra)
Accrued interest-;
cumulations on the
Directors have
x
181.480
302,316
156.229
x
$104,421
95,962
$13,185
$17,043
Net income
Deficit after
1 <50,330
304,753
revenue.
receivable..
Accts.
Unbilled
$120,522
12,723
11,844
Dividends declared.
Income
160,845
debt
funded
on
$180,522
60,000
$14,294
1,109
$18,021
charges-.
Net ry. oper.
Other income
163,539
Acer. & roat'd int.
Contrib.
5,000
accruals-
Gross income.-.
—V. 148, P.
205.534
Accounts payable.
181,480
for
bond int. (contra)
Cash on deposit
123
$19,294
5,000
$23,021
Balance
Interest
212,727
Oust.
$180,398
68
Non-operating inc. (net)
Retire, reserve
other def'd llab.
180.330
Cash
$887,907
495.326
59,365
152,819
$19,254
$23,021
Net operating revs....-
555,495
510,066
Materials & suppl.
4,430
14,670
Maintenance
42,354
gold bds., ser. A 7,092,000
depoB. and
7,092,000
111,520
prepaid accounts
$890,241
497,471
56,708
159,866
$
5,000,000
1st
and
Def'd charges
1939—12 Mos.—1938
$78,046
41,565
3,556
13,671
$82,778
1937
$
Capital stock — 5,000,000
lien coil.
5%
x
264,000
265,000
Dec. 31
Liabilities—
16 ,603.368 16,305,500
Utility plant
Co.— Earnings—
1939—Month- —1938
Period End. Feb. 28—
Operating revenues
$
Assets—
1939
25,
1938
1937
$
1938
15,000.—V. 148, p. 1641.
& Durst,
Mar.
Chronicle
charges
261,780
Directors have
Gary Electric & Gas Co.
(& Sub.)- -Earnings1938
1937
$2,949,802
2,468,779
$3,010,010
2,519,354
$481,023
Calendar Years—
$490,656
31,842
Drl 1,083
Interest on funded debt
General interest
,
Taxes assumed on int. &
Net income.
■4-
miscell. income deductions
$469,939
354,600
20,816
4,788
Net income for
year.x$27,729,329 *$63546-,762
121,456,521 121,483,621 120,110,614
ning of year
Total surplus
$149,185,850
Revaluation of invest-615,815
retired Aug.
1935, premium
Bonds
Cash divs. on com.
43,266,021
102,350
20,190,792
$122671,387$121,456,521 $121483,621 $120110,614
28,-
845,927 shs. common
stock (no par)
x
$147,522
63,273,796
Earned surp. at end of
Earns, per share on
After
$0.96
$2.21
$1.52
$0.97
1938, $23,266,000 in 1937. and $15,072,000
provision of $15,632 in
including $570,000 in
undistributed profits.
in 1936 for total taxes,
$89,735
111.333.680
$185030,383 $164057,780 $139177,452
300,066
Cr691,862 Cr1,226,304
15,
stock 25,898,648
year-.---
$522,498
360,257
14,719
x$43,947,166 $27,843,772
Earned surplus at begin¬
Federal surtax on
1937 and $300,000 in 1936 foe
Volume
Financial
148
Balance Sheet Dec. ?l
1938
Assets—
Cash & mkfc. sec.
a
98.714.571
47,536,253
Accts.
Cust's'
Other
a
.
24,236,594
5,609,000
12,393,554
93,767,631
583,352
on
e7,597,778
748,818
Profit from oper
Other income.
3,941,424
3,527,882
400,000
12,043,321
19,780,480
400,000
12,845,506
19,094,554
Common stk__180,287,046
180,287,046
V
Total
182,767,157 167,753,722
in escrow
c
Earned
securs.
1,437,000
_
_
reserves..
General
current
assets
under
Foundation
17,882,085
reserve.
surplus.122,671,387 121,456,521
Total income
$16,485,519
Federa,! income taxes.._
2,712,814
Prov. for foreign inc. tax
700",666
Prov. for tax conting
Pref. stk. issuance exps.
Accts. & notes
not curr.
1,167,393
Loans to empl.
135,803
1,871,594
39,193
91,441
156,048
126,097
171,945
122,583
$9,206,295 $14,240,957 $11,730,768
19,766,858
17,096,480
14,430,964
$13,577,075
16,798,284
Previous surplus..
Amt.of res.for unrealiz'd
deprec. in mkt. val. of
to empl's
fortrav.exps.
Prepaid
$11,166,734 $17,209,517 $14,447,198
1,822,925
2,631,823
2,016,430
24,453
269,236
67,500
113,061
104,189
Provision for surtax
Net profit
a
Advs.
$15,552,663 $10,157,542 $16,244,384 $13,693,321
932,856
1,009,192
965,133
753,877
2,487.000
a
rec.
293,244
plan fund
year-..—
employ, plans
Misc.
Market,
■
to
Charles A. Coffin
19,960,598
contracts.
Years
Prov. for prof, incentive
one
202,727,755 185,635,807
of
1938
1937
1936
1935
$135221301 $133126,506 $122462,350]
Costs & deprec
88,288,687
93,322,787
77,563,490 Not report.
Exp. & other charges31,086.707
29,646,177
28,654,476J
pay'le
subsequent
Collec* ns
Total..
Less adv. collec.
25,801,219
663,330
companies—;
Accounts
Inventories
pages
Net sales
20,778,500
crued items..
Consolidated Income Statement for Calendar
11,559,234
ac¬
Due to affiliated
2,092,775
Installa. work
in progress
a
16.800.735
5,153.092
1,525,586
12,016,137
68,517,634
accts.
accts.
found in the advertising
today's issue.
payrolls
other
and
AMI. cos.accts
$
6,301,933
payable.
Taxes,
receivable:
1937
$
Liabilities—
Accts. & notes
of Dec. 31, 1938, will be
as
1938
1937
S
1805
Chronicle
expenses
245,161
marketable securities.
for pensions..
8,000,000
7,000,000
Investments..141,527,731 155,776,265
40,081,829
equip 40,147,969
1
Pats. «fcfranch__
1
387,340
$30^375,359 $28,973,154 $31,582,598 $26,549,072
10,502,880
10.502,880
11,815,740
9,452,592
y491,250
Total surplus
Common div. (cash)
Def. chgs. to inc.
d
Preferred dividend
b Plants &
Excess of preferred stock
Total
liab., &c
Cost of intangibles ac¬
quired during year
a
..374,465,199 376,304,132
Less
reserves,
b After
reserves
374,465,199 376,304,132
Total
for depreciation of $156,602,922
in
1938 and $150,716,574 in 1937.
c Represented by 28,845,927 no par shares,
d After reserve of $24,981,501 in 1938 and $19,215,208 in 1937.
© Includes
$6,586,786 transferred in 1938 afrom reserves.
-
1,671,990
Surplus at Dec. 31 —-$19,118,729 $16,798,284 $19,766,858 $17,096,480
Shs.of com. out. (nopar)
5,251,440
5,251,440
5,251,440
5,251,440
Earns, per sh. on com...
$2.50
$1.75
$2.71
$2.23
x
New Subsidiary Organized-
Excess of preferred
shares
See Air Reduction Co., above.— •V. 148, p.
—
x262,500
stock liability over net consideration received from
to surplus,
y Includes dividend payable
issuance charged
upon
Feb. 1, 1939.
1642.
Note—Depreciation provided during 1938 aggregated $2,357,760, $1,816,-
Report—C. M. Chester,
Chairman and Clarence Francis, President in their remarks
General
to
Foods Corp.—Annual
206 in 1937, $1,726,592 in 1936 and $1,729,450 in 1935 of which $705,505
in 1938, $342,350 in 1937, $397,253 in 1936 and $346,251 in 1935 included
selling, administrative and general expenses.
in
stockholders state in part:
Comparative Income Statement
1938 record reveals these facts:
We sold the largest tonnage of food in the history of the corporation;
Consumers bought these products at lowest average prices;
Average earnings of employees were generally higher than in previous
Period End. Dec. 31—
In brief, the
(1)
1938—3 Mos.—1937
1938—12 Mos.—1937
$36,208,452 $31,313,784 $135221,301 $133126,506
sold, incl.
Cost of goods
x
years;
(4)
(5)
Net sales.
deprec
24,982,081
Selling, adminis. & gen.
-26,003,563
88,288,687
93,322,787
7,690,772
6.263,701
31,395,999
29,677,028
We increased earnings over the 1935-36-37 average by 15.7%; and
Paid $10,502,880 in common dividends and $322,500 in preferred
expenses
Profit from operations
dividends to stockholders.
is it a family concern.
scattered over the world, have a stake in it.
of 78H shares each.
And the pre¬
ferred shareholders own an average of 68 3-10 shares each.
Women own about one-half of our stock, in their own names or jointly
General Foods is not owned by one person, nor
Other income
$3,535,599 loss$953,480 $15,536,615 $10,126,691
223,955
446,117
948,904
1,040,043
Nearly 70,000 stockholders,
Total income.
Common stockholders own an average
1,759,554loss$507,363 $16,485,519 $11,166,734
_
6.429
503,958
91,441
2,817,003
1,960,439
$3,249,167 loss$584,979 $13,577,075
$9,206,295
pref. stk-
Issuance exp.,
Prov. for income taxes—
'
77,616
with other persons.
when interests of employees are recognized and
advanced, interests of stockholders and the general public are also promoted
and protected, General Foods, in meeting its social responsibility toward its
employees, is voluntarily making annual provision for:
(1) Protection against economic dependence in old age, through a co¬
Net profit—
Because we believe that
operative employer-employee retirement plan.
(2) Protection through special retirement allowances, for employees who
were too old to join the formal retirement plan, or whose period of participa¬
tion did not provide adequate income.
•:
'
(3) Protection for dependents, at time of death of an employe, through a
cooperative employer-employee Group Life Insurance Plan.
(4) Protection against loss of income during periods of non-occupational
accident and sickness, through a benefit plan.
(5) Protection against loss of income, immediately following discon¬
tinuance of employment, through a termination allowance plan.
(6) A period of recreation with pay, through a vacation plan.
These plans in 1938 cost the corporation an amount equal to approxi¬
mately 4.5% of the total annual payroll.
A survey made during 1938 disclosed the following interesting data on
some of the characteristics of our organization:
In the United States and Canada, there were 9,553 employees on our
payroll of whom 27.3 % were women.
In addition, we had 1,025 employees
in the Philippines who were not included in this survey.
The average age
of men was 37.4 years; of women, 32.7; for the organization as a whole,
36.1.
Of the total ,34.7% were more than 40 years of age.
The average years of service of men was 7.73: of women, 5.93; and for the
organizations as a whole, 7.24.
Of the total, 26.6% have been in the
—
__
168,746
Prov.for div.on pf. stk__
Net
applic.
profit
$3°,080,421 loss$584,979 $13,142,075
stock
common
$0,586
'
shares outstdg.).
nation's food dollar.
.
,
The average price of the
30% lower today than when
General Foods products you buy actually is
the constituent companies first joined General
$1,753
Consolidated Balance Sheet Dec. 31 (Company and Subs.)
1938
1938
1937
$
Assets—
$
Liabilities—
1937
$
Notes payable
29,865,216 30,142,265
b Accts.¬es rec 9,400,321
9,532,457
Accts. pay. (curr.)
3,576.971
Cash on hand and
Accr'd, liabilities.-
2,386,901
3,825,371
602,199
1,433,649
3,232,518
Inventories
5,478,301
24,116,214
Accept'
1
Pref. div. payable.
1,271,538
counted, &c
1
1,545.130
goodwill-
Prov. for inc. tax.
Deferred charges to
operations..
drafts
168,750
Foreign drafts dis¬
Trade marks,
ents &
&
4,000,000
payable
5,373,668
Property accts-28,793,046
pat¬
Inv. & advs., &c._
a
5,617,875
13,938,010
in banks
Res. tax conting..
Res've for loss
commitments
80,346
3,241,701
700,000
77,240
2,391.764
700,000
41,633
155,295
on
..
MIn. Int.In sub.co.
1
1
Preferred stock._dl5,000,000
c
Common stock..43,271,344
43,271,345
Surplus & undivid¬
ed profits
....
,
$2,502
expenses.
'
General Foods in 1938, compare with 7,100
in 1931.
This represents an increase of 48%.
We paid a 1938 year-end bonus of one Week's wages to all regular em¬
ployees with six or more months of service who were on the payroll Dec. 1,
and a bonus of one-half week's wages to all employees with less than six
1.
Distributors—Getting General Foods products to the right place at the
right place at the right time is a complicated daily problem solved untiringly
by 5,000 wholesalers and 440,000 retail grocers.
Wider acceptance was given our products in 1938 by hotels, restaurants,
clubs, hospitals, railroads, steamships, schools and many other institutional
users of food.
This market is important enough to be served by specialized
General Foods salesmen, and by our institution kitchen equipped for large
quantity recipe testing.
Consumers—America's market basket in 1938 was heaped with 260,000,000,000 pounds of food—the classical ton per person per year.
Much of this food was processed by the industry's 49,000 manufacturers.
Most of it flows to you through the 440,000 grocery stores, which are
highly competitive for the business of 30,000,000 housewives.
In the
food industry, monopoly is out of the question.
Figured on wholesale
costs, for example, General Foods' share of sales was less than 1H% of the
def$0.111
x Including
proportionate share in results of operations of controlled
companies.
Note—Depreciation provided during the 12 months aggregates $2,357,760
of which $705,505 has been included in selling, administrative and general,
service for 10 years or more.
The 10,578 employees in
months of service as of Dec.
$9,206,295
(5,251,440
Amt. per sh.
com.
435,000
—
to
89,020,025
Total
a
After
76,054,0171
Total-..
.19,118,729 16,798,284
89,020,025 76,054,017
depreciation reserve of $21,869,313 in 1938 and $20,641,878 in
b After reserves for doubtful accounts and notes of $306,766 in 1938
and $298,950 in 1937.
c Represented by 5,359,751 shares no par value (in¬
cluding $5,778 shares held by a subsidiary company for exchange for its
class A stock in hands of public) including 108,311 shares common stock
I
V.
d Represented by 150,000 no par shares.reacquired and in treasury
V. 147, P. 4055.
1937.
General Telephone Corp.—Listing—
The New
York
Stock Exchange has authorized the listing of 700,650
($20 par) which are issued and outstanding; with
257,548 shares of common stock, or any part
shares of common stock
authority to add to the list:
or
parts thereof, on
official notice of issuance on exercise of stock warrants
and 73,513 shares of common stock, or any part or parts thereof, on notice
of conversion of $3 conv. pref. stock, making the total amount applied for
1,031,711 shares.
Corporation was organized in New York on Feb. 25, 1935 for unlimited
Its primary purpose is "to acquire and hold securities of tele
duration.
Kankakee, 111., started operations
March 1 last year.
It employs 110 workers, has facilities for the annual
processing of 5,000,000 bushels of corn and the storing of 1,500,000 bushels
phone and other communication corporations, and corporations owning
securities of telephone and other communication corporations."
Corpora¬
in its grain elevators.
On June 6, 1938, we
Associated Telephone Utilities Co., debtor, except as outlined below, as
a result of the reorganization of Associated Telephone Utilities Co. under
New
Plants—Our new corn mill at
.
.
_
started construction of the world s largest coffee
plant, embracing processing facilities for Maxwell House Coffee and Tea,
Sanka and Kaffee Hag coffees, laboratory and office units, a deep-sea pier,
and a power house.
The location is in Hoboken, N. J., directly across the
Hudson River from midtown Manhattan.
The first processing equipment
for Sanka Coffee started operating in January.
By midsummer, the entire
plant will be in production.
From then on, visitors will be welcome.
Preferred Stock—On May 9, 1938, the corporation Issued 150,000 shares
of $4.50 cumulative preferred stock.
The company now has a total of
2,193 preferred shareholders.
'
The proceeds of the sale of this preferred stock are reflected in the 1938
financial statements.
A substantial portion was invested in new con¬
struction and expansion of plant facilities.
The unexpended balance is
reflected as part of the increase in current assets and the reduction in current
liabilities.
Additional expenditures to complete work now in progress are
estimated to be approximately $2,800,000.
Taxes.—Federal, State, local and foreign taxes, including social security
taxes, paid or accrued for the year 1938, amounted to $4,693,294. or 89.4c.
for each share of common stock outstanding at the end of the year, as com¬
pared with a corresponding total of $3,664,218, or 69.8c. a share for 1937.
The increase is accounted for chiefly by additional incomj and profits tax
burden due to increased net profits, but social security taxes also reflected
an increase of more than $250,000—due partly to increased payrolls and
partly to a 1% increase in unemployment insurance tax rates.
„
The
consolidated
Dec. 31,
,
.
income statement for the year ended
1938, together with the consolidated balance sheet
tion
acquired ail of the assets formerly held by the trustee of the estate of
the plan
was
of reorganization dated June 20, 1933; the plan of reorganization
confirmed by order of the U.S. District Court for the Southern
District
dated May 13, 1935.
held by the trustee of Associated, which were not
acquired but which, in accordance with the reorganization plan, were ac¬
quired by General Telephzne Allied Corp., were as follows:
14,450 shares ($100 par) 6% cumulative preferred stock of Michigan
of New York,
The assets formerly
Associated Telephone Co.
(no par) $6 cumulative preferred stock of Southwestern
Associated Telephone Co.
9,400 shares (no par) $6 cumulative preferred stock of Interstate Telephone
Company.
Cash in the amount of $14,197 held by the trustee of the 6% secured gold
14,800 shares
notes
of
Associated.
General Telephone Allied Corp. was organized for the purpose of acquir¬
ing the three issues of pref. stocks listed above and the $14,197 in cafn
(which pref. stocks and cash had been formerly held by the indenture
trustee as collateral to the 6% secured gold notes of Associated) together
with 82,175 shares of common stock of General Telephone Corp.
In ex¬
change for these assets received, the General Telephone Allied Corp. issued
its 38,580 shares of $6 pref. stock (no par) and 100 shares Cno par) com.
stock.
The $6 pref. stock was issued for distribution to the note holders
and the 100 shares of com. stock was issued to General Telephone Corp.
The reorganization of Indiana Central Telephone Co., which had been
in reorganization proceedings under Sec. 77B of the Bankruptcy Act in
the U. S. District Court for the District of Delewarfe, was completed dur-
<P
ng
On July 26, 1938. the amended plan of
1938-
"There is no doubt
reorganization was fom
Tri Corp., the new company organized pursuant to the
Under the amended plan, the holders of the first lien
Co. becair e entitled to all of the com¬
mon stock
together with purchase rights entitling them to buy additional
common stock, of the new company.
General Telephone Corp. agreed to
exercise all rights not exercised by the other bondholders.
By virtue of
Its holdings or first lien bonds of Indiana Central Telephone Co. and its
exercise of such purchase rights, General Telephone Corp. acquired 43,698
shares out of a total of 61,200 shares of common stock of General Tele¬
plan.
bonds of Indiana Central Telephone
production of consumer goods by bringing
Calendar
Income—(Corporation and Subs.)
[Excluding General Telephone Allied Corporation]
Years—
•
1936
1937
1938
511,962,327 513,114,889 515,074,019
Total operating revenues
2,103,308
2,113,470
1,405.219
847,2o7
933,636
2,354,569
2,269,589
1.504,683
1,010,053
1,119,775
2,715,233
2,564.326
1,775,729
1,161,576
1,213,085
114,693
130.621
1,559,312
136,131
1,880,581
$3,232,745
43.755
$3,166,284
$3,627,345
52,970
61,884
$3,276,501
1,357,787
5,417
88.853
Cr23.461
445,797
$3,219,254
1,311,575
$3,689,230
1,551,807
8,830
44,203
19,005
122,137
45,794
45,362
Maintenance
Provision for depreciation
Traffic expenses
Commercial expenses
General & miscell. exps. of oper'g cos.
Operating exps. of Gen.
Corp. and subs, holding
Taxes
Telephone
companies
1,211,985
.—
operating income
Net
Other income—
Net earnings
Interest on long-term
debt.
General interest
& expense..
charged to construction
Dividends on pref. stock of subs
Provision for sub. companies' cumu.
Amort, of debt discount
Interest
preferred dividends not declared—
Minority com. stockholders' int. in
net income of sub3
Miscellaneous deductions
2,604
82,720
Cr20,989
436,886
94,565
069,441
538,158
12,197
10,399
$1,299,910
Net income
$1,331,689
$1,349,460
220,539
922,945
better, will it grow and develop."
Cost of Government—While the total in taxes paid or accrued by the
corporation and its subsidiaries to the various taxing authorities within
the United States declined from $104,959,000 in 1937 to $73,812,000 in
81,608
12,103
220,539
,
Telephone
Gen.
Corp.—
220,539
815,329
Preferred stock
Common stock
Consolidated Balance Sheet Dec.
Corporation and Subs. Excluding
Telephone
$
70,745,171
88,504,196
.phone Al'd Corp 1,663,738
1,663.738
1,078,488
516,227
Other lnvestm'ts..
493,692
416,125
4,553,743
130,515
984,569
815,894
470.724
1,856,214
2,161,264
2,590,373
3,508,482
a
sub. co
Certificates of dep.
Accts. & notes rec.
Prepaid
accts.
deferred chgs
981,177
&
$
$50
$
per
3,675,650
14,013,016
10,377,827 10,485,783
Min.
int.
In
8,574,354 14.024,316
com.
stk. & surplus of
426,861
1,034,996
sub. companies.
Long-term debt
31,522,500 40,921.000
971,558
Accounts payable. 1,005,752
81,464
Pf. stk. divs. pay'e
30,956
230.279
Adv.biU'g & pay'ts
211,174
Accrued taxes
1,049,584
1,426,931
366,694
278,375
Accrued Interest..
214,681
Miscel. curr. liab's
169,142
Deprec'on reserve.11,280,919
95,986
to
Total
14,755,777
137,565
tele-
474,058
phone plant
-V. 148, p.
1938
Pref. stks. of subs.
Contrlbs.
83,186,158 102,906,194
Corp.]
share)
3,675,650
Com.stk.(par $20)14,013,016
Other reserves...,.
Total
820,037
pref. stk.
shs., at
held by public..
Cash (incl. work'g
Mat'ls & supplies.
.
Surplus
fund
funds)
2,935,277
Special cash depos.
22,738
of
conv.
(73,513
stated
Inv'st In Gen. Tel-
Depreciarion
1937
Liabilities—
$3
plant,
equip., <fec
General Telephone Allied
$
566,478
...83,186,158102,906,194
1642.
General Motors
Corp.—Annual Report—
corporation, for the five years ended Dec. 31, 1938, made a capital
investment of $397,809,536 to maintain its manufacturing efficiency and
to expand its plants, as well as to provide tools, dies, &c., for its yearly
product program, it is disclosed by Alfred P. Sloan Jr., Chairman, in his
annual report to the more than 389,000 stockholders.
This capital invest¬
ment does not include the expenditures made to continue the corporation's
research and engineering activities.
In view of the fact that 1938 was a year of subnormal activity, Mr. Sloan
The
explained, only such expansion programs as were in process during 1937
were campleted in 1938 and the question of further plant development on a
broad scale did not arise.
However, gross plant expenditures totaled
$32,598,650 in 1938.
In addition, the corporation spent $33,321,096 for
special tooling principally to bring into production its 1939 products.
Discussing these expenditures, Mr. Sloan said:
"Notwithstanding the political and economic uncertainties which have
surrounded the future of industry for some years past, and which have
exerted a mrofound influence in limiting expansion in many different ways.
General Motors Corp. has not deviated from the policy it has followed down
through the years.
It has not hesitated to invest the capital essential to
maintain the efficiency of its manufacturing operations.
It has in all
cases expanded its plants when justified by the possibility of increased sales.'
It has not hesitated to broaden its line of products when constructive op¬
portunities presented themselves.
It has continued its research and en¬
gineering activities aggressively for the purpose of increasing its efficiency
and developing new and useful things."
Stockholders—Mr. Sloan points out that at the end of the year there were
389,509 stockholders, establishing a new fourth quarter record and approach¬
ing the all-time record of 403,282 in the second quarter of 1938.
The
previously published year-end record for the number of stockholders was
for the fourth quarter of 1937, when there were 375,755 stockholders.
"It is particularly interesting," Mr. Sloan said, "to note that of this large
number of stockholders, approximately 156,000 individuals have holdings
of 10 shares or less.
The corporation believes in the broadest possible dis¬
tribution of ownership.
To the degree that American business is owned by
the American public, its security and the opportunities for progress are
enhanced."
Review—Explaining the previously announced decreases in
sales and earnings for 1938, Mr. Sloan stated:
"During the first half of 1938 there was a gradual decline in the demand
for new automobiles and in the sales of the corporation's products as applied
to the market of the United States, following the precipitous decline in
December, 1937, of about 50% from December, 1936.
There was a
reversal of the trend in June, 1938, however, and consumer demand showed
a decided increase subsequent to the introduction of the 1939 models.
In
practically all the markets of the world outside of the United States the de¬
mand for the corporation's products continued during the year 1938 with
no important change except one slightly downward.
"The better conditions prevailing during the second half of the year had a
very important effect upon the record of the corporation for the year.
Manifestly, it is impossible to determine at this time the form that the
current recovery movement ultimately will take.
The future alone can
determine whether the recovery will be confined to a revival of the con¬
sumer goods industries and thus be definitely limited with respect to both
scope and time, or whether it will broaden out into a general recovery move¬
ment along a wide front and over a protracted period of time.
The record
demonstrates that good business in the United States never has been long
sustained without the active support of the capital and durable goods in¬
dustries which normally absorb about one-half of the country's industrial
Economic
and
employment,
certainable was equivalent to
31
1938
1937
Assets—
1938, due to reductions in earnings, sales and volume of production
Mr. Sloan points out that "the tax bill definitely as¬
72.2% of the reported earnings in 1988 as
compared with 53.4% in 1937 and 38.2% in 1936."
He explains further*
that "in relation to $100 of sal3s, it was equivalent to $7.95 for the year
1938 as compared with $7.22 for 1937 and $6.87 for 1936.
Based on tne
average number of employees on the payroll in the United States, it was
equivalent to $450 for each employee in 1938 as compared with $444 in
1937 and $440 in 1936.
The tax bill per $100 of payroll in the United
States was equivalent to $26.83 for 1938 as compared with $24.24 in 1937
and $25.33 in 1936."
Labor Economics—Discussing labor economics Mr. Sloan asserts:
"Notwithstanding the sharp decline in business activity experienced
during the year, basic hourly wage rates of the corporation were continued
at the level prevailing in 1937.
The average hourly earned rate in 1938 was
33.8% above that of 1929.
This average hourly rate of the hourly paid
worker in General Motors is currently about 43% over that prevailing in
manufacturing plants in general and 30% over that prevailing in 25 large
industrial manufacturing industries Which cover a broad cross-section of
the year
,
Dividends
.
all industry.
"It was necessary,
"
however, to reduce the working force and also to
The hourly paid workers in the plants of the cor¬
poration in the United States worked, on the average, 31.2 hours per week
in 1938 as compared with 36.5 hours per week in 1937.
"Regularly employed hourly paid workers in the United States in 1938
received average annual earnings of $1,342 compared with $1,618 in 1937.
The decrease in 1938 was due solely to the reduction in the average number
of hours worked per week.
It is noteworthy, however, that despite the
lessened dollar income the average annual earnings of regularly employed
workers in 1938 represented a purchasing power which was approximately
12% greater than their average annual earnings in 1929, the present record
of maximum national productivity.
"The payrolls of the corporation, including salaries and wages, for the
year 1938 amounted to $300,825,930.
This is a decrease of $159,625,814,
or 34.7 % from payrolIs of $460,451,744 for the previous year.
The average
number of employees on the payroll during 1938 was 189,039.
This com¬
pares with an average of 261,977 for 1937, a decrease of 72,938, or 27.8%
"Total wages paid to hourly workers in the United States during the year
amounted to $188,899,701 and compares with $336,030,958 for the year
1937, a decrease of $147,131,257.
During 1938 the average number of
hourly workers employed in the United States was 125,836, including both
men and women.
Or this number 106,523, or approximately 85%, were
shorten working time.
on the payroll throughout the entire year."
The report called attention to the previously announced income security
plans for 1939, designed to stabilize the income of hourly paid employees
through modifying the effect of seasonal fluctuations.
*
*
Consolidated Income Account for Calendar Years
1938
1937
1936
$
$
$
1,066,973,000 1,606,789,841
Net sales
1935
1
$
1,439,289,940 1,155,641,511
Profit from oper. & inc.
a
190,669,428
292,511,769
328,618,324
est., plants & equipm't.
47,019,404
44,453,041
38,785,681
35,361,006
Balance after deprec.
143,650,024
248,058,728
289,832,643
205,226,710
co.'s not consolidated.. eDr9,657,345
7,094,602
7,565,132
1,329,224
133,992,679
255,153,330
297,397,775
206,555,934
144,238
161,900
prof592,095
prof2,068,871
3,271.170
8,725,071
15,229,491
11,355,786
266,900
457,500
447,559
366,000
3',«82,309
9,344,471
15,084,956
9,659,446
196,896,488
from investment
Prov.
for
240,587,715
depree. of real
Gen. Mots. Corp.'s equity
in undivided prodts &
losses
Net
sub.
of
profit
affil.
&
from
and investment
Employ,
&
savs.
"
oper.
invest.
fund (net)
Empl. bonus & pays, to
Gen. Mots. Mtg. Corp.
Amts.
provided
for
bonus
pay.
ploy.
certain
ing
Spl.
for.
sep.
by
hav¬
bonus plans„.
paym.
under
subs,
em¬
to
stock
employs,
subscrip¬
tion plan
-
Total
Net
Inc.
before inc.
6,532
&
130,310,370
245,808,859
282,312,820
28,000,334
d49,107,135
d43,607,627
29,465,897
102,310,036
196,701,724
238,705,193
167,430,590
102,190,007
prof, taxes & surtaxes
196,436,598
238,482,425
167,226,510
9,178,220
9,178,220
9,178,220
9,178,220
93,011,787
187,258,378
229,304,205
158,048,290
Prov. for U. S. & foreign
inc. &
excess
profs/taxes
Net incomeG. M. Corp. propor. of
net income
c
$5 series pref. stock divs
Amt.
earned
on
com.
stock
Amt. earned per share of
$10 par com.stk.outst.b
a
Profit from operations
workers."
ceived from subsidiary and
Stressing the importance of the effect of "the attitude of mind of the
constructive forces of the country as to the conditions under which industry
is to operate, and particularly the attitude of the Government as affecting
the national economy," Mr. Sloan declared further:
incident thereto,
them within the reach of a greater
the corporation in 1938 produced and
sold to its distributing organizations throughout the world, merchandise
with a net value of $1,066,973,000.
This compares with $1,606,789,841
for 1937, a decrease of 33.6%.
In tern s of units, the corporation produced
and sold throughout the world 1,307,749 passenger cars and trucks.
This
compares with 2,116,897 for the previous year, a decrease of 38.2%.
The
manufacture and sale of the major products of the corporation other than
automotive likewise showed important declines.
During the year the corporation accounted for 42.9% of the new pas¬
senger cars and trucks sold to consum ers within the United States as against
39% for 1937.
A new all-tin e record of 44.8% for passenger cars alone was
established in 1938.
General Motors accounted for approxim ately 35%
of the new passenger cars and trucks sold to consumers throughout the world,
approxirr ately the san e as in the previous year.
Corporation maintained a strong financial position during the year.
Net working capital at the close of 1938 was $387,243,513, compared with
$347,216,116 at the close of 1937.
Cash and cash items totaled $242,895,320, con pared with $150,884,012 at the close of 1937.
Relations with Public—Considerable attention again is devoted to the sub¬
ject of public relations in the 1938 report, in the course of which Mr. Sloan
emphasized the following points:
"One of the prime responsibilities placed upon the modern industrial
organization is that of encouraging and preserving satisfactory relationships
throughout all the various phases of its business.
These relationships are
necessarily complex—the process of converting raw materials into useful
finished goods requires the collaboration of many groups of individuals.
Dealers, suppliers, en ployees, stockholders, customers and the general
public, as well as govern.! ents—all play essential parts in the industrial
sche-j e of things. To an in portant degree the measure of General Motors*
success is the measure of the quality and value of its service to the public.
To the extent, and only to the extent, that the corporation serves the public
Financial—The report showed that
phone Tri Corp. outstanding after the completion of the reorganization.
The assets acquired by General Telephone Tri Corp. consisted of the total
outstanding common stocks of Interstate Telephone Co., Michigan Asso¬
ciated Telephone Co. and Southwestern Associated Telephone Co., and
cash of 86.958.
Statement of Consolidated
broad and sound expansion
and more
In particular, the need becomes more
pressing to rebuild, in whole or in part, America's producing plant with
those new and more efficient instruments of production which are now
available as a result of the technological progress of the past few years.
There is a great opportunity, as well as a great necessity, of stimulating the
use of the new and
more efficient instruments of production which will
result in reducing the costs of consumer goods and services; thus permitting
their sale at lower prices which in turn will result in the expansion of the
General Telephone
amended
that the fundamentals of a
exist in abundance today.
firmed by that Court.
On Aug. 30, 1938, the assets formerly held by the
trustee of the estate of Indiana Central Telephone Co.. were transferred to
1939
25
Mai.
Chronicle
Financial
UC6
$4.38
but before providing for depreciation of real estate, plants and^
b On average number of shares of com. stock outstanding during year
$42,921,603 in 1938, $42,783,554 in 1937, $42,872,394 in 1936 and $42,864,961
1935.
c Less dividends applicable to treasury stock,
d Includes provision of
equipment,
viz.:
in
$5.35
$3.69
and income from Investments (including dividends re¬
affiliated companies not consolidated) after all expenses
$2.17
Financial
Volume 148
$5,736,906 In 1937 and $2,395,283 in 1936 for surtax
Chronicle
undistributed profits,
on
e For the year 1938 dividends received were in excess of the
corporation's
in earnings (net) of subsidiary companies not consolidated.
1807
Greif Bros. Cooperage Corp.
equity
3 Mos. End. Jan. 31-
1939
1937
$368,081,225
187,258,378
$331,680,319
Total surplus—
$487,801,529
Cash divs. on com. stock.
64,386,421
$555,339,603
160,549,862
$560,984,524
$154,315
63,427
135,184
7,552
$354,087
50,523
136,321
1,943
7,142
$138,998
y9,910
loss$51,847
y9,511
2,187
$158,159
y21,763
$93,714
1,096
781
$149,689
z24,000
loss$40,149
z5,500
$179,922
z35,000
$94,810
16,000
loss$45,649
1,841,171
$144,922
1,485,483
$78,811
995,107
$1,073,918
—
$428,157,067
96,476,748
192,903,298
1937
\
Cash-
-
1938
$175,609,
,306
65,885 ,868
1,400 ,146
8,526 ,729
878 ,652
68,155 ,441
199,871 ,640
242,477 ,567
$143,859,608
4,923,977
2,100,427
8,074,290
1,183,539
53,610,612
279,146,383
245,563,031
cl7,955 ,399
758,830 ,738
8,098 ,056
50,322 ,686
25,021,584
747,817,794
5,049,865
50,322,686
$1 ,598,012,229
—
1,566,673,796
—
United States Government securities.-—
Other marketable sec—short term—at cost.
Sight drafts and C. O. D. items
Notes receivable
Accounts receivable & trade acceptances.
Inventories
....—...
a
Invest'ts, sub.
cos. not consol. & miscellGeneral Motors Corp. capital
Investments
stock held in treas. for corporate purposes.
Real estate, plants and equipment
Prepaid expenses and deferred charges.....
Goodwill, patents, &c.
......
A uvai
ouipiuo.
Dividends paid
-
$2,007,871
$1,795,522
$1,630,405
....
51,200
51,200
179,200
16,000
-——
$1,956,671
$1,744,322
$1,451,205
$1,057,918
-
_
class
on
A common stock.
Balance, Jan. 31
After
x
deducting materials used, labor, mfg.
y Divs. and interest,
for the period.
—
Accounts
payablb
:
,
—
Inventory
2,551,825
Officers, employ. &
30,089,041
4,462,714
1,529,703
46,669,257
4,407,159
8,008,159
3,086,396
17,607,282
8,725,071
14,960,712
362,488,520
29,498,281
187,536,600
435,000,000
339,351,532
Goodwill
30,337,015.
187,536,600
435,000,000
Deferred charges..
1,888,613
423,415,108
.....
funds,
savings
quent to one year__.
payable
2,282,246
394,789,742
..... ...
...
...
Calendar Years—
2,491,113
Earned surplus--- 1,956,671
2,491,113
240,057
523.862
266,263
578,172
1,473,152
cos
Timber property
1938
1937
$2,668,104
280,282
---.$6,151,813 $6,789,919
$1 ,194,159
53,241
$2,981,170
44,736
$2,948,386
25,578
Inc.
$1,594,556
27,990
242,809
334,405
184,848
123,758
82,686
518,938
75,995
124,487
480,682
55,364
438,045
134,429
477,134
175*929
371,695
179,560
472,407
$1,503,450
908,562
$1,578,773
1,476,413
$444,605
227,141
$142,190
$0.30
$594,888
$3.20
$102,360
$3.36
78,300
—.
......
I
the
on
Greyhound Corp.—-Annual Report—
$1,459,589
....
-
—
Corporation has undertaken to acquire a majority of the voting stock of
those of its associated bus companies ,/hich have railroad stockholders. To
this end, 5,649 shares of common stock of Northland Greyhound Lines,
xl935
Not available
$2,668,256
312,914
—
_
Total--
a dividend of 75 cents per share on account of
6% cumulative preferred stock, payable April 1 to
holders of record March 25."--V. 148, p. 438,
134,967
bond and float¬
Dividends.
1
86,773
Group Corp.—^Accumulated Dividend—:
xl936
$1,064,396
129,762
ing debt
Deprec. and depletion—
Extraordinary items.
Fed'linc. tax (estimated)
Net income.
1
87,529
1,744,322
Directors have declared
accumulations
Corp., municipal and in¬
come tax.
1,305,271
--
—
,
-
purchased, raising the corporation's holdings of that issue to
If a pending application before the Interstate Commerce Com¬
approved, additional shares will be purchased from the Great
Northern Ry. at an outlay of $53,735, sufficient to increase the corporation's
interest to 51%.
Corporation has contracted, subject to the approval of
tha ICC, to purchase from the New York Central RR, 10,000 shares of
class B common stock of Central Greyhound Lines, Inc. for $50,000, by
reducing the amount due the corporation under a purchase contract. As a
result, the corporation would own 55% of the voting stock of the Central
Greyhound Lines, Inc. The consummation of these transactions will con¬
firm, by actual ownership of a majority of the voting shares, control by
Greyhound Corp. of all of its associated bus companies except Pennsylvania
Greyhound Lines, Inc., in which it owns 50% of the voting stock.
New England Greyhound Lines, Inc., a wholly-owned subsidiary, has
been authorized by the ICC to acquire certain property and operating rights
of New England Transportation Co., a subsidiary of the New York, New "
Haven & Hartford RR. in the territory" between New York and Boston.
Upon completing the .transaction the outstanding capital stock of New
England Greyhound Lines, Inc. would be owned as follows: by Greyhound
Corp., 10,000 shares of common stoc<c (voting) and $464,000 of 5% pref;
stock; by New England Transportation Co., 10,005 shares of common
stock (non-voting). The parties are now awaiting action by the Commission
on a request for minor modifications of its order.
Exposition Greyhound, Inc. has been organized to provide intra-mural
transportation at the New York World's Fair of 1939. One hundred large
buses of special design are being constructed to handle this service under a
concession arrangement which should prove profitable.
Two-thirds of the
capital stock of Exposition Greyhound, Inc. is owned by the following
Greyhound companies in equal parts;
The Greyhound Corp., Central
Greyhound Lines, Inc., Pennsylvania Greyhound Lines, Inc. and New
England Greyhound Lines, Inc.
Corporation has purchased a substantial minority of the funded debt of
Eastern Michigan Rys. (in receivership), wnich Owns all of the capital
stock of Eastern Michigan Motorouses.
Subject to approval of regulatory
authorities, the corporation has offered to issue approximately 145,000
shares of its common stock in exchange for the stock of Eastern Michigan
Motorbuses.
The lines of the latter company extend throughout the lower
ninsula of Michigan and are largely complementary to the present Greywere
mission Is
$142,190
...
—
Total.-..-. —.$6,151,813 $6,789,9191
Report—
—.$6,565,746 $12,617,5391
5,501,350
9,949,283 j
Total income.
Bond discount and exp__
—
—
reserve-
Common capital
stock-
a After
allowance for depletion,
b After depreciation,
c Represented
by 64,000 shares class A cum. common stock (no par) and 54,000 shares of
class B stock (no par), d Accrued taxes only.r-VY 148, p. 1644. v
— .
Gross profit from oper.
on
309,587
c
49.7%.
General Refractories Co,—Annual
Int.
346,858
30,237
affiliated
b Represented by 1,875,366 no par shares,
c In 1938, 637,719
shares common, $14,688,180 and 39,722 shares $5 series no par preferred
stock $3,267,219.
There are reflected in treasury stock at Dec. 31, 1938, as shown above,
in connection with the operation of the General Motors Corp. bonus plan,
263,620 shares of General Motors Corp. common stock at Dec. 31, 1938,
and 220,971 shares at Dec. 31,1937, representing the respective equivalents
of 263,620 shares of GM Shares, Inc., class B stock held at Dec. 31, 1938,
and 107,660 shares of class B stock and 12,743 shares of common stock of
General Motors Management Corp. held at Dec, 31,1937.-—V. 148, p.
1477,
Miscellaneous income
100,000
21,911
a
298,592.
Net sales..
500 000
21,911
for doubtful accounts in 1938, $2,192,066; in 1937, $2,-
Cost and expenses—
100,000
.$1,598,012,229 $1,566,673,796
—...
reserve
404
Notes pay (non-curr)
Contingency res' ve
119,903
33,393
b Permanent assets
Deprec. of real estate, plants & equipment
Sundry and contingencies
b $5 preferred stock
Common stock ($10 par)
Interest of minority stockholders in subs.
with respect to capital and surplus.—...
Earned surplus...—.J
After
c237,807
2,341
Miscell. securities-
.
Reserves:
Total
.
Insurance
132,213
of
surr. value
140,283
-----.
pay: to an
unconsol. sub-_
Invest. & ad vs. in
...
...
terest, &c
life insurance-—
Employees bonus (based upon cost of stock
distributable as bonus).
Taxes, warranties, and miscellaneous.
a
Cash
1,800,000
Accts.
and
accts. receivable
subse¬
.......——.
—
2,758,486
1,562,805
$106,688
500,000
Accrued taxes, In¬
-_
misc. notes
1938
$114,548
Notes payable
143,113
Customers' notes &
accts. receivable
profits and surtaxes....—.....
Employees savings funds, pay'le within 1 yr.
Accrued dividends on preferred capital stock
and depletion,
undivided profits
1939
Accounts payable-
675,708
2,987,925
65,372,055
39,320.117
United States and foreign income and excess
Employees
686,981
61,355,358
ac¬
i...
Liabilities—
1938
$406,759
35.647,453
......
—
.
on
Consolidated Balance Sheet Jan. 31
$425,597
143,173
Marketable secur-
crued items-
expenses
No provision is made for surtax
1939
Cash_
Liabilities—"
Taxes, payrolls, warranties, and sundry
z
'
Assets—
Total
43,351
118,707
4,560
2,320
$331,680,319
$368,081,225
Consolidated Balance Sheet Dec. 31
Assets—
1936
$262,652
$344,236
60,784
138,772
5,681
$125,689
1,882,181
$270,108,777
158,048,290
229,304,205
$394,789,741
1937
Net profit-...
Prov. for est'd Fed. taxes
1935
1936
Surplus forward........ $394,789,742
Surplus for year
93,011,787
Surp. at end of period- $423,415,108
-Earnings-
)
Balance
Interest earnedOther income (net)
Surplus Account for Years Ended Dec. 31
1938
(& Subs.
1938
Manufacturing profitDepreciation
Sell., gen. & a dm. exps.
Interest on gold notes
Sundry deducts, (net)
x
219,647
126,589
,
.
Balance, surplus.:.-.
per share.
Earnings
x
.
-
_ .
/
Revised.
.
$217,464
$0.98
'
v
Condensed Balance Sheet Dec. 31
Assets—
1938
Cash in banks and
on
hand
$1,036,437
—
deposit under agreement with American
Liability Insurance Co.—.........
Notes receivable
Accounts receivable, less reserve.
1937
$1,349,883
Special
Mutual
— .
Inventories.
25,000
12,006
949,699
...„
——
——
Accrued interest receivable
Investments, other
—
—
_._.:
....
Cash with sinking fund trustee"
Due from employees and former officers
Deferred accounts.....
,2,746,142
484
——.
..;
Investment in Northwest Magnesite Co.
Investment in foreign subsidiary— ——
11,247
1,012,651
2,429,012
—
597
22,046
775,000
12,000,
26,511
800,000
o
3,32925,934
172,252
178,610
11,463
10,388
Repair parts, &c__ —..—
;
9,215
Patent?, at cost, net of amortization. ::
Deposits in closed banks————
7,603
a Real estate,
buildings, machinery
equipment,
mining lands, &c.
11,421,565
In January,
Accrued accounts..
-
i...
.
Allowance for 1938 taxes.
——113——
....
611,313
1,954,310
—$17,039,493
—
.
——
—
—)_
Miscellaneous income.
Equity
—Week End. Mar.
1939
$19,175
14—
1938
$22,300
Jan. 1 to Mar. 14-
1939
1938
$202,219
the
$4,381,380
$4,017,529
$3,039,613
1,564,412
90,730
653.960
94,084
159,680
1,470,606
62,007
43,246
$5,129,423
$4,239,216
$4,553,466
130,851
443,675
Grey¬
....
Total.
on
stk. outstanding
at end of
~
period:
Old common stock
a
Before
income
-
:
..
tax,
■
.
..
-
$1.85
$2.05
of
Eastern
.
.
$ 7.55
$1.59
Greyhound Lines of New England
(operated as a division of the Greyhound Corp).
b In combined net profit from operations of affil. cos., based upon stocks
deducting dividends received.
c
Representing net profit of Greyhound Corp. for the year and equity
undivided net profit or loss from oper.
This
confirms report prevalent for some months to effect the President of North
American Life Assurance Co. would join the revised board of Great Lakes
Paper Co.—V. 148, p. 1324.
75,653
130,000
owned at the end of each period, after
Great Lakes Paper Co., Ltd.-—New Director
Directors have elected Thomas Bradshaw to board of directors.
10",885
$3,614,139
New common stock
$198,756
77,234
Whereof earn, per sh. of
com, stk. based up¬
General Tire & Rubber Co.—Options Exercised
The company has notified the
Operating revenues.
—V. 148, p. 1643.
1935
$3,526,019
$5,655,748
of
Other companies.
c
Georgia & Florida RR.—Earnings-—
1936
$4,286,146
59.678
28,390
1,552
$4,375,766
32,553
281,685
38,000
6,000
$4,894,547
24,656
282,859
....
hound Corp.:
Bus companies—
a After
reserve for depreciation and depletion
of $4,401,879 in 1938
and $3,934,426 in 1937.
b Represented by 473,535 shares in 1938 and
470,062 shares in 1937 of no par value.—%. 148, P- 881.
New York Stock Exchange of the exercise
of options by employees for the purchase of 200 shares of common stock
of the company.—V. 148, p. 1324.
—...
—
b
Total...
56,345
Net profit-.
..
$18,162,612
— ......—...
106,628
-
$4,000,605
2,100,000
II——
—
el937
$4,727,850
119,353
d47,344
$4,300,085
Total income.
$4,463,059
Interest & amortization.
10,110
General expenses (net)
325,243
Federal income tax—
\
127,100f
Surtax on undist. profits
'J
I
58,797
12,437,455
611,313
1,812,120
Capital surplus
Earned surplus ....
a
-_
-
—
Provision for taxes, prior years
First mortgage 4^% sinking fund bonds
Reserves
b Capitalstockl —
—
I———— 42,395,724
...
Interest
$446,419
696,508
252,328
78,300
51,816
1,200,000
84,889
Calendar Years
1938
Income—Dividends
1937
$410,812
.
Stephens. New Brunswick, via Boston and Portland, Me.
11,844,797
1938
Accounds payable......—..;—.—
.
Woodstocic and St,
.$17,039,493 $18,162,612
Liabilities—»■
that territory.
•. •
1939, the corporation issued 18,287 shares of its common
stock in payment for the properties and operating rights of Old Colony
Coach Lines, Inc.
The principal lines acquired extend from New York to
Income Account for
.....
Total-
ound routes in
Ee;
6,000
500
12,850
121,227
167,655
d After giving effect to
e
1937 has been reclassified consistent
counts prescribed by
in
of affil. cos.
bus depreciation credit adjustment of $13,881.
ICC.
with the.uniform system of ac¬
Financial
1808
Mai.
Chronicle
To Pay
251939
Sc. Dividend—
dividend of 5 cents per share on the common
31 to holders of record March 23. A dividemd of
30, last, and one of 30 cents was paid on Oct. 31,
last, this latter being the first dividend paid since March 31, 1938, when
10 cents per share was distributed.
A dividend of 40 cents was paid on
Nov. 30, 1937; 35 cents paid on Sept. 30, 1937; 30 cents on June 30, 1937,
and 15 cents per share was distributed on March 31,1937.—V. 148, p. 1170.
Directors have declared a
stock, payable March
40 cents was paid on Nov.
Houdry Process Corp.
—Information
on
(R.) Hoe & Co.—Plans to Retire Debt—
Request—
Company's plan for retirement of part of its funded debt through the
of 60% of the assets of its former British subsidiary shows total net
assets, partly estimated, of $2,036,354.
The principal assets included in
this total are $825,000 of cash dividends paid by R. H. C., Ltd., the former
R. Hoe & Co., Ltd.. to the American company and on deposit in New York,
subject to determination of the rights of the trustees and the company,
$491,208 cash of R. H O., Ltd., on deposit in New York, $363,750 serial
notes of R. W. Crabtree & Sons. Ltd., the purchaser of the British company.
The company explains that there is some doubt as to what dividends
transferring assets from the English company are payable to the trustee
and what dividends are payable to the company.
"A sum equal to the par value of the stock of the English company
use
Steelman & Berkins
60
Bell
Broad
St., New York
System Teletype N. Y.
1-211
($485,000) would go to the trustee upon any transfer to the United States
of the English company, but the first mortgage as it exists
Western Union & Postal Teletypes
of all of the assets
Comparative Balance Sheet Qec. 31
2
Prepaid expensesContract recelv
Invest. & advs
Special funds
Fixed assets (net)
Intangible
_
1,813,945
121,885
13,123
,256,623
159,703
Acc'ta & notes rec.
Liabilities—
$
8
Cash
7,841
464,061
461,017
24 876,216 24,336,802
372,361
70,495
62,663
88,750
73,501
75,001
844
prop'ty
1938
1937
1938
Assets—
$
325,000
Accrued taxes, &c.
174.022
32,143
129,690
273", 947
250,000
Adv. pay.affll, cos.
Reserve for Injuries
and damages
27,500
113,545
183,356
368.213
Res. for contlng.tract recelvable-
blA% pref. stock.. 3 ,272,530
b Common stock. 3 ,971,645
3,272.530
3,971,645
13 100,822 13,100,822
5,683,010
6 609.571
Capital surplus
Earned surplus
Total-.
—
—
—27,994,991 27,263,146
27,994,991 27,263,146
Total.
b Represented by 2,675,122 no par shares; 163,626 shares are held in
reserve for conversion of 5M% preference stock.—V. 148, p. 582.
Group Securities, Inc.—Dividends—
Directors have declared dividends on
18 industrial classes of
16 of the
1939 to holders of record March 17.
These
a quarterly basis, dividends during
1938 having been declared on a semi-annual basis.
shares,
payable March 31,
dividends
the first to be declared on
are
The classes of shares, and amounts declared on each are:
Agricultural shares, 7 cents; automobile shares, 6 cents; aviation shares,
12 cents; building shares, 4 cents; chemical shares, 10 cents; distillery and
brewery shares, 2 Yi cents; electrical equipment shares, 12 cents; food
shares, 3 cents, industrial machinery shares, 3 cents; investing company
shares, none; merchandising shares, 8 cents; mining shares, 10 cents; petro¬
leum shares, 3 cents; railroad shares, 1 cent; railroad equipment shares,
none; steel shares, 8 cents; tobacco shares, 4V% cents, and utilities shares,
3 cents.
be traded
All classes will
"ex" dividend beginning March
18,
1939.—
V. 147, p. 3764.
of
Hamburg Elevated, Underground & Street Rys. Co.
Germany—Bond Payment Plan—
Company In
a
notice to holders of its 10-year 5H% bonas due June 1,
1938, on March 17 announcea that three alternative proposals relating to
the maturity of the bonds would remain open until April 6.
The three proposals offered to holders resident outside of Germany
provide for:
(1) extension of maturity date to June 1, 1946 with reduction
in the interest rate to 2% annually, payable in dollars, or 4 H% annually in
reichsmarks if the German foreign exchange situation prevents payment in
dollars; (2) payment of principal amount in blocked reichsmarks; or (3)
retention of bonds as dollar claims against the company, subject to German
foreign exchange regulations which do not at present permit payment, bear¬
ing interest at the rate of 4% annually.
Bonds may be presented under any of these proppsals to the company
through Brown Brothers Harriman & Co., New York.—V. 144, p. 1960.
Haverhill Gas Light
Period End. Feb. 28-*-
Balance
accruals-_
Gross income
$6,321
10
24
76
$6,344
2,917
$80,693
35,000
$80,511
35,000
$3,428
201
$45,693
1,474
$45,511
2,197
$3,226
$44,219
39,312
$43,314
49,140
Interest charges
29,399
87.446
$571,292
373,398
29,855
87,606
$80,618
$80,433
$556,440
358,977
'
corporation
proved from every point of view and that from the lowest grades and re¬
finery residuums upward of 80% of high test gasoline can be obtained.
Gasoline is the most important derivative from crude oil.
The recovery of
80% in high-grade gasoline by the Houdry Process compares with approxi¬
mately 44% average recovery of ordinary and not high-test gasoline through
existing methods.
-
Capitalization
Authorized and issued (par $10)
In
treasury,
owned by the Sun Oil Co.,
the process.
In February, 1939,
had
purchased
a
it was announced that the Standard Oil Co. of Calif,
license.
The license fee was not disclosed, however, it
seems
reasonable to assume that Standard Oil Co. of Calif, paid at least as
much
as
Tex, and a 3,000-barrel plant at Naples, Italy.
Soconyhas under construction seven additional plants which will cost
$21,000,000.
Sun Oil has two new plants under way which will
cost about $11,000,000.
When all the additional plants are in operation
they will process approximately 150,000 barrels of residual oli from 300,000
barrels of crude oil per day or about 10% of the crude refining capacity in
Beaumont,
Vacuum
aoout
use
in
the
United
States.
ration charges 10 cents a barrel for the use of the invention.
The consolidated income statement indicates earnings of $2 per
share for
Reports for previous
available and publication of the report covering operations for
the year of 1938 is expected in April.
Dividends—'The dividend record is as follows:
1935, $5; 1936, $2; 1937,
$3, and 1938, $2.50.
the year of 1936 and $3 per share in the year 1937.
years are not
Houston
Lighting & Power Co.—Earnings—*
Period End. Feb. 28—
Charles A. Higgins was elected President of this company at the or¬
22 of the board of directors.
The new
President has been with Hercules since 1915 and has been Vice-Chairman
of the Executive Committee since 1933.
He succeeds Mr. R. H. Dunham,
who continues with the company as Chairman of the board of directors, the
g»ition he has held jointly with the Presidency since the organization of
ercules Powder Co. in 1912,
period of 26 years.
Mr. Dunham also
a
$351,143
868
$334,431
1,004
$4,110,122
19,259
$3,928,971
19.406
$352,011
80,208
13,115
$335,435
80,208
12,808
$4,129,381
962,500
156,840
$3,948,377
962,500
153,415
Net income..;
$258,688
$242,419
Dividends applicable to preferred stocks for the
$3,010,041
$2,832,462
Other income._
Revenue from transp'n.
1937
$1,357,770
1936
$1,182,937
assignable
opers. (est.)
1935
42,027
45,006
$1,010,018
38,299
$1,227,943
974,620
$1,048,316
831,130
108,236
85,516
78,002
$131,572
$145,087
$131,670
$133,175
288
280
40
327
$145,367
$131,711
$133,502
450
109
Dr290
68
$938,844
29,799
ry.
Operating income
Non-oper. income.
_
Miscell. credits.
Interest
Dividends
Balance, surplus
18,906
100,000
150", 006
137",555
125",555
$13,404
def$4.524
def$6,079
$8,567
Oper.
$4,548,607; cash, $70,864; special deposits, $907;
insurance prepaid,
$6,554; total, $4,777,820.
Liabilities—Capital stock (125,000 shares), $2,500,000; audited accounts
wag^payable, $43,166; taxes, $34,467; matured interest and dividends
unpaid, $763; liability for Mack buses in transit, $60,171; notes payable,
due 1939, $150,000; notra payable, due
subsequent to 1939, $200,000;
due affiliation: Pearl Harbor Traction Co., Ltd.,
$68,029; deferred liabs.,
$32,440; unadjusted credits, $1,782; accrued depreciation, $1,335,230;
corporate surplus, $351,771; total, $4,777,820.
exp.
and taxes...
1939—2 Mos.—1938
$1,225,804
$1,229,153
874,943
912,178
Income charges
Deficit....
Including interest
on
$164,363
11,849
$350,861
12,048
22,773
$316,976
23,846
$176,212
287,448
$373,634
567,077
$340,822
576,685
$100,719
Gross income
x
RR.—Earnings—
1939—Month—1938
$593,900
$585,542
423,494
421,179
$182,455
283,174
Operating income
Non-operating income..
x
miscellaneous accounts receivable, $11 830; material and
supplies, $139,058;
Preferred Dividend—
dividend of 87 M cents per share on the 6%
Hudson & Manhattan
Period End. Feb. 28—
Gross oper. revenue
Balance Sheet Dec. 31, 1938
Assets—Investments,
a
holders of record March 24.
and on Dec. 22, 1937, this
latter being the first dividend paid on the preferred shares since Feb. 1,1932,
whet a dividend of 37Yz cents per share was distributed.—V. 147, p. 1170.
$968,643
757,466
124,820
to
$2,517,384
148, p. 1479.
The directors have declared
$131,860
Taxes
and
—V.
315,078
$2,694,963
Balance..
cumul. pref. stock, par $25, payable March 31 to
This compares with $1.50 paid on Dec. 27, last
$1,399,797
1,143,405
Rev. from other ry. oper.
315,078
period, whether paid or unpaid
Houston Oil Co.—Smaller
Honolulu Rapid Transit Co., Ltd.- -Annual Report—
1939—12 Mos.—1938
$862,987 $11,658,011 $10,925,005
462,030
6,024,737
5,306,413
66,526
1,523,152
1,689,621
Chairman of the Finance Committee.—V. 148, p. 1170.
1938
1939-^Month—1938
$920,072
485,402
83,527
Operating revenues
Oper. exps., incl. taxes_
Prop, retire, res. approp.
Gross income
Calendar Years—
under
Operation and Under Construction—The first Houdry plant of the
Sun Oil Co., a 15,000-barrel unit, costing $3,250,000 went into operation
March 31, 1937 at Marcus Hook, Pa.
Socony-Vacuum has three plants in
operation; a 2,000-barrel unit at Paulsboro, N. J., a 15,000-barrel plant at
on mtge. bonds_
Other int. and deductions
ganization meeting held March
as
are
Units in
Interest
Hercules Powder Co., Inc.—New President—
serve
It is undertsood that negotiations
Socony-Vacuum.
with other companies..
way
—V. 148, p. 1169.
will
x330,000 shs.
2,720 shares; owned by Socony-Vacuum Oil Co.,
110,000 shares; owned by
others (largely Eugene Houdry and French associates). 107,280 shares.
Existing Licensing Agreements—Sun Oil Co. and Socony-Vaccum Oil Co.
own
two-thirds of the capital stock, each owning a one-third interest.
'Both companies have acquired from the corporation a World license to manu¬
facture under the Houdry Processes.
Socony-Vacuum paid a reported fee
of $1,500,000.
The fee paid by the Sun Oil Co. has not been disclosed,
however, the fee possibly involved certain patents which the Sun Oil Co.
had been granted in connection with the efforts of their engineers to perfect
Held
x
110,000 shares;
Net oper. revenues
Net income
Dividends declared
"Houdry Process"
is the owner of the now famous
in perfecting the process and the appparatus for operating it on a large
commercial scale.
*
The annual report of the Sun Oil Oo. states the Houdry Process has been
77
$4,412
2,917
$1,401
Net oper. revenues
Non-oper. income (net).
$4,402
94
Taxes
res.
1939—12 Mos.—1938
$47,498
31,700
2,022
7,456
$1,496
Maintenance
Retirem't
1939—Month—1938
Houdry Process Corp.—History, dec.—
This
involving the treatment of crude oil and its derivatives by the catalytic
method.
M. Eugene Houdry and associates, including Socony-Vacuum
and Sun Oil Oo. have expended approximately 15 years and $10,000,000
Earnings—Earnings accrue from licenses, engineeering services, service
fees and catalyst sales.
A recent newspaper item stated that the corpo¬
Co.—Earnings—
$45,915
31,806
2,564
7,143
Operating revenues
Operation
expensive, Mr. Lishawa says, and for this reason the company is asking
to assent to a nlan which provides that 60% of the funds
for purchase of the bonds in the market or upon
tenders to reimburse the company for State and Federal income taxes paid
in respect of the portion of dividends received by the trustee, and to the
extent of $400,000, to be held subject to withdrawal by the company for any
purpose permitted by the present provisions of the first mortgage, with
specific authority to use any part of it to deal with the holders of the com¬
pany's purchase money mortgages.—V. 148, p. 1170.
bondholders
realized shall be used
371,249
26,898
Def. profit on con¬
3,305
Other assets
1937
8
Accounts payable.
Noteo payable....
today does not clearly establish the exact rights of the trustee and the
company as to dividends from earnings or surplus in excess of such par
value," A. W. Lishawa, Secretary of the company says in the letter.
Outcome of litigation to settle the difference would be doubtful and
$111,236
$193,442
$235,863
$170,406
adj. income bonds at 5%.—V. 148, p. 1643.
Independent (Subway) System of N. Y» City—Earnings
Period End. Dec. 31—
Operating
Operating
revenues
expenses
Excess
oper.
of
revs,
expenses
1938—6 Mos.—1937
$9,215,794
7,313,048
$8,658,586
7,135,761
$489,139
1,138
Inc. from ry. oper
Non-oper. income..
—V. 148, p. 1171.
1938—Month—1937
$1,785,604
$1,640,551
1,296,465
1,264,592
$375,958
914
$1,902,746
7,489
$1,522.824
4,910
$490,278
$376,872
$1,910,235
$1,527,734
over
Volume
Financial
148
1809
Chronicle
Balance Sheet Dec. 31
Idaho Power Co.- —Earnings—
Period End. Feb. 28—
1938
1939—12 Mos.—1938
1939—Month—1938
Operating revenues
Oper, exps., incl. taxes_
Prop, retire, res. approp.
$482,058
256,393
37,500
$449,626
249,194
37,500
$5,780,788
2,852,239
450,000
$5,502,879
2,754,117
428,500
Net operating revenues
Other income (net)
$188,165
$171,932
$2,478,549
$2,320,262
330
Dr2 75
10,080
450
$188,495
56,250
9,775
$171,657
56,250
12,220
$2,488,629
$2,320,712
Gross income
Int.
mtge. bonds
on
Other int. and. deduct'ns
Invest,
Improve,
Cr597
_
777,227
774,257
50,197
422,384
53,544
290,059
13,691
7,153
13,581
113
Cash
Special
Net bal.
reo.
70,900
Materials & suppl.
380,580
Other current assets
$1,155,243
113,503
8,119
Deferred assets
Illinois Iowa Power Co.
(& Subs.) —Earnings—
Taxes, other than income taxes
Provision for income taxes
Prov. for surtax on undistributed in¬
come of subsidiaries
& retire,
reserve.-
2,814,643
1,116,417
547,980
$8,436,431
515,509
Total
-V.
36,402
47,629
$8,688,845
5,983,876
$8,988,343
5,928,143
$8,690,824
6,109,362
162,332
163,803
162,783
25"*,329
23,935
07,547
419,912
funded debt
on
bond
of
expense
discount
on
interest.
Miscellaneous deductions
-
—
148,
.,
Paid-in surplus
28.491
782,159
2,710,518
276,693
9,355,028
9,162,703
to prop.-
75
p.
22,917
367,140
53,877.496 54,195,081
Total
...53,877,496 54,195,081
1644.
Co.—Registers with SEC—•
of this department.—V. 148, p. 1644-
Traffic—The subway division
-
Cr25,808
420,060
monthly report, states:
during the month of February
carried
1.84%
on
the Broadway-Seventh Ave. Line and 3.25% on the Queens
Line.
The losses on the other lines ranged from .05% on the Lenox Ave. and White
Plains Road Line to 2.45% on the Brooklyn Line.
The two lines showing
increased traffic were favored by factors not common to the other lines.
The Broadway-Seventh Ave. Line, as has been the case since Dec. 4, 1938,
98,075
22,133
0114,714
402,851
20,190
pref. stocks of subsidiaries..
on
llabil
60,954,490 passengers, a decrease of 230,180, or approximately .38%, as
compared with February, 1938.
Two of the lines on this division reported
increases in traffic as compared with the corresponding month of last year,
and
Other interest charges
Interest during construction
Divs.
31,435
245,531
264,875
262,340
290,112
38,971
602,172
curr.
Thomas E. Murray, as receiver, in his
...
Taxes assumed
Unmat. int. accr„
Interborough Rapid Transit Co.—Earnings—
108.255
Other non-operating revenues
Gross income.
—
See list given on first page
stock of Super-
Power Co. of Illinois
Interest
64,819
59,016
debits
Inland Steel
516.075
24,447
11,152
388,987
surplus
$8,018,864
on common
payable..
through Inc. and
2,141,808
Net operating revenues
Income from subsidiaries not consol—
Amortization
wages
Deficit
9,565
2,000
2,276,311
14,701
309,793
57,917
payable
Audited accts. &
■
Maintenance
car serv.
balance
Additions
1938
1937
1936
a$24,938,277 a$25,140,082 $24,455,476
10,127,495
10,230,730
10,453,494
1,513,669
1,710,738
1,630,221
2,069,171
1,789,988
1,948,778
414,700
411,535
417,275
Calendar Years—
Operating revenues
Operating expenses
Approp. to deprec
Unadjusted
292,325
Power Co..
79,510 Other def. llabil—
88,633 Tax liability
455,401 Acer, deprec.—eqp. 2,865,740
142,881 Other unadjusted
credits
215,465
2,382
94,407
agents & conduc.
Miscell. accts.
123,126
132,320
15,100,000 15,100,000
Iowa
Other
from
rec.
Illinois
Misc. accts. pay..
car serv.
balance recelv—
-V. 148, p. 1644.
Dividends
deposits—
Traffic &
Due
Traffic &
Corp
414,342
$1,287,088
Balance
2,500
Funded debt
Adv. to RR Credit
$1,569,585
414,342
$122,470
$103,187
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
—
16,476
of
construction
69,470
72,308
aid
in
Grants
leased
mtge prop, sold
Misc. phys. prop—
Cr41,200
$1,701,430
struction
on
$
($100
25,000,000 25,000,000
stock,
par)
51 ,785,106 52,164,356
1937
$
Liabilities—
Cap.
railway property
Deposit in lieu of
Interest charged to con¬
Net income
$
&
equipment
683.078
109,249
675,000
112,796
road
in
1938
1937
$
Assets—
by the diversion of some of the traffic formerly held by the
Sixth Ave. Elevated Line, and the Queens Line has benefitted by the large
has been aided
Borough of Queens.
month of Februarycarrled 11,333,047
of 3,383,043, or approximately 22.99%, as compared
The heavy loss on this division was due to the shut¬
ting down of part of the Sixth Ave. Line in December, 1938, as noted in
previous reports.
•
The number of passengers carried on the entire system in Febryaru was
72,287,537, a decrease of 3,613,223, or approximately 4.76%, as compared
with February, 1938.
During the first eight months of the current fiscal year starting July 1,
the number of passengers carried was 606,372,922, a decrease of 31,844,817,
or approximately 4.99%, as compared with the corresponding months of the
preceding fiscal year.
Subway Division Operations
amount of construction work in the
The Manhattan division during the
$1,982,377
$2,114,101 b$2,476,814
Net income
passengers, a decrease
with February, 1938.
Operating revenues include sales to Illinois Terminal RR. Co. of$349.745
1937, and $314,542 in 1938.
b Of which, for the year ended Dec. 31,
a
in
1937, $872,871 is applicable to the four months prior to May 1, 1937
and
$1,603,943 is applicable to the eight months ended Dec. 31, 1937.
Consolidated Balance Sheet Dec. 31
1938 "
sscis
1938
_____a3,388,650
trustees
in
not
3,261,869
e
Acct.
c
Due
5,862,874
147,516
2,459,490
Funded
105,015
Unamort.
&
Accts.
Sub.
1,653,377
2,101,634
17.524,248
17,917,747
$1,249,373
$9,564,190
$9,834,366
192,820
1,569,000
1,496,604
Income from operation $1,065,887
Current rent deductions.
218,708
of
$1,056,553
$8,447,762
$6,588,101
— .
—.
11 700,000
pref.
7,976,500
r
765,717
1, 085,680
stk.
3,079,211
3.348,530
96,358
557,483
2,470.212
1,115,656
581,770
89,287
81,863
$847,179
Balance
53,157
101,590
ch'ges
59,446
26,177
def.
&
liabilities
190,464
Used
for
assets of
purchase
of
enterprise...
335,607
11, 031,769
14, 398,413
Earned surplus.
3, 501,532
13,-566,872
1,518,680
195,870,458
Cr6,393
Cr29,572
Dr302,063
Dr23,286
$853,573
$867,417
$5,943,466
$6,564,815
$853,573
879,324
$867,417 =-$5,943,466
823,998
7,034,591
$6,564,815
x$25,751
Dr62
co—.
$43,419 x$l,091,126
782
'385
x$iy8,424
$44,200 x$l,090,740
x$171,214
190,221,791
by
consumers
Gross inc. from oper.
Fixed
.
charges
Net income from oper.
Non-operating income-.
.—195,870,458 190,221,791
——
1,749,661
x$25,813
Balance—city &
10,963,321
Paid-in surplus.
RR.
Terminal
Co.
Total.;
Balance
Central Terminal Co., $5,648,064; subsidiaries in process of liquidation, $1,943.
b For payment of
dividends on preferred stocks of subsidiaries, &c.
c Less reserve of $306,795
in 1938 and $513,411 in 1937.
d For construction of property,
e Repre¬
sented by 783,805 no par shares at a stated value of $25 par share.—-V. 148,
p. 1644.
Illinois
$6,245,529
d Contributions
Reserves..
a
$837,845
Sundry-curr.
expenses
Total
218,708
$7,995,189
1,749,661
105,015
2, 091,995
1, 145,651
dlv.
payable.
Accrued taxes..
Prepaid insur. &
Other def.
debt
payable.
Consumers' dep.
302,807
1,627,496
bond
exp._
2,052,165
Net operating revenue $1,256,662
Taxes
190,775
Operating expenses—
Accrued Interest
258,388
& suppl.
100,450,400
of
subsidiaries..
consol
disc.
Co
4,139,901
subs.
from
not
Mater.
6,520,050
....100 148,400
Period End. Feb. 28— 1939—Month—1938
1939—8 Mos.—1938—
Gross operating revenue- $3,308,828
$3,351,007 $27,088,437 $27,752,113
111. IowaPow.
& notes
receivable
,
of
6 063,300
debt
Funded
51,361,043
2,611,469
h Cash on depos.
stocks
subsidiaries..
51,904,360
hand.
19,595,125
Common stock
Pref.
Cash in banks &
on
19 ,595,125
$
$50 par)
subs,
consol
24.175,000
Serial pref. stk.,
wholly-
owned
24 175,000
Liabilities—
«j|>
Prop, and plantl26,835,745 123,504,132
Cash on dep.with
Inv.
1937
1937
S
■
$46,254,353;
x
Indicates loss
or
7,210
deficit.
Manhattan
Period End.
6,743,239
Division Operations
1939—Month—1938
$620,536
$793*139
Feb. 28—
1939—8 Mos.—1938
Operating expenses.739,535
Indiana Pipe
a
$7,130,251
7,392,943
$118,999
$60,728
$691,595
$262,692
5,037
3,122
3,566
2,156
5,019
3,941
4,055
6,069
41,068
29,573
29,880
35,532
40,384
31,348
29,618
51,519
$132,879
$79,812
$827,648
$415,562
Net operating loss
of jointly oper¬
dividend of 30 cents per share on the capital
on Nov. 15, 1937; 30 cents paid on May 15,
20 cents paid on Dec. 17, 1936.—V. 148, p. 1171.
paid
Industrial Credit
have
$6,371,544
7,063,139
Line Co.—Larger Dividend—
The directors have declared
Rental
stock, par $10, payable May 15 to holders of record April 21. This compares
with 20 cents paid on Nov. 15, last; 30 cents paid on May 14, 1938; 50 cents
Directors
853,867
Gross operating revenue.
1937, and
a
ated lines:
Queensboro Line
Lexington Ave. Line..
—
dividend of
White Plains Rd. Line
Other rent items.
Corp. of New England—Extra Div.—
declared
an
dividend
extra
of
addition
cents per share in
cents per share on the
634
to the regular quarterly dividend of 32
stock, both payable April 1 to holders of record March 6.
Like
amounts were paid in the five preceding quarters, on July 1, 1937, and
in each of the seven preceding quarters.—LY._147, p. 4057.
Bal. of net oper. deficit
-V. 148, p. 1171.
common
Institutional Securities, Ltd.—Stock Dividend—
Like amount
Insurance Co. of North America—New President—•
John
P.
16 elected President of this company to
Piatt was on March
President since 1916, who now becomes Chair¬
Mr. Piatt, formerly Senior Vice-President,
has been ydth the company since 1891.—V. 147, p. 3765.
succeed
man
Benjamin Rush,
of the Board, a new post.
Illinois Terminal RR.
Co.—Earnings—
1938
Calendar Years—
$1,526,419
$2,125,091
589,465
$2,175,061
$1,535,626
Dr352,188
$1,539,039
Dr'283,587
Cr44,876
$830,691
$1,228,565
28,311
27,710
$1,300,327
56,024
$859,002
98,700
$1,256,275
98,682
$1,356,352
98,423
225,000
618,983
300,000
635,538
Net railway operating income..
Other income
Gross income
Rent for leased roads
—
Rent paid to Illinois Iowa
for McKinley Bridge
1,364
1,077
636,022
Cr45.128
Power Co.
—
funded debt..
Miscellaneous deductions
Amort, of discount on
-
Of which, for the year ended
,
companies.
of Canada, Ltd.—Report—-
,
occurred principally in the United
European and other markets as a whole
showing little change.
In the United States markets the consumption was
greater in the last half than in the first half of the year, giving encouraging
evidence of improvement in the industrial situation there.
"Capital expenditures made over recent years for plant, process economies
improved metallurgy and research facilities are definitely the most im¬
portant factor in maintaining the various activities at maximum efficiency.
Funds thus expended in 1938 amounted to $10,750,707, comparable with
$7,924,204 in 1937.
,
"Estimated disbursements for 1939 for all such purposes total approx¬
imately $10,600,000, of which the largest single item, $4,300,000, is allo¬
cated to the company's project in Finland."
Although sales of nickel in all forms decreased from 207,700,943 lbs. In
the peak year of 1937 to 164,378,245 lbs. last year, copper sales advanced
slightly in volume, the figures being 291,880,403 lbs. in 1937 against 292,~
129,727 lbs. in 1938.
Sales of gold, silver and the platinum metals, at
82,086 oz., 2,470,509 oz. and 193,195 oz., respectively, also slightly ex¬
ceeded the comparable figures for 1937.
The total number of employees at the year-end was 17,282, distribute*! as
follows:
Canada, 10,147; Great Britain, 3,490; United States, 2,121; Fin¬
land, 1,457, and other countries, 67.
Common shareholders numbered 81,869 as of Dec. 31,1938, and preferred
"The decrease in nickel consumption
A
\
t
.
„
.
_
664,880
_
,
,
„
shareholders were 9,594.
34,515
15.826
18,389
$88,885
a.|296,706
$274,659
Dec. 31, 1937, $243,472 is applicable to
Combined results of and $53,233 is applicable to RR. and its prede¬
Eredecessor companies operations of Illinois Terminal the new company.
cessor
Co.
States markets, the consumption in
The 30-page
works
Net income
a
Nickel
1938 shows a net profit of $32,399,470 after all charges,
compared with $50,299,624 for 1937 which established an all-time
record for the company.
This decrease is the first sustained over the
previous year's earnings since 1932 when a deficit of $135,345 was reported.
The figure for 1938 compares with a net profit of $22,235,997 earned in
1929, the peak year of the pre-depression period.
Stating that the company's sales "followed the downward trend of world
trade," Robert C. Stanley, President, continues: "It is significant, however,
that sales in 1938, while 21% less than in 1937, were still 31% in excess of
the volume reported for 1929.
■
_
„
(balance)
(balance)
Interest on funded debt.
$5,998,626
3,823,565
506,763
Railway operating income
Hire of equipment
1936
$6,196,308
4,071,216
$1,019,656
Dr232,143
Cr43.179
.
Railway tax accruals
Joint facility rents
bl937
$5,301,961
3,775,542
Railway operating revenues
Railway operating expenses
International
The report for
as
Directors have declared a stock dividend of 214% on the insurance group
shares, class 2, payable May 1 to holders of record March 31.
was paid on Nov. 1, last.—V. 147, p. 2534.
*
sections on the company s various
breakdown of the capital expenditures in 1938
report contains separate
and subsidiaries,
a
planned for the current year, and descriptions of the principal
fields of use for nickel and the other metals produced by the company.
New features in the report are a tabulation showing steady reduction over
the past four years in the number and seriousness of accidents in both
mines and smelters, and a special section devoted to describing "the diversity
and of those
Iowa Southern Utilities Co. of
in its Can¬
include the
of modern nickel products usefully employed by the company
adian mining and metallurgical operations." Applications cited
Period End.
Edison
portable nickel-alkaline storage batteries worn by the miners to
light their cap lamps underground, the nickel alloy steels and cast irons
used for vital parts of the heavy equipment for open pit mining operations
at Frood and the monel impeller shafts, pump rods and valve seats for
pump rods and valve seats for pumps handling corrosive liquids in the
Interest
»
Under such circumstances it is difficult
company's business.
deprec. & depl.
Retirement, insurance &
other
Net
reserves
to
59,896,144 b44,176,488
&
Jones
Profit from
c
Minority
sidiary
Subs.)—Report—
bl937
$117471,743
93,825,379
5,408,043
4,990,723
$2,258,262 $15,853,290 $14,475,949
5,788,406
6,981,797
6,898,949
183,473
421,049
421,049
2,058,211
depletion
1,793,022
1,542,152
interest
1,225,624
825,000
66,342
165,641
41,788
$5,879,958 prf$5266,157 pf$4788.799
Loss for the year
Corp. for comparative purposes as the
incluaed in the consolidated accounts,
b As set forth in the Annual report for the year 1937.
on undistributed profits, 1937 (adjusted)—$190,069;
Frick-Reid
Includes
'
of sub¬
in profits
consolidated.
Supply
accounts of that company are now
260,352
effective Jan. 1,1938.
Provisions for surtax
c
1937, $10,000.
1,933,899
18,951,620
1,933,899
10,933.627
Earned surp.end of yr.$72,259,896 $70,950,662 $59,896,144
Earnings per share on
14,584,025 no par shs.
common stock
$2.09
$3.31
$2.39
$44,094,494
1,933,899
29,156,338
Corp. (&
Interest charges
Provision for Federal income taxes.
a
4,510,326
1,933.899
32,800,880
were
$1,342,930 $14,473,783 $13,247,598
915,332
1,379,507
1,228,351
operations
Total income.
114,525
Preferred dividends
Steel
Laughlin
Previously regular
distributed.—V. 148
March 23.
cents per share
Provision for depreciation
$57,076,544
Common dividends.....
of 43 2^
1938
al937
sales and earnings
$75,410,901 $135273,044
Manufacturing ana producing costs
and operating expenses
63,705,221 107,986,683
Taxes, other than federal inc. taxes.
4,313,110
5,595,213
Selling and administrative expenses._
6,049,640
7,217,365
30,990,016
_
$472,164
Increased—
Calendar Years—
retire¬
system reserve.
$447,394
1,380,656
2,476,742
1,757,379
1,715,218
redemption.
Adjustment for taxes
ment
$55,468
■
Gross
Premium paid on deben.
Transferred
151,021
88,881
326,250
Directors have declared a dividend of 50 cents per share on the common
193,429
4,897,837
5,337,989
7,003,782
$103350133 $110195,767 $81,042,014
Total surplus
150,845
96,491
360,000
$72,600
quarterly dividends
p. 1645.
.$32,399,470 $50,299,624 $36,865,526 $26,086,527
profit
12,576
8,115
30,000
1645.
Provision for
Earned surplus beginning
of year
—:70,950,662
$1,740,551
702,234
$59,060,785 $44,680,258 $32,558,450
7,017,039
—
$1,756,965
702,234
Other income
paid and accrued
Int.
Prov. for
$164,679
58,520
12,561
7,902
30,000
bonds.
72,526
$181,582
58,520
stock, payable April 1 to holders of record
4,602,325
8,446,639
10,350,890
$1,668,025
73.944
Jamaica Public Service Co. Ltd.—Dividend
Years
1937
41936
1935
$70,497,235 $54,383,060 $38,164,101
538,979
305,978
502,608
8,090,916
$1,683,021
3.411
Net income
$50,836,774 $71,036,214 $54,689,038 $38,666,707
1,614,131
1,624,539
1,562,141
1,505,932
franchise taxes
mtge.
—V. 148, p.
Consolidated Income Account for Calendar
^Net operating income.$41,131,727
2,392,105
3,371
Provision for retirements
troublesome period."
Total income
on
2,395,640
$161,268.
$178,211
earnings
Amort. & other deduct's
industrial trends in the North
fluctuations in the world price of
copper and by the exchange value of the pound sterling in terms of the
United States dollar.
Taking these various factors into consideration and
assuming that the probability of war is remote, our business in 1939 should
parallel closely that of the past year. At least it may be said that your com¬
pany is fully prepared In all particulars to continue its progress through this
Adm. & head office exp_
Provision for income and
^
debt
American and in the overseas markets by
I
214,137
Interest on other funded
"The company's earnings are affected by
1938
Earns, of all properties$50,298,299
Other income
538,475
1939—12 Mos.—1938
$4,078,661
$4,060,120
$375,405
203,411
Total net earnings
to forecast the immediate future of your
a
$381,621
taxes
Net operating
Other income
1939
Del.—Earnings—
1939—Month—1938
31—
Operating exp., maint. &
Mr. Stanley concludes the main body of his report with the two following
paragraphs on the outlook for the present year:
"The continuation of the disastrous wars in Spain and China, and the
political crisis which arose in Europe, threatening world war, made the year
under review a most critical period in international relations.
Although
further conflict was averted, international trade was so seriously disrupted
that the future cannot be viewed with the sense of confidence so necessary
conducting a world-wide business.
an.
Gross operating earnings
smelters
In
Mar. 25,
Chronicle
Financial
1810
Note—The foregoing consolidated statement of income does not reflect
corporation's proportion of the increase in equity in subsidiaries not con¬
solidated amounting to $62 in 1938, $41,149 in
1937 as adjusted, and
$451,031 in 1937.
Consolidated Statement of
Surplus
1938
Calendar Years—
$1.65
bl937
al937
Capital Surplus—
After deducting manufacturing, selling expenses, ordinary repairs and
maintenance.' b Including equity in surplus of Whitehead Metal Products
Co. of New York, Inc., $81,995.
a
$30,707,951 $30,391,510 $30,391,510
consolida¬
previously consol.
7,143
316,441
Balance beginning of year
d Capital surplus arising on
tion of sub.
not
Consolidated Balance Sheet Dec. 31
1938
A 8Set ft
x
Property
Liabilities—
$
S
158,350,836 154,617,168
928,691
956,603
Investments
Sec. held against
retire,
12,736,251
27,5-73,766
notes
&
receivable
6,283,541
Government sec.
8,609,041
537,566
454,880
40,422,819
Cash
x
9,946,845
Pref. div. pay..
Retire, sys. res.
483,475
14,108,724
12,753,397
90,160
953,433
1,981,120
305,428
257,732
After
reserve
y
of $56,754,887
res
Cost
of moving, changing
mantling existing plant
Loss
contingent
Ins.,
& other res
Investment Foundation, Ltd.—Accumulated
Dividend—
over
ments
$4,619,635
$4,575,871
$4,42/,153
45,771
88,211
$4,634,959
1,933,156
266,189
546,309
470,610
$4,621,642
1,985.835
$4,465,364
$1,418,695
837,581
Amort, of dt. disc. & exp.
38,727
$1,450,954
803.185
1,90/,786
308,513
400,000
438,030
accounts
Balance
$274,024
$76,575
Balance
1938
§
Utility plant
29,940,162 29,285,039
Investments, &c__ 1,764,979
1,767,715
Special deposits &
sinking funds.._
Bond disc't
pense in
&
76,703
154,540
774,546
816,552
Marketable securs.
rec.
$7
66,615
15,960
479,386
Due from affil. cos.
102,109
4,178
445,336
22,758
Materials and sup¬
plies
Cash
251,868
348,265
402,934
497,236
$
6,180,000
-
—:
_
1937
19,000
480,306
412,597
412,597
2,239,118
33,803,470
2,119,118
32,063,470
2,523,000
1,416,724
2,043,546
2,612,000
1,368,927
2,043,546
2,612,000
1,368,927
2,043,546
Minority interest in capital stock and
surplus of subsidiary consolidated.
948,950
7% cumulative preferred stock
58,713,900
Common stock
57,632,000
Capital surplus
30,715,094
Earned surplus
14,574,661
944,296
58,713,900
57,632,000
30,707,951
20,356,447
58,713,900
57,632,000
30,391,510
19,812,962
year
compensation and pensions
payable.
21,277
115,713
2,564,640
reserves
—
250,024
1.902.201
Total.
a
33,773,154 33,443,731
.
421,316
3,039,870
955,689
344,847
1,678,118
48,281,353
one
Fire insurance
19,000
267,581
2,118,432
859,879
430,616
3,166,913
1,353,789
360,702
compensation and pensions
Funded and long-term debt
61,889
118", 664
862,277
440,069
2,484,561
443,108
603,855
Accident
517,964
llab.
bl937 '
$3,500,000
3,351,106
1,048,535
—
payable within one year
and long-term debt payable
b251,420
89,755
al937
$7,726,201
4,629,323
Funded
20,154
536,263
Represented by 412,000 shares $15 par.
——
Reserve for contingencies
Res.fordeprec'n.. 2,584,049
V. 148, p. 735.
1938
$3,626,090
Federal income taxes
Acciaent
within
within 1 year...
Accrued accounts.
Total
.$227,653,870 $229364,073 $219642,737
Interest.
1,247,800
Other reserves
33,773,154 33,443,731
sub¬
Payrolls
16,450,500
Defd liabilities
a
158,248,396
2,265,967
to
Other.
Dividends payable
Total
720,006
2,964,835
1.451.200
1,247,800
Surplus
720,006
733,522
advances
Accrued liabilities—
$
6,180,000
Due to affil. cos..
Funded debt
16,657,000
curr.
1,916,085
365,000
Liabilities—
2,032,246
Miscell.
2,615,069
365,000
654,583
and
Taxes—Other than Fed. inc. taxes.
113,464
3,545,058
447,560
companies
in
Total
_
1st pref. stock
(no par)
2,032,246
2d pref. stock
Accounts payable.
Funded
debt due
5,360,708
42,638,491
Land, plants, mineral reserves, steam¬
ships, rolling stock, &c
157,442,299 159,086,250
Deferred charges
2,367,629
2,315,628
357.700
par)
10,686,636
47,414,382
sidiaries.—
$190,757
357,700
(no
9,737.053
732,428
Ore
Investments
pref. stock
(no par)
1,451,200
$6.50 1st pref. Btk.
$6
process
acc'ts..
1st
(no par)
of amortization-
Accts. & notes
$7
ex¬
Deferred charges &
prepaid
1938
Common stock..
bl937
$5,163,249
al937
Real estate sales contracts, long-term
31
Liabilities—
a
$5,427,580
42,802,727
Inventories—
Notes payable, banks and trade
Accounts payable, trade
1937
$
A 3SCt3
Dec.
Sheet
334,902
148,320
$9,724,593
200,000
1938
U. S. Government securities, at cost.
Notes and accounts receivable
$525,730
334,973
$207,484
Preferred dividends
Common dividends
"•
Assets—
Cash
Investments in and advances to Asso¬
$559,797
38.844
3,082,480
of that company are now
receivables, and sundry securities..
Investments in other corporations—
$608,926
334.902
,
3,082,480
$14,574,661 $20,356,447 $19,812,962
effective Jan.
$1,389,085
824,166
39.189
$542,387
Dr2,936
7,131
Frick-Reid
339,880
334.902
income...
Dr6,236
573
$1*,574,661 $23,438,927 $22,895,442
—
Includes
ciated
Net
Dr206,515
adjust¬
255,910
350,380
$1,411,034
812,381
38,855
charges
Dr206,515
90,625
49,219
Supply Corp. for comparative purposes as the
included in the consolidated accounts,
1, 1938.
b As set forth in the annual report for the year
1937.
c Being
earnings in excess of dividends for years 1928 to 1936,
inclusive, applicable to shares held,
d $308,785 of $316,441 applicable to
years 1928 to 1936, inclusive.
a
$4,107,447
1,772.192
Interest
surplus
Balance end of year
50,966
286.267
319,429
58,550
interest in
Balance
$4,056,481
15,324
452,639
3*9,429
or
Dividends paid on preferred stock—
1935
445,946
277,876
277,876
Comparative Consolidated Balance Sheets Dec. 31
1936
Maintenance
*
Depreciation reserve
Taxes, lncl. Federal....
cost
of subsidiary consolidated.-
Co.—Earnings—
1937
revenues
of
cost thereof
Minority
Dividend—
1938
Non-oper.
lower
the
to
quoted market prices
reserve against sundry
securities not now required
Excess of principal amount of bonds
acquired or called for redemption
meeting held March 20 declared the regular
quarterly dividend of 75 cents on the cumulative preferred shares, $50 par
value, and a further dividend of $1.25 on account of accumulated arrears
of preferred dividends.
The dividend is payable April 15, to shareholders
of record March 31.
After the current payment the arrears will total $2.75
per share.—V. 147, p. 3765.
Ojperating revenues
100,795
$14,375,694 $23,644,547 $23,104,893
securities
a
Iowa Public Service
___—
retirement of fixed assets
Reduction of
($51,333,725 in 1937) for depreciation and
no par shares.—V. 148, p. 1644.
Interstate Bakeries Corp.—50-Cent Preferred
$14,476,489 $24,271,852 $23,702,198
dis-
Adjustm't of carrying value of certain
70,950,662
253,076,263 254,076,83
Total
on
and
Balance
60,606,500
60,606,500 '
Earned surplus. 72,259,896
Directors have declared a dividend of 50 cents per share on the $5 pref.
stock, payable April 1 to holders of record March 21.
A like amount was
paid on Dec. 22, Oct." I, July 1 and April 1, 1938 and an initial dividend
of $1.25 per share was paid on Dec. 27, 1937.—V. 148, p. 1172.
Calendar Years—
92,296
5,879,958 prf5,266,157 prf4,788,799
--
-
-
Total.
483,475
Represented by 14,584,025
The board of directors at
of
2,016,887
Exchange
253,076,263 254,076,836
depletion,
r
Prov. for taxes.
Loss for year.
5,713,972
12,203,913
Capital surplus.
paid items
$20,356,447 $18,913,399 $18,913,399
subsidiary not previously consolid'd
5.204.948
48,871,396
Ins. & other pre¬
Total
60,766,771
pa^olls...
&
14,106,323
32,141,057
Inventories
Accts.
27,627,825
Common stock 60,766,771
payable
y
$30,391,510
Surplus—
Balance beginning of year—
c Earned surplus arising on consol.
27,627,825
Accts.
system
reserve...'—
Earned
$
%
Pref. 7% cum..
$30,715,094 $30,707,951
Balance end of year..
1937
1938
1937.
b Includes notes payable.—
Includes
$227,653,870 $229364,073 $219642,737
Frick-Reid
Supply
Corp.
for comparative
purposes
as
the
accounts of that company are now incluaed in the consolidated accounts,
effective Jan. 1a 1938.
b As set forth in the annual report for the year
1937.—V. 148, p. 1031.
,
Volume
Financial
148
Iowa Electric Co.—Accumulated Dividends—
Lane Wells
The directors have declared a dividend of 43 % cents per share on account
of accumulations on the 7% cum. class A pref. stock, par $100, and a
dividend of 40H cents per share on the 6H% cum. class B pref. stock,
$100.
Both dividends wil be paid on March 31 to holders of record
arch 15.
Similar payments were made on Deo. 28, Oct. 1, June 30 and
March 31, 1938, ana on Dec. 28, Oct. 20, July 20, April 20 and Jan. 20,
1937; Oct. 10 and July 10 1936.—V. 147, p. 3915.
Calendar Years—•
Electric sales.
1938
1937
1936
.$15,274,430 $15,774,337 $15,073,043
650,569
1,036,299
910,638
371,356
458,802
437,634
68,945
69,706
75,242
___
Gas sales..
Co.—Earnings-
——
Steam sales.
Co.—Listing—
...
Gross operating revenues——
$16,365,300 $17,339,144
Operating expenses and maintenance6,370,654
6,789,782
1,367,940
$16,496,557
6,338,439
1,252,202
Taxes, exclusive of income taxes..1,430,752
Gross income after taxes...
Other income
—
Total gross
income
....
$8,563,894
$9,181,421
$8,905,916
....
Dr59,652
Dr46,953
Dr96.247
$8,504,242
1,386,476
$9,134,468
1,384,924
102,176
69,145
2,249,884
$8,809,669
1,626,513
107,528
l
Interest
—
.
Amortization of disc, and premiums.
Miscellaneous deductions
102,479
65,542
.....
Depreciation.
2,300,634
...
Amortization of limited term invest.
Income taxes.:
Income Account for
Calendar Years (Company Only)1937
1938
Canal revenue.:
Railroad rentals.
Dividends.
Interest
—
*
——— —
$48,356
2,295,028
567,585
126,762,
y335,l52
179,789
—
.
.
...
Coal royalties
.
—
„
1935
$63,757
2,293,980
948,176
90,856
1936
$57,627
2,293,122
795,510
107,056
$45,288
2,293,101
572,430
112,153
128,429
38,059
37,769
$3,552,671
76,627
780,409
383,888
150,619
1,016,728
183,887
59,676
$3,151,401
91,758
292,118
53,291,374
122,461
281,976
$3,434,537
97,526
162,000
63,004
39,585
1,016,791
172,704
x249,865
1,021,682
190,972
x!74,146
1,023,693
179,509
132,000
$900,838
6,850,155
$1,225,576
8,284,605
Dr22,786
$1,500,137
7.946,176
Dr3,668
$1,839,809
11,875,409
Dr 5,7 53
Miscellaneous
Total...——
Canal operation
Taxes
Deprec. and depletion..
Operating expenses
Interest
-..
822,376
$3,808,729
6,242.908
$4,360,143
4,108.466
General expenses.
_—_ .
Net income
Previous surplus.
—
—
—
_
—
—
Sundry accts. adjusted—
Losssustained by di .solu¬
2,214,097
060,831
tion of subsidiaries.
Bed. in stated value of
79",596
.
..
-
Dr2,058,503
invest, in Lehigh Navi¬
Dr4,991,263
gation Coal Co. stock.
Net income—
year.
.
...
Miscellaneous credits..............
Total
.....-$10,049,636
240,000
5,381,250
643,991
Preferred dividends
Common dividends.
Miscellaneous debits....
$4,710,405
1,871,9J6
463,359
$8,466,609
240,000
1,758,750
...
224,952
......
$7,045,760
240,000
2,493,750
205,544
'
Total
Dividends...—.
$4,106,466
Note—In the above Comparisons the years 1936 and 1937 are restated to
conform to groupings followed in income account for the year 1938.
Surplus end of year
$3,784,396
$6,242,908
%
$
.....
.....
-
financ¬
ing expenses.— 2,835,256
1,929,127
1,930,065
1,930,065
$0.63
$0.78
37,620
cos.
,
General Balance Sheet Dec. 31 {Company
2,0l8~59l
1938
$
s
cos—.14,692,792 14,100,392
3,514,458
3,510,846
6,246,735
6,538,910
1,706,619
927,511
Divs. unclaimed—
Affiliated
Cash...
Sundry debtors...
Suspended debt
cos.
510,147
11,753
5,800
31,288
6,960,916
6,517
109,007
673 Deprec. reserves-. 7,486,350
68,411
347,968 Res. for depletion-
,150,701
16,748
Mat'Is &""supplles_
affU. cos..—
77,952
826,612
508,300
28,716
40,057
Int. on fd. debt.
Other investm'ts—
Adv. to affil. cos..
15,918
credit.
Suspended
Ad vs. for expenses
Res. for uncollect.
5,958
accounts
344,367
Res. for taxes..—
1,179,300
x
ac
361,737
413,786
counts...—...
Total—..—92,277,536 92,949,948
83,739
354,271
Matured & accrued.
A stocks of
affiliated
$
debt.....22,814,000 22,948,000
properties-—24,692,994 24,420,257 Audited vouchers
and payrolls
Railroads, canal &
oth. fixed assets. 19,670,379 19,670,041 Accrued taxes
Bone
1937
$
Liabilities—
Funded
673
......
Only)
1937
$
Assets—
Notes receivable--
Accrued accounts.
$0.95
amounting to
$110,365 in 1937 and $33,061 in 1930y $248,854 charged to Lehigh Navi¬
gation Coal Co., Inc., and $86,298 other coal royalties.
Provision for Federal undistributed profits tax included
60,000
60,000
71,960 Pref. stk. div. pay
69,172
848,983 Misc. current iiab.
39.P71
Deprec'n reserve—17,941,741 16,894,808
262,686
2,937,735 Res. for injuries, Ac
256,229
Surplus
2,784,396 6,242,908
......
843,766
_
1,929,127
$0.47
(no par)....
Earned per share
2,012.843
60,000
60,000
pref. stock divs.
Affiliated cos. rec.
$7,946,176
—
Coal lands & min.
Utility plant—...82,551,382 80,407.925 a $6 cum. 1st pref.
stock.
4,015,000
4,015,000
Inventory
1,581,854
1,481.332
Investments
523,958
543,080 b Common stock.24,380,000 24,380,000
Long-term debt..38,000,000 38.000,000
Special deposits...
200,781
Accts. A notes reo. 2,002,663
423.441
l,81l"§48 Consumers' depos. 429,920
Unbilled revenues.
750.000
643,991 Demand notes pay.
Cash
581,571
572,486
1,677,877 "4,143,594 Accounts payable.
Dep. for paym't of
$8,284,605
Profit and loss surplus $7,618,911
Shares of capital stock
1937
$
Liabilities—
Due affiliated
$6,850,155
192,913
—
1938
1938
1937
S
$8,718,202
772,026
$7,428,893
Comparative Balance Sheet Dec. 31
1938
'
578,738
59,442,644
1,158,039
$7,811,824
x
Deferred charges.
_
Federal income tax..
71,530
32,160
936,035
20,006
.
....
Surplus beginning of
Capital stock—32,152,117 32,152,117
7,618,911
Surplus—.—
6,850,155
Total. — --—92,277,536 92,949,948
Represented by. 40,000 no par shares,
no par value.—V. 148, p. 1326.
a
par
Lehigh Coal & Navigation Co,—Earnings—
——
Unamort.
stock,
....
Earnings other utilities.....—
A sscts
the company's application
$1.—V. 148, p. 1031.
The New York Curb Exchange has approved
to list 360,000 shares of common
par
Kansas City Power & Light
1811
Chronicle
525,000
b Represented by
.71,598,252 70.387,217
Total.
shares of
Total—71,598,252 70,387,217
Represented by 1,929,127 no par shares.
x
'
Kansas City Southern
Period End. Feb. 28—
Railway
Railway
$1,010,040
oper. revenues.
Consolidated Income Account {Including Subsidiary Companies)
Ry.—Earnings—
1939—Month—1938
1939—2 Mos.—1938
$1,087,654
692,038
$2,081,951
1,299,017
$2,214,064
1,412,453
Calendar Years—
1938
Gross earnings.—..$19,61^,929
$801,611
204,000
oper. expenses.
637,664
from ry. oper.
$372,376
99,000
$395,616
106,000
$782,933
198,000
Railway oper. incomeEquipment rents (net)..
Joint facility rents (net).
$273,376,
$289,616
50,732
7,421-
$584,933
68,587
17,706
$597,611"
99,695
11,578
Net ry. oper. income.
—V. 148, p. 1172.
$231,365
$231,463
$498,640
1937
1935
1936
.
$20,324,600 $23,720,316 $23,184,559
Oper. exp., inc. prov. for
$486,338
Net
rev.
Railway tax accruals.
workmen's compensa¬
tion and uncollectible
Operating income.
31,283
10,728
;
..
....
......
Taxes.
Stores, Inc.-*— To Pay\2rCentDiv*
Directors have declared a dividend of 12 cents per share on the new $1 par
stock payable April 28 to holders of record April 10. An initial
dividend of 13 cents was paid on this issue on Jan. 28, last.
common
I——
Deprec. and depletion..
.....
Interest
.......
General expenses.
_—_ .
Prov, for Fed'l inc. tax.
Prov. for Fed. undistrib.
.
Preferred Stock Called—
Calendar Years—
1937
1936
1935
$1,999,420
1,418,218
$1,770,969
1,004,913
$1,574,906
$581*203
41,268
$766,056
38,859
$645,881
33,046
$685,827
244,775
$622,471
245.077
$804,916
311,220
$671,003
322,937
$441,052
236,717
30,599
$377,394
236,717
$493,695
$348,066
236,717
$173,736
y30,599
$6.67
$120,677
y30,599
$4.60
1938
Operating revenues-.... $2,064,955
Oper. expenses & taxes..
1,412,174
Net operating income.
Non-operating income.
Gross income-.-
$652,781
.
—
Int. & miscell. deduc'ns.
Net
income.
Preferred
dividends..
-Earnings-
:
Common dividends-
236,717
929.026
25,122
Shares of
com.
.
outst'g—
Earns, per sh. on com..
x
$100 par.
y
Balance
%
Utility plant
12 ,102,534
Dec*
Sheet
$
$4,934,253
1,422,043
870,352
1,446,327
$4,249,711
i;071,242
1,090,385
1,439,273
313,880
197,377
287,380
146,052
37,028
833,670
1,406,146
284,496
X105.715
Cr2,031
Net loss of Lehigh Coal
V
& Nav. Co.Ac subsPrevious surplus.—.— .
$46,815
8,436,444
Pref. stock comm's
157,785
168,304
281,833
and expenses
Investments
301.273
Bond discount and
exp. In process
amortization
Cash
——
Special deposits—
y Cust. accts. and
notes rec., Ac._
Mat'ls & supplles.
1937
$
$
($100 par)
2,522,300
6% cum. prsf. stk.
f$100 par)
1,002,000
Common stock. *
2,294,925
5,600,000
-
Balance, Dec. 31.—- $8,072,301
2.522,300
1,002.600
2,294,925
5,600.000
39,457
Accounts payable.
Accrued taxes
76,694
225,997
20,137
34,472
2,162
1,862
Accrued interest.
386,484
451,845
169,439
178,062
36,882.
193,935
199,275
60,257
59,003
13,357
"
1938
13,178
Deprecia'n res've. 1,464,798
lands,
$
min.
44,429
property
Miscell. reserves..
13,839,515 13,478,985!
Total
81,108
Lane Co.,
common
M"
41,999
Surplus approp—
Profit A loss surp
Total
x
z
—
...—..92,768,623 93^20,799-
the
159,004
208,452
sink, fund res've
Total
51,621
47,880
51,621
8,072,301
8,436,442
92,768,623 93,620,799
Represented by 1,929,127 no par shares, y Includes notes receivable
deferred (net) of $1,611,808.—V, 147, P- 346.
Includes stripping expenses
Loomis-Sayles Mutual Fund, Inc.-^-Dividends—
The directors have declared a dividend of 60 cents per
on
paid on Dec. 23, last; dividends of 25 cents were paid on Oct. 1,
initial dividend of $1.50 was paid on
debt retired
through inc. and
surplus.
Surplus
approp'd
^.13,839,545 13,478,985
dividend of 25 cents per share
P
stock, payable April 1 to holders of record March 24.
;
of $1 was
,
Fund
226,706
Inc.—25-Cent Dividend—
July 1 and on April 1,_1938_, and an
Lpri
Dec. 23.1937.—V. 147, p. 3916.
$
——
81,233
400,442
Par value $75.
y After reserve for uncollectible accounts of $113,047
1938 and $86,533 in 1937.—V. 147, p. 3162.
The directors have declared a
1937
8
.32,123,475 32,960,900
260,625
254,125
—
26,516
x
i
1938
Liabilities—*
Funded debt....
.29*900,309 31,503,589 Mtges. payable
Canal property... 3,736,240
3,737,765 Audited vouchers
and payrolls
1,426,270
1,353,387
Railroad prop'ty..40,874,701 40,891,621
44,581
Water property99,847
3,289,840
3,187,291 Sundry creditors..
1,128,978
691,637
Real estate.......
946,099
943,679 Accrued taxes—
Investments
3,921,391
3,802,646 Matured and ac¬
crued Interest..
616,601
623,316
Cash—
2,435,377
3,005.423
yCustomers' accts, 2,036,133
2,518.048 Compens'n claims
determined
180,163
Coal In storage.— 1,092,047
1,342,981
Mat'ls & supplies764,849
824,870 Deferred and sus¬
401,637
331,762
pended accts.—
Sundry debtors...
433,619
539,752
14,340,565 13.478,895
Working funds...
63,048
61,675 Reserves
45,110
Minority interest.
48,193
Def. A suspended
accounts.——.z2,666,784
1,251,872 x Capital stock...32,152.117 32,152,117
2,402,520
Capital surplus.— 2,202,378
Sink, fund assets.8,219
9,586
Contrib, for ext'ns
Total
$9,626,871 $10,314,804
of certain companies
A market prop.
29,597
1,191,966
Surplus....
$8,436,442
1937
$
Assets—
Coal
con¬
struction
to
$9,320,361 $10,966,268 $11,664,69
578,753
1,160,949
781,11344,022
215,866
580,789
038,857
037,418
012,013
x Provision computed under individual tax returns
included in the consolidation.
14,044
_
Misc. eurr. liablls.
Cust. ad vs. for
$306,510prof$651,464prof$206,946
10,314,804
11,457,747
9,626,871
...
498,717 Customers" depos.
13,281
266,095
$304,634prof$647,245prof$215,380
Cr1,876
Cr4,219
8,434
—...
cum. pref. stk.
Funded debt
459,932
—
Prepaid accts. and
deferred charges
$3.64
1938
x
of
2,345,520
583,263
66,588
2^5,291
.
Total surplus.------- $8,389,629
Dividends paid.
192,928
Sundry adjustments.. —
124,259
Adjustm't for min. intsDrl42
$111,349
x30,599
31
Liabilities—
11,824,311 7%
.
Consolidated Balance Sheet Dec, 31 {Incl. Sub. Cos.)
$256,978
y30,599
$8.40
1937
Assets—
•.
$3,793,433
1,249,397
840,593
1,424,834
286,386
178,665
$3,957,637
1,372,394
$44,784
20,000
$75l
1938
_
$1,019,050
Net loss............
•
Surplus for year.
.
„
$1,974,426
2,345,582
481,445
40,045
92,754
474,601
16,132
57,394
Apport. to min. interests
Lake Superior District Power Co.—
.
.
$836,213
2,345,647
479,445
29,139
102,990
.
profits taxes
Directors On March 22 voted to retire the outstanding 2,424 shares of
$100 7% preferred stock on June 30 at $125 a share.—V. 148, p. 1645.
■
22,165,50
..
Balance
Kaufmann Department
_
21,745,889
Interest--..
Miscellaneous.
.
..
Railroad rental...
Dividends
,
19,488,387
$1,063,807
2,345,703
—-
18,555,122
118,192
accounts
stock, payable April 1 to holders of record
""
*
~
1938; $3 Pi
$1 per share paid
—V. 147, P. 3916.
mon
with $1.25
share on the com¬
This compares
March 15.
Financial
1812
Valley
Lehigh
Issue—See
Trust
Consolidated Balance Sheet Dec. 31
Sells $3,764,000 Equipment
RFC
RR.—V. 148,
RR.—
Chicago
1938
Great Western
$
Liabilities—
equlpm't. 17,620,187 18,398.074
1
1
90,202
Other investments
60,002
517,801
Current assets
731,337
1,710,074
Unadjusted debits 1,920,724
Road
&
Invest, in affil. cos
Subs.)—Earnings—
Lehigh Valley Transit Co. (&
Total oper.
exp.,incl .tax.
1938
1937
*936
1935
$2,142,825
1,826,357
$2,513,639
2,187,096
$2,686,763
2,292,896
$2,504,364
2,067,770
$316,467
119,027
$326,543
131,116
$393,867
142,634
$436,594
$435,495
380,667
8,959
$457,660
434,968
9,690
$536,501
479,042
29,940
$556,472
518,772
19,576
$45,868
Years Ended Dec. 31—
Total gross earnings
-
$13,001
$27,519
$18,123
Pref.
earns,
from oper'n
Gross income
Int.
long-term debt—
on
Other
deductions
Net income.-
1938
$
500
500
debt..
5,242,000
5,992,000
1,015,433
611.220
1.181
1,269
Unadjusted credits 2,226,204
48,632
Prof. & loss surplus
Investments
2,291,767
Wall Products, Inc.-—Stock Offered—A banking
including Fuller, Cruttenden & Co., Chicago, made
public offering March 16 of an issue of 63,800 shares of
common
stock at S3.75 a share.
Underwriters include
W. L. Lyons & Co. of Cincinnati and Stein Bros. & Boyce
%
2,997,350
7,734,625
126,127
173,047
8,308,057
89,012
178.404
Misc. curr. liablis-
11,378
11,761
17,534
3,326,307
3.642,904
with 325.000 shares to be
'3,315,205
3,206,171
Net sales last year amounted to $965,309 with
vision for Federal income taxes of $64,964.
Proceeds from the sale of 8,281 shares included in
payable
of Louisville.
income
229,902
Reserves...
*39,480
330,454
Earned surplus...
132,970
35,752
6,164
38,762
48,523
supplies-
Prepayments
Capitalization consists of 500,000 shares of common stock authorized
outstanding.
net earnings after pro¬
67,982
assets-
Special depositsDeferred charges..
are
materials for walls, ceilings and fixtures.
16,545
40,837
.
*
in Dover, Ohio, and the company is
engaged primarily in the manufacture and sale of protective and decorative
182,181
32,353
5,993
Temp, cash inv—
-
The company's headquarters
Deferred credits to
14,000
16,595
curr.
.20,332,251 20,716,753
Total
Marsh
4,979,687
2,997,350
Long-yerm debt--
598,473
1,063,045
demand)
deposits)
21,696
1784.
p.
Accrd. accounts--
Cash In banks (time
Mat'ls &
8
4,979,687
Accts.
445,287
185,568
Special funds
Misc.
147,
liabilities
group
Liabilities—
Cash In banks (on
Accts. receivable.
20,332,251 20,716,753
Total
-V.
1937
$5 pref. stock
Com. stk.($50 par)
20,238,898 20,681,608
800,819
875,502
chises, &c
for
conversion
Long-term
119,878
1938
1937
$
Assets—
8.298,300
stock
liabil.
Stock
3,500,000
8,298,300
3,500.000
Current liabilities.
Consolidated Balance Sheet Dec. 31
Plant, prop., fran¬
5%
cumulative
Common
$
%
stock,
Deferred
Net
Other income (net)
1937
1938
1937
$
Assets—
1646.
p.
25,1939
Mar.
Chronicle
this offering will accrue
and will be used for additional working capital and other
The remaining shares in the financing represent holdings of
stockholders.—V. 145, p. 946.
to the company
purposes.
-f
22,681,200 23,429,892)
Total
—"V. 147, p.
Massachusetts Utilities Associates—Hearing on
22,081,260 23,429,892
Total...
2690.
A
(The) Lincoln Telephone & Telegraph Co.—Earnings
1938
1937
;
$2,678,625
$2,752,512
$2,715,420
—
12,310
10
13,762
J_9,577
$2,666,315
$2,738,750
$2,695,843
Maintenance
527,647
530,440
Depreciation...
410,228
404,712
291,412
208,033
216,868
532,880
410,300
423,826
306,715
217,269
206,432
403,822
403,318
296,199
231,286
234,855
$641,328
109,290
$595,923
54,729
Operating revenues
Uncollectible oper. revenues
operating revenues
Traffic
Commercial
General and miscellaneous
Taxes..
$607,415
Net operating income
78.691
Other income
$460,541
Miscellaneous deductions from income
Fixed charges
Federal income tax
provision
$750,618
8,834
163,126
67,743
$510,916
Dividends paid or provided for
weeks
of
Corporation on March 20 reported sales of $2,065,697 for the four
ended March 11, as compared with sales of $1,928,473 for the like period
1938, an increase of 7.12%.
Sales for the 12 weeks ended March 11 were
$6,963,315 as against last year's sales of $6,578,208, a gain of 5.85%.—
V. 148, p. 1329.
Balance Sheet
•
Dec
$823,901
620,532
65,794
$894,430
553,164
59,458
1938—12 Mons.—i 937
$9,121,633
$8,737,885
5,819,041
5,511,910
746,679
722,501
$137,575
6,877
$281,808
$2,555,913
682
48,319
$144,452
61,448
3,019
$282,490
61,448
3,057
$2,604,232
$2,541,219
737,375
39,283
737,375
39,031
$217,985
stocks for the
$1,827,574
$1,764,813
1938—Month—1937
31—
Operating revenues
Oper. exps., incl. taxes—
Prop, retire, res. approp.
444,002
$686,106
8,051
162,066
1.776
158,833
Net oper. revenues
462.223
Dec..31,1938
Gross income
Interest
property, rights, franchises, &c.. $12,957,970; investments
In other telephone companies and miscellaneous investments, $1,272,761;
cash, $481,853; accounts receivable, $193,838; material and supply inven¬
tories, $386,956: officers, employees and other accounts and notes re¬
ceivable, $148,200; deferred charges and prepaid expenses. $310,403; total,
$79,985
Net income
Dividends applicable to preferred
on
1939—Month—1938
\
-
1938
1937
$5,460,646
3,238,027
$5,686,736
3.284,032
370,668
$5,723,867
3,350,352
Calendar Years—
Operating revenue
Operating expenses
Depreciation
T
712,875
15,789
759,764
485,196
12,165
731,037
$1,142,664
$1,256,4^2
$1,145,118
$1,023,290
41,109
17,369
13,097
25,489
13,097
23,976
13,107
$1,101,554
47
$1,226,016
15,861
$1,106,532
11,169
$986,206
5,680
Jl,101,602
367,080
—
—
Operating
revenue.-
Merchandise jobbing and
contract work (loss) —
Operating revenues
Oper. exps., incl. taxes...
Property retirement re¬
serve appropriations..
$591,302
374,668
$578,341
381,659
61,500
59,000
713,000
Operating Income
Non-oper. income
Net oper. revenues...
$155,134
435
$137,682
1,574
$1,885,300
on
$155,569
$139,256
72,963
4,536
$1,904,437
875,532
59,294
Cr8,881
$2,046,391
875,591
55,810
$978,492
$1,114,990
on
int
Gross income.
Interest on mtge. bonds.
Other int. & deductions.
Int. charged to construe.
72,960
4,513
i__
Net income
$78,096
$61,757
Dividends applicable to preferred stock for the
period, whether paid or unpaid—
19,137
-
•
356,532
356,532
$758,458
Other, oper. revenues.
*
v
vwi
vpui ,
Operating
Net
x CTOUWCD-
expenses.
rev.
from oper
xl936
1935
$3,220,268
57,768
$3,309,592
85,420
$3,076,164
$3,173,066
2,297,762
$3,278,036
$3,395,012
2,301,180
$3,146,228
2,192,359
2,321,739
$956,297
70,065
388.800
378,100
$1,093,832
379,930
$486,504
$713,902
13,519
$634,869
36,462
$578,197
38,990
$522,966
290,024
Taxes
$475,145
$351,934
1937
$
$
A ssets—
$617,187
315,620
$727,421
349,665
$665,656
441,750
4,648
7,419
15,921
$953,869
319,000
Cash
1 ,868,777
....
1,573,999
Common
stock
221
Pay. to assoc. cos.
subject to refund
Accrued liabilities.
130,183
75
378,844
507,197
Total
p.
Contrib.
8,766
6,205
1,043,624
500,000
166,000
in
Amort, of disc,
debt
Miscellaneous
on
Directors
on
Surplus
Includes Kentucky Carriers, Inc.
— —
104,994
104,831
5,098,626
646,618
641,259
31,489,634 31,634,697
Total
1882.
March 13 declared
a
Dividend—
dividend of $1 per share on the common
March 31.
A simLar amount
Dec. 1, 1937, this latter
paid on Dec. 15 and March 15, 1938. and on
being the initial distribution on the issue.
was
Earnings for the Year Ended
Operating
Operating
Dec. 31, 1938
revenues
expenses
and taxes
Net operating income.
on
_.
—
.<L
long term debt.
General interest
$638,114
528,911
$109,202
55.769
1,618
30.787
"
4", 190
$361,836
1,015
416,820
5,166,280
construction
stock, payable April 15 to holders of record
$51,816
50,487
Common dividends
Balance Sheet Dec. 31, 1938
fund.
debits
$294,148
x
...
aid of
Reserves
31,489,634 31,634,697
146,
1,497
500,000
secur.
Treasury securities
-V.
369,264
credits..
Deferred
993,781
.....
accounts
Reacquired
26,288
Miscellaneous-
Depos. for ext'ns,
assoc.
companies
Suspense
258,055
87,803
25,025
Consumers'depos.
1,392
136,944
71,566
133.445
Accounts payable.
946,218
2,210
$
9,000,000
2,000,000
9,000,000
Long-term debt-..13,834,000 14,000,000
12,875
784,452
funds._.
1937
$
Preferred stock.2,000,000
Accts. receivable..
Working
2,676
1938
Liabilities—
plant
Net income
Interest
2,854
31
•
26 ,804,276 26,887,231
Inv. lnfundacct—
4,001
4,002
Utility
Interest
Net oper. income
Non-oper. income
$598,994
Missouri Gas & Electric Service Co.—$1
xl937
$3,116,046
57,020
$875,304
34,393
Balance Sheet Dec.
Prepayments
Ry.—Earnings—-
Revenue from transp
34,393
2,725
1938
Materials & suppl's
Mahoning Coal RR.—$4 Common Dividend—
xl938
34,393
2,070
count and expense
Miscell. deductions..
Rents receivable.-.
The directors have declared a dividend of $4 per share on the common
stock. Par $50, payable April 1 to holders of record March 24.
Dividend
of $10 was paid on Dec. 29, last; regular quarterly dividend of $4 per share
Was paid on Oct. 1 last; a dividend of $15 was
paid on Dec. 29, 1937; divi¬
dends of $7.50 were paid on Oct. 1, July 1 and on April 1, 1937; $13 was
paid on Dec. 23, 1936, and $6.25 was paid on Nov. 2, 1936, and in each
quarter previously.—V. 147, p 3917.
Louisville
600,030
Special deposits...
1647;
Calendar Years—
$991,887
600,030
5,408
Amortization of debt dis¬
Rec'le from
148, p.
$1,117,702
600,030
6,391
Notes receivable..
$621,960
Balance
$1,241,878
600,030
8,095
2,804
34,393
6,544
-
long-term debt—
$2,024,441
21,950
Other income (net)
53,145
839,292
'
$449,735
Int.
685,000
—V.
—
Mis cell, rent expense
Taxes assumed
1939—12 Mos—1938
$7,147,613
$7,727,600
4,549,313
5,018,159
$5,636,969
3.235,506
485,736
*
Miscellaneous interest—
Period End. Feb. 28—
1935
1936
Taxes
Louisiana Power & Light Co.—Earnings—•
3941876
$1,369,937
Milwaukee Gas Light Co. —Earnings-
March
$60,000 a year in consumers' bills.
The rates, members of the Commission agreed, appeared to embody
a more equitable method of assessing demand charges, even though some
bills would be increased under the revised set-up.
Although the Commis¬
sion closed the hearings, it announced that consumers would have one week
in which to submit any further arguments against the new rates.—V. 148,
P. 1647.
„
37,745
$1,432,698
Balance
Uncollectible bills
16 filed with the New York Public Service
Commission a schedule of electric rates, revising existing demand charges.
The new rates, according to James C, Carpenter, a Vice-President of the
company, who testified at a public hearing, will mean a reduction of about
company
•
—V. 148, p. 1648.
class A
Long Island Lighting Co.—To Revise Rates—
$2,503,474
394,876
period, whether paid or unpaid
$15,751,981.
Liabilities—6%
cumulative preferred stock ($100 par), $5,709,700;
common stock (28,479 no par shs.), $949,300; class B common stock
(63,074 no par shares), $1,051,233; funded debt, $3,500,000; demand
notes, payable to trustee of pension fund, $517,300; accounts payable,
$201,905; advance billing and payments. $87,991; accrued taxes, interest,
&c., $180,435: depreciation reserve, $3,106,353; suspense, $16,404; con¬
tingent reserves, $79,155; surplus, $352,204; total, $15,751,981.—V. 146,
p. 3958.
ntge. bonds.
on
Other int. & deductions.
Asscfs-Qpian^t,
This
Earnings—
Memphis Power & Light Co.
Period End
$490,042
462,032
1648.
Corp.—Sales—
Melville Shoe
Other income (net)
Net income
31, 1939, in the SEC's Washington
from Electric Associates, Inc.—V. 148, p.
that company
$650,652
55,449
income
Total
hearing has been set for March
on the application of company for approval of the acquisition from
New England Gas & Electric Association of all the outstanding capital stock
of Middlesex County Electric Co. and all the open account indebtedness of
offices
1936
Year Ended I ec. 31—
Net
Acqui-
sition
$219,716
Assets—Utility plant, $2,795,980; property not used or useful (at esti¬
value), $43,675; investments and other assets, $5,786; cash,
$102,529; special deposits for payment of bond interest, $6,083; accounts
and notes receivable
(net), $105,354; material and supplies, $25,183;
prepayments, $992; deferred charges, $4,659; total, $3,090,241.
mated salvage
Volume
Financial
148
122 shares
Liabilities—Common stock, 25,375 (no par) shares (including
plan of reorganization), |873,042; long-term debt $1,390,payable, $52,667; customers' deposits, $28,690; accrued
taxes, $29,116; accrued interest, $22,533; other current liabilities
$2,222;
reserve for depreciation,
$622,033; contributions in aid of construction,
$2,773; earned surplus. $66,595; total, $3,090,241 —V. 147, p. 3314.
to be issued under
570;
accounts
Mississippi Power &s Light Co.—Earnings—
Period End. Feb. 28—
-
1939—12 Mos.—1938
1939—Month—1938
726,667
$1,635,040
$1,510,069
$172,473
$161,170
Net oper. revenues—
for lease of plant
$7,054,768
4,791,495
628,233
$7,336,800
5,100,064
$666,671
434,198
60.000
$675,688
451,185
63,333
Operating revenues
Oper. exps., incl. taxes._
Prop, retire, res. approp.
Rent
1,833
(net)
$161,170
$172,473
$1,510,069
$1,633,207
72
81
1,736
1,945
$161,242
$172,554
Gross income
Int.
68,142
6,023
$1,511,805
817,700
77,121
$616,984
$735,153
403,608
403,608
mtge. bonds
Other int.
deducts
on
$86,887
$98,389
Dividends applicable to preferred stock for the
Net income
x
period, whether paid or unpaid
817,700
82,299
$331,545
x Dividends
accumulated and unpaid to Feb. 28, 1939, amounted to
$655,863.
Latest dividend, amounting to $1.50 a share on $6 preferred
stock, was paid on Feb. 1, 1939.
Dividends on this stock are cumulative.
$213,376
Balance
—V. 148, P. 1649.
During the year the Interstate Commerce Commission approved com¬
pany's application for a loan from the Reconstruction Finance Corporation
of $2,824,000, for a period not exceeding three years, /thefirst instalment
of which, $1,772,000, was received on Dec. 30, 1938/ /The balance was
received on Dec. 30, 1938.
The balance was received duiqngtjbe months
February, 1939.
Interest at the rate of 4%~per annum is
being accrued on this loan.
Totai operating revenues decreased 13.27% for the year, $4,262,585 less
than in 1937.
Operating expenses decreased 7.06%, $1,703,119 less than
in 1937.
'
Freight revenues for 1938 were 14.53%, $3,888,473 less than in 1937.
The general decline in business which started in the latter part of 1937
continued throughout 1938, resulting in substantially less movement of
most manufactured commodities, particularly iron and steel articles, auto¬
mobiles, and other products of heavy-goods industries.
Low market price
levels for wheat and cotton forced substantial quantities of both commodities
of January and
„
_
interior points under Government loans, which reduced the
transportation movement.
The movement of live stock declined because
of depleted supply and unfavorable marketing conditions.
Prevailing mild
weather during winter months adversely affected the movement of coal
and other fuel.
Oil tonnage, both crude and refined, was substantially less
than in 1937, due to general business conditions.
The oil movement was
further retarded by expanded trading of gasoline by major oil companies
at market centers.
The Illinois oil field came into greater production dur¬
ing the year, which added to the difficulty of the Mid-Continent (Okla¬
homa) Texas and other refiners of marketing their product in Illinois and
east of the Illinois-Indiana State line.
Passenger revenues for 1938 were 9.16%, $219,043, less than in 1937.
Mail and express revenues were 5.24%, $98,797, less than in 1937.
While operating revenues decreased 13.27%
and operating expenses
decreased 7.06% as compared with 1937, taxes increased 0.73%.
Total
taxes for
1938 were $2,396,314, of which $428,099 represents Federal
and State Unemployment Compensation taxes, and $382,216 pension taxes,
the aggregate of these two being 33.82% of total taxes.
Out of each $100
of revenue received during the year, $8.60 was paid out in taxes, compared
with $7.40 in 1937.
into storage at
,
1935
1938
Average mileage oper
Operating Revenues—
Total oper.
3,293.91
,
$22,873,854 $26,762,327 $26,017,454
2,172,168
2,391,212
2,446,813
2,811,708
2,966,777
2,843,332
$22,505,683
1,960,451
2.956,220
revenues..$27.857.730 $32,120,316 $31,307,599
$27,422,354
Operating Expenses—•
•
1\/Ta J nt
Traffic expenses
n
Transportation expenses
3 ,959,432
A
4 ,509,124
1 .322,913
11 ,041,361
"4,150,369
5,134,758
1,477,580
11,634,387
202.780
Maint. VI way Uw struc..
of *' Ob J & OUX UvH
r\f onni nmonf
Maint. of equipment....
AVJLCb jLAJ-ls
213,313
1,496,693
Miscell. operating
General expenses.!
Prop, retire. & depletion
reserve appropriations
I ,368,371
133,996
149,853
1,547,354
1,632,767
$707,911
Dr7,553
$545,012
Dr542
$5,286,991
Dr47,222
$6,293,512
Dr7,567
$700,358
159,484
44,125
34,277
$544,470
161,014
44,125
33,645
$5,239,769
$6,285,945
1,940,902
529,495
Cr33,044
Cr302,907
Cr272,091
$338,730
$2,670,322
$3,661,230
applicable to preferred stock for the
period, whether paid or unpaid.
957,504
957,423
$1,712,818
$2,703,807
Net oper. revenues...
Other income (net)
Gross income.
Int.
on
Interest
mtge. bonds....
on debentures._
Other int. & deductions.
Int. chgd. to construct'n
Net
income-...--;..
$462,472
1,926,073
529,495
416,786
426,409
Dividends
Balance..
—V. 148, p. 1649.
Montreal Light Heat & Power Consolidated—Offers
Exchange for Debentures—Offer Expires March 31—
Holders of
3% convertible debentures, which mature on
July 1, next, are
being offered the right to subscribe to $15,000,000 of 10-year 3% note cer¬
time within five years into present
m shares for each $50 principal
amount.
The right to subscribe, according to a letter mailed to debenture
holders, expires on March 31, and the right is reserved to terminate the offer
without notice at any time prior to that date in the event the issue is fully
tificates convertible by the holder at any
shares of the company on the basis of
The proposal is along the lines indicated in the application made to and
approved by the Provincial Electricity Board. The new securities are dated
July 1, 1939, and mature July 1,1949. They are payable as to principal and
interest in Canadian funds as is the case with the maturing debentures.
Since the old debentures were issued the amount outstanding has been
reduced through retirement by the company until at the end of
there were $21,696,300 to be redeemed.
In order to provide the
last year
necessary
created $20,000,000 of con¬
vertible note certificates. The balance needed to complete the deal, namely,
$1,696,300, will be provided in cash out of the company's own treasury.
The new note certificates are divided into two series: a $5,000,000 five-
funds for the redemption Montreal Power has
maturity carrying an interest rate of 2%% and a $15,000,000 10 year
maturity with a 3 % return. Both series carry the same conversion privilege.
The company has arranged to exchange en bloc the smaller issue for an equal
amount of debentures, while the latter issue is being offered debenture
year
holders.
Under the terms of the offering debenture holders may subscribe for the
new note certificates in two ways.
They may exchange their present hold¬
ings for the new securities par for par, with interest due on July 1 next
on the debentures accepted for exchange paid at the time of issue of the new
note certificates, which will be on or about April 15. Further they may sub¬
scribe for additional note certificates at par in cash.
In the case of a cash
subscription payment for a $50 note certificate would be $50 less interest
for prepayment at the rate of 3% per annum from April 1 to July 1. or
$49.62M »et.
to the
3,765-629
5,101,705
1,388,702
10.702,055
211,745
1,491,865
3,830,845
4,827,755
1,331,996
9.965,854
Thus the subscription of the debenture
holdings.—V. 148, p. 1649.
holder is not limited
extent of present
Morristown & Erie RR.—Tenders—
National Iron Bank of Morristown, Morristown, N.J., will until
bids for the sale to it of sufficient first mortgage
6% 10-year coupon bonds due Sept. 1, 1943 to exhaust the sum of $5,451
at prices not esceeding 105 and accrued interest.—V. 147, p. 1495.
The
3 p. m., April 21 receive
Motor Products
Corp.—New Director—
E. T. Ashman, Treasurer of this corporation, was elected a
vacancy.—V. 147, p. 3314.
a
director to fill
Murray Corp. of America—To Change Meeting Date'—
i8 will consider amending
Companies)
Calendar Years (Incl. Controlled
193/T
1936
3,293.91
3,293.91
3,293^.91
Consolidated Incorrie Account for
(& Subs.)—Earnings—
subscribed.
RR.—Annual Report—
Missouri-Kansas-Texas
Matthew 8. Sloan, President, says in part;
Freight
Passenger..
_•
Mail, express, &c_.
Montana Power Co.
Period End. Jan. 31—
1939—Month—1938
193&—12 Mos.—1938
Operating revenues
$1,477,982
$1,264,111 $13,290,564 $15,404,348
Oper. exps., incl. taxes.
636.075
569,246
6,456,219
7.478,069
$1,635,152
68,142
6.213
Operating income
Other income (net)
1813
Chronicle
Stockholders at their annual meeting on April
shall be
the bylaws so as to provide that the annual meeting of stockholders
held on the third Tuesday in December instead of the third Tuesday
in
April.—Y. 147, p. 3165.
Corp.—Dividend—
National Bond & Share
Directors have declared a dividend of 15 cents per
share on the
capital
stock, payable April 15 to holders of record March 31.
Like amount was
paid on Jan. 16 iast; a special dividend of 10 cents per share was paid on
Dec. 21 last, and a dividend of 15 cent3 was paid on Oct. 15 last, this latter
being the initial dividend on the larger amount
of stock now
outstanding.
—V. 148, p. 589.
National Casket Co.,
185,764
1,374,434
The
directors
have
declared
Inc.—Dividend Reduced—
a
dividend of 75 cents per Share on
the
stock, no par value, payable May 15 to holders of record May 1.
A dividend of $1 was paid on Nov. 15 last; $1.50 was paid on May 15, 1938;
one of $2 was paid on Nov. 15. 1937, and previously regular semi-annual
dividends of $1.50 per share were distributed,—Y. 147, p. 1934.
common
Net oper. revenue.
Taxes, rents, &c
.
.
22,403,981
24,107,100
22,661,701
21,516,648
5,453.749
4,333,579
8,013.216
5,050,518
8,645,898
4,322,658
5,905,706
3,984,863
1,120,170
2,962,698
381,858
4,323,240
1,920,843
510,749
593,476
$1,120,170
4,969,336
$3,344,556
4.970,033
$4,833,989
4,972,198
$2,514,319
4,963,397
$3,849,166
Total oper. expenses..
'$1,625,477
$138,209
$2,449,078
National
Net ry. oper. income.
Other income
...
Gross income
...
Int. & other inc. charges
Balance, deficit
Dairy
Products
Calendar Years—
Corp.
(& Subs.)—Report
1937
1938
-
$
$
Net sales (excluding
Cost of
334,355,270 351,015,644
inter-company sales)
...228,585,145 245,794,742
52,820,112 53,483,134
24,191,237 24,911,893
12,858,120
12,571,879
products
Delivery expense
Selling expense
Administrative and general expenses
Consolidated Balance Sheet Dec. 31
'
■
.
^4. sscts
1938
1938
1937
§
****
Preferred stock- 66,687,592
3,203,082
3,206,478
2,031,552
2,091,895
134,404
129,779
2,641,637
383,358
316,452
Funded debt. —111,942,746
Curr. liabilities.
5,221,514
110,420,746
5,142,229
17,803,944
16,054,384
121,459
113,531
Misc. phy. prop.
Invest,
in
Other investm'ts
Mat'l & supplies
2,140,290
4,350,013
2,467,116
Other curr. assets
2,976,842
2,377,254
....
Deferred
&
32,880
35,226
Interest on funded debt
conversion
Govt,
grants
Deferred
assets
&
unadjusted
503,877
244,465
debits
liabils.
unadjusted
Add'ns
erty
to
prop¬
through
inc. & surplus
Profit and
loss.def5,849,995 def 1,835,215
*
Provision for Federal income taxes
...—
stock of sub. held by
Minority interest in earnings
Dividends on preferred
2,452,888
public
152,994
58,556
184,589
2,083,100
120,750
20,414
disposition of capital assets.
Miscellaneous charges
"
credits
15,350,410
2,602,000
120,750
Other interest
Net loss on
in
aid of constr.
1,126,414
17,064,752
2,335,199
176,240
Total income
66,672,748
Stk. liability for
affil.
companies
Cash
66,672,748
Common stock
14,223,996
1,164,097
Other income.
66,685,246
248,478,934
x
15,900,655
Operating income
1937
$
liabilities—
^
Road &' equip..249.<)43,973
6,800
126,724
357,065
11,326.360 10,290,732
Earns, per sh. on 6,263,880 com. shs. (no par)
$1.69
$1.53
Notes—Depreciation included in the above accounts for 1938 aggregated
Net profit
x_...
$10,557,281 and for 1937 aggregated $10,383,871.
Repairs and
maintenance (including replacements of milk
1938 and $10,570,586 for 1937.
'
bottles)
amounted to $9,732,303 for
263,016,246 263,605,349
Total
x
Total
263,016^
263,605,349
At
a
meeting held
Feb.
Earned surplus at. beginning
Corp.—Interest Payment—
17,
1939 the board of directors declared the
4M % of the principal of the series A bonds; 3K% of
princi pal of the series B bonds.
1, 1939 the accumulated unpaid interest on the series A and
series B income bonds will amount to 25H% and 20%, respectively.—V.«
1956, equivalent to;
the
On April
Total
paid
on common
Earned surplus at end
147, p. 3314.
debentures
^
2,098
$44,717,298 $40,335,049
of year
Capital Surplus
1938
RR.—Earnings—
February—
Gross from railway
Net from railwayNet after rents
1939
1938
1937
1936
$122,031
30,870
43,576
S105.C92
30,040
$169,069
54,376
52,542
$167,604
65,556
67,201
237,324
54,834
332,961
113,806
76,015
107,392
344,963
138,708
136,064
18,233
,
From Jan. 1—
Gross from railway.
Net from railway..
Net after rents
1034.
248,087
65,944
89,303
^
Dr8,021
.$51,663,507 $48,532,308
690,963
690,963
6.255,247
t ,506,296
stocks
stock
Consolidated Statements of
—V. 148, p.
through
surplus
Dividends paid on preferred
Dividends
1937
.$40,335,049 $38,249,598
11,326,360 10,290,731
of year
above)
Discount on retirement of
operation of purchase fund
Net profit (as
following amounts of interest to be payable April 1, 1939 to the registered
holders on the first mortgage income bonds, series A and B, due Oct. 1,
Montour
Surplus
1938
Represented by 808.939 no par shares.—-V. 148, p. 1330.
Mobile Gas Service
Consolidated Statements of Earned
Capital surplus at beginning of year
Excess of consideration received upon exercise of
warrants attached to 3% % debentures due 1951
over stated vaiue of com. stock issued therefor..
Total
Goodwill purchased during year,
-
written off.
Capital surplus at end of year...
1937
$4,308,304
$4,412,845
$4,308,304
$4,414,545
1.700
10,583
106,241
$4,297,721
$4,308,304
1938
$
Liabilities—
1,400,000
16,630,030 Accts. pay. lncl.
sundry accr'ls 15,990,615
25,14b, 772
3,094,404
3,358,552 Res. for Fed.tax.
18,700,984
Curr. bank loans
134,634
Oth. notes pay'le
to banks
Notes <fc accts.
17 ,050,732
receivable
Inventories
27 ,564,368
Miscell. supplies
Cash surr. value
2 ,953,337
Long-term
ol life lnsur'ce
347,717
,953,829
6,289,949
Cash
on
purch.
fd.
2,559,740
2,100,000
3,500.000
58,775,500
...
60,539,000
Z%% debs, due
1951
dep. in
Mln.stkhlds.'int
for
920,013
914,449
2,762,233
5,733,900
mach. &equlpl05 ,677,328 108,404,704
4,137,000
c Common stock 51,337,430
Pre pd. taxes, Ins.,
877,916
971,104 Capital surplus
4,297,721
Interest, <fce._
Goodwill
22 391,853
22,391,854 Earned surplus
44,717,297
In sub. cos
retire.of d%%
b
Land,
333
Res. for contlng.
bldgs.,
5,733,900
4,137,000
51,337,430
4,308,304
-
40,335,048
.
199,724,676 202,806,633'
Total
a
After
reserve
..199,724,676 202,806,633
Total
b After depreciation reserves of $57,524,455 in 1938
1937.
c Represented
by 6,263,880 no par shares.
National Fuel Gas Co. (&
Corp.—Debentures Sold—
An issue of $22,500,000 10-year convertible 3 lA% debentures
was offered
to the public March 21 by a group of under¬
writers headed by Glore, Forgan & Co., and Harriiuan
Ripley & Co., Inc.
The debentures, which were priced at
100K, were oversubscribed the day of offering.
Others of
the offering group are Blyth & Co., Inc., Hayden, Stone &
Co., The First Boston Corp., Mellon Securities Corp.,
Goldman, Sachs & Co., Kidder, Peabody & Co., W. C.
Langley & Co., and Stone & Webster and Blodget, Inc.
19378
1937
1936
1935
Exp., taxes & gas purch. 10,456,777
Reserve for depr., depl.,
amort., p. & I. adjust.
1,187,876
1,334,959
1,257,107
1,431,136
$3,179,213
$3,660,299
3,810,183
3,810.183
3,810,183
3,810,183
$4,543,185
3,810,183
$0.83
$0.96
$3,811,636
4,762,728
3,810,183
$1.00
Netprofit..
Dividends paid
...
Shs.com.stk.out.(nopar)
Earnings per share
3,810,183
$1.19
Consolidated Balance Sheet Dec. 31
1938
1937
$
$
Assets—
Fixed
1938
Liabilities—
3,003,411
2,792,036
5,189,306
1,866,332
12,051
35
Int. & rents accr..
74,177
47,453
Mat*Is & supplies.
1,468,708
Int. & taxes pay..
5,446,320
1,753,399
856,056
502,545
663,808
1,496,329
Cash
Time deposits
Notes receivable.
_
Other assets
114,981
3,8,891
699,731
539p
Res. casualty liab.
Res.
for
618
113,027
112,983
deplet.,
deprec. & amort.22,190,691 22,292,454
on cap. stk.
360,120
360,120
Cap. acct. & sur._68,468,882 69,085,527
Prem.
256,481
Total
94,144.139 94,948,812
Total
952,546
Deferred credits..
115,565
Prep'd & def .debits
$
952,546
573,305
907,450
Consumers dep
3,933,977
2,436,356
Accts. receivable.-
1937
$
Dividends payable
Accounts payable.
79,244,240 79,462,894
capital
Securities owned--
"
.
250.000
2,250,000
—
$14,823,866 $15,887,288 $17,094,745 $15,750,559
10,892,029
11,294,453
10,507,787
Total earnings
Coupon debs, in denom. of
$1,000, registerable as to principal only
Erin, and int. payable at office of
Chase National Bank, New \ork, or successor as fiscal agent.
Interest
payable M. & S.
New York Trust Co., New York, N. Y., trustee and
registrar.
Certain Penn., Maryland, Conn, and Mass. taxes refundable
upon proper application.
Red. at any time as a whole or at any time and
from time to time in amounts of not less than $100,000 at the election of the
company or by operation of the sinking funds, on at least 30 days
published
notice prior to March 1, 1941 at 103%; thereafter and prior to March 1,
1943 at 102M%: thereafter and prior to March 1, 1945 at 102%; thereafter
and prior to March 1, 1947 at 101 Y% %; thereafter and prior to March 1,1948
at 101% and thereafter up to maturity at
100%; in every case with accrued
interest.
250,000
250,000
Subs.)—Earnings—
1938
Years—
Calendar
x939; due March 1, 1949.
i,
250,000
250,000
(National Fuel ownership only—Minority interests omitted)
National Distillers Products
Dated March
1,000.000
750,000
750,000
750,000
750,000
500,000
500,000
500.000
_
for doubtful notes and accounts of $1,921,054 in 1938 and
$2,032,925 in 1937.
and $58,957,005 in
—V. 148, p. 1035.
$4,000,000
4,000,000
2.500,000
2.000,000
1,000.000
_____
__
2,635,412
CI. A pref. stock
CI. B pref. stock
195
debs, due 1951
Various factors indicate, however, tha*
purchase, are as follows:
Glore, Forgan & Co., New York
Harriman Ripley & Co., Inc., New York
Blyth & Co., inc.. New York.
Hayden, Stone. & Co., New York.
The First Boston Corp.,"New York
Mellon Securities Corp., Pittsburgh
Goldman, Sachs & Co., New York
Kidder, Peabody & Co., New York
W. C. Langley & Co., New York__
Stone & Webster and Blodget, Inc., New York..
Blair & Co., Inc., New York
H. M. Byllesby & Co., Inc., Chicago
Emanuel & Co., New York
Alex. Brown & Sons, Baltimore
Eastman, Dillon & Co., New York
Laird, Bissell & Meeds, Wilmington, Dei
G. M .-P. Murph y & Co., New York
G. H. Walker & Co., New York
Kuhn, Loeb & Co., New York
—V. 148. p. 1331.
bank
loans-_
332,325
Invests. & aclvs.
1939
Underwriters—The names of the principal underwriters and the
principal amount of the debentures which each has severally agreed to
1,400,000
6,699,800
19,146,376
66,829
Mktle. securities
a
8
4,464,125
16 ,840,571
Cash
25,
additional cash may be needed in the current operations of the company
1937
$
1937
$
funds of the company.
general
Consolidated Balance Sheet Dec. 31
1938
Assets—
Mar.
Chronicle
Financial
1814
94,144,139 94,948,812
_o
—V. 146, p. 2053.
Convertible, unless previously redeemed, at option of holder into shares of
common stock of the
company, as follows:
as to debentures constituting
part of the first $7,500,000 surrendered for conversion, at $35 per share;
as to debentures
constituting part of the next $7,500,000 surrendered for
conversion, at $40 per share; and as to debentures constituting part of the
next $7,500,000 surrendered for conversion, at $45 per share
(the conversion
prices being suoject to adjustment ia certain events).
Fixed Sinking Fund, payable on or before Jan. 20, 1940 and each Jan. 20
thereafter, sufficient to redeem annuady $500,000 principal amount of
debentures: earnings sinking fund, payable on or before
July 20, 1941 and
each July 20 thereafter, of an amount equal to
6% of the con.olidated net
profits of the company and its subsidiaries during the preceding calendar
year; sinking fund payments may be made in cash or debentures and
debentures converted may be credited
agaiost earnings sinking fund re¬
quirements; all as provided in the indenture.
mi
Lifting—Company has agreed, upon request of Glore,"Forgan & Co. and
Harriman Ripley & Co. Inc., to make
application to list the debentures on
National Funding
Corp.—Extra Dividends—-
The directors have declared an extra dividend of 17 Yi cents per share in
addition to the regular quarterly dividend of 17H cents per share on the
class A and class B shares, all payable April 20 to holders of record March 31.
Extras of
7H cents were paid
on
Dec. 20 and
on
Oct. 20 last, and extras
of
2Vi cents were paid on these issues on July 2 and April 20, 1937, and on
Dec. 20 and Oct. 20, 1937.—V. 147, p. 3616.
National Gas & Electric
Period End. Jan. 31—
income
Gross
1939—12 Mos.—1938
$107,998
$94,796
$1,293,900
$1,228,728
14,898
6,939
after
12,246
3,633
219,997
119,246
253,404
167,230
re¬
tirement accruals
Net income
—V.
Corp. (& Subs.)—Earnings—
1939—Month—1938
Operating revenues
148, p. 1485.
the New York fcttock
Exchange.
Business—Corporation was organized in
Virginia on April 18,
1933 of the 21st Amendment
Prior to the enactment in Decemoer,
Constitution of the United States
National Manufacture & Stores
1924.
Directors have declared
to the
stock
which is operated under lease;
The production of the
company and its subsidiaries
yeara is shown in the following tabulation:
Yeats Ended
x
Dec. 61—
}93b.Original
__
22,836.470
a
_
gauge
/1l93o\
1937
commods$63[.900,805 $61,938,848
4(\794;298 ^0,919,244
adver.,
exps.
and
.
admin,
Co.—Smaller Dividend—
New Orleans Public Service
Net oper. revenues...
for
$435,522
$.374,144
$4,211,973
712
717
9.815
$436,234
193,323
$374,861
201,884
33,880
Cr3,656
$4,221,788
Cr 56,103
Crl 1.429
$142,753
Dividends applicable to preferred stock for the
period, whether paid or unpaid
$1,631,088
$1,035,214
Other income (net)
■
11,206,937
10,649,019
1,878,771
659,335
$9,812,667
711,681
$9,821,125
652,918
Int.
%°-
-
,
Proportion of profits of Alex D. Shaw
& Co., Inc.,
applic. to 40% outside
interest acquired in
income, carried
88 148
88,148
88 140
88,140
22,312
1,797 414
121' 687
1,790,668
101,259
$7,850,506
$7,861,968
December, 1936
______
on
mtge. bonds.___
Other int. & deductions.
Int. chgd. to construct'n
Net income
$10,538,106 $10,524,349 $10,474,044
669,000
634,350
660,000
45 qqq
$3,716,958
17,501
.
11,520,796
Other interest charges
a Provision for Federal
income taxes.
Provision for Federal capi tal stock tax
Inc.—Earnings—
.
and
provision
"7
Amort, of deb. discount V
& expense
Net
a
Period End. Jan, 31—
1939—Month—1938
1939—12 Mos.—1938
Operating revenues
$1,749,063
$1,721,352 $18,349,864 $18,311,784
Oper. exps., incl. taxes._
1,136.541
1,170.208
12,013,891
12,500 826
Prop, retire, res. approp.
177.000
177,000
2,124,000
2,124,000
47,198,747
1,707 000
distrib.,
accounts
Gross profit
Other income
_
1930
$67,668,892
L.019,604 $20,470,144
_
notes recei vable
doubtful
Corp.—Dividend Reduced—
Directors have declared a dividend of $1.75 per share on the common
stock, payable April 1 to holders of record March 15.
Previously regular
quarterly dividends of $2.25 per share were distributed.—V, 135, p. 4211.
h
Earnings Years Ended Dec. 31
Gross profit on sales
J$23,li
Proportion of profit on certain sales
of whiskey covered
by customers
gen.
common
preferred
f
Net sales of whiskey & other
Cost of goods sold
Sell.,
convertible
New London Northern RR.
.
Corp.—Stock Dividend
stock dividend of one-half share of
holders' action.
6.6%
14.9%
proof gallons.
Sales and
a
$5.50
on the preferred stock will
share, and this accumulation will not be affected by the stock¬
Step was taken, according to A. B. "West, President, due
to the fact that present earnings do not justify continuance of cumulative
dividend liability at the 7% rate.
Later in the year stockholders will be asked to reduce par value of common
stock to $10 from $100 a share, or to $858,830 from $8,388,300.
Resulting
reduction of $7,729,470 would be transferred to capital surplus account to
absorb write-offs of capital stock discount and items heretofore carried in
property accounts.—V. 148, p. 1650.
1
i
equal $5.75
21.3%
14.2%
9.3%
10,234,009
14.113,874
__
of
cumulative dividends after March 31.
After March 31, accrued unpaid dividends
Production
26,214,124
share
Nevada-California Electric
P. C. of U. S.
22,935.480
each
Stockholders on March 20 voted at a special meeting to reduce right of
preferred stock to cumulative dividends to 3% annually from 7%, but
provided right to preferred stockholders to an additional 4% a year in non-
during the past five
by
Co. & Subs.
-
J®3!—
1935
x
Production
for
stock held payable
April 15 to holders of record April 1. Similar payment was made on Nov. 15
and on April 15, 1938.—V. 147*>P- 2400.
repealing National Prohibition, the com¬
pany, through subsidiaries, was principally engaged in the medicinal spirits
business.
Since the enactment of that amendment the
company has been
engaged, directly or through subsidiaries, principally in the general business
of producing, blending,
importing, buying, selling, warehousing and other¬
wise dealing in distilled spirits and other aicohoiic
beverages.
4
The company is chiefly
engaged, directly or through wholly owned sub¬
sidiaries. in the distilling,
warehousing and selling of various types of
American whiskies.
The distilleries are all owned in fee
by the company
or a wboily owned
subsidiary, with the exception of the Peoria distillery,
x
76,808
19,175
1,707,493
__
36,822
2,397,718
249,085
$206,089
Balance....
$3,734,459
2,448,812
261,862
544,586
$1,086,502
544,586
$490,628
x Dividends
accumulated and unpaid to Jan. 31, 1939, amounted to
$2,768,312.
Latest dividend, amounting to $1.75 a share on $7 preferred
stock, was paid on Jan. 3, 1939.
Dividends on this stock are cumulative.
146,432
101,883
Balance Sheet Dec. 31, 1938
to earned surpi
$7,753,251
Assets—
Liabilities—
a
.
Including provision for surtax on undistribted
profits in 1936 and 1937.
Annual interest charges on the $22,500,000 10-year conv 314% debs
rStemp°?ora
and
cZvereions
'0^1*787,W0 «o?e gMag
debs' outstanding ln ^
nSl xS it?geit?Qo ^*1 ^ain°fher funds),
tanrt
will be applied to the
18,834,169
Long-term debt
45,439,790
2,381,071
723,033
Notes receivable
Accts.
to be
Si«oSlinS£S1oM)^ufb2cS SoTo«exp'M<a and undoovr'ting
b Common
Special deposits
because of
SfSed^erSTaKffl^116 ^uean-dl""V1'be deb!ntu?« («Slusl™
a
Cash
ettJi to any
Pr0C€eds—-The estimated net
proceeds of $21 930 441
redpm
Plant, property, and equip..$72,029,870
Investment and fund accts..
219,651
•
3,085
receivable
1,608,297
$7 cum. pref. stock
stock
Accounts
payable
Customers'
Prepayments.
160,340
Taxes accrued
debits
accr.
assets
49.217
1,826,203
amount, of the com111945-outetendin8 In the
67,381
deposits
—
Interest accrued
Other curr. and accr. llabll..
Deferred
of^e principal
136,146
Matured Interest
285,491
Other current and
604,652
Dividends declared
Materials and supplies
Deferred
$7,779,800
credits
1,048,437
579,578
854,508
157,515
34,273
of the
SSn°y aUhehprSaUmoMTttS' °' aU Pre86nt baDk IOM1S
T"*.6 reclining $5,752,638
general funds of the company.
of such net proceeds will be placed in the
The company is unable to allocate to
specific purposes the balance of the
proceeds from the sale of the debentures which is to be
net
paced in the
Reserves
Total
$79,286,2601
2,113,877
Earned surplus
ay
1,636,131
Total
$79.286,260
Represented by 77,798 no par shares,
b Represented by 753,367 no
shares.
Earnings for 12 months ended Dec. 31,1938 appeared in the "Chronicle"
of March 18, page 1651.
a
par
Volume
Financial
148
Newport Electric Corp.—Hearing April 3—
The Securities and Exchange Commission March 22 announced a
hearing
April 3,
on
stock in exchange for 11,910 shares of outstanding
stock.
The application of Charles True Adams,
common
common
estate of Utilities Power
shares of
common
public
the application and declaration of corporation in
on
connection with the sale of $304,000 of 4H% 50-year gold mortgage
due July 1, 1954, and the issuance of 59,500 shares of new $20 par
&
bonds
value
$100 par value
trustee of the
Light Corp. for approval of the sale of 59,550
Newport Electric Corp. will also be considered
stock of
atlthe hearing.
a
of this department.—V. 148, p. 444.
New York New Haven & Hartford
RR.—Annual Report
RR. because of the hurricane,
$3,604,000, says Howard S.
Palmer, President of the company, in his annual report.
Of this amount,
$421,000 represents property destroyed, which will never be replaced.
Fifty new coaches, three grill or cafeteria cars, six streamlined electric
passenger locomotives and 10 diesel switching locomotives were added to
the road's equipment during 1938, Mr. Palmer relates, and a new freight
house costing $300,000 was built at Harlem River, New York, which he
states will result in economies through more efficient handling of freight.
Reporting on the increase in basic coach fares on July 25, last, from 2c.
to 2Hc. per mile for an experimental period of 18 months, Mr. Palmer
states "there has not yet been sufficient experience with the 2^c. rate to
determine what final action the trustees should take in this important mat¬
The total loss sustained by the New Haven
tidal
wave
and floods of September, 1938, was
ter."
The road's deficit for 1938, after all charges, was
$11,623,193, or $3,909-
Operating revenues were $78,080,141, a decrease of
$8,062,446, freight declining $6,340,117 and passenger revenue $562,586.
The operating ratio of 81.23% for 1938 would have been only 78-82 had it
not been for the hurricane and flood damage, the report points out.
742 more than 1937.
"Railway tax accruals continue to be a heavy burden of
Principally because industrial customers' use of energy declined 23.9%,
total sales of electricity of 6,346,291,000 kwh. were 11.5% less than in 1937.
Cubic foot sales of manufactured gas increased 0.4% and sales of mixed gas
in therms decreased 6.8%.
Consolidated operating revenues of $82,370,607 for 1938 showed a de¬
creased of 5.9% from 1937.
This was accounted for by a 6.4% decrease
in electric revenues, which constituted 85.8% of the consolidated revenues,
and by a 2.5% decrease in gas revenues, which made up 13.7% of con¬
solidated
expense," says
Mr. Palmer, "amounting to $6,090,268, an increase of $356,208 over 1937,
due primarily to unemployment compensation taxes under the Social Se¬
curity Act, which increased from 2% in 1937 to 3% in 1938."
The report gives a resume of the road's reorganization proceedings,
pointing out that the company's revised plan, which reduces fixed charges to
approximately $6,400,000 instead of $9,268 000 in the original plan, cuts the
to approximately $236,190,000, of which only $140,376,000
will be subject to fixed interest charges, is now in the hands of the Inter¬
state Commerce Commission, and is scheduled for hearing on June 13.
This plan, however, is subject to changes and modifications, Mr
Palmer
points out.—V. 148, p. 1651.
funded debt
New York
on Errors—*
Nine telephone companies in New York State were ordered by the Public
Service Commission on March 17 to stop "attempting" to escape liability
for erroneous listings in telephone directories
The
Commission
directed the companies, including the New York
Telephone Co. and eight local concerns, to remove from their tariff schedules
provisions which the Commission said sought to relieve them of liability
arising from negligence or misconduct of officers, agents or employees in
connection with errors or omissions. Courts have ruled that the companies
are liable for such damages, the Commission stated.
The Commission order provides that changes in the tariff schedules
must be
revenues.
Although system operating revenues were less by $5,191,209 and opera¬
by $2,635,512, the amount of taxes for 1938 was
$648,027 greater than in 1937.
"Thus the series of yearly tax increases levied upon the system continued
despite the decrease in business experienced by the companies," the report
points out to shareholders.
Commenting further on taxes, the report says,
"As one of the largest taxpayers in New York State the Niagara Hudson
System companies paid $15,231,203 in 1938 for taxes, the largest amount
for any year since the system was formed and equivalent to over $41,700
per day.
Over the past five years taxes have increased 52%.
Out of every
dollar received from customers in 1938, 18.5 cents were set aside for taxes,
compared with 16.7 cents in 1937.
1938 taxes were equivalent to $1.59
on each share of the corporation's common stock."
The system companies provided $11,156,444 representing the estimated
amount of depreciation accruing during 1938, of which $10,997,044 was
charged directly to income.
During 1937 appropriations from earnings by
the system companies to retirement reserve were $10,227,127.
The report, which is signed by Floyd L. Carlisle, Chairman of the Board,
and Alfred H. Schoellkopf, President, explains that the Niagara Hudson
companies spent about $15,000,000 during 1938 for the construction, ex¬
tension and improvement of necessary facilities and expect to spend about
$25,000,000 for sim ilar purposes in 1939.
About $8,000,000 of the planned
expenditures for 1939 is to go toward the construction of the new steamelectric generating station now being built at Oswigo, N. Y., by Central
New York Power Corp., one of the system companies, in preparation for
anticipated growth in demand for electric service.
tion expenses were less
Registers with SEC—
See list given on first page
1815
Chronicle
Income for the Year Ended Dec. 31, 1938 (Parent Company)
Statement of
Income from subsidiary companies...
Other dividends and interest
...
_
flTotal income
$7,225,132
._
480,735
Expenses
Taxes
541,116
264,567
...
Interest.
;---
$5,938,714
Net income.
Statement of
Telephone Co.—Gets Edict
Consolidated Income for Calendar Years
.
_
_
_
...
■_
_.
Telephone Co., the order affects the Chen¬
& Unadilla Telephone Corp., Highland Telephone Co., Jamestown
Telephone Corp., Orange County Telephone Co., Oswego County Inde-
?endent Telephone Co., Rochester Telephone Corp. of New York.
'elephone Corp. and the Up-State Telephone Corp., Tri-State Associated
Co. on March 17 issued the following statement:
The New York Telephone
has not received the order and opinion of the Public
Service Commission, handed down today, in connection with errors or
omissions in directory listings, but it understands, from a statement issued
_
negligence or wilful misconduct of its officers, agents, or servants, in re¬
spect to errors or omissions in directory listings.
While the tariffs of the company do not now include an exception to this
effect, the company has never assumed that it could avoid liability for
injuries caused by directory errors or omissions where gross negligence or
wilful misconduct on its party was shown.
Although errors or irregularities of all kinds in directory listings, including
errors in spelling of names and in street addresses, are almost negligible, the
company realizes that each error is none the less of importance to the in¬
dividual subscriber and, In consequence, makes exhaustive efforts to prevent
them.
.However, despite its best efforts, occasionally errors occur, but
since the degree of inconvenience caused by the various kinds of errors or
omissions differs greatly, it is practically impossible to establish any uniform
treatment in such cases.—V. 148, p. 1486.
°
.
;
...
Calendar Years-—
_>_$23,989,978 $27,827,010
824,082
894,818
Operating income
Non-Operating income (net).
.$24,814,060 $28,721,828
9,652,941
9,782.161
593,883
492,365
Gross income
Intereston funded debt.
unfunded debt..
Interest
on
Interest
charged to construction
a..
Cr433,505
——$11,112,969 $12,599,550
3,407,695
-—---—-----2,961,457
—;
Balance
—
-
-
-
-$14,552,319 $18,054,781
1
Net income
Earnings
i
-
pref. stocks of subsidiary companies.
on
per
share
on common
—---
$0.50
$0.84
ended Dec. 31 •
stock
restated for comparative purposes as far as
Balance Sheet Dec. 31 (Parent
Company)
*
—
New York State water charge
Other investments.
Cash..
—
—
— —
.
—
Accounts receivable
Gross income
—
Interest on funded debt-
--
_
—
_
Interest charged to construction
Miscellaneous deductions
Net income
—
—
Common dividends
742,241 no par shs. of com. stock-
Earns, per sh. on
x
513,000
$5,054,582
241,047
$4,171,642
1,137,255
Cr 6,9/1
12,570
$5,295,630
1,137,255
GY9.933
612
$3,028,788
3,154,524
$4.08
$4,167,696
2,783,404
$5.61
Restated for comparative purposes as far as practicable.
$
1938
1937
$
Assets—
Liabilities—
84,540,039. 88,663,685
309,645
4,063,868
Ad vs. to atfil. cos. 4,820,000
4,720,000
4,010
4,220
Special deposits.
Cash-1,582,039
2,080,888
Fixed capital..
Investments
—
-
Notes
_
Accounts
.
1,062,055
187,635
1,196,758
387,271
receiv
Materials A suppl.
Prepayments
342,421
15,591
5,672
Deferred charges..
x
241,239
-.97.163,599 97,065,471
p.
Retirement reserve,
y
$
Common stock..35,575,565 35,575,565
debt
32,493,000 32,493,000
Accounts payable-
Customers deps...
Taxes accrued
223,530
235,029
.184,711,599 182,151,930
First preferred stock ($100 par)
Second preferred stock ($100 par),
—
5% series A-__
37,887 ,500
9,028 ,100
1.564 ,900
5% series B
— .
95,810 ,342
8,500 ,000
3,000 ,000
22 ,568
;
—
377 ,771
52 ,556
Taxes accrued
768,475
379,446
379,354
11,250
accrued..
Res. for deprec.
fixed capital.
of
...
Mlsceil. reserves..
__
(Total
preferred stock
on
157,111
471,560
5,535,602
.97,163,599 97,065,471
Represented by 742,241 no par shares.—V. 147»
3022.
tenth
annual
report
shows
consolidated net
income
for
1938
of
$7,195,520.
This was equivalent, after deducting preferred dividend re¬
quirements, to 50 cents a share on the corporation's outstanding common
stock, and compares with net income for 1937 of $10,502,271 or 84 cents a
share after preferred requirements.
Sales of electricity and gas to the system's industrial customers declined
in 1938 because of decreased industrial operations in that year as compared
to
1937, the report states.
In the closing months of 1938, however, the
downward trend in sales to this group of customers was reversed and in
February, 1939, such kilowatt-hour sales were 1.3% above those of Feb¬
1938.
Other classifications of customers, including farm, residence
and commercial groups, continued in 1938 to increase their use of the com¬
panies' services, according to the report, and for the 10th consecutive year
the Niagara Hudson System led the world in total kilowatt-hour sales of
ruary,
electricity.
1,332 ,403
—
8,750,556
285,569
255,184
10,320
404,004
425,000
27,333.333
397,677
184,711,599 182,151,930
—
Consolidated Balance Sheet Dec. 31
1937
1938
•$
$
Assets—
537,530,825 543,379,044
Fixed capital..——
26,409,929
Inve3tn ents
9,768,671
1,666,812
Sinking funds and special deposits
Cash.:...
Notes and accounts receivable..
Interest and dividends receivable
Marketable securities
13,069,910
6,640,835
—
—_ —
-
—
Materials and supplies
—
Prepayments^
Unamortized debt discount and expense
-------
Other deferred charges
—.-
Total..
100,269
a85,000
4,321,765
2,171,852
7,282,425
1,079,620
18,714,632
13,275.442'
1,004,583
8,728,943
7,066,780
_----.
-§^'525
4,563,022
2,038,364
7,616,921
1,079,110
610,127,913 607,551,843
—
First preferred stock 5% series ($100 par)___.
Second preferred stock ($100 par), 5% series A—
37,887,500
9,028,100
37,887,500
9,028,100
1,564,900
95,810,341
1,192
Minority int. in com. stocks & surplus of sub. cos.
Preferred stocks of subsidiary companies
126,664,055 127,405.615
Funded debt of subsidiary companies
228,289,900 228,739,900
Long-term liability
c5,031,542 b5,371,000
5 % series B
Common stock ($10 par)
Long-term notes
Niagara Hudson Power Corp.—Annual Report—
The
,256
Earned surplus
Total..
606 .006
27 .198
-—
—
37,887,500
9,028,100
-1,564,900
95,810,341
Liabilities—
11,487,238 xl08§5,775
5,535,602
surplus.-.10,500,274 10,709,859
Capital surplus.
Dividends
Miscellaneous reserves,
Paid-in surplus, less charges
-
2,182
710,600
Earned
Total
$
Other liabilities-99,049
1,195
Int. & divB. rec—
1937
Funded
Interest
836
receiv
y
420,423
85,000
423,751
85,000
— -
Funds held for future construction
Consolidated Balance Sheet Dec. 31
1938
.£3,238
859
,
Interest and dividends receivable
Marketable securities
Common stock ($10 par)__
$3,862,900
308,742
---
1937
$
companies.—160,393,115 161,541,163
17,401,171
17,368,514
6,407.703
2,713,591
Investments in & advances to sub.
Interest accrued
Operating income.----..
Non-operating income (net)-——
,
1938
$
Assets—
Long-term notes
Notes payable to banks
Accounts payable
2,433,155
2,438,155
—401,546
Taxes
7,552,510
practicable.
846",670
1,109,240
*—
-
7,356,799
$7,195,520 $10,502,271
Note—The statement of consolidated income for the year
1937, shown above has been
344,447
339,670
—
Depreciation
Retirement provision.
347,836
72,841
....
....
—
Maintenance
028,156
319,035
129,387
Amortization of debt discount and expense..
Miscellaneous deductions.
Dividends
5 ,057,453
10 ,227*127
14 ,358,887
LiabilitiesxtQQ7
1938
•
Operating revenues
Operating expense
—
14,991,986
Taxes
Total.
Niagara Falls Power Co. (& Subs.)—Earnings
4,955,771
10,977,044
DepreciationRetirement provision
"The company
by the Commission, that the company is ordered to eliminate from its
tariffe all provision attempting to relieve it from liability arising from gross
1937
1938
■■ ■
,
---.-.$82,370,607 $87 ,561,816
30 ,091,339
27,455,827
Operating revenues...
Operating expense
Maintenance
made by April 1.
In addition to the New York
ango
$6,371,605
853,527
:
95,810,342
-
Notes payable to banks
Accounts payable
Consumers' deposits
Taxes accrued
r—
on
8.500,000
3,000,000
3,242,862
1,489,885
---.
3,681,223
2,632,368
—
1,306,094
—
___
Interest accrued
Dividends
1,564,900
-
—
preferred stocks
332,069
Other accrued liabilities
Reserve for depreciation
1.886,169
Miscellaneous reserves
Paid-in surplus, less charges
Earned sin-plus
Total
—
J
-----
26,562,256
3,760,387
8,750",566
3.567,292
1,471,722
3,511,751
2,546,433
876,908
124,802
d47,816,003
3,523,664
27,333.333
2,221,384
610,127,913 607,551,843
Quoted market value at Dec. 31, 1938, $53,000.
b Relating to Sacandaga and Stillwater reservoirs and other property,
c Relating to reservoirs
and other property,
d Retirement reserve.—V. 147, p. 3919.
a
Financial
1816
Charles M. Pond and Hubert D. Tanner have been a pointed VicePresidents of the company, according to Clayton R. Burt, President.
Stockholders at their annual meeting on April 5 will be asked to approve
he appointment of Allen R. Smart & Co., as general auditors of the com¬
for the ensuing year.
The firm or its predecessors have been gen¬
pany
eral auditors for the company since
1925.—V. 140, p. 3348.
Norfolk & Portsmouth Belt Line RR.—Notes—
Commerce .Commission on March 14 authorized the
promissory note or notes in the aggregate face
exceeding $700,000, the propeeds to be applied to the pay¬
at maturity, on April 1, 1939, of a like amount of promissory notes.
The
Mai.
are
Capitalization-—
Interstate
amount of not
1st mtge. bonds, 3 H% series,
Preferred stock (pair $100)
ment
Authorized xOutstanding
due March 1,1964, Not limited $17,500,000
Common stock (par $100)
company to issue at par a
Company has outstanding a series of promissory notes aggregating
$700,000, neld by the following banks: National Bank of Commerce of
Norfolk, Va., $300,000, Seaborard Citizens National Bank of Norfolk,
Va., $200,000, and the First National Exchange Bank of Roanoke, Va.,
$206,000. These notes were issued for the purpose of retiring $450,000 of
promissory notes and redeeming prior to maturity $250,000 of general and
refunding mortgage 5% bonds, series A.
They are dated Oct. 1, 1938,
bear interest at the rate of 2 H% per annum, and will mature on April 1,
1939.
To provide funds for the payment of these notes it is proposed to
borrow $700,000 form a bank or banks, and to evidence the loan by a new
note or notes for a like amount.—V, 147, p. 1497.
Norfolk
Trust
p.
& Southern
Issue—See
RR.—RFC Sells $662,000 Equip.
Great
Chicago
Western
RR.—V.
148,
1333.
x
of accumulations
on
the
7%
cum.
8% cents per share on account
pref. stock, par $5, payable April 1 to
holders of record March 20.
This dividend is payable In Canadian funds
and in the case of non-residents is subject to a 5% tax.
A similar payment
was made on Jan, 3, last; Sept. 15, July 2, April 1, and on Jan. 2, 1938:
Oct. 1, July 2 and on April 1,1937.—V. 147. p. 3770.
—-
—
50,000 shs.
5,427 shs.
200,000 shs. 174,799 shs.
thereto.
Underwriters—The names of the several underwriters and the several
principal amounts of the bonds underwritten by them, respectively, are as
follows:
The First Boston Corp.,
Goldman, Sachs & Co., N.Y..
Harris, Hall & Co. (Inc.) Chic.
Harriman Ripley & Co.,
Stone & Webster and
Blodget,
Inc., N. Y
Granbery, Marache
&
Smith, Barney & Co., N. Y...$2,000,000
N. Y. 1,250,000
Inc.
N. Y
1,100,000
Mellon Securities Corp., Pitts. 1,100,000
N. Y
1,100,000
Blyth & Co., Inc., N. Y
Lehman Brothers, N. Y
Schroder Rockefeller &
600,000
600,000
600,000
Lord,
*4
250,000
_
Wells-Dickey Co., Minn
Janney & Co,, Philadelphia..
875,000 Kalman & Co., St. Paul
Arthur Perry & Co.,Inc.,Boston
875,000 E.H.Rollins & Sons,Inc.,N.Y,
1,100,000
Co.,
_
Inc., N. Y
H. M. Byilesby & Co., Inc.,
The Wisconsin Co., Milw
The Milwaukee Co., Milw
875,000
800,000
800,000
750,000
600,000
600,000
Y
W. C. Langley & Co., N. Y__.
A. C. Allyn & Co., Inc. Chic.w
Blair & Co., Inc., N.
Ltd.—Accumulated Dividend—
The directors have declared a dividend of
—...
Adjusted to reflect the present financing and other transactions related
Chicago
North Star Oil,
251939
outstanding in amount of $182,903. In addition to the $13,202,300
bonds to be redeemed, $2,532,700 of these and other bond issues together
with $412 of additional interest notes of the company presently owned
by the company's parent. Northern States Power Co. (Minn.) will be
surrendered by that corporation prior to or simultaneously with the issuance
and sale of the bonds in exchange for 25,327 shares ($2,532,700) of common
stock of the company plus $20,795 in cash representing the excess of cost of
said bonds to that corporation over the principal amount thereof and plus
accrued interest thereon to the date of exchange.
and
Niles-Bement-Pond Co.—New Vice-Presidents—
t
Chronicle
.
Bonbrigfit & Co., Inc., N. Y._
Glore, Forgan & Co., N. Y___
Piper,
Jaffray
225,000
200,000
200,000
200,000
200,000
150,000
Hopwood,
&
150,000
Minneapolis
Morris F. Fox & Co., Milw...
100,000
Edgar, Ricker & Co., Milw
100,000
Thrall West Co., Minneapolis.
100,000
Proposed Acquisition of Assets of Chippewa Power Co.—Company proposes
acquire all of the physical properties, current assets and sinking fund
deposits of Chippewa Power Co., a subsidiary company, for approximately
$2,552,123 less the reserves and surplus on the books of that company at the
date of sale (which amounted to $87,234 as of Dec. 31, 1938) plus the book
value of said current assets and sinking fund deposits (which amounted to
$2,381 as of Dec. 31,1938), the consideration to be paid by the assumption
of the presently outstanding first mortgage gold bonds of that company
(aggregating $1,703,000 as of Dec. 31, 1938), accrued interest thereon and
any other liabilities of Chippewa Power Co., and by credit on open account
indebtedness owing by Chippewa Power Co. to the company in an amount
equal to the balance of said consideration.
The properties proposed to be acquired from Chippewa Power Co. consist
of a dam located in Wisconsin on the Chippewa River approximately M
of a mile above Jim Falls, Wis., a hydro1 electric generating plant of 14,400
kilowatts installed capacity located at Jim Falls and connected with the
reservoir above the dam by a head race canal, a substation having six trans¬
formers in service aggregating 24,000 kva capacity and approximately 10
route miles of 110,000 volt transmission line of double circuit steel tower
construction connecting said generating plant with the company's Wissota
generating plant. All of the properties now owned by Chippewa Power Cq.
are leased to and operated by the company and have been so leased and
to
Northern
States
Power
Co.
(Wis.)—Bonds Offered —
Offering of the new issue of $17,500,000 first mortgage bonds,
ZYp% series due March 1, 1964,
was
made March 22, at
a
price of 106% and accrued interest by a syndicate headed
by Smith, Barney & Co. The syndicate is composed of 28
houses, and includes The First Boston Corp., Harriman,
Ripley & Co., Inc., Mellon Securities Corp., Blyth & Co.,
Inc., Lehman Brothers, Schroder Rockefeller & Co., Inc.,
H. M. Byilesby & Co., Inc., Blair & Co., Inc., W. C.
Langley & Co., A. C. Allyn & Co., Inc., The Wisconsin Co.,
and Harris, Hall & Co. (Inc.).
The issue has been sold.
Bonds are dated March 1, 1939; due March 1, 1964.
Redeemable, at
option of company as a whole or in part on any date on 30 days' notice, at
principal amount thereof and, accrued interest thereon to the date of re¬
demption, and premiums as follows: 9% if redeemption date occurs prior
to March 1, 1942. this premium decreasing 1% on March 1, 1942, 1% on
the first day of March of each year thereafter to and including March 1,
1944, H% on March 1, 1945, and % % on the first day of March of each
year thereafter to and including March 1,1956, H % on March i, 1957, and
H% on the first day of March thereafter to and including March 1. 1962.
There shall be no premium if the redemption date occurs on or after March 1,
operated since their completion in 1923.
Consolidated Income Account Years Ended Dec. 31
1937
1938
1936
$6,109,906
3,333,623
$5,715,666
2,937,202
$5,531,360
2,757,896
$2,776,283.
Total operating revenues-^-.....
Total operating expenses
$2,778,464
$2,773,464
1962.
Holding Company Act—By order1 of the
Securities and Exchange Com¬
mission entered June 23, 1936, the company is exempt from the provisions
of the Public Utility Holding Company Act.
History A Business—Company
incorp. in Wisconsin, on Nov. 21,
1901, under the name of LaCrosse Gas & Electric Co., which name was
changed on June 11,1914, to Wisconsin-Minnesota Light & Power Co. and
on April 7, 1924, to Northern States Power Co. (Wis.).
Company is a public utility company engaged chiefly in the production,
transmission and distribution of electric energy, most of which is hydro
It furnishes retail electric service in 78 communities in Wis¬
generated.
consin, 12 in Minnesota, and to many rural and farm customers throughout
the territory served. Electric energy also is furnished at wholesale for resale
in 15 additional communities in Wisconsin and one in Minnesota.
The,
communities served, which are located in 17 counties in west-central Wis¬
consin and in four counties in southeastern Minnesota bordering on the
Wisconsin-Minnesota State line contiguous to territory served in Wis¬
consin, have an aggregate estimated population, based on the 1930 Federal
census, of approximately 154,000.
Substantially all the electric energy produced by the company not needed
for its own system requirements is sold under existing contract arrange¬
ments, to the company's parent, Northern States Power Co. (Minn.) for
resale in Minneapolis, St. Paul, and elsewhere.
The amount of energy
available for this purpose varies with water conditions at the company's
hydro plants.
The company also manufactures and furnishes manufactured gas at retail
in the cities of La Crosse, Eau Claire, and Chippewa Fails, Wis., and
Winona and Red Wing, Minn, having an aggregate population of ap¬
proximately 106,000; operates a system furnishing hot water for heating
purposes to approximately 300 customers in the main business district of
the City of La Crosse, Wis.; and operates a bus transportation system
furnishing service in and between the cities of Eau Claire and Altoona,
Wis. Company also merchandises electric and gas appliances.
For the calendar year 1938 approximately 86% of total gross operating
revenues of the company was derived from the sale of electricity,
ap¬
proximately 11% from the sale of gas, and approximately 3% from miscel¬
laneous services/ Sales of electricity to Northern States Power Co. (Minn.)
for that year amounted to approximately 24% of electric gross operating
revenues and 21 % of total gross operating revenues of the
company. Con¬
sidering sales to Northern States Power Co. (Minn.) as originating in
Wisconsin, approximately 90% of total gross operating revenues for 1938
was
derived from Wisconsin and approximately 10% from Minnesota
Net
Company also owns the entire capital stocks of Chippewa Po ver Co. and
Eau Claire Dells Improvement Co. and over 53% of the capital stock of
Chippewa & Flambeau Improvement Co.
Chippewa Power Co. owns a hydro electric generating plant located on
the Chippewa River near Jim Falls, Wis., which is leased to and operated
by the company.
Eau Claire Dells Improvement Co. operates a dam in.
Eau Claire on the Chippewa River leased
by it from the City of Eau Claire
(which has certain prior rights to the use or the water impounded thereby)
and operates certain hydro electric generators and
auxiliary electric equip¬
ment located at the dam, the entire output of which is sold to the
company.
Chippewa & Flambeau Improvement Co. operates four water storage
reservoirs, one of which is leased from the company, located in Wisconsin
on the head waters of the
Chippewa and Flambeau Rivers above the
generating plants of the company and its subsidiaries located on the Chip¬
22,753
Net operating revenue
was
operations.
operating revenue...
River.
Purpose of Issue—The net proceeds of the bonds, estimated at approximatelv$i8,025,000 after deduction of estimated expenses of approximately
$175,000 and exclusive of accrued interest, will be applied by the company
as
follows:
To payment of principal and premium, on
redemption of the
$13,202,300 bonds of company outstanding, not including
those owned by Northern States Power Co. (Minn.)
$13,833,937
To payment of principal and premium, on
redemption, of the
$1,703,000 bonds of Chippewa Power Co. outstanding with
the public, if that company's assets have been
acquired, or if
such assets have not been acquired, to be
deposited with the
_
Net income...
....
Preferred dividends!
...
Common dividends
1,771,120
2,419,943
The $13,202,300 comprise $10,354,500 1st & ref. mtge. 5% bonds, due
company intends to redeem on May 1, 1939 at
gen. & ref. mtge. goid bonds, series
A. 7%, due Jan. 1, 1947, which the company intends to redeem on July 1,
1939 at 104% and int.
When issued and delivered, $1,108,500 of the 1st
& ref. mtge. bonds to be redeemed were
accompanied by additional interest
notes of the company to increase the rate of interest on such bonds from
5%
to 8% per annum. These notes contain no
$271,528
$300,908
redemption
,
409,687
Consolidated Balance Sheet Dec. 31, 1938
Assets—*
Note payable, bank.
Accounts payable—
$382,097
Bond interest, &c., deposits..
119,343
Accounts receivable
527,511
(net)....
Materials and supplies
Fixed assets
on
Indebtedness to
891,546
sales of cap. stock
.
£,.
Reserves
88,688
.........
Deferred credits
352,980
4,322
11,499,545
.
.
Preferred stock
.....
542,700
....
Common stock..,.
14,947,200
...
Min, int. in sub. co
...
.
Surplus ofsub. cos. Jan. 2, '38
Earned surplus, since Jan.
1938...
Total
$46,006,265
—V. 148, p. 1652.
„
507,413
101,833
2,
74,346
$46,006,265
Total
'
,
Northern States Power Co.
-
$25,000
106,352
7,688
653,415
9,762
17,438,000
affil, cos.,..
Deferred liabilities
43,026,027
Deferred charges
.
...
Funded debt.
41,587
Investments, at cost..".
_
Divs. declared on pref. stock.
Accrued liabilities.,......,.
418,598
246,575
Other current assets.*......
Exp.
_
r
Liabilities—
Cash
(Del.)—Accumulated Divs*
Directors have declared dividends of $1.31H per share on the 7 % cumu¬
lative preferred stock and $1.12
jper share on the 6 % cumulative preferred
stock, both payable on account or accumulations on April 20 to holders of
record March 31. LUce amounts were paid on Feb. 20 and on Jan. 20, last.
Weekly Output—.
Electric output of the Northern States Power Co. system for the week
18, 1939, totaled 25,706,383 kilowatt-hours, an increase of
5.6% compared with the corresponding week last year.—V, 148, p. 1652.
ended March
"
•
Northwestern Electric Co,—-Earnings—
Period End. Feb. 28—
1930—Month—1938
taxes.
Amort,
1939—12 Mos.—1938
of
$410,227
$379,052
$4,382,291
$4,463,427
247,724
Operating revenues
Operating expenses, incl.
227,546
2,822,743
2,853,569
limited-term
investments:
Prop, retire,
23
...
359
25,000
25,000
300,000
266,667
$137,503
17,590
$126,506
17,407
$1,259,525
209,913
$1,342,832
Operating income
Other income (net)
$119,913
$109,099
$1,049,612
$1,136,003
Gross income
Int. on mtge. bonds
$119,839
26,860
14,492
res .approp.
Net oper. revenues
Rent for lease of plant.
_
206,829
Dr89
456
Dr219
$109,010
28,490
15,504
$1,050,068
333,657
230,207
$1,135,784
353,042
203,965
Cr257
Cr203
Netincome..
$78,487
$65,016
Dividends applicable to preferred stocks for the
$486,461
$578,980
Other int. & deductions.
Int. ctagd. to construct 'n
Balance...
105_% and interest, and $2,847,800 of
or
2,160,360
$2,870,233
406,787
2,162,537
Dr74
334,182
period, whether paid or unpaid
HfL1, L9?4' wluch the
provisions for call
$2,841,575
$1,015,406
226,125
695,045
Approp. for retire, res. & for deprec
Income deductions.
x
trustee of the trust indenture under which the bonds are to be
issued subject to withdrawal as therein provided
The balance of such net proceeds to be placed in the
general
funds of the company, iinhe approximate amount of
96,769
$2,799,036
640.660
1,142,970
.
_
pewa
63,111
Otherincome
—
334,182
$152,279
$244,798
x Dividends accumulated and unpaid to
Feb. 28, 1939, amounted to
$1,111,949. Latest dividend on 7% preferred stock was $1.75 a share paid
Jan. 3, 1939.
Latest dividend on 6% preferred stock was $1.50 a share
paid on Oct. 1, 1932. Dividends on these stocks are cumulative.—V. 148,
p. 1486.
on
Ohio Service Holding Corp.—Preferred Dividend—
a meeting of the directors held on March 10, a dividend of $1 per share
At
declared on the outstanding $5 non-cumulative preferred stock, payable
April 1 to holders of record of such stock at the close of business on March 15.
Like sqnounts were paid in preceding quarters.—V. 147, p. 3771.
was
Volume 148
Financial
Chronicle
1817
Ohio Finance Co.—New Vice-President—
Neath O. Jones has been elected
Vice-President of this company.—V. 148,
Oklahoma Natural Gas
Co.—Earnings—
12 Months Ended Feb. 28—
Operating
Oross
income
1939
,
after retirement accruals.
x
Net income
x
Earnings per
outstanding)
x
share
common
(549,986
1938
S7,940.294
2,893.663
1,418,737
$8,226,559
3,152,980
1,659,487
$1.g4
revenues
$2.28
Members New York Stock Exchange
New York Tel.: Whitehall 4-4923
A.T.&T.Teletype: Phla. 22
1528 Walnut Street
undistrbiuted profits for
on
ye^r ended Nov. 30, 1938 ($40,000 in fiscal
to
YARNALL Si CO.
shares
Without deduction for surtax of $85,000
1937), charged
City of Philadelphia Bonds
Phila. & Reading Terminal 1st
5s, 1941
Tampa Gas 1st 5H«, 1956
Pennsylvania R. R. Serial Secured 4s, 1952-1964
Ann Arbor RR. 1st
4s, 1995
ended Nov. 30,
year
surplus.
Philadelphia
Bonds Called—
Company has drawn by lot and will redeem on
May 1, 1939, $925,000
of
1st mtge. bonds, series A
4K% due May 1, 1951;
of their principal amount
plus accrued interest to the redemption
at 102
^
*
"^awn *>°nds will be redeemed
A.
on or after
May 1
of
Directors
1938
1937
1936
$4,866,048
$5,416,775
41,354
136.427
$5,420,320
260,810
$4,507,706
52,948
X
Profit—
x
cents was
Pere
dividend of 12 ^ cents per share on the common
to holders of record March 27.
Dividend of 50
Dec. 22, last and
previously dividend of 25 cents per share
Pacific Power & Light Co.
(& Subs .)—Earnings—
Period End. Jan. 31—
1939—Month—1938
$518,259
$486,038
280,040
264,267
$5,867,114
3,205,708
131
revenues
Oper. exps.j incl. taxes.
Amortiz. of limited-term
131
57",70S
694,700
res. approp.
Net oper. revenues
57,908
$388,955
151,086
$5,731,388
3,208,115
Operating income
Equip rents (net)
Joint facility rents (net)
$164,063
17,368"
$1,966,575
209,730
$1,830,642
206,884
$181,431
$2,176,305
360
$2,037,526
3,360
Interest
378
$181,809
85,417
19,409
$2,176,665
1,025,000
255,559
$2,040,886
1,025,000
Rent
$896,106
$437,628
Dividends
$326,106
these stocks
on
cumulative.—V. 148, p. 1653.
are
Pan American
Airways—Will Borrow Privately—
1653.
Paramount Broadway
Corp.—Earnings
Calendar Years—
Income from operations.
1938
1937
$990,934
Expenses
Deprec. of fixed assets:.
362,984
1935
$923,500
806,710
413,743
$470,576
413,537
208,555
<
lease
x$141,360
5,985
$516,699
12,822
x$259,238
11,862
5,818
273,719
11,267
542,221
14,013
547,496
of roads
equipment..
debt
on
$49,610
$832,610
260
260
260
$39,256
$427,143
$49,870
$832,870
Philadelphia Co.—To Pay 15-Cent Dividend—
The
directors have declared a dividend of 15 cents
per share on the
stock, no par value, payable April 25 to holders of record
April 1,
This compares with 20 cents paid on Jan. 25, last; 10 cents
paid on July 25,
last; 20 cents paid on April 25, 1938; 25 cents paid on Jan. 25, 1938; 15
common
sets.
Ralph T. Senter, Chief Operating Officer of the trustees, states;
Reorganization—During the year definite progress was made toward a
reorganization of the PRT system.
Hearings on the company's reorganization plan were begun in February
by the Pennsylvania P. U. Commission.
In November the Commission,
after a thorough and extended study of all phases of the problem, gaveits
final approval to an amend plan of reorganization, known as the "November
Amended Plan."
„
Following instructions of U. S. District Court Judge George A. Welsh,
the pian was then submitted to City Council and Maylor Wilson,
asking
the city's consent to its adoption.
As this report goes to press, the plan
is before Council's Transportation Committee, which has promised to act
it
solved.
as soon as the present pressing
The trustees and officers of
financial problems of the city are
company are confident that city
officials, in considering what course they should pursue, will not be un¬
mindful of the vast benefits that will be conferred
of
Philadelphians by
a
modernized,
on
progressive
hundreds of thousands
and financially-healthy
30.039
15,020
$236,852
$326,992
$166,536
receive $31,974,000 of 3—6% consolidated mortgage bonds, resulting In a
reduction in their annual payments from $7,100,000, under the old leases,
to a fixed return of $960,000, with an additional $960,000 if earned.
In
$326,992
$166,536
17,522
$235,307
$254,374
Balance Sheet Dec. 31
1938
Assets—
1937
$
Cash in banks....
1938
Liabilities—
S
2,830
21,406
& accr'd
Acccounts
y23,332
180
See y
1st
26,066
40,742
11,667,790,
bond,
15,'55. 7,334,000
held by trustee.
42
328
Prepaid insurance.
23,531
418,067
6,054
469,706
.11,806,408 12,232,273|
7,764,000
538
975
173,019
97,306
100,000
100,000
4,620,275
4,820,275
Capital stock
Capital Surplus..
Deficit from July 1
1935....
investments
1,035
229,167
res. approp.
a
537,365
y
......
Net oper. revenues
share.
a
Of great importance to PRT stockholders is the fact that the plan will
down by $5,800,000 the prior charges which the company must pay
before dividends can be declared.
Of equal importance is the fact that the
Slan will give thecash will be available, which regain its lostat once for
$6,000,000 company an opportunity to can be spent earning power.
>ver
cars
new
and buses and other improvements—the first step in a comprehensive,
$1,309,246
453,750
50,000
Other int. and deduct'ns
9,812
Int. charged to construe. *
Cr772
$1,320,274 $14,183,556 $14,360,515
453,750
5,445,000
5,445,000
50,000
600,000
600,000
13,675
171,059
223,623
Dr764
Cr6,912
Crl9,293
Net income
$796,456
.
i
operation
Conducting transp't't'n.
Depreciation
$802,085
$7,974,409
Dividends applicable to preferred stocks for the
•period, whether paid
$8,111,185
unpaid
3,846,546
3,846,546
$4,127,863
or
Balance
$4,264,639
1654.
Total expenses
on
Company is notifying holders of its 20-year 6% sinking fund debentures,
due Jan. 1, 1955, that $2,750,000 principal amount of these debentures
have been drawn by lot for redemption on April 17, 1939.
Holders of the
drawn debentures, upon presentation and surrender at the principal office
of City Bank Farmers Trust Co., New York City, will be paid an amount
PRT funded debt
Other fixed charges
Frankford Elev. rental..
Broad St. Subwy. rental
Delaware
River Bridge
Line rental
4.770,930
2,805,267
11,040,475
3,017,614
2,191,957
2,354,434
4,070,387
2,692,312
9,799,776
2,720.409
1.802,945
2,129,512
$6,286,894
220.938
$8,552,089
189.538
$9,505,757
312,327
$5,050,217
$6,507,832
$8,741,627
$9,818,084
781,422
783,665
868,353
148,748
785.455
966,282
150,386
784,210
1.003,063
787,484
1,075,728
324,062
825,651
158,751
784,243
1,043,767
168,862
784,210
1,007,695
784,210
920,259
102,951
240,000
194,652
240,000
240,000
240,000
(net)
7,187,174
7,195,858
7,206,148
7,211,495
Loss
$6,139,654
$4,715,350
$2,496,868
$1,525,154
8. fd.
Pictures, Inc.—Bonds Called—
5,030,984
2,834,483
11,859,303
3,309.936
2.433,460
2,773,173
co.
funded debt
Int.
-
$4,726,632
323,585
Net earnings--......
underlying
(net)
5,235,399
2,712,918
11,852,195
3,701,116
1,482,488
2,532,644
$27,516,760 $28,241,339 $26,180,679 $23,215,342
Operating income
Non-oper. inc. (net)
on
al935
$32,243,392 $34,528,233 $34,732,768 $32,721,099
Power
Int.
Years
1936
$33,996,904 $34,231,290 $32,238,608
531,329
501,478
482,492
Expenses—
Maintenance...
General
2,628,333
$1,310,720 $14,062,789 $14,153,906
9,554
120,767
206,609
_
modernization.
1937
1938
Gross passenger revenue.$31,738,598
Other oper. revenue
504,793
Total
$1,300,184
9,062
Gross income
Interest on mtge. bonds.
Interest on debentures.
new
449,144
1939—12 Mos.—1938
$3,458,482 $38,986,722 $38,468,297
1 $29,429
22,151,541
21,686,058
11,559
2,760,833
of the
cut
11,806,408 12,232,273
Includes accounts receivable
218,333
stock
The new company's preferred stock
value of $20 a share; the common stock a stated value of
Taxes, including paving.
Other income (net)
common
share-rbr-share basis.
par
Consolidated Income Account for Calendar
Total...
1939—Month—1938
limited-term
will have
long range program of rehabilitation and
Pennsylvania Power & Light Co.—Earnings—
Period End. Jan. 31
Operating revenues.... $3,503,491
Oper. exps., incl. taxes.
1,973,105
PRT common stockholders will receive
company, on a
$10
Lease deposits
Represented by 1,950 no par shares,
after deducting reserves.—V.
146, p. 1723.
x
4,147
sinking
Rents rec. in adv..
x
addition they will receive 615,000 shares of preferred stock of the new
company with a preference dividend, if earned, of $1 per share.
Tax
savings of approximately $500,000 a year will also be effected by the plan.
The plan provides that PRT stockholders will receive, in exchange for
each share of PRT preferred stock, one half share of participating preferred
stock and one-half share of common stock of the new company, plus $| in
cash.
94,713
mtge.
due Feb.
34,071
$
4,526
111,414
fund loan
'
Fixed assets......11,304,536
Sinking fund cash
1937
$
payable
Accr'd liabilities..
Deferred charges..
..
Philadelphia Rapid Transit Co.—Annual Report—
27,970
-
Total loss
affiliated co....
preceding
$235,307
the period
on sale of
capital as-
Accts' receivable..
Acct. rec. from an
Indicates loss.—V. 148, p. 1336.
transit system.
'
•
Under the "November Amended Plan," the new Philadelphia Transporta¬
tion Co. is capitalized at $85,015,000.
The underlying companies will
Net operating loss for
interest
reserve
25,102
count and expense
Paramount
x$373,218
113,980
$426,883
upon
1936
$1,007,035
831,450
384,467
838,155
Amortizat'n of bond dis-
—V. 148, p.
$405,696
111,003
cents paid on Oct. 25, 1938; 20 cents
paid in each <of the two
quarters, and 25 cents paid on Jan. 25, 1937.—V, 148, p. 1489.
The company, in a report to the Securities and
Exchange Commission,
reveals that the Travelers Insurance Co. has
agreed to purchase for invest¬
ment from time to time on or before Dec.
31, 1939, an aggregate principal
amount of not exceeding
$1,000,000 equipment trust certificates to be issued
under agreement dated Jan.
3, 1939 with the New York Trust Co. trustee,
at par and accrued
interest, the agreement oeing subject to terms and con¬
ditions set forth in an
agreement dat jd Jan. 20, 1939 between Pan American
Airways and the New York Trust Co. and the First National Bank of Boston
Prop, retire,
x$160,815
19,455
260
Barnabas B. Hadfield was elected a director of this
company succeed¬
ing Sylvan C. Coleman, who
resigned last year.—V. 148, p. 1487.
of
$226,868
17,328
$38,996
458,478
Pacific Western Oil
Corp.—New Directors—
Amort,
x$229,502
JDrl34,462
Dr9,253
funds...
x
Balance......
......
$579,837
Drl83,938
Cr9,797
Deficit transferable to
profit and loss
$784,584
458,478
.
Total
x$148,646
Dr66.288
Cr54,119
231,302
* Dividends accumulated and unpaid to Jan. 31,1939, amounted to $114,620, after giving effect to dividend^of $1.75 a share on
7% preferred stock
51.50 a share on $6 preferred
stock, declared for payment on Feb. 1,
rec.
for
other
/
Notes
$75,700
305,202
Net deficit....
......
;
$884,827
304,990
,
Inc. applied to sink, and
Net income..
$95,049
$76,983
Dividends applicable to
preferred stocks for the
period, whether paid or unpaid-
Loss
$3,831
152,477
5,635
271,058
Total income.
Miscell. inc. deudctions.
$197,938
85,417
17,472
Gross income
1939—2 Mos.—1938
$4,613,624
$3,699,026
3,728,796
3,623,326
$244,196
6,498
Other income
and
on mtge. bonds.
Other int. & deductions.
being payable Aprlil 1
$237,869
Dr79,155
Cr68,154
73
Interest
—V. 148, p.
revenue...
$197,865
Operating income
Other income (net)
1939.
oper.
Railway tax accruals-..
$180,311
17,554
a
A
w
x
expenses....
Net ry. oper. income.
investments
Prop, retire,
1939—Month—1938
$2,220,448
$1,777,765
1,831,493
1,773,934
revenues
692,500
1939—12 Mos—1938
one
Marquette Ry.—Earnings—
Operating
Operating
Net
this
been
Period End. Feb. 28—
a
paid on
had been distributed each three
months from Sept. 30, 1936, to and in¬
cluding June 30, 1937.—V. 147, p. 3618.
Operating
dividend of 50 cents per share on the
to holders of record June 15.
a
15.
Previously quarterly dividends of 40 cents
distributed.
In addition, a year end dividend of 40
paid on Dec. 20, last.—V. 147, p. 3618.
share had
per
After charges, but before Federal
income taxes.—V. 147, p. 2698.
was
March 16 declared
on
stack, no par value, payable July 1
A similar
payment was declared on March 15,
to holders of record March
Pacific Can Co.—Smaller Dividend—
cents
April 17, 1939.
from and after the redemption date.
cease
p. 1488.
common
1939
Directors have declared
stock, payable March 31
the debentures will
on
148,
Peninsular Telephone Co.—50-Cent Dividend—
1653.
p.
Oppenheim, Collins & Co., Inc.—Earnings—
6 Mos. End. Jan. 31—Net sales
Interest
—V.
upon presenta¬
tion at the principal trust office of
The Chase National Bank of the City
New York, 11 Broad Street.—V.
148,
qual to the principal amount of the debentures
plus accrued interest from
Jan. l, 1939, the last
preceding interest-payment date, to
e
pay't—city contr.
Underlier rentals accrued
a For purposes of comparison, the operations of the taxicab
have been excluded from the figures presented for 1935.
companies
Financial
1818
31
Consolidated Balance Sheet Dec.
1937
Assets—
1938
1937
%
1938
%
$
%
Liabilities—
Road and equip.
68,328,448
Land and bldgs.
12,999,688
Inv.lnaffll.cos_
5,603,756
68,945,267
12,866,548
5,511,596
5,005,000
5,005,000
U.
8.
138,711
186,720
4,770,960
166,423
249,631
263,234
.
Accts. receivable
140,000
1,020,193
1,598,406
28,693,296
165,515
23,213,194
Mat'd int.,dlvs.,
rents, &c.. due
to
leased cos..
Other curr. liab.
1,232,684
833,409
Accident res've.
145,740
Oth. unadj. cred
332,900
364,400
1,204,798
1,281,054
101,332,828
Total
519,059
568,160
572,601
594,294
13,058,869
18,899,109
Deficit
.101,332,828 102,314,526
Total
Philippine
1939—Month—1938
1939—12 Mos.—1938
$10,881,432 $10,439,575 $127,871,170 $127,410,315
Oper. exp., maint., depreciation and taxes..
7,656,546
7,558,483 92,113.461 91,215,161
Net inc. from oper
given on first page of this
The New York Stock Exchange is in
Stock'—
receipt of notice from this company
in authorized common
7,500,000 shares.—V. 147, p. 3468.
of proposed increase
stock from 5,000,000 shares to
of this company, will resign that office
April 18 to accept newly
Board.
Consideration will be given to
April meeting.
Mr. McCarter, who is 71, informed the board at its meeting on March 21
of his desire to resign the Presidency and take the less active job as Chairman
He suggested that one of the senior exeucitives succeed him as President.
office for 36 years.
ol William H. Speer, "William
and Ogden H. Hammond
tion of a new President and arranging alterations in the
management.—V. 148, p. 1490.
A committee consisting
shareholders'
[Revenues and Expenses of Car and
Month of January—
Sleeping car operations:
22,916 4r
Drl44
mtge. bonds.
Other int. & deductions.
$715,494
487,250
49,727
6V34
on
$251,523
$215,692
Robert A.
included in the 1938 annual report.
endeavoring to take the necessary steps for
plan of recapitalization to the stockholders," the letter
plan must first be submitted to the various regulatory
commissions, whose report or approval is required in advance of the sub¬
mission of a plan to stockholders.
Thereafter the company will be in a
position to present the matter to the stockholders."
management is now
a
a
Comparative Statements of Income for Calendar Years
revenues:
$1,475,510
10,926,153
1,549,396
499,562
$1,422,503
10,931,407
1,520,637
495,608
84,202
companies.'-
Others
Gas-.i..
Water :
93,855
Sundry
Total operating revenues.
Power purchased—Affiliated companies
...
P* Other companies
Gas purchased...
Other operation
Maintenance
Provision for depreciation
Rent of leased utility plant..
*
State, local and miscellaneous Federal taxes
Federal income taxes
...
$14,534,822 $14,464,010
428,505
392,082
671,234
767,238
574,727
459,698
4,212,670
4,280,271
797,818
850,692
1,522,585
1,511,260
378,315
391,190
1,478,457
1,540,191
208,445
169,139
$4,262,060
$4,102,245
Dr300,202
Interest
—$3,961,858
income
on
$3,819,085
2,532,645
77,684
243,874
2,502,116
65,050
long-term debt
(net)
General interest
247,899
Amortization of debt discount and expense.
Provision for possible loss on sinking fund
for lessor company
—
of
50,669
39,170
53,778
$1,057,314
$871,933
38,810
-
-
(George) Putnam Fund of
Directors have declared a
Boston—Dividend—
payable
quarterly dividend of 15 cents a share,
April 15, 1939 to shares of record March 31.
Last year, a dividend of 12
cents a share was paid in April.
Total distributions in 1938 amounted to
74 cents a share, including a year-end payment of 35 cents in December.
Assets of the fund now aggregate about $1,700,000 compared with approxi¬
mately $360,000 on March 31,
1938.—V. 147, p. 3620.
Storage
Cold
Market
Quincy
Co.—
& Warehouse
Accumulated Dividend—
a dividend of $2.80 per share on account of
cumulative preferred stock, par $100, payable
record March 16.
Accumulations after the current payment will amount to $3 per share.
For record of previous dividend payments see,:—V. 148, p. 594.
have
declared
accumulations on the 5%
Reading Co.—Earnings—
Period End. Feb. 28—
Railway oper. revenuesRailway operating exps.
Net
rev.
from ry ..oper.
Railway tax accruals—
1939—Month—1938
$4,067,999 $3,505,056
3,056,336
3,012,433
$2,386,636
651,065
$1,363,232
Cr4,431
$1,735,571
Dr73,114
Crl,950
$799,256
Cr77,681
Crl4,951
$256,577
$1,664,407
$891,888
$1,011,663
272,929
$492,623
$738,734
Dr33,418
Dr633
$199,011
CV53,135
$704,683
Railway operating inc.
Equipment rents (net)__
Joint facility rents (net)
-
Net ry. operating
—V. 148, p. 1181.
1939—2 Mos.—1938
$8,730,985 $7,573,759
6,344,349
6,210,527"
•
inc.
293,612
'
563,976
•
Russell Industries,
Directors have declared
a
Ltd.—Larger Dividend—
dividend of $1.75 per share on the common
stock, payable March 31 to holders
of record March 18.
Previously regular
In addition, an
3774.
quarterly dividends of $1.50 per share were distributed.
$1 was paid on Dec. 31, last.—V. 147. p.
extra dividend of
advance
Miscellaneous income deductions..
Net income.
proposal to reduce the capital of the corporation by reducing the amount
capital represented by shares of its capital stock having no par value
$154,982,080 and to reduce thereby the stated value
of $50 per share to $40 per share, which has been declared advisable by
resolution of the board of directors adopted at a meeting held on Feb. 15,
1939.—V. 148, P. 1039.
a
from $193,727,600 to
Dr283,l60
Net operating income....
income
Other
V Gross
Inc.—May Reduce Capitalization—
March 27 to holders of
.
Electric—Affiliated
$536,251
special meeting of stockholders has been called by the board of direc¬
April 19 for the purpose of considering and acting upon
Directors
1937
1938
Operating
Pullman
A
Indiana—Recapitalization—
recapitalization of the company, one of
operating in central and southern Indiana,
Gallagher, President, in a letter to stockholders
being formed for the
of
$982,511
446,260
163,240
tors to convene on
the largest utility companies
"Such
Operating income
1656.
430,167
accumidated and unpaid to Feb. 28, 1939, amounted to
$2,117,856. Latest dividends, amounting to $1.25 a share on 7% preferred
stock and $1.07 a share on 6% preferred stock, were paid on Oct. 1, 1938.
Dividends on these stocks are cumulative.—V. 148, p. 1655.
^saam.
"The
$1,277,917
515,373
—
$44,479
$762,544
Taxes accrued
$207,719
$51,050
-
Total net revenue
$178,644
430,167
Dividends
states.
$201,512
150,462
Net revenue
Cr 127
$214,475
$11,695
Balance, deficit
according to
_
Total expenses.
preferred stocks for the
period, whether paid or unpaid..
Public Service Co. of
$938,032
,
—V. 148, p.
$9,017
Net income.
Dividends applicable to
4,731,413
Total revenues
275,000
$719,389
Dr3,895
$56,995
40,604
4,696
Int. chgd. to construct'n
275,000
$5,669,445
4,351,572
$1,226,867
Auxiliary operations:
$755,601
487,250
54,545
CV669
Dr425
$54,025
40,604
4,438
Gross income.
$5,578,439
—
Net revenue.-
2,373,486
$757,664
7>2,063
$57,420
$54,169
Net operating revs
Other income (net)
Auxiliary Operations]
1939
* 1938
Total expenses....
$3,367,875
5,307
fit
22,916
Prop, retire, res.approp.
Bcheerer, Garret A.
will consider selec¬
company's present
Pullman Co.—Earnings—
Total revenues
$3,452,112
2,414,141
158
investments
meeting of the board of directors on
He has held the
1939—12 A/os.—1938
1939—Month—193S
$315,577
$309,845
229,509
238,334
Operating revenues
Oper. exps.,incl. taxes,_
Amort,
of limited-term
submission
$36,195,154
23,842,993
Thomas N. McCarter, President
at the next
Portland Gas & Coke Co.—Earnings—
Period End. Feb. 28—
are
$2,881,091 $35,757,709
1,804,779 23,451,549
$3,224,886
2,153,768
York Stock Exchange that the Board of
A. Roomer, President, subject to
approval, an option to purchase 5,845 shares of common stock at $12.50
per shar3, exercisable in whole or in part on or before April 11,1941.—V. 148,
P. 287.
Plans
,
Hobart, Theodore Boettiger,
Pittsburgh Steel Co,—Option Granted—
Company has notified the New
Directors granted to Henry
x
.
created post of Chairman of the
election of a new President at the
department.1—V. 147, p. 3772.
Phillips Petroleum Co.— May Increase
x
_
Bal. for divs. & surplus.
President to Retire—
Telephone Co.—Registers
Distance
Long
with SEC—
Interest
J. (& Subs.)—Earnings—
Public Service Corp. of N.
Period End. Feb. 28—
Gross earnings
1336.
p.
See list
Pierce Petroleum Corp.—Corporation Dissolved—
March 21 to stockholders that this corporation was
and that the stock transfer books, now open,
will be permanently closed on April 10, 1939, after which no transfers will
be made by the transfer agent. City Bank Farmers Trust Co.
Stockholders
whose certificates are not registered in their names or the names of their
agents, nominees or representatives are urged to act promptly to have the
certificates transferred into such names, since the former directors of Pierce
Petroleum Corp., acting as trustees in liquidation, desire to effect dis¬
tribution of assets to stockholders as soon as practicable and stockholders
not registered may experience difficulty or inconvenience in the receipt of
distributions or distribution notices.—V. 148, p. 1654.
Notice was issued on
24,177
463,537
Minority lnt
102,314,526
__
1939
dissolved on March 11. 1939,
3,549,109
26.547,295
487,275
3,591,656
Deprec. res've-_ 26,175,170
788,647
163,176
assets.
—V. 148
130,000
1,132,597
1,626,012
payable._
payable.
1,574,689
dividends, Ac.
Maris & suppl's
Other curr.assets
Deferred
Accts.
Res. for taxes..
Interest,
Unadj. debits
14,683,657
5,506,788
172,083
sinking fundsCash
Mat'd
28,996,735
14,116,657
_
Accr.lnt.A rent.
&
Special deposits
14.000,000
28.996,735
Funded debt.—
Preferred stock
Loan
Treas¬
A.
ury notes
Other Invest.
14,000,000
Common stock.
Mar. 25,
Chronicle
Revere
Copper & Brass, Inc.
(& Subs.)—Annual Report
1936
1935
_eloss$75,152 c$2,642,323
$4,596,641
$2,370,435
321,800
224,237
140,798
175,146
$396,952
$2,866,560
$4,737,439
$2,545,581
bl937
dl938
Calendar Years—
Operating profit
Otherincome
Comparative Balance Sheet Dec. 31
rr"»n
1938
m.:
A ssets—
$
$
<
*•
r
hi
Utility plant (incl.
intangibles)
71, 108,294.169,879.225
Interurban railway
*'
properties
462,716
Investments
Hi, 535,100
7,971,968
1,409,216
3, 756,973
4,087,854
and expense
Liabilities—
7,850,339
975,000
6,560,260
Common stock___22,125,000 22,125,000
Long-term debt...46,473,000 47,501,350
867,171
903,695
515,138
546,033
72,547
S13.156
478,551
1,192,457
Accounts payable.
Due to affi. cos..
204,095
2,031,026
Dep. for bond int.
140,587
279,138
1,832,980
Accts. receivable..
1,601,367
1,225,042
Due from affil. cos.
175,959
213,803
accr'd interest..
1,214,134
321,179
192,748
566,347
132,662
823,599
Fed. inc. taxes and
520,937
prepaid
aec'ts..
Cash...
Unbilled
revenues.
Mat'ls & supplies.
1,024,957
137,599
1,441,017
Accrued Interest
Accrued taxes
Acer,
curr.
210,858
196,510
283,037
Deprecia'n res've:
For utility plant 2,044,559
For plants leased
from
others..
Fed.inc.taxes..
Miscell.
Contrib.
reserves.
in
1,176,552
252,455
133,820
575,045
101,241
490,591
Deficit
-V.
147,
.82,041,076
p.
4065.
88,998,780
Total
_
87,789
aid of
construction
„
_
1,308,592
1.285,756
1,237,994
131,774
527,520
385,882
269,751
bonded indebt..-
358,452
373,618
390,376
60,508
68,398
58,150
discount
int.
lnt
on
Amort,
sales,
on
of bond,
disct. & expenses
Exps. of
non-oper. prop.
own
WX
971
~ ^10,009,241
on
328,926
3,036,479
...82,041,076 88,998,780
503,940
prem.,
30,530
...
.
bonds pur-
<>
11,674
al62,000
chased and retired
Prov. for Fed. inc. taxes
Hurricane loss
468
x593,000
9,810
68,000
$414,759
$2,023,807
$425,556
173,544
492,682
126,861
206,255
94,564
Netincome
-_._def$2,125,408
7% cum. pref. divs
5)4 % cum. pref. divs
Includes $16,000 ($272,000 in
1936) provision for Federal surtax on un¬
distributed profits,
b As at Jan. 1, 1937, the company
"normal stock method" for determining operating profit.
and net income for 1937 are stated on
Conting. res've for
Total
Cash
a
237,684
liabils.
1,346,705
paid, &c. (net)—
Depreciation
lease rentals
to affil. cos
Misc.
Total.
Loss
Unsee. dem. oblig.
to Mid. Un. Co.
charges and
1937
$
$
$7 cum. pr. pf. stk. 7,850,339
$6 cum. pr. pf. stk.
975,000
$6 cum. pref. stock 6,558,530
Def'd liabilities..
Unamort. dt. disc.
Defd
1938
t1937
discontinued the
Operating profit
1936.
the same basis as used prior to
comparing 1936 with 1937, $251,519 (thenmount charged against opera¬
tions and added to the metal stock reservd'in 1936) should be added to
In
operating profit and net income as reported for 1936.
c Fabricating profit,
$4,036,005, adjustment to reduce inventories to market at Dec. 31, 1937,
$2,634,372 less net profits realized on metal contents of sales during year,
$1,240,690; operating profit (as above) $2,642,323.
d The company adopted as at Jan. 1, 1938 the last-in first-out method
for determining cost of goods sold and operating profit.
The net income as
reported for 1937 on the first-in first-out method would have been approxi¬
mately the same if the last-in first-out method had been followed in that
year.
on
©Fabricating profit, before depreciation, $1,128,501: less net loss
$1,203,653; operating loss, as above. $75,152.
metal contents of sales,
/
Volume
148
Financial
Chronicle
Consolidated Balance Sheet Dec. 31
1938
Assets—
1937
....
J
i ,242,274
1,373,485
U.S. Govt, bondsCust'rs notes and
accts.
Liabilities—
Accts.
20,500
Notes
reserves...!
MLscell. accts.
2 500,498
114,551
8 782,601
Properties, plant &
equipment (net) 17 229,341
inv.
1,857,136
23,440
11,241,269
First
Insur., taxes,
8,302,006
188,710
224
260,768
967,482
1
1,255,798
Loss
1,248,038
Total
190,285
Miner who resigned.
v
Molybdnum Co.—V. 148,
p.
Mr. Woodside is
a
on
over par value on 4,130 shares of pref. stock
quired and held in treasury
Dividends paid—Preferred stock
1935
$4,668,717
$4,423,468
800,057
651,288
773,698
$4,203,242
65,944
$3,873,444
1,399,780
$4,017,429
25,064
$3,649,770
20,503
$4,269,187
1,431,232
4,200
$4,042,494
2,071,175
48,222
28,253
683.477
228,511
$1,251,464
275,007
1,050,000
$1,486,915
275,007
1,522,500
$982,853
137,503
630,000
alnvestments
$215,350
income
dividends
Common dividends
.
I
.
Surplus
704,651
def$73,543 def$310,591./
1938
$100)..
in
&
vances to
ad¬
subsid.
connection
issues
of
notes &
Prepaid
960,741
Accrd. int.
913,895
in
exp.
with
Total...
$
expenses.
34,971
54,611
100,730
99,695
Inv. of mat'ls and
325,021
389,069
supplies
6,247,125
Res. for casualties
408,199
455,514
409,693
secur.
9,468
Income Account for
9,569
3,557,058
..
hand
906,774
...
1937
$481,131
303,863
,
$474 043
260,688
$177,268
— .
$213,355
2,020,641
Net earnings
Total
-
1938
Operating revenues
Operating expenses and taxes
Cash at banks and
on
Calendar Year
3,643,801
129,517
Surplus
gold bonds of the
5% bonds.
As the company did not have funds with which to retire the
bonds, a plan for the extension of their maturity for a period of 11 years,
1, 1949, was approved by the P. S. Commission and offered to the
bondholders on Sept. 9, 1938.
At the year end all but $16,000 principal
amount had been extended.
The plan provides for the annual retirement
of bonds commencing with $5,000 on Nov. 1, 1939 and ending with $8,000
Nov. 1, 1949.
Such retirements will redeem by the end of the extension
period $70,500 of bonds leaving $166,000 of bonds in the hands of the public.
532,396
and insurance..
less reserve
of $10,000,000.
to Nov.
600,000
Accts. receivable—
reserve
per share or a total of $14,028,960.—V. 147,
Funded Debt—$400,000 first refunding mortgage 5%
Series notes matur¬
ing
3,009,566
...........$67,922,122
Great South Bay Water Co. matured Nov. 1, 1938.
Of this issue $163,500
Is owned by the South Bay Consolidated Water Co., Inc. and pledged with
the trustee under the indenture securing its first and refunding mortgage
210,787
323,552
510,000
28,601
49,475,880
.
South'Bay Consolidated Water Co., Inc.—Report—
Reserve for deprec.' 6,945,367
4,496,135
.....
r
Total...
....$67,922,122
Liquidating value of $110
1937
bds.
other taxes
,289,919
2,468,755
a As follows;
500,000 shares Allied Chemical & Dye Corp. com. stock
(market value $87,125,000), $70,448,937; 75,386 shares Libbey-Owens-Ford
Glass Co., common stock (market value $3,835,262) $2,109,064; 20,305
shares Union Carbide & Carbon Corp., common stock (market value
f Prov. for income &
bonds,
pref. stk
Marketable
on
and notes
68,892
15,178
....
par....
..—
Accounts payable.
companies.....
Unamort.
$130,250
taxes
5M % cum. pref. stock....._bl2,753,600
stk. (300,000 shs. no
420",006
$
incl.
Com.
5,000,000
5,000,000
b Common shares.21,000,000 21,000,000
Funded debt
32,720,000 33,800,000
—
creditors,
withheld
Due to Solvay & Co..Brussels
5M% cumul. red.
pref. shs.
(par
rights, &C.43 ,758,312 43,584,914
19 .639,785 19.639,785
by U. S. Treas. Dept.)....
47
Earned surplus
1938
Liabilities—
Contracts
ject to final determination
Sund.
Other Fed. taxes—accrued..
b
$
Plant, trans, lines,
railroad & equip,
Invests,
stock
Prov. for Fed. inc. taxes (sub¬
$1,713,234), $1,469,600; total, $74,027,601; less,
1937
$
./■
water
bank—Pref.
17,583
Consolidated Balance Sheet Dec. 31
Assets—
in
sinking fund
$250,727
206,217
_
Net
$3,887,353
64,027,601
'
7,120
at cost.
Prepaid taxes and insurance.
$670,727
of exp. in connect'n with fd. debt.&c
Prov. for depreciation.
Prov. for income taxes._
Preferred
$3,009,566
Liabilities—
56,507
672,467
310,489
173,717
703,031
470,091
Amort,
49,560
720,635
675,000
Balance Sheet Feb. 28, 1939
Assets—
$3,670,273
2,252,989
842
ac¬
Balance at Feb. 28, 1939
Cash
Gross income.._ j
Interest on funded debt.
Other interest
40,400
:
Common stock
1936
$5,003,299
$3,816,109
57,334
_
$4,495,161
...
4,040 shares of pref. stock called for red. at $110 plus
Cash
Net profit from oper.
Other income
130,250
..$2,505,725
1,989,435
Excess of cost
Vice-President of Climax
1937
Operating revenue
$4,653,069
Operating, maintenance,
admin, exps. & taxes.
836,960
349,560
Total surplus
1181.
1938
1939
than
(determined by specific certificate
accrued dividend
replace
Saguenay Power Co., Ltd. (& Subs.)—Earnings—
Years End. Dec. 31—
other
Balance, earned surplus at Feb. 28, 1938
Premium
to the board of directors to
28,
$3,156,5.08
taxes
170,973
sale of investments
on
(incl.
Net income.
..-31,249,134 33,418,906
Reynolds Spring Co.—New Director—,
"iv
Year Ended Feb.
(subject to final determination
by U. S. Treasury Department
2,710,383
-V. 147, p. 3169.
Stockholders elected W. P. Woodside
expenses
Prov. for Federal income taxes
194,165
584,975
the office of
at
method)
against
stock in treas.
surrendered
-
&
general
Federal income taxes)
2,721,495
Earned..
Total..31,249,134 33,418,906
Administrative
Z>rl94,165
Surplus—Capital.
be
to
on
Dividend income
2,335,220
2,819,665
Applied
1
or
Statement of Profit and Loss
9,411,800
stock... Z>rl90,285
are
Morgan & Co., 23 Wall Street, New York, whether in exchange for
redemption.
The offer of exchange will expire at 3 p. m. Eastern Standard
Time, on
April 17.
Preferred stock which has not been received for exchange before
that time by J. P. Morgan & Co. will be entitled
only to the redemption
price and accrued dividends in cash on the redemption date.
239,014
Treasury
906,973
notes
2,458,700
Com. stk. (par $5)
&c.,
disct. & expenses
8,565,000
248,287
insurance
exchange.
Certificates for preferred stock
J. P.
7% pref. stock
2,458,700
5J4 % cum. pf.stk. 9,411,800
CI. Astk. (par $10) 2,237,050
17,485,893
572
Goodwill
2,500,000
to
4H%
mtge.
comp.
248,927
1,229,256
2,500,000
payable
bonds
223,395
unexpired
Unamortized bond
$
1,430,859
Res. for workmen's
and
advances, &c
Cash in bd. sk. fd._
1937
$
hAnVfl
rec.
Inventories..
Notes will not be issued in denominations of less than
$100.
Accordingly, any odd amount for which a note may not be issued on this
account will be paid to the preferred stockholder in cash.
The notes and
cash will be available promptly after surrender of the stock for
taxes
pay.,
& exps. accrued-
less
rec.f
Miscell.
1938
S
Cash
1819
April 26.
to
.70,509,124 71,368,6991
Total...
.
8
760
$177,276
156,725
$214,114
158,105
12,176
1,349
Other income
70,509,124 71,368,699
b Represented by 210,000
no-par shares.—V. 147, p. 447.
Gross
Sayers & Scovill Co.—Tp Pay 50-Cent Dividend—
The directors have declared
a dividend of 50 cents per share on the com¬
$100, payable April 1 to holders of record March 20.
This
compares with $1.50 paid on Dec. 27 last and $1 paid on Oct.
1, July 1 and
April 1, 1938, and on Dec. 27, 1937.—V. 147, p. 3922.
mon
stock,
par
Simms Petroleum
The trustees
on
Co.—Liquidating Dividend—
March 17 declared
liquidating dividend of 50 cents per
the common stock, par $10, payable April 11 to holders of record
March 28.
Similar amount was paid on Oct. 10 and on Feb. 28, 1938.
A
dividend of 75 cents was paid on Nov. 3, 1937; dividends of 50 cents were
share
paid
on
on
Solvay American Corp.—Arranges Loan up to $14,000,000
Retire Preferred Stock-—Holders Given. Exchange Offer for
15-Year Notes—
The corporation is calling all Its
outstanding 5H% cumulative preferred
redemption on April 26 at $110 per share and accrued dividends •
stock for
to that date.
'
The corporation has made
arrangements whereby it may borrow from a
banks, at 3% per annum, up to $14,000,000 of the $14,028,960
the aggregate redemption price of all the preferred stock out¬
standing.
The loan will mature serially in from four to eight years and will
group of
which is
be secured by Allied Chemical &
Dye Corp. common stock having a market
value, at the close of business on the last business day preceding the
loan,
of at least 200% of the principal amount of the loan.
As many of the preferred stockholders
may wish to retain an investment
in Solvay American Corp., the
corporation is offering them the right to ex¬
change their shares for a new issue of 1 .V-year 4% secured notes of the cor¬
poration at the rate of $110 of notes for bach share of preferred stock.
The
notes will be
a
market
secured by Allied Chemical & Dye Corp. common stock having
value, at the close of business on the last business day preceding
the issue of the notes,
of at least 200%
notes.
on
funded debt
:
Amortization of debt discount and expense
Taxes assumed on interest
12,176
1,262
43,782
—
Affiliated company interest.
Other interest charges..
--
41,881
479
524
.....
Cr75
Interest charged to construction
Miscellaneous deductions
CY971
100
148
$37,218
prof$947
—
a
Aug. 3, April 30 and Jan. 9, 1937; $1.25 was paid on July 29, 1936;
$1 on Jan. 27, 1936; one of $1.25 on Oct. 18. 1935, and one of $10
per share
on July 5, 1935.—V.
147, p. 3027.
to
Interest
income
i
Net loss
Balance Sheet Dec. 31, 1938
Assets—Property,
101 % of principal amount for the last five years, in each case
plus accrued
interest, but the notes will not contain any provision for
compulsory
amortization.
Apart from the different maturity, higher interest rate and higher redemp¬
tion premiums on the notes, the note
provisions, such as with respect to
collateral security, will be in principle the same as in the case of the bank
$6,734,195; special deposits,
$2,345; cash, $8,994; accounts receivable (net), $49,905; accrued unbilled
$65,172; materials and supplies, $24,245: prepaid taxes, insurance
and other prepayments, $3,573: unamortized debt discount and expense,
$140,811; other deferred charges, $2,077; total, $7,022,318.
Liabilities—6% cumulative preferred stock (par $100),, $1,044,400;
common stock ($100 par), $750,000; funded debt, $3,134,500; indebtedness
to Federal Water Service Coro. represented^ by demand note payable and
accrued interest thereon, $331,384; due to parent company, $510,000:
accounts payable,
$7,751; due to parent company (current account),
$459; consumers' deposits, $12,450; accrued liabilities, $79,785; provision for
Federal income tax of prior years, $2,858; unearned revenue, $20 357;
deferred liabilities, $12,959; reserves, $611,251; contributions in aid of con¬
struction, $105,820; capital surplus, $516,265; deficit, $117,921; total,
$7,022,318.—V. 147, p. 3027.
Southern
Berkshire
Power
&
Electric
Co.—50-Cent
Dividend—
have declared a dividend of 50 cents per share on the
par $25, payable March 31 to holders of record March 16.
with 80 cents paid on Dec. 28, last; 60 cents paid on Sept.
30, last; 50 cents on June 30, last; 45 cents on March 31, 1938; 75 cents paid
on Sept. 30, 1937; 65 cents paid on June 30, 1937, and 50 cents on March
31. 1937.—V. 147, p. 3923.
The directors
common
stock,
This compares
Southern Pacific Lines—Earnings—
*
years and at
plant and equipment,
revenue,
of the principal amount of such
The notes will be callable at the option of the
corporation at any time as a
whole or .from time to time in part, at
10213% of principal amount forthe
first five years, at 102% of principal amount for the next five
.
Period Ended Feb. 28—
1939—Month—1938
1939—2 Mos.—-1938
Railway oper. revenues.$14,197,745 $13,809,205 $29,964,258 $28,942,861
Railway oper. expenses. 11,705,887
12,234,186
24,309,395
25,473,473
Net rev. fromry. oper. $2,491,858
Railway tax accruals
1,452,245
Equipment rents (net)
694,675
Joint facility rents (net)
84,046
loan.
Net ry. oper. income-V.
The indenture under which the notes will be issued provides,
among
other things, that if, for ten consecutive days commencing with
any busi¬
ness day, the value (as
defined) of the collateral other than cash is below
150% of the principal amount of the notes, tnen outstanding (less casa
148,
p.
$1,575,020
1,483,594
766,733
94,246
$260,892 def$769,553
$5,654,863
2,955,964
1,401,485
100,672
$3,469,388
2,974,481
1,585,848
141,246
$l,196,742df$l,232,188
1493.
Southern Counties Gas
Co. of
Calif.—Earnings1936
1935
$9,606,843 $10,029,648
5,576,715
6,053,315
1,157,083
1,081,911
860,532
889,921
$8,523,874
4,912,416
$8,284,400
4,673,138
870,890
$2,012,512
522,296
40,462
Calendar Years—
$2,004,501
$1,796,050
538,805
$1,449,753
z960,000
$1,444,084
1938
Gross earnings
collateral), and the trustee under the indenture shall have notified the com¬
pany to that effect, the trustee under the indenture may forthwith declare
the principal amount of the notes to be due and
payable.
The indenture
x
also provides for the substitution of collateral and for the withdrawal of
collateral upon various terms and conditions.
The notes will be issued only in exchange for the preferred
stock, and
Depreciation.
accordingly the indenture provides for a maximum principal amount of
$14,028,900 of notes.
To the extent that notes are issued the corporation
will not exercise its right to borrow money from the banks under the ar¬
rangements referred to above.
It is not planned to list the notes on any stock exchange.
y
Oper. exps. & maint'ce.
Taxes
Net earnings
Interest
Amortization..
Net income
...
Pref. and com. divs.__.
1937
519,752
40,664
852,500
929,377
886,031
63.574
$1,193,667
945,000
842.009
'
$1,898,363
541,473
107,240
$1,249,649
960,000
Preferred stockholders will be entitled to accrued dividends on their stock
at the rate of 5 }4% per annum to April 26, 1939, whether their stock is
redeemed or exchanged for notes.
In the case of exchanges, deduction will
1937, $19,948 in
1936 and $20,623 in 1935.
y After deducting interest charged to construc¬
tion of $3,268 in 1938, $6,526 in 1937, $785 in 1936 and $94 in 1935.
z Com¬
be made for accrued interest
mon
on
the notes from the date thereof, March 15,
x
Includes
other
income of $1,769
dividends only.
in 1938, $3,973 in
Financial
1820
Balante Sheet Dec,
1938
1938
S
Assets—
Com.
29,911,101
20,572
20,672
675,533
Invest. In securs..
674,710
Cash
$
and
!
reserve
sub 1 ,272,500
4 .177,161
3 ,858,393
Secur. of other cos.
4,210,944
Sundry liabilities
2,907,830
Res.
504,118
552,352
1,137,423
1,189,813
Deferred charges..
adv. for constr..
409,121
566,361
826,081
504,673
608,205
Account
86,250
86,250
729,938
Reserves
8,672,876
715,456
.
864,501
2,637,717
3 ,123,348
Earned surplus...
rec.
stock
term
341,100
20,933
x
14,353
5,000.000
Earned
2,970
debits
.14,048,233 13,550,3241
14,048,233 13,550,324
Total.
Represented by 2,104.391 no par shares
.
Comparative Consolidated Income Statement
1938
1659.
10,910
2,029
dividend of $1.12)4 I>cr share on account
pref. stock, no par value, payable April 1
A like amount was paid in the last three
quarters of 1938; a dividend of $1.75 was paid on Dec. 18, 1937, and divi¬
dends of $1.12)4 were paid on July 1 and April 1, 1937.—V. 148, p. 746.
The directors have
declared
a
$1,409,821
309,730
16,555
• 2,778
$1,009,191
$1,080,757
197,874
50,011
213,256
5,861
$761,306
$0.36
$861,640
$0.41
$1,308,007
Balance
& Power Co.—Accumulated Div.—
Southwestern Light
Unci. Sub. Cos.)
15.&3 WSi
$2,174,983 $25,152,336 $22,318,164
$2,438,419
earnings (est.)
1939
1938
1939
Gross
488,516
surplus...
3,071
—See Chicago Great
—V. 148, p.
Interest on bonds and mortgage
285,877
2
Amortization of debt discount and expense
Other interest
of accumulations on the $6 cum.
of record March 20.
to holders
Standard Gas & Electric Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co, system for the week ended March 18, 1939, totaled
108,262,983 kwh., an increase of 11.3% compared with the corresponding
1659.
week last year.—V. 148, p.
Standard Investing
Corp.—Delisting—
The Securities and Exchange
Commission March 21 granted the applica¬
strike from listing, effective at
tion of the New York Stock Exchange to
March 31, the common stock (no par; of the com¬
the close of business on
pany.—V. 147, p. 2548.
,
(L. S.) Starrett Co.—Correction—
The Item published in the "Chronicle" of March 11, page 1495, under
heading of "Interest payment," refers to the bonds- of Starrett Corp.,
this company.—V. 148, p. 1495; V. 147, p. 1646.
the
not
appearing in the "Chronicle" of
March 11, page 1495, under the name of L. 8. Starrett Co., in reality refers
to the bonds of Starrett Corp.—Y. 146, p. 1891.
Balance applicable to Stone & Webster, Inc
Earnings per share on common stock
received on Sierra Pacific Power Co
common stock substantially all of which stock was distributed to stock¬
holders Dec. 27, 1937.
b Includes in addition to the customary profits and losses on security
transactions of Stone & Webster & Blodget, Inc., incident to its business,
profits of $2,351 (1937—$95,820) realized on sales of investment securities
by other companies.
c Includes
$192,795 (1937—$224,789) Federal income taxes.
Notes—The consolidated financial statements include the accounts of all
subsidiaries of Stone & Webster, Inc. other than two small companies, the
assets and net income of which are relatively insignificant.
The earnings
as stated do not take account of the difference between book amount and
quoted market or estimated fair value of securities owned.
a
(& Subs.)—Annual Report—
1935
1936
1937
1938
Calendar Years—
&c..$22,561,450 $30,960,718 $27,074,509 $20,479,164
yl9,054,794
23,759,834
20,182,644
14,579,216
Sales, less returns,
Cost of sales..
Includes dividends of $250,311
Consolidated Balance Sheet Dec. 31 (Incl.
A
estate.....
7 ,000,716
8.S94.196
7,707,706
6 ,628,514
10,651
13,372
Accts. and int. rec.
1 ,282,508
783.896
45,794
61,760
...
Notes reeeiv.
8 ,881,190
Materials & suppl.
$7,200,884
Sell., adm. & gen. exp..
$6,891,865
4,056,035
$3,506,656
y3,751,072
3,489,832
$5,899,948
3.183,268
Prepayments
10,535
109,331
$3,402,033
37,779
$2,716,680
49,569
Total profit
_
y
_
17,198
$1,844,176
1,241,847
$2,113,234
1,241,847
$1,724,313
620,923
def$294,323
1,241,847
$602,329
1,241,847
$1.48
$871,387
1,241,847
$1.70
$1,103,390
1,241,847
loss $0.24
$1.39
y The total provision for depre¬
$974,513, of which $536,661 represents depreciation of
buildings, machinery and equipment (including non-operating property);
the balance of $437,853 represents amortization of jigs, dies and tools,
principally based on a two-year life.
Of the total amount, $933,072 was
charged to cost of sales, $15,711 to administrative and selling expenses,
and $25,730 to other charges.
ciation amounted to
1938
$
Liabilities—
Accounts payable.
Cash in banks and
1,222,279
796,926
Notes A accts.rec 2,837,132
3,347,978
on
„
a
hand
Inventories
5,470,842
Deferred charges.
Non-current
577,991
_
1,094,048
893,762
1,600,000
Com mis'ns, wages,
taxes, interest &
royalties accrued
796,436
1,463,591
85,000
100,000
1,001,711
e300,000
6,502,910
5,251,992
3,149,073
Res've for possible
77,353
105,760
loss
used in operation
834,419
Land, bldg., ma¬
chinery & equip. 0,792,318
850,636
Other
on
royalty A
pat. claims, Ac.
Pats., trade-marks,
goodwill, Ac..»
.
Total
S
Bank loans
7,236,628
593,356
re*-
ceivables, Ac...
Land & bldgs. not
b
1937
$
1937
$
1,085,032
reserves
Pur. money oblig's
7,038,079
c
Capital stock
e240,000
6,502,910
Capital surplus... 5,447,834
1
1
17,812,335
Surplus (earned)., 2,854,750
d Treasury stock.. Dr293,675
19,969,3641
Total
Z>r293,675
...17,812,335 19,969,364
After
reserves of $367,730 in
1938 and $393,042 in 1937.
b After
depredation of $8,031,610 in 1938 and $7,874,344 in 1937.
c Represented
by shares of $5 par value,
d Represented by 58,735 shares purchased
at a cost of $818,777, the difference having been charged to surplus,
e In¬
cludes $60,000 current.—V. 147, p. 3323.
a
Stone & Webster,
Inc.—Earnings—
provided for
long-term stock
purchase
Interest
_
_
*£
Other.
Profit
b
c
on
stock
tal
pur¬
Taxes
Net income
1938
Includes dividends of $250,311
1937
$809,520
65,455
31,400
208,053
$1,004,000
57,153
$1,114,428
563,703
$1,641,037
54,900
a516,084
8,900
62,209
697,010
107,198
$488,516
owned.
51,974
count A expense
52,022
5,000,000
9,134,785
749,934
8,761,715
surplus...
64,069
50,297
240,090
269,729
5,000,000
Earned
Unaraort. debt dis¬
Unadjusted debits
sur¬
plus of sub.-..-
77,537
61,986
A
Capital stock—
b
less
61,607
.24,139,545 23,262,402
Total
Stone & Webster Service Corp. has an interest
in the proceeds of sale
of common stock of Oklahoma
Natural Gas
by a trustee under a trust agreement, dated Aug. 11, 1936, such
having been acquired in connection vith services rendered and to
be rendered during the three years ended June 30, 1939 .
8ince the ulti¬
mate realization from this interest cannot be determined with certainty at
this time, no part of such interest has been reflected in either consolidated
balance sheets or in consolidated income statements.
b Represented by 2,104,391
no par
shares.—V. 147, p. 2705.
Suburban Electric Securities
Co.—Accumulated Div.—
share on account of
value, payable April 1
The directors have declared a dividend of 50 cents per
accumulations
on
the $4 cum. 2d pref. stock, no par
A like amount was paid on Dec. 23, July 1
and April 1, 1938, and compares with $1.75 paid on Dec. 29, 1937; 75 cents
paid on Oct. 1, July 1 and April 1, 1937 and $1 on Jan. 4, 1937.—V. 147,
p. 3924.
to holders of
record March 24.
G. Taylor, President, says in part:
During the summer and early fall a great curtailment in production oc¬
curred owing to bringing out a new 50 h.p. model and the destruction of
the dope shop by fire. As a consequence, income was very greatly diminished
and expenses greatly increased.
During the period July, August and
September there was a loss of nearly $6,000.
In September it became im¬
perative that additional working capital be obtained if the operations of
the company were to continue.
This was secured in the form of a loan from
Fairchild Aviation Corp., whose subsidiary, Fairchild Aviation, Inc., has
for some time been representing the company in the export field.
In
connection with this loan, a contract was entered into providing for the
C.
granting to Fairchild Aviation Corp. of options to purchase 50,000 shares
of the company's common stock at $1 per share, these options to be granted
upon receipt by the company of $30,000 capital loan.
As at Dec. 31, 1938,
only $15,000 of this loan had been taken and therefore none of these options
had been issued at that time.
As of the date of this report (Jan. 25, 1939)
the full $30,000 has been taken and the
In December, through the efforts of
options have been issued.
Fairchild Aviation, Inc., the com¬
pany's export representatives, negotiations were successfully concluded
with Crowther, Ltd. of Leicester, England, setting up a new company,
Taylorcraft Airplanes (England), Ltd., and granting to them British manu¬
facturing rights on terms very favorable to company.
Statement of
Income, Year Ended Dec. 31,
437,039
$58,932
58.305
1,357
Gross profit on sales.
Operating expenses.
Interest paid.
Net
$730
loss
1,800
Other income.
$1,069
Net income before Federal tax.
223
Federal income tax
Net
1938
$495,971
$836,829
receive# on Sierra Pacific Power Co.
common stock substantially ail of which stock was distributed to stock¬
holders Dec. 27, 1937.
b Expenses include, in addition to fixed rental payments for space
occupied, $130,353 (1937—$144,764) paid to 8tone & Webster Realty Corp.
under the terms of its lease of the Boston office building owned by that
corporation.
,
fc c Includes $17,978 (1937—$26,500) Federal income taxes.
Note—The earnings as stated do not take account of the difference
between book amount and quoted market or estimated fair value of securities
a
43,264
Capital surplus—
341,100
chase contract..
Furn. A equip.,
stock
Cost of goods sold
sales of securities
Total earnings
Operating expenses
255,487
acct..
Minor, int. in capi¬
long-
Comparative Income Statement (Parent Corp. Only)
Other dividends, interest and miscellaneous earns.
35,975
1,1.54,196
Res.
Sales
12 Months Ended Dec. 31—
Revenue from subsidiaries—Dividends
473,087
13,583
Taylor-Young Airplane Co.—Annual Report—
Consolidated Balance Sheet Dec. 31
1938
Assets—
426,747
1,348,277
Deprec. reserves
interest
After deducting reserve of $67,000.
x
taxes
Co. held
x21,832
share
and
accrued
Unadjusted credits
a
$294,323
Surplus
Interest
Sundry liabilities..
Total....:....24,139,545 23,262.402
...
Shs. cap. stock (par $5).
739,877
under
cer
when realized of 20,000 shares
11,046
Net loss for year
Dividends
per
$2,766,249
764,486
277,449
38,335
CY28.185
_
—
$3,439,812
750,820
434,028
141,730
11,513
Interest charges
Exp. of non-oper. prop.
Adj. of prior year's taxes
Loss on sale of capital
assets (net)
Earnings
$3,144,849
793,965
398,811
86,068
-loss$244,416
depr. & obsol
Fed. & Can. inc.tax., &c.
Surtax on undist. profits
930,227
105,632
allow, for depr.
Prov. for
payable.
Accounts
Acct. rec. from offi¬
term
$3,144,849
def$244.416
profit—
Balance,
Miscellaneous income—
S
6,550,000
10,179
Sinking fund
Gross profit—
%
6,223,000
5,151,349
(net)
Securities
Cash
1937
1938
Bonds and mtge..
Liabilities—
$
buildings A
real
Sub. Cos.)
1937
$
T
Office
a
Stewart-Warner Corp.
-
1938
headed "Interest payment,"
An item
Balance
Depreciation
applicable to minority interest
Amount
Corp.—Correction—Interest Payment—
Starrett
8,114,121
26,785
1,658
Total
Ry.—RFC Sells $15,600,000 Equip, Trust Issue
Western RR.
—Second Week of March— —Jan. V$io March 14—
Southern
pur¬
Sundry assets
146, p. 2386.
—V.
23,830
5, 000,000
Capital surplus— 8, 444,625
equip.(net)
Unadjusted
255,487
purchase acct__
Capital stock...
x
chase contract.Furn. A
stock
Unadjust. credits,
from
34.777,420 34,293,466
Total
34,777,420 34,293,466
Total...
26,264
27,788
(net)
officer under long
680,518
9 ,319,287
Accrued taxes.,—
Capital surplus...
accts. rece.
27,820
for
provided
long-term
Other notes, int. A
240,301
payable.
Accounts
.
94,775
3,099
Taxes accrued
Due to Pacific Ltg.
1,944,094
1,562,102
.
$
1,347,500
43,768
82,498
Accounts
Accr'd bond Int..
after
Mat'ls A supplies.
1937
5,664
payable.
4,686,830
Notes rec. from
Only)
Liabilities—
Cash
8,000,000
8 ,000,000
11 ,500,000 11,600,000
4Hs
depos.
%
4 ,686,830
Invest. In sub
1939
25,
1938
1937
%
Assets—
($100
par)
1st mtge.
Cons,
Accts. & notes rec.
stock
1938
1937
$
Liabilities—
properties.. 30,878,494
Plant
Comparative Balance Sheet Dec. 31 (Parent Corp.
31
1937
t
Mar,
Chronicle
$847
income
Balance Sheet Dec. 31,
1938
$10,627; customers' accounts and notes receivable (less
accounts of $1,000), $12,163; inventories, $93,542;
other current assets, $1,685; other assets, $7,371; fixed assets (less reserve
for depreciation of $8,480), $67,525; goodwill, development and approved
aircraft specification, $44,858; organization
expenses, $19,194; deferred
charges, $3,787; total, $260,751.
Liabilities—Notes payable (trade. $11,967; Fairchild Aviation Corp.,
$15,000), $26,967; accounts payable, trade, $14,918; commissions and
deposits,
$19,006; accrued liabilities, $7,907; long-term indebtedness,
$27,900; capital stock (par $1), $113,344; capital surplus, $72,480; operating
deficit, $21,771; total, $260,751.—V. 147, p. 2877.
Assets—Cash,
reserve
for
doubtful
Volume 148
Financial
Chronicle
Susquehanna Silk Mills—Earnings—
[Including Wholly-owned Subsidiary Companies]
,
a
.
»
„
Sales, net of returns,
Cost of sales...
allow. & disc'ts. $1,784,986
1,557.524
$600,759
565.961
Operating revenues.-
$227,462
155,051
28,816
37,452
$34,798
50,038
8,695
12,484
at
prof$6,143
07,057
34,440
5,491
May 31 '38.
$36,417
Idle plant expense
Expenses applicable to prior period,.
$30,274
Cr7.057
45,844
5,491
lT,404
—V?'?48fpVX66l".
6Mos.End. 2Mos.End. 8Mos.End.
,
1,801
•
Excess of cost
$1,503,167
$1,485,119
$1,512,049
value of 1,080
over par
shares class A stock redeemed
machinery & equip, scrapped.
of Susquehanna
Corp. applicable to prior period
Sundry adjust, applic, to prior period
rJ 20,520
3,789
_
Loss on
Additional expenses
—-
389
2,233
389
2,233
4—
$1,476,236
^
'
,
—
Balance end of period..-.
....
—.—.
—
$1,485,119
$1,485,119
Consolidated Balance Sheet Jan. 31,1939
Assets—
Liabilities—
Cash in banks and on hand—•
$15,168
Due from factor
i.'—58,541
Accts.
receiv., trade—less
,
payable
one
In
returns, al¬
12,721
18,646
140,544
166,632
Class A stock (par $1).
Class B stock (par $1)..——.
Capital surplus.
Operating deficit
—...........
252
Misceli. accts. rec., less reserve
rollers—at estimated
1,485,119
843
After
$49,936.
74,552
...
60,961
96,399
—$2,083,339
depreciation since May 31, 1938, in the amount of
Including $45,585 of property taxes applicable to idle plants,
—V. 148, p. 747.
Tennessee' Central Ry.
Earnings—
1938
1937
1936
1935
Freight revenue-$2,100,506
Passenger revenue
51,359
Mail, express, all other
transp., Ac., incident127,309
$2,312,965
61,497
$2,306,880
63.641
$2,052,962
64,576
137,671
143,670
133,395
Total ry. oper. revenue $2,279,175
Maint. of way & struc.
356,124
$2,512,134
$2,514,191
417,620
$2,250,933
829.730
536,998
748,554
483,605
$729,842
90,560
$625,656
65,191
3y2,618
886,614
567,077
-
Transportation expenses
General & other expenses
Net rev. from ry, oper.
Railway tax accruals...
813,722
518,719
•
$590,611
151,089
$665,824
120,190
118
Uncollect, ry. revenues.
Ry.
.
oper. income.
48
$439,522
Non-operating Income—
Gross income
.
$44,691
Dividends.-,.--..
14%
35,000
...
$560,417
10,743
$650,387
473,602
$571,160
455,868
$120,011
a70,000
413,013
$639,782
11,105
$573,173
453,162
$457,705
.Net incomea
$545,634
27,539
18,183
Deduction from gross inc
$176,785
$115,293
preferred stock.
on
Investments
Impt.
....
^ 1938
1937
.$7,515,801 $7,439,771
leased
on
railway prop...
Misc. phys. prop..
Liabilities—
;
37,795
7% pref. stock...
$500,000
96,146
68,212
5,180,000
ice bals. pay....
100,000
....
Advances...—
Cash.!.......
r.
Special deposits—"
Loans A bills
rec.
.
218,651
195,568
Audited accts. and
19,668
20,321
wages payable..
137,874
170,972
389,817
M iscell. accts. pay.
14,862
23,211
31,107
Int. matur. unpaid
Dlvs. unpaid——
290
950
2,154
Funded
14,439
14,455
Net balance receiv.
debt
32,662
ma¬
tured unpaid
inter¬
7,000
22,000
Unmatured
from agents and
conductors
$500,000
458,531
14,479
90,875
Traffic A car-serv¬
ice bals., rec'd..
1937
Long-term debt— 5,135,000
Traffic A car-serv¬
Invest, in affil. cos.:
Notes...
1938
Govt, grants...-.
*
636
37,956
est accrued
53,223
54,161
42,386
33,799
Other curr. iiabils.
rec-
49,046
41,783
Unadjust. credits-
2,294
974,946
2,902
890,037
Mat'l A suppliesOther curr. assets.
237,371
207
5,756
392,313
389,547
984,401
Misceli. accts.
Deferred assets
Unadjusted
debits
301,929
Deferred liabilities
290
436
Corporate surplus:
1,157
2,656
71,692
"
68,893
>
Add'ns to
,,
through
prop.
income
and surplus
Profits A loss bal_.
986,060
Total...
-$8,551,528 $8,487,71
-V. 148. p. 1341,
Texas Electric Service
Co.—-Earnings—
1939—Month—1938
1939—12 Mos.—1938
Operating revenues
Oper. exps., incl. taxes
Prop* retire't res. approp
$§42,294
$690,819
344,835
83,333
363,032
83,333
Net oper. revenues—Other income (net)—
$214,126
239
$244,454
$2,825,275
601
12,631
$3,036,143
7,360
$214,365
140,542
2,627
$245,055
140,542
2,835
$2,837,906
1,686,500
31,383
$3,043,503
1,686,500
22,764
income
$71,196
$101,678
Dividends applicable to preferred stock for the
$1,120,023
$1,334,239
375,678
375,678
Gross income
Int. on mortgage bonds.
Other interest-—-
Net
period, whther paid
or
unpaid—--
Balance
—
p.
—*
$8,398,796
4,573,521
1,000,000
Henry W. de Forest, who had served
4,446,543
966,667
$744,345
$958,561
h A modification plan and arrangement for the first mortgage 5H%
sinking fund gold loan dpe June 1, 1939 and share certificates therein has
been prepared with the assistance of counsel by the managements of
Trinity Buildings Corp. of New York and United States Realty & Improve¬
ment Co.
The modifications proposed are believed to be fair, equitable
(a) There will be no change of the principal amount of the securities and
change in the physical security, namely, a first mortgage on the premises.
(b) The maturity will be extended to July 1, 1959.
The interest rate
will be 5% per annum, of which (a) 23^% wlil be fixed and payable semi¬
annually and (b) 2 H% will be payable annually out of available net earn¬
ings after deduction of improvement fund deposit.
Such additional 2)4 %
if not paid will be payable at maturity.
(c) Such fund of $50,000 per annum will be deposited with the corporate
trustee from available net earnings after the payment of the 2 H% fixed
interest, which fund is to be used for improvements, betterments and
additions to the mortgaged premises.
Such fund cannot be used without
the consent of the trustee, but with such consent, it may also be used, to
pay fixed interest if not earned or may be applied to the sinking fund.
(d) There will be a sinking fund consisting of two-thirds of all available
net earnings in each year after the payment of fixed and additional interest
and after the deposit in the improvement fund.
(e) The guarantee of United States Realty & Ijnprovement Co. will be
continued as to principal at maturity and fixed and additional interest as
described in the plan.
■
The original principal amount of the loan has been reduced from $7,000,000 to $3,710,500 and all interest at the original rate has been paid
from June 1, 1919 to the last interest date.
The plan is expected to give
Trinity Buildings Corp. of New York an opportunity to pay off such loan.
An introductory statement to the plan affords the following:
Share certificates were issued by Guaranty Trust Co. of New York.
The first mortgage covers the following properties:
.
■ ■
(a) The Trinity Building, consisting of a parcel of land at No. Ill
Broadway; New York, N. Y., on whichls erected a 21-story office building,
(b) The United States Realty Building, consisting of a parcel of land at
No. 115 Broadway, New York, N. Y., on which is erected a 21-story office
no
.
..
_
_
States Realty & Improvement Co., the holder of all of the out¬
standing capital stock of Trinity, executed and delivered to Guaranty Trust
Co. of New York, as mortgagee, a guarantee of such bond and first mortgage.
Trinity owes Realty an unsecured debt in the amount of $10,442,483 as of
Dec. 31 1938.
Under the provisions of the bond and first mortgage pud of the mortgage
moratorium law of the State of New York sinking fund payments of prin¬
cipal have been postponed in amounts aggregating $597,144 as or Dec. 31,
1938.
All interest on the certificates has been paid to Dec. 1, 1938, and
real estate taxes on the premises to Dec, 31, 1938, have been paid.
Beginning with the year 1931 the rental income from the premises de¬
creased steadily.
The acute business recession which developed in the latter
part of the year 1937 caused a greatly reduced demand for office 'space In
the downtown financial district of New York, seriously affecting the occu¬
pancy of the buildings and the rate of rental obtainable for space therein.
As a result of the foregoing and of severe competition caused by over¬
production of office space in the financial district and the shrinkage of the
securities business, the income from the mortgaged premises has been
insufficient to meet operating expenses, taxes and interest on the certifi¬
cates for the past several years.
The total income of "Trinity for the year 1938 was $915,029, whereas the
total expenses (other than interest, depreciation and taxes) amounted to
$433,606, leaving, after deduction of taxes, only $152,530 available for
No improvement in existing conditions or in
earnings is expected in the immediate future.
interest on the certificates.
,
predicted further decrease in earnings of the
_
buildings for
conditions affecting real estate generally in
the downtown financial district of New York City where the premises are
situated, Realty and Trinity offer a "modification plan and arrangement
whereby the maturity of the mortgage and of the guarantee will be extended
the year 1939 and the present
and their terms
modified.
Income Accounts Years Ended Dec.
31,
1936
a Operating
revenues
Operating expenses.Repairs and tenant changes—-----N. Y. City real estate taxes——- —-
1937
$1,011,822
$1,047,237
1938
$913,672
346,304
45,966
328,892
16,406
Insurance.---------—-—-s-
18,393
363,066
136,927
328,440
17,586
before deprec—
$166,143
1,455
$201,216
1,790
$176,103
1,356
$167,598
15,135
207,220
$203,006
19,712
204,077
$177,460
24,929
204.077
$54,757
185,090
$20,782
184,965
$51,546
184,508
$239,847
$205,748
$236,055
Net oper. revenues
Other income
Total income..
b Corporate
and general expense.—
loan
Net loss before depreciation
——--
344,533
158,751
324,000
,
Maurice Thompson Moor, partner in the law firm of Cravath, de Gersdorff, Swaine & Wood, has been elected a director of this company.
Mr.
Moore has been general counsel for the company since 1927.—V. 148.
director
Trinity Buildings Corp., New York—Plan to Extend
Depreciation
1496.
as a
$3,710,500 1st Mtge. Loaur—
$8,449,353
1496.
Time, Inc.—-New Director—
p.
as
Tide Water Associated Oil Co.—-New Directors—
Interest on mortgage
—V.148,
Into
other operations
possible, depending
upon business conditions and the time when it may appear to be to the best
advantage to the stockholders to do so.
The assets to be liquidated consist
principally of marketable securities
valued on the books at $20,000, this being slightly below the quoted value
at Dec. 31.—V. 136, p. 4287.
Because of a
Total...._. ...$8,551,528 $8,487,719
Period End. Feb. 28—
enter
k^Uniteii
Comparative Balance Sheet Dec, 31
Assets—
Liquidate—
stockholders which read
The salient features of the plan may be summarized as follows:
Total.........
reserve for
Calendar Years—
a letter to
£tnd foftsiblo
4
.—..$2,083,339}
y
March 15 sent
liquidate the company as soon
months ago of his uncle,
year.......
on
lowances and contingencies.
Other liabilities.
1
,
Investments—per books
*
on
"Definite decision has been made not to
Dom-
Copper
.
Thurber Earthen Products Co,—To
President R. Seibel
asfollows:
since its organization on March 5, 1926.
Mr. de Forest is a partner in the
law firm of de Forest, Cullom & Elder.—Y. 147, P. 3472.
42,800
Total...
were re-elected to
the board.
Three new members elected were Charles J. Condon. Paul
Moore and Winthrop H. Smith.—V. 147, p. 3622,
6,083
liabilities
cash within
Reserve for loss
Purch, money mtge.—$55,000
less instalments due within
realizable value.
$1,103,901 $1,419,594
At a meeting of the directors held March 17 Johnston de Forest was
elected a director.
He will fill the vacancy caused by the death a few
Estate
Deferred charges—.........
Idle plants.
865,050
186,730
121,114
...
one year.
$2,284,644
865,050
$20,301
,
res.
F.
$1,968,951
unpaid
....
mortgage due within year..
12,200
Merchandise inventories
694,406
Fixed assets................xl,090,822
Cash in closed banks—less
(L.
payable
merich & Co.)..
$148,525
or
10,265 Accounts payable—trade.
678 y Accrued int., taxes Ac.—
res.
Accrued interest receivable...
Instalments on purch.. money
Loan
2,132,500
120,000
229,859
"■"*———————
and to dissolve and
°ff a® at May 31, 1938—net of expenses in connection there¬
b Prom sales of copper rollers over estimated
salvage value.
with,
$4,767J003
120,000
167,254
Thompson Jr., President, and William M. Collins Jr.
.20.520
3,789
.
$4,388,705
2,132,500
66
1.975
Stockholders of this company, at their annual meeting held March 21.
voted to reduce the board of directors from nine to five
members, John R.
1.801
•
$350,717
177,708
10,000
14,484
„
(John R.) Thompson Co .—Directorate Reduced—
,
b Excess of proceeds.
$4,759,511
7,492
$147,271
income--.
period, whether paid
' .
'
Nov. 30 '38 Jan. 31 '39 Jan. 31 '39
Bah, surp. at beginning of period.... $1,443,906
$1,476,236
$1,443,906
a Proceeds from sales
of fixed assets..
57,460
- 8,883
66,342
.
$4,381,878
6,827
147
Dividends applicable to preferred stocks for the
Comparative Consolidated Statement of Capital Surplus
.
$350,570
12,523
mtge. bonds
deb. bonds
Other int. & deductions.
$26,730
$47,821
$74,552
Including property taxes of $20,097 to Jan. 31, 1939.
b Based on
written-down plant values as at May
31, 1938.
|
1,017,995
$347,502
177,708
10,000
on
Net
1,085,284
$347,059
443
on
Int.
66
89,102
„
Gross income
Int.
a
■yj
146
90,343
Net oper, revenues.—
Net loss....
,
1939—Month—1938
1939—12 Mos.—1938
$893,617
$883,910 $11,237,492 $11,247,087
456,069
444,172
5,768,355
5,469,515
-
-
Other Income (net)—---
.
„
Loss.
Adjust, of tax accruals
-
Amort, of limited-term
investments
Prop, retire't res. approp
$262,261
205,089
37,510
49,936
.....
.
Oper. exps., incl. taxes.
$2,385,745
2,123,484
Gross profit...
Selling and administration expenses..
Other deductions, net of other income
b Depreciation for
period
a
Period End. Feb. 28—
6 Mos.End. 2 Mos.End. $ Mos.End.
Jan. 31 '39
Nov. 30 '38 Jan. 31 '39
„
1821
Texas Power & Light Co.—Earnings-^
Net loss
—
-
for doubtful accounts, b Including trustees'
fees, mortgage bond expense, Federal and State social security taxes,
State franchise and Federal capital stock taxes.
a
After deducting provision
Financial
1822
1925-26, extended to 1967 (par
Balance Sheet as ai Dec. 31,1938
accrued Interest receivable,
of materials and supplies,
$4,420; sinking fund deposit. $115; miscellaneous investments, less reserve
of $15,399 (including securities having a book value of $2,527 deposited as
collateral under various agreements), $2,530; real estate and buildings at
cost (less reserve for depreciation $1,646,356), $14,749,962; office furniture
and fixtures, $5,479; prepaid expenses and deferred
charges, $16,426;
Assets—Cash, $10,606; accounts, notes and
less reserves of $38,573, $20,745; inventories
$14,810,182.
Liapilities—Note payable, 4%, due Jan. 30, 1939 (endorsed by United
States Realty & Improvement Co.), $10,000; accounts payable, $42,482;
accrued Interest, taxes and wages, $23,134; rents received in advance,
$1,728; United States Realty & Improvement Co. (note due June 1, 1939,
$8,781,192 and open account, $1,661,291), $10,442,483; reserve for plate
glass breakage, $4,267; first mortgage, 5H%, $3,710,500; capital stock
(1,000 shares, no par), $1,000,000; deficit, $424,413; total, $14,810,182.
total,
Plan—
proposed modifications will reduce the presently payable rate of interest
and will limit 'he liability of United States Realty and Improvement Co.
the guarantor, it is pointed out.
"we are of the opinion that the proposed plan is inequitable to the bond¬
holders and that a plan more consistent with their interests is possible,"
the letter to bondholders states in requesting holders to take no action
until they have obtained further information from the committee.
The formation of a mortgage csrtificate holders committee to protect
the interests of holders of share certificates in the first mortgage 5Y%
sinking fund gold loan due June 1,1939, of Trinity was announced March 20.
Members of the committee are Charles F. Simmons, Erwin Stugard and
Guy Wheeler.
Douglas G. Wagner, 40 Exchange Place, New York, is
Secretary, and Ralph Montgomery Arkush, counsel.
The committee advises certificate holders not to sign the form of accep¬
tance distributed by the company until the committee has investigated and
reported on the proposed company plan.—V. 143, p. 2698.
The
to
declared a dividend of $1.75 per share on the 7% preferrd
April 1 to holders of record March 20.
Like amount was
paid on Dec. 30, last, this latter being the first dividend paid since April 1,
1938, when a regular quarterly dividend of like amount was distributed.
—V. 148, p. 1661.
Union Pacific
RR.—Earnings—
1939—2 Mos.—1938
1939—Month—1938
$8,410,208 $7,536,228 $18,055,491 $15,854,275
2,184,282
2,284,833
1,005,625
930,940
•
Passenger revenues
Mail revenues
Express revenues.
382,715
130,436
300,896
119,633
297,161
113,302
Incidental re venues ....
351,131
Traffic expenses
4,076,774
236,031
438,779
General expenses
244,310
$9,443,208 $22,152,079 $20,024,031
1,342,473
1,658,767
628,082
3,808,290
4,621,273
1,858,091
636,674
734,799
295,802
7,776,237
8,443,202
3,608,660
485,555
499,674
233,028
882,453
883,585
417,330
Railway oper. revJ___$10,237,983
Maint. of way & struct..
823,741
Maint. of equipment
2,267,820
Transportation expenses
Miscellaneous operations
746,980
219,152
642,411
276,380
808,402
224,460
635,134
350,390
103,657
__
transportation.
All other
Transport'n for invest..
Cr95
Cr725
Cr 228
Cr725
Net rev. from ry. oper.
$2,043,802
$2,402,940
1,224,611
$5,311,007
2,537,158
$5,093,074
2,459,633
$2,773,849
1,130.135
93,443
$2,633,441
1,094,310
125,710
$1,550,271
$1,413,421
1,261,989
Railway tax accruals
Railway oper. income.
Equipment rents (net)..
Joint facility rents (UetX-
$781,813
516,980
58,585
$1,178,329
470,638
62,552
Net ry. oper. Income.
—Y. 148, p. 1183.
$206,248
$645,139
(& Suhs.)—Annual Report—
1938
1937
$8,718,565 $9,818,398
3,709,589
3,843,919
3,300,682
3.438,962
300,000
330,692
Union Tank Car Co.
Calendar Years—
*
operations
Maintenance, repairs and general expenses
Depreciation
—......
Taxes
stockholders that the company has
acquire Central Railway Signal Co., Inc.,
Newton, Mass., through the purchase of all of the outstanding 27,933
shares, and in no event less than 23,000 shares, of its capital stock, Triumph
Explosives, Inc., located in Elkton, Md., is a leading manufacturer of
military and commercial pyrotechnics, the United States Navy being a
Dividend—
Tubize-Chatillon Corp.—To Pay Preferred
Directors have
stock, payable
Gross income from
Acquisition
Inc.—Proposed
Triumph
Explosives,
Increase Capital Stock-—
5,248 shares class B capital
securities at book amounts
52,480 shares class A capital stock (par $10),
(par $1), $1,303,000, stocks and other
$29,619; total, $7,347,819.—Y. 147, p. 3777.
stock
Freight revenues...
A committee to act on behalf of holders of first mortgage 20-year 5 K %
sinking fund gold bonds due June 1, 1939 has been formed with James
Beha, member of the New York State Insurance Board, as chairman.
Peter E. Bennett, President of the Mortgage Corporation of New York,
Lloyd E. Lubetkin of Seligman, Lubetkin & Co., Inc., and Eugene W.
Potter, President of O. B. Potter Properties, Inc. are the other members
of the new committee.
John P. Daly, 120 Broadway, New York, is Secre¬
tary and Simpson, Thacher & Bartlett, New York, are counsel.
The committee has been formed, according to the announcement, follow¬
ing the publication by the owners of the Trinity Buildings of a plan for the
substantial modification of the terms of the mortgage securing the bonds.
Securities of Rio
$7,519,000), $6,015,200.
Grande Water Power Co. issued, in connection with reorganization of the
of Maverick County, Texas, Water Control and Improvement
District No. 1, viz.: $1,312,000 40-year 5% cumulative income debentures,
finances
Period End. Feb. 28—
Committees Formed to Oppose
251939
Mar.
Chronicle
...
G. H. Kann, President, is notifying
made tentative arrangements to
substantial purchaser of its products.
In connection with this action, a
special
Net income
-—
.....
-
of year
at beginning
Earned surplus
Total surplus
Dividends declared (net)
$1.15
$
2,619,629
1,096.517
1938
Total earnings
Oper.
exps. & oth.
ehgs_
Contract expenses
Interest
_
a$980.131
157,588
233,820
19",084
118,744
233,820
Loss on securities sold,
a$332,412
150,384
21,396
244,748
28",249
1,276,954
1,041,578
343,123
Mat'l A supplies-.
288,330
Other assets...
19",085
Amort, of dt. disc.& exp.
Loss on foreign exchange
Provision for anticipated
losses and expenses
Net profit for year
Surp. at beginning of yr_
Total surplus
$45,793 loss$429,870
d46,640
425,417
31,075
456,491
$31,075
$456,492
of $4,457 in 1937, $193,354 in 1936 and $222,062
in 1935.
b Excludes Federal Income tax.
c Expenses incurred in con¬
nection with extension of maturity of National Economic Bank of Poland
bonds and Ulen & Co. debentures, d Includes $846 being portion of net loss
of subsidiary company applicable to minority interest, e Includes $208.000,,
on account of 1936 interest on National Economic Bank
of Poland bonds, transferred from reserve account; $236,175 fees earned in
years transferred
from deferred income upon completion of contract
and $88 miscellaneous adjustments,
f Includes $549 being
loss of subsidiary company applicable to minority interest.
portion of net
.
1938
Cash
$416,274
Accts. receivable.
Other
accts.
$369,328
14,815
20,673
115,785
_
252,876
156,433
of Poland bonds
on
Accrued
liabs.
$44,037
$84,258
187,000
200,000
272,465
32,226
Interest accrued..
97,425
10,364
97,425
1,759
1,265
211,493
418,840
sub.
b Res. for exp .and
contingencies...
un-
compl'd contras
Deposits on bids.
Minority
352,194
in
2,330
_
net
13,125
gold debentures. 3,897,000
Acct. pay. not curr
22,385
3,897,000
of for'n exchange
c7,347,819
7,499,559
Conv. 0% sink. fd.
Securities
Real
Unrealized
estate
office
14,481
25,600
turn., Ac
count A expenses
106,557
125,642
Other def. charges-
30,075
16,382
1
Series B pref.
1
Goodwill
7}4%
cum.
on
no
securities and investments,
c
par
invest'ts
over
74,148
16,085
$4,931,206
1,810,985
$4,161,526
1,834,122
353,991
100,614
14,100
13,557
Loss from gtd. leases.__
8,141
78,041
434,504
128,506
6,002
70,273
391,334
509",93l
455,338
$518,432
$1,312,314
$2,065,475
$1,504,518
$0.37
$0.94
$1.47
$1.07
$3,013,912
Total income—.
1,753,294
Int. on funded debt^
221,499
Fed. & foreign inc. taxes
Federal surtax on undis¬
—
-
—
charges..
Prov. for miscell. invest.
2,782,800
1,043,550
stock
(par $5)_~
—
Including depreciation of $1,170,452 in 1938, $1,077,587 in 1937, $977;923 in 1936 and $573,770 in 1935, and provision for replacement of fixtures
x
&c., amounting to $611,157 in 1935.
After deducting $28,000, portion applicable to
and equipment,
charged to surplus.
Consolidated Balance Sheet Dec.
1938
$
Liabilities—
Land, bldgs., ma-
chin'y & equip. .14,904,721
15,340,313
7,629,947
344,713
5,840,476
354,713
....
Inv. & adv., Ac...
1937
$
1937
$
Assets—
discount on purchase
31
$
Capital stock
7,002,800
7,002,800
Funded debt...—34,445,100 34,699,100
Accts.
payable and
Prov.for inc.taxes
5,738,094
506,028
625,399
Accrued interest on
1,982,463
5,807,041
502,324
accrued expenses
4,976,544
5,096,935
18,666,538 19,721,977
1,708,146
Goodwill, trade¬
funded debt
255,791
Reserve for contin¬
156,450
398,663
DrS8,307
7,500,000 z7,500,000
687,247
587,203
77,714
DT88,307
_
_.
marks,
Prepaid
Ac
accounts.
1,238,649
980,215
1,275,383
y980,215
b6,715,185
6,123,620
Inc., cap. stock. Dr529,250
303,651
156,450
shares,
430,099
Earns, per sh. on 1,400,560 shares of capital
Inventories
303,651
Total.....
248,532
.
121,901
$4,092,025
1,783,534
y400,062
Miscellaneous income—
Cash
stock.
Common
356,629
843,002
book value thereof...
Recovery of claims agst.
Liggett and Owl bank¬
rupt estates
stock 1,044,860
pref.
Z>r526,560
gencies, Ac
Capital surplus
Earned surplus
a
United Drug,
$9,332,404 $9,165,756
b Excluding possible losses
Bonds at estimated maximum realizable
amount; National Economic Bank of Poland 3%
29,099
of proceeds from
of
Misc. market, sec.
Treasury stock
Represented by 271,522
sale
Notes & accts. rec.
Earned surplus...
a
for Fed. income taxes.
Excess
2,786.225
5% pref.stock....
.$9,332,404 $9,165,7561
$3,927,024 ' $3,391,118
101,171
37,629,
47,990
49,403
63,500
Int. on notes rec., &c—
x
Capital surplus...
Total
84,537,958
$3,860,296
30,523
50,205
1938
stock
a
79,348,642
89,497,962
18,045
51,135
$2,881,233
Adj. of prior yr's provs.
appre,
Ser. A pref. stock.
Unamort. d.bt dis¬
Net profit on sale
Income from investm'ts.
16,365
1,265
$93,358,258 $88,464,982 $82,739,760
& discounts
$87,867,228
Cost of goods, .sell. ,gen.
and admin, expenses.. 84,985,996
ances
233,414
10,098
Deferred credits..
562,764
1935
1936
Billow*"
l^s returns
130,966
562,764
Ended Dec. 31
1937
1938
y
128,850
for clients1,759
Cash held as agent
Inc. (& Subs.)—Earnings—
Consolidated Income Account for Years
of bonds of United Drug Co.,
of
subsidiary
Inv. of sub .in for*n
...36,157,109 37,109,408
Total
After depreciation reserves
United Drug,
interest
assets
Dr251,703
of $59,337,089 in 1938 and $56,856,909 in
1937.
y 1,200.000 no par shares,
z Represented by 22,619 shares in 1938
and 10.500 shares in 1937.—V. 147, p. 1506.
x
to
contractors
Advance by clients
rec.
(not current).._
Nat. Economic Bk.
Accruals
Accounts payable.
115,785
1937
Fed. A State taxes
Acer. int. recelv..
5,705,848
JDr498,660
tal stock..
.36,157,109 37,109,408
Miscellaneous
1938
Liabilities—
1937
.
5,533,612
Reacquired capi¬
tributed profits.
Consolidated Balance Sheet Dec. 31
Assets-
532,726
Capital stock...30,000,000 30,000,000
Earned surplus.__
Net profit——1
balance of interest
prior
y
228,162
1
x
loss$39.964
34,396
490,888
269,899
z
1
17,558
$77,714
$398,663
....
Includes income credits
a
19,720
$320,465
1320,948
77.714
Ulen & Co.'s proportion.
301,205
2,161
14,141
cl01,817
c25,000
19,057
17,545
237,866
131,633
494,261
Reserves
fixts..28,219,016 30,351,396
Total..
500,000
_
44,913
17,379
d&lcs
Other income debits
Prov, for Fed inc. tax.,
b State & Federal taxes
wages—
33,626
Res. for Fed'l taxes
Tank cars, plant,
36,728
292,624
10,560
_
579,562
Accrued
8,440
1,163,150
738,196
224.770
Res. for gen'l taxes
Accts. receivable..
40,713
1,051
a$580,140
82,376
77,536
©$908,976
155,260
$
payable.
Accounts
3,028,812
8,453
Goodwill, pats.,Ac
1935
1937
$
Liabilities—
3.028,812
Investments
Years
1936
$5,705,848
1,180,742
$1.71
1938
1937
$
Cash
x
5,583,332
31
Consolidated Balance Sheet Dec.
1938
.
Assets—
equipt. A
1937
1,536,950
$5,533,612
1,177,381
(no par)
Deferred charges..
(& Subs.)—Earnings—
$7,599,745
1,893,897
Earnings per share.
Accrued interest on
Consolidated Income Account for Calendar
$2,016,412
.
Earned surplus at end of year
Shares common stock outstanding
U.S. Govt, notes.
Ulen & Co.
$1,364,714
5,705,848
$7,070,562
:. .
fine record of sales and earnings,
approximately $66,000 during the past
expected to be effected by eliminating
duplications in operations of the two companies, and in view of the promising
outlook for the railroad accessory field, we believe it reasonable to assume
that future earnings would be materially higher," he said.—V. 147, p. 3623.
"The Central Railway Signal Co. has a
$2,256,910
240,498
$1,408,293
....
Total income
San Francisco.
annual net Income having averaged
10 years.
With certain economies
$2,204,825
52,086
$1,462,581
97,867
operations
Federal income and excess profits taxes.
meeting of stockholders of
Triumph Explosives has been called for March 31, at the offices of the
company in Elkton. There stockholders will be requested to vote upon the
proposed purchase and to authorize its consummation.
To make the acquisition possible, stockholders will also be asked to
approve an Increase in the authorized capitalization of the company from
the present 400,000 shares ($2 par) common stock to 600,000 shares.
The
purpose of this increase is to provide stock for sale to the public, the pro¬
ceeds to be used to complete the purchase of Central Railway Signal stock.
In announcing the proposed purchase, Mr. Kann stated that Central
Railway Signal Co., Inc., established in 1894; today is the leading American
manufacturer of railroad fuses and torpedoes.
"The company," he said,
"owns manufacturing plants near Boston, and at Hammond, Ind., and a
subsidiary, Pacific Railway Signal Co.* owns and operates two plants near
54,288
Net income from
Other income
sinking fund bonds oj
Total
x
56,417,855 56,424.080
After depreciation,
y
Total
56,417,855 56,424,080
Reduction due to $2,901,169, reduction of book
value, goodwill, trademarks, &c., as
approved by the directors,
z
Reduced
Volume
148
Financial
March 23,
on
1937, to $7,500,000.
a
Cost of 48,958 (48,688 in 1937)
shares of capital stock acquired and held
by subsidiary company for cor¬
porate purposes,
b Representing principally net earnings of subsidiary
companies since Sept. 1,1933, which have not been distributed to the parent
company.—Y. 147, p. 3173.
United Gas Corp. (&
Subs.)—Earnings—
Period End. Dec. 31—
1938—3 Mos.—1937
1938—12 Mos —1937
$10,268,185 $11,596,653 $40,772,224 $46,825,907
Oper. exps., incl. taxes..
5,749,646
5,835,829
22,095,924
22.215,422
Prop, retire. & depletion
reserve appropriations
2,273,499
2,247,575
8,860,327
8,301,038
Operating
revenues
Net oper. revenues
$2,245,040
207,965
inc.
deduct.,
$3,513,249
$9,815,973
219,533
410,694
$16,309,447
570,761
75,681
Other income—*
Other
305,447
394,815
691,125
$2 ,377,324
$3,427,335
in¬
cluding taxes
Gross income
Interest
—
-
mtge. bonds.
on coll. trust bonds.
Interest on debentures.
Other
interest
(notes,
on
77,520
124,063
49,861
405,063
50,000
405,063
496,055
183,580
06,803
490,470
x470,815
012,541
$1,172,048
$1,899,465
Int.
_
loans, &c.)
Other deductions
Int. chgd. to construct'n
Balance.
..
$9,831,852 $16,189,083
383,807
564,696
199,861
217,144
1,620,250
1,620,250
Pref. divs.to
public, subs
applicable
to
minority interests....
1,930,669
x493,119
032,967
1,950,894
219,753
023,141
212
628
847
35,241
30,164
27,809
89,066
55,458
$1,141,672
$1,871,028
con-
solid'd earned surpl.
$5,390,515 $11,305,473
Includes
x
$418,505 representing non-recurring charges during the
quarter ended Dec. 31, 1937, for reorganization expenses of subsidiaries.
1938—12 Mos—1937
$8,234,885 x$3,370,686
6,560,760
x2,819,705
650,000
x200,000
^
Net
oper.
Int.
on
debentures.
_
& loans
on notes
Other interest
Other deductions
$309,235
2,754,787
$380,824
1,691,694
ov
$1,024,125
6,746,319
x$350,981
6,711,818
54,924
281,952
300,787
stock
outstanding in the amount of over $60,000,000, the stock certificates
of the Power
company having been endorsed in blank and not transferred
on the books of the
Power
company.
In behalf of the equipment trust
urged that 29,350 out of the 79,000 were especially
subject only to a "floating charge
holders, and that the certificates for the
29,350 shares had been still in possession of the British
company when the
certificate holders it
$1,790,566
y306,488
443,517
8,366
$7,469,657
2,006,100
1,759,604
40,988
5,906
$6,483,629
y306,488
1,759,604
13,648
attachment
The
months
"CV95
Lii.a,± jauu.
"CY95
ui
$3,657,059
lidiui <%l gao
1937
25.122,536
24,392.924
e
Investment....223,632,404 223,842,804
2,291,160
Notes
&
United Shirt Distributors, Inc.—Smaller Dividend—
Directors have declared a dividend of 12 H cents per share on the com¬
stock, payable March 21 to holders of record March 17. This com¬
pares with 20 cents paid on Dec. 27, last, and a dividend of
123^ cents
paid on Dec. 23. 1937.—V. 147, p. 3778.
'
United States
$1 Dividend—
180,678
Capital stock.141,269,159
amentment
33,435,000
25,925.000
789,057
21,139
40,815
payable.
Pref. stocks
Accts. receivable
1,650,282
2,124,447
Mat's & supplies
323,344
343,673
Customers' deps.
674,995
626,813
36,904
17,915
Taxes accrued..
1,304,860
123,081
Directors of the company on March 18 elected C. W. Carlson to the
vacancy caused by the resignation of Dwight A.
Mr. Carlson has been Vice-President.—V. 147, p. 1647.
Algood.
United
67,759
25.749
107,894
22,853
47,700
bMat.
debits.
Contra assets.
15,109
Interest accrued
_.
Other
Profit.....
Deprec. & depletion
74,954
39,863
19,340
d Contributions
Capital surplus.
25,077,285
Property
...253,215,229 253,531,387
Total.
253,215,229 253,531,387
Called for redemption and dividends thereon of dissolved subsidiaries,
b Including premium and interest of dissolved
subsidiaries,
c Notes only,
d In aid of construction.
a
.....
Common stock ($1 par value)
„
Shares
449,822
884,680
7,818,959
1938
1937
$
$
Assets—
equipment.
Invest.
&
.
accounts.;
4,962,488
7,164,834
6,939,981
4,808,296
Special deposits-
113,234
Notes receivable
341,269
4,618,260
241,735
49,129
5,320,299
2,042,019
Cash
Accounts receiv.
Inventories
2,744,637
110,504
Prepayments
.
Subs. pref. stk.^
Accounts pay
Notes payable..
Curr.
Pf. stks.
x
.
Contra assets
$280,689
272,970
367,200
com.
$666,108
272,970
•$7,719
$7,719
$119,814
$623,761
$393,138
$0.01
$0.22
*
stk. outst.
Federal.surtax
$0.74
undistributed profits.
on
T. Jefferson
has been elected
Coolidge has been elected to the executive committee to fill
vacancy.'—V. 147,
a
4071.
p.
Utah Light & Traction Co.—Earnings—
Period Ended Jan. 31—
1939—Month—1938
Operating revenues.Oper. exps., incl. taxes__
1939—12 Mos.—1938
Gross income
$90,939
89,909
$1,100,818
1,088,28$
$1,146,128
1,091,978
$1,030
50,989
$12,605
610,517
$54,150
572,388
$51,751
51,595
Net oper. revenues
Rent from lease of plant
$92,889
90,359
$2,530
49,221
•
$52,019
$623,122
619,515
$626,538
621,584
483
51,629
717
$327
"
7,531
8,891
$3,924
$3,937
Note—No provision has been made in the above statement for unpaid
on the 6% income demand note, payable if, as, and when earned,
amounting to $1,663,930 for the period from Jan. 1, 1934, to Dec. 31,1938.
—V. 148, p. 1663.
interest
2,036.923
Van Raalte
Co., Inc.—Earnings—
Calendar Years—
sales..
21,139
40,815
,
92,095
99,245
646,615
3,949,118
264,322
—
Cost and expenses..,...
1937
1938
$9,900,667
8,868,156
1936
$9,430,935
8,227,783
$7,611,128
6,636,963
$1,203,152
45,902
$974,165
40,422
.,249,054
,014,587
184,449
91,763
156,253
92,274
101,000
w
$9,905,954
8,762.900
l?35_o
d Matured long-
198,906
226,931
~
147,598
47,700
Customers' deps.
Taxes accrued..
Taxes
term debt"7T.
debt
Curr.
accr.
685,539
3,011,502
216,240
and
liabilities
Del. credits.
Reserves....
e
Contributions
f Undecl.
1,196,222
191,193
91,472
124,917
5,943
120,898
11,222
124,388
$775,494
121,586
452,483
$835,415
122,217
452,484
$665,059
122,234
64,640
$295,066
$201,424
$260,715
$478,185
$4.28
$5.06
$5.52
$4.20
Prov. to reduce raw silk
Prov. for Fed. taxes, &c_
lative divs
6,211
commitm'ts to market
Surtax
on
undist. profit.
133,876
,14,420,735
26,563,317
i Net profit
5,364
227,918
14,731,562
surplus. 28,761,683
1st pref.
—
—
dividends
Common dividends
Balance, surplus.
Total.......293,693,677 289,922,685
Total..
293,693,677 289,922,683
Called for redemption and dividends thereon of dissolved subsidiaries.
irtlii/linrr
Inrvi «\nrl
d Including premium and interest, e Tm aid of construction. f On
In
preferred
stock of subsidiary held by public
-V. 147, p. 4070.
c
■n»»ATYi
Improvement Co.—Weekly Output—
Week Ended—
Mar. 18 '39
■
Mar. 11 '39
Mar. 19 '38
96,831,643
Electric output of system (kwh.)
96,763,198
Earns, persh. on 129,281
shs. com. stk. (par $5)
$671,977
Comparative Balance Sheet Dec, 31
1938
Assets—
y
646,405
303,315
272,329
229,121
124,917
132,120
1,081,062
Accrued
1,898.730
Prov.
Deferred charges..
Sundry Invest..._
218
219
15,656
20,273
a5,943
1,008,671
surplus... 1,470,279
1,008,671
I>r59,630
Z>r40,924
Other current liab.
i
Capital surplus...
Earned
z
Total
.....-$5,528,141 $5,049,824
126,802
Federal
taxes
76,501
v
American holders of $2,200,000 of equipment trust certificates suffered
defeat March 20 when Federal District Judge John A. Peters in
Portland,
accounts.
for
Reserve
Dividends similar to the above were voted on the $3 cum.
participating
pref. stock, no par value, in addition to the regular quarterly dividends
of 75 cents per share.—V. 147, p. 3925.
•
1937
646,405
1,275,416
a
United Rys. of Havana & Regla Warehouses, Ltd.—
Equipment Trust Certificate Holders Lose Decision—
1938
$1,746,200 $1,746,200
pref. stock
Common stock..
x
1,818,415
53,847
receivable
dividend of 50 cents per share on the com¬
stock, no par value, payable April 1 to holders of record March 23.
1st
Accounts payable-
Accts. and notes
Inventories
.
payments were made in preceding quarters.
Liabilities—
1937
Props, and plants.$1,911,238 $1,496,999
Cash.'....
469,008
496,314
87,059,506
k
United Milk Products Co.—Dividends—
The directors have declared
13,039
a
^
—V. 148, p. 1662.
53,169
cumu¬
Minority lnt
Capital surplus.
Earned
,090,001
215,165
77,943
Gross income.
29,836,415
2,900
:
47,700
14,339
$1,143,053
Depreciation
,r
Discts., int. & other chgs
88,150
189,502
$1,032,511
57,490
118,349
258,562
Operating income.—
Other income..
169,061
184,095
201,197
34,196,278
Contra liabilities
Similar
$1.17
Director (fee.—
Net
Interest accrued
mon
,731
272,970
Includes quotational gains of $114,800.
New
1,920,700
dt.
869,804
Other
United Gas
$392,784
272,970
1937
O.J. Egleston, Vice-President and Consulting Engineer,
director to fill a vancancy:
a
29,035,687
(cash
189,502
accrued assets
Deferred debits
4,913,566
26,048,963
In specs.deps.)
89,201
Other current &
1936
$895,626
229,518
1938
245,572
Balance
shs. of
maturing
long-term
c
$10.31
«
$638,904 x$l,134,409
246,120
237,678
$526,261
Balance, deficit. —$327
141,269,159 141,269,159
12,100
12,100
274,046
274,046
Long-term debt. 38,269,340
39,106,432
_r
$165,504
$7.20
Earns.per sh.on 528,765
$
Subs. com. siks.
„
$116,104
$9.48
1937
$
Capital stock
.272,605,091 269,784,940
fund
$7,090,972
1,637,818
5,287,650
reserves..;
on mtge. bonds
Other int. & deductions.
1938
Uabilities-
&
prop.
$5,455,277
1,637,818
3,701,355
$4.69
fnt.
Consolidated Balance Sheet Dec. 31
Plant,
$6,653,324
1,637,818
5,287,650
$361,496 def$272,144
.
Net earnings
Total
4
,
1935
$4,114,374
1,637,818
2,115,060
.
.
Pref. div. requirements.
24,592,157
Represented by:
$7 preferred stock (no par value)
$7 2d preferred stock (no par value)
Co.—
31
Dec.
1936
$9,881,567
2,790,595
Gross earnings..
83,150
Earned
e
Ended
Includes other income and is after Federal taxes, &c.
x
67,412
2,900
47,700
14,467,818
surplus.
Mining
&
Year
$8,189,072
2,733,796
Surplus.
6,606,133
22,853
14,467,819
Contra liabilities
the
$9,112,258
2,458,933
Earns. per sh. on 528,765
com. shares (par $50).
121,684
79,013
7,186,994
11,751
credits
Reserves.
Refining
for
1937
Note—No provision made for
accrued liabs.
Deferred
Account
$6,573,718
2,459,344
res.
Net profit
Preferred dividends
and
curr.
Smelting,
Income
1938
long-term
debt
accr.
States
x
2,416,723
Deterred
148, p. 1184.
Presidency to fill the
28,925,000
3,581,830
Accts.
143,133
assets
changing dividend payment dates, and is also at the regular
rate of $6 per annum.—V.
1939
141,269,159
C5.990
Oth.cur.&
Corp.—To Pay
a
Estimated Consolidated Earnings for 2 Months Ended February
$
33,435,000
a
Prepayments
Foreign Securities
dividend of $1 per share on the first preferred
stock payable March 31 to holders of record March 27.
This dividend is
for the period from Feb. 1 to March 31 and confirms with the recent charter
1937
§
Notes payable..
2,255,263
36,248
...
&
$4,403,984
Long-term debt.
loans
receivable
three
mon
UlSbi lUUOiUll
1938
Liabilities—
Cash.
entered
& loreign Power Co. to make the shares
subject again to free disposal by
the holders of the stock certificates in
England.—V. 142, p. 4357.
Common dividends.
$1,032,290
vpci ciuiujuus
1938
Special deposits.
made.
in which the
English court had enforced the "floating charge" and had placed the
certificates for the 29,350 shares in the hands of a court receiver.
Federal
Judge Peters found that the Maine attachment law does not sanction
attachment of the owner's equity interests in shares which he has
pledged;
and he held also that
English court's enforecement of the floating charge
should be recognized by the Federal District Court as conclusive in favor
of the English debenture stock trustees.
His order directed the American
Balance Sheet Dec. 31 (Company Only)
prop. & eqpt
was
company presented a decree of an English court
after the American attachment had been served,
Consolidated
erties acquired on and subsequent to
July 28, 1937. y Represents interest
on United Gas Public Service
Co. 6% debentures from Nov. 5, 1937, on
which date said debentures were assumed by this
company.
PI.,
was
open to attachment because they were
in favor of the British debenture
579,170
$3,009,098
501,525
443,517
13,304
1,526
$2,049,226
avuuid
In American
United States Glass Co.—New President—
Int. chgd. to construct'n
A
The English company owns 79,000 shares of
preferred stock
Foreign Power Co. The stock certificates for these shares are in London.
The equipment trustee attempted to attach the shares on the books of
the
Power company by
serving process upon the Power company in Maine.
The English
company moved to quash the attachment on the ground that
it had in 1928
pledged the shares to secure the holders of its debenture
revenues—
Other income
Other inc. deducts., incl.
taxes
Interest
&
Directors have declared
Statement of Income (Corporation Only)
Period End, Dec. 31—
1938—3 Mos.—1937
Oper. revs .—Natural gas $2,301,983
$2,487,726
Oper. exps.,incl. taxes..
1,819,748
1,966,902
Prop, retire, res. approp.
173,000
140,000
1823
Me., entered orders consummating his dismissal of an attempt by their
equipment trustee to attach property of the English company in Maine.
$5,480,428 $11,396,172
Portion
Balance carried to
Chronicle
Pref. stk. in treas
Total...
1.175,213
$5,528,141 $5,049,824
x Represented by 129,281 shares of $5 par value,
y After'allowance for
doubtful accounts and discounts of $37,000 in 1938 and $3Q,000 in 1937.
z
Represented by 590 shares in 1938 and 400 shares in 1937 at cost,
a Re¬
to reduce raw silk commitments to market prices $5,943.—V. 147.
serve
p.
2709.
Financial
1824
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
Net oper. revenues—
Other Income (net)
$420,090
225
bondsdeb. bonds. .
Other int. & deductions-
866^*889
wlofnnn
7Q?'fi8?
$.381,055
$4,172,347
5.172
this corporation at a meeting
held March 16.
Robert W. Lea resigned as President of this company to become VicePresident in Charge of Finance of Johns-Manville Corp.—V. 146, p. 1897
Charles Dorrance was elected President of
of the board directors
$4,564,255
361
2,396
$381,416
195,650
25,000
16,703
790,080
1,093,000
91,125
$420,315
192,721
25,000
15,374
Gross income
Interest on mtge.
404*21? ^7
$1,1« 7*«qi
654,344
91,000
Interest on
1939—12 Mos.—1938
1939—Month—1938
$4,177,519
2,332,898
$4,566,651
2,349,834
300,000
198,686
$1,349,740
—Week
$187,220
$144,063
preferred stocks for the
period, whether paid or
1,704,761
1,704,761
def$355,021
$13,370
x Dividends
accumulated and unpaid to Jan. 31, 1939, amounted to
$7,103,171.
Latest dividends, amounting to $1.16 2-3 a share on $7 pre¬
ferred stock and $1 a share on the $6 preferred stock, were paid on Dec. 21,
1938.
Dividends on these stocks are cumulative.—V. 148, p. 1662.
Balance..--
-----------------——
Machine Tool Co.—New Vice-President—
Leo F. Hunderup has been elected a Vice-President of this company.
He has been Assistant General Manager for two years.—V. 148, p. 1497.
Van Norman
Co.—$2,140,000 Bonds Sold by RFC
Great Western RR.
Wabash-St. Charles
—See Chicago
(1st mtge. 4s) are dated March 1, 1935 and mature serially
1, 1960, in annual amounts ranging up to $155,000. Interest
payable M-S,
Bonds were originally sold to the Public Works Adminis¬
tration (later sold by PWA to the RFC) for advances made for construction
of a bridge across the Missouri River at St. Charles, Mo.
Interest and
principal guaranteed by Wabash Ry.
Bonds will not bsreoffered as they have been placed privately by Salomon
Bros. & Hutzler.
•
*
The bonds
to
March
Co. (& Subs.)—Earnings—
Washington Water Power
1939—12 Mos—1938
$818,861 $10,202,274 $11,095,116
467,147
5,488,083
6,368.860
92,702
1,113,981
1,025,892
1939—Month—1938
Period End. Feb. 28—
Operating revenues
Oper. exps., incl. taxes
Prop, retire, res .approp.
$866,916
operating revs,-.
(net)
$297,986
1,254
$259,012
$3,600,210
1,389
29,896
33,239
$299,240
$260,401
$3,630,106
82,963
82,963
2,591
995,550
68,468
$3,733,603
995,550
57,643
Cr2,383
Cr4,115
$2,568,471
$2,684,525
Net
476,433
92,497
Other income
Gross income
-
Interest on mtge. bonds.
Other int, & deducts
Int. chgd. to
3,765
constructs
$212,512
$174,847
Dividends applicable to preferred stock for the
period, whether paid or unpaidNet income-.-.-
Balance-...
-V. 148, p.
$3,700,364
622,518
622,518
$1,945,953
—-
1938
1939
13,500
$129,441
x20,000
$69,439
the period
tax.—V. 148, p. 897.
$680,152
1,511,900
$5,393,659
3,594,848
$2,971,771 loss$553,932
4,091,392
1,649,147
$2,192,052
841,101
$8,988,508
$7,063,163
608,393
357,134
yl ,006,640
y905,987
by these figures:
Orders received amounted to $149,662,776, compared with $229,540,061
1937, a decrease of 35%.
gales billed totaled $157,953,216, compared with $206,348,307 in 1937, a
docTCtiso of 23 %
*
Unfilled orders at Dec. 31, 1938, were $40,188,150, compared with
$60,298,087 at the end of the previous year, a decrease of 33%.
Net income for the year was $9,052,773, compared with $20,126,408 in
1937, a decrease of 55%.
*
Expansion—In order to meet expanding requirements, and in
Gross income
Income deductions
Provision for Federal
$6,253,381
$5,548,782
3,106,453
$302,473
1,553,832
—
See
z
$605,226
10,792,387
$6,253,381
4,539,006
Total earned surplus-.$11,397,613
of capital stock
$10,792,387
Surplus
$1,095,215
x619,603
&
State income taxes—
Net profit
Divs. paid in cash
1,728,487
— —
Previous earned surplus.
$2,442,329 df$l ,251,359
2,096,677
3,348,036
$4,539,006
$2,096,677
In 1935 taxes
3.108,912
$2.01
3.106,814
$1.79
3,106,816
$0.10
charges,
consisting of: Adjustment of book values of plant properties held for dis¬
position, $600,000; adjustment of carrying value of miscellaneous invest¬
ments, $30,000; patents purchased, $46,312; total, $676,312; less sundry
credits, $56,709; balance (as above), $619,602.
y Including $12,000 in
1937 and $1,025 in 1936 surtax and undistributed profits,
z During 1937
payments amounting to $2.25 per share were distributed to stockholders
from paid-in surplus, which was created in 1935 by a reduction of the stated
value of the capital stock.
There were three more payments to be made
from paid-in surplus: 25 cents per share on April 30,1938; 25 cents per share
on July 31. 1938, and the remainder, approximately 25 cents per share, on
were
designated
as
—
24,444,916
19,133,217
428,853
1,973,838
1,129,048
413,353
*9,028,743
Int., disct. & misc. inc., /
net...
1,136,702
26,418,754
20,262,265
11,287,868
759,104
Dr256,826
798,139
197,084
921,214
al,929,011
1,577,326
10,924,549
245,102
26,960,067
709,992
21,380,563
1,875,960
14,794,205
65,156
28,633
300,674
1,260,844
433,099
4,367,653
1,294.283
817,411
3,180,430
407,471
813,264
1,997,559
9,052,773
49,505,113
20,126,408
45,546,779
15,099,291
45,205,864
11,983,381
40,626,427
before adjust¬
dividends 58,557,886
65,673,188
60,305,156
52,603,808
Dr898,504
Drl06,706
Cr598,953
extraordinary
Profit from operations
Asseis-
1938
Liabilities—
$
9,514,668
10,045,138
l
l
Patents..
a
497,307
1,314,448
$
Capital stock...34,893,217 34,893,218
Stocks
subslds.
of
not held
Equity in uncompleted contracts
40,543
b Treasury stock _dl,271,680
•
1937
$
1937
$
■
1,418
566,647
Accounts payable.
1,512
726,561
Amt. to be distrlb.
from paid-in sur.
Notes & accts. rec.
1,012,892
963,760
Investments
5,780,963
6,345,404
Divs. payable
Advance billings.
Cash
9,304,491
7,382,657
Accrued liabilities.
Accts. & notes rec.
2,503,036
4,571,342
3,179,788
Reserve for contin¬
(not current)
U.S.Govt. & other
secure.
11,469,462
12,384,782
98,290
Inventories
_
8,877,783
231,934
50,996
.
1,160,597
2,241,335
1,657,659
1,656,607
—
profit
Surtax
on
Net
undis. profit—
income
—
Previous surplus.
Surp.
—
Earned
2,059
surplus.11,397,614 10,792,387
277,826
9,414,749
229,630
ments and
Dr358,327
securities
Purch 1 of net assets of A.
See
B.
Elevator
.50,105,744 53,544,464|
West Coast
^Total
50,105,744 53,544,464
Telephone Co.—Registers with SEC—
of this department.—V. 147,
p.
3174.
West Point Manufacturing Co.—Common Dividend—
Directors have declared a dividend of 30 cents per share on the common
stock, par $20, payable April 1 to holders of record March 22.
Like amount
was paid on Jan. 3, last; a dividend of 120 cents was paid on April 1, 1938,
and dividends of 30 cents per share were paid on Jan. 3,1938 and on Oct. 1,
1937, this latter being the initial distribution on the issue.—V. 147, p. 3926.
Co.,
Cr669,999
Inc
Adjustment
on
Radio
Corp. on Amer. stock
distributed as a div
Miscellaneous (net)
.
,
.
Cr67,862
Cr67,659
Drl5,045
b2,230,552
Cr450,475
58,267,421
279,914
6,478,080
65,512,342
479,844
15,527,385
60,183,405
439,867
51,422,684
247,740
14,196,759
5,969,080
——
Surplus before divs
Pref. cap. stock divs—
Common cap. stk. divs.
45,546,779 45,205,864
a Includes in 1935 a profit of $L,606,626 representing dividends received
and profits realized from securities of Radio Corp. of America sold during the
51,509,427
Surplus
49,505,113
-
year.
value
as
carried
on
share
on a
preferred stock.
of this
books
Radio Corp. of America stock distributed as a
at date of declaration of such dividend or $3.50
company
of
dividend and market value
optional cash dividend per
„
and distribution, administration and general
expenses—including taxes (except Federal income normal tax and excess
c
Manufacturing
cost
Erofits taxes and depreciation of buildingsprofits), service annuities, operate
lg reserves and surtax on undistributed
and equipment.
depreciation for all companies
$4,782,530 in 1937; $4,592,283 in 1936,
Note—Provision for plant and. equipment
amounted to $5,109,153 in 1938;
and $4,946,251 in 1935.
Consolidated Balance Sheet Dec. 31
1938
$
35,660,663
Cash
U. 8. Govt.
20,867,567
356,000
734,481
sec.
Oth. market
971,561
Inv.
in
74,188,162
Accte.
owned
cos.
royalties,
Adv.
billing
16,488,040
Derd
5,310,632
companies
5,599,660
142,507
10,893,045
3,998,700
Common stockl29,607,750 129,607,750
199,187
10,302,753
Pref. stock...
3,998,700
34,543.489
2,330,782
3,369.028
1,733,242
d
invest'ta.
2,379,898
Earned surplus.
69,927,136
67,812,476
and
335,634
>3,891,088
391,270
credits to
b Fixed assets..
Patents,
2,655.063
Miscell. reserves
c
9,407,465
on
income--
Notes and accts.
(notcurr.)
4,394,919
Ac.
Other liabilities.
15,195,122
Invests, in assoc.
Misc.
$
7,118,520
12,500,000
banks
contracts
not
-
4,556,782
payable-
,
1937
Acer, int., taxes,
wholly-
consolidated
$
Notes payable to
35,518,800
49,360,766
Inventories
Liabilities—
791,460
23,938,359
sec.
Notes and accts.
receivable
.
1938
1937
$.
Paid-in
surplus-
16,965,937
32,541,254
16,963,859
charters
7
francises.
Deferred charges
1,140,158
1.341,664
Total207,560,215 227,455,458
a Represented
by 3,172,111 shares of no par value,
b Representing
63,199 shares of capital stock, c Earned surplus restricted in the amount of
$251,559 which represents the cost of 6,851 shares of the parent company's
capital stock reacquired and held in its treasury, d Includes $313,126 from
officers and employees.—V. 148, p. 1344.
See list given on first page
—
Adjustment in value of
Total
207,560,215 227.455,458
deposits of $350,689 ($230,000 in 1937).
b After
of $62,732,810 in 1938 and $59,251,553 in 1937.
c Represented by
79,974 shares par $50.
d Represented by 2,592,155 shares, $50 par.
a
Total
invest
expenses
Prov. for Fed. inc. tax__
rec.
income
c
See d
notes & accts.rec
38,767
_
Deferred credits to
117,419
Officers' and empl.
388.590
1,235
gencies, Ac-
Acer. int. receiv'le
Deferred charges.
on
Excess and idle facilities
a
Consolidated Balance Sheet Dec. 31
market,
profit
Other oper.
Asset3—
Property
10,874,515
8,599,890
Profit from sales
Oct. 31,1938.
1938
capital stock; in 1936 they
1937, $5.26 per share; and in 1938, $2.65 per share.
represented $269 per employee (average number) in 1937; whereas in
1938 the figure was $167.
Employees—At Dec. 31, 1937, the number of employees was 51,151. At
the end of 1938 the number was 40,737.
Work-sharing was provided, as
reflected in'the fact that the average number of hours worked per week by
the hourly paid employees was 30.4, whereas in 1937 the figure was 37.6.
Consolidated Income Account for Years Ended Dec. 31
1938
1937
1936
1935
$
$
$
$
Net sales.
157,953,216 206,348,308 154,469,031 122,588,556
c Cost of sales
.149,353,326 181,903,391 135,335,814 111,714,041
Taxes
b Difference between
3,172,111
$0.32
deductions
xln 1935 these
earnings.
amounted to $1.85 per share of
to reduced
totaled $3.35 per share; in
Shares
outstanding (no par).
Earns.per sh.on cap .stk.
anticipa¬
the company continued its program of
expansion, rehabilitation ana general improvement, which has resulted in
added facilities at several points.
Taxes—The tax bill in 1938 was much lower, but this was due principally
tion of increased business to come,
173,139
$993,816
388,590
Net inc. from oper—
Other income
77% of
is given
In
Westinghouse Air Brake Co. (& Subs.)—Annual Report
1938
1937
1936
1935
$14,153,415 $33,180,563 $22,139,398 $11,739,328
13,473,263
27,786,903
19,167,627
12,293,260
Bucher,
Results—The sales billed of the company for 1938 averaged only
the 1937 level.
A measure of the extent to which business dropped off in 1938
$109,441
$82,939
Federal income tax
Does not include estimated undistributed profits
Cost of sales
Co.—Annual
President state in part:
Net
Calendar Years—
Gross sales
1938
$2,813,137
$3,227,754
$277,731
1503.
Flood expense
Int. on bank loans.
Wayne Pump Co. (& Subs.)—Earnings
x
I
Report—A. W. Robertson, chairman.and G. H.
Divs. & int.
3 Months Ended Feb. 28—
Net profit for
$2,535,406
to March 14—
$2,062,007
1663.
Profit, after all charges, except
Estimated Federal income tax
March 7—
1938
to
1939
Westinghouse Electric & Manufacturing
—
,
—Jan. 1
14—
1938
1939
$308,110
1
1939
$2,919,644
$268,036
—Week End. Mar.
Gross earnings.
—Jan.
Mar. 7—
1938
$292,882
Gross earnings
$1,718,131
unpaid
Net income-...--—
End.
1939
300,000
194,881
Ry.—Earnings—
Western Maryland
—V. 148, p.
Dividends applicable to
x
Coal & Coke Corp.—New President—
West Virginia
Co. (& Subs.)—
Utah Power & Light
Period, End. Jan. 31—
1939
25
Mar.
Chronicle
Including
time
reserves
Note—At Dec. 31, 1938, the company including its subsidiaries had con¬
tingent liabilities on account of letters of credits, endorsed notes (including
those covering instalment sales), guaranteed loans, Sec., in the amount of
$1,319,788 and under certain mutual fire insurance policies a®to which no
assessment has ever been made.
In addition, the company including its
subsidiaries had other contingent liabilities under agreements covering
instalment sales any losses to be reasonably expected thereunder being
covered by specific reserves and insurance.—V. 148, p. 1668.
Western Union
Telegraph Co., Inc.—Annual Report—
31, 1938—Extracts from the remarks of
Chairman Newcomb Carlton and President JR. B. White,
Year
Ended
Dec.
together with income account
and balance sheet for year
Volume
ended
Financial
148
Dec.
31,
Documents"
1938, will be found under
subsequent
on a
Income
"Reports and
page.
Account for
Balance Sheet Dec. 31, 1938
1937
1936
1935
$
Oper.
pairs,
y
$
91.712,401
100,482,884
$
98,420,220
$
89.868,573
Liabilities—
-
$1,410,815
_
425,702
1,630,575
Inventories
Invest'ts and other assets
plants,
taxes, &c.)
Operating
Assets—
Cash
Trade notes & accts. receiv'le
(incl. re¬
res. for deprec.,
exps.
rent for lease of
1825
The company having been in reorganization under Section 77-B of
the Federal Act, as amended, during the year, no provision has been made
for the surtax on undistributed profits, because of the exemption provided
y
under Revenue Act of 1936.
Calendar Years
1938
Gross oper. revenues...
Chronicle
94,355,881
90,690,908
80.786.741
87,804,968
1,021,493
1,529.066
6,127.003
1,593,826
10.615,252
1,616,383
7,720,829
4.395,060
12,231,635
4,917,515
115,000
Federal
20,806,820
347,372
10,602,570
5,344,492
and
$348,615
243,342
States
taxes
on
98,625
income—estimated
226,658
Prop., plant and equipment.
Deferred charges
9,081,832
1,520,738
2,550,559
4,188,438
revenue...
Other income
Accounts payable
Accrued accounts
2d mtge
bonds, called for red.
1st mtge. 6% bonds
2d mtge. cum. 5% inc. bonds
488,700
7,013,500
3,435,700
Reserves
148,949
Common stock
Total income
Interest
bonds.
on
Pro v. for Fed. inc. tax
Balance,
surplus
def1,637,8/9
3,325,769
76,390.686 104,752,577
surplus..:
5,258,078
95,325,815
74.752,807 108,078.346 105,667.938
1,567,552
783,775
319,780
120,108
131,586
30,000,000
Total surplus
Dividends
Adj. of surplus (net)
Approp. for accr. deprec.
7,199,120
98,468,818
100,583,893
2,090.064
25,011
Profit & loss surplus.. 74.433,027
of capital stock
outstanding (par $100)
1,045,278
Earns.per sh.on cap.stk.
Nil
76,390,686 104.752,577
98,468,818
Shares
1,045.278
$3.18
1,045,278
$5.03
1,045,278
$6.89
1938
1937
Dec. 31, 1938 there was reserved 156,984 shares of common stock for that
There are also 32,963 shares of common stock reserved for sale
purchase, expiring April 1, 1947, at prices ranging from
$10 to $20 per share.
Until such time as the aggregate principal amount of first and second
mortgage bonds shall be reduced to an amount not in excess of $7,306,200,
no dividends may be declared or paid on any shares or class of the company's
capital stock now or hereafter authorized or existing.—V. 147, p. 3475.
purpose.
under option to
Wolverine Tube
1935
.
other allied
cos.
5,236.781
5,236.781
5.236,781
7,499,236
7,626,235
7,631.234
Wood Preserving Corp.—Accumulated Dividend—
Directors
have
declared
a
dividend
of $1.50
share
per
account of
on
on the 6%
cumulative preferred stock, payable April 1 to
holders of record March 18.
Dividend of $6 was paid on Dec. 27, last.
—V. 148, p. 3926.
fund'g& real est. mtge. 3.945,490
Invent ofmat'ls&suppl.
6.931.147
Accts. rec., incl. mgrs.'&
supt.'s balances, &c__ b8,614,660
Accr. inc. on in v. sub. co.
218,520
3.945,490
7,047.311
3.945,490
6,785,812
$1
7,156,443
6,852.018
b9.287,161 bl0.006.427
218,923
218,908
(Rudolph), Wiiirlitzer Co.—No Common Dividend—
9,166,610
5.608,709
Directors at their recent meeting took no action on payment of a dividend
the common shares, par $10, at tuis time.
Dividend of 15 cents per shar
on
8,317,981
Treasurer's balances
16,285,788
paid on Dec. 28, last, this latter being the first dividend paid sine
October, 1931, when 25 cents per share was distributed.—V. 148, p. 898
was
Yale
Deposits under workm's'
compensation laws
Deferred charges
Total
paid on June 30 and March 31. 1938; 75 cents paid on Dec. 24, 1937;
$1.50 paid on Sept. 30, 1937; $1.35 paid on June 30. 1937. and $1 paid in
preceding quarters.—V. 147, p. 1941.
,
180,265
hand
have declared a dividend of 75 cents per share on the
capital stock, par $25, payable March 31 to holders of record March 16.
This compares with $1.25 paid on Dec. 28 last; 75 cents on Oct. 11 last;
each of the six
Marketable securities
on
Worcester Suburban Electric Co.—75-Cent Dividend—
The directors
Proceeds of sale of prop¬
erty dep. with trustee
under Western Union
242.245
1.521.601
242.245
1,144,801
242,245
1,403,407
242,245
1,840,079
375,558,352 375,138,489 375,914,132 382,732.113
Liabilities—
Capital stock.
104.527,752 104,527.779 104,527.779
Capital stk. of sub. cos.
not owned by Western
Union Telegraph Co__
debt
Res. for other purposes.
Surplus
104,527,867
Towne
&
Manufacturing Co.—Annual Report—
Carey Jr., President, and John
H. Towne, Chairman of the Board, together with compara¬
tive income statement and surplus accounts and a com¬
The remarks of W. Gibson
parative balance sheet for the year 1938, will be found in the
advertising
1,751,500
89,158,000
Accounts payable
7,279.213
Accrued taxes (est.)
4,381,275
Accr. int. & guar, rentals
878 623
Dividend payable
Bk. loans pay. Dec. 1 *37
Def. non-int.-bear. liab- 13,193,599
Res. for depr. & devel.. 75 212.821
Empl. benefit fund
1.468,677
Funded
quorum.—V. 147, p. 3175.
accumulations
5,236,782
6,885,554
cos.
Cash in banks &
a
oper.
under term leases....
Securities of teleg., cable
and other
Co.—Meeting Adjourned—
Annual stockholders meeting has been adjourned until April 24, due to
lack of
1936
.$24,847,942
Total
Note—The holders of second mortgage bonds have the right to convert
Amount appropriated for depreciation for 1938 was $8,225,166; 1937,
$5,632,666; 1936, $5,631,000. and in 1935, $4,710,000.
Assets—
$
$
$
$
Plant, equip. & r'l est_.333.162,076 333,351,032 330.950.846 333,812,666
Long-term adv. receiv..
2,325,060
1,180,000
1,180.000
1.180,000
Stocks of teleg.. cable &
$24,847,9421
such bonds into common stock, par value $10 per share, at the rate of 40
shares of common stock for each $1,000 principal amount of bonds, and at
y
Comparative Balance Sheet Dec. 31
9,055,984
1,310,226
Earned surplus
Total
Previous
2,704,300
Capital surplus
3,273,865
74,433.027
l,751,5005lt
1,754,000
91,091,000^91,120,000
7.368,919
6,886,914
3,998,141
892,303
783,775
3,000.000
13,245,498
13,232,484
71.868,119
41,130,972
1,466,562
1,445,614
2,537,370
2.389,573
76,390,686 104.752,577
4.011,416
879,640
2,289,524
98,468,818
1938
1937
1936
1935
$13,936,448 $18,948,287 $15,302,661 $11,670,781
13,299,448
16,615,195
13,424,220
10,790,356
Net sales
Cost of sales,
&c
$880,425
$637,000
$2,333,092
$1,878,441
miscellaneous income-
228,435
287,794
268,844
231,040
Total net earnings..—
Prov. for Fed., State &
$865,435
$2,620,886
$2,147,285
$1,111,465
226.573
x685,942
X418.338
105,359
Depreciation
100,000
469,903
175,000
433,864
100,000
417,828
100,000
428,441
Net surplus
Dividends (cash).
$68,958
291,994
$1,326,080
486,656
$1,211,119
486,656
$477,665
284,134
def$223,036
4,784,688
$839,424
6,252,280
$724,463
5,285.238
$193,531
4,580,222
486,656
$0.14
486,656
$2.72
486.656
$2.49
486,656
$0.98
Net profit
and divs.
Int.
13,235.241
41.104.893
1,450,731
of today's issue.
pages
Consolidated Income Account for Calendar Years
1,754.100
106,132,000
6,875,236
3,499,265
1,286,085
2,108,350
rec.
L
and
foreign income taxes.
.
Res. for foreign exchange
Total
—375,558,352 375.138.489 375,914,132 382,732.113
b Accounts receivable only, less a reserve for doubtful accounts of
$1,173,032 in 1936. $1,179,847 in 1937 and $1,125,853 in 1938.—V. 148,
1668.
p.
White Rock Mineral Springs
Dec. 28, last; and on April 1, 1938. and regular quarterly dividends
of 35 cents per share were previously distributed.—V. 147, p. 3926.
on
1938
1937
*
$3,693,162
Operating expenses
983,709
Maintenance
■164,569
Pro v. for deprec
631,983
Taxes
549,249
Prov. for curr. inc. taxes
200,773
$3,410,347
1,052,550
132,273
423.619
434,761
184,725
standing (par $25)--Earnings per share
Includes
—V
1936
-
$2,808,181
878,687
106,544
415,546
414,771
155,664
$167,125 ($94,975 in 1936) for surtax on
147. p, 3327.
1935
$3,176,162
1,008,678
129,350
413,358
450,923
22,256
Surplus
Profit and loss surplus._
Shares capital stock out¬
x
Wisconsin-Michigan Power Co.—Earnings—
Calendar Years—
Total oper. revenues
Net oper. revenues—
$1,262,879
4,087
$1,182,418
24,624
$1,151,597
13,196
$1,207,042
399,069
$1,164,793
440,503
$838,602
475,000
32,137
4,044
Cr910
30,457
2,846
Cr2,314
14,926
20,763
13,300
'
.
Consolidated Income Account for Calendar Years
profit
on
$9,183,014
1,516,335
5,698,961
$572,646
323,283
$3,484,053
492,507
$2,162,541
361,296
$249,363
22,293
$2,991,545
23,187
$1,801,245
25,753
$271,656
Gross
1937
$2,088,981
$3,014,733
3,939
$1 ,826,998
2,114
and
.T
& amort.-
Int.
on
funded debt
Amortiz.
of
bond
Sell., gen.
Int. during construction.
Other deductions
0593
-
13,395
2,312
Cr916
1,778
$735,075
205,386
470,250
-
Preferred dividends
Common dividends
.
$762,057
224,058
522,500
3,600
$687,219
224,058
418,000
$347,034
224,058
104,500
$45,161
<
$18,476
-
Other income.
Loss
on
Loss
7,046
—
Net income
& admin, expenses
Profit
dis¬
count and expense
Other interest charges..
on
$59,438
—
$15,498
Woodward Iron
Co.—Earnings—
sale or disposal of cap. assets-
foreign exchange
3^678
Prior year's income taxes
15,586
Expenses in connection with refinanc¬
ing and listing of common stock. - -
1936
75,287
16,778
3,719
110,378
75,930
29,110
502,453
92,035
82,579
—
$49,535
166,480
$2,209,500
1,331,846
No. shs. of com. stk. outst. (no par)--
665", 920
665",920
Earnings per share on com. stock.-
$0.07
$3.32
$1,252,559
589,615
56,700
332,960
$3.79
1935
$7,531,456
4,960,619
689,743
100,172
$4,886,888
3,606,307
726,645
61,329
tributed
Depreciation
Depletion
Selling, general and ad¬
683.582
93,626
ministrative expenses-
524,797
535,730
405,224
268,115
$1,101,702
112,227
$2,002,401
73,065
$1,375,698
101,770
$224,492
37,282
Operating profit
Int.
on
funded debt
$2,075,466
650,103
$1,477,468
699,520
$261,774
699,520
Amortization of debt dis¬
Preferred dividends paid
x
count and expense
25,475
17,464
Other deductible
99,449
5,582
yl79,289
51,097
$532,881
x$l,177,512
77,121
254,104
Consolidated Balance Sheet Dec. 31
30,593
96,310
17,118
30,593
1,472
__
Accts. receivable.-
330,870
446.049
87,926
Net income for the period Jan. 1 to March 31—carried to earned
surplus prior to reorganization, $400,166; net income for the period April 1
to
Dec. 31—carried to earned surplus since reorganization, $777,346.
Total as above, $1,177,512.
720,319
730,349
87,926
$30,975
8,698
5,039
68,351
16,941
641,263
18,221
1,858,633
2,336,361
2,453,306
Accts.
Accrued
1,076,698
1,155,449
applica'ns-.
723,793
taxes....
Other accr, llabii.
c
Bldgs., mach. &
equip., dies, Ac.
b Patents and pat¬
_
Common stock..
Earned
surplus...
1,858,633
799,079
17,770
$633,927 def$487,581
1937
$58,081
Liabilities—
$1,660,616 $1,490,639
Inventories
a
1938
pay.—trade
Accrued payroll—
1937
1938
Assets—
ent
Goodwill
Net income
122",162
After undistributed surplus tax.
Land.
Other interest
Federal income taxes
98", 459
profits———
Common dividends paid—
x
$1,213,928
550,541
•
Balance surplus
Cash
Gross income
36,359
Provision for depreciation
—
Provision for amortization of patents -
Provision for Federal surtax on undis¬
1937
$9,237,623
5,903;051
697,326
99,114
Other income
,
available
Provision for Federal & Canadian in¬
come and excess profits taxes
V. 147, P. 2880.
Calendar Years—
1938
Gross sales—less disctls.,
&c
$6,922,560
Cost of sales
4,518,851
-
-----
Interest (net)
Balance
.
Not
before pro-
sales
vision for depreciation
Gross income.
1936
1938
Gross sales, less discounts, returns
allowances
$836,969
1,633
$1,266,966
489,575
revenues
undistributed profits.
Youngstown Steel Door Co. (& Subs.)—Earnings—
Cost of sales, excl. deprec.
Non-oper.
..
Co.—No Common Dividend'
Directors at their meeting on March 18 took no action on payment of a
on the common stock at this time.
A dividend of 25 cents was
dividend
paid
contingency
Deferred charges..
1
1
21,113
23,675
x
Total
c
$4,347,065 $5,007,438
Total
$4,347,065 $5,007,438
a
After reserve for depreciation,
b After reserve for
Represented by 665,920 no par shares.—V. 147. P. 2553.
amortization,
Financial
1826
Mar.
Chronicle
1939
25,
Jtepxrrls and jtoamuenis,
fubusheo
as
THE WESTERN UNION
advertisements
TELEGRAPH COMPANY
INCORPORATED
ANNUAL REPORT FOR THE FISCAL YEAR
EIGHTY-THIRD
SURPLUS ACCOUNT
To the Stockholders:
telegraphing decreased as a result of re¬
The volume of
duced activity in
industry and trade and dullness in security
Deduct:
wage
$1,637,879
applicable
Surplus
of
Adjustments
prior
to
319,780
(net)
years
$6,270,000,
or
$5,864,000,
an
BALANCE SHEET
compared with 1935 an increase of $2,464,000, or more than
Plant and
Equipment:
appraised values at June 30, 1910, with subsequent addi¬
$333,162,076
tions at cost
Receivable:
Long Term Advances
Amount recoverable
on
lease in respect
term
the expiration of long
of obligations assumed
$1,180,000
thereunder
Provision for depreciation of $8,225,000 represented
increase of $2,592,000.
Interest charges in 1938 of
Loans, under long term contracts, to lessor tele¬
graph companies, recoverable upon termina¬
tions of leases, for payment of taxes
1,145,060
$207,000 less, mainly as a result of retire¬
were
maturity date, January 1, 1938, of the 5% Col¬
at
lateral Trust Bonds, $8,745,000,
through
of funds bor¬
use
2,325,060
Proceeds of Sale of Properties Deposited with Trustee
Under Western Union Funding and Real Estate Mort¬
gage
After meeting all expenses,
(invested in Western Union Funding and Real Estate
value of $4,227,000). —
higher taxes, larger provision
Other Securities Owned (at cost or fair value):
Stocks of telegraph and cable companies operated
under long term
depreciation, and interest on obligations, there was a
deficit of $1,638,000 for the year, which was charged to
for
held
as
leases (not including securities
lessee)
$5,236,781
.
affiliated
in
Investments
controlled com¬
and
6,885,554
panies..
Surplus.
have been reduced by
bank loans combined
$20,624,000, resulting in
a
decrease of
Inventories of Materials and
The Western Union system at
Less—Reser.
Accrued
com¬
cable, 20,025 telegraph offices, and nearly 16,000 telegraph
At the close of the year there were 30,772
stockholders, of whom 29,708 each held one hundred shares
stations.
less, and 24,807 each held twenty-five shares or less.
Determination of the annual rate of depreciation
the
depreciation of land lines and cables
already mentioned, and when these studies
the
findings
The
may
require
a
increased,
were
are
completed
LIABILITIES
Capital Stock:
Authorized—Par value
now
sible to
provide
use
and
in daily
of Carriers,
a
Union
development.
a
have
Capital Stock, not Owned by Western Union, of Sub¬
sidiary Companies the Assets of Which Have Been
Merged with Western Union (Par value)
Telegraph Company:
Funding and Real Estate Mortgage 4M%—
May 1, 1950
—
$20,000,000
Twenty-five Year 5%—December 1, 1951— 25,000,000
Thirty Year 5%—March 1, I960- — -—.— - 35,000,000
large
Bonds of affiliated and controlled companies due
printed
— —
—
$2,017,000
($1,700,000 payable January 1,1940,
$5,100,000 payable January 1, 1941)
.,—
$6,800,000
Real estate mortgage,
With
89,158,000
Current Liabilities:
Accounts
sketches,
matter,
$341,000
Atlanta, Ga
payable
and
miscellaneous
current
$5,603,447
liabilities
"
drawings
or
pictures.
of transmission
The
obtained
ease
of operation and
accuracy
with this facsimile system
this development promising for the future
make
Telegraph money orders payable.
Accrued taxes (estimated)
Accrued interest and
industry.
INCOME
Gross
ENDED
1,675,766
4,381,275
878,623
—
•
guaranteed rentals
12,539,111
of the telegraph
Bearing Liabilities, in respect of
proceeds of sales of securities and other property, held under
leases for terms expiring in 1981 and 2010, from companies
in which The Western Union Telegraph Company has, for
Deferred
YEAR
$6,500,000
4,483,000
Bank loans
which is
paper
film to light.
typewritten
or
1941 and 1944-..
Less—Held in Treasury (Note 1)
new
this paper it is practicable instantly, without processing, to
script,
$80,000,000
now pos¬
possible by the
dry conducting recording
ACCOUNT
DECEMBER 31,
Non-Interest
the most par, a controlling
tions of the leases
1938
operating revenues.
Reserves for
$91,712,401
Deduct:
interest, payable on the termina¬
Depreciation and
13,193,599
75,212,821
Development
Reserves for:
Employes' benefit fund
Operating, administrative and general expenses $62,626,810
Employes' disability and death benefits, and
pensions
2,126,056
Taxes
5,864,158
Repairs and maintenance
n ,848,718
Provision for depreciation
8,225,166
Other purposes
—
•
$1,468,677
3,273,865
Surplus, together with premiums on capital stock of
350, as per statement attached (Note 2)
$1 021 493
income,
including
$448,957
dividends
received from affiliated non-operated companies
T
1,529,066
$2,550,559
,
educ—Interest
4,188,438
_r_
$1,637,879
74,433,027
Note 1:
Bonds of affiliated and controlled companies held in Treasury
include $1,340,000 Northwestern Telegraph Company 4 Ms maturing 1944,
acquired in 1934 and available for sale.
Note 2:
The
Surplus, which, together with
Union capital stock, represents
the par value of Western
the equity of the stockholders in the Com-
is invested largely in plant and equipment,
companies and other assets essential to the business,
main the Surplus is not in liquid cash form,
h
rany,
Deficit—charged to Surplus
4,742,542
$1,163,-
$375,558,352
90,690,908
Add—Miscellaneous
1,751,500
Funded Debt:
The advances made by
become
sensitive to electric impulses as photo
record
$104,527,752
1,045,277.5
Outstanding-
multiplicity of circuits by the combined
in facsimile
development of
as
on- a
It is
$104,559,200
31,448
—
Bonds of The Western Union
Multiplex and Varioplex, the last being
Western Union
a
Western
Richmond, Va.
shs.
1,045,592
Less—Stock held in Treasury..
314.5
somewhat further increase.
use at
1,050,000
$100.00 per share..
Issued.
oped in the Company's laboratories, and which has made
scale, is
242,245
1,144,801
$375,558,352
Printer-Perforator, unique equipment wholly devel¬
possible for the first time automatic relaying
218,520
6,852,018
hand and in transit
15,685,198
of
completion of the studies, the appropriations in 1938 for
current
as
advance
In
on
Deposited with States Under Workmen's Com¬
pensation Laws
:
Deferred Charges—...
.
of the
requirements
Commission.
Communications
Federal
the
meet
subsidiary
'
.
of plant
in
investments
on
Securities
the studies referred to in the report for 1937,
to
Income
companies
Cash in banks,
The Company
equipment has not yet been reached.
undertaken
$9,740,513
for doubtful accounts
1,125,853
$8,614,660
December 31, 1938,
cable, 1,878,074 miles of wire, 30,316 nautical miles of ocean
were
6,931,147
_
Accounts receivable
prised 213,122 miles of pole lines, 4,182 miles of landline
is continuing
Supplies—at cost
Current Assets:
$1,348,000 in annual interest charges.
which
12,122,335
—
Since June, 1933, funded debt and
and
3,945,490
Mortgage Bonds having a par
rowed from banks at lower interest rates.
or
1938
Plant, equipment and real estate including certain properties
controlled by stock ownership or held under long term
leased and merged in the
Western Union System at
72%.
$4,188,000
DECEMBER 31,
ASSETS
Western Union for 1938 amounted to
increase of $482,000, or 9%, over 1937, and
$74,433,027
31,1938, per Balance Sheet
Surplus at December
9.6%.
Taxes levied upon
agency
1,957,659
$8,770,000, or 8.7%.
increases in 1938, except those made necessary by the
paid decreased
ment
•
December 31, 1938, as
above
Fair Labor Standards Act, and total wages
an
$76,390,686
•
Deficit for year ended
markets, both here and abroad.
Operating
for 1938 of $91,712,000 were less than those of
Expenses of operation, apart
from depreciation, taxes and interest, totaled $76,602,000,
a decrease of $6,739,000, or 8.1%; thus over three-fourths
of the loss in revenues was overcome through firm and steady
reduction of controllable expenses.
There were no general
1937 by
together with premiums on
Surplus at December 31, 1937,
capital stock of $1,163,350
and commodity
revenues
1938
securities of operated
and, therefore, in the
Volume
Financial
148
Chronicle
and manufacturer buying. London actuals rose 1 J^d., while
the Terminal Cocoa Market advanced 3d., with 210 lots sold.
Local closing: March, 4.53; May, 4.59; July, 4.70; Sept.,
COMMERCIAL EPITOME
*,
„
,
0.
inoo
Friday Night, March 24, 1939
_
,
Coffee—On the
,r.
18th mst. futures closed 5 to 11 points
net lower in the Santos contract,
4.8O; Oct., 4.85; Dec., 4.98; Jan., 5.01.
with sales totaling 10 lots,
no
Santos contract
market
nominally 3 points higher to 1 point
sales made.
Most of the business in the
was done in December.
For the week the
141 lots, or 7,889 tons.
Trading was vejfcy quiet, with the
undertone heavy during most of the day.
London actuals
average prices declined from 6.04c. to 5.77c.,
represented a new low on the current downswing,
During the week there had been European and trade selling
and a general lack of support.
On the 20th inst. futures,
closed 3 to 6 points net higher iu the Santos contract, with
sales totaling 88 lots.
The Rio contract closed 5 to 3 Doints
up, with sales totaling 3 lots.
The Santos contract opened
8 to 4 points higher.
The market held firm for awhile, then
eased a bit as the result of scattered trade selling,
The
Havre market closed 1% to 2 points lower.
Brazilian prices
were unchanged both here and in Brazil.
One offering from
Brazil appeared for shipment to June, 1940.
The offering
was Santos 4s, equal monthly shipment, July, 1939 through
June, 1940, at 6.55e. On the 21st inst. futures closed 8 to 9
points net higher in the Santos contract, with sales totaling
49 lots.
The Rio contracts were 1 point lower to 1 point
higher, with sales of 10 lots. Trading was fairly active, with
the market showing a firm tone during most of the session
as a result of short covering and nOw demand for the account
of trade interests and operators.
Sales represented profit
taking and hedging against purchases of actuals. Tbe Havre
market was firmer at 2% to 23^ francs higher on sales of
9,000 bags.
Brazilian spot prices were unchanged, as were
shipment offerings to this market. On the 22d inst. futures
closed 2 to 9 points net lower in the Santos contract, with
sales totaling 31 lots.
The Rio contract closed 3 to 2 points
$et lower, with sales totaling 3 lots.
Coffee futures slid off
4 to 12 points in dull trading.
European developments had a
depressing influence on the market.
Rio contracts were 3
points lower during early afternoon. At Havre futures were
unchanged to \\i francs lower. In Brazil the official spot
prices of Santos 4s were off 100 reis in the first price change
since March 4.
Cost and freight offers from Brazil were
about unchanged. Mild coffees were barely steady. Roasters
are buying only for immediate needs.
On the 23d inst. futures closed 10 to 9 points net higher in
the Santos contract, with sales totaling 9 lots.
The Rio
contract closed 10 points up in the May contract, with sales
of only 2 lots, and only in the May contract.
Trading in
coffee futures was exceedingly dull and limited almost
entirely to the Santos contract. At the opening the market
was 7 to 11 points higher.
During early afternoon it stood
6 points higher.
Havre futures were unchanged to V2 franc
higher. There was no news to influence the market outside
of
European political developments.
Cost and freight
offers from Brazil were virtually unchanged.
A light business
in higher priced Santos grades was reported done
yesterday. Santos 4s, are still offered at 6.55c. for shipment
July, 1939, through June, 1940.
Today futures closed
1 point up to 2 points off in the Santos contract, with sales
totaling only 15 lots.
The Rio contract showed virtually
no business, with only 2 lots being traded.
Coffee futures
did a little better in slow, uneventful trading.
Santos contracts in early afternoon stood 2 to 3 points higher, with
December at 6.04c., up 3 points, while Rios were 2 points
higher, with" May at 4.21c. Two Santos notices were issued,
Today was the last day of trading in the March contract,
In Brazil the official spot price of Rio No. 7s was advanced
200 reis to 13 milreis per 10 kilos, the first change since
Mar. 9th.
Havre futures were 2 to 2\i francs .higher,
Actuals showed little change.
Milds were firmer after light
sales yesterday on the basis of 10 Me. for April shipment
on
13^d. higher, while the Terminal Cocoa Market was
13^d. to 3d. higher, with sales totaling 210 tons. The selling
in the local market represented Wall Street liquidation of
long positions and some hedge offerings. A moderate degree
of support came from manufacturers and dealers.
Local
closing: March, 4.49; May, 4.54; June, 4.59; July, 4.64;
Oct., 4.80; Dec., 4.91. On the 22d inst. futures closed 3
points up to unchanged. Trading in cocoa futures was slow
4as operators tried to solve the European puzzle.
Volume to
early afternoon was only 66 lots. The market was steady,
prices at that time being 1 point lower to 3 points higher,
with May selling at 4.53c. Warehouse stocks increased 9,200
bags. They now total 1,129,154 bags a year, compared with
but 572,127 bags a year ago.
Local closing: March, 4.52;
May, 4.54; July, 4.65; Sept., 4.76; Dec., 4.91; March, 5.06.
On the 23d inst. futures closed 7 points off in the March
contract, with the rest of the list unchanged to 1 point up.
Transactions totaled 106 lots.
Trading in cocoa futures
was quiet and prices steady during most of the day.
During
early afternoon the market was unchanged to 1 point lower
with May selling at 4.54c. Sales to that time totaled 77 lots,
Five Bahia notices were issued but they were stopped
promptly.
The London market was steady.
Warehouse
stocks increased 10,850 tons.
They now total 1,140,008
tons, against 572,940 tons a year ago.
Local closing: Mar.,
4.45; May, 4.54; July, 4.65; Sept., 4.77; Dec., 4.92; Jan.,
4.97.
Today futures closed 3 points to 1 point net higher,
with sales totaling 206 lots.
Scattered hedge selling was
absorbed by trade interests as the cocoa market held within
a narrow compass.
May this afternoon stood at 4.55c.,
unchanged. The turnover to that time was 125 lots. Wall
Street was taking little interest in the dealings.
Warehouse
stocks increased 3,700 bags overnight.
They now aggregate
1,143,765 bags compared with 567,188 bags a year ago.
Local closing: May, 4.57; July, 4.67; Sept., 4.78; Oct., 4.83;
Dec., 4.94; Jan., 4.99.
were
which
„
Rio coffee
May
prices closed
•
as follows:
September
4.08
4.19 December......_4.10
11111111II11ITI1115I93 December." IIIIIIIIIIIII III It$!o3
July...
_5.9e
Cocoa—On the 18th inst. futures closed 1 point lower to
3
points higher. The opening range was 3 to 6 points down,
Transactions totaled 88 lots or 1,179 tons. London actuals
through l^jd. higher, while the Terminal Cocoa Mar1 Md. to 2d. better, with 80 tons sold. Features of
trading in the local market were Wall Street liquidation,
manufacturers' buying and trade short-covering.
Local
closing: March, 4.46; May, 4.49; July, 4.61; Dec., 4.87.
On the 20th inst. futures closed 7 to 10 points net higher.
Transactions totaled 272 contracts. The opening range was
came
ket
was
Bahia hedge selling and Wall
liquidation in May opened the market lower. The
market improved later as a result of some short covering
6
points lower to 2 points up.
Street
,
,
110
totaling 169 lots. London was firm, sales passing at 6s.
4Md., equal to 1.17c. f.o.b. Cuba, with freight at 16s. 6d.
On the 21st inst. futures closed 1 to 2 points net higher.
Transactions totaled 127 lots, or 6,350 tons. An improved
o"T
r
J
,
„
Santos coffee prices closed as follows:
Mayl
.
11
.....
_
.0jl
_
Sugar-—On 1the 18th mst. futures closed 3 points net
higher on all deliveries, with sales totaling 374 lots. The
market was firm today as a result of the European pohtical
developments and active and stronger raw markets. Some
buying was reported together with short covering.
^^mg. was reported as representing producer hedging and
profit-taking by duty-free interests, who a Week or two ago
when they sold their actual sugar, replaced with futures on
tbe ProsP®®t of a rise. Reported sales of raws'amounted to
about 12,000 tons on Saturday mostly at 2.85c. >As the
°S$n
refiners were not ready to pay better than
2.80c. with seders generally asking 2,85c. The world sugar
contract closed 2M points to 1 point higher, with sales total153 lots. On the 20th mst. futures closed unchanged to
1 P^t lower. The market displayed a steady tone throughout most of the session, due to some short covering, hedge
iiftmgr and new buying. The strained political situation
abroad the prospect of a Cuban duty cut and the belief that
there will be a further quota reduction to stimulate prices if
demand Ms to improve, were factors sustaining the market
today. Total sales were 208 lots. 39 notices were issued
by Rionda against March. The undertone of the raw market
continued firm, with sales today reported of 3,000 tons of
Pbihppmes, due April 30, to Pepsi-Cola, and 4,500 tons,
due April 29, to Godchaux both at 2.85c. At the close the
asking price was generally held at 2.90c. The world sugar
contract closed M point lower to M point higher, with sales
t
Manizales
March
On the 21st inst.
futures closed 4 to 6 points net lower. The opening range was
1 to 3 points net lower. Transactions for the session totaled
The Rio contract closed
lower, with
1827
,
stock market and less war-like cables from abroad seemed to
h_aVe a wholesome influence on the sugar trade.
Improvement in the market for raws also had a favorable influence
futures, which showed firmness during most of the session
Reports were also current that negotiations had been
expedited for a reduction in the Cuban duty. The possible
duty-cut has been a potential factor in the market for months
now. In the market for raws a refiner and operators paid
2.87c. for duty-frees and 1.98c. for Cubas, total sales amounting to 9,000 tons. At the close there were further buyers at
2.87c. for early arrivals, with sellers asking 2.90c. April-May
shipment Philippines were held at 2.88c. National bought
2,000 tons of Cubas for April shipment at 1.98c. and 2,000
tons of Philippines for end of March arrival at 2.87c. Operators bought 2,000 tons of Philippines for March arrival at
on
today.
4
!f
Financial
1828
2.88c. and 3,000 tons for April-May shipment at 2.87c. The
world sugar contract closed H point higher to unchanged.
On the 22d inst. futures closed 2 points net higher in the
domestic contract, with sales totaling 304 contracts. The
world sugar contract closed 3 points to 1 point net higher,
with sales totaling 286 lots. The domestic contract advanced
high levels for the movement in response to further
buying of raw sugar at rising prices. Developments in Europe
are believed to have had a slight effect.
During early after¬
noon prices were 2 to 3 points higher.
Sales during the first
three hours totaled 9,000 tons. In the raw market refiners
paid 2.87c. and an operator paid 2.88c. for April-May sugars.
It is believed that additional sugar is available at 2.88c.
Refiners reported an excellent demand for refined sugar.
World sugar contracts rose as high as 3 points in response
to the latest European developments and a strong statistical
position. London futures were unchanged to ^Jd. higher.
Raws offered at the equivalent of 1.18c. f.o.b. Cuba.
On the 23d inst. futures closed 2 to 3 points net lower in the
domestic contract, with sales totaling 208 lots.
The world
sugar contract closed 3H to 1H points net lower, with sales
totaling 117 lots.
The markets were easier today, influenced
largely by the easier feeling concerning the European political
situation.
During early afternoon domestic prices were 1 to
2 points lower as a result of profit taking and diminished
demand.
In the raw market sugar sold at 2.88c. for AprilMay shipment from the Philippines. According to trade
sources refiners were unable to accept all business offered
them under their limited order for sugar at 4.30c. a pound
which expired March 22.
The world sugar contract ruled
heavy during most of the session.
London futures were
unchanged to %d. lower, while raws were offered at about
1.18H0- a pound f.o.b. Cuba. Java is credited with having
shipped 97,499 tons of sugar during February. Today
futures closed unchanged to 2 points lower in the domestic
contract, with sales totaling 299 lots.
The world sugar
contract closed unchanged to H point lower, with sales total¬
ing 122 lots.
Sugar futures markets were irregular.
The
domestic trade was a bit uncertain over the probable effects
of the passage by the Senate of the Ellender bill raising the
domestic sugar quota and curtailing offshore shipments, but
seemed to regard it as bearish because the market opened
to new
Prices rallied later with the result that this after-*,
lower.
September was selling at 2c. flat. No sales were
reported in the raw sugar market. Buyers were reported
unwilling to go above 2.85c., while sellers asked 2.88c.
The
trade hopes for action on the Cuban duty now that Secretary
Hull is back in Washington.
In the world sugar market
prices were H point lower to H point higher. London
futures were unchanged to lAd. higher, while raws there were
were offered at a decline of %d.
Lack of information re¬
garding the next meeting of the Sugar Council is discouraging
noon
to traders.
Prices Were
as
follows:
.
March.
September
2.00
..1.95
-
.1.93 January
.1.97
May.
July.
Sugar Quotas for 1939 Reduced to 6,755,386 TonsSecretary Wallace Revises Initial Quota of 6,832,157
Tons
Secretary of Agriculture H&nry A. Wallace announced on
March 15 that on the basis of investigations made by the
Department of the quantity of
sugar needed to meet
require¬
ments of consumers in the United States for the year
(pursuant, to
Section 201
1939
initial
3, 1938, has
The Department explained:
of the Sugar Act),
the
determination of 6,832,157 tons, issued on Dec.
been revised to 6,755,386 tons.
Under the
.
Sugar Act the Secretary is required to issue
an
initial esti¬
consumers'
requirements in December of each yeajf for the subse¬
quent year, and he is directed to revise such initial estimate "at such
other times during such calendar year as the Secretary may deem neces¬
sary."
Quota regulations, revising the sugar quotas for all sugar pro¬
ducing areas in accordahce with such finding will be issued shortly.'
mate of
3 determination
The Dec.
Dec. 17,
1938,
page
was
reported in our issue of
Cuban sugar exports from Jan. 1 to Feb. 15,1939, totaled
262,311 Spanish long tons compared with 347,586 long tons
exported during the corresponding period of 1938, according
to a report to the Department of Commerce from the office
of the American Commercial Attache at Habana.
The De¬
partment's announcement, issued, March 16, also said:
Shipments to the United States amounted to 189,495 Spanish tons
during the 1939 period against 267,690 tons during the corresponding 1938
period, it was stated.
Stocks
year,
of
sugar
long
hand in Cuba
on
tons,
compared with
on
Feb.
892,381
15,
tons
1939, totaled
on
the
same
1,076,817
date
last
the report stated.
Sugar Production in Japan During Current
Season Forecast at 1,556,000 Tons
1938-39
Production of sugar in Japan, including the Island of
Formosa, during the current 1938-39 season is forecast at
1,556,000 long tons, raw sugar value, as contrasted with
1,204,000 tons manufactured last season, an increase of
352,000 tons,
received
or approximately 29.2%, according to advices
by Lamborn & Co. from Tokio.
The firm's an¬
nouncement further said:
.
The current
crop,
harvesting of which commenced in November and is
expected to be completed in June, promises to be the, largest production
Mar. 25,
record for the Japanese Empire,
on
up to
last year's production
was
1939
the highest
that time.
1,512,000 tons are expected
to be produced from sugar cane and 44,000 tons from sugar beets.
Of
last year's outturn 1,159,000 tons came from sugar cane and 45,000 tons
Of the 1,556,000 tons
anticipated this
season,
from sugar
Sugar
beets.
consumption
The surplus
in
Japan
approximates
1,150,000
tons
annually.
production is expected to be marketed in China.
Lard—On the 18th inst. futures closed 7
all active deliveries.
points lower
on
During the early trading the market
result of active short covering by speculative
interests, influenced by the grave political conditions abroad.
Before the close, however, heavy selling developed on the
part of packers, this pressure being so persistent, substantial
losses were substituted in place of the early gains.
Clear¬
ances of lard from the Port of New York were heavy during
ruled firm
as a
the past week, and on two occasions shipments were in the
neighborhood of 1,000,000 pounds per day. Liverpool lard
were firm today at 6d. to 9d. higher, though the spot
position was unchanged.
Chicago hog prices were steady
and a few sales were reported at $7.75. Western hog receipts
totaled 9,600 head, against 12,700 head for the same day a
year ago.
On the 20th inst. futures closed 2 to 5 points net
lower.
The market opened unchanged, and ruled in a rather
dull state during most of the session, with prices showing
slight losses at the end of the day. There were no export
clearances of lard reported from the Port of New York today.
Liverpool lard futures were easier, with prices 3d. to 9d.
lower.
Chicago hog prices were easy and off 10c. Western
hog receipts totaled 71,300 head against 57,300 head for the
same day a year ago.
Sales of hogs ranged from $6.85 to
$7.75.
On the 21st inst. futures closed 2 points net higher.
futures
The
market for lard futures
was
fluctuations extremely narrow.
very
quiet today, with
The opening
range was un¬
changed to 2 points higher, very little change showing from
these levels. Export shipments of lard from the Port of New
York were very heavy and totaled 442,080
pounds, destined
for London. England was an active buyer of American lard
today. Liverpool lard futures were easy and prices on the
close were 6d. to 9d. lower.
Western receipts totaled 64,300
head, against 55,000 head for the same day a year ago. Sales
were reported at Chicago ranging from $6.90 to $7.75.
On
the 22d inst. futures closed unchanged to 2 points lower. The
market was dull during most of the session.
The opening
range was 2 to 5 points higher, but later in the session
scattered realizing made its appearance and values declined
to a shade below the previous close.
Export shipments of
lard from the Port of New York were quite heavy and
totaled 324,650 pounds.
The latter clearances are destined
for Hull, Newcastle and Aberdeen.
Liverpool lard futures
displayed a steadier undertone today and prices on the close
were 3d. to 6d. higher.
Chicago hog prices were very steady
and scattered sales were reported during the day at prices
ranging from $7 to $7.75.
Western hog marketings were
moderately heavy.
On the 23d inst. futures closed unchanged to 5 points lower.
The market for lard futures was a dull affair today, with
trading extremely light and fluctuations extremely limited.
Lard exports, as reported today, totaled 835,515 pounds,
destined for Liverpool, Bristol, Cardiff and Manchester.
Liverpool lard futures were quiet and prices at the close
were 3d, lower on all active deliveries.
Chicago hog prices
were 10c. higher, the top price
bringing $7.80, with sales
ranging from $7 to $7.75.
Western hog marketings totaled
52,900 head, against 43,300 head for the same day a year ago.
Today futures closed 5 to 8 points net lower. With' grams
lower and the hog market showing anything but firmness,
prices for lard showed an easing tendency during most of the
^
.
session.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Sat.
March
;
September
October
Mon.
Tues.
6.45
6.52
6.77
6.40
6.57
6.42
6.75
6.60
6.77
6.32
6.45
6.60
6.77
6.87
6.80
6.80
6.80
;
May
July—
.......
3783.
Cuban Sugar Exports from Jan. 1 to Feb. 15 Declined
Below Same Period Last Year
Spanish
Chronicle
Wed.
Thurs.
6.40
6.57
6.75
Fri.
6,35
6.52
6.70
6.72
Pork—(Export) mess, $24.25 per barrel (per 200 pounds),
family (40-50 pieces to barrel) $18.75 per barrel.
Beef:
(export), steady.
Family (export), $22 per barrel (200
pounds), nominal. Cut meats: pickled hams: picnic, loose,
c. a. f.—4 to 6 lbfe., 13Hc.; 6 to 8 lbs.,
12%?.; 8 to 10 lbs.,
12}£c. Skinned, loose, c.' a. f.—14 to 16 lbs., 18^c.; 18 to
20 lbs., 17He.
Bellies: clear, f. o. b. New York—6 to 8
lbs., 17c.; 8 to 10 lbs., 15%c.; 10 to 12 lbs., 15c. Bellies:
clear, dry salted, boxed, N. Y.—16 to 18 lbs., 11 %e.; 18 to
20 lbs., llHc-; 20 to 25 lbs.,
25 to 30 lbs., llHe.
Butter: creamery, firsts to higher than extra and premium
marks: 24H to 24He.
Cheese: State, held '37, 20 to 23c.;
held '38, 16 to 18c.
Eggs: mixed colors: checks to special
packs: 15H to 19c.
,
'
Oils—Linseed oil is reported as firmer, with tank cars now
8.3 bid, no offer; tank wagons 8.3 bid, 8.5 offered.
Quota¬
tions: China wood—nearby, tanks—14.5 bid.
Coconut:
crude, tanks, nearby—.03H to .03 M; Pacific Coast—2H to
2J4'
Corn: crude, West, tanks, nearby—.06H to .06HOlive: denatured—drums, carlots, shipment—83 to 84; Spot
—84 to 85.
Soy bean: crude, tanks, West—.04H to .05;
L. C. L. N. Y.—7.0 bid. Edible: coconut: 76 degrees—.08 H
offered. Lard: Ex. winter prime—9 offer.
Cod: crude, Nor¬
wegian, light filtered—29c. offer.
Turpentine: 35 to 37c.
Rosins: $4.90 to $8.60.
Volume
Cottonseed Oil sales,
including switches, 114 contracts.
Prices closed as follows:
Crude, S. E. 5%c.
April.
May..
6.82
September
7.00@
n
7.10® 7.11
June-
6.82
October
7.14®
July.
7.00
November
7.14@
6.85
August
-
__
n
® Rubber—On the 18th inst. futures closed 32 to 36 points
net lower. The market fed off sharply as a result of generally
beansh news. The grave political situation abroad and the
general decline of markets here, especiady the securities
markets, had their depressing effects on rubber markets.
The volume of business was large for the short session, total¬
ing 2,450 tons. Spot standard No. 1 ribbed smoked sheets in
the actual market dropped 3-16c. to 15-16c. Heavy commis¬
sion house liquidation resulted in the uncovering of substan¬
tial stop-loss orders, which combined pressure resulted in
severe
declines of 32 to 50 points.
There was also some
foreign selling noted. Activity in the outside market was
quiet. Spot quotations were steadier than futures. Offerings
of lbc. were reported as buyers bid 15J^c. near the close.
Local closing: March, 15.77; May, 15.84; July, 15.80; Sept.,
15.80; Oct., 15.80; Dec., 15.80. On the 20th inst. futures
closed 1 point lower to 4 points higher.. The opening range
was 7 points up to 12 points off.
Transactions totaled 1,900
tons.
Spot standard No. 1 ribbed smoked sheets in the out¬
side market remained unchanged at 15 15-16c.
Trading in
futures was very irregular, with trade and commission houses
on both sides of the market.
The outside market was quiet.
closing: March, 15.77; May, 15.83; July, 15.80; Sept.,
15.82; Oct., 15.82; Dec., 15.81; Jan., 15.84.
On the 21st
inst. futures closed 10 to 13 points net higher. Transactions
totaled 2,150 tons, including 190 tons exchanged for actuals
in the outside market. Spot standard No. 1 ribbed smoked
sheets in the trade remained unchanged at 15 15-16c. Futures
opened higher on some demand from commission houses.
In the later trading the market firmed up considerably in
sympathy with the stronger stock market and better cables
from abroad.
Transferable notices for March were issued
Local
today which brought the total to date to 271. The spot
market was quiet.
Local closing; March, 15.90;
May, 15.92; July, 15.93; Sept., 15.95; Dec., 15.94; Jan.,
15.94. On the 22d inst. futures closed 8 to 9 points net lower,
domestic
with sales totaling 215 Jots. Reflecting nervousness over the
European situation and the weakness of the stock market,
rubber futures broke 14 to 30 points on the opening, but later
turned steadier, recovering a portion of the early losses.
During early afternoon July stood at 15.84c., off 9 points,
and December at 15.88c., off 6 points.
London closed
steady and l-16d. lower. Singapore, on the other hand, was
1-16 to 3-32d. higher.
Local closing: May, 15.84; July,
15.84; Sept., 15.87; Dec., 15.86.
On the 23d inst. futures closed 16 to 26 points net higher.
Transactions totaled 117 lots.
Relief over the less warlike
news
from abroad
market in
a
was
indicated in
a
rally in the crude rubber
moderate volume of trading.
A London dealer
credited with buying and there was better commission
house demand than yesterday.
Sales to early afternoon
was
totaled 700 tons.
During midday futures were 18 to 25
points net higher. Prices are approximately 75 points under
their recent highs.
London and Singapore were steady,
1-16 to y&d. higher.
Local closing: May, 16.00; June,
16.06; July, 16.10; Sept., 16.10; Dec., 16.10., Today futures
closed 5 to 15 points net higher.
Transactions totaled
99 lots.
Interest in rubber futures was focussed largely on
with a mixed trade in progress.
afternoon totaled but 450 tons, mak¬
ing it one of the dullest sessions of the year to date. After
opening unchanged to 6 points lower the market firmed up,
standing unchanged to 5 points higher during early after¬
noon, with May at 16.12c. a pound.
The London market
was
unchanged to l-16d. higher.
It was reported that
United Kingdom stocks were about unchanged this week.
Local closing: Mar., 16.11; May, 16.14; July, 16.15; Sept.,
16.14; Dec., 16.15.
the
September position,
The turnover to early
Hides—On the
18th inst. futures closed 10 to 20 points
covering both contracts. The grave
political events abroad had a depressing effect on all markets,
and the hide market was not an exception.
The opening
net
lower, this
range
registered heavy losses, the old contract declining 35 points,
with the new contract off 10 to 25 points.
Trading was
unusually heavy during the short session, and the market
showed no rallying power. No sales were reported in the old
contract, while business in the new contract amounted to
8,760,000 pounds. Certificated stocks of hides in warehouses
licensed by the Exchange amounted to 1,131,997 hides.
There was little or no business done in the domestic spot
market. Local closing: New contract—March, 10.85; June,
11.27; Sept., 11.65; Dec., 12.01; March, 12.36. Old contract
—March, 9.85; Sept., 10.38; Dec., 10.63; all nominal.
On
the 20th inst. futures closed 15 to 19 points net higher, this
covering both contracts. Transactions totaled 6,840,pounds in the new contract and 320,000 pounds in the
Trading was mixed, with trade houses on both
sides of the market.
At the opening the old contract was
range
000
old contract.
5 to 7
1829
Financial Chronicle
148
points higher, while the new contract was
15 points
the session progressed the
not far from the highs of
the day.
The domestic spot hide market was unchanged.
No sales or price changes were reported. Certificated stocks
of hides in warehouses licensed by the Exchange increased
decline to 23 points advance. As
market grew stronger and closed
by 7,617 hides today to a total of 1,139,614 hides. Local
closing: New contract—March, 11.01; June, 11.42; Sept.,
11.84; Dec., 12.20.
Old contract—March, 10.01; June,
10.53; Sept., 10.78; all nominal. On the 21st inst. futures
closed 2 to 7 points net lower. The market opened with the
old contract 8 points up while the new contract was 1 point
lower to 14 points higher.
The market ruled heavy during
most of the session, with fluctuations narrow. All the trading
was done in the new contract, in which sales totaled 4,520,000
pounds. It was reported that approximately 3,000 steer
hides were sold at Mc. off from the previous price. Colorado
steers were reported available at 10c. a pound. Local closing:
New contract—March, 10.99; June, 11.39; Sept., 11.77
Dec., 12.14.
Nominal close of the old contract follows:
March, 9.99; June, 10.49; Sept., 10.74. On the 22d inst.
futures closed 16 to 15 points net lower in the new contract,
with sales totaling 233 lots. The old contract closed 9 points
net
lower, with sales totaling only three lots.
Hide futures
broke along with other commodities on liquidation by ner¬
vous traders.
Opening prices were 16 to 27 points lower.
Later the market was steady at 19 points decline with June
at 11.20 and
September at 11.58c. Sales on the new contract
early afternoon totaled 6,280,000 pounds. It is said that
the tone of the spot hide market is steady.
Local closing:
New contract—June,
11.23; Sept., 11.62; Dec., 11.99.
to
Old contract—June, 10.40.
On the 23d inst. futures closed 8 to 6 points net
Transactions totaled
159 contracts.
Commission
and traders
higher.
houses
generally on the buying side of the raw
hide futures market, with trading to early afternoon limited
to the
new
were
contract.
Sales to that time totaled 4,280,000
pounds. Prices were 13 to 14 points higher, with June sell¬
ing at 11.36c. Spot hides were quiet, with the trade awaiting
developments.
Local closing: June, 11.31; Sept., 11.70;
Dec., 12.05.
Today futures closed 14 to 15 points net
higher.
Transactions totaled 83 lots.
New commission
house buying developed in the raw hide futures market and
imparted firmness to prices.
During early afternoon the
market stood 12 to 13 points higher, with June new at 11.43c.
and September new at 11.82c.
Sales to that time totaled
2,280,000 pounds in the new contract.
Overnight reports
told of sales of spot hides at steady prices.
Local closing:
New Contract: Mar., 12.55; June, 11.45; Sept., 11.85.
Ocean
Freights—The market for charters Was moderately
active in spite of the grave political situation in Europe.
Charters included: Grain booked: ten loads Albany to Copen¬
hagen, Mar., 14c. basis (booked on Tuesday). Five loads,
Montreal to Antwerp, April, 14c.
Sugar: Cuba to U. K.Continent, April 10-30, 16s 6d.
Four months, West Indies
and (or) Canadian trades, delivery north of Hatteras, Mar.April, $1.40.
Barbados to United Kingdom-Continent,
April, 15s 3d. Time: Trip across, delivery northof Hatteras,
early April, $2.15. Round trip, West Indies trkde^prompt
delivery, Norfolk delivery, $1.40, Wilmington delivery $1.35.
Five to seven months' general trading, April, $1.20.
Scrap:
Pacific Coast to Japan, spot, about $3.90. Grain: Portland,
Puget Sound range to Shanghai, Apri} 20-27, $3.25 short ton.
Time: delivery Japan, redelivery China-Japan, spot, 4s 9d.
Six months West Indies trading, April, $1.30.
Round trip
Canadian trade, delivery north of Hatteras, prompt, $1.40.
Reported trip down to South Africa, April loading, about
$1.60, delivery north of Hatteras.
situation is still mixed as concerns the
It is reported that prices by the
larger operators are now running about 75 to 90c. below the
circular schedule. Independent operators have steadied their
Coal—The price
anthracite department.
quotations, which are currently being quoted about 15 to 20c.
below the larger operators' lists.
Demand for anthracite in
area is rather quiet except for pea sizes, operators report.
Buckwheat is said to be moving out at a fair rate. According
this
figures furnished by the Association of American Railroads
of anthracite into eastern New York and New
England for the week ended Mar. 4 have amounted to 1,646
cars, as compared with 1,634 cars during the same week in
1938, showing an increase of 12 cars, or approximately 600
to
the shipments
tons.
Shipments of anthracite for the current calendar year
to and including the week ended Mar. 4 have amounted to
17,759 cars, as compared with 16,596 cars during the same
up
period in 1938, showing an increase of close to 58,150 tons.
Shipments of bituminous coal into this territory during the
week ended Mar. 4 have amounted to 2,266 cars, as com¬
pared with 1,729 cars during the corresponding week in 1938.
are reported as exceedingly dull,
nothing to warrant the expecta¬
tion of some change for the better in the near future.
With
so much uncertainty in the air and the recent discouraging
developments at Washington as concerns cooperation with
business, not to speak of the grave political developments
abroad—naturally the wool trade is extremely cautious about
making commitments.
As a result wools are practically at
a standstill in
the Boston area.
Manufacturer interest is
confined strictly to the securing of small piecing out lots on
which they pay fair prices.
Prices are drifting lower, and no
one can hazard an opinion as to when a change for the better
will take place.
Raw materials are being neglected by mill
buyers who covered on their spring needs and have no
reason at the moment to come in the market for spot wools,
which although lower than at the beginning of the month,
Wool—The wool markets
with the outlook presenting
1830
Financial
Chronicle
are firmly held by those houses still having some of the 1938
clip unsold.
New clip prospects are now more definitely
engaging the rank and file of dealers in the wool district and
while they are able to secure fair prices on old clip wool yet
unsold, the situation
as a
whole is somewhat indefinite with
Mar.
1938-39
This
Mar. 24
He.
higher on the No. 1 contract and lc. to 5c. easier on the No.
2 contract.
The opening range was 2 He. to 4He. net lower.
In the later trading the market rallied somewhat, but at the
close substantial net losses were registered.
The weakness
of the Japanese markets was the chief factor responsible for
today's weakness in the local silk markets.
Considerable
selling came from Japanese sources and this played no little
part in depressing prices in the local futures market.
At
Yokohama futures were off 37 to 45 yen, and at Kobe they
were down 37 to 54 yen.
Grade D dropped to 1,025 yen in
both markets, off 50 yen at Yokohama and 45 yen at Kobe.
Japanese spot sales amounted to 400 bales, while futures at
these Japanese markets totaled 6,975 bales.
Local closing:
Contract No. 1: March, 2.17; May, 2.10H; July, 2.03; Sept.,
1.91H; Oct., 1.93.
Contract No. 2: March, 2.22; July,
1.98.
No. 1 contract showed sales of 830 bales, while No. 2
contract showed sales of only 10 bales.
On the 21st inst.
futures closed lc. to 5c. net higherThere was considerable
short covering in the nearby positions, and this with some
trade buying in the forward months helped the market to
score substantial gains at the close.
The less war-like cables
from abroad and
a
turn for the better in the securities market
helpful influences in giving the market a bullish trend.
Selling came from trade profit taking and hedge selling in the
forward positions.
Transactions totaled 1,120 bales for the
No. 1 contract, no sales being reported in the No. 2 contract.
The Japanese markets were both closed in observance of a
national holiday, the Festival of the Vernal Equinox.
Local
closing: Contract No. 1; March, 2.20; May, 2.14; July,
2.05H; Sept., 1.97H; Oct., 1.95H- On the 22d inst. futures
closed unchanged to 4He. net lower with sales totaling 46
This
Since Aug
Week
Galveston
1
4,634
6,964
1,956
Beaumont
New Orleans
6467
1938
Stock
Wilmington
14
3
Norfolk
52
572
Fensacola, &c
Jacksonville
Savannahs.
.....
"796
-
Charleston
15
Lake Charles
New York
Aug
1937
1
1939
9,879 1,825,345
8,986 1,748,219
195
398,107
11,522
21,665 1,950,894
191,563
2,63b
73,698
3,607
264
122,956
661
183,707
45/
78,750
763
24,839
743
51,792
18,001
775
25
Mobile
Since
Week
930,401
981,169
287,881
16,678
749,719
54,849
10,709
1,872
33,561
15,830
38,720
11,346
13,290
Houston..,.
Silk—On the 20th inst. futures closed 3 He. off to
1937-38
Receipts to
Corpus Chris ti
price trend established.
no
1939
25
1938
570,867
676,274
47,442
31,801
555,815
61,773
4,021
1,620
150,234
34,583
6,041
16,319
28,367
833,731
859,407
54,341
16,977
806,725
57,257
9,776
2,811
147,443
59,410
24,070
25,224
30,236
100
100
1,623
1,175
3,670
...
Boston.-...
Baltimore,.
Totals..
781
21,973 3.164,026
18,791
47,032 6,683,79
975
2,188,055 2,932,153
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1938-39
Receipts at—
1937-38
1936-37
Galveston
4,634
9,879
Houston
6,964
8,986
21,665
2,63b
796
264
"""".15
661
1,311
Orleans-
New
1935-36
9,655
9,b9b
26,988
6,353
1,864
6,167
775
Mobile
'
Savannah
1933-34
3,216
7,036
25,708
9,358
16,35k
1,28/
11,040
18,000
1.524
2,124
438
"""581
10,745
Brunswick
453
2,650
"
"
Charleston
3
763
558
1,509
38
654
82
52
;
743
901
460
616
106
Wilmington
Norfolk-_
1934-35
14,337
—
_
Newport News
1,632
"
"
All others—..
"2", 567
1~433
3^662
1,945
"""457
"5",519
Total this wk_
21,973
47,032
61,190
48,797
24,491
64,579
were
Silk futures
lots.
were
nervous,
a
as
result of the fall in
stocks.
They broke 1 to 5c. on the opening after which the
steady on sales of 130 bales on the new No. 1
contract.
The spot silk market advanced lc. to $2.25 a
market
Since
1. 3,164,026 6,683,790 5,775,107 6,177,234 3,749,947 6,530,196
Aug.
The exports
for the week ending this evening reach a total
bales, of which 13,928 were to Great Britain,
3,098 to France, 13,702 to Germany, 5,216 to Italy, 34,073
of
86,112
to
Japan, 6,490 to China, and 9,605 to other destinations.
corresponding week last year total exports were 71,951
In the
bales.
For the season to date aggregate exports have been
2,749,256 bales, against 4,650,342 bales in the same period
of the previous season.
Below are the exports for the week:
was
Week Ended
Exports to—
Mar. 24, 1939
Eound. Local closing: Contract No. 1: March, 32.20;17 yen
In the Yokohama Bourse prices were to May,
igher.
Great
Exports from—
Ger¬
Britain
2.12; June, 2.07; July, 2.02H; Aug., 1.96; Sept., 1.93.
On the 23d inst futures closed 1H to He. net higher.
Transactions
Brownsville
France
totaled 86
lots
in
the
No.
1
Re¬
contract.
sumption of trading in silk futures in the Japanese markets
higher prices was followed by a firm tone in futures here
in active trading.
Prices advanced 2H to 3He. with April
No. 1 selling at $2.20H and July No. 1 at $2.05.
Sales of
No. 1 contracts to early afternoon totaled 790 bales, while
at
20 bales
prices
were
done in the No. 2 contract.
hundred bales
460
were
extra
were
done in the
silk in the
$2.26H
traded
up to
contract.
new
early afternoon, of which
The price of crack double
New York spot market advanced
lc,
to
pound.
7 yen
Local
latter.
Norfolk
3,022
91
1,553
658
268
250
1,212
1,954
188
.
>
—
2,142
13,928
3,098
13,702
5,216
34,073
6,490
9,605
86,112
1938—...
19,968
4,628
9,218
13,975
3,195
15,926
71,951
Total
1937
11,793
2.565
9,698
5,041
4,093
5,304
73,582
From
40,129
Exported to—
Aug. 1 1938 to
Mar. 24. 1939
Great
Exports from—
Britain
Galveston
Ger¬
63,865
Houston
108,620
Brownsville
.
France
Italy
Japan
China
94,728
118,873
74,799
242,274
15,473 186,772
78,380
35,784 165,289
many
Beaumont
108,119
57,561
183.799
62,424
24,376
24,351
2,364
-
96,888
27,971
Corpus Christi
28,236
12,606
173
-
53",004
Lake Charles.
10,767
5,092
6,730
967
Mobile..
29,048
1,261
7,727
360
336
150
V 8,052
5,225
468
810
Pensacola, &c.
9,178
Savannah..
7,306
Charleston...
4,432
'+.
m
m
■'m
m
m
mm
Norfolk
629
"I10
Gulf port
511
331
66
'mm
89
90
437,075
35,445
6,555
-
47,992
"728
2,152
61
1,168
228
10,252
885
17,851
10,157
-_v;
_
....
1,140
■
500
714
New York...
1,039
11,889
7,650
'
-
52,775
866
56,174
521
297
255,247
97,758
mm-m
47,823
776,879
56,393
-
74,527
Jacksonville..
2,171
Total
796,784
8,329
'
100,139
....
Other
1,240
Orleans.
New
47
"33
4,438
505
5,715
■
Boston
Baltimore-...
:
,
1,380
8,458
3,506
.
'm,
m
m
600
m
500
•
4—.-'i-
155
7,461
3,280
.
....
..
500
•
Philadelphia.
29
_
21,263
Francisco
14,311
«-
3,093
Total
Total
200
■
17,160
Movement of the
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 21,973
bales, against 27,264 bales last week and 25,736 bales the
previous week, making the total receipts since Aug. 1, 1938,
3,164,026 bales, against 6,683,790 bales for the same period
of 1937-38, showing a decrease since
Aug. 1, 1938, of
3,519,764 bales.
1,427
29,779
20
268
Total........
-
4,984
m
m
1,936
^
_
4,452
204,165
63,547
200
1,478
82,629
10
10
....
382,818 255,082
1937-38 1447,961 699,517
1936-37
661,455
739,522 421,219
726,391
64,022 552,866 2749,256
420,021
576,805 277,777 1247,836
63,503 858,599 4650,342
21,689 556,791 4336,530
NOTE—Exports to Canada—It has
above table reports of cotton
_
1,416
m-m
401,807 366,270
994,177
229
.
152,954
.....
Total......
Friday Night, March 24, 1939
•
24,128
1,522
Seattle.
The
654
5,689
Total
San
/
23,135
831
_
Angeles....
San Francisco-.
Total
2,320
658
Los Angeles..
COTTON
5,166
6,125
1,480
Pensacola, &c__.
Los
10,093
'
Yokohama Bourse prices were unchanged
lower, but Grade D silk was 1,045 yen higher.
closing: No. 1 Contract: Mar., 2.22H; April, 2.20H;
May, 2.13; July, 2.04H; Sept., 1.94H; Oct., 1.93H- No. 2
Contract: Mar., 2.30; July, 2.00.
Only 8 lots traded in
to
a
Mobile
590
2", 319
Other
1,324
6",072
2,652
14,689
"446
6,922
...
China
Japan
2,307
3,345
4,280
150
New Orleans.
Yokohama Bourse
10 to 16 yen higher. Grade D silk was off 2H
yen to 1,035 yen a bale.
Here spot silk was He. higher at
$2.25H a pound.
Local closing: Mar., 2.22; April, 2.20;
May, 2.13; July, 2.04; Sept., 1.94; Oct., 1.93.
Today
futures closed unchanged to He. higher in the No. 1 contract,
with sales totaling 101 lots.
No. 2 contract closed un¬
changed. Raw silk futures were irregular in moderate trad¬
ing.
After opening 1H to 5He. lower, the market rallied
and held firmly in later trading with March No. 1
up lc. at
$2.21 a pound and July No. 2 at 2c., unchanged.
Five
were
2,495
'
Houston..,..-.
Italy
many
Galveston,
never
been
praitice to Include
our
shipments to Canada, the
reason
In
the
being that virtually
all the cotton destined to the Dominion comes overland and It la
impossible to give
returns concerning the same from week to
week, while reports from the customs
districts on the Canadian border are always
very slow in coming to hand.
In
view,
however, of the
numerous inquiries we are receiving regarding the
matter, we will
that for the month of February the exports to the Dominion the present season
have been 10,890 bales.
In the corresponding month of the preceding season
say
the exports were
were
17,910 bales.
For the seven months ended Feb. 28, 1939, there
112,844 bales exported, as against 161,865 balesfor the seven months of 1937-38.
In addition to above exports, our
Receipts at—
Galveston
Houston
Sat.
1,236
New Orleans
1,355
Tues.
631
1,481
1,231
1,806
i",§il
1,249
158
93
"122
""62
Wed.
Fri.
Total
228
22
312
172
310
3,913
1,267
"824
"479
l","37
4,634
6,964
1,956
6,167
149
131
45
199
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
•
775
Pensacola, &c._.
Savannah
Thurs.
150
707
Corpus Ohristi..
Mobile...
Mon.
25
"379
112
101
Charleston
'"20
""24
—7
15
14
3
21
3
52
572
Norfolk
572
Galveston
3,534
5,196
4.657
1,491
989
6,206
21,973
The following table shows the week's total
receipts, the
total since Aug. 1, 1938, and the stocks tonight,
compared
with last year:
Ger¬
France
Other
Coast¬
many
Foreign
wise
1,000
New
Orleans.
_
1,300
821
Houston
Stock
Total
860
2,000
1,301
3,000
100
450
16,900
9,905
4,813
3,000
8
4,337
24,200
12,895
12,700
Savannah
Charleston
'255
Mobile
Totals this week.
Leaving
Britain
795
15
Baltimore
Shipboard Not Cleared for—
Great
25
14
Lake Charles
Wilmington
Oil
Mar. 24 at—
"847
r,io2
Norfolk
Other
ports
Total 1939..
Total 1938
Total .1937.
_
—
5,076
12,461
8,190
2,260
4,633
7,923
3,751
4,740
3,994
32,465
62,131
28,551
7,345
7,275
3,220
546,667
663,379
543,115
150,234
34,583
60,671
28,367
110,142
50,897 2,137,158
91,240 2,840,913
51,878 1,691,843
Volume
Financial
148
Speculation
week
past
with
the
trend
developments
solve
the
11%
some
What
generally
fluctuations
and
cotton
those
discouraging to
problem resulting from
bales of cotton
million
will be
hurtful
and
done
effect
who
when
it
the
be done is
prices closed 8 to 13 points net lower.
market here today.
There
nervous
was a
selling from abroad
partial rally
short covering and trade support.
7 to 13 points lower
liquidation.
early cotton
as a
result of
The opening
range
under foreign selling and commission
However, these declines did not reflect
fully the weakness of Liverpool, which showed net losses of
12 to 19
tion
was
English points.
The
grave
European political situa¬
the chief factor in the market's weakness.
depressing influence
were reports
that Washington
Another
was pre¬
paring to release cotton from loan stocks. Selling orders
were
received here from Liverpool, Bombay and other
European sources. The Commodity Credit Corporation an¬
nounced that during the week an additional 13,066 bales
had been pledged to the loan program, bringing a total of
4,363,702 bales of the 1938 crop under the loan. During the
week borrowing growers repossessed 1,533 bales.
To date
stocks of all cotton crops under control of the Commodity
Credit Corporation are 11,294,000 bales.
Average price of
middling at the 10 designated spot markets was 8.54c.
On the 20th inst. prices closed 10 to 14 points net higher.
In view of the sharp drop in the Liverpool market, prices
were due here to open 23 to 30 points lower in the old crop
months and 9 to 11 points down in the distant positions.
However, initial quotations ranged from 4 points lower to
2 points higher. There was enough trade price-fixing around
the opening price of 7.90c. for July to impart a steady under¬
and
tone
that
month
soon
quotations
advanced
above
the
8c. level.
moderate volume of business.
A short time before the close
of business active months registered losses of 2 to 6 points
from the closing levels of the preceding day. Around midday
2 to 7 points lower. Responding to the lower
Liverpool and a mediocre demand principally
through local account, futures were slightly easier on the
opening. Initial prices were unchanged to 4 points below
yesterday's last quotations. Trade buying was considerably
lighter than in previous sessions. Offerings came principally
from Southern spot interests, and there were a few hedge
sales in the deferred positions.
After the call, prices were
steady in a narrow trade, with orders light on either side of
the market.
New Orleans accounts were small buyers in
the nearby positions. Some cotton was seeded in the south¬
eastern portion of the cotton beit and good field preparation
was reported in the
west Gulf area.
prices
were
cables from
On
the
23d
inst.
prices closed
This market showed
off.
the greater
a
3
points
up
to
3 points
slightly* mixed tone throughout
a limited volume of business.
part of the day in
the
of
preceding day in a featureless trade.
selling orders on the call were for small
lots, with the trade taking the July, October and December
contracts.
Offerings came from hedges Liverpool houses
and spot interests.
Reports from Worth Street stated that
business yesterday was limited, with only small quantities
of standard constructions booked for
spot delivery.
Liver¬
pool futures closed unchanged to 3 points lower.
Today prices closed 6 to 3 points net lower.
cotton
erate
futures
volume
displayed
of
an
sales.
A
Prices for
easier tone today
short
before
time
active positions showed
declines
of
in
2
mod¬
a
close
the
of
5
to
points
Around mid¬
from the
closing levels of the previous day.
was 2 to 4 points lower.
Futures were
easier on the opening, with initial
prices 2 to 4 points below
yesterday's last quotations.
The decline was attributed
day the market
largely to Bombay and Liverpool selling in the distant
sitions
and
scattered
commission house
in the nearby months.
houses and
Support
brokers with New
came
po¬
and
hedge selling
principally from trade
Orleans affiliations.
Locals
and
professional operators did very little.
'
The official quotation for middling
upland cotton in the
New York market each day for the
past week lias been:
March 18 to March 24—
Sat.
Mon.
Tues.
8.89
Middling upland
9.00
8.96
Wed. Thurs.
8.92
Fri.
8.94
8.90
Premiums and Discounts for Grade and Staple— The
gives the premiums and discounts for grade and
staple in relation to the base grade, Middling %, established
for deliveries on contract on
Premiums and
table below
discounts for grades and staples are the average
quotations
of 10
markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the
average premiums
over J^-inch cotton at the 10 markets on Mar. 23:
%
15-16
1 In. &
%
15-16
1 In. &
Inch
Inch
Longer
Inch
Inch
Longer
.62
on
.80
on
.94
on
Good Mid
.09
.25
on
St. Good Mid..
.56
on
.74
on
.88
on
St.
.06 off
.10
on
Good Mid
.50
on
.68 on
.82 on
Mid
.66 off
.52 off
St.
.33
on
.50
on
.65
on
Basis
.17
on
.31
on
♦St. Low Mid-. 1.39 off 1.34 off 1.29 off
♦Low Mid
2.12 off 2.09 off 2.08 off
.58 off
.43 off
White—
Mid.
Spotted—
Fair
Mid
Mid
St. Low MidLow Mid
.31 off
1.30 off 1.24 off 1.19 off
♦St. Good Ord. 2.01 off 1.97 off 1.96 off
Ord
♦Good
Bombay had been a light early seller here, but most of the
offerings were credited to locals. The later advance was
aided by re buying by early sellers and commission house
replacement demand. Purchases for Liverpool account here
were estimated at 25,000 bales, presumably against sales in*
the English market. Recently there had been a long straddle
account in Liverpool against sales here, owing to scarcity of
American cotton in England.
With the Washington agita¬
tion for an export subsidy, however, it is understood that
the straddle had been liquidated and a fresh one established
on
the reverse side, due to expectations that an export
program would cause greater pressure at Liverpool than in
the New York market. Average price of middling at the 10
designated spot markets was 8.64c. On the 21st inst. prices
closed 4 to 12 points net lower.
The opening range was 1
to 4 points lower.
Trading was relatively light, with senti¬
ment more or less confused over prospects for cotton legis¬
lation at Washington.
Foreign orders were on both sides
and trading as a whole was mixed, with most business repre¬
senting exchanges from nearby to later deliveries at widening
discounts.
Liverpool straddle operations were less active,
although possibly up to 5,000 bales were purchased here in
the early trading against sales in the English market.
The
Secretary of Agriculture in testimony before the House
Agriculture Committee, again asserted that there was no
need for radical changes in the present farm bill and made a
plea for processing taxes to finance the agricultural program.
He declared there was such a large surplus of cotton that
some of it must be directed toward foreign markets.
Southern
spot markets were 3 to 5 points lower, with the price of mid¬
dling averaging 8.60c. at the 10 designated spot markets.
On the 22d inst. prices closed 2 to 8 points net lower. The
cotton market again moved into lower ground today m a
1831
Both buying and
business
accounted for losses of 12 to 17 points in the
house
largely a
trade.
foreign cotton markets and
some
of
Government hands.
in
will
accumulation
and this great uncertainty is having
the
on
On the 18th inst.
Weak
was
narrow,
Washington
downward.
the
during
delivery
future
light
been most
have
matter of conjecture,
a
for
cotton
relatively
been anticipating some action this week on a program
had
to
in
was
Chronicle
2,61 off 2.58 off 2.57 off
Extra White—
Good Mid
St.
.50
on
.68 on
.82
on
.33
Mid
on
.50 on
.65
.31
on
Even
St. Low Mid.
.58 off
.43 off
.31 off
1.30 off 1.24 off 1.19 off
Low
Mid
♦St.
Good Ord
St.
on
.22
on
.40 off
.30 off
.73 off
.63 off
.54 off
1.48 off 1.43 off 1.39 off
♦St. Low Mid.. 2.16 off 2.14 off 2.14 off
♦Low Mid
2.82 off 2.81 off 2.81 off
Yel. Stained—
Good Mid
1.12 off 1.04 off
♦St.
.96 off
1.63 off 1.59 off 1.66 Off
Mid..
♦Mid
.....
2.28 Off 2.26 off 2.26 off
Gray—
Good Mid
St.
.60 off
.48 off
.38 Off
.81 off
Mid
.70 off
.61 off
1.36 off 1.30 off 1.26 off
♦Mid
♦
.37
.40 off
.50 off
Mid
♦Mid
2.01 off 1.97 off 1.96 off
2.61 off 2.58 off 2.67 off
Ord
♦Good
on
on
Tinged—
Good Mid
on
.17
Mid
Mid
Not deliverable on future contract.
Market and Sales at New York
The total sales of cotton
week at New York
the
For
on the spot each day during the
indicated in the following statement.
of the reader, we also add columns
glance how the market for spot and futures
days.
-
convenience
which show at
closed
are
on
a
same
.
Closed
Closed
Nominal
Saturday
Monday
—
—
Spot
Steady
Steady
Steady......__
Steady
Steady..
Steady....
Nominal
Tuesday
SALES
Futures
Market*
Spot Market
Nominal,.:.
Wednesday. Nominal
Nominal.
Thursday
Friday—.. Nominal_.
Aug. 1
Futures—The
York for the past
Total
"800
"300
"865
100
400
3,266
3,625
503
425
503
200
200
4.100
1,428
5,528
58,924 101,000 159,924
Total week.
Since
Contr'ct
highest, lowest and closing prices at New
week have been as follows:
Saturday
Monday
Tuesday
Mar. 18
Mar. 20
Mar. 21
Wednesday
Mar. 22
Thursday
Friday
Mar. 23
Mar. 24
Apr. U939)
Range..
8.15M
8 .Un
8.25 n
8.21M
8.17M
8.19M
Range..
8.10- 8.16
8.10-
8.28
8.19- 8.25
8.13- 8.19
8.16- 8.24
8.15-
8.19
Closing
8.14
8.25-
8-26
8.21
8.20
8.15-
8.16
Closing.
May—
.
—•
,8.17
—
8.19-
June—
Range..
8.09M
8.04M
7.92- 7.98
7.94- 8.02
7.93-
7.98
7.96- 7.97
7,99- 8.00
7.93
7.77M
8.15M
7.91- 7.96
7.90-
Closing.
7.95- 7.96
8.05
7.75 n
7.86m.
.
8.06m
7.69M
7.70M
7.67M
7.60M
7.67M
8.10M
8.04M
Range..
Closing
July—
8.08
7.98-
8 04
7.97
Aug.—
Range..
Closing
.
Sept.—
Range..
7.59M
7.67M
7.65 n
7.76 n
Range..
7.60- 7.66
7.60-
Closing.
7.65
7.76
7.62 n
7.73M
Range..
7.55- 7.60
7.59-
Closing
7.59- 7.60
7.71- 7.72
Range..
7.55- 7.60
Closing.
7.58
Closing.
Oct.—
7.58- 7.62
7.56-7.60
7.59- 7.60
7.60
7.57
7.56M
7.57M
7.51- 7.58
7.52-
7.61
7.54
7.55
7.51
7.60- 7.69
7.58- 7.67
7.50- 7.57
7.51- 7.57
7.50-
7.71 n
7.60
7.53M
7.54
7.50 n
7.80
—
7.66-
7.67
7.74
—
7.57-
7.64
—
Nov.—
Range..
Closing
_
7.64M
7.54M
Dec.—
Jan.
.
7.74
7.60-
7.69
7.55
7.50-
7.53
U940)
7.50
Feb.—
Shortly before the end of the trading period the list
point above to 2 points below previous finals.
At
1
the
market
were
was
1
fairly steady
tering
no
point lower to 1 point higher.
was
noon
Futures
the opening, with initial prices regis¬
change to an advance of 2 points over the last
on
Range..
Closing
.
7.59M
7.61M
7.73 n
7.61 n
7.55M
7.54M
Mar.—
7.66-
Range..
Closing.
n
7.61M
Nominal.
7.75 n
7.56-
7.78
7.63M
7.56M
7.61
7.567.57 n
7.58
7.537.53M
7.55
1832
Financial
Chronicle
Range for future prices at New York for the week ended
March 24,1939, ana since trading began on each option:
Option for—
Range for Week
8.34
8 j"0
May 1939..
June
July
Mar."
8"28 Mar."26
18
1939..
7.90
Mar. 20
Mar. 20
8.08
July
7.60 Dec.
Sept. 1939..
6 1938
9.05 July
3 1938
8.12
Mar. 24
"7.80~
3 1938
24 1939
8.07
10 1939
8.01
Oct.
Feb.
1939.
Jan.
Feb.
7.60
Mar. 18
Feb, 23 1939
7.26 Jan. 26 1939
7.75
Mar. 14 1939
7.60
Mar. 22
7.69
Mar. 20
7.29 Jan.
7.71
Mar.
7.63
1940..
Mar. 24
7.78
Mar. 20
7.53
Week
1940.
_
Mar. 1940..
Volume of Sales for Future
27 1939
7 1939
Ala., Blrm'am
Eufaula
Delivery—The Commodity
March
(1939)
33,100
45,800
December
10,400
12,000
14,300
40,200
42,300
42,300
25,800
20,100
43,500
13,300
17,400
16,800
11,800
8,100
8,200
21,000
2,700
11,200
9,300
800
2,200
4,300
1,800
500
1,700
w
-
1,400
Inactive months—
August (1939)
-
*
September
....
100
....
3,000
100
....
November
Total all futures
133,600 102,000 148,900
93,500
71,300
64,600 1.840,300
Mar. 15 Mar. 16 Mar. 17 Mar. 18 Mar. 20 Mar. 21
*
-
11,837
194
513
50,483
1,062
109
68,694
244
59,992
102
131,354
725
162,020
438
169,793
2,566
101,709
6
38,951
229
50,951
1,638
59,468
1,909
27,633
(1939)
4
2,050
3,450
7,100
5,450
4,800
8,750
2,650
57,400
July
6,350
4,700
3,550
3,800
October
6,100
6,950
6,300
7,400
6,100
2,300
4,050
71,400
107,250
250
2,950
2,200
950
850
December.
January (1940)...
200
_
w
_
March
-
-
m
600
May
300
Total
14,950
'
_
all futures....
25,700
13,950
«
-
500
«
1,650
~
600
9,300
,
50
—
22,700
-
mmm
18,750
700
20,000
The Visible
afloat
Supply of Cotton tonight,
telegraph, is
follows.
as
up
as
by
well
this week's returns, and consequently all
foreign
brought down to Thursday evening.
To make
the total show the complete figures for tonight
(Friday) we
add the item of exports from the United States for
Friday
only.
as
figures
1939
1938
857,000 1,020,000
.104,000
184,000
..bales.
Stock at Manchester
:.
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam...
Stock at Barcelona
Stock at Genoa..
Stock at Venice and Mestre
1936
832,000
136,000
606,000
110,000
1,204,000
255,000
314,000
12,000
961,000
201,000
219,000
14,000
968,000
188,000
281,000
224,000
51,000
23,000
8,000
716,000
6,000
200,000
18,000
73,000
72,000
10,000
5,000
518,000
602,000
12.000
*
42,000
20,000
12,000
Stock at Trieste
Total Continental stocks
508,000
Total European stocks
1,469,000
India cotton afloat ior Europe...
133,000
American cotton afloat for Europe
160,000
Egypt, Brazil,&c.,af.t for Europe
99,000
426,000
1,061,000
2,188,055
2,986,570
13,724
Stock in Aiexandria, Egypt
Stock in Bombay, India
Stock in U. S. ports
Stock in U. S. Interior towns
U. S. exports today
Total visible
1937
supply
14,000
9,000
,
655,000
1,859,000 1,486,000 1,318,000
103,000
231,000
222,000
253,000
256,000
262,000
91,000
105,00080,000
385,000
315,000
307,000
1,009,000 1,116,000
708,000
2,932,153 1.743,721 2,103,394
2,431,771 1,622,611 1,940,895
4,462
3,781
7,133
8,536,349 9,068,386 6,879,113 6,948,422
Of the above, totals of American and
other
descriptions
166
25,262
36,456
607
25,070
364
143.584
598
133,424
551
92,267
40,154
115
46,278
502
23,481
133,265
1,862
1,011
182,250
3,240
74,293
48,627
13.083
102
17
61,832
271
34,691
409
122,044
41,231
16,734
48
17,088
49
31,417
485
38,695
15
45,066
370
35,384
109,730
203,383
4,097
177,819
110,661
110,770
145,477
6,096
974
3,758
1,606
2,444
160,444
1,183
141,580
+
m
40,085
m
...
Columbus..
300
9,300
600
33,900
500
27,000
251
27,020
16,724
849
32,651
32,781
156
45,400
244
45
16,662
Rome
15
Havre stock—......
Other Continental stock.
American afloat for
Europe
U. S. port stock.
SSSX
tt's*
U. S. exports today
La., Shrevep't
Miss., Clarksd
60
85,796
884
79.399
266
146,243
"252
530
128,444
2,765
57.041
2,393
253,545
6,153
Columbus..
12
27,059
880
39,537
353
38,750
56
32,799
Greenwood-
653
195,307
2,845
296,298
7,065
81,947
111
32,220
374
93,748
38,319
1,260
Jackson
480
65,223
947
27,504
Natchez
7,831
Vlcksburg..
Yazoo
mm
mm
-
-
stock
®
Havre stock—.......
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stof Jn Bombay, India
Alexandria, Egypt
Stock in
Total East India, &c_
Total American
Egypt, good Sakei, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.OomraNo.l staple, s'fine.Liv
3,781
*
7,133
67,000
55,000
42,000
133,000
99,000
426,000
1,061,000
475,000
1936.
18,097
789
31,310
3,728
3,683
5,023
154,726
4,953
3,440
181
3,197
373
6,568
180
3,252
1,801
1,003
517,636
3,861
122,842
2,408
95,045
44,020 2415,423
53,088
656,402
.45,928
267
7,653
Mo., St. Louis
3",915
156
141,817
4,882
95
338,197
1,447
78,927
2,489
21,806 1806,558
21,979
26,472
275,224
70,660
762,204
220
12,804
15 towns *
.
S. C„ Gr'ville
Tenn., Mem's
Texas, Abilene
....
Austin
Dallas
7
Robstown..
Texarkana
179
13,750
76
2,596
509
41,588
42,924
618
111,695
954
47
36,875
24,304
6,477
72
16
35,435
149
70 000
60,000
48^00
37,000
50,000
21,000
25 000
26 nnn
65 nnn
103',000
23,271
54,334
33,614 4325,144
59,304 2,986570
....
15,661
42
above
totals
show
that
during the week
same
the
25,690
New York
350
15,956
2431.77^
San Antonio.
a
interior
stocks
bales and
period last
are
have
tonight
year.
The
bales less than
Quotations for 32 Years
1915
—
13.50c*
1913
1912
1911
—
9.30c
1914
—.
...
12.60c10.65c*
14.60c15.15c*
9.70c10.40c-
1910
1909
1908
...
,
....
19,424
week last year.
...
.
a 303
a
90,190
1939—.
8.90c. 1931... ..10.80c. 1923
_-29.55c.
1938--.
8.67c. 1930
15.70c. 1922— -,17.85c.
1937
1929— ..21.05c. 1921
..12.35c.
1936--.
11.51c. 1928— -.19.85c. 1920
--42.00c.
1935--....12.40c. 1927—. -_14.30c. 1919
--27.65c.
1934-..
12.20c. 1926— -_19.05c. 1918—- --34.40c.
6.50c. 1925— -,25.50c. 1917
1933--.
--19.30c.
1932
6.60c. 1924— -,27.35c. 1916
-.12.05c.
.
mrnmkm.
74,737 6173,085 103.840
554,799 bales less than at the same
receipts at all the towns have been 41,123
the
816
■
41,778
100
1,547
501
93,158
a7,585
a
Includes the combined totals of 15 towns in Oklahoma,
Overland Movement for the Week and Since
Aug. 1—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from
telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
-1938-30
Mar. 24—
Week
3,728
2,625
3,896
8,149
18,478
918,729
33,714 1,133,475
572
18,312
7,104
317,334
21,124
18,579
7,299
222,701
342,750
22,301
248,579
575,979
11,413
884,896
Via Rock Island
Via Louisville
80
Via Virginia points
Via other routes, &c_
Since
Aug. 1
141,398
142,846
2,464
6,483
126,302
499,236
.
Via St. Louis....
Via Mounds, &c_«
—
Total gross overland
Deduct
1937-38
Since
Shipped—
Week
Aug. 1
4,953
3,375
•
4,362
21,024
153,901
107,656
3,000
4,627
124,952
739,339
Shipments—
Overland to N. Y., Boston, &c
Between interior towns
193
Inland, &c., from South
9,982
10,747
Leaving total net overland *
7,731
*
Including movement by rail to Canada.
The
this
781
396
23L000
222*.000
week last
and that for the
year,
8.73c.
9.37d.
13.73d'.
14 55c
6 25d
6.l2d!
6.40d.
5 43d
950d"
4.22d.
9.60d!
—II—
Since
Week
Aug. 1
6,683,790
884,896
3,570,000
Total marketed
Interior stocks in excess
of Southern mill
7,848,005
1,033,647
158,445 11,138,686
*29,103
1,680,440
164,704
*25,690
.
over
8.90c.
9.23d.
3.92d.
5.31d.
4.17d.
1937-38
1
575,979
4,108,000
708,000
44d!
A11 n
Net overland to March 24
7,731
Southern consumption to Mar. 24-135,000
1,009,000 1,116,000
6
1164c
the
year ago
47,032
11.413
100.000
Excess
6,948,422
date
3,164*,026
so ooo
7.95^
a
21,973
307|000
4.97d#
to
from
Since
"Wfifilf
Receipts at ports to March 24
105 000
5.i6d.
season
decrease
1938-39
Sight and Spinners'
Tfllciw n<t
315*,000
8,536,349 9,068,386 6,879,113
a
of 308,917 bales.
91 000
2,444,000 2,089,000 2,423,000 1,819,000
6,092,349 6,979,386 4,456,113 5,129,422
foregoing shows the week's net overland movement
has been 7,331 bales, against 11,413 bales for
year
385|000
4 lOd
90
2,459
27,252
~
760
83
24
Waco—___
*
17,952
90
13,306
"
Total, 56 towns
63
3,065
4,622
_
5
.
164.720
192
26
Marcos
4,148
63,165
108
Paris
San
15,354
"85
_.
27
11,378
14,630
44,701
__
Brenham
306,000
174,412 bales, a loss of 532,037 from 1938, an
of 1,657,236 bales over 1937 and a
gain of 1,587,927
over
674
75,791
,
N.C., Gr'boro
Oklahoma—
In
357.000
53,000
43,000
23,000
Continental imports for past week have been
84,000 bales.
The above figures for 1939
show a decrease from last
bales
9
51,227
34
396
takings
consumption to March 1__
Came into sight during week
Total in sight March 24
_
TvriKnS J^iS16 5up]?f
1
JJKS!11* uplands, Liverpool
Middling uplands. New York
increase
17,973
189
5
45,176
aggregate net overland exhibits
515,000
46,000
1
63,859
16,202
21,705
28,085
''
Jm
63,399
47,655
mm
mm
—
City
the
4,462
34,950
35,456
21,809
are as follows:
----6'092'349 6'979'386 4'458'113
^29,422
week of
50
2,9?HZ9 2'431,771 1,622,611 1,940,895
13,724
Bremen stock
17,108
700
Macon
342,000
663,000
357,000
300,000
58,000
131,000
66,000
50,000
134,000
212,000
144,000
176,000
164,000
291,000
244,000
179,000
46.000
61,000
19,000
111,000
160,000
253,000
256.000
262,000
2,188,055 2,932,153 1,743,721 2,103,394
Manchester stock....
Manchester
37,187
65,389
11
Total to be deducted.
Liverpool stock.
Idverpool stock....
1,243
47
1,481
are
'
100,107
47,762
35,154
"98
Atlanta
are
Mar. 24—
Stock at Liverpool
441
45
12
262,850
made
as
Foreign stocks
55,309
100
19,314
103,687
400
+
decreased
cable and
436
38,870
183
Rock
Bluff.
The
9,600
60,041
2
Athens
Mar. 21
1,500
2,800
3,300
May
78
36
Ga., Albany..
•
March
8,441
52,959
8,799
78,967
75,793
Walnut Rge
Contracts
y
42,054
75
Pine
Open
New Orleans
25
1,593
127
Newport
166,600
32,300
600
..
March
61,929
1,663
Little
718,800
471,600
January (1940)
365
12,706
Jonesboro..
446,100
3,600
October
38,500
26,700
July
32,700
Mar.
Week
85,678
43,902
Helena
Contracts
16,200
May
48,452
Stocks
Season
71
Augusta
Mar. 23
1,477
Ship¬
ments
Week
94
Hope
Open
Mar. 17 Mar. 18 Mar. 20 Mar. 21 Mar .22 Mar. 23
69,332
Receipts
24
72
_..
Ark.,Blythev.
Forest City
for future
New York
473
Mar.
Week
Selma
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Season
Stocks
Montgom'y
7.78 Mar. 20 1939
Mar. 24 1939
1939
Movement to Mar. 25, 1938
Ship¬
ments
23 1939
Jan.
7.49
7.60 Mar. 24
Dec.
Receipts
24 1938
7.49
Towns
Sept. 30 1938
7.26
Mar. 20
25,
movement—that
Movement to Mar. 24, 1939
22 1938
Oct.
7.30 Jan.
7~56
1939..
Nov. 1939._
the
7 1938
8.20 Nov. 21 1938
4 1938
Towns
detail below:
Aug. 23 1938
9.27
May 31 1938
Oct.
8.12 Oct.
Aug. 1939..
Oct.
8.37
May 25 1938
7.81
8.11
1939..
Interior
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
Range Since Beginning of Option
1939..
Apr.
the
At
Mar.
366,332
139,014
—
-
9,247,984
-
North, spinn's* takings to Mar. 24
*
Decrease.
22,246
576,241
129,342
979,779
13,395,367
26,888
994,323
Movement into sight in previous years:
Week—
1937—March 26-
1936—March 28
1935—March 29
Bales
Since Aug. 1—
Bales
147,943
1936
12,564,541
152,122
-112,952
1935
1934
11,836,603
7,906,345
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for
middling cotton at
Southern and other principal cotton markets for each
day
of the week:
Volume
148
Financial
Closing Quotations for Middling Cotton
Week Ended
Mar. 24
Chronicle
Preliminary obser¬
improve the American
on-
bale, and result in savings in tare and
transportation.
Saturday Monday
Tuesday
Wed'day Thursday
Friday
CCC
Galveston
8.44
New Orleans
8.60
Mobile
8.29
Savannah
Norfolk
8.84
8.80
8.55
8.68
8.40
8.96
8.90
Montgomery
8.40
Augusta
Memphis
8.89
8.51
8.65
8.47
8.42
8.66
8.34
8.61
8.36
8.45
8.60
8.32
8.30
8.91
8.87
8.89
8.85
8.85
8.85
8.85
8.50
8.45
8.42
9.00
8.50
8.40
Houston
Little Rock
Dallas
Fort Worth
8.96
8.92
8.45
8.94
8.45
8.40
8.45
8.45
8.35
8.26
8.26
8.40
8.28
8.35
8.28
8.24
8.45
8.55
8.50
8.35
8.45
8.34
8.34
8.30
8.30
8.23
8.23
8.40
New Orleans Contract Market—The
for
1833
of exports may become of
significance to our growers.
vations indicate that their
adoption here would
leading contracts in the New Orleans
the past week have been
8.80
8.40
8.90
8.40
8.40
8.45
8.24
Cotton
on
lending agencies
of
8.80 cents per pound.
closing quotations
Figures showing the number of bales on which loans
have been made by States in which the
cotton is stored are
cotton market for
given below:
State—
Bales
Alabama....
Monday
Tuesday
Mar. 18
Mar. 20
Mar. 21
Wednesday
Mar. 22
Thursday
Friday
Mar. 23
Mar. 24
686.936
California
South Carolina
171,250
Tennessee
287,682
8.04
8.13- 8.14
—
8.30
8265- 827a
8315- 832a
8.26
July...—
8105- 811a
8.06
8.10
109,607
7.85
7.77
7.71
7.67- 7.68
r—
December-
7705- 772a
7795- 781a
7715- 772a
7.64
7645- 765a
Jan. (1940)
7675- 769a
7765- 778a
7695- 771a
7625- 764a
7625-764a 7.595-7.61a
7735- 775a
7825- 784a
7745- 776a
7675- 768a
7675- 769a 7.645-7.66a
7.61
.
March.,.
.
Tone—
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
Steady.
Steady.
8teady.
Steady.
Steady.
Steady.
.....
Options
Activity in the Cotton Spinning Industry for Febbruary, 1939—The Bureau of the Census announced on
March 21, that, according to preliminary figures 25,854,048
cotton spinning spindles were in place in the United States
on Feb. 28, 1939, of which
22,524,742 were operated at some
time during the month, compared with 22,440,278 for
January, 22,444,784 for December, 22,449,280 for Novem¬
ber, 22,113,952 for October, 22,188,618 for September, and
22,346,736 for February, 1938.
The aggregate number of
active spindle hours reported for the month was
7,170,852,398.
Formerly the weighted average hours of operation for
the day shift for all of the mills was used in computing the
monthly percentage of activity.
The Act, approved June 25,
1938, regulating "wages and hours of employment" provides
for a maximum of 88 hours for a two-shift week
beginning
with Oct. 24, 1938, and of 80 hours within two
years there¬
after.
Accordingly, after consultation with the cotton
textile associations the methods of calculating the monthly
percentage of activity have been changed to meet the new
conditions.
Computed on the basis of 80 hours per week,
the cotton spindles in the United States were operated
during
February, 1939, at 87.8% capacity.
This percentage com¬
pares on the same basis with 85.7 for January, 82.3 for
December, 83.6 for November, 81.9 for October, 76.1 for
September, and 66.6 for February, 1938.
The average num¬
ber of active spindle hours per spindle in place for the
month
The
277.
was
total
number
of
cotton
spinning
spindles in place, tne number active, the number of active
spindle hours, and the average hours per spindle in place,
by States, are shown in the following statement:
,
Spinning Spindles
Feb. 28
for February
Active Durin
Average pet
Total
February
United States
25,854,048
22,524,742
18,618,538
17,088,830
5,624,106,521
New England States.
6,435,770
4,819,584
799,740
616,328
Spindle in Place
7,170,852,398
Cotton growing States
1,408,787,304
137,958,573
All other
States
143
Participation in Universal Cotton Standards
Approved—Polish participation in the Uni¬
Standards Agreements was endorsed
by
delegates attending the Seventh International Cotton
versal
Standards Conference in Washington, the Bureau of
Agri¬
Economics, United States Department of Agri¬
culture announced on March 17.
According to the Bureau,
delegates of associations signatory to the agreements
approved
in principle the application of the
Gdynia Cotton Association
of Gdynia, Poland, for active
participation in the inter¬
national conferences
and
agreements
under which the
Universal Standards for American
upland cotton have been
adopted.
The Bureau's announcement continued:
cultural
,
The
Department
may
now
negotiate with
the Polish group relative to
the terms
on which it
may participate.
Gdynia application has followed the growing
importance of that
port as an importer of American cotton.
Polish annual imports of American
staple dining the past few years have ranged from
175,000 to 250 000
bales.
The Gdynia association with its
exchange facilities and arbitration
board serves as a major facility in the movement of
this cotton.
Other associations signatory to the international
agreements represent
England, France, Germany, Italy. Belgium, Holland,
Spain, and Japan
Three associations of Japan became members of the
agreements in January
The
of the current year and were represented for the first
time
ticipants in the international conferences.
Alabama
Georgia
Maine..
.
Massachusetts
.
277
the Universal Standards for grades of American
in 1935.
Census"? Bureau"! Report
Bureau of the Census of the
par¬
made in
upland cotton
as
revised
Cotton
on
Ginning—The
Department of Commerce at
would be turned out after the March
canvass.
The present
crop with the exception of the 1935 and 1934 crops is the
smallest cotton crop raised since 1923 when
10,139,671 bales
were raised.
The 1937 crop
yielded 18,945,028 which
the largest crop raised.
Taking linters into
this year's crop will probably amount to
was
consideration,
12,800,000 bales.
computation is based on the report of the Bureau of the
Census, which shows that 848,292 running bales of linters
were produced from Aug. 1, 1938 to Feb.
28, 1939.
The
present report in full, showing the production of lint cotton
by States, in both running bales and the equivalent of
500-lb. bales is
as
follows:
REPORT OF COTTON
GINNED—CROPS OF 1938,
1937 AND
1936
173
1,689,896
473,964
546,063,624
205
1,007,245,318
3U
689,300
567,540
191,009,556
277
3,578,356
2,519,900
731,657,489
50,113,008
107,610,541
204
Linters)
292
113,682,008
2,960,108
Mississippi
200,016
152,344
537,536
372,192
355,388
263,696
5,431,326
808,772
5,955,604
Rhode Island
South Carolina
official
Washington issued on March 20 its final report on cotton
ginning (excluding linters).
This report shows that for the
present season there were 11,941,702 500-lb. bales of lint
cotton ginned, including 6,788 bales which ginners estimated
219
1,867,164
555,594
3,236,504
New Hampshire
New York
North Carolina
as
Delegates attending the current conference have
examined, approved
and certified copies or the grade standards for use
by signatory associaions
and by the United States Department of Agriculture
during the next three
years.
Reserve sets are held under seal in vaults of the United States
Treasury and at the Department of Agriculture for use at the next inter¬
national conference to be held in 1942.
No changes have been
302
.
Cotton
Cotton Cinned (Exclusive of
Connecticut
.....1,220,438
...
This
Active Spindle Hows
State
In Place
313*.956
............. ....
Agreements
7.70
November
February
J
Polish
September
7.75- 7.76
51367
Virginia...
8.06
___
October
12^645
184i214
T.
Texas—•—*—
721,581
Missouri.....
8.33
.._.Z
Oklahoma
184,435
...
38,862
North Carolina
Mississippi
f
8.24
June,.
Spot
Bales
New Mexico
72,421
Arkansas..
Georgia
Louisiana.
AprS1939)
August
Slate—
308,160
...
—
May
on
$199,940,247.24 on 4,363,702 bales of cotton.
This
includes loans of $1,100,043.47 on 24,526 bales
which have
been repaid and the cotton released.
The loans average
Arizona
Saturday
Aggregated $199,940,247
Bales
Through March 16—The Commodity
Credit Corporation announced on March 17
that "Advices
of Cotton Loans" received
by it through March 16 showed
loans disbursed by the
Corporation and
follows:
as
Loans
4,363,702
976,472
5,680,526
Tennessee-.
591,798
Texas
254,110
5,392,058
519,864
217,534
Virginia
638,984
736.696
Alabama
^1,135,065
172
Arizona.------
281
Arkansas
1,301,236
239,263,286
245
California
1,871,529,458
329
189,559,264
320
175,328,288
139.233.926
200
-
-
more
than
1,000,000 bales annually,
indicates that the gin associations will play an increasingly important part
in cotton marketing.
If this proves true, some of the procedures introduced by Brazilians in
the supervision of ginning, standardization of package, and regulation
1,808,840
310,199
-
'
1938
1,135,027
187,771
1,265,622
723,035
21,950
1,081,845
196,162
1,358,141
423,131
20,867
855,781
10,906
673,396
1,706,996
331,402
436,322
North Carolina
92,260
398,365
Oklahoma
545,298
35,363
1,473,984
15,409
1,050,629
2,561,778
390,219
153,812
780,694
756,419
641,491
473,146
996,175
804,232
648,942
633,335
422,197
486,862
2,963,979
4,952,378
2,825,420
11,041
40,215
30,543
3,093,681
10,773
2,341
3,089
1,918
2,360
11,604
651,416
1,656,048
Mississippi
329,370
Missouri
The study is expected to be of particular interest to fanners' organizations,
and may have specific application both in the development of cooperative
marketing and cooperative ginning.
The recent growth in number of
1,566,602
850,749
Louisiana
'
Marketing Innovations to Be Studied by
FCA—Marketing innovations which have been factors in
Brazil's expanding cotton industry, and the
possibilities
of their adaptation for this
country, will be subjects of
study during the next three months by the Farm Credit
Administration, it was announced March 18 by Tom G.
Stitts, Chief of the Cooperative Research and Service
Division.
Included as matters for investigation, Mr. Stitts
stated, will be the practicability of using the Brazilian type
of high density gin press under United States
conditions;
the Brazilian Government's plan of
classifying and certifying
each bale; the methods of handling cotton in local, central
and export markets; and the results achieved by selling the
product under brand names.
He further said in part:
handle
Equivalent—500-Pound Bales
*1936
414,088
Kentucky
274
189
-
Florida---
292
74,101,556
—
"Georgia
Cotton
now
*1937
1937
1936
251
1,673,320,011
581,928
cooperative gins, which
Half Bales)
as
♦1938
1,064,332
191,887
573,620
All other States
Running Bales (Counting Round
Slate
New
Mexico.
South
.
Carolina
Tennessee—
Texas
Virginia
All other States
United States 11,620,801
*
27,654
1,086,458
10,445
742,565
1,862,515
301,267
104,999
93,486
606,681
390,319
556,652
289,740
1,636,363
312,908
1,915,206
738,700
1,148,524
189,963
1,302,992
34,605
442,444
26,789
1,505,946
1,090,085
15,471
1,103,622
2,692,427
397,226
156,409
781,483
763,403
1,023,319
660,394
5,163,895
40,379
3,272
10,170
761,149
1,910,661
303,252
107,380
599,746
286,379
815,788
432,757
2,938,479
30,296
2,028
18,252,075 12,141.376 11,941,702 18,945,028 12,398.882
Includes 157,865 bales of the crop of
1938 ginned prior to Aug.
1 which
was
counted in the supply for the season of 1937-38, compared with 142,983 and
41,130
bales of the crops of 1937 and 1936.
The statistics in this report
for 1938
are
subject to revision.
Included in
the total for 1938 are 6,788 bales which ginners estimated would be turned
out after the March canvass; round bales 157.979 for 1938; 326,742 for
and 282,262 for 1936; American-Egyptian bales 20,501 for 1938;
10,991 for 1937; and 17.551 for 1936.
Sea-Island 4,273 for 1838; 4,030 for
1937, and 889 for 1936.
The average gross weight of the bale for the crop, counting round as half
bales and excluding linters is 513.8 pounds for 1938; 519.0 for 1937; and
510.6 for 1936.
The number of ginneries operated for the crop of 1938 is
12,279 compared with 12,838 for 1937; and 12,625 for 1936.
1937;
UNITED
STATES
CONSUMPTION,
AND
For
February,
1939,
cotton
STOCKS,
IMPORTS,
EXPORTS
consumed
amounted
to
562,293 bales;
imports "for consumption" 8.395 bales, exports of domestic cotton, exclud-
Financial
1834
stocks
Ing linters, 203,922 bales, cotton spindles active 22,524,742; and
end of month in consuming establishments 1,558,818 bales and in
storage and at compresses
public
14,068,684 bales.
WORLD
STATISTICS
production of commercial cotton, exclusive of linters, grown
in 1937, as compiled from various sources was 35,591,000 bales, counting
American in running bales and foreign bales of 478 pounds lint, while the
consumption of cotton (exclusive of linters in the United States), for the
year ended July 31, 1938, was 26,748,000 bales.
The total number of
spinning cotton spindles, both active and idle, is about 147,000,000.
The world's
Mai.
Chronicle
1939
25,
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
obtainable; also the takings or amounts gone out of
sight for the hke period:
1937-38
1938-39
Cotton Takings,
Week and Season
by Telegraph—Telegraphic advices to us this
Returns
the
evening indicate that there has been little rain over
cotton belt and temperatures' are about normal.
Days
Inches
Hiah
Low
1
Texas—Galveston
Rainfall
0.10
68
55
80
34
80
48
80
dry
dry
Austin
Abilene
42
0.06
1
0.66
78
74
60
1
0.16
80
44
2
0.31
0.08
74
56
82
48
50
Del Rio
-
1
El Paso
Palestine
Mississippi—Meridian
Vicksburg
Alabama—M obile
—
Florida—Jacksonville
Georgia—Savannah
—
Augusta
Macon
South Carolina—Charleston
__
—
38
46
65
87
40
60
84
84
80
36
80
82
58
46
i
82
42
62
81
42
62
80
34
57
78
34
80
34
56
57
79
76
41
76
30
36
36
of Indian cotton at Bombay
35
38
32
for three years,
0.06
Mar. 24, 1939
Feet
Above zero of gauge-
Nefv Orleans.
Memphis
...
Nashville.
—
Shreveporfc
Vicksburg
.Above zero of gaugeAbove zero of gaugeAbove zero of gauge..Above zero of gauge-
from
Receipts
the
Week
The
named at
1937
1936
29.1
23.
6,000
China
15,000
25,000
30",556
56,000
31,000
10,000
10,000
41,000
27,000
133,000
319,000
267,000
497,000
17,000
25,000
1938-39—
1937-38-
25,000
253,000
462,000
715,000
230,000
471,000
441,000
718,000 1419,000
178,000
30,873 102,702 82.567
31,339 147,007 112,749
35,000
4,000
50,000
2,000
33,000
16,000
1936-37—
1936
21,000
1937-38—
56,000
51,000
3O"666
1938
1937
1937
1938
1939
1939
1938
309,000
According to the foregoing, Bombay appears to show a
compared with last year in the week's receipts of
7,000 bales.
Exports from all India ports record an increase
of 5,000 bales during the week, and since Aug. 1 show an
increase of 369,000 bales.
decrease
Market—Our
Manchester
report received by cable
1936
1937
8 J4
42,590 126,265
96,101 3400,270 2619,799 2180,501
to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are buying very sparingly.
We give prices today below and leave those for previous weeks
of this and last year for comparison:
Jan.
6.
400,000
447,000 1050,000
707,000 1002,000 2018,000
162,000
84,000
1937
1939
Total
152,000 718,000 922,000
174,000 447,000 650,000
245,000 1002,000 1303,000
52,000
29,000
59,000
2,000
18,000
4,000
1938-39-
Receipts from Plantations
54,236 139,333 119,319 3448,226 2003,852 2253,715
44,595 141,563 117,505 3434,970 2058,348 2250,247
Japan &
nent
Total all—
Dec.
30-
Conti¬
Other India-
12.1
1937
Total
24,000
2,000
11,000
1936-37—
13.0
1938
Great
China
Britain
Jap'n&
nent
1937-38.-
33.7
1936
1937
Conti¬
1936-37—
Plantations-—The following table
1938
Great
1938-39-
Feet
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
1938
81,000 2,211,000
77,000 1,587,000
Bombay—^
13.0
Stocks at Interior Towns
Aug. 1
Since August 1
Britain
figures do not include overland receipts nor
they are simply a statement of the
Receipts al Ports
Week
Aug. 1
Exports
From—
Southern consumption;
Week
Week
Aug. 1
For the Week
58,
41.6
Since
Since
70,000 1,484,000
Bombay
61
11.9
8.2
1936-37
1937-38
*
indicates the actual movement each week from the planta¬
tions.
from Aug. 1, as cabled,
follows:
Since
Receipts—
Mar. 25, 1938
16.5
37.8
as
1938-39
following statement has also been received by tele¬
graph, showing the heights of rivers at the points
8 a*£m. of the dates given:
have been
Mar. 23
56
84
Ports—The receipts
and the shipments from all India
ports for the week and for the season
56
80
1
Nashville
•
60
56
36
84
I
■
64
76
0.01
Brazil, Smyrna, West Indies, &c.
This total embraces since Aug.
India Cotton Movement from All
53
56
1
Chattanooga
348,168 12,676,203
241,168 8,833,403
107,000 3,842,800
1 the total estimated consumption by
1938-39 and 3,570,000 bales in 1937-38—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 8,078,376 bales in 1938-39 and 7,106,203 bales in
1937-38 of which 4,511,776 bales and 3,263,403 bales American, b Estimated
69
76
dry
dry
dry
Raleigh
Wilmington
Tennessee—Memphis
9,068,386
9J068.386
8,536,349
Southern mills, 4,103,000 bales in
60
62
62
.
44
16,000
9,416,554 21,744,589
474,426 12,186,376
273,426 8,619,776
201,000 3,566,600
24 a—
Embraces receipts in Europe from
a
61
40
27,000
40,000
497,000
8,536,349
supply Mar. 24
1,587.000
400,000
1,680,200
343,000
77,000
9,010,775 20,722,725
62
84
6 © r4
1
Asheville
64
86
dry
dry
dry
dry
dry
dry
dry
dry
/Pensacola
Tampa
North Carolina—Charlotte
44
*
67
84
1,306,800
328,000
Of which other
55
50
0.01
1
Atlanta
36
0.04
dry
dry
dry
dry
dry
dry
dry
dry
Shreveport
Miami
82
0.04
1
Louisiana—New Orleans
Birmingham
Montgomery
82
84
dry
dry
1
Little Rock
50
30
40
41,000
36,000
14,000
ship'ts to Mar. 23
Total takings to Mar.
Of which American
64
65
64
56
50
9,247,984
1,484,000
129.342 13,395,367
70,000
Visible
65
65
64
48
80
78
82
0.12
1
Oklahoma—Oklahoma City—
Arkansas—Fort Smith
The
78
80
dry
dry
Houston
Port Arthur
San Antonio
4.339",022
13 9,614
Bombay receipts to Mar. 23—
Total supply
Deduct—
69
67
62
60
1
Dallas
7,858",941
American in sight to Mar. 24
Alexandria receipts to Mar. 22
Other supply to Mar. 22 *&__
64
61
Brownsville
Corpus Christi
.
Mean
62
57
0.04
1
Amarillo
-
Season
9,127,212
8,710,761
17
Other India
.
Thermometer—-—
Rain
Visible supply Mar.
Visible supply Aug. 1
Week
Season
Week
Lbs.
Cotton
Shirt¬
8X
Lbs.
Cotton
Shirt¬
20,355
32s Cop
ings, Common
Middl'g
32s Cop
Twist
to Finest
Upl'ds
Twist
to Finest
d.
d.
Middl'g
ings, Common
23,351
7,890 86,716
7,605 128,497
Nil
133,463
30.702
5,798 119,744
17,573
10,309
13.
38,827 121,714
01,240 3369,048 2613,016 2142,612
20.
37,387 110,840
43,199 120,588
82,643 3329,120 2629,639 2090,671
61,831 3291,719 2628,795 2046,413
35,540 104,958
29,078 112,608
64,820 3240,532 2598,040 2001,896
57,820 3212,973 2575,215 1952,548
82,257 3174,825 2570.224 1926,804
Nil
74,203
NU
135,433
8,472
Nil
96,794
66,019 3138,203 2543,310 1880,455
59,413
19,070
64,149 3090,651 2500,609 1810,771
67,954 3051,323 2479,799 1744,860
54,793 3012,260 2460,874 1685.584
61,190 2986,670 2431,771 1622,611
Nil
39,957
Nil
13-
Nil
71,853
49,069
17,929
2,043
20..
Nil
27—
Upl'ds
56,513
NU
27.
10.
17.
24.
s.'d.
25,681 101,785
21,337 86.337
23-
30-
25,736
82,658
10.
92,663
17.
27,264
32,436
67,994
24.
21,973
47,032
N1J
Nil
Nil
The above statement shows:
(1) That the total receipts
plantations since Aug. 1, 1938, are 4,392,943 bales;
in 1937-38 were 8,353,076 bales, and in 1936-37 were 6,966,396 bales.
(2) That, although the receipts at the outports
the past week were 21,973 bales, the actual movement from
the plantations was nil bales, stock at interior towns having
decreased 25,690 bales during the week.
89%
8X@ 9H
m@ 9X
8X@ 9X
Shipments—We now receive
weekly a cable of the movements of cotton at Alexandria,
Egypt.
The following are the receipts and shipments for
the past week and for the corresponding week of the previous
1938-39
1937-38
d.
180,000
6,545,823
200,000
8,440,748
115,000
8,741,953
This
Exports (bales)—•
Week
Since
Aug.
This
1
3,000 113,677
6,000 126,816
To Continent & India—i 11,000 457,507
To America
17,422
Liverpool
Manchester, &c
Total exports
Note—A cantar is 99 lbs.
20,000 700,422
9
5.25
10X@11 X
9 ion@io
8
8
ion@io
°
d.
Week
This
Since
Aug.
1
5,000 139,789
129,507
16",5o6 532,410
19,643
21,000 821,349
Week
4.84
IX
4.97
19 38
IX
5.30
IX
5.19
10!i @12
iox@nx
5.18
loxmix
9 10H@10
9ion@io
9
5.10
iox@nx
9
9
5.13
9
9
@10
5.07
9
9
@10
10X© 9
10X@ 9
9
@
9
8
9
@
9H
8
9
@
89H
9 ion@io
10X@10
X
5.02
IX
IX
4,93
8
9
@9
17-
8X@
9X
8
9
@
9
5.15
ion@nn
iox@nx
ion@nn
24—
8X® 9Vt
8
9
@
9
5.18
ion@nn 10
9H
8
9
@
9
5.29
8X@ 9X
9
@10
8H @ 9H
8
9
@9
5.40
@93
5.27
ion@nn 10
ion@im 10
iox@nx 10
0
5.16
io
@nx 10
0
10—
8H@
1
4.000 160,344
9,000 163,654
2,000 533,706
33,671
15,000 891,375
receipts for the week ending March 22
180,000 cantars and the foreign shipments 20,000 bales.
4.82
9 ion
@io
@10
4.93
5.02
IX
5.16
3
5.21
Mar.
3—
10-
17—
24-'
M@
9
8
10X@
9
IX
shown
News—As
on
a
3
5.13
@10
"
3
5.06
@10
@10
3
5.10
3
4.97
@10
previous
page,
the
exports of cotton from the United States the past week have
reached 86,112 bales.
The shipments in detail, as made
up
from mail and telegraphic reports, are as follows:
Bales
Mar. 20,
—-
Gdynia, Mar. 17, Kexholm,761
Gothenburg, Mar .17, Kexholm, 1,254
Idarwald, 2,484
To Hamburg, Mar. 22, Idarwald, 11
To China, Mar. 22, Tijuca, 1,324. . ^
To Porto Columbia, Mar. 18, Cardonia, 305
MOBILE—To Hamburg, Mar. 11, Aschen, 820; Mar. 19,
55
To Bremen,
-
305
875
647
20
Mar. 19, Bienville, 647
To Manchester .Mar. 22,
To Japan, 1,954
1,059
421
1,059
W est Madaket ,421
PENSACOLA—To Liverpool, Mar. 18, West Madaket,
To Manchester, Mar. 18, West Madaket, 35
NORFOLK—To Hamburg, Mar. 18, Liberty, 268
SAN FRANCISCO—To Great
1,324
Bienville,
-
To Rotterdam, Mar. 19, Bienville, 20
To Liverpool, Mar. 22, West MacLaket,
14,689
537
1,163
601
6
761
1,254
2,484
11
To
Since
Aug.
4.88
IX
IX
To Bremen, Mar. 22,
Egyptian bales weigh about 750 lbs.
This statement shows that the
10 X®UH
To
Receipts (cantars)—
Aug. 1
9
5.24
To Venice, Mar. 17, Clara, 1,163
To Genoa, Mar. 17, Monrosa, 601
To Naples, Mar. 17, Monrosa, 6
1936-37
Mar. 22
Since
8 10X@
IX
IX
GALVESTON—To Japan, Mar. 17, Fernbrook, 6,444;
Klrisima Maru, 7,488; Mar. 22, Tijuca, 757
To Trieste, Mar. 17, Clara, 537
two years:
This week
10H@ 9
8
Shipping
Alexandria Receipts and
were
s.
Fph
from the
To
d.
s.
jc
3-
Alexandria, Egypt
8
19 39
0-
3.
8X® 9X
8H@ 9%
Jan.
Mar.
To
d.
s.
Dec.
Feb.
3..
d.
Britain, 188.,
623
623
35
268
188
- -
—
1,954
Volume 148
Financial
1
'
Bo les
HOUSTON—To Japan, Mar. 17, Kirisima Mara, 2,095; Mar. 20.
Haveland, 1.U20; Mar. 20, Tijuca, 2,611; Mar. 22, KunikawaMaru, 4,367
10,093
To Genoa, Mar. 18, Monrosa, 476
476
To Naples, Mar. 18, Monrosa, 114
114
To China, Mar. 20, Haveland, 2,919; Tijuca, 2,226; Mar. 22,
Kunikawa Mara, 21
5,166
To Liverpool. Mar. 21, Wanderer, 1,1101,110
To Manchester, Mar. 21, Wanderer, 3,170
3,170
To Bremen, Mar. 21, Idarwald, 3,195__
3,195
To Hamburg, Mar. 21, Idarwald, 150
150
To Valpraiso, Mar. 18, Cardonia, 33
1
33
To San Jose, Mar. 18, Cardonia, 14
14
To Puerto Colombia, Mar. 18, Cardonia, 207
207
To Havana, Mar. 18, Cardonia, 400-.L
400
NEW ORLEANS—To Genoa, Mar. 15, Monrosa, 1,204; Mar. 20,
Montello, 1,115
2,319
To Japan, Mar. 15, Kirisima Mara, 76; Mar. 18, Kunikawa
Mara, 6,049
6,125
To Liverpool, Mar. 16, West Queechee, 3,068
3,068
To Manchester, Mar. 16, West Queechee, 3,854
3,854
To Antwerp, Mar. 16, Maasdam, 50; Mar. 21, Indiana, 400
450
To Bremen, Mar. 16, Aachen, 1,543; Mar. 17, CraniordT, 4,5296,072
To Rotterdam, Mar. 16, Maasdam, 300; Mar. 17, Ethan Allen,
...
-
-
_
——
-
-
_.
234
To Puerto Colombia, Mar. 16, Cranford, 500
To Havana, Mar. 18, Ulua, 200
534
-
To Panama City, Mar. 18,
Llua.10
500
200
10
400
100
a
_■
,
To Arica, Mar. 21, Cefalu, 400
*
To Ghent, Mar. 17, Ethan Allen, 100
To Havre, Mar. 17, Ethan AJlen, 2,227; Mar. 21, Indiana, 67-To Gdynia, Mar. 17, Cranford,3,495
2,294
3,495
358
To Dunkirk, Mar. 21, Indiana, 358
BROWNSVILLE—To Ghent, Mar. 17, Antverpia, 713To Antwerp, Mar. 17, Antverpia, 100
To Havre, Mar. 17, Antverpia,271--To Dunkirk, Mar. 17, Antverpia, 175
713
100
271
175
18
50
100
To Rotterdam,Mar. 17, Antverpia, 18
To Liverpool, Mar. 19, Mulheim Ruhr, 50
To Manchester, Mar. 19, Mulheim Ruhr, 100
LOS ANGELES—To
Liverpool, Mar. 17, Pacific Shipper, 250
250
-
To Ghent, Mar. 17, Heranger, 91
91
To Japan, Mar. 20, Kansai Mara, 380; President Taft, 832
1,212
Chronicle
% to 134c. up after scoring gains of 134c. on top of yester¬
day's 1% to 154c. advance. Minneapolis finished 34 to 34c.
higher and Kansas City 34c. lower to 34c. higher. On the
20th inst. prices closed 34c. off to 34c. up. Wheat values on
the Chicago Board were steadier
today, influenced by im¬
proved European demand for grain in view of the political
crisis abroad.
Trading was restricted, however, by un¬
certainty over the outcome of the latest war scare. Wheat
fluctuated nervously within a range of only
34c. at times,
with some long lines sold out, but
selling was done cau¬
tiously. Scattered purchases were credited to mill and export
interests, with sales abroad of both wheat and corn the best
in several weeks.
Strength exhibited by the securities
markets was interpreted in the grain trade as an indication
of less tension in financial
quarters because of European
politics.
Foreign markets recovered composure to some
extent and the Liverpool wheat market closed
steady Export
interests reported approximately 200,000 bushels of wheat
were sold,
including some Canadian from the Pacific Coast
and United States hard winter from the
Gulf, the latter to the
Continent.
On the 21st inst. prices closed 34c. to 54c. net
lower.
Although no appreciable change has taken place in
the foreign political situation, the action of
foreign grains and
securities markets as well as strength in domestic stocks was
interpreted in the grayi trade as an indication of easing
tension in financial quarters over the war scare.
A burst of
selling orders at the opening bell caused animmediate break
of almost a cent in wheat and
prices fell to the day's lows
within a few minutes.
When this selling had been absorbed,
however, quiet buying developed and prices rallied as much
.
as
Total
86,112
.
Cotton Freights—Cyrrent rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Stand-
High
Stand¬
High
Stand¬
High
'
ard
Density
Density
ard
Density
ard
Liverpool
.45c
.60c
Trieste
d.45c
.60c
Piraeus
.85c
1.00c
Manchester
.45c
.60c
Flume
d.45e
.60c
Salonica
.85c
Antwerp
d.85c
1.00c
1.00c
.56c
.71c
,46 c
.61c
Barcelona
*
*
Venice
Havre
45c
.60c
Japan
*
*
Copenhagen
Rotterdam
46c
,61c
Shanghai
*
*
Naples
d.55c
d.55c
.60c
Bombay
d.55c
.60c
Oslo
56C
.71c
Bremen
.56c
.71c
Stockholm
61c
.76c
Hamburg
Genoa
No quotation.
.75c
.90c
Leghorn
.46c
,6lc
Gothenburg
.46c
x
.60c
.61c
d Direct steamer.
xOnly email lots.
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Mar. 3
Total stocks
Of which American,
Total imports
Of which American
Amount afloat
Of which American
Mar. 10
Mar. 17
Mar. 24
51,000
1,005,000
432,000
56,000
14,000
140,000
39,000
Forwarded
56,000
981,000
417,000
39,000
54,000
955,000
410,000
31,000
13,000
137,000
36,000
42,000
961,000
400,000
50,000
10,000
100,000
33,000
9,000
139.000
40,000
The tone of the
Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been
as
follows:
Saturday
Market,
Monday
Tuesday
{
Moderate
Moderate
doing
Quiet.
pressure.
"
corn.
'
Futures
5.07d.
Easy
at
-i
5
11
(
pts.
(
Market
5.06d.
opened
to
Easy.unch.
8
to
pts.
5.12d.
Steady at
Quiet at
2 to 6 pts.
inst.
values
markets
prices
declined
decline
advance
Steady at
decline
5
pts.
and
mercial
Quiet;
St'y. unch.
to
political tension.
5.16d.
2
pts.
dec.
Easy
at
4
12
20
P. M.
pts.
to
2
dee.
to
pts.
Prices pf futures at
Mar. 18
10
adv.
5
pts. adv.
to 1
Quiet
10
adv.
1 pt.
adv. to 5
pts.
Barely st'y;
Tues.
Wed.
at
2 to 3 pts.
decline
dec.
Liverpool for each day
Mon.
Sat.
to
pts.
Quet,
pt. adv
are
unch.
to
6
nts. decline
d.
d.
d.
4.71
4.71
4.68
—
4.73
d.
d.
4.77
d.
4.83
4.81
d.
4.84
d.
d.
d.
4.81
4.68
4.70
4.74
4.80
4.78
4.79
4.78
4.79
4.77
4.53
4.58
4.60
4.65
4.62
4.62
4.59
4.60
4.58
4.59
4.40
4.44
4.49
4.52
4.54
4.50
4.50
4.47
May
December
4.38
1940-.
January,
March
May
-
-
4.42
4.38
4.40
..
.
.
.
m
-
m
4.51
w
-
~
4.43
4.52
4.53
4.52
4.48
--
...
4.53
4.49
4.56
4.50
4.41
..
July.„
4.47
4.48
.'«.*»*■
..J
4.51
^
m
_
W
-
~
4.54
4.48
4.46
4.45
*»
4.45
5.53
4.58
4.59
4.48
^
4.46
4.44
4.49
__
4.51
4.5?
4.47
4.49
and
the past
from
week.
and
flour
bring about
a
drastic
change in
this
by
Wheat—On the 18th inot. prices closed Le. off to 34c.
up.
upward as much as a cent in brisk
was
reported that
taken by Europe
This
resulted in
Lowering of
fractional
freight rates
rallies
grain
reported, and dealers here said
was
ocean
on
might help the Gulf movement. Latest figures released
Government indicated subsidized export sales are
reports
of a
factors
reduction
on
shipments from Australia
were
at
Liverpool, where prices eased about lc.
Open interest in wheat is given as 80,935,000 bushels.
DAILY
CLOSING
PRICES
OF
Sot.
No. 2 red
DAILY
87?*
-
CLOSING
PRICES
OF
WHEAT
Mon.
87?*
WHEAT
Sat.
IN
Tves.
86?*
NEW
YORK
Wed.
Thurs.
87
87
FUTURES
Mon.
Tues.
IN
Wed.
Fri.
87?*
CHICAGO
Thurs.
Fri.
March
news
It
was
the
bearish
trading early today, then leveled off to yesterday's close,
subsequently closing a shade from previous finals.
Early
buying was stimulated by the unsettled European political
situation, sharply higher Winnipeg prices and improved
milling demand. Tension abroad lost much of its power in
the pit later in the session as traders took more notice of
and increased offers.
buyers
Lower quota¬
removal of hedges on this type of business has a
supporting
effect on the market.
Lower Argentine freight rates and
The wheat market shot
for the domestic winter wheat crop
The Winnipeg wheat market finished
from recent
scare.
averaging about 1,200,000 bushels weekly, and traders said
grain
markets.
favorable weather
came
war
the decline.
interests.
early lows.
shipped from the Gulf
a
hand-to-mouth way.
The European political situation is
being watched closely, it being realized that a sudden grave
development could
milling
new
developments in the flour
However, prices held steady, with
buyers interested only on the scale down, and then only in
market
no
largely because of the
the Southwest
and weakness at
Liverpool, with easing
European tension, but then rebounded, to close only a shade
lower than yesterday.
Commercial purchasing attracted
by the lower quotations helped to rally the market.
Early
declines of as much as 54c. attracted buying from
export
4.52
Friday Night, March 24, 1939
were
com¬
movement
Yugoslavia were reported.
Today prices closed unchanged to 34 C. off.
Wheat prices
dipped almost lc. today on reports of good crop weather in
BREADSTUFFS
Flour—There
how¬
and
4.45
4.46
4.51
..
recovery
in
yesterday.
Negotiations for purchase of approximately
3,250,000 bushels of wheat by Italy from Hungary, Ilumania
4.74
4.51
October
Most of the orders to sell
who acted
export helped to check
4.78
July
small
a
increase
some
1,800,000 bushels of Argentine wheat
d.
4.84
buying which helped
Euro¬
able crop reports from the domestic Southwest.
Buying
credited to mills and dealers lifting hedges on sales for
Fri.
4.81
encouraged
the easing
only fractional,
were
at Liverpool also prompted some dealers to take
up
short positions in view of lagging export demand and favor¬
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New contract—
March, 1939
reflected
lower.
security
tions
given below-
Thurs.
world
and
After dropping as much
%c., wheat rallied and closed about unchanged to %c.
lower.
to
Mar. 24
commodity
as
Losses
setback
unchanged to %c.
after the day's lows were reached.
as
Market,
the
closed
today
throughout the
pean
5 16d.
1 to 4 pts.
Barely st'y
dec.
5.16d.
*
.
the 23d
ever,
Mid. upl'ds
let-up in*Argentine
a
No expansion in wheat buying by import
nations was reported, although Italy took approximately
350,000 bushels of Yugoslavian wheat and a like amount
On
demand
demand
1
Quiet
orders credited to eastern sources,
for wheat and flour from the Orient and
selling
Wheat
bus! ness
Quiet
on
interests.
Chicago values at one time fell
154c., May dropping to 6654c., equal to the 3 months low
established prior to the war scare last week, before there was
a
rally.
Winnipeg quotations dropped 1% to 234fe« while
Liverpool was almost 2c. lower at one stage.
However,
prices recovered much of their early losses, with Chicago
quotations gaining as much as a cent before the closing bell.
On the 22d inst. prices closed
unchanged to 34c. higher. With
the threat of European war still a dominant
factor, wheat
prices fluctuated nervously todav, advancing almost a cent,
but then falling back.
Some early buyers were on the selling
side during the final hour.
Early gains here of 34°. indicated
the market had substantial buying support.
Weakness in
securities
emphasized the concern evident in financial
quarters as a result of overnight developments abroad,
although news from Washington concerning war profit tax
proposals and indications corporate taxes will not be re¬
duced, was believed here to be a contributing factor. Gains
at Liverpool amounted to almost a cent on some
contracts,
the English market being affected also by renewed
inquiry
Friday
Thursday
A tab-
12:15
P. M.
Wednesday
cent at the last
a
mill and export
of
Spot
1835
,
May
July
September--
-
68
68
68 J*
68
68?*
69?*
67 ?*
67 ?*
68?*
67?*
68
67?*
67?*
68?*
68$
67 H
67?*
68$
Financial
1836
Season's High
and
73%
March
74%
71%
72%
May
July
September
DAILY CLOSING
Season's
When Made
July 23. 1938 March
May
July 23. 1938
4, 1939 July
4, 1939 September
Jan.
Jan.
and
62 %
When Made
Sept. 8, 1938
62M
62 %
67%
Sept. 7. 1938
Oct.
5, 1938
Dec. 29, 1938
Low
Mon.
Sat.
May
July
October
62%
Thurs.
62%
60m
62%
611|
62 %
Fri
60%
61%
61 %
60%
61%
61%
62 %
63 %
61 %
61%
Wed.
Tues.
61%
60
unchanged to He.
Short covering and strength in wheat boosted corn
Corn—On the 18th inst. prices closed
lower.
Erices reversed its He. early in the session, but the market
here about trend under commission house selling.
iter
This closing range was He. up from the
lows of the session. Export sales of corn were estimated at
150,000 bushels, including Atlantic shipments to the Conti¬
nent and some corn afloat at the Gulf to the United King¬
dom.
Country offerings remained light, and the Govern¬
ment announced 8,711,359 bushels were sealed under loans
the past week, bringing the total up to 181,465,089 bushels.
Crop experts said that assuming abandonment is similar to
that of last season, the probable corn acreage for harvest
would be around 90,600,000 acres, the smallest in 40 years.
On the 21st inst. prices closed unchanged to He. off. Trad¬
ing was very light in this grain, with the undertone fairly
steady. On,the 22d inst. prices closed He. to He- net higher.
The corn market went higher today but lagged behind wheat.
A sharp break at Buenos Aires late yesterday and approach¬
ing deadline for Government loans to producers were bearish
factors. Prominent traders expressed belief that while there
is a rush to sell corn before March 31, it is possible there will
be an increased movement to terminals after the deadline.
Another cargo of afloat corn was sold at the Gulf for export.
On the 23d inst. prices closed H to %e. off.
Some buying
of corn was credited to export interests../ Corn prices de¬
clined with
The news concerning corn was devoid
wheat.
stimulating or otherwise. Today prices closed
unchanged compared with previous finals.
Corn prices
also declined about He.
Pit brokers attributed some rpcent
of anything
purchased from the Gov¬
Export sales have not been broad, although some
is being worked daily.
Open interest in corn
selling of corn to hedging of grain
ernment.
business
05,894,000 bushels.
totals
DAILY
,
OP CORN IN NEW YORK *
CLOSING PRICES
Mon.
Sat.
No. 2 yellow
*
CLOSING
DAILY
OF
PRICES
Mon.,
Sat.
March
Wed.
Tues.
Thurs.
62
62%
62% 62%
CORN FUTURES IN
Sat.
Fri.
:
47%
49%
50%
May
July
September-.
Season's High and
56
March
60%
55%
66%
May
July
September
47%
49%
50%
Season's
When Made
July 28, 1938
March
Low
...
July 23. 1938 May
Sept. 24, 1938 July
Jan.
4, 1939 September
Oats—On the 18th inst.
47%
47%
49%
49%
50%
50%
—
47%
49%
50%
47%
49%
50%
47%
49%
50%
and
46
October
CLOSING
Mar. 16. 1938
Mar. 16. 1938
Mar. 16, 1939
prices closed unchanged to He.
FUTURES
OATS
OF
PRICES
Mon.
Sat.
Tues.
CHICAGO
IN
Thurs.
Wed.
Fri.
29% 29% 29%
29%
27%
27% 27%
27%
26% 26%
26%
26%
Season's High and When Made
Season's Low and When Made
May
30%
Jan.
4, 1939 May
23%
Sept. 6. 1939
July
29%
Jan.
3. 1939 July
24%
Oct. 18, 1938
September
29%
Jan,
4,1939 September
26%
Feb. 10,1939
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
28%
27%
26%
May
July
September
28%
28%
October
28
-
29
27%
26%
Mon.
Sat.
May
July
28%
28%
Tues.
Thurs.
Wed.
28%
28%
28%
28%
28%
28%
>
35
...
WINNIPEG
Fri.
Thurs.
Wed.
36%
35%
36%
37%
35%
36%
34%
36%
35%
34
Closing quotations were as follows:
FLOUR
Spring pat. hlgb protein__4.85< >4.95
Spring patents
—_4.55< >4.65
Clears, first spring
4.05* >4.25
Hard winter straights
4.351 >4.45
Hard winter patents
4.40< >4.50
Hard winter clears
Nom.
3.55@
5.05<§>5.35
Rye flour patents-..
Seminola, bbl., Nos. 1-3
...2.65
Oats good
Corn flour
.1.60
Barley goods—
3.25
Coarse.
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.50 @5.00
GRAIN
Wheat, New York—
Oats, New York—
No. 2 red, c.i.f., domestic.. 87%'
No. 2 white
Manitoba No. l.f.o.b.N.Y. 72% ~
Rye, --United States c.l.f.
--
41%
Barley, New York—
40 lbs. feeding..
Corn, New York—
No. 2 yellow. aU rail
53%
52-60
Chicago, cash
62%
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
ms.mibs bush
lbs
56
lbs bush
Barley
Rye
bush 32 lbs
bush 56 lbs bush 48 lbs
216.000
Minneapolis
133,000
716,000
421,000
37,000
240,000
61,000
Chicago
739,000
116,000
127,000
188,000
119,000
697,000
84,000
39,000
118,000
36,000
2,000
1,000
66,000
4,000
377,000
1,000
Duluth
23"666
2,000
342,000
.
5,000
144,000
158,000
115,000
Louis._
54,000
43,000
Indianapolis
91,000
113,000
Milwaukee-
Toledo
St.
60
Oats
Corn
Wheat
Flour
Receipts at—
113,000
76,000
1,000
37066
46,000
9,000
39,000
44,000
Peoria
50,000
25,000
352,000
Kansas City
15,000
960,000
/
245,000
159,000
113,000
186,000
29,000
23,000
54,000
397000
'I'bbo
72,000
295,000
149,000
2,541,000
1,275,000
Omaha
Joseph-
St.
Wichita
Sioux
73,000
226,000
—
City.
Buffalo-
'
19:666
"TOOO
40,000
480,000
381,000
3,045,000
Same wk '38
2,552,000
2,933,000
1,100,000
157,000
1,486,000
1,402,000
Same wk *37
367,000
2,105,000
2,808,000
1,232,000
202,000
823,000
Total wk '39
14,906,000 245.167,000 190,676,000
12,640,000 228,193,000 197,149,000
13,952,000 169,874,000 117,229,000
1938
1937
1936
flour and grain at the seaboard ports for
Saturday, March 18, 1939, follow:
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
York.
147,000
72,000
12,000
10,000
2,000
'26,000
18,000
15,000
67,000
90,000
16:666
27660
New Orrns*
24,000
220,000
24,000
157666
1,900
133,000
274,000
100,000
16,000
56,000
Galveston.
_
St. John W.
Boston
i"7;66o
"34:660
------
"6:666
~17666
10,000
654,000
407,000
66,000
29,000
34,000
3,278,000
15,123,000
6,337,000
674,000
236,000
387,000
303,000
1,213,000
548,000
70,000
20,000
89,000
3,127,000
18,728,000
10,893,000
728,000
912,000
2,084,000
...
30,000
Total wk'39
273,000
Halifax.
Since Jan. 1
1939
Week 1938.
,
Since Jan. 1
1938
*
on
passing through New Orleans for foreign ports
Receipts do not include grain
through bills of lading.
The exports from the several seaboard ports for the week
ended Saturday, March 18,1939, are shown in the annexed
statement:
Wheal
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
New
Bushels
Barrels
Bushels
Bushels
Bushels
42,591
80,000
..
"2:660
109,000
_
"32:660
33,000
Philadelphia
m
+
369,000
71,000
Norfolk
384:666
Houston..
New
35,000
125,000
York
Boston
Baltimore
He. to He. up. The advance in rye reflected scanty
offerings, with short covering furnishing the chief support.
On the 21st inst. prices closed He. to He. net lower.
The
Barley
Rye
Baltimore..
Albany
Rye—On the 18th inst. prices closed He. to He. net higher.
was influenced largely by the firmness of wheat
and corn, there being no appreciable demand for rye futures
outside of some short covering.
On the 20th inst. prices
,
bush 56 lbs bush 48 lbs
PhUadel'la-
New
28%
28%
This market
76,995,000 20,443,000 74,386,000
84,494,000 22,655,000 77,981,000
58,361,000 12,740,000 68,020,000
Total receipts of
the week ended
Fri.
-
298,000
Since Aug. 1
When Made
Oct. 15. 1938
47
48%
49%
up.
Trading was quiet in this grain, with the undertone
steady. On the 20th inst. prices closed He. lower to He . higher.
Trading was dull but cash interests and shippers were buyers.
On the 21st inst. prices closed He. to He. net higher.
The
independent firmness of oats attracted some attention, and
was attributed largely to a siight pickup in spot demand
and some short covering. On the 22d inst. prices closed He.
off to He. up. This market was very quiet, though holding
fairly steady.
On the 23d inst. prices closed unchanged to %c. higher.
Trading was light, with fluctuations very narrow.
Today
prices closed unchanged to %c. off.
Trading in this grain
was very quiet, with the undertone barely steady.
DAILY
Tues.
Mon.
36%
34%
—
Fri.
62%
62%
CHICAGO
Thuis.
Wed.
Tues.
_
_—
PRICES OF BARLEY FUTURES IN
May
July
39%
39%
39%
39%
40
42
October
Export business remained quiet, and the Buenos Aires corn
market closed He. lower.
On the 20th inst. prices closed
He. to He. higher.
39%
40%
40%
41%
40%
41%
May
July
DAILY CLOSING
16.1939
16.1939
16,1939
OF RYE FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
CLOSING PRICES
DAILY
WINNIPEG
IN
PRICES OP WHEAT FUTURES
July
Jan.
Jan.
53%
49%
49%
Made
When
Mar.
Mar.
Mar.
I
Season's Low and
25, 1938 J May
40%
4, 1939 July
41%
3, 1939] September — 43%
When Made
High and
Season's
May
July
September
1939
25
Mar.
Chronicle
172,000
Orleans
Galveston.
100,000
'
■
"16:666
'11.000
120,000
St. John West
657666
34:666
"17666
15:666
1,000
30,000
"16:666
1,123,000 1,182,000
100,591
20,000
2,413,000 2,142,000
119,660
6,000
Halifax
closed
heaviness of wheat and
corn
had its depressing effect on rye
values, and with some short selling prices eased readily.
On the 22d inst. prices closed He. to He. net higher. This
strength in wheat and corn.
moderate, coming largely from short covering.
On the 23d inst. prices closed % to %c. net lower.
The
easing of the war tension abroad and the reactionary trend
was
a
fair response to the early
Buying
was
of wheat and corn were contributing factors in
of
rye
values.
market was
most
a
DAILY
CLOSING
OF
RYE
Sat.
May
July
September
42%
43%
44%
FUTURES
Mon.
42%
44%
45
Tues.
42%
43%
44%
The destination of these exports
47,000
for the week and since
Corn
Wheat
Flour
Exports for Week
Since
Week
Since
Week
Since
Mar. 18
July 1
Mar. 18
July 1
Mar. 18
July 1
1938
1939
1938
1939
1938
Barrels
July 1 to—
Week
1939
and Since
Barrels
Bushels
Bushels
Bushels
Continent
25,768
9,018
So. <fe Cent. Amer.
16,500
United
Kingdom.
Other countries
Bushels
1,635,000
412,000
556,440
481,750
670,000
1,042,250
12",055
53,000
222,164
100,591
3,990.719
119,660
3.846.705
Brit. No. Am, Col.
IN CHICAGO
Thurs. Fri.
34,000
"19:666
July 1, 1938, is as below:
37,250
Trading was very light.
PRICES
_
1938...-
the decline
Today prices closed %c. net lower.
This
dull affair, with the undertone heavy during
of the session.
Total week 1939.
Same week
10,000
5,000
60,557,000
43.526.000
348,000
891.000 37,805,000
130,000 26,090,000
5,000
40,000
1,000
Ye'.ooo
1,221,000
3,000
160,000
294,000
Wed.
42%
43%
44%
41%
43
44%
41%
Total 1939
Total 1938
1,123,000 105,692,000 1,182,000 64,197,000
2,413.000 97,245.000 2,142,000 39.342,000
Volume
The
Financial
148
visible
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, March 18, were as follows:
GRAIN STOCKS
Wheal
**
....
Baltimore
.
New Orleans
Galveston
Fort Wort hi
Wichita
Hutchinson
*
.
St. Joseph
Kansas City.
Omaha.
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
27,000
33,000
315,000
afloat
Philadelphia
Corn
Bushels
United StatesNew York...............
559,000
St. Louis
Indianapolis
.....
Peoria
Chicago
"
afloat.„.»_Milwaukee
Mineapolis....*
Duluth
Detroit..
„
.
afloat.
.........
Total March
10,000
161,000
*7:660
10,000
23,000
65,000
69,000
i4o"66o
28J)66
2,000
10,000
9,000
1,000
679,000
2,895.000
6,675,000
968,000
113,000
390,000
238,000
144,000
130,000
434,000
362,000
78,000
23,000
7,000
13,000
123,000
220,000
32,000
178,000
103:666
461,000
7.040,000
1,448.000
800,000
426,000
17,000
l.ieV.ooo
4,900,000
3.163,000
2,198,000
4.285,000
930.000
3T660
*5:600
"3:666
155:666
1,888,000
232,000
280,000
Buffalo
357,000
55,000
1,000
1,172,000
1,103,000
586,000
1,561,000
20,000
272,000
6,730,000 13,168,000
936,000
988,000
1,000,000 2,073,000
11,088,000
5,285,000
10,939,000
4,855.000
afloat
2,000
5,000
50,000
525"6O6
186,000
138,000
3,991,000
3,996,000
1,366,000
3,596*000
871,000
19,925,000
3,350,000
Sioux City
'4
93,000
126,000
581,000
2,458,000
265,000
3,387,000
"
396,000
351,000
18,1939. 79,824,000 43,605,000 12,883,000
81,761,000 45,032,000 13,479,000
53,771,000 38,437,000 21,651,000
7,768,000
7,641,000
Total Mar, 11, 1939
Total Mar. 19, 1938
3,587,000
8,440,000
8,560.000
9,239,000
Note—Bonded grain not included above:
Wheal—New York, 355,000 bushels
New York afloat, 18,000; Buffalo, 252,000; Buffalo afloat, 1,209,000; Erie, 451,000;
Albany, 771,000; Boston, 9,000; Philadelphia, 36,000; total, 3,101,000 bushels,
against 1,735,000 bushels in 1938.
Corn
Wheat
Canadian—
Bushels
Bushels
Lake, bay, river & seabd. 23,534,000
Ft. William & Pt. Arthur 40,516,000
Other Can. & other elev„ 75,596,000
Oats
Rye
Bushels
Bushels
Bushels
1,157,000
415,000
1,099,000
5.164.Q00
9,233,000
8,841,000
9,709,000
2,143,000
2,136,000
1,290,000
6,678,000
6,473,000
8,884,000
79,824,000 43,605,000 12,883,000
139,646,000
......
9,233,000
7,768,000
2,143,000
Total Mar.
18, 1939..139.646.000
Total Mar, 11, 1939
141,741,000
Total Mar. 19, 1938.... 44,266,000
Summary
.
American.
Canadian.......
Total Mar. 18,
-Barley
1,189,000
7,305,000
60,000
926,000
739,000
1939.-219,470,000 43,605,000 22,116,000
Total Mar. 11, 1939....223,502,000 45,032,000 22,320,000
Total Mar. 19, 1938.... 98,037,000 38,437,000 31,360,000
8,440,000
6,678,000
Wheat
July 1,1937, are
Corn
Since
Week
Since
July 1,
July 1,
Mar. 17,
July 1,
1938
1939
1938
1937
Bushels
Bushels
Bushels
Bushels
Argentina.
Australia
India
.
.
Bushels
5,244,000 178,672,000 137,535,000
1,080,000 75,879,000 67,546,000
1,926,000 52,241,000 47,097,000
2,346,000 71,057,000 71,675,000
7,344,000 12,080,000
Bushels
Since
July
X,
39,706,000
3,264,000
99,848,000 177,555,000
1,104,000
66.857,000
960,000
12,721,000
776,000
and flax.
In the country as a whole, considering both the winter grain and hay that
farmers expect to harvest and the crops that they expect to plant, the
acrease in main crops (except cotton) next summer will be less than it was
This would be a smaller
than in any of the last 10-years except 1934 and it would be about
5% less than the average for the 10-year period.
acreage
Corn—The prospective acreage of corn to be planted in 1939 of92,062,000
is about 1% below the 1938 planted acreage of 03,257,000 acres and
would be the smallest acreage planted to
1939
No. Amer.
35% increase reported in Kansas, but only a small part of the big decrease
expected to be offset by the million acre increase in barley and
the 2,000,000 acre increase in flax, hay, grain sorghum and soybeans com¬
bined.
The decrease in total crops in that area will probably be somewhere
around eight million acres, depending on how much wheat is abandoned.
In the Northeast and along the South Atlantic Coast decreases in wheat
are locally important but decreases in corn and oats are mostly small and
the increase in barley, soybeans, rye, tobacco and other crops leave little
measureable change in the acreage of crops to be grown.
In Texas and
Oklahoma probably less than half of the large decrease in winter wheat
will be offset by the prospective increases in corn, barley and grain sorghums.
In the Western States as a group only about a third of the two million acre
decrease expected in wheat is likely to be offset by increases in oats, barley
in wheat is
4,877,000 18,123,000
Mar. 17,
Black Sea.
about 3% in crops, which probably represents about the area that will be
diverted to pasture.
In the corn belt States west of the Mississippi River
the decrease in corn shown in most of the States is nearly offset by the
acres
Since
1937
In most of the eastern corn belt the rather large decrease in winter wheat
and substantial decreases in corn and oats will probably be
only partially
offset by increases in soybeans, barley and hay, leaving a net decrease of
9,911,000 15,118,000
9,777,000 15,033,000
Week
Exports
1837
actually cut will depend considerably on how much is needed.
The last
two seasons have been generally favorable for new
seedings and the Soil
Conservation program favors the use of additional land for nay or pasture.
The March reports indicate many small increases in tame
hay acreage and
few decreases, with a total increase of about 1.6% for the country as a
whole.
There is, however, little market for surplus hay at present and part
of the proposed acreage may be diverted to pasture or other uses.
With the exception of wheat, reports on the prospective
plantings of food
crops indicate only minor changes in acreage.
The slight decrease in the
acreage of potatoes planted or to be planted in the South, is expected to be
just about offset by a small increase in the North.
The acreage of sweetpotatoes, already at a rather high level, is expected to be almost equal to
a year
ago.
The acreage of rice is expected to be about 1,006,000 acres.
This would be about 6% below last year's large
acreage but substantially
larger than in most recent years.
Indications point to an increase in the
acreage of peanuts amounting to 6%.
Reports on beans show prospects
for reduced plantings in California, Michigan, and New York
nearly offset
by increases elsewhere and the total of 1,727,000 acres indicated for the
United States is slightly less than the unusually low plantings of last year.
Some decrease has been expected in the acreage of vegetable crops for
market because of the low prices received for some crops last year. Acreages
reported to date, however, covering mostly the acreages grown, for the
early market show an increase of approximately 2% over last year.
Some
decreases are expected in late commercial acreage of vegetables.
The March reports on "intentions" appear to provide a fairly accurate
picture of the plans of farmers at this time and show the changes that may
be expected in areas where plans are not upset by subsequent weather
conditions, changes in prices, unexpected loss of winter wheat still covered
by snow or other conditions which cannot be foreseen.
last summer by about 14 million acres or 5%.
I
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Mar. 17 and since July 1, 1938, and
shown in the following:
Chronicle
about 10% below the
10-year (1929-38)
average of
101,714,000
This
acres.
corn in about 40 years.
With the exception of Kansas, all States of the corn belt show decreases
from last year ranging, from 1 to 9%.
Prospective plantings in Iowa are
3% below those of 1938 and 8% below the 10-year (1929-38) average.
In
a
decrease of 4% from last year and 10% from the average is
In Kansas, where recent droughts caused a heavy reduction
in corn, the acreage is expected to be 35% over last year's very low acreage,
but still 42% below the 10-year average for the State.
Decreases in corn
acreage from 1938 are also expected In the South Atlantic and Western
groups of States.
In the North Atlantic and South Central groups no
change from last year is indicated.
During the last 10 years the percentage of corn acreage abandoned has
varied from 0.1% in 1929 to 7.5% in each of the two severe drought years
1934 and 1936.
Assuming an abandonment in 1939 of 1.6%, which is
the same as that of 1938 and about the average for the period 1929-38,
excluding the heavy losses in 1934 and 1936, the probable acreage for harvest
in 1939 would be about 90,600,000 acres.
Such an acreage would be the
smallest acreage for harvest since 1898, and would be approached in recent
years only by the 1938 acreage.
Illinois
indicated.
>
Wheat—Seedings of all spring wheat are
expected
to total 19,505,000
68,396.000
in 1939 based on farmers' present seeding plants.
Such an acreage
would be about 17 % less than the acreage seeded in 1938 and 13 % below the
3,525,000 213,559,000 288,921,000
10-year (1929-38) average acreage of 22,393,000 acres.
A reduction from
last year's seedings is indicated for all of the important spring wheat growing
Comments Concerning Crop Report—The Agricultural
wheat area, the spring wheat acreage is expected to increase slightly al¬
acres
Other
countries
568,000
26,848,000
20,706,000
Total... 11,164,000 412,041,000 356,639,000
685,000
34,133,000
Department at Washington, in giving out its report on cereal
stocks on March 17, also made the following comments:
March reports from farmers listing the acreages of the principal crops
(except cotton) that they intend to grow this year indicate that, in com¬
parison with seedlings last year, there will be a heavy reduction of about
4,000,000 acres in the area sown, to spring wheat and reductions of around
1,200,000 acres each in the areas to be seeded to corn and oats.
On the
other hand, there are prospects for an increase of nearly 2,000,000 acres in
barley and increases of around a million acres each in land used for flaxseed,
grain sorghums, soybeans and tame hay. Other prospective changes, of
importance to the growers concerned, include a 4% increase in tobacco, a
6% increase in peanuts, and
a
6% decrease in rice.
Crops for which the
intention reports indicate about the same acreage as was
planted last year
include potatoes, sweetpotatoes, cowpeas and beans.
A rather general reduction in the total acreage of main crops is reported
and in the principal wheat and corn States some heavy shifts between crops
are
planned.
These changes
are
the result of various factors, including
efforts to meet the requirements of the Soil Conservation Program, reaction
to the drastic decline since a year ago in the prices being received for wheat~
and some other crops, some increases in spring sown crops in areas affected
by the 10,000,000 acre reduction in the area seeded to winter wheat last fall,
and adjustments to changing feed requirements as new supplies have ac¬
cumulated after the period of.droughts and shortages.
Although a few minor States show increases in spring wheat intended,
the tendency to reduce the total acreage of wheat appears to be nearly
universal.
Plantings of spring Wheat, now indicated as likely to be around
19,500,000 acres, will probably be lower than in any of the last 14 years
except 1934.
Allowing for the 20 to 25% loss of winter wheat seedings
which was indicated by the December report, the total acreage of all wheat
for harvest seems likely to be nearly a fourth less than was harvested last
year and probably slightly less than average.
The acreage planted to feed grains seems likely to include the smallest
acreage of corn In 40 years, the smallest acreage planted to oats in 30 years,
and unusuaUy large but not exceptional acreages of barley and grain
sorghums.
The total acreage planted to these four grains is expected to
be about equal to the area planted last year, but this would be about 7%
below the average acreage planted during the last 10 years.
Allowing for
about the usual differences between spring intentions and actual harvest,
and for the increase of about 8 % in the units of grain consuming livestock
and poultry now indicated for 1939, it appears that there will be only 1.07
acres of these for feed grains harvested per unit of livestock that will be
on,
the farms next winter, compared with 1.15 acres in 1938 and a 10-year
average of 1.17 acres.
The acreage per livestock unit indicated for 1939
would be at least 3 % lower than the acreage in any year since 1923.
This rough comparison leaves out of account weather in 1939 which cannot
be forecast, and makes no allowance for other factors which may tend to
influence yield per acre.
Possible decrease in United States yields, that
may accompany a decrease in the proportion of corn acreage that is in highyielding States, or the effects of low prices on the amount of fertilizer used
and on care in cultivation, are not considered.
likewise, possible increased
yields as a result of more more widespread use of hybrid corn and new
higher yielding strains of other grains are given no allowance. Nevertheless,
it is evident that a continuation of the present tendency to increase livestock
in relation to acreage of feed grain would soon correct the present excess of
feed supplies per animal unit.
The acreage in hay in the United States does not ordinarily change much
from one year to the next.
With exceptionally large acreages of soybeans,
iespedeza and other crops which can be utilized for hay, the tame hay acreage
States, the indicated decreases ranging from 43% in Oregon to 11% in
North Dakota.
Bast of the Mississippi River, in the less important spring
though most States show no change from last year.
The prospective
acreage for 1939 for the country as a whole is the smallest seeded in 14
years, with the exception of 1934.
The total spring wheat acreage indicated for 1939 includes 3,545,000
acres of durum wheat and 15,960,000 acres of other spring wheat,
In
those areas where both are grown, the durum wheat acreage is being reduced
somewhat less than other spring wheat acreage.
Comparing the prospective
for 1939 with last year's seedings. the durum wheat acreage rep¬
decrease of 8% while other spring wheat shows a reduction of
about 19%.
The prospective durum wheat acreage is only about 3 % below
the acreage seeded during the 1929 to 1938 period, but the probable seedings
of other spring wheat are 15% below the average for this period.
The acreage loss through abandonment has varied widely in the past 10
acreage
resents a
years
and this wide variation makes it difficult" to forecast probable har¬
vested acreage with great accuracy., However, if the abandonment in
1939 approximates the average of the past 10 years, excluding the heavy
losses of 1934 and 1936, the indicated acreage of durum wheat for harvest
in 1939 would be about 3,150,000 acres; other spring wheat
about
13,550,000 acres, and all spring wheat 16,700,000 acres.
If the abandonment of winter wheat should be between 20 and 25% as
indicated in the Board's December, 1938, report, aqd about 16,700,000
acres of spring wheat are harvested, the total wheat acreage, for harvest
in the United States in 1939 would be about 52,700,000 acres.
This com¬
pares
with 70,221,000 acres harvested in 1938, 64,422,000 acres in 1937,
previous 10-year (1927-30) average of 55,325,000 acres,
and the
1939 are estimated at &5,393,000 acres.
This is a decrease of 3.3 % from the 36,615,000acres seeded
in 1938 and would be the smallest planting of oats since 1009.
In the North Central States, which have approximately three-fourths of
Oats—The prospective seedings of oats in
the Nation's oats acreage, prospective plantings indicate a decrease of 5%
from those in
1938.
Iowa, the most important oats State, expects
a
10%
decrease; Minnesota, the next important State, expects no change; Illinois,
the third ranking State, looks for a decrease of 0%.
Indications point to
small increases in South Dakota and Kansas.
The seven remaining States
in the North Central group report prospective decreases of from 1 to 10%.
In contrast to the decrease in the North Central group, all other Grand
Divisions report some increase.
The intended plantings in the North
Atlantic States show an increase of 0.0%, the South Atlantic States an in¬
crease of 4.3%, the South Central States an increase of 0.5%, and the
Western States an increase of 8.8%.
Assuming an abandonment of 3.3%, the average of the past 10 years
exclusive of 1934 and 1936, the acreage for harvest would amount to 34,-
225,000 acres compared with 35,477,000 acres harvested in 1938.
Barley—The prospective seedings of barley for 1939 are estimated at
13,219,000 acres.
This is a 16.6% increase over the 1938 acreage. A
marked increase is planned in the winter wheat States from Nebraska to
Texas and eastward to the Appalachian Mountains.
In the spring wheat
States, from the Dakotas to Michigan, more moderate increases are con¬
In California an increase of 15% is expected. Although
barley is a relatively unimportant crop in other parts of the country, in¬
templated,
some very appreciable, are reported for practically all States.
Measured in pounds per acre, barley out-yielded oats in nearly all States
creases,
in 1938.
Abandonment of barley in 1938 was about 7% of the planted acreage.
This was about an average abandonment exclusive of the years 1933,1934,
and 1936.
If au abandonment of 7% be assumed for 1939, the area left
for harvest would amount to 12,294,000 acres compared with 10,513,000
acres
harvested in 1938.
.
Financial
1838
CCC Through March 16 Aggregated
181,465,089 Bushels—On March 17 the
Commodity Credit Corporation announced that, through
March 16, loans made by the Corporation and lending
agencies under the 1938-39 corn loan program aggregate
$103,317,309.80 on 181,465,089 bushels.
The loans by
States in which the corn is stored are as follows:
Loans
Corn
$103,317,310
30,559
$15,675.97
.25,835,083.08 45,331,540
4,274,083
2,435,416.50
.
Illinois.**...,
Indiana
.
Iowa
.50,407,994.17 88,443,801
3,722,828
2,107,878.27
161,524
89,039.68
....
Kansas
.
Kentucky...
Planting Intentions
States Department
as
Amount
Minnesota
Missouri
Nebraska
Ohio
South
Dakota*
Wisconsin
Bushels
$7,764,516.65
State—
Bushels
Amount
State—
Colorado
Small Grains—In the southern Ohio Valley fair weather was favorable
of
on
13,633,047
3,020,722.71
5,303,107
9,045,909.10 15,948.653
476,922.90
837,101
2,070,135.08
3,693,562
47,985.69
85,284
of March 1, 1939—The United
in
permitting better drainage of lowlands and winter
with considerable growth showing in the southern portions of
Oklahoma needs rain; wheat is in poor condition In much
In Texas progress was fair to good, except in west-central
districts where unfavorable dryness continues.
In the northwestern Plains
ana Pacific Northwest the outlook continues mostly favorable.
Spring oats seeding made somewhat better progress, although, in gen¬
eral this work is still Inactive.
Some was sown locally in the Ohio Valley
while in the Plains seeding is about completed in Oklahoma and is well
along In some southern counties of Kansas.
present,
the latter State.
State.
of the
THE DRY GOODS TRADE
oats,
Reporting Board of the Bureau of Agricultural Economics
indicated acreages of certain crops in
1939, based upon reports from farmers in all parts of the country to the
Department on or about March 1 regarding their acreage plans for the
New York,
The drop
makes the following report on the
weather
seasonal
More
enliven retail business
X939 80218011,
herein for 1939 are interpretations of reports from
and are based on past relationships between such reports and
actually planted.
The purpose of this report is to assist growers generally in making such
further changes in their acreage plans as may appear desirable.
The
acreages actually planted in 1939 may turn out to be larger or smaller than
the indicated acreages here shown, by reason of weather conditions, price
changes, labor supply, financial conditions, the agricultural conservation
program, and the effect of this report itself upon farmers' actions.
The acreages shown
growers
acreages
UNITED
STATES
Indicated
Average,
1939
101,714,000
22,393,000
3,668,000
18,726,000
39,472,000
12,654,000
2,503,000
93,257,000
19,505,000
Per
as
1938
98.7
92,062,000
23,515,000
1939
Cent of
•
82.9
Oats
Grain sorghums, all
Potatoes
Sweet potatoes and yams...
91.9
81.2
36,615,000
35,393,000
11,334,000
1,096,000
13,219,000
116.6
2,023,000
94.1
8,582,000
3,069,000
1,006,000
9,779,000
3,076,000
883,000
880,000
99.7
113.9
100.2
*
1,675,000
1,951,000
1,627,000
Beans, dry edible.*
1,753,000
1,695,000
1,727,000
Soy beans *a
4,716,000
6,858,000
-7,691,1)00
112.1
*
2,475,000
3,057,000
3,028,000
99.1
Cowpeasa
Peanuts
*_
a
98.5
1,877,000
2,183,000
2,319,000
106.2
55,746,000
56,309,000
57,231,000
101.6
*a
Tame hay.b
purposes,
Partly duplicated In hay acreage,
During the past week the weather of the United States was dominated
by persistent widespread high pressure, resulting in generally fair and
unseasonably cool conditions In the East.
Only one storm of conse¬
quence appeared on the Daily Weather Maps.
Early in the period an
energetic depression moved from the southern Great Plains northeastward
across
the
central Lake region, with a development of secondary lows
The storm was attended by general precipitation
Mississippi Valley eastward ana in the Atlantic area.
Thereafter, high pressure overspread all sections east of the Rocky
Mountains, with fair and considerably colder weather prevailing.
Later
in the week a shallow depression moved eastward over the upper Lake
albng the Atlantic coast.
from the upper
region, attended by light precipitation in Lake sections and warmer weather
generally over eastern areas.
At the close of the week high pressure pre¬
vailed over the entire country, with widely scattered local precipitation.
week as a whole averaged much below normal
practically the entire eastern half of the country, With the largest minus
departures in northern sections.
Prom the Ohio and central Mississippi
Valleys northward the deficiencies were generally from 6 degrees to 14
degrees, but were somewhat smaller in the South.
From the Rocky Moun¬
tains westward above-normal warmth prevailed, especially in the interior
of the Pacific area where the week was mostly from 6 degrees to 10 de¬
grees warmer than usual.
In a north-south belt, comprizing the Great
Plains about-normal warmth prevailed.
The temperature for the
in
Subzero temperatures occurred over a belt of considerable width
Great Plains eastward to New England.
The lowest
the northern
from
tem-
Seratureon the 19th. Farther north, in Canadian Provinces, the minima
reported from a first-order station was —20 degrees at Greenville,
laine,
degrees to —48 degrees.
In the central Valleys, the lowest
around 15 degrees, but freezing weather did not extend
portions of the east Gulf States. f Along the
the lowest temperatures ranged from 40 degrees to about 55
from —40
mostly
farther south than the middle
Gulf coast
resultant
in
unsettlement
the
did unusually cold temperatures prevailing in many
lines
and
during the early part of the period
Growing interest developed in spring apparel
under review.
accessories, whereas home
furnishings
While comparisons with last
year
were
made
an
ne¬
in¬
for the fact that at this time in 1938 the recession was in full
Department store sales the country
swing.
week ended March
Board,
were
over,
for the
11, according to the Federal Reserve
2% above the corresponding week of last
In New York and
Brooklyn
a
gain of 3.2%
in Newark establishments the increase
was
was
year.
shown, but
Hmited to
1.9^".
Trading in the wholesale dry goods markets, while still
benefiting from scattered fill-in purchases for the pre-Easter
buying season, also reflected the uncertainty engendered by
pobtical developments abroad, and the ensuing weakness in
security and certain commodity markets.
continued to
was
move
in fair volume, and
a
Blankets for fall
satisfactory buying
maintained in wash goods.
Business in silk
goods continued to be affected by the fluctuations in the
Weather Report for the Week Ended March 22—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended March 22, follows:
ranged
as
b Acreage
harvested.
were
sales,
interest
Grown alone for all
somewhat
to
184.6
1,069,000
104.2
Tobacco
the
sections of the country
96.7
860,000
Rice...
3,545.000
15,960,000
8,389,000
3,361,000
—
*
Flaxseed
3,856,000
19,659,000
925,000
Durum
Other spring
Barley*
1938.
and
Europe
served
during the past week, although the
creasingly satisfactory showing, allowance should be made
Crop
1929-1938
in
crisis
Friday Night, March 24, 1939.
conditions
security markets acted as a .handicap to the expansion of
glected.
Planted Acreages
All spring wheat*
wheat shows slow
improvement in these previously wet areas.
In general, the crop main¬
tains rather satisfactory condition in most places east of the Mississippi
Iiiver, with greening up reported from Ohio Valley sections.
In this
latter area "there was considerable thawing and freezing, but with only
little lifting because of the packed condition of the soil from previous
heavy rains.
West of the Mississippi winter grains are greening as far
north as Iowa and Nebraska.
Good wheat progress was reported from
Missouri.
In Nebraska and Kansas soil moisture is sufficient for the
of Agriculture issued on March 17 its
report on farmers' intentions to plant wheat, corn,
tobacco, potatoes, &c., in 1939.
The report follows:
Corn, all
251939
Mar.
Chronicle
degrees.
Precipitation was scanty in most sections of the country; it was one of
driest weeks since the beginning of the year.
Light to moderate
considerable northeastern area, parts of the far
Northwest, and locally in the Southwest; elsewhere there was little or no
the
amounts were received in a
precipitation, except very locally.
While temperatures were unfavorably low in central and northern por¬
tions of the country, fair weather and but little rain were features of the
week's weather and farm work made generally better progress than pre¬
viously, especially in Southern States.
In the South much plowing was
accomplished and there was considerable activity in spring planting.
Some corn was planted as far north as Oklahoma, while planting was
fairly active in east Gulf sections.
Also, some cotton was seeded in the
southeastern portion of the Cotton Belt and good field preparation is re¬
ported in the west Gulf area.
Planting is active in southern Texas with
some cotton now coming up.
Truck cropp made fairiy good progress in
southern areas, with potatoes and early peas being seeded northward to
Virginia and extreme southeastern Maryland.
In the central valleys plow¬
ing was resumed locally, but the son continues too wet to work in many
plEC68
In central and southern districts east of the Rockies growth of vegeta¬
tion was retarded by cool weather and there was more or less damage by
frost to early fruit bloom from North Carolina to Alabama.
However,
cola weather in other sections was favorable in holding fruit trees in check
and arresting a threatened premature development.
West of the Rocky
Mountains vegetation made good advance in the normally warmer sec¬
tions.
Conditions in California were especially faorabie for growth under
the influence of warm weather following recent good rains.
In the western
grazing sections livestock, especially iambs, were favored by the warmth.
The moisture situation is mostly satisfactory.
There are a few dry
areas, but in general moisture is sufficient for current requirements.
Dry
sections where rain is needed include, principally, Florida and parts of
the adjoining States to the north, Oklahoma, west-central ana south¬
western
Texas, southern New
Mexico, southeastern Arizona and the
plains sections of Wyoming east of the Big Horn Mountains.
In the
northwestern Great Plains snow melted rapidly the latter part of the week
with good absorption.
A heavy snow layer continues in the northern por¬
tions of New England and New York, the upper Lake rezion, and northern
Minnesota.
Spring work in fields will be backward in these sections,
especially northern Minnesota and the Red River Valley of the North.
•
raw
silk market.
As heretofore, attention centered in sheer
fabrics, prices of which showed
a steady trend.
Trading in
quieted down perceptibly as the poor demand for
fabrics foreshadowed an early recession in the operating rate
of the weaving plants.
rayon yarns
Domestic
Cotton
Goods—Trading in the gray cloths
quiet and prices lost some of the
recent gains.
Chiefly responsible for the dullness in trade
were the developments in Central Europe,
the consequent
unsettlement in the security and commodity markets, and
the repercussions of the trucking strike in New England,
causing, as it did, serious tie-ups on shipments of cotton
goods from plants in that territory. Total sales during the
markets continued
very
week absorbed
less than half of the present output, as a
result of which the movement among the mills to drastically
curtail production gained mew impetus, and rumors cir¬
culated to the effect that
some mills are
planning to entirely
suspend operations during next month. Late in the week a
moderate increase in inquiries was noted, chiefly as a result
of an apparent temporary easing in the European tension.
Business in fine goods was also considerably
impeded by the
New England trucking strike, and transactions in combed
lawns were confined to small fill-in lots.
Closing prices in
print cloths were as follows: 39 inch 80s, 6c.; 39 inch 72-76s,
5%c.; 39 inch 68-72s, 5 to 5J^c.; 383^ inch 64-=60s, 4^c.
38H inch 60-48s, 3% to 3%e.
Woolen Goods—Trading in men's wear fabrics continued
inactive, chiefly owing to the fact that a substantial number
of mills delayed the opening of the new fall lines until the
coming week.
Considerable sampling of those collections
ready for introduction was reported although few actual
orders were placed.
Meanwhile deliveries of spring goods
against older contracts proceeded at a slow pace, and mills
were
reluctant to accept additional orders on lightweight
fabrics for summer.
Reports from retail clothing centers
made an improved showing as more seasonal temperatures
served to stimulate the sale of spring apparel.
Business in
women's wear fabrics remained spotty, although considerable
fill-in business on sports weaves came into the market. The
opening of the new fall lines, according to present indications,
is not expected to take place until late in April.
Foreign Dry Goods—Trading in linens was greatly
by the happenings in Central Europe, with their
direct bearing on major linen producing centers. As a result,
a far-reaching dislocation in sources of supply is anticipated.
Meanwhile buying interest continued at low ebb, and pur¬
chases were confined to household items. Business in burlap
remained dull, and prices rul d slightly easier, in sympathy
with lower cables from Calcutta reflecting disappointment
over
the failure of further European sand bag orders to
materialize.
Domestically lightweights were quoted at
4.05c., heavies at 5.45c.
affected
volume
Financial
148
Specialists in
Illinois & Missouri Bonds
Chronicle
1839
State, who shall audit such claim in like manner as other claims against the
State are audited, and shall issue a warrant therefor
payable out of State
highway funds to the party entitled thereto.
The State Treasurer is author¬
ized, upon the presentation of such warrant, to take up such certificate of
indebtedness and cancel the sane, and pay the amount of such warrant
out of State highway funds.
Whenever a certificate of indebtedness has
been redeemed and paid by the State Treasurer, he shall file the same with
the Secretary of State, and the
Secretary of State shall attach such cer¬
tificate to the original voucher pursuant to which payment of said certifi¬
cate has been made.
Stifel, Nicolaus & CoJtic.
Founded 1890
106 W. Adams St.
DIRECT
CHICAGO
WIRE
314 N. Broadway
ST.
LOUIS
Cities
Increase
Budget
Proportions for Welfare
15% Over 20-Year Period—A steady rise in the proportion
of municipal expenditures for health,
hospitals and other
welfare purposes during the past 20 years, with
diminishing
percentages for other public services, wsis shown in an
analysis of expenditures of the country's 94 large cities by
the Federation of Tax Administrators.
These cities spent almost 25% of their budgets in 1937 (latest available
figures) for health and walfare purposes.
This represented more than a
15% increase over the proportion ot similar expenditures in 1929, when the
News Items
Arkansas—Bond
Bills Signed—Governor Carl E. Bailey
approved two bills to appropriate $724,820 for biennial
bond principal and interest of designated bridge and road
districts not eligible for State aid under provisions of Act 11
Sercentage stood at 9.4. Proportions1935. intervening years were 12.3%,
for
1931; 19.2% in 1933,
21.2% in
l
has
of 1934.
Governor Bailey said appropriations named therein are not in violation
of the refunding Act since the State has not exercised its option to cut gaso¬
line tax one-fourth cent and therefore had added $1,500,000 to bond re¬
demption
accounts
above minimum
contract
requirements.
Senate bill 438 appropriates $444,820 to Broadway-Main Street Bridge
District of Little Rock to meet payments on that part of its bond issue
required for construction of Main Street bridge, which is not a part of the
State highway system.
House bill 596 appropriates $280,000 for payments
on bonds issued prior to Feb. 4, 1927, "to build farm-to-market roads, or
roads in farm communities."
Sponsors said the aid will be distributed to road improvement and
tenance districts in
tion
Connecticut—Additions
of List of Legal Investments—
additions to the list of investments considered
legal for savings banks in this State was announced by the
Bank Commissioner in a bulletin (No. 3), issued as of
The following
approximately the same in 1937 as in 1915, both being about
30%.
The 1937 percentage, however, was a decided decrease from that
of 1925, when the cities made 37.2% of their expenditures for education.
The
proportion of total revenue spent for public safety—police and fire
protection and inspection services—declined from 1915 to 1937, the study
showed.
In 1915 these services accounted for 22%; in 1937, for a little
more than
16%.
Expenditures for recreation dropped from 3.9 to 2.7% over the two
decades.
Sanitation expenses decreased from 7.9 to 5.1 %.
Percentages for
general government went down from 11.9 to 8.1%.
Outlay for miscellaneous services rose from 3.6 to 7.9% within the 20year period.
Contributions for employee pension payments made up the
largest item in this category, the Federation said.
Gas Co.:
___—
Hudson County Gas Co., First
_____
St. Louis, Missouri, Omaha, Nebraska.
_____—5s, 1948
6s, 1944
5s, 1949
age
Authorization Bills Approved—Governor
signed the following measures per¬
mitting the State Highway Commission to incur additional
through the issuance of bonds and certificates:
indebtedness
House Bill No. 388
A
For
an
BILL
Act to amend section 44-802, Oregon Code
1930, and section 44-809,
Oregon Code 1935 Supplement, relating to the sale
~
"
*
of State highway
bonds.
Be It Enacted by the
Section 1.
is amended
*
People of the State of Oregon:
That section 44-802; Oregon Code 1930,
as to read as follows:
be and the same hereby
so
Highway Commission is hereby authorized,
empowered and directed to issue and sell, for the purpose of carrying out
the provisions of this Act, in such denominations as in the judgment of the
State Highway Commission will be most marketable, and in addition
to the bonds heretofore authorized, the bonds of the State of Oregon as
hereinafter provided in the sum of seven million dollars ($7,000,000) par
value: provided, that said State Highway Commission may from time
to time issue said bonds in such amounts as in its judgment the necessity
of road construction may require .]; provided further that after the passage
of this Act no bonds except short-term bonds which are provided for in
section 44-807, Oregon Code 1930, may be sold for any purpose, and the
Commission shall not sell in any one calendar year any short-term bonds
which, singly or in the aggregate, will exceed in such calendar year two
million dollars ($2,000,000).
Section 2.
That section 44-809, Oregon Code 1935 Supplement, be and
the same hereby is amended so as to read as follows:
Sec. 44-809.
No bonds shall be Issued pursuant to this Act, nor indebted¬
ness incurred hereunder, which, singly or in the aggregate
with previous
debts or liabilities incurred for building and maintaining permanent roads,
shall exceed any limitation provided in the constitution of the State of
Oregon at the date of the issuance and sale of such bonds: but said Com¬
mission is authorized and empowered to sell, in addition to said bonds, in
the amount of seven million dollars ($7,000,000), such an additional amount
of bonds as may be permitted and authorized by , and not in conflict with ,
the provisions of the constitution of the State of Oregon
.]: provided
further that after the passage of this Act no bonds except short-term bonds
which are provided for in section 44-807, Oregon Code 1930, may be sold
for any purpose, and the Commission .shall not sell in any one calenda
year any short-term bonds which, singly or in the aggregate, will exceed
in such calendar year two million dollars ($2,000.000).
Sec.
44-802.
The
State
service
"
'•
For
an
'
A
Bill
BILL
Act authorizing the Highway
evidence the
same
Br It Enacted by the
No.
was
reported March 16 in
made by the
Association.
,
Fargo, N. D.
Few of the cities try to
derive sufficient funds from rentals to finance all
the costs of their sewerage system, the survey showed.
Some of them use
rental revenues to pay the debt service on new treatment plants, while
others have turned to rentals to operate existing plants.
Of the 104 cities, 42 indicated that revenues were used
for administration,
operation, maintenance, replacement, debt service, enlargement of exist¬
ing systems and extension into unsewered areas.
Four of the cities use
practically the entire amount collected for debt service, while 16 cities use
no part of such revenue for that purpose, and four others, less than 20%.
Sewer rental charges have frequently been used when a city's operating
expenses approached or exceeded the maximum limit to be financed from
general taxes.
In recent years they have been started most frequently to
pay for sewer revenue bonds.
More than one-third of the cities surveyed base the charge on water con¬
sumption as measured by water meters. Another third make the number of
plumbing fixtures the basis of charge.
Other bases include the number of
sewer connections, the type of property and metered quantity of sewage.
A few small communities use uniform rates, which vary from $3 to $10
a
year.
' '
"
;
York State—Senate
Approves Rail Bond Eligibility.
Measure—A special dispatch from Albany on March 21 to
the New York "Journal of Commerce" reported as follows:
New
The Senate has passed and sent to the Assembly the Williamson bill to
amend the Banking Law to provide that obligations of any railroad cor¬
poration which has failed to earn its fixed charges as required for the years
1931 to 1938, instead of 1937, shall not be ineligible as investments for
savings banks under certain conditions.
>
If the bill is enacted, railroad bonds stricken from the list of investments
eligible for savings banks in virtue of changes in banking law passed last
year, will be restored.
The change last year limited the moratorium on rail
issues to the year 1937, so that roads had to earn charges 1H times in 1938 if
their bonds were to qualify.
Only a handful of issues remained eligible.
The striking of
road bonds from the qualified list had little market effect.
banks are permitted to
The
hold ineligible bonds purchased in the past
make new purchases. Savings bankers said that there were
few cases in which they contemplated buying road bonds anyway.
A bill was introduced in the Assembly early this year by Assemblyman
Foster Piper, Republican, of Erie County.
but may not
Public Revenue
Bond Discussions Scheduled—B. J.
Ingen & Co., Inc., of New York, will hold a series of
conferences on public revenue bonds on consecutive Friday
Van
(except Good Friday) at 3:30 o'clock, between
Bankers Club, 120 Broad¬
389
March 31
'
New York.
The speakers participating in this series have had wide
experience in the development of public revenue bonds.
Opportunity will be given, following each lecture, for ques¬
tions and general discussion.
and May 12 at the
way,
Commission to borrow money and
by certificates of indebtedness.
People of the State of Oregon;
match funds made
Section 1. For the purpose of providing funds to
available to the State of Oregon by the Federal Government
for highway
and for the matching of which Federal funds there are no State
highway funds immediately available, and (or) for the purpose of providing
funds with which to pay when due the interest and (or) the principal of
purposes
the payment of which
said interest and (or) principal is necessary in order to protect and preserve
the financial credit of the State of Oregon, and (or) for the purpose of
meeting other emergencies, the State Highway Commission hereby is
authorized and empowered to borrow money from the State Treasurer
or from any banking institution, and evidence such debt by a certificate or
certificates of indebtedness redeemable and payable out of State highway
revenues
only.
Such certificate or certificates of indebtedness may be
in such denominations or for such sums as the Commission may fix, and
may draw interest at a rate not in excess of six (6) per cent, per annum.
The total indebtedness created in any one calendar year by the issuance or
certificates of indebtedness under the authority of this Act shall not exceed
the sum of one million dollars ($1,000,000). and all certificates of indebted¬
ness issued pursuant to the provisions of this Act shall mature within one
(1) year from the date of issuance.
Not less than ten (10) days btaore the
date of maturity of any such certificate of indebtedness the Highway
Commission shall prepare and approve for payment a claim or voucher
covering the amount of such certificate, together with such mtwest
may
be due thereon, and shall file said claim or voucher with the Secretary cf
bonded indebtedness created for highway purposes,
a survey
Cities of less than 25,000 population make up the bulk of those now
charging sewer rentals", according to the survey, which covered 104 repre¬
sentative cities.
Several places over 500,000 population are now considering
the plan.
Among cities levying the sewer service charge are:
Dayton,
Ohio; Boulder, Colo.; Brockton, Mass.; Flint, Mich.; Winston-Salem,
afternoons
House
to Meet Costs
American Public Works Association with cooperation of the
American Municipal Association and the Municipal Finance
N. C. and
Oregon—-Debt
Charles A. Sprague has
Imposed
Municipal Sewerage Charges
—Increased interest of cities in the adoption of sewer rental
or sewer service charges to meet the cost of municipal sewer¬
Officers'
■
Public Service Electric &
Newark Consolidated Gas Co., Consolidated
Newark Gas Co., First-
increasing,
were
main¬
Mississippi, Crittenden, Saline and Jefferson counties,
$1,350,000.
with combined debts of
March 23:
ana
While the amounts spent for health and welfare purposes were
the percentage spent on highways dropped approximately 55 %—from 11.1%
in 1915 to 5.1% in 1937.
Portions ot municipal budgets devoted to educa¬
United States—Expansion
in Low-Rent Housing Cited as
Chief Municipal Trend—Rapid expansion of low-rent public
housing is ranked as the "most significant trend" in city
administration today in a report to the International City
Managers' Association.
The report,
of
by Dr. Leonard D. White,
public administration, said
first to provide work
forward
dug secure
This
University of Chicago professor
that although low-rent housing was put
for the unemployed, it appears to have
foundations in the municipal field.
development
represents a national
effort to house adequately a
substantial portion of city dwellers who now exist under conditions which
breed disease, crime and social discontent, the report said.
Cited as an example of action in this field was the fact that the New
York
State
issuance
constitutional convention proposed
of $300,000,000 in
had
and
and the voters authorized
State bonds for public housing purposes.
added, the United States Housing Authority
approved Joans and subsidies for 140 projects in 73 cities, two counties
the District of Columbia.
By the end
of 1938, the report
Financial
1840
Municipal Utility Projects Seen Losing Public Favor—The
23 carried the following
'
of the public toward private utili¬
Weadock, Vice-Presi¬
dent and managing director of the Edison Electric Institute, said here
yesterday.
Election results show that In the past three years there has been less
support for municipal utility projects, voters in 1938 accepting 108 pro¬
posals and rejecting 105, compared with 43 approved and 54 dismissed in
In 1935 of 110 projects presented, voters accepted 66 while in 1934
1937.
58 out of 105 were approved.
By weighing the election results with popu¬
lation involved, Mr. Weadock said, the outcome has become even more
favorable to private utility ownership.
Much of the agitation for municipal ownership has been based on claims
of high rates of the private companies, he declared.
These claims should
be dispelled somewhat by the recent analysis of the Federal Power Com¬
mission which showed that the 1,998 municipally owned and Government
units received 8.3 cents per kilowatt-hour against 8.4 cents for private
companies when the monthly use was but 15 kwbu At 25 kwh. the rates of
the two were even at 7.6 cents, and in the heavier usages par month the
private rates fell substantially below the municipal rates, as on 500 kwh.
where the Government rate was 3.2 cents as against 2.4 cents for private
companies.
A more favorable attitude on the part
ties has become manifest in the past year, Bernard F,
Bond
FRESNO COUNTY (P. O. Fresno), Calif.—SCHOOL BOND OFFER¬
ING—We
ALASKA
KETCHIKAN, Alaska—BONDS PUBLICLY OFFERED—A banking
comprising Schlater, Noyes & Gardner, Inc., James H. Causey &
Co., Inc., and Brown, Schlessman, Owen & Co. is offering a new issue of
$200,000 3% street improvement bonds due Aug, 1, 1940-54, at prices to
yield 1.00% to 2.75%.
The 1950-54 maturities are callable after 1949
at 100.
(Notice of public award of issue appeared in V. 148, p. 1682.)
group
Prin. and int. pay¬
$1,000,
A certified check for
payable to the said Board of Supervisors, must accompany the bid.
ANGELES COUNTY (P. O. Los Angeles), Calif.—SCHOOL
BONDS NOT SOLD—The $6,000 issue of not to exceed 5% semi-annual
Leon a School District bonds offered on March 21—V. 148, p. 1682—was
not sold as no bids were received.
Dated March 1,1939.
Due $500 from
LOS
1951, inclusive.
March 1, 1940 to
COUNTY (P. O. Salinas), Calif.—SCHOOL BOND
SALE—The $165,000 issue of Sunset School District bonds offered for
sale on March 20—V. 148, p. 1682—was awarded to Schwabacher & Co.
of San Francisco, paying a premium of $250, equal to 100.15. a net interest
cost of about 2.31%, on the bonds divided as follows:
$24,000 as 5s,
maturing $8,000 from April 1, 1940 to 1942; the remaining $141,000 as
2Ms, maturing on April 1:
$8,000,1943 to 1954, and $9,000 in 1955 to 1959.
MONTEREY
OCEANSIDE, Calif.—PRICE PAID—We are now informed by the
City Clerk that the $90,000 coupon municipal water system bonds awarded
R. Staats Co., and the Pacific Co., both of Los Angeles,
jointly, as noted here—V, 148, p. 1682—were sold as 3Ms, (not 3M»),
paying a premium of $462, equal to 100.513, a basis of about 3.44%.
Due from April 1,1940 to 1959, inclusive.
ALABAMA
JUNEAU, Alaska-—BOND SALE—An issue of $48,400 4% coupon
general obligation terminal facilities bonds was sold during February to
Jaxtheimer & Co. of Portland at a price of 105.76.
Dated April 1, 1939,
and due serially on April 1 from 1940 to 1959, inclusive.
Denomination
$1,000.
Coupon.
Interest A-O.
Due $7,000 from 1940 to 1949, incl.
April 1, 1939.
able at the office of the County Treasurer.
to the William
JEFFERSON COUNTY
TUSCALOOSA, Aim.—SINKING FUND BONDS SOLD—It is stated
by H. M. McLeod, City Clerk, that the misclelaneous bonds of the city
aggregating $62,000, held in the water works sinking fund, offered for
sale on March 21—V. 148, p. 1517—werr purchased by Watkins, Morrow
& Co. of Birmingham, paying a premium of $6,405.33, equal to 110.33.
informed by E. Dusenberry, County Clerk, that the Board of
are
County Supervisors will receive sealed bids until 10 a. m. on March 31 for
the purchase of a $70,000 issue of Big Sandy School District bonds.
In¬
terest rate is not to exceed 5%, payable A-O.
Denom. $1,000.
Dated
Proposals and Negotiations
(P. O. Birmingham), Ala.—BOND SALE—
The $338,000 issue of coupon or registered refunding bonds offered for sale
at public auction on March 17—V. 148, p. 1517—was awarded Jointly to
Marx & Co., and Watkins, Morrow & Co., both of Birmingham, as 2Mb,
paying a price of 98.50, a basis of about 2.95%.
The bonds are divided as
follows: $218,000 road, due from April 1, 1942 to 1953: $34,000 road,
due April 1, 1944 to 1954; $55,000 courthouse and jail, due 1942 to 1952;
$6,000 courthouse and jail, due 1944 to 1949; and $25,000 refunding, due
April 1, 1942 to 1954.
1939
CALIFORNIA TOLL BRIDGE AUTHORITY—RFC BOND SALE
BENEFIT DATE EXTENDED—A news dispatch from Sacramento on
March 10 reported as follows:
"Director of Public Works Frank W. Clerk today announced the Recon¬
struction Finance Corporation has extended to April 22 the date to which
the Toll Bridge Authority may share in any financial benefits accruing
from sale of San Francisco-Oakland Bay Bridge bonds.
"The original date was last Jan. 21. with the State promised a 50%
share of profits on bonds sold for $101 or more."
"Wall Street Journal" of .March
report from its Chicago bureau:
Mar. 25,
Chronicle
*
SAN
DIEGO, Calif.—BOND ELECTION—At the general city election
April 25 it is said that the voters will pass on the proposed
$2,225,000 in bonds, divided as follows: $1,975,000 dam con¬
struction, and $250,000 water distribution system bonds.
For the dam
construction project a Public Works Administration grant will be sought.
to be held on
issuance of
COLORADO
SCHOOL DISTRICT NO. 1 (P. O. Canon
City) Colo.—BOND DETAILS—In connection with the exchange of the
FREMONT
COUNTY
$250,000 refunding bonds through Boettcher & Co. of Denver, as noted
here—V. 148, p. 1682—it is now reported that the bonds were sold as
3s, and mature from Oct. 1, 1941 to 1954.
Legal approval by Myles P.
Tallmadge of Denver.
CONNECTICUT
HARTFORD,
nn.—GENERAL
Conn.—GENERAL
PURPOSE
PURPOSE
E
BONDS
RULED
IN¬
ELIGIBLE FOR NEW YORK SAVINGS BANK INVESTMENTS—We are
informed by the New York State Banking Department that the bonds of
the above-named city, issued for general city purposes, can no longer be
considered as eligible investments for savings banks and trust funds in
New York State under the recently revised
banking law because of
a
certain
provision contained in Hartford's charter which imposes a 6-mill tax limit
on
a
small
area
known
as
the North Meadows, the assessed valuation of
which is said to represent less than l-20th of 1 % of the total valuation in
ARIZONA BONDS
Markets in all Municipal Issues
REFSNES, ELY, BECK A CO.
PHOENIX, ARIZONA
ARIZONA
GILA COUNTY
(P. O. Globe), Ariz.—WARRANTS CALLED—The
following warrants have been called for payment, according to Elton S.
Bryant, County Treasurer:
District No. 1—Through warrants No. 2242, registered Dec. 20, 1938.
District No. 5—Through warrant No. 22207, registered Nov. 28,1938.
District No. 10—Through warrant No. 2429, registered Dec. 28, 1938.
District No. 17—Through warrant No. 2991, registered Feb. 1, 1939.
District No. 19—Through warrant No. 22480, registered Jan. 5,1939.
District No. 26—Through warrant No. 1777, registered Nov. 30, 1938.
High School District No. 1—Through warrant No. 3559, registered Feb.
28
1939.
kigh
School
1, 1939.
High School
Dec. 15, 1938.
District No.
17—Through warrant No.
2975, registered
Feb.
District No. 26—Through warrant No. 2098,
registered
,
New York State.
NEW BRITAIN, Conn.—NOTE OFFERING—Sealed bids will be received
by W. H. Judd, President of Board of Finance and Taxation, c/o New
Britain National Bank, New Britain, until 11:30 a. m. on March 28 for
the purchase at discount of $200,000 tax anticipation notes.
Due June 20,
1939.
Denoms. to suit purchaser.
Payable at the National City Bank
of New York.
Legal opinion of Storey. Thorndike, Palmer & Dodge of
Boston will be furnished the successful bidder.
STAMFORD (Town of), Conn.—BOND SALE—The $500,000 outdoor
E>or and unemployment relief bondsSmith. Barney & Co., both of New
offered March 24 were awarded to
arriman, Ripley & Co., Inc., and
York, jointly, as lMs, at 100.019, a basis of about 1.49%.
Dated April 1,
1939.
Denom. $1,000.
Due $50,000 on April 1 from 1941 to 1950, incl.
Prin. and int. (A-O) payable at the First National Bank of Boston or at the
Central Hanover Bank & Trust Co., N. Y. City.
They are general obliga¬
tions of the town, payable from unlimited ad valorem taxes, and were reoffered by the bankers to yield from 0.70% to 0.50% to 1.70%, according to
maturity.
Response to the offering from investment sources was charac¬
terized as extremely gratifying.
Among other bids at the sale were the
following:
Lehman
State of—LOCAL SCHOOL BONDS APPROVED—The
Rate Bid
Int. Rate
Bidder—
Union Securities Corp
Estabrook & Co. and Putnam & Co
1M %
1M%
1M %
1M %
1M%
Phelps, Fenn & Co., Inc
ARKANSAS
ARKANSAS,
the city.
In connection with a recent offering of Hartford bonds, the question of
eligibility under the New York law was raised and on March 20, the Attorney
General of New York ruled that the charter tax limit disqualifies the bonds.
Hartford school bonds, however, are not effected by the ruling because
the tax levy for education is exempted from the 6-mill limit above referred
to.
City of Hartford bonds have heretofore been legal for savings banks in
New York State, the city meeting all other requirements of the New York
law.
With the removal of the tax limitation on this small area of the city,
Hartford bonds would automatically regain their legal investment status in
!
Bros
Halsey, Stuart & Co., Inc
'
101.05
101.019
100.85
100.83
100.67
State Board of Education is said to have approved recently the issuance of
the following bonds:
$39,500 Fouke School District No. 15 refunding bonds.
30,000 Monticello School District No. 18 4% refunding bonds,
25,000 Hot Springs Special School District 4% refunding bonds.
17,000 Craighead County Rural Special School District No. 10 4M %
refunding bonds.
Jl
15,000 Holly Grove School District No. 7 4M % building and Impt. bonds.
4,000 Morning Star School District No. 21 5% refunding, and $7,000
5% bonds.
CLARENDON,
Ark.—BOND
is stated
by
Flynn
Ohivers, City Recorder, that he will receive sealed bids until 4 p. m. pn
March 30, for the purchase of a $24,000 issue of street paving bonds.
Dated
March 30, 1939.
Denom. $500, $1,000 and $1,500.
Due March 30, as
follows:
$500 in 1940, $l,o00 in 1941, $500 in 1942, $1,000 in 1943. $500
in 1944, $1,000 in 1945, $500 in 1946, $1,000 in 1947, $500 in 1948, $1,000
in 1949 to 1954, $1,500 in 1955, $1,000 in 1956 and $1,500 in 1957 to 1962.
Prin, and int. payable in Clarendon.
The bonds shall be payable as to
both principal and interest from an ad valorem tax levied upon all taxable
property in the city.
CONWAY, Ark.—BONDS SOLD—It is reported that $77,000 4% semi¬
by T. J. Raney &
INDEPENDENCE COUNTY (P.O. Batesville), Ark.—BONDS VOTED
—It is reported that at an election held on March 13, the voters approved
the issuance of $40,000 in court house bonds by a wide margin.
CALIFORNIA
CALIFORNIA, State of— WARRANTS OFFERED— Sealed bids
were re¬
ceived until 11.30 a.
m. on March 24, by Harry B. Riley, State Controller,
purchase of an issue of $3,085,980 general revolving fund registered
warrants.
The new issue is to be dated and delivered March 28, and is
expected to be called for retirement about next Aug. 30.
It will bring the
total of outstanding State warrants to $46,345,981, of which $11,418,389
are expected to be retired next May 29, another $6,821,147 next July 28,
and the balance of $28,103,446 about next Aug. 30.
for the
CALIFORNIA, Stat© of— WARRANTS SOLD—An issue of $3,134,registered general revolving fund warrants was offered for sale
March 21 and was awarded to the Merchants National Bank of Sacra¬
643.58
at 2% plus a premium of $12,981.59.
To be dated March 24,
1939, to be called for payment on or about Aug. 30. 1939.
mento,
BONDS
Clyde C. Pierce Corporation
Barnett National Bank
OFFERING—It
annual water works bonds were purchased on March 14
Sons of Little Rock at a price of 100.49.
on
FLORIDA
Building
JACKSONVILLE
-
Branch Office:
First
National
Bank
Building
T.
FLORIDA
TAMPA
S.
Pierce, Resident Manager
FLORIDA
FLORIDA
(State of)—SUMMARY OF MUNICIPAL SITUATION—
following report is taken from the bond quotation bulletin put out as
of March 20 by A. B. Morrison & Co. of Miami:
The Florida municipal bond market still continues strong.
That this
strength is not due to scarcity is shown by the fact that while offerings have
been decidedly more plentiful, bonds have been quickly absorbed even at
prices somewhat above previous sales.
The highest grade bonds are not
much in evidence and the activity has oeen largely confined to second
grade securities.
We are inclined to feel, however, that prices in many
cases are at their approximate high for the time being, although possibly
bonds of certain situations will go somewhat higher.
The Everglades Drainage District situation, the largest unsolved bond
problem in the State, shows on the surface no change." It is becoming in¬
creasingly evident that the final solution is a long way in the future.
In
the meantime disastrous fires in the "Glades" have destroyed the fertility
of enourmous areas of potentially valuable land.
It is a sad commentary
on the State of Florida that it allows its natural resources to be depleted
to the extent of millions of dollars when it could so easily prevent this.
The
Out of all the agitation and rumors as to what the 1939 Florida Legis¬
or will not do, one fact seems to us to be evident and that is the
necessity for providing more operating revenues for the political subdivi¬
sions of the State.
We subscribe to the view that no new taxes are proba¬
bly necessary.
Economy and re-appointment of present revenues are
essential and unquestionably changes in the present taxing system of the
State should be made.
Many counties have been compelled to shorten
their school year to eight months because of lack of money.
Under our
lature will
I
Volume
Financial Chronicle
148
Homestead
Exemption Act and with our antiquated systems of county
assessments, (with property placed on the rolls ar a small percentage of
its real value), probaoly 80% to 90% of homesteads pay absolutely nothing
towards county or school operating expenses.
The cities are a little better
off since they fix their assessments separately and at whatever figure they
tration money shut off, them are greater.
Elease but the demands on needed improvements must be Works AdminWith Public financed on a
pay as you go basis.
There is a lot of hard
work and headaches ahead for this coming legis¬
lature if the immediate pressing problems are to be solved
satisfactorily.
understanding between the large
and small counties that the problems involved are State-wide and that they
have a common interest in the allocation of the gas tax, the revenue from
racing, in school requirements and in taxation in general.
So we are hope¬
ful that there will be worth-while constructive legislation this coming session.
Fortunately there
UNION
seems
COUNTY
SPECIAL
TAX
SCHOOL
NO.
DISTRICT
7
(P. O. Lake Butler), Fla.—BOND OFFERING—It is stated by T. S.
Thomas, Superintendent of the Board of Public Instruction, that he will
of 6%
These
bonds are part of an authorized issue of $42,000.
receive sealed bids until April 3 for the purchase of a $25,000 issue
semi-annual school bonds.
Denom. $1,000.
Dated July 1, 1938.
IDAHO
REXBURG, Idaho—BONDS SOLD-—A $25,000 issue of 3M% semi-*
refunding bonds is said to have been purchased by Richards &
annual
Blum of Spokane.
Due from 1941 to 1947.
''
■
ILLINOIS
COOK
RANTS
COUNTY
(P.
O.
111.—$5,100,000
Chicago),
AUTHORIZED—Issuance of tax
March 21 by the Board of Commissoners.
on
Moines.
TAX
was
WAR¬
authorized
The resolution permits the
sale of up to $4,300,000 corporate fund obligations
warrants at the best prices which may be obtained.
and $800,000 highway
It Was expected that
during the
week.
LaSALLE
,
COUNTY
(P. O. Ottawa), III;—BOND OFFERING—'The
Board of Directors of County Tuberculosis Sanitarium will receive sealed
bids at the County Clerk's office until 10 a. m. on March 27 for the pur¬
chase of
$275,000 not to exceed 3% interest tuberculosis sanitarium bonds.
Dated April 1,1939. f>enom. $1,000. Due Dec. 1 as follows: $25,000,1940;
$27,000, 1941; $28,000, 1942; $30,000, 1943 to 1946 incl.; and $25,000 from
1947 to 1949 incl.
Bidder to name a single rate of interest, expressed in a
multiple of M or 1-10th of 1 %. Principal and interest (J-D) payable at the
First National Bank of Chicago.
The bond enabling legislation authorizes
the county to issue the bonds without a vote of the people.
Taxes will be
levied to pay principal and interest of the bonds within the constitutional
limit of 75c. per $100 of assessed valuation of taxable property in the
county, but in excess of the corporate rate of 25c. and in excess of all other
taxes authorized to be levied by the county within the constitutional limit
of 75c. per $100 of assessed valuation of taxable property.
The county
will furnish the legal opinion of Chapman & Cutler, of Chicago. The bidder
will be required to furnish the printed bonds.
Enclose a certified check for
2% of the principal amount of the bonds, payable to the County Treasurer.
MACOMB
TOWNSHIP
(P- O.
Bardolph), 111.—BONDS SOLD—An
issue of $8,000 3 % road improvement bonds was sold to the Union National
Bank of Macomb at par.
Due $1,000 on Dec. 1 from 1939 to 1946, incl.
SALE—Doyle, O'Connor & Co. of "Chicago
MAHOMET, III.—BOND
have purchased $33,000 water bonds as follows:
$26,000
_
revenue
bonds, due from 1941 to 1963 incl.
HULL, Iowa—BOND SALE—The $1,500 fire fund bonds offered for
on March 17—V. 148, p. 1358—was awarded to the Iowa State Bank
of Hull, according to the Town Clerk.
IDA COUNTY (P. O. Ida Grove), Iowa—BOND SALE—The
RIVERSIDE,
March 20
a
were
111.—BOND
SALE—The
$22,500
bonds
3%
offered
awarded to A. S. Huyck & Co. of Chicago at a price of 104.36,
basis of about 2.27 %.
offered for sale on March 20—fcV. 148, p. 11684—
syndicate composed of the Harris Trust & Savings Bank
of Chicago, the Iowa-Des Moines National Bank & Trust Co. of Des Moines,
awarded to
was
and the
a
White-Phillips Corp. of Davenport, as 1 Ms, paying a premium
of
$551, equal to 100.211, a basis of about 1.73%.
Dated May 1, 1939.
Due on May 1 In 19*8 and 1949.
^
The following is an official report on the other bids received:
Bidder—
Price Bid
Halsey Stuart Co., Chicago.
1M % Plus prem. of $526.
Northern Trust Co., Chicago; Boatman's Natl.
Bank, St. Louis; W.D. Hannah Co., Burlington 2% plus prem. of $4,976.
Carlton Beh Co., Des Moines
2% plus prem. of $4,376.
Jackley & Co., Des Moines; Harriman Rippley &
Co., Chicago
--2% plus prem. of $3,401.
Merchants Commerce & Trust Co., St. Louis;
Stern Bros Co., Kansas City; Shaw, McDermott
& Sparks, Inc., Des Moines
---2% plus prem. of $3,201.
DISTRICT (P. O.tKlemme), Iowa—BONDS
issue of construction bonds approved by the voters
SCHOOL
KLEMME
SOLD—A
$30,000
Hancock National Bank of Garner
2Ms, paying a price of 100.80, according to report.
last August have been purchased by the
as
MITCHELL
COUNTY
(P.
O.
Iowa—BOND SALE—The
Osage),
$100,000 issue of primary road refunding bonds offered for sale at public
auction on March 22—V. 148, p. 1684
was awarded to a syndicate com¬
posed of the Harris Trust & Savings Bank of Chicago, the Iowa-Des Moines
National Bank & Trust Co. of Des JMolnes, and the White-Phillips Corp. of
Davenport, as Is., paying a premium of $401, equal to 100-401, a basis of
about 0.87%.
Dated May 1, 1939.
Due $20,000 from May 1, 1940 to
1944,
inclusive.
OTTUMWA, Iowa—BOND SALE—The $7,000 issue of fire truck bonds
offered for
sale
on
13—V. 148, p. 1519—was purchased by the
lMs, paying a price of 100-28,
Dated Jan. 1, 1939.
Due on Dec. 31 in 1940 to
March
Union Bank & Trust Co. of Ottumwa as
a
basis of about 1.40%.
1942.
PLEASANT TOWNSHIP SCHOOL TOWNSHIP (P. O. Grlswold),
Iowa—BOND OFFERING—It is reported that bids will be received until
1 p. m. on
Direc¬
Dated
callable
$4,000
March 25, by Maude Wasmer, Secretary of the Board of
of a $3,000 issue of school building bonds.
tors, for the purchase
May 1,1939.
Due May and Nov. 1,1940 to 1946.
The bonds are
at any interest paying date.
These bonds are part of an issue of
authorized at the election held on Feb. 6.
COUNTY (P. O. Clarion),
stated by H. E. Sullivan,
WRIGHT
is
PONED—It
Iowa—BOND SALE POST¬
County Treasurer, that the
offering scheduled for March 21 of the $350,000 issue of primary road
refunding bonds, noted in our issue of March 18—V. 148, p. 1684—was
postponed until April 3, because of faulty proceedings.
Dated May 1,
1939.
Due $50,000 from May 1, 1940 to 1946 inclusive.
KANSAS
WICHITA, Kan —BOND SALE DETAILS—It is now reported by the
City Clerk that the $50,152.88 paving bonds purchased by the Northern
Trust Co. of Chicago, at a price of 100.056, as noted here—V.148, p. 1684—
were sold as 2s, and mature on Feb. 1 as follows:
$5,152.88 in 1940, and
$5,000 from 1941 to 1949, giving a basis of about 1.99%.
Sale consisted of:
J&10,000 fire department equipment bonds.
Dated May 1, 1939 and due
$2,000 on Nov. 1 from 1943 to 1947, inclusive.
12,500 village hall improvement bonds.
Dated March 15, 1939 and due
$2,500 on Sept. 15 from 1943, to 1947, inclusive.
Bonds were authorized at an election on March 7 and have been approved
as to legality by Chapman & Cutler of Chicago.
,
WARREN
$260,000
issue of primary roaa bonds
7,000 general obligation bonds, due from 1941 to 1954 incl.'
MOLINE, III.—PRE-ELECTION BOND SALE—An issue of $175,000
airport bonds has been sold to the White-Phillips Corp. of Davenport,
subject to voters' favorable consideration of the issue at an election to
take place on April 18.
until
sale
between $2,500,000 and $3,000,000 would be sold by the county
past
Legality to be approved by Chapman & Cutler of Chicago.
ARION SCHOOL DISTRICT (P. O. Arion), Iowa—BONDS OFFERED
—•It is statea by the District Secretary that bids were to be received
8 p. m. on March 24, for the purchase of $7,000 building bonds.
anticipation warrants totaling
$5,100,000. the first to be sold against the 1939 tax levy,
Daven¬
Dated
May 1, 1939.
Denom. $1,000.
Due Nov. 1 as follows:
$4,000 in 1939
to 1951, and $3,000 in 1952.
Prin. and int. payable at the School Treas¬
urer's office or the Iowa-Des Moines National Bank & Trust Co., Des
be a better
to
1841
—V. 148, p. 1682—were purchased by Yieth, Duncan & Wood of
port.
The following details are also supplied by the Secretary:
COUNTY
(P. O. Monmouth), III.-—BOND OFFERING—
bids until 10 a. m. on April 11
2%% State aid road bonds.
Dated Dec. 1,
1938.
Denom. $1,000.
Due $10,000 on Dec. 1 from 1941 to 1950 incl.
Prin. and int. (M-S) payable at the County Treasurer's office.
The bonds
were authorized at a special election last Oct. 11, at which time a direct
additional annual tax was voted for the year 1938 to 1949 incl., to provide
for payment of principal and interest requirements.
County will pay for
printing of the bonds and furnish legal approving opinion of Chapman &
Cutler of Chicago.
No objection to bond issue proceedings shall be raised
by bidders after bids have been submitted.
A certified check for $2,000,
payable to order of Frank G. Hill, County Treasurer, is required.
Re¬
quired bidding form may be obtained from the Conty Clerk upon request.
John Hillen, County Clerk, will receive sealed
for the purchase of $100,000
WOODSTOCK,
111.—BOND SALE—The $18,000 city hall addition
17—V. 148, p. 1518—were awarded to Lansford &
Co. of Chicago as 3s at par plus $972 premium, equal to 105.40, a basis of
about 2.05%.
Dated May 15, 1939.
Denom. $1,000.
Due $2,000 each
KENTUCKY
BRECKENRIDGE COUNTY SCHOOL DISTRICT (P. O. Hardinsburg), Ky.—PURCHASERS— It is now reported by the Treasurer of the
Board of Education that the $45,000 4M% semi-annual refunding bonds
which were offered for general subscription, as noted here—V. 148, P. 1684
—were originally sold to Charles A. Hinch & Co., Ballinger & Co., andthe
W. C. Thornburh Co.. all of Cincinnati.
Due from Feb. 1, 1940 to 1953,
callable
on or
after 1948.
COUNTY (P. O. Qwen*boro) Ky .—BOND SALE CON¬
TRACT—It is reported that a contract has been entered into between the
county and two investment firms, the Bankers Bond Co., Inc. of Louis¬
ville, and Stein Bros. & Boyce of Baltimore, for the purchase of $250,000
in court house bonds.
DAVIESS
,
.
KENTUCKY, (State of) —SCHOOL WARRANTS SOLD—A news report
from Louisville as of March 18 reported as follows : Lowest rate of borrowing
in the history of Kentucky was established when 100.125 was offered for part
of the $1,357,700 new 1M% March school warrants to replace the old 3s.
State Treasurer
On
Buckingham said none of the warrants were
April 15 the State will
1Mb'
sold below par.
retire $1,500,000 of the old 3% warrants
with
bonds offered March
new
May 15 from 1941 to 1949, incl.
SCHOOL REVENUE BOND FINANCING—'The Bankers Bond Co.,
of Louisville, has prepared a 14-page booklet presenting a concise
review of methods used in school revenue bond financing in Kentucky and
an explanation of the soundness of such bonds and the factors used in con¬
sidering school revenue bonds as an investment. ■
Coupon bonds.
Interest M-N 15.
INDIANA
ADAMS TOWNSHIP (P. O. Markleville),
Ind.—BOND OFFERING—
Sealed bids addressed to Trustee Walter Hays will
on
be received until 10 a. m.
April 6 for the purchase of $63,000 not to exceed 4% interest bonds,
as follows:
J
$35,000 School Twp. building bonds.
Denom. $500.
Due $1,000 July 1,
1940; $1,500 Jan. 1 and $1,000 July 1 from 1941 to 1954, incl.
23,000 Civil Twp. community building bonds,
Denom. $800.
Due
Jan. 1 as follows: $1,600 from 1941 to 1957, incl., and $800 in 1958.
divided
All of the bonds are dated March 1, 1939.
Bidder to name a single rate
of interest, expressed in a multiple of M of 1%, and payable J-J.
The
bonds are direct obligations of the respective issuers, payable from unlimited
ad valorem taxes
on
all of its taxable
property.
Legal opinion of Matson,
Ross, McCord & Clifford of Indianapolis will be furnished the successful
bidder.
.
were
Indianapolis
awarded to the Fletcher Trust Co. of
as
2 Ms, at par plus
$42 premium, equal to 100.76, a basis of about 2.13%.
Dated
1939 and due $500 on Jan. 1 from 1941 to 1951 incl.
Other bids:
Int. Rate
Bidder—
Central Securities Corp
—
Kenneth Johnson
A. S. Huyck & Co
HENRY COUNTY
.
-
2M %
2M %
2M%
April 1,
Premium
$28.90
20.70
61.00
(P. O. New Castle), Ind.—BOND OFFERING—
Mary E. Caldwell, County Auditor, will receive sealed bids until 11 a. m.
on April 6 for the purchase of $8,500 not to exceed 4 % interest advancement
fund, series A of 1939, bonds.
Dated April 1, 1939.
Denom. $500.
Due
$1,000 on June 1 and Dec. 1 from 1940 to 1943, incl., and $500 June
1944.
Bidder to name a single rate of interest, expressed in a multiple
1,
of
M of 1 % and payable J-D.
Bonds are being issued to pay poor relief costs
in the county and are payable out of unlimited ad valorem
the county's taxable property.
A certified check for 3% of
the bonds bid for, payable to order of the Board of Commissioners, must
in the townships
taxes on all of
accompany each proposal.
Legal opinion of Matson,
Clifford or Indianapolis will be furnished the successful
Ross, McCord &
bidder.
IOWA
ANKENY CONSOLIDATED SCHOOL DISTRICT (P. O. Ankeny),
jowa—PURCHASER—It is stated by the District Secretary that the
$55,000 2M% semi-annual refunding
bonds sold recently, as noted here
,
„
_
Inc.
KENTUCKY,
State of—CHAIN STORE TAX
follows from an Associated Press
We quote in part as
The1Court oLAppeals,
RULED INVALID—
dispatch out of Frank-
Kentucky's highest tribunal, today
the 1934 State tax on chain stores.
■
The ruling was in favor of the Great
•
.
,
declared invalid
• "
.
i,«„u
Atlantic & Pacific Tea Co., which
sought return of $52,352 paid in 1936 for annual license taxes on its 200
Kentucky stores, and $49,652 paid in 1937.
Its petition was dismissed in
Franklin Circuit Court and was appealed.
The Act provided that "each person, firm or corporation owning one
store and one store only shall pay $2; two to five stores, $25 for each store;
six to ten stores, $50 a store; 11 to 20 stores, $100 a store; 21 to 50 stores,
$200 a store; 51 and all succeeding stores, $300 a store.
1938
The
General Assembly eliminated the tax on
kept the other rates
Ind.—BOND SALE—
$5,500 community building bonds offered March 17—V. 148, p. 1358—
GREENFIELD TOWNSHIP (P. O. LaGranee).
The
.
the same.
The company contended
fiscatory," declaring the tax
to more than 100% of its
proximately
Five
.
94^ or its average net earnings for the
^of the^seven
single stores, but
unreasonable, arbitary and con¬
required of it "in both 1936 and 1937 amounted
net earnings for 1936
.
.
.
and was ap¬
the tax was
judges concurred in the
three-year period or
majority opinion declaring
the Act invalid.
REHEARING TO BE SOUGHT—A United Press dispatca from Frank¬
22 reported in part as follows:
A rehearing of the Kentucky Court of Appeals decision invalidating the
fort on March
State chain store tax
will be sought by the State's
aHTh^c^rt's^decision
legal department, it was
invalidating the law, patterned after
Indiana statutes, would force the State to refund more than
I^uisiana and
$600,000 paid
under protest.
LOUISIANA
JACKSON PARISH CONSOLIDATED SCHOOL DISTRICT NO. 1
(P. O. Jonesboro) La.—BOND SALE DETAILS—It is now reported
the Superintendent of the Parish School Board that the $50,000 issue of
school bonds sold to a syndicate headed by Scharff & Jones, Inc. of New
Orleans, as noted here—V. 148, p. 1055—was sold as 5Ms^at Par,^ nnd
mature on Oct. 1 as follows:
$2,000 in 1940 to 1949; $3,000, 1950 to 1955,
and $4,000, 1956 to 1958.
by
RED
PARISH CONSOLIDATED SCHOOL DISTRICT
Coushatta), La.—BONDS OFFERED FOR INVESTMENT
RIVER
NO. 1 (P. O.
—The
$174,000 issue of school bonds that was
offered for sate without
1842
Financial
success on Oct. 18, when the best bid received was
rejected. Is now being
offered by Walton & Jones of Jackson, Miss., for public subscription at
prices to yield from 3% to 4.40%, according to maturity.
The bonds are
divided as follows:
$4,000 as 4M«, due $2,000 on Oct. 1 in 1941 and 1942:
$24,000 as 4Hs, du,e on Oct. 1:
$3,000, 1943 to 1946, and $4,000, 1947
to 1949; the remaining $146,000 as 4Ms, maturing on Oct. 1:
$5,000,
1950 to 1952; $6,000, 1953 to 1955; $7,000, 1956 to 1958; $8,000, 1959 to
1961; $9,000, 1962 to 1964; $10,000, 1965 to 1967, and $11,000 in 1968.
ST. MARY PARISH, THIRD WARD SPECIAL SCHOOL DISTRICT
NO. 1 (P. O.
tion with the
Franklin), La.—BOND OFFERING DETAILS—:In connec¬
offering scheduled for April 18, of the $92,000 issue of not to
exceed 5% semi-ann. school bonds, noted in our issue of March 18—V.148,
p. 1684—the following additional information has been furnished by R. L.
Robinson, Secretary of the school board:
Due May 1, as follows:
$1,000
in 1940, $3,000 in 1941 and 1942, $4,000 in 1943 to 1949, $5,000 in 1950 to
1953, $6,000 in 1954 to 1958 and $7,000 in 1959.
Prin. and int. payable at
place to be designated by bidders.
The bonds are payable from an un¬
limited ad valorem tax to be levied each year without limitation as to rate
or amount, sufficient to
pay principal and interest, and are authorized by
Article XIV, Section 14, State Constitution of 1921, as amended, and Act
46 of 1921, amended, Legislature of Louisiana.
MASSACHUSETTS
ANDOVER, Mass.—NOTE SALE—The issue of $125,000 notes offered
March 20—V. 148, p. 1685—was awarded to the Second National Bank of
Boston at
chants
0.10% discount, plus $1 premium.
Due Nov. 20, 1939.
Mer
Bank of Boston, second high bidder, named a rate of
National
par,
BOURNE
WATER
DISTRICT
O. Buzzards Bay), Mass.—
BOND SALE—The $360,000 coupon water district bonds offered March 23
were awarded to a group composed of Harriman Ripley & Co., Inc., Lazard
Freres & Co., both of New York, and F. L. Putman & Co., Inc., Boston,
as 2 Ms, at a price of 102.4199, a basis of about 2.31%.
Dated April 1,
1939.
Denom. $1,000.
Due April 1 as follows: $13,000 from 1942 to
1965 incl. and $12,000 from 1966 to 1969 incl.
Prin. and semi-annual int.
payable at the Buzzards Bay National Bank, Buzzards Bay, or at holder's
option, at the Merchants National Bank of Boston.
Legality approved
by Storey, Thorndike, Palmer & Dodge of Boston.
BONDS
(P.
PUBLICLY OFFERED—The successful
bidders
re-offered
the
bonds to yield from 0.90% to 2.50%, according to maturity.
They are
general obligations of the water district.
Second high bid for the issue,
an offer of 101.29 for 2Ms, was made by Tyler & Co. of Boston.
In con¬
nection with offering of tne issue, the district issued the following statement:
The Bourne Water District extends along the eastern shore of Buzzards
Bay from the Cape Cod Canal to Falmouth and includes the villages of Gray
Gables, Monument Beach, Pocasset and Tahanto.
The estimated year
around population is 1,400, while the summer population is about
5,000.
The assessed valuation of the District is approximately $4,000,000.
This,
like the assessed value of other Cape Cod communities, is
only one-third
to one-half the true or market value.
Expected income of the District is
follows:
as
No. of
Takers
First year
Water
Revenue from
Revenue
400
Fifth year
Tenth year
550
Taxation
$10,600
14,400
20,600
800
Total
$9,100
9,100
BROCKTON, Mass.—NOTE SALE—The $300,000
anticipa¬
revenue
tion notes offered March 21
Boston at 0.264% discount.
were awarded to the First National Bank of
Dated March 22, 1939 and payable Nov. 29,
1939 at the National Shawmut Bank of Boston.
Legal opinion of Storey,
REFUNDING OFFERING IMMINENT—Michigan Debt Commission
has approved the proposal of the city to refund $3,999 000 outstanding
a lower rate of interest.
Approval by the Debt Commission paves
11.
The city Council has
already approved the offering and a formal call for bids is expected to be
made in a few days.
Proceeds of the issue will be used to refund out¬
standing 4M% bonds.
the way for the offering by the city on April
MACOMB COUNTY (P. O. Mount Clemens), Mich.—BONDS PUR¬
connection with the call for tenders of county highway
refunding bonds, Arnold F. Ullrich, County Auditor, reports purchases as
CHASED—In
follows:
District No.
Thorndike,
Palmer
&
Dodge of Boston.
Leavitt &
0.265%.
Co.
of New
BROOKLINE, Mass.—NOTE SALE—The $300,000 notes offered
March 20—V. 148, p. 1685—were awarded to R. L. Day & Co. of Boston
0.115% discount.
Due Nov. 9, 1939.
The Second National Bank of
Boston, next best bidder, named
a
rate of
0.137%.
DANVERS, Mass.—NOTE SALE— The
Second National Bank of Bos¬
an issue of $100,000 notes at 0.186% discount.
Due $50,000
Nov. 1 and Dec. 15, 1939.
Merchants National Bank of Salem
purchased
each
on
bid
rate of
0.23%; Danvers National Bank, 0.24%.
87
88
99
97
1,000
3,000
105,
5,000
payable in instal¬
$200,000 each
on
Nov. 3, 1939, and March 25, 1940
respectively.
Payable at the National Shawmut Bank of Boston, which will certify as to
the genuineness and validity of the notes, under advice of
Storey, Thorn¬
dike, Palmer & Dodge of Boston.
HUDSON,
Mass.—NOTE SALE—The
Merchants
National
Bank
of
Boston purchased on March 20 an issue of
$80,000 tax notes at 0.33%
Due Nov. 1, 1939.
Lee Higginson Corp., second high bidder,
named a rate of 0.36%.
discount.
.
„
MONTAGUE, Mass.—NOTE SALE—The $100,000 tax anticipation
notes offered March 21 were awarded to the Merchants
National Bank of
Boston at 0.17% discount.
Dated March 24, 1939 and due Dec. 1, 1939.
The New England Trust Co. of Boston, second
high bidder, named
a
rate
0.19%.
NEW BEDFORD, Mass.—NOTE SALE—The
$500,000 revenue an¬
ticipation notes offered March 21—V. 148. p. 1685—were awarded to the
Second National Bank of Boston at
0.54% discount. Due Nov. 9, 1939.
The same rate was bid by the Lee
Higginson Corp., while E. H. Rollins
& Sons, third best bidder, specified
0.56%.
NORTHAMPTON,
Mass.—BOND
OFFERING—Albina
L.
99.467
99.46
99.45
99.45
99-9999
District
■
and
and
and
and
and
interest
interest
interest
interest
interest
99.9999 and interest
MICHIGAN
(State of)—OFFERING OF HIGHWAY REFUNDING
BONDS—Murray D. Van Wagoner, State Highway Commissioner, will
receive sealed bids until 2 p. m. on March 28, for the purchase of $445,000
highway improvement refunding bonds of the following issues:
Amount of
Dist. No.
Obligations of Municipalities
Issue
Maturity Date
471
Royal Oak and Warren townships..
.$50,000
Nov. 1,1958
481
Shelby, Sterling & Warren townships
80,000
May 1,1957
Assessment district
481
315,000
May 1,1957
The bonds shall be dated April 16, 1939, maturing as stated above, with
option of prior payment on any interest paying date, upon the publication
of a notice of ca.l 30 days prior to date of redemption.
They shall be of
$1,000 denom8., with interest coupons attached, payable semi-annually
May 1 and Nov. 1.
They are being issued under the provisions of Act
No. 59 of Public Acts of 1915 as amended, known as the Covert Act, to
refund a like amount of bonds at a lower interest rate.
The bonds, together
with a favorable legal opinion of Miller, Canfield, Paddock & Stone of
Detroit, will be furnished by the State Highway Department.
Each
bidder shall be required to name the rate of interest and premium for each
$1,000 bond.
Bids will be considered separately for each issue and bidders
may submit their proposal for any or all of the issues.
A certified check,
payable to the order of the State Highway Commission, in an amount of
2% of the amount of the bonds bid upon, must accompany each proposal.
BOND TENDERS—L. B. Reid, Director of Finance, State Highway
Department/reports that six tenders, at prices ranging from 99.88 to par,
were
received
bid will be considered.
WARE, Mass.—NOTE OFFERING—Town
noon on
on
submitted in the
OAKLAND
issues of Road Districts Nos. 474 and 481.
of bonds of District 484.
case
None was
.
,
COUNTY
(P. O. Pontiac), Mich.—BOND SALE—The
$736,000 coupon general obligation coupon highway improvement refund¬
ing bonds offered March 22—V. 148, p. 1685—were awarded to Stranahan,
Harris & Co., Inc., Toledo, and Watling, Lerchen & Hayes of Detroit, in
joint account, on a bid which figured a net interest cost of about 2.927%
and providecLfor the bonds as follows:
$385,000
nonmailable highway impt. refunding
as 2Ms7 M-N.
Due May 1
follows:
$33,000 in 1940, $39,000 in 1941, $40,000 in 1942 and
1943, $39,000 in 1944, $37,000 in 1945, $38,000 in 1946, $41,000 in
as
1947, $39,000 in 1948 and 1949.
193,000 callable highway improvement refunding. Due May 1, as follows:
$36,000 in 1950, $39,000 in 1951, $40,000 in 1952, $38,000 in
1953 and $4O,OO0 in 1954, callable on any interest payment date
in inverse numerical order
on and after May 1, 1945.
The bonds
will bear interest at 2M% from 1940 to 1945, 3% in 1946 and 1947,
3X% in 1948 and 1949 and 3M% from 1950 to 1954.
158,000 callable highway improvement refunding. Due May 1 as follows:
$42,000 in 1955, $36,000 in 1956 and $40,000 in 1957 and 1958,
callable
on
on
any
and after
interest payment date in inverse numerical order
The bonds will bear interest at 2M %
May 1, 1940.
from 1940 to 1943, 3% in 1944 and 1945 and 3 M% from 1946 to
1958.
The next highest bidder was a group composed of First of Michigan Corp.,
Bosworth & Co., and Crouse & Co., whose bids
Braun,
proposed a net
interest
cost of 3.265%, with terms as follows:
For $328,000 maturing
1940 to 1945, as 3s; $57,000 maturing 1946 to 1949; as 3s to 1940 and 3 Ms
to 1949, and $351,000 maturing 1950 to 1958 as 3s to 1945 and 3
Ms to 1958.
OWOSSO, Mich.—BOND OFFERING—G. A. Van Epps, City Clerk,
will receive sealed bids until 3 p. m. on March 27 for the purchase of $52,300
to exceed 6% interest refunding bonds.
Dated April 1, 1939.
One
bond for $1,300, others $1,000 each.
Due April 1 as follows:
$5,000 from
1940 to 1948 incl. and $7,300 in 1949.
Bidder to name the rate of interest.
Principal and interest payable at the City Treasurer's office.
The city will
furnish legal opinion and pay the cost of printing the bonds.
A certified
check for $1,000 is required.
ROYAL
OAK, Mich.—CERTIFICATES PURCHASED—In connection
with the call for tenders of series A and B certificates of indebtedness, the
City Treasurer reports that $7,233.74 series A were purchased at a price of
$4,653.97, and $1,998,55 series B at $1,350.22.
WAYNE COUNTY (P. O.
Detroit), Mich.—BOND SALE—1The $56,000
Tonquish Creek Drain, City of Plymouth, Township of Plymouth
23—V. 148, p. 1520—were awarded to the extent of
$21,000 as 3Ms, due $3,000 on May 1 from 1940 to 1946 incl., and $35,000
as 3s, due May 1 as follows:
$4,000 from 1947 to 1951 incl. and $5,000 from
coupon
bonds offered March
1952 to 1954 incl.
SUCCESSFUL BIDDER—The successful bidder was Cray, McFawn &
Petter of Detroit, which bid a price of par plus a premium of $17,
equal to
100.03.
Other bids:
Bidder-—
Int. Rate
Premium
Meilink & Co., Inc.II. B.
____/21m
3%
\35m3M%
Sattley & Co
$28.00
3%%
4%
110-88
78.46
•
_____
Martin Smith & Co
Richard-
City Treasurer, will receive sealed bids until 5 p. m. on March. 28. for the
purchase of $79,000 coupon flood control bonds.
Dated April 1. 1939.
Denom. $1,000.
Due April 1 as follows:
$4,000 from 1940 to 1958, incl.
and $3,000 in 1959.
Bidder to name the rate of interest in
multiples of
H of 1%.
Principal and semi-annual interest payable at the Merchants
National Bank of Boston.
Legal opinion of Storey, Thorndike. Palmer &
Dodge of Boston will be furnished the successful bidder
No telephone
bids until
,
Amount of Tender
$3,999.20 plus accr. int.
District
District
District
District
District
District
not
HAVERHILL, Mass.—NOTE OFFERING—Bids addressed to Ger¬
trude A. Barrows, City Treasurer, will be received until 11a.m. on March
27
for the purchase at discount of $400,000 notes issued in
anticipation of
revenue for the current year.
Dated March 28, 1939 and
of
$4,000
3,000
1,000
5,000
86
York,
at
ments of
Portion
Amount
109
second high bidder, named a rate of
a
1939
25
bonds at
$19,700
23,500
29,700
9,100
The-district tax rate for the next 10 years is estimated at $2.30 per
thousand.
After that time, decreasing interest payments and increased
revenue should permit a reduction.
Fire insurance rates are expected to be
reduced substantially.
ton
Mar.
,
0.10%, at
estimated
Chronicle
Treasurer will receive sealed
March 28 for the purchase at discount of $100,000
notes,
payable Nov. 20, 1939.
MINNESOTA
CARLTON COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 6
(P. O. Barnum), Minn.—BOND SALE DETAILS—It is stated by the
District Clerk that the $38,300 3% building addition and remodeling'
bonds sold to the State Investment Board, as noted here—V.
148, p. 1526—
purchased at par and mature
1955, and $2,300 in 1956.
,
were
on
July 1
as
follows;
$3,000, 1944 to
MINNEAPOLIS, Minn.-—BOND OFFERING—It
is stated by Geo. M.
Taxation, that the said
Link, Secretary of the Board of Estimate and
on April 20, of the following bonds
aggregating
$2,469,000: $969,000 permanent improvement; $500,000 water works, and
$1,000,000 public relief bonds.
It ,is said that the City Council will offer $500,000
refunding bonds on
the same day.
Board has authorized the sale
WESTWOOD, Mass.—NOTE
OFFERING—Town Treasurer will receive
sealed bids until 8 p. m. on March 29 for the
purchase at discount of $75,000
notes, payable Dec. 1, 1939.
MICHIGAN
BUCHANAN,
sewer
bonds
Moore &
Mich.—BOND
offered
Feb.
Hayes of Detroit
Sale Consisted of:
$15,300 special asst. bonds.
ST. LOUIS COUNTY (P. O. Duluth) Minn.—BOND OFFERING—
It is reported that sealed bids will be received until
April 6, by Walter H.
SALE—The
$20,300 coupon sanitary
148, p. 765—were sold to McDonald,
l^s, at 100.172, a basis of about 1.69%.
9—V.
as
Due Feb.
1943 incl. and $3,300 in 1944.
1
as
follows: $3,000 from 1940 to
5,000 general obligation bonds.
Due $1,000
1944 incl.
All of the bonds will be dated Feb.
1, 1939.
DENVER TOWNSHIP FRACTIONAL
on
Feb.
SCHOOL
i
from
1940
to
NO. 3
O. Hesperia), Mich.—BOND SALE DETAILS—The
$8,000 school
building bonds'sold to the State Bank of Hesperia—V. 148, p. 1519—were
as
4s, at par.
DETROIT, Mich.—BONDS PURCHASED—According to Secretary
Edward M. Lane, the Teachers' Retirement Fund Board
purchased $174,000 of city non-callable bonds to yield
3.83% to 3.70%—V. 148,
DETROIT.
p.
1685.
Mich.—PLANS LARGE REFUNDING ISSUE— It is re¬
ported that the city plans to offer for sale, early next month, an issue of
about $4,000,000 refunding bonds, with a
probable maturity of from 1940
o 1964, inclusive.
County Auditor, for the pin-chase of a $300,000 issue of poor
bonds.
(These bonds were authorized by the County Board on
March 10, as noted here—V. 148, p. 1686.
relief
ST.
PAUL, Minn.—BOND SALE—The $275,000 issue of coupon
public welfare bonds offered for sale on March 21—V. 148, p. 1520—was
awarded jointly yo Halsey, Stuart &
Co., Inc., and Blair & Co., Inc., as
1.70s, paying a premium of $759, equal to 100.276, a basis of about
1.65%.
Dated March 1, 1939.
Due from March 1, 1940 to 1949, inclusive.
BONDS
DISTRICT
(P.
issued
Borgen,
OFFERED
FOR
INVESTMENT—'The successful bidders reof-
refered
the above bends for public
subscription at prices to
0.35% to 1.80%, according to maturity.
The following is an official tabulation of the bids received:
Name of Bidder—
Coupon Rate
Halsey, Stuart & Co., Inc.; Blair & Co., Inc
!__1.70%
Wells, Dickey Co.; Phelps, Fenn & Co
__1.70%
Lazard Freres & Co.; Allison-Williams Co
1.75%
A. G. Becker & Co
1.80%
Union Securities Corp.; Estabrook & Co
2.00%
Harriman, Ripley & Co., Inc.; Mercantile Commerce
Bank & Trust Co
*
Successful bidders.
1.80%
yield from
Premium
*$759.00
456.50
990.00
371.00
715.00
302.23
Volume
SAUK
Financial
148
1843
Chronicle
PUBLIC SCHOOL DISTRICT
CONSOLIDATED
CENTRE
NEVADA
(P. O. Sauk Centre), Minn.—BOND OFFERING—We are informed by
George Berggreen, Secretary of the Board of directors, that he will receive
both sealed and auction bids until March 31, at 3 p. m., for the purchase of
an issue of $140,000 not to exceed 3%
semi-annual coupon school bonds.
NEVADA, State of—TAX RATE REDUCED—A United Press dispatch
from Carson City to the "Wall Street Journal" of March 20 reported as
1,1939.
Denom. $1,000.
Due July 1, as follows: $3,000
$4,000 in 1945 to 1951, $5,000 in 1952 to 1959, $6,000 in
1960 to 1965, and $7,000 in 1966 to 1968.
Prin. and int. payable at a
banking institution in Sauk Centre or St. Paul, selected by the purchaser.
tax rate
Dated
Jan.
in 1940 to 1944,
No bid for less than par and accrued interest will be considered.
These
bonds were authorized at the election held on June 20.
The approving
Dorsey, Barker, Colman & Barber of Minneapolis,
A certified check
opinions of Fletcher,
The Legislature neared adjournment
by 26%.
early today after slashing the State
each $100 assessed property,
than $700,000 In the
surplus to approxi¬
the remainder to cut the existing tax rate of
The lowered rate, 68
cencs on
made possible by utilization of a surplus of more
State Treasury.
Legislators decided to reduce the
was
mately $300,000 and
use
73 cents.
Kells, of Sauk Centre, will be furnished.
and of L. L.
for $1,000 is
follows:
required.
HAMPSHIRE
NEW
Minn.—CERTIFICATES SOLD—It
STILLWATER.
is stated by the
City Clerk that $1,000 4% certificates of indebtedness were purchased
recently by a local bank.
Dated March 10, 1939.
Due on or before
Dec. 31, 1939.
CLAREMONT,
sewer
bonds
Nashua
was
N.
of $129,000 2^%
H.—BONDS SOLD—An issue
sold late in
1938 to the Indian Head National Bank of
price of 100.117.
Due as follows: $7,000 from 1939 to 1947,
incl., and $6,000 from 1948 to 1958, incl.
VIRGINIA, Minn.—BOND SALE—The $70,000 issue of water, light
awarded
Paine, Webber & Co. of Chicago as 2^s, paying a premium of $635,
equal to 100.907, a basis of about 2.11%.
Dated April 1, 1939.
Due
from Jan. 1, 1942 to 1951 inclusive.
at
a
and heat bonds offered for sale on March 21—V. 148, p. 1360—was
COUNTY INDEPENDENT SCHOOL DISTRICT NO.
Plainview) Minn.—BOND SALE—The $50,000 issue of re¬
funding bonds offered for sale on March 20—V. 148, p. 1520—was awarded
at public auction jointly to the Wells-Dickey Co. of Minneapolis, and
Kalman & Co. of St. Paul, as 2s, paying a price of 100.022, a basis of about
1.995%. Dated April 1,1939. Due from 1940 to 1954 incl.
WABASHA
60
(P.
O.
The following is a
For 2% Bonds—
complete list of the other bids received:
Allison-Williams Co
214% Bonds—
Mantfeimer-Caldwell, Inc
__._101.92
101.90
101.58
:
First National Bank, St. Paul
Mairs-Shaughnessy & Co....
J. M. Dain & Co
,
...
,____
____101.16
______
BENTON COUNTY (P. O. Ashland), Miss.—BOND
are now
informed by the Chancery Clerk that
SALE DETAILS
the $18,500 5%
Interest payable annually on Jan. 1.
COLLINS, Miss.—BOND OFFERING CANCELED—It is reported that
the offering of the $6,500 Federal agency building bonds, which was
uled tentatively for March 16—V. 148, p. 1200—was called off.
sched¬
^
COUNTY
(P. O. Columbia) Miss.—MATURITY—It is
stated by the Clerk of the Chancery Court that the $7,500 court house and
jail oonds purchased uy Scharff & Jones, Inc. of New Orleans, as 3s, at a
ollows:
Jnice of 100.35, as noted here—V.1942 and 1686—are due on March 15 as
148, p. 1943, and $2,500 in 1944 and
$500 in 1940: $1,000 in
1945, giving a basis of about 2.92 %.
of—REPORT
ON
LOCAL
DISTRICTS BOND
REFUNDINGS-'The "Wall Street Journal" of March
17 carried the fol¬
lowing information under a Sardis, Miss., by-line:
"Twelve drainage improvement districts in Second Congressional Dis¬
trict of Mississippi have refinanced $3,923,110 of bonds by loans of $1,282,343
obtained
from
Reconstruction
the
Finance
Corporation.
Panola-
Quitman District, of Panola, Quitman and Tallahatchie counties, largest
of the 12, was granted a loan of $227,500 to refinance bonds of $1,946,000.
Lake Cormorant District of DeSoto and Tunica counties, received $282,500
$509,900, and Newsome Lake District of Quitman and
Tallahatchie counties was granted $45,000 to adjust a debt of $259,500."
to refinance debt of
NATCHEZ,
*
Miss .—ADDITIONAL
Bidder—
*
Rate Bid
100.41
100.08
3.20%
Dunning & Co___
H. B. Boland & Co
A. C.
Int. Rate
3%
3.10%
||
Blair & Co., Inc. and MacBride, Miller & Co
B. J. Van Ingen & Co., C. A. Preim & Co., and C. P.
100.01
3.40%
100.17
________
Allyn & Co., Inc. and Hemphill, Noyes & Co.
Each offer
was
for entire issue of $237,500
bonds.
CAMDEN, N. J.—IMPROVED FINANCIAL STATUS—The city had a
1939 of $1,200,000 following the ability of the five
coupon funding bonds purchased by the First National Bank of Memphis,
as noted here—Y. 148, p. 1520—were sold for a premium of $400 (the pur¬
chaser agreeing to pay all expenses), equal to 102.16.
Dated Jan. 2, 1939.
State
coupon or registered general funding bonds on March 23—V. 148, p. 1521,
3% at a
price of $237,587.90, equd to 100.46, a basis of about 2.89%.
Dated
March 1, 1939 and due March 1 as follows:
$27,500, 1940; $30,000 from
1941 to 1946 incl. and $29,000 in 1947.
Reoffered by the bankers to yield
from 1% to 3%, according to maturity.
Other bids:J
their bid being for a principal amount of $236,500, with interest at
civic departments to finance their requirements throughout 1938 at less than
the amount of respective appropriations for the entire period, according to
—We
MISSISSIPPI,
composed of Colyer, Robin"
cash balance on Jan. 1,
MISSISSIPPI
Due from Jan. 2, 1940 to 1946.
group
& Co., Inc., Newark; Suplee, Yeatman & Co., Inc., and Bioren &
Co., both of Philadelphia, was successful bidder at the offering of $237,500
son
100.78
..100.14
Bigelow, Webb & Co
Piper, Jaffray & Hopwood._:
MARION
BAYONNE, N. J.—BOND SALE—A
..-_.100.02
_
For
JERSEY
NEW
to
INFORMATION— In
connection
report.
Collection of current taxes amounted to 75.14%
for the present year, at $4,719,105, represents a reduction
and the budget
of $39,548 from
1938, despite full restoration of salary cuts previously effected.
The present
state of the city's finances, it is pointed out, is in sharp contrast with the
condition which obtained at the height of the
At that
fiscal
about
depression in 1933.
time, owing to recurring operating deficits and generally unsound
methods, the municiplaity was weighed down by a floating debt of
$9,000,000.
All of this debt, represented in the main by temporary
was
subsequently taken care through successful completion of a
loans,
bond
refunding program.
Since its conclusion, except for 1936, the municipality
has been operating on a cash basis and has been able to build up the surplus
previously mentioned.
Tax rate has been unchanged at $4.30 since 1934
and the same figure will apply in the present year.
HACKEN3ACK, N. J.—BOND OFFERING—Wilder M. Rich, City
Manager, will receive sealed bids until 8 p. m. on April 3 for the purchase
of $135,000 not to exceed 6% interest coupon or registered general refunding
bonds.
Dated April 1, 1939 and due April 1 as follows;,^ ,000, 1940 and
1941; $8,000, 1942 to 1944 incl.; $9,000 from 1945 tofl9474|ncl. and $10,000
1948 to 1954 incl.
Proceeds of issue will be applied to the payment
from
of
a
similar
amount
of general
refunding bonds maturing Dec. 1, 1939.
The additional $1,635,000 of same bonds due on that date will be provided
for solely on an exchange basis, the new bonds to be dated Dec. 1, 1939
and bear the same interest rates as carried on the old bonds to maturity date,
maturities.
Proposals for
sale must be accompanied by a certified
of Reed, Hoyt, Washburn & Clay of
New York City will be furnished the successful bidder.
and the lowest rates obtainable for balance of
the $135,000 block now offered for
check for $2,700. '* Legal opinion
The bonds will be in denoms. of $1,000 and bidder is required to name a
single rate of interest, expressed in a multiple of M or l-10th of 1 %.
The
that was authorized by the Reconstruction
Finance Corporation for a toll bridge, of which $400,000 was taken up and
paid for on Jan. 21, as noted here—V. 148, p. 1520—it is now reported
by the City Clerk that the entire issue will be dated as of Nov. 1, 1938,
will be 4% obligations, maturing in 30 years.
Erice(A-O)which theat the Peoples Trust cannot Bergen County, Hackensack.
it.
for payable bonds may be sold Co. of exceed $136,000. Prin. and
SHELBY SPECIAL CONSOLIDATED SCHOOL DISTRICT (P. O.
Shelby), Miss.—BONDS SOLD—A $40,000 issue of 3.H % refunding bonds
has
been sold, reports the Superintendent of Schools.
Dated Feb. 1,
1939.
Legal approval by Charles & Trauernicht of St. Louis.
McHugh, Clerk of Board of Chosen Freeholders, will receive sealed
noon on April 13 for the purchase of $1,115,000 not to exceed 6%
interest coupon or registered nurses' home bonds.
Dated April 1, 1939.
Denom. $1,000.
Due April 1 as follows: $45,000, 1940 to 1942, incl.;
$50,COO, 1943 to 1945, Incl.; $55,000 in 1946 and 1947 and $60,000 from
1948 to 1959, incl.
Bidder to name a single rate of interest, expressed in
a multiple of 14 of 1 %.
Principal and interest (A-O) payable at the County
Treasurer's office.
The sum required to be obtained at sale of the bonds is
$1,115,000.
A certified check for 2% of the bonds bid for, payable to the
order of the county, must accompany each proposal.
Legal opinion of
Hawkins, Delafield & Longfeljow of N. Y. City will be furnished the suc¬
cessful bidder,
•'
'
■>
with
the loan
of $1,925,000
BONDS
MISSOURI
Markets in all State, County & Town
Issues
Legal opinion of Reed, Hoyt, Washburn & Clay of New York
HUDSON COUNTY (P.
LANDRETH
BUILDING, ST.
LOUIS, MO.
MISSOURI
ARCADIA, Mo.—BONDS SOLD—It is reported that $10,500 4% semi¬
annual paving bonds have been purchased at par by Berger-Cohn & Co. of
St. Louis.
Dated Sept. 15, 1938.
W
FLORRISANT, Mo.—BOND SALE DETAILS—We are now informed
by Mayor A. F. Bangert that the $52,500 (not $52,900) registered water
works bonds purchased by the Mercantile-Commerce Bank & Trust Co. of
St. Louis—V. 148, p. 1520—were sold as 3 Ms, for a premium of $120, equal
to 100.228.
Denoms. $500 and $1,000.
Dated Oct. 1, 1938.
Due serially.
Interest payable A-O.
* OZARK
COUNTY
(P.
O.
Gainesville)
Mo.—BOND
SALE—The
$20,000 issue of 4% semi-ann. court house bonds offered for sale on March
20—V. 148, p. 1360— was awarded to the Mississippi Valley Trust Co. of
St. Louis, paying a price of 108.08, a basis of about 3.05%.
Dated Jan. 2,
1939.
Due $1,000 from Jan. 1,1940 to 1959 incl.
MONTANA
COUNTY SCHOOL DISTRICT NO. 33 (P. O. Edgar)
Mont.—BONDS NOT SOLD—It is stated by the District Clerk that the
CARBON
$8,000 not to exceed 6% semi-ann. gymnasium bonds offered on March 18—
V. 148, p. 1200—were not sold.
NEBRASKA
DISTRICT (P. O. Alliance), Neb.—BONDS
SOLD—It is now stated by the Superintendent of Schools that the $27,500 high school addition bonds offered for sale without success, on Oct. 7,
when all bids were rejected, have since been sold to the Wachob-Bender
Corp. of Omaha, as 3s.
Dated Dec. 15, 1938.
DALLIANCE
SCHOOL
bids until
BRUNSWICK,
ment bonds.
SCOTTSBLUFF SCHOOL DISTRICT (P. O. Scottsbluff), Neb.—
SALE DETAILS—It is stated by the Secretary of the Board of
BOND
Education that the $206,000 building bonds
here—V. 148, p. 1686—were purchased by
Omaha, as 3s at par.
which have been sold, as noted
the Kirkpatrick, Pettis Co. of
N.
3.—BOND
F.
OFFERING—John
Boyce,
City Clerk, will receive sealed bids until 2. p. on March 30, for the purchase
of $154,000 not to exceed 6% Interest coupon or registered refunding bonds.
Dated April 1, 1939.
Denom. $1,000.
Due April 1 as follows:
$4,000,
1940; $10,000 from 1941 to 1945, incl. and $25,000 from 1946 to 1949, incl.
Bidder to name a single rate of interest, expressed in a multiple of lA or
l-10th of 1 %.
Principal and interest (A-O) payable at the City Treasurers
office.
Purpose of the bond issue is to fund $147,005 due to the Board of
Education; repay $6,000 to the water department and to pay the costs
incidental to the issumce of the bonds. A certified check for 2% of the issue,
payable to order of the city, is required. Bonds will be prepared under the
supervision of the Continental Bank & Trust Co., New York, and legality
approved by Caldwell & Raymond of New York City. The city since 1934,
according to report, has made up its annual budgets by law upon a strict
cash basis, and during that period has reduced its gross indebtedness over
$1,000,000.
The statutory 20 day period for the commencement of litiga¬
tion after final publication of the ordinance authorizing the bonds offered
herein will not expire until April 12, 1939, and all bids will be subject to
the expiration of such period without the commencement of any litigation
concerning such bonds.
ISSUE URGED AS
the crisis which the
the burden imposed
by problems of relief in its municipalities, rests in the sale of a State bortd
issue for relief purposes, W illiam H. Albright, State Treasurer, told mem bers
and guests of the Bond Club of New Jersey on March 23, at a luncheon at
the Robert Treat Hotel in Newark.
Urging this solution upon his audienc
the 62-year-old former majority leader or the New Jersey State Sena
pointed out that $100,000,000 of bonds could be issued and sold immediately
by the State without costing the taxpayers an added penny.
"The issue,'
he said, "could be amortized over a 20-year period and the interest charges
JERSEY
NEW
(State of)—$100,000,000 BOND
SOLUTION OF RELIEF PROBLEM—The solution to
State faces in its financial affairs, chiefly as a result of
could be paid out of motor
fuel taxes and similar current revenues.
of the realm of politics."
result would be to take relief out
The
^
disclosed that
To prove the feasibility of such a bond issue, Mr. Albright
the net debt of the State currently stands at about $70,000,000.
that another $7,000,000 of this
any
Eastern State," he said.
He stated
total will be paid off in the next year
that by 1944 the entire outstanding State indebtedness
duced to $4,899,000.
"Per capita, New Jersey has the
and
will have been re¬
smallest budget of
"Some people have long favored
returning
and municipalities, but it is certain that the
load and render financial aid at least for a few years
Some 580 communities make up our State, and to strain their tax
and allow their financial integrity to disintegrate would be to
the relief burden to the counties
State must shoulder the
to come.
structures
FAIRBURY, Neb.—BONDS SOLD—It is reported that the following
by the First Trust
and $10,000 equip¬
bonds aggregating $100,000. were purchased recently
Co. of Lincoln: $90,000 distribution system revenue,
O. Jersey City), N. 3.—BOND OFFERING—
John J.
NEW
SCHERCK, RICHTER COMPANY
City will be
furnished the successful bidder.
destroy the faith and credit of the State itself.
Today, 95%
held by the State Sinking Fund Commission are invested in
of the funds
bonds of the
Discussing the tax situation in the State the
speaker expressed the opinion that the tax burden on real estate should be
lightened.
He asked how this was to be done when the people of the State
are opposed as they are to a sales tax and to luxuty taxes.
"I don't want
any taxes added in New Jersey unless the tax picture is spread to include
100% of the people who ought to pay taxes.
No man should pay more
toward the cost of government than he can afford to pay."
State's
municipalities."
1844
Financial
OCEAN
CITY,
N. J.—BOND OFFERING—Clyde W.
Struble. City
Treasurer, will receive sealed bids until 3 p. m. on March 29, for the pur¬
chase of $300,000 not to exceed 6% interest coupon or registered refunding
bonds.
Dated March 1, 1939.
Denom. $1,000. Due March 1 as follows:
$12,000, 1945; $15,000, 1940 and 1947; $22,000, 1948; $25,000, 1949 and
1950; $26,000, 1951; $20,000, 1952 and 1953: $30,000, 1954; $35,000, 1955;
$30,000 in 1956 and $25,000 in 1957.
Bidder to name a single rate of
interest, expressed in a multiple of H or l-10th of 1%.
Principal and int.
(M-8) payable at City Treasurer's office or at National Bank of Ocean
A certified check for 2% of the bonds offered, payable to order of
legal opinion of Caldwell & Raymond of New York
City will be furnished the successful bidder.
The statutory 20-day period
for the commencement of litigation after final publication of the ordinance
authorizing the bonds offered herein will not expire until April 8, 1939,
and all bids will be subject to the expiration of such
period without the
commencement of any litigation concerning such bonds.
City.
the city, is required.
BOND SALE POSTPONED—Above offering has been postponed as the
city desires to sell an additional amount of refunding bonds and wishes to
receive bids for all of the bonds at the same time. Particulars will be made
available in the
near
nished the successful bidder.
1934, and due Dec. 1, 1944.
Principal and interest (J-D) payable at the
Bank, N. Y. City, or at the Passaic National Bank & Trust
Co., Pasaaic.
Coupon with privilege of registration.
$1,000 denom.
Legality approved by Hawkins, Delafield tc Longfellow of N. Y. City.
They are unlimited tax obligations of the city.
Chase National
RANDOLPH TOWNSHIP
SCHOOL DISTRICT
(P. O. Dover),
N. J .—BOND SALE DETAILS—The $101,500 Z%% school bonds sold at
the State Teachers' Pension and Annuity Fund—V. 148. p. 1521—
mature Oct. 1 as follows: $2,500. 1939, $3,000 from 1940 to 1944 incl. and
$3,500 from 1945 to 1968 incl.
par to
SECAUCUS, N. J.—BOND OFFERING—Adrian Post, Town Clerk, will
receive sealed bids until 8 p. m. on March 28 for the purchase of
not to exceed 4%
interest coupon or registered sewer bonds.
$32,000
Dated
April 1, 1939.
Denom, $1,000.
Due $1,000 on April 1 from 1940 to 1971
incl.
Bidder to name a single rate of interest, expressed in a multiple of
Y± of 1 %.
Principal and interest (A-O) payable at the First National Bank
of North Bergen.
The price for which the bonds may be sold cannot exceed
$33,000.
A certified check for $640, payable to order of the town, is
required.
Legal opinion of Reed, Hoyt, Washburn & Clay of New York
City will be furnished the successful bidder.
AMBOY, N. J.—BOND OFFERING—George A. Kress, City
Treasurer, will receive sealed bids until 8 p. m. on April 4 for the purchase of
$32,000 not to exceed 6% interest coupon or registered bonds, divided
as
follows:
$17,000 street paving bonds.
Denom. $1,000.
Due March 1 as follows:
$3,000 from 1940 to 1942 incl. and $4,000 in 1943 and 1944.
11,000 street improvement assessment bonds.
Denom. $1,000.
Due
March 1 as follows:
$3,000 from 1941 to 1943 incl. and $2,000 in
1944.
4,000 street improvement bonds.
from 1940 to 1947 incl.
All of the bonds
Denom. $500.
Due $500
on
March 1
dated March 1, 1939 and will be sold as constituting
a single issue, with combined maturities, due
each March 1, as follows:
$3,500, 1940; $6,500, 1941 and 1942; $7,500, 1943; $6.500in 1944 and $500
from 1945 to 1947 incl.
Bidder to name a single rate of interest, expressed
in a multiple of ]4, or 1-10th of 1 %. Bids must be made for all of the issues
in combination.
Bidder to name a single rate of interest, expressed in a
are
multiple of H or 1-10th of 1 %. Principal and interest (M-8) payable at the
First National Bank, South Amboy, or at the South Amboy Trust Co.,
South Amboy.
The bonds are payable from unlimited ad valorem taxes
and the legal opinion of Caldwell & Raymond of New York
City will be
furnished the successful bidder.
A certified check for 2% of the amount of
bonds offered, payable to order of the City Treasurer, is required.
NEW
NEW
ROCHESTER, N. Y.—BOND OFFERING—L. B. Cartwright. City
Comptroller, will receive sealed bids until 11 a. m. on March 28 for the
purchase of $1,865,000 not to exceed 4% interest coupon public welfare
bonds, registerable as to both principal and Int.. but not as to principal only.
Dated April 1, 1939.
Denom. $1,000.
Due April 1 as follows: $185,000
from 1940 to 1948 incl. and $200,000 in 1949. Bidder to name a single rate of
interest, expressed in a multiple of
or 1-10th of 1%.
Bonds are Issued
for the purpose of funding public welfare 1938 notes now outstanding.
Principal and interest (A-O) payable at the paying agent of the City of
Rochester in New York City.
A certified check for 2% of bonds bid for,
payable to order of the City Comptroller, must accompany each proposal.
Legal opinion of Reed, Hoyt, Washburn & Clay of New York City will be
furnished the successful bidder.
Bonds are payable from unlimited ad
valorem taxes and will be delivered at a place in New York indicated by the
purchaser on or about April 12, 1939.
years,
.
MEXICO
.
unpaid taxes returned to it."
The Court, in a 4-to-l decision, overruled the town's contention
and in
the Westchester County sustem of financing school district
as follows:
"The statutes authorizing this form of
school tax financing were heretofore deemed to mean that the State had
required the town to furnish the machinery for the collection of school taxes
and the payment of uncollected school taxes ?s the town's own indebtedness.
On such a view,a borrowing incidental to carrying out the statutory mandate
was not a loaning of credit.
It was a borrowing of money by the town to
pay its own obligation in respect of school taxes, the payment, particularly
the uncollected portion thereof, being directly devolved upon the town.
As a consequence of the method authorized by Section 31, the conventional
debtor and creditor relationship does not arise between the school district
and the town.
Nor does it result in a primary or contingent obligation
owing by the school district to the town.
The section hasrmerely directory
regulations covering the manner in which the town shall provide requisite
earmarked funds, essential to the operation of the school district, as a
responsibility of the town.
School taxes are the intitial medium, a tax lien
for which is not the property of the school district but, on the contrary, is
the property of the town."
commenting
tax
on
collections noted
SALTAIRE,
Y.—BOND OFFERING—Austin J. Schmitt, Village
that the Board of Trustees will receive sealed bids at the
Iserman, Village Attorney, 39 Broadway, New York
City, until 11 a. m. on April 4 for the purchase of $62,000 not to exceed 6%
interest coupon or registeredrefunding bonds. Dated April 1,1939. Denom.
$1,000. Due April 1 as follows: $1,000, 1940; $2,000, 1941; $3,000, 1942 to
1944 incl.; $4,000 from 1945 to 1949 incl. and $5,000 from 1950 to 1955 incl.
Bidder to name a single rate of interest, expressed in a multiple of M or
1-10th of 1%.
Principal and interest (A-O) payable at the South Shore
Trust Co., Rockville Center, with New York exchange.
The bonds are
payable from unlimited ad valorem taxes and legal opinion of LeRoy B.
Iserman, Village Attorney, will be furnished the successful, bidder.
A
certified check for $1,500, payable to order of the village, must accompany
each proposal.
Clerk,
N.
announces
office of LeRoy B.
UTICA, N. Y.—CERTIFICATE SALE—'The $1,000,000 tax anticipation
certificates of indebtedness offered March 23 were awarded to Barr Bros. &
Co.
of
March
York at 0.123% interest rate, plus $4 premium.
Dated
1939, and due July 24, 1939.
Certificates are issued against
New
24,
and will be redeemed out of city tax
levy for fiscal year 1939.
Denoms.
$50,000 and payable at the Chemical Bank & Trust Co., N. Y. City.
Legal opinion of Thomson, Wood & Hoffman of N. Y. City.
Second high
bidder for the issue, Chase National Bank of New York, bid a rate of
0.13% plus $22 premium.
WESTCHESTER
COUNTY
NEW
School
District No.
3," concerning the failure of the Town of Rye in its
COUNTY
(P.
O.
$17,000
MECKLENBURG COUNTY, N. C., Sch. 23/4s
YORK
Albany),
N.
Due
Y.—BOND
CATO
IRA,
CONQUEST, VICTORY,
STERLING,
NO.
I,
$600,000 certificates of
indebtedness offered March 17 were awarded to the Elmira Bank & Trust
Co. of Elmira at 0.30% interest, at par plus $82.
Dated March 15, 1939
and due $300,000 June 1, 1939 and a similar amount on
Oct. 1, 1939.
Principal and interest payable at the First National Bank & Trust Co.,
Elmira.
Certificates issued in anticipation of taxes for fiscal
Jan. 1, 1939.
year
starting
They will be payable to bearer with privilege of registration
to principal and Interest.
Legality approved by Hawkins, Delafield &
Longfellow of New York City.
The National City Bank of New York,
other bidder, named a rate of 0.30%, plus $52.
as
HOLLAND (P. o. Holland), N. Y.—BOND
OFFERING—Wellman C.
Buckman, Town Clerk, will receive sealed bids until 11 a. m. on April 3 for
purchase of $25,500 not to exceed 6% interest coupon or registered
the
1939 water
bonds.
Dated Feb. 1, 1939.
One bond for $500,
Feb- 1 ^ follows: $1,000 from 1940 to 1964,
incl.,
Bidder to name a single rate of
interest, expressed in a
multiple of H or 1-I0th of 1 %.
Prin. and int. (F-A) payable at the Bank
of Holland.
The bonds are general obligations of the
town, payable from
unlimited taxes.
A certified check for
2% of the bonds bid for, payable to
and $500 in 1965.
order of Ross E. Brown, Town
Supervisor, must accompany each proposal.
Legal opinion of Thomson, Wood & Hoffman of N. Y. City will be furnished
the successful bidder.
PELHAM MANOR, N. Y..—BOND
OFFERING—Gervas H.
Kerr
Village Clerk, will receive sealed bids until 3:45 p. m. on March 27, for the
purchase of $17,000 not to exceed 6% interest coupon or registered series
No. 59 land and improvement bonds.
Dated April 1,1939.
Denom. $1,000.
Due April 1 as follows:
$2,000 from 1940 to 1947, incl. and $1,000 in 1948.
Bidder to name a single rate of interest,
expressed in a multiple of
or
l-10th of 1%
Principal and interest (A-O) payable at the Chemical Bank
& Trust Co., New York City,
A certified check for 2% of the bonds bid
for must accompany each proposal.
Bonds are general obligations of the
village, payable from unlimited taxes.
(The village originally planned 'to sell on-Jan. 24 an issue of $32,000
refunding and land improvement bonds.)
PORT CHESTER, N. Y.—NOTE OFFERING—'Thomas L.
Telesca,
Village Clerk, will receive sealed bids until 4 p. m.«on March 29 for the
purchase of $75,000 tax anticipation notes.
Dated April 1, 1939.
Due
June 1, 1939.
They are issued in anticipation of tax collections for fiscal
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone
3 9187
A. T. T. Tel. Rich. Va. 83
NORTH
CAROLINA
LYSANDER,
BUTLER AND HANNIBAL CENTRAL SCHOOL DISTRICT
N. Y.—PAYING AGENT—The Manufacturers Trust
Co., New York, is
paying agent for the $350,000 issue of district bonds, dated Oct. 15, 1938.
ELMIRA, N. Y.—CERTIFICATE SALE—The
Aug. 1, 1961-3-7, at 2.60% basis
SALE—The
$500,000 coupon or registered tax revenue bonds of 1938 offered March 21
—V. 148, p. 1686—were awarded to Phelps, Fenn & Co., Inc., and F. S.
Moseley & Co., both of New York, in joint account, as* Is, at a price of
100.025, a basis of about 0.99%.
Dated March 15, 1939, and due $100,000
on March 15 from 1940 to 1944, inclusive.
Reoffered to yield from 0.25%
to 1.10%, according to maturity.
Award was made at public auction.
Among other bidders were Halsey, Stuart & Co., Inc., 100.02 for Is, and
Hemphill, Noyes & Co., 100.156 for 1.10s.
of
N. Y.—COURT-
attempt to successfully challenge validity of procedure in vogue for many
years whereby towns are liable for unpaid taxes of school districts.
are
series
(P. O. White Plains).
RULES AGAINST TOWN IN RYE SCHOOL DISTRICT CASE—Atten¬
tion is directed to the report in this section, captioned "Rye Union Free
MEXICO, State of—DEBENTURE SALE
ALBANY
,
the towns have provided for delinquent part of school district taxes
by recourse to borrowing, where necessary, was defeated in a recent decision
by the Appellate Division, Supreme Court, Second Judicial District.
In
proceeding with the action, the town contended that the procedure is
illegal in light of an amendment to the State consitution, effective Jan. 1,
1939, which reads ".
•
nor shall any county, city, town, village or
school district give or loan its credit to or in aid of any individual, or public
or
private corporation or association, or private undertaking, but this
provision shall not prevent a county from contracting indebtedness for the
purpose of advancing to a town or school district, pursuant to law, the
NOT SCHEDULEDrinformed by E. D. Trujillo, Secretary of the State Board of
Finance,
that no definite date has been set for the sale of the $6,000,000 in
highway
debentures.
We
FREE SCHOOL DISTRICT NO. 3, N. Y —VICTOR IN
TAX CASE—The attempt of the Town of Rye to successfully challenge
validity of the Westchester County tax law under which, for numerous
amount of
PASSAIC, N. J.—BONDS PUBLICLY OFFERED—Hand, Rapp & Coof New York made public offering on March 24 of $155,000 4H% funding
bonds at a price of 109.25 and interest, to yield 2.50%.
Dated Dec. 1,
1939
successful bidder.
RYE UNION
incl. and $15,000 from 1957 to 1959 incl.
Bidder to name a single rate of
interest, expressed in a multiple of M or l-10th of 1 %. Principal and interest
(F-A) payable at the Orange First National Bank, Orange. Thj price for
which the bonds may be sold cannot exceed $378,000. A certified check for
$7,540, payable to order of the city, must accompany each proposal. Legal
opinion of Reed, Hoyt, Washburn & Clay of New York City will be fur¬
Mar. 25,
beginning April 1,1939. Deposits will not be required.
Legal opinion
of Reed. Hoyt, Washburn & Clay of New York City will be furnished the
year
future.
ORANGE, N. J .—BOND OFFERING—Ovid C. Bianchi, Director of
Department of Revenue and Finance, will receive sealed bids until 8 p. m.
on April 4 for the purchase of $377,000 not to exceed 6% interest coupon
or registered, series B, general fundiDg bonds.
Dated Feb. 1, 1939. Denom.
$1,000.
Due Feb. 1 as follows: $12,000, 1940; $20,000 from 1941 to 1956
SOUTH
Chronicle
BUNCOMBE
COUNTY
(P. O. Asheville), N. C.—BONDS PUR¬
CHASED—It is stated by Curtis Bynum, Secretary of the Sinking Fund
Commission, that the sinking funds have purchased the following: $242,000
Buncombe
County refunding
bonds
at
price
of 33.10;
$63,000
City
of
Asheville general refunding bonds at 33.10; $3,000 Asheville water refunding
bonds at 67.60; $30,000 various sanitary districts refunding, and $26,00
various school districts refunding
bonds.
LUMBERTON, N. C.—BOND OFFERING—We are informed by W. E.
Easterling, Secretary of the Local Government Commission, that he will
receive sealed bids at his office in Raleigh, until 11 a. m. on March
the purchase of a $25,000 issue of coupon street improvement bonds.
28, for
Dated
1939, maturing annually, March 1, $2,000, 1942, $2,000, 1943
and $3,000, 1944 to 1950, incl., without option of prior payment.
There
will be no auction.
Denom. $1,000; coupon bonds registerable as to prin¬
cipal alone; prin. and int. (M-S), payable in legal tender in New York
City; general obligations; unlimited tax; delivery on or about April 14, at
place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of H of 1 %.
Each bid may name one rate for
part of the bonds (having the earliest maturities), and another rate for
the balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest in¬
terest cost to the town, such cost to be determined by deducting the total
amount of the premium bid from the aggregate amount of interest upon
all of the bonds until their respective maturities.
No bid of less than par
March
1,
and accrued interest will be entertained.
Bids are required on forms to be furnished with additional information
and be accompanied by a certified check upon an incorporated bank or
payable unconditionally to the order of the State Treasurer
$500.
The approving opinion of Masslich & Mitchell, New York
City, will be furnished the purchaser.
trust company,
for
MARION, N. C—BOND OFFERING—We
are now informed by W. E.
Easterling, Secretary of the Local Government Commission, that he will
receive sealed bids at his office in Raleigh until 11 a. m. on March 28 for
the purchase of the following bonds, aggregating $15,000, dated April 1,
1939, due on Oct. 1 without option of prior payment:
$5,000 street improvement bonds, maturing annually, $500 1941 to 1944
and $1,000 1945 to 1947, all inclusive.
10,000 water and sewer bonds, maturing annually,
and $1,000 1945 to 1952, all inclusive.
$500 1941 to
1944,
Volume
Financial
148
r
1845
Chronicle
Denom. $500; prin. and Int. (A-0 1) payable in N. T. City in legal tender:
general obligations; unlimited tax; coupon bonds registerable as to principal
alone; delivery on or about April 12 at place of purchaser's choice.
There
will be
-
As previously noted in these columns the measure, pursuant to a recent
enactment or the State Legislature, required a majority vote of only 55%
for approval. It is to be observed too that under the provisions of the bill,
the reduced vote for approval
no
auction.
A separate bid for each issue (not less than par and accrued Interest)
Is required.
Bidders are requested to name the interest rate or rates, not
exceeding 6 %, in multiples of
of 1 %; each bid may name one rate for
part of the bonds of any issue (having the earliest maturities) and another
rate for the balance, but no bio may name more than two rates for any
Issue, and each bidder must specify in his bid the amount of the bonds of
each rate.
The bonds will be awarded to the bidder offering to purchase
the bonds at the lowest interest cost to the town, such cost to be deter¬
mined by deducting the total amount of the premium bid from the aggre¬
gate amount of interest upon all of the bonds until their respective ma¬
turities.
information,
and must be accompanied by a certified check upon an incorporated bank
or trust company, payable unconditionally to the order of the State Treas¬
urer, for $300.
The approving opinion of Masslich & Mitchell, N. Y. City,
be
Bids must
on
a
form to be furnished, with additional
applied only to several school districts in the
State, all other taxing units still requiring the usual 65% favorable vote on
issues submitted to the electorates.
DAYTON, Ohio—BONDS AUTHORIZED—1The State Tax Commission
city to issue $430,000 bonds in anticipation of collection
delinquent taxes.
An early offering is anticipated, providing for 10year bonds with first maturity being payable after five years.
City will
use the proceeds to fund the $300,000 1938 relief deficit and to meet the
has authorized the
of
balance still due for the month of January.
DELAWARE, Ohio—NOTE SALE—The Ohio Industrial Commission
Purchased on 1, 1938.20 Due Nov. 3% 1940. Unpaid note at par plus taken
March
a $50,000 1, delinquent tax balance will be $355.
>ated Nov.
of by bond Issue.
debt incurred prior to
tax bonds was sold to the
(This notice^su^plements the offering report given here on March 18—
NORTH CAROLINA, State of—LEGISLATIVE
1938.
Ohio—BOND OFFERING—Sealed bids addressed to
will be received until noon on April 4, for
exceed 6% interest sanitary sewege disposal
plant bonds, dividend as follows:
ENGLEWOOD,
ACTION ON BOND
March 22
Earl H. Sleppy, Village Clerk,
BILLS SUMMARIZED—The following letter was sent to us on
the purchase of $23,000 not to
by Charles M. Johnson, State Treasurer;
•.
"In reply to your letter of March 21, beg to advise you that the bill for
$4,500,000 highway bonds has not yet been introduced but it probably will
be in the next day or two.
The General Assembly has already authorized
$2,250,000 general fund bonds for free textbooks and additions to State
institutions.
This money has already been spent and the purpose of the
bill is to sell bonds and the proceeds to be used to reimburse the State
Treasurer, but I don't know just when these bonds will be sold. There is no
particular hurry about it; however, if the highway bill passes they will
prooably want this money in the near future, and if so both issues will be
sold at the same time."
v
RANDOLPH COUNTY (P. O.
$17,000 mortgage revenue bonds.
Denom. $500. Due Oct. 1 as follows:
$500, 1940 and 1941; $1,000, 1942; $500, 1943; $1,000, 1944; $500,
1945 to 1947, incl.; $1,000, 1948; $500, 1949; $1,000, 1950: $500,
1951; $1,000, 1952; $500, 1953; $1,000, 1954; $500, 1955; $1,000,
1956; $500, 1957 to 1959, incl., $1,000, 1960; $500 from 1961 to
1963, Incl. and $1,000 in 1964.
6,000 voted levy bonds approved at the general election in Nov., 1938.
Denom. $500.
Due $400 on Oct. 1 from 1940 to 1954, incl.
All of the bonds are dated April 1, 1939.
A certified check for 1% of
the bonds, payable to order of the village, is required.
AsheboroLN. C.—BOND OFFERING—
E. Easterling,
FINDLAY
Sealed bids will be received until 11 a. m. on March 28 by W.
April 1, 1939, and mature to 1959, incl.
for first five years, and $5,000 thereafter.
HILL, N. C.—BONDS SOLD TO WPA—It is stated
Clerk that $33,000 4% water
and sewer system
by the Public Works Administration.
Union
beat
Oct.
Interest A-O.
O. R. F. D. No. 1.
Ohio—ADDITIONAL DETAILS—The $40,000 3% school
BancOhio Securities Co. of Columbus—V. 148,
p. 1687—bear date of Dec. 1, 1938, and mature annually on Oct. 1.
LIBERTY RURAL SCHOOL DISTRICT (P. O. Raymond), Ohio—
BOND SALE DETAILS—The $42,000 building bonds purchased by Charles
A. Hinsch & Co,., Inc., and W. C. Thornburgh Co., both of Cincinnati—V.
148, p. 1687—were sold as 3 Ms, at par plus $600 premium, equal to 101.429.
Dated Aug. 15, 1938.
Coupon in denoms. of $1,000.
Due on March 1
and Sept, 1 from 1940 to 1960, incl.
Interest M-S.
Marysville),
addition bonds sold to the
by the Town
LOWELL,
bonds have been purchased
ruary.
Denoms.
MENTOR RURAL
COUNTY
(P. O. Mandan), N. Dak .—CERTIFICATES
M. J. Tobin, County Auditor, that the $50,000
NOT SOLD—It is stated by
sale
on
exceed 7% certificates of indebtedness which were scheduled for
Feb. 27—V. 148, p. 1201—were not sold as the county was unable
to receive bids for the
full amount and the offering was
shelved.
N. Dak.—BONDS SOLD TO STATE—It is stated by the
City Auditor that the $6,000 swimming pool bonds offered for sale qn
Nov. 1, when no bids were received, have since been purchased by the State,
Village
of
bond for
1941 and $1,000
of
of
must
accompany each proposal.,
Legal opinion of Squire, Sanders & Dempsey,
and transcript of proceedings, will be furnished the successful bidder.
Ordinances providing for the issue are entitled:
"To issue bonds in anticipa¬
tion of the collection of special assessments for the improvement of Bentleyville Road from the Chagrin Falls Village line to Fenkel Road by the installa¬
main and appurtenances therein."
(Above offering was postponed from March 18.—V.
bonds purchased by
Ohio—BOND OFFERING—A. M. Schoneberger, City
sealed bids until noon on April 3 for the purchase of
Auditor, will receive
$25,000 4 % coupon series No. 1-1939. water works bonds.
1939.
Denom. $1,000.
Due Sept. 1 as follows: $1,000 in
from 1941 to 1952, incl.
Bidder may name a different
expressed in a multiple of H
MITCHELL, HERRICK & CO.
CANTON
AKRON
CINCINNATI
at the First
of 1%.
Dated March 1,
1940 and $2,000
rate of interest,
Principal and interest (M-S) payable
themselves
Legal opinion
the purchaser
check for 5% of the bonds, payable to
National Bank, Norwood.
„A11 bidders must satisfy
validity of the bonds before submitting tenders.
of Peck, Shaffer & Williams of Cincinnati will be furnished to
to the
as
CLEVELAND
A certified
Treasurer, is required.
his own expense.
at
SPRINGFIELD
COLUMBUS
148, p. 1687.)
BREMEN; Ohio—BOND SALE DETAILS—The $15,000 Storm
J. A. "White & Co. of Cincinnati—V. 148, p.
1687—were sold as 2%s,M a price of 100.86, a basis of about 2.58%.
NEW
NORWOOD,
-700 CUYAHOGA BUILDING,
Ohio—BOND OFFERING—A. H. Bastian,
tion of a water
sewer
MUNICIPALS
Ohio—BOND SALE—An
27 as 4s at par, to Anthony
Clerk, will receive sealed bids until noon on April 15 for the purchase
$9,500 6% coupon water main bonds.
Dated Jan. 1, 1939. One
$500, others $1,000 each.
Due Jan. 1 as follows: $500 in
from 1942 to 1950, incl.
Interest J-J.
Bidder may bid a different rate
interest, provided that fractional rates are expressed in a multiple of M
1%.
A certified check for $200, payable to order of the village,
WISHEK,
OHIO
.
.
MORELAND HILLS,
,
T. Lennon & Co. of
1, 1939.
SCHOOL DISTRICT, Ohio—BONDS SOLD—An
bonds was sold to the Ohio State Teachers Retire¬
'
MONROEVILLE SCHOOL DISTRICT,
issue of $1,200 school bonds was sold on Feb.
Fritz of Monroeville.
SCHOOL
Compensation Bureau as 4s at par.
to
System.
ment
by the State
DISTRICT NO. 19 (P. O. Lisbon),
N. Dak.—BONDS SOLD—It is now reported by the District Clerk that
$72,600 building bonds offered for sale without success on Dec. 24, when
all bids were rejected, have since been purchased by the State Workmen's
MORTON
DETAILS—'The $15,000
bonds purchased by George
1687—were sold at par and are dated June
$500 and $250.
Interest M-N.
Coupon in form.
issue of $79,750 school
O. Linton), N. Dak.
that $9,000 gymnasium
bonds approved by the voters last June, have been purchased
Board of University and School Lands as 4s at par.
not
street improvement
Columbus—V. 148, p.
the City Auditor.
SPECIAL SCHOOL DISTRICT (P.
—BONDS SOLD—It is stated by the District Clerk
McCONNELLSVILLE, Ohio—ADDITIONAL
2ii%
N.
SPECIAL
Ohio—BONDS APPROVED—An issue of $16,495 sanitary
by the voters at an election held late in Feb¬
bonds was approved
sewer
Dak.—BOND SALE—The $12,000 issue of 4% coupon
semi-ann. water system bonds offered for sale on March 6—V. 148, p.
1361—was purchased by the First National Bank of Drake, at par.
Due
from March 1, 1940 to 1949 incl.
No other bid was received, according to
LISBON
.
LEESBURG-MAGNETIC SCHOOL DISTRICT (P.
•'
LINTON
City),
bonds sold to the BancOhio Securities Co.
DAKOTA
NORTH
SCHOOL DISTRICT (P. O. R. No.
Ohio—BOND SALE DETAILS—'The $38,000 school
of Columbus—V. 148, p. 1687—
3% interest and were sold at par plus $450, equal to 101.18.
Dated
1, 1938.
Denoms. $1,000 and $500.
Due from 1940 to 1965, incl.
JACKSON TOWNSHIP RURAL
3,
(not less than par and accrued interest)
is required.
Bidders are requested to name the interest rate or rates, not
exceeding 6%, in multiples of M of 1%; each bid may name one rate for
part of the bonds of either issue (having the earliest maturities) and another
rate for the balance; but no bid may name more than two rtaes for either
issue, and each bidder must specify in his bid the amount of bonds of each
rate.
The bonds will be awarded to the bidder offering to purchase the
bonds at the lowest interest cost to the county, such cost to be determined
by deducting the total amount of the premium bid from the aggregate
amount of interest upon all of the bonds until their respective maturities.
Bids must be on a form to be furnished, with additional information,
and must be accompanied by a certified check upon an incorporated bank
or trust company, payable unconditionally to the order of the State Treas¬
urer, for $1,130.
The approving opinion of Reed, Hoyt, Washburn &
Clay, N. Y. City, will be furnished the purchaser.
DRAKE,
Interest A-O.
FORT
A separate bid for each issue
ROSE
Denoms. of $6,000 and $5,000
JENNINGS SCHOOL DISTRICT, Ohio—BOND SALE DE¬
TAILS—-The $55,000 3% building bonds purchased by Siler, Carpenter
& Roose of Toledo—V. 148, p. 1687—mature $1,000 May 1 and $1,750 on
Nov. 1 from 1940 to 1959, incl.
Price paid was par.
'
37,500 general refunding bonds, maturing annually $11,500 1952 and
$13,000 1953 and 1954.
Denom. $1,000, excepting one bond of $500; prin. and int. (A-O 1)
payable in lawful money in N. Y. City; general obligations; unlimited tax;
coupon bonds registerable as to principal only; delivery at place of pur¬
chaser's choice.
There will be no auction.
-
at par
SCHOOL DISTRICT, Ohio—BOND SALE DE¬
building bonds purchased last August by Stranahan,
148, p, 1687—were sold as 2 Ms, are dated
Harris & Co., Inc. of Toledo—V.
1952 and $7,000
$19,000 school refunding bonds, maturing annually $5,000
CITY
TAILS—The $235,000
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of the following bonds, aggregating $56,500, dated April 1,
1939, due on April 1 as follows, without; option of prior payment:
1953 and 1954.
Purpose of issue is to pay off city
DELAWARE, Ohio—BONDS SOLD—An issue of $30,000 delinquent
State Industrial Commission.
Dated Nov. 1,
will be furnished the purchaser.
^
Interest M-N.
Jan. 1, 1938.
care
order of the City
FORT RURAL SCHOOL DISTRICT, Ohio—BONDS SOLD—
The $16,500 school building improvement bonds authorized by the voters
last August were sold to Siler, Carpenter & Roose of Toledo.
OLD
OHIO
HARBOR SPECIAL SCHOOL DISTRICT, Ohio—
OTHER BIDS—The $11,000 funding bonds awarded to Paine, Webber &
Co. of Cleveland as 2s, at par plus $43.89 premium, equal to 100.399, a
basis of about 1.87%—V. 148, p. 1687—were also bid for as follows:
ASHTABULA
Bidder—
Farmers National Bank & Trust Co.
of Ashtabula—
In}. Rate
2%
Premium
Par
2%%
$37.00
234 %
Saunders, Stiver & Co
BancOhio Securities Co
^ 10.00
234%
Ryan, Sutherland & Co__
51.00
OTTAWA
SCHOOL
May
and 1959.
4%
rejected.
3%
28.60
the $9,000
3%
11.00
were
on
(P. O. Cleveland), Ohio—BOND ISSUE
REPORT—Harvey Besticover, Village Clerk, reporting on the status of the
$13,815 4% refunding bonds unsuccessfully offered Feb. 20, advised that
some of the bonds were sold privately and the unsold portion is being ex¬
changed with holders of original debt.
Refunding issue is dated Nov. 1,
1938, and due Nov. las follows: $4,815 in 1951 and $4,500 In 1952 and 1953.
CAMPBELL.
Ohio—BOND
SALE— The
$64,187
property
owners'
portion street improvement bonds offered March 20—V. 148, p. 1361—
were awarded as 3a to Ryan, Sutherland & Co. of Toledo.
Dated Sept. 1,
1938, and due on April 1 and Oct. 1 from 1940 to 1949, inclusive.
CLEVELAND, Ohio—NOTE SALE—An issue of $1,500,000 1% tax
sold to a group composed of the Central National Bank, Cleve¬
land Trust Co., National City Bank of Cleveland, Union Bank of Com¬
merce and the Morris Plan Bank,
all of Cleveland.
Due on or before
Sept. i5, 1939.
notes was
CLEVELAND CITY SCHOOL
DISTRICT, Ohio—BONDS VOTED—
Clerk-Treasurer of the Board of Education, reports
that the $2,500,000 construction bond issue carried by a vote of 95,634 to
8,638, a majority of 66.3%, at the election on March 22—V. 148, p. 1687.
Ward Ashman, Deputy
O. Irondale)
the Board of
for
delinquent tax bonds offered March 20—V. 148, p. 1362—
Issue was to be dated March 15, 1939, and mature $1,000
SALINE TOWNSHIP RURAL SCHOOL DISTRICT (P.
Ohio—BOND SALE CANCELED—E. L. Elliott, Clerk of
Education, reports that, owing to an error
Middendorf & Co
HEIGHTS
DETAILS—
"
Inc.
Jefferson Banking Co
BROOKLYN
DISTRICT, Ohio—BOND SALE
The
July 15 from 1940 to
SHAKER
HEIGHTS
in the notice of sale, all bids
1948, inclusive.
CITY SCHOOL DISTRICT
(P. O. Shaker
Heights), Ohio—NOTE OFFERING—J. W. Main, Clerk-Treasurer of the
Board of Education, will receive sealed bids until noon on April 10 for the
purchase of $15,170.03 not to exceed 4% interest notes, issued to refund a
similar amount previously issued in anticipation of quarterly payment due
to the district from the State Public School Fund on Sept. 1, 1938.
Notes
will be dated April 1, 1939, and mature April 1, 1941.
Callable after
Nov. 30 in each year.
Annual interest on April 1.
A certified check for
$152 is required.
TOLEDO CITY SCHOOL DISTRICT (P. O. Toledo), Ohio—BOND
SALE—The $245,000 refunding bonds offered March 20—V. 148, p. 1522—
were awarded to the BancOhio Securities Co. of Columbus aa2Ms, at par
2.26%.
plus premium of $3,305, equal to 101.34, a basis of about
consisted of:
_
$145,000 series A bonds payable from unlimited taxes.
Due
Oct. 1 from 1940 to 1949, incl.
_
100.000 series
B
,
Sale
$14,500 on
,
bonds payable from taxes outside constitutional tax
of 1.25 mills.
Due $10,000 on Oct. 1 from
limits to the extent
1940 to 1949, incl.
Financial
1846
All of the bonds
are
dated April 1, 1939-
Chronicie
Mar.
1939
25
Second high bid of 100.26 for *
2Mb was made by a group composed of First Cleveland Corp.. Middendorf &
Co. and Seufferle & Kountz.
$237,000 BEAVER COUNTY and BEAVER COUNTY INSTITUTION DISTRICT,
PENNSYLVANIA
WESTON, Ohio—PROPOSED BOND ISSUE—It is reported that the
$5,000 4% water system bonds authorized by the voters in February will
be dated March
1, 1939, in $500 denoms. and mature
Oct. 1 from 1940 to 1949 incl.
$500 annually
1%% doe 10/1/45-10/1/50
@1.30% to 1.70%
on
JOHNSON & McLEAN
Incorporated
PENNSYLVANIA
PITTSBURGH
R. J. EDWARDS, Inc.
Municipal Bonds Since 1892
Oklahoma City,
289
PENNSYLVANIA
BERKS COUNTY (P. O.
Oklahoma
Reading), Pa.—NOTE SALE—The $700,000
notes offered March 22—V. 148, p. 1688—"were awarded
public auction to the Berks County Trust Co. of Reading, as follows:
tax anticipation
at
AT&T Ok Cy 19
A. T. T. Teletype—PITS
Telephone—Atlantic 8333
Long Distance 787
$450,000 general county notes at 0.34% interest.
Dated March 27, 1939
and due Oct. 27, 1939.
250,000 Institution District notes at 0.29% interest.
Dated April 27,
19o9 and due Oct. 27, 19,>9.
OKLAHOMA
Butcher & Sherrerd of Philadelphia, second high bidder, bid 0.345% for
CURTIS SCHOOL DISTRICT (P. O. Curtis), Okla —BONDS SOLD
-—It is stated by the District Clerk that $4,500 construction bonds
approved
by the voters last October have been purchased by the Security State Bank
ofMooreland.
DOUGHERTY
CONSOLIDATED
SCHOOL
DISTRICT
NO.
2
(P. O. Sulphur, Route 3), Okla.—BOND SALE DETAILS—It is now
reported that the $12,000 building bonds purchased by R, J. Edwards,
Inc., of Oklahoma City, as noted here—V. 148, p. 312—were sold as fol¬
lows: $1,000 as 2M», due in 1941: $5,000 as 3s, maturing $1,000 from 1942
to 1946, and $6,000 as 3 Ms. due
$1,000 from 1947 to 1952.
HITCHITA SCHOOL DISTRICT (P. O. Hitchita) Okla.—BOND
SALE—The $7,500 issue of coupon school building bonds offered for sale
on March 15—V.
148, p. 1522—was purchased by the Taylor-Stuart Co. of
Oklahoma City, as 4s, paying a premium of $38.50,
equal to 100.513, a
basis of about 3.90%.
Due)$l,000 from 1942 to 1947, and $1,500 in 1948.
MEEKER SCHOOL O
—It is
sold
now
reported by
th1
Feb. 28 to the Ba:
on
purchased at
a
TRICT (P. O. Meeker) Okla.—PRICE PIAD
District Clerk that the $15,000 building bonds
k of Meeker,
100\75,
price of
a
as 2Ms—V. 148, p. 1688—were
basis of about 2.37%.
Due from 1942
the county loan and 0.30%
Halsey, Stuart & Co.,
BRADFORD SCHOOL DISTRICT, Pa .—BOND OFFERIN G—M. B.
McDowell, District Secretary, will receive sealed bids until 5 p. m. on
April 5 for the purchase of $66,000 1M, 1M, 2, 2M, 2M, 2M, 3, 3M or3M%
coupon or registered series C school bonds.
Dated April 1, 1939. Denom.
$1,000. Due April 1 as follows: $8,000 from 1940 to 1945 incl. and $9,000
in 1946 and 1947.
Bidder to name a single rate of interest, payable A-O.
A certified check for 2%, payable to order of the District Treasurer, is
required. Bonds will be issued subject to approving legal opinion of Townsend, Elliott & Munson of Philadelphia.
DISTRICT (P. O. Ebensburg),
District 8ccretray, will receive
April 12 for the purchase of $27,000 3M%
coupon
school bonds.
Dated March 1, 1939.
Denom. $1,000,
Due
March 1 as follows: $1,000 from 1942 to 1958, incl., and $2,000 from 1959
to 1963, incl.
Interest M-8.
A certified check for $400. payable to order
of the District Treasurer, must accompany each proposal.
CAMBRIA
TOWNSHIP
SCHOOL
Pa.—BOND OFFERING—John P. Bloom,
sealed bids until
to 1949.
7 p.
m.
on
COATESVILLE SCHOOL DISTRICT, Pa.—BOND SALE—The issue
OKEENE SCHOOL DISTRICT (P. O.
Okeene), Okla.—BOND SALE
—The $10,000 issue of building bonds offered for sale on March 13—V.
148,
p. 1522—was awarded to the State Guaranty Bank of Okeene, according to
Due $1,000 from 1942
report.
to
1951, inclusive.
SAPULPA, Okla.—BOND REFUNDING CONSIDERED—It is now
reported that the City Commission has under consideration an ordinance to
refund $717,000 of bonds outstanding at
5% and 6% by new issues, and
Mayor Dan Odell hopes to include in the contract an increase in annual
maturities
as a means
of
reducing charges on the debt. An issue of $135,000
default April 2 if the refunding contract is not completed by that
will be in
date.
of $90,000 school bonds offered March 21—V. 148, p. 1203—was awarded
to Alex. Brown & Sons of Baltimore as 2Ms, at a price of 101.689, a basis
of about
2.10%.
Dated April 1, 1939 and due April 1 as follows:
$3,000
1949, incl. and $4,000 from 1950 to 1964, incl.
Other bids,
from 1940 to
for 2%% bonds,
Bidder—
were:
Rate Bid
Graham, Parsons & Co.; E. H. Rollins & Sons and Singer, Deane
101.379
& Scribner-:
Moore, Leonard & Lynch
Mackey, Dunn & Co
101.183
100.823
100.647
:
E. Lowber Stokes & Co. and George
E. Snyder & Co
BONDS PUBLICLY OFFERED—Success!ul bidders re-offered the bonds
°°^|gSupersedes the report given in
V
to
our issue of March 18—
SHAWNEE, Okla.—BONDS
VOTED AND DEFEATED—An an elec¬
March 7 the voters approved the issuance of bonds
totaling
$99,500 but rejected two issues amounting to $13,000.
Those approved were for $35,000 for
tion held
on
participation in a Federal project
a $300,000 NYA
training school, $38,500 for participation in a
$138,500 Fedreal airport project, $13,000 for fire fighting improvements,
and $13,000 for construction of a
grade crossing across the Santa Fe tracks.
Rejected were $6,000 and $7,000 issues for resurfacing downtown streets.
Pa.—BOND SALE—The $20,000
coupon
street
improvement oonds offered March 21—V. 148, p. 1363—were awarded to
Burr & Co. of Philadelphia as 2 Ms, at a price of 100.259, a basis of about
2.72%.
Dated April 1, 1939 and due $2,000 on April 1 from 1945 to 1954,
inclusive.
CONSOLIDATED SCHOOL DISTRICT NO. 61
Ryan), Okla.—BOND OFFERING—It is stated that sealed bids
received until 2 p. m. on March 29,
by H. Smith, District Clerk,
purchase of an $8,000 issue of building bonds.
Due $1,000 from
(P.
Interest rate to be stated by the bidder.
the County Superintendent's office at Waurika.
bid
A
TECUMSEH, Okla.—BOND EXCHANGE—It is stated by the City
Clerk that a total of $297,500
refunding bonds has been exchanged with the
holders of the original bonds.
CASCADE LOCKS, Ore.—BONDS SOLD—It is stated
by the City
Recorder that the $90,000 power company purchase revenue bonds
approved
by the voters at an election held last September have been sold.
'
LA
GRANDE, Ore.—BOND OFFERING—It is stated by L. B. Moe,
City Recorder-Treasurer, that he will receive sealed bids until April 5, for
an issue of
$120,000 3% semi-annual refunding improve¬
ment bonds.
Dated March 1, 1939.
Denoms. $1,000 and $500.
Due
the purchase of
,a^£oliows:J8'50() in 1940 and *941: $9,000 in 1942 and 1943;
J?«4il£10'000 in 1945 and 1946> $10,500 in 1947 and 1948; $11,000
l949j$j 1.500 in 1950, and $12,000 in 1951. The approving opinion of
Teal, Winfree, McCulloch, Shuler & Kelley of Portland, will be furnished.
Enclose a certified check for
$5,000.
(It is reported that these bonds were offered for sale on March 20 and all
m
rejected.)
NGJON, Ore.—BOND
OFFERING—It is stated that sealed bids
will be received until 7.30
p. m. on March 27, by Arnold Spauer. Town
Recorder, for the purchase of a $17,875 issue of not to exceed
4% semi¬
water bonds.
Dated March 1, 1939.
Due March 1, as follows:
$875 in 1940 and $1,000 in 1941 to 1957.
The bonds are
annual
additionally
a pledge of the net revenue of the water system.
for less
than
and accrued interest will
par
No conditional
be considered.
Prin.
and, ipJ- Payable at Town Treasurer's office.
The approving opinion of
Teal, Winfree, McCulloch, Shuler & Kelley, of
Portland, will be furnished.
Enclose
a
certified
check for
$500.
PORTLAND, Ore.—BOND
SALE CANCELED—It Is now reported that
the sale of the $53,216.64
6% semi-annual improvement bonds to the United
States National Bank of Portland on
Jan. 18, as noted here—-V. 148, p.
469—was called off by the
unable to obtain an
City Council on March 15 because the city was
approving opinion on the bonds from Storey, Thorndike,
Dodge of Boston.
The attorneys held that the city no longer
can redeem these bonds after
three years, even if it has the money to do so,
because the State law limits such
redemption to five years.
Efforts have
been made at this Legislature to
get this authority restored to save the city
payment of two years of additional interest.
Palmer &
101.397
101.132
foregoing, the following offers were received:
Bidder—
Rate Bid
Int. Rate
3M%
$84.00
3)1%
222.50
Phillips, Schmertz & Co_
4%
EAST
250.00
McKEESPORT, Pa.—BOND SALE POSTPONED—'The sale of
$23,000 funding and street and sewer improvement bonds,
take place on March 21—V. 148, p. 1688 was postponed.
scheduled to
JOHNSTOWN, Pa.—BOND SALE—The $200,000 sanitary sewer bonds
offered March 22—Y. 148, p. 1688—were awarded to Blair & Co., Inc. and
Butcher & Sherrerd, both of Philadelphia, in joint account as 3 Ms. at a
price of 101.263, a basis of about 3.02%.
$20,000 on Oct. 1 from 1940 to 1949 incl.
OREGON
bids received were
to the
3%
3M%
^
Johnson & McLean, Inc
Glover & MacGregor, Inc
certified
is required.
Rate Bid
Int. Rate
Singer, Deane & Scribner
O.
will be
for the
1944 to
The bids will be
received in
check for 2% of the
8ec\"*®d ^
or bids
bids:
Other
Bidder—
E. H. Rollins & Sons, Inc
In addition
SUGDEN
1951, incl.
yield from 0.65% to 2.25%, according to maturity.
DRAVOSBURG,
to construct
.
for the district issue.
$25, for the larger issue and 0.60%, plus $15, for the
Inc., bid 0.40%, plus
smaller offering.
Dated April 1,
Other bids:
E.
1939 and due
Int. Rate
Bidder—
H. Rollins & Sons, Singer,
Glover & MacGregor, Inc
3M%
Mackey, Dunn & Co., S. K. Cunningham & Co. and
Moore, Leonard & Lynch
Burr & Co
Barclay Moore & Co
Harriman Ripley & Co., Inc.
Rate Bid
Deane & Scribner, and
-
—
101.097
3M %
101.09
100.329
100.139
101.139
3M%
3M%
3M%
LACKAWANNA COUNTY (P. O. Scranton), Pa.—NOTE OFFERING
—Sealed bids addressed to Chief Clerk of Board of County Commissioners
will be received until March 28, for the purchase of $300,000 tax anticipa¬
tion notes, due Dec. 30,
LOWER
MERION
1939.
TOWNSHIP
SCHOOL
DISTRICT
(Pi O. Ard-
Pa.—BOND
OFFERIN G—Frances McCabe, District Secretary,
will receive sealed bids until 8 p. m. on April 3 for the purchase of $300,000
1M.1M.2, 2M.2M.2M.3.3M or 3M% coupon, registerable as to prin¬
cipal only, school bonds.
Dated April 1, 1939.
Denom. $1,000.
Due
April 1 as follows: $13,000 from 1942 to 1963, incl., and $14,000 in 1964.
Bidder to name a single rate of interest, payable A-O.
The bonds are gen¬
eral obligations of the district, payable from ad valorem taxes within the
limits imposjd by law on the property taxable therein for school purposes.
Bonds will be issued subject to approval of
proceedings by the Pennsylvania
Department of Internal Affairs.
A certified check for $6,000, payable to
order of the district, must accompany each proposal.
Legality to be ap¬
proved by Morgan, Lewis & Bockius of Philadelphia.
more),
LOWER PAXTON TOWNSHIP SCHOOL DISTRICT (P. O. Harris-
burg, R. D. No. 3), Pa .—BOND OFFERING—Elias H. Phillips, Secretary
Directors, will receive sealed bids until 7:l5 p. m. on
on April
13, for the purchase of $12,000 2, 2M, 3, 3M or 3M% coupon
of Board of School
school
bonds.
Dated April 1, 1939.
Denom. $1,000.
Due $1,000 on
April 1 from 1940 to 1951, incl. Interest A-O. Bonds will be issued subject
approval of proceedings by the Pennsylvania Department of Internal
to
Affairs.
MARCUS HOOK, Pa.—BOND OFFERING—R. C. Rennie, Borough
Secretary, will receive sealed bids until 8 p. m. on April 11 for the purchase
1M, 1M, 1M,2,2M.2M,2M or 3% coupon, registerable as
to principal only, building bonds.
Dated April 1, 1939. Denom. $1,000.
Due April 1 as follows:
$3,000, 1940: $4,000, 1941: $3,000, 1942; $4,000,
1943; $3,000, 1944; $4,000, 1945; $3,000, 1946; $4,000, 1947; $3,000 in 1948
and $4,000 in 1949.
Redeemable on April 1, 1940, or on any subsequent
interest date, at par and accrued interest.
Bidder to name a single rate of
interest, payable A-O. A certified check for 2% of the bonds bid for, payable
to order of the Borough Treasurer, is required.
Bonds will be issued subject
to favorable legal opinion of Townsend, Elliott & Munson of Philadelphia.
of $35,000 1,
.
S^VERTON, Ore.—BOND
stated
SALE
NOT
COMPLETED—It
by the City Recorder that the sale of the $26,000
?r°°,.o0D
sewer
is
now
and swimming
.to* Tripp & McClearey of Portland, noted here
V. 148, p. 1522—was not
bond attorney on a
completed
as
on March 11—
the bonds were turned down by the
technicality; however, the city is preparing to again
submit this issue to the people to be voted
approve the
issue, it will again be
up
on
March 31, and, if the voters
for sale.
PENNSYLVANIA
AMBRIDGE, Pa.—BOND OFFERING—Samuel L. Card, Borough Sec"
^ary, will receive sealed bids until 8 p. m. on March 27 for the purchase of
$85,000 coupon swimming pool construction bonds.
Dated April 1, 1939.
Denom. $1,000.
Due April 1 as follows: $10,000 from 1947 to 1953, incl.,
and $15,000 in 1954.
Bidder to name a single rate of interest, expressed in a
multiple of M of 1 % and payable A-O.
Sale of bonds is subject to approval
of
proceedings by the Pennsylvania Department of Internal Affairs.
A
$1,000, payable to order of the borough, is required.
Legal opinion of Burgwin, Scully & Churchill of Pittsburgh will be furnished
certified check for
the successful bidder.
NANT1COKE, Pa.—BOND SALE— The $125,000 coupon funding bonds
21—V. 148, p. 1363—were awarded to Barclay, Moore &
offered March
Co.
and Burr & Co., both of Philadelphia, jointly, as 3Ms at 100.409,
basis of about 3.20%.
Dated April 1, 1939, and due Oct. 1 as follows:
$5,000from 1941 to 1950, incl., and $25,000from 1951 to 1953, incl.
Singer,
Deane & Scribner of Pittsburgh, second high bidder, offered 100.12 for
3Ms.
a
OLYPHANT
R.
SCHOOL
DISTRICT,
Pa.—BOND
OFFERING—John
O'Connor, District Secretary, will receive sealed bids until 8 p. m. on
31 for the purchase of $63,000 4M% coupon, registerable as to
principal only, judgment and tax refunding bonds.
Dated April 1, 1939.
Denom. $1,000.
Due April 1 as follows: $2,000 from 1942 to 1947 incl. and
March
Financial
148
Volume
$3,000 from 1948 to 1964 incl. Interest A-O. Bonds will be sold subject to
approval of proceedings by the Pennsylvania Department of Internal
Affairs. A certified check for 5% of the par value of the bid must accompany
each proposal.
»
PENNSYLVANIA
(State of)—LOCAL ISSUES APPROVED—The
Pennsylvania Department of Internal Affairs has approved the following
bond issues.
Information Includes name of the municipality, amount and
purpose of issue and date approved:
Dote
Municipality and Purpose of Issue—
Amount
Allegheny
Co.—Refunding
indebtedness
for
per¬
manently improving tunnels, subways and roads
$400,000
Allegheny Co.—Refunding indebtedness for improv¬
ing county roads and paying cost of damages
3000,000
Allegheny Co.—Erecting & constructing new & suf¬
ficient bridges
^
2000,000
Allegheny
Co.—Acquiring
land
for
parks,
play¬
grounds & other outdoor recreation centers
600,000
Cumru Twp. S. D., Berks Co.—Providing funds for
current expenses and debt service
20,000
DuBois City Clearfield Co.—Constructing a trunk line
sewer and the construction of public parks & grounds
50,000
Ridgeway Borough S. D., Elk Co.—Paying the
bonded indebtedness
;
28,000
Susquehanna Twp. S. D., Dauphin Co.—Providing
for current expenses and debt services
^
12,000
Cecil Twp.
S. D., Washington Co.—Paying the
bonded indebtedness incurred by the said school
district
25,000
Erie Co.—Providing funds to refund a portion of the
outstanding non-electoral indebtedness
150,000
Ingram
Borough,
Allegheny
Co.—Providing per¬
manent street and sewer impro vements
25,000
Shinglehouse Borough, Potter Co.—Providing pay¬
ment of a water works; to approve bond forms;
provide for assessment, levy and collection of a tax
to pay interest
*
16,500
Clymer Borough, Indiana Co.—Paying off and fund¬
ing floating indebtedness
8,000
Clearfield Borough 8. D., Clearfield Co.—Providing
funds for the refunding of an outstanding bonded
»
0' •
indebtedness
t.
80,000
Bell Twp. S. D., Westmoreland Co.—To assist in
\
paying for the completion of the erection, equipping
and furnishing of the high school building
21,000
RIDGWAY
SCHOOL
DISTRICT,
Pa.—BOND
& Merchants Bank of Dyer at a price
$500, equal to 95.00,
Feb. 14
a
basis of about 4.60%.
HUNTINGDON, Tenn.—BONDS SOLD—A $28,000 issue of 4% semi-
Feb. 14
water works revenue bonds is reported, to have been purchased by the
Cumberland Securities Corp. of Nashville.
Dated Dec. 1, 1938. Due on
Dec. 1 as follows: $1,000, 1939 to 1950; $2,000, 1951 to 1958. These bonds
Feb. 15
are
ann.
Feb. 17
solely revenue obligations, it is stated.
MARION
Feb. 15
COUNTY
(P.
O.
Tenn.—BONDS SOLD—It it
purchased
Jasper),
reported that $112,000 5% semi-annual funding bonds have been
by C. H. Little & Co. of Jackson.
MEMPHIS,
Mar. 14
Tenn.—BOND
EXPECTED—We quote in
"Wall Street Journal" of
OFFERING
part as follows from an article appearing in the
March 22:
Mar. 14
Mar. 14
Mar. 15
Mar. 15
Mar. 16
Mar. 17
be sold
(revenue
Mar. 17
OFFERING—Dean
Dated April 1, 1939 and due April 1 as follows:
$5,000 from 1942 to 1944, incl., and $6,000 from 1945 to 1964, incl.
OFFERING—David N.
Crider, Secretary of Board of School Directors, will receive sealed bids until
7:30 p. m. on April 13, for the purchase of $425,000 1, 1M, 1M, 1M. 2,
2M,2M,2M or 3% coupon, registerable as to principal only, improvement
bonds.
Dated May 1, 1939.
Denom. $1,000.
Due May 1 as follows;
$18,000 from 1942 to 1953, incl. and $19,000 from 1954 to 1964 incl. Bidder
to name a single rate of interest, payable M-N.
Bonds wiil be issued subject
to favorable legal opinion of Townsend, Elliott & Munson of Philadelphia.
A certified check for 2% of the bonds bid for, payable to order of the District
Treasurer, is required.
(Preliminary details of this offering appeared in V. 148, p. 1689.)
■
Investment houses which have been working on details of the proposed
financing in Memphis, Tenn., anticipate that the city's offering of electric
power and gas system bonds may
be marketed within the next 30 days.
At least two syndicates are prepared to submit tenders for the bonds and
there is a possibility that other houses may have decided to enter the
competition before the sale is concluded.
'
Several problems have to be ironed out before the issues will be ready
for market, but other details have been fairly definitely decided.
The city will have about $12,000,000 bonds to be issued in connection
with the purchase of electric properties and an additional $5,000,000 wiil be
sold to pay for the acquisition of the gas division.
The city's purchase of the distribution properties of Memphis Power &
Light Co. included both the facilities for distribution of electricity and gas.
Questions still to be decided prior to the offering of the two issues—they
cannot
composed of E. H. Rollins & Sons, Inc., Philadelphia,; Singer,
Scribner, Glover & MacGregor, Inc., and S. K. Cunningham
or
in
a
unit—include the
NARRAGANSETT,*R.
ISLAND
I.—BOND SALE—A syndicate composed of
Kidder, Peabody & Co., both of New York,
Co., Boston, and Burr & Co., New York, recently pur¬
chased $355 000 bonds as follows:
$300,000 3% beach development bonds.
55,000 2M% highway reconstruction bonds.
Dated April 1, 1939.
Due on April 1 from 1940 to 1969 incl.
Legality
approved by Ropes, Gray, Boyden & Perkins of Boston.
Harriman Ripley & Co.. Inc.,
Bond, Judge &
CAROLINA
SOUTH
PORTLAND, Tenn .—BONDS NOT SOLD—It is now reported by the
City Clerk that the $20,000 not to exceed 5% semi-annual electric bonds
offered on Dec. 30—V. 148, p. 3805—were not sold as the bond proceedings
were rejected by the Government.
Dated Jan. 1, 1939.
Due from Jan. 1
1941 to 1959; optional after 10 years.
TEXAS
BARCLAY
COMMON
DISTRICT NO.
SCHOOL
5
(P. O. Marlin),
bonds approved
Texas—BONDS SOLD—It is reported that $13,500 building
by the voters last October, have been purchased by the State Permanent
School Fund.
The
Superintendent
of Schools states that these bonds were sold as
3 Ms, and mature in 20 years.
BARTLETT, Texas—BONDS SOLD—-It is stated by the City Attorney
that $23,000 4% sewer system bonds approved by the voters on Fpb. 15
by a wide majority, have been sold.
Dated March 1, 1939.
Due serially
in 17 years; optional after five years.
COUNTY
(P. O. Bryan),
Texas—ADDITIONAL IN¬
connection with the sale of the $90,000 refunding
BRAZOS
FORMATION—In
bonds, which was noted in these columns on March 11—V. 148, p. 1524—
we received the following letter, dated March 18, from A. S. Ware, County
Judge:
Replying to your letter of March 6, beg to state that Brazos County.
Texas, recently issued a block of $90,000 of bonds authorized for road
$1,000
by a vote in 1929, but not theretofore issued.
They are of
denomination, dated Feb. 15, 1939, maturing serially on April 1, 1940
1944 inCl.,
coupons,
bearing 2%
interest, and the interest is payable
April 1.
v
1940 to 1949.
EASLEY SCHOOL DISTRICT (P. O.
It is reported
3 M % school
Easley), S. C.—BONDS SOLD—
by the Secretary of the Board of School Trustees that $110,000
bonds have been purchased by the Robinson-Humphrey Co.
"
COUNTY
(P. O. Lancaster), S. C.—BOND SALE
DETAILS—It is now reported by the Chairman of the Board of County
Commissioners, that the $48,000 county road and bridge bonds purchased
on Nov. 2 by McAlister, Smith & Pate, Inc., of Greenville, as noted here
at the time, were sold as follows: $25,000 as 3 Ms, due $5,000 from Jan. 1,
1944 to 1948, and $23,000 as 2Ms, maturing on Jan. ,1: $5,000 in 1949 to
1952, and $3,000 in 1953.
LANCASTER
PICKENS COUNTY
(P. O. Pickens), S. C —BONDS OFFERED—11
that sealed bids were received until March 25, by the County
Treasurer, for the purchase of a $25,000 issue of road bonds.
is reported
SOUTH
DAKOTA
CODINGTON COUNTY (P. O. Watertown), S. Dak.—BOND SALE—
The $90,000 issue of
funding bonds offered for sale on March 21—V. 148,
printing, on open bids in private sale, to
Dittmar & Co., of San Antonio, Dallas and Houston, for par,
a premium of $57 cash, making the net interest rate
to the county of 1.99% plus.
Proceeds of the bonds took up and wiped out a deficit in our road and
bridge fund, which had been occasioned by expenditures for road pur¬
poses.
In other words, the effect was refunding.
The proceedings in this matter were ably handled for the court by the
J. R. Phillips Investment Co., of Houston.
These bonds were sold before
Mahan,
CHILDRESS, Texas—BOND TENDERS INVITED—It is
COLONY
the
voters
SCHOOL
on
Feb.
11,
DISTRICT
(P.
intendent of Schools.|
,
INDEPENDENT
*
Super¬
.
Texas—COURT RULES CITY MUS7~HOWOR
BONDS—An Associated Press dispatch ffom Corpus Christi on March 15
CORPUS
CHRISTI,
reported as follows:
"The
,
City of Corpus Christi will have to honor
$1,000,000 worth of water
bonds which the city claimed were improperly issued, United States Judge
T. M. Kennerly ruled roday for a group of plaintiffs headed by Fred B.
Hayward of Austin, holders of part of the bonds. ° The bonds were Issued in
1927 and 1929 to construct a dam on the Nueces River to form a water
for Corpus Christi."
reservoir
CROSBYTON, Texas—BOND TENDERS ACCEPTED—In connection
refunding bonds, it is stated by the
purchased at a price of 74.88.
with the call for tenders on series 1935
City Cldrk that a total of $6,000 bonds were
DIXIE SCHOOL DISTRICT
SOLD—
bonds has been sold, according to
(P. O. Tyler) Texas—BONDS
—BONDS SOLD—It is stated by the
Due from 1942 to 1959.
CONSOLIDATED SCHOOL
DISTRICT NO. C—1 (P. O. Harrisburg), S. Dak.—INTEREST RATE—
We are informed by the Clerk of the Board of Education that the $5,000
coupon funding bonds purchased on March 16 by the Northwest Security
National Bank of Sioux Falls, at par, as noted here—Y. 148, p. 1690—
were sold as 3Ms.
No other bid was received, he reports.
Due $500 from
Jan. 1, 1942 to 1951 incl.
COUNTY
O. Eastland) Texas—BONDS
gymnasium bonds approved by
has been sold, according to the County
Minneapolis, as 2Ms, paying a
Dated April 1, 1939.
LINCOLN
than par and
accrued interest.
A $9,000 issue of 4% semi-ann. building
the County Superintendent of Schools,
Auditor.
stated by
tenders until
Johnson, City Secretary, that he will receive sealed
April 17, for bonds of the following series:
$3,000 4% refunding, series 1937 A bonds.
6,000 4M% refunding, series 1937 B bonds.
6,000 4M% water works refunding, series 1937 bonds.
Any maturity will be considered. All offers must be at less
p. 1689—-was awarded to a group composed of Kalman
the Thrall West Co., the Justus F. Lowe Co., and J. M.
& Co. of St. Paul,
Dain & Co., all of
price of 100.72, according to the County
,
accrued interest and
SOLD—A $6,000 issue of 3M% semi-ann.
of Atlanta.
to
annually on
,
Whitt
C.—BONDS SOLD—It is
stated by the County Supervisor that $39,000 2M% semi-ann. road bonds
have been purchased by the Trust Co. of Georgia, of Atlanta.
Due from
ANDERSON COUNTY (P. O. Anderson) S.
each
type of bond to be sold for
general obligation) and the bona service.
purposes
RHODE
Due
Dated Sept. 1, 1938.
$500 from 1939 to 1958 inclusive.
Feb. 14
& Co., all of Pittsburgh.
Pa.—BOND
Tenn.—BOND SALE—The $10,000 issue of funding bonds
on March 20—V. 148, p. 1690—was awarded to the Farmers
of 104, reports the Town Recorder.
Dated March 1, 1939.
Due from March 1, 1948 to 1951.
DYER,
offered for sale
HENDERSON, Tenn.—BOND SALE—The $10,000 issue of city hall'
to a group
DISTRICT,
Hoffman, of
Sale will be subject to approval of Thomson, Wood &
New York, as to legality and form of bonds.
city.
series of 1938 bonds offered for sale on March 18—Y. 148, p. 1363—was
purchased by the First State Bank of Henderson, as 4s, less a discount of
WILKINS TOWNSHIP SCHOOL DISTRICT (P. O. WilMnsburg,
R. D. No. 1), Pa.—BOND SALE—The $135,000 coupon school bonds of¬
fered March 23—V. 148, p. 1363—were awarded as 3s at a price of 100.267,
SCHOOL
Purchaser to pay accrued interest and furnish bonds.
Bonds will not be sold at less than par, and are the general obligations of the
Feb. 14
Williams, District Secretary, will receive sealed bids until noon on April 14
purchase of $28,000 3% coupon school bonds. Dated May 1, 1939.
Denom. $500.
Due May 1 as follows: $3,000 from 1940 to 1948 incl. and
$1,000 in 1949. Interest M-N. Bonds have been approved by the Depart¬
ment of Internal Affairs.
A certified check for 10% of the amount bid
must accompany each proposal.
\
YORK
Finance and Revenue.
Approved
for tbe
Deane &
1847
Chronicle
DUMAS INDEPENDENT SCHOOL DISTRICT (P. O.
Dumas), Texas
Superintendent of Schools that
3% construction bonds approved by the voters
sold to a local bank.
$65,000
last December, have been
HARRIS COUNTY DRAINAGE DISTRICT NO. 14 (P. O.
Texas—BONDS SOLD—It is reported that $21,000 drainage
Houston),
bonds were
sold recently at a price of 100.26.
HOUSTON
COUNTY
COMMON
DISTRICT NO. 36
reported that $19,450 con¬
State Board of Education as 3s,
SCHOOL
(P. O. Crockett), Texas—BONDS SOLD—It is
TENNESSEE
CLARKSVILLE, Tenn.—BOND OFFERING—It is stated by J. H.
Marable, Commissioner of Finance and Revenue, that he will offer for sale
at public auction on April 3, at 2 p.m., the following issues of not to exceed
4% semi-ann. bonds aggregating $230,000:
$140,000 funding bonds. Due April 1, as follows: $17,000 in 1940 to 1944,
$10,000 in 1945 to 1949, and $5,000 in 1950. The bonds represent
a balance of $187,208.42 paid by the city for permanent improve¬
ments, and are authorized to be issued by the city pursuant to
Chapter 318, Tennessee Private Acts of 1939 and the City Charter.
90,000 school bonds.
Due April 1, 1954.
These bonds are to assist in
payment of new school buildings and additions being erected at
cost of about $160,000, part of costs of which will be paid by
Government grant, and are authorized to be issued by the city
pursuant to Chapter 319, Tennessee Private Acts of 1939 and the
City Charter.
Dated April If 1939. Denom. $1,000. Prin. and int. payable at the Chemical
Bank & Trust Co., New York, or at the office of the Commissioner of
struction bonds have been purchased by the
INDEPENDENT SCHOOL DISTRICT (P. O. Jose¬
Texas—BONDS SOLD—It is stated by the Superintendent Jof
that $15,000 of the $25,500 construction and equipment bonds
approved at an election held last October, have been sold to the State
School Board, and the remainder will be sold later this year, togeber with
JOSEPHINE
phine)
Schools
$4,500 refunding bonds.
LAMPASAS, Texas—BOND PURCHASE CONTRACT MADE—It is
Lyie Oliver, City Secretary, that the $100,000 electric system
bonds offered for sale without success on Dec. 20, when all bids
were rejected, have been contracted for by Newman & Co. of San Antonio,
but the deal cannot be consummated until power negotiations are concluded
between the Lower Colorado River Authority and the Texas Power & Light
stated by
revenue
Co.
LAMPASAS
SCHOOL
DISTRICT
BONDS SOLD—The $16,500 construction
last
of
(P.
O.
Lampasas), Texas—
bonds approved by the voters
Rauscher, Pierce & Co.
October, are said to have been purchased by
Dallas.
1848
Financial
LEVELLAND
SCHOOL DISTRICT (P.
O. Levelland), Texa»—
BONDS SOLD—The following bonds aggregating $40,000, are reported to
have been purchased by the State Board of Education;
tion, and $10,000 improvement bonds.
$30,000 construc¬
NAVASOTA, Texas—BONDS SOLD—It is stated that $13,000 city hal1
refunding bonds were sold recently to Dillingham & McClung of Houston
at a price of 108.588, the highest bid ever received for bonds of this city.
NEDERLAND SCHOOL DISTRICT (P. O. Nederland), Texas—
BONDS SOLD—It is stated by the District Secretary that $90,000 building
bonds were purchased jointly by Duquette & Co. or Houston, and Mahan,
Dittmar & Co. of San Antonio, at a price of 100.118.
POTEET INDEPENDENT SCHOOL DISTRICT (P. O. Poteet),
Texas—BONDS SjOLD—It is reported by the Secretary of the Board of
Trustees that $29,900 of the $40,000 refunding bonds offered for sale with¬
out success on Dec. 9 have been purchased by Crummer & Co. of Dallas
as 4^8.
1939
gram.
z
Economies effected in 1938 resulted in savings for that year of
$180,000.
seen
from the above that increased receipts should not alone
a substantial amount for retirement
balance expenditures for 1939 but leave
of outstanding warrants.
YAKIMA, Wash .—BOND OFFERING—It is stated by Pearl Benjamin,
City Clerk, that she will receive sealed bids until 10 a. m. on April 13, for
the purchase of the following coupon bonds aggregating $35,000:
$13,000
fire department; $16,000 truck purchase, and $6,000 airport improvement
bonds.
Interest rate is not to exceed
6%, payable M-S.
Denom. $1,000.
Dated March 1, 1939.
Due March 1, as follows:
$1,000 in 1940 to 1944,
$2,000 in 1945 to 1947, $3,000 in 1948 to 1951 and $4,000 in 1952 to 1954.
Prin. and int. payable at the City Treasurer's office. The bids shall specify
(a) the lowest-rate of interest and premium, if any, above par at which such
bidder will purchase said bonds; or, (b) the lowest rate of interest at which
the bidder will purchase said bonds at par. For the prompt payment of the
bonds, both principal and interest, as the same matures, the full faith,
credit and resources of the city are irrevocably pledged. The bonds are issued
under the
authority of and in full compliance with its charter and the laws
and constitution
or
the State for the purpose of providing funds for certain
strictly municipal purposes.
Enclose
certified check for 5%.
a
Texas—BONDS SOLD—It is stated that $15,000 water and
street bonds have been sold to local
*
Mar. 25,
State collected taxes will be compensated for by a local business tax pro¬
It will be
MOUNT PLEASANT SCHOOL DISTRICT (P. O. Mount Pleasant)
Texas—BONDS SOLD—It is stated by the District Secretary that $40,000
school bonds were purchased some time ago by Miller, Moore & Brown of
Dallas as 3)4».
Due on Feb. 15 as follows: $1,000, 1939 to 1941; $2,000,
1942 to 1949, and $3,000, 1950 to 1956.
RUSK,
Chronicle
purchasers.
Texas—BONDS SOLD—It is stated by thfe City
Secretary that $35,000 building bonds approved by the voters last July,
WISCONSIN
STEPHENVILLE,
have been sold to local purchasers.
TEXAS, State of—BOND CALL—It is announced by Charley Lockhart
exercised its option
State Treasurer, that the State Bond Commission has
to call for
tional
payment on April 15, at his office, through the American Na¬
State of Texas, First series, relief
Bank at Austin, tne following
bonds aggregating $1,375,000:
Nos. 2751 to 3063
Nos. 3376 to 3700
$312,000
325,000
350,000
388,000
Due Oct. 15, as follows: $312,000
in 1940, $325,000 in 1941, $350,000 in 1942, and $388,000 in 1943.
Nos. 4026 to 4375_
*
Nos. 4726 to 6113
Dated Oct. 15, 1933.
Denom. $1,000.
TITUS COUNTY (P. O. Mt. Pleasant), Texa*—BOND ELECTION—
It is said that an election will be held on April 1 in order to pass on the
issuance of $160,000 in court house bonds.
WACO, Texas—PRICE PAID—It is stated by the City Secretary that
the $638,000 334% semi-annual refunding bonds purchased by a syndicate
headed by Stranahan, Harris & Co., Inc. of Toledo,
as noted here on
March 18—V. 148, p. 1690—were sold at par.
Due from April 1, 1945 to
1967, inclusive.
WICHITA FALLS INDEPENDENT SCHOOL DISTRICT (P. OWichita Falls), Texas—BOND CALL—It is stated by J. B. McNiel,
Secretary of the Board of Trustees, that the following refunding, series of
1935 bonds, aggregating $541,000, part of an original issue of $1,855,000,
are called for payment at par and accrued interest on
May 1, at the Central
Hanover Bank & Trust Co. of New York City, and bear interest rates as
KENOSHA
COUNTY
(P. O. Kenosha), Wis .---BOND SALE—The
following issues of refunding bonds aggregating $115,000, offered for sale
March 20—V. 148, p. 1524—were awarded to Stranahan, Harris & Co.,
Inc. of Toledo, as 2?4s, paying a premium of $793.50, equal to 100,69, a
basis of about 2.63%:
"
$40,000 series 1939 bonds, dated April 1, 1939.
75,000 series 1939 bonds, dated April 15, 1939.
Due from April 15, 1940 to 1950 incl
on
MILWAUKEE, Wis.—WATER BONb REFINANCING PLANNED—
The city is planning to lop off nearly $1,000,000 from the total cost of the
financing of its federally-aided $5,000,000 water filtration plant by a re¬
funding operation which will retire $3,675,000 of 4% mortgage obligations
issued in 1933, and leave instead new 2^% bonds to be sold to the city's
public debt amortization fund at par.
A Chicago law firm, Spitz & Adcock, is drafting an ordinance to be
presented to the council, for adoption prior to June 1, authorizing the city
to call the outstanding water works 4% bonds, effective July 1.
1
Net interest cost on these bonds, up to and including July 1, 1939, wil
be $341,447.
Funds set aside from water department earnings for interest
and redemption of the original issue exceeds requirements to meet payments
up to and including July 1 by more than $320,000.
At-that time the out¬
standing 4s will be $3,086,000.
SHAWANO, Win.—PRICE PAID—It is now reported by the City Clerk
that the $35,000 3% semi-ann. sewer bonds purchased by the Milwaukee
Co. of Milwaukee, as noted here—V. 148, p. 1524—-were sold for a premium
of $2,321, equal to 106.63, a basis of
Due from Jan. 1, 1940 to 1949 incl.
Dated Jan. 1, 1939.
about 1.88%.
•
•
follows:
From
From
From
From
April
May
May
May
SHAWANO
<
All outstanding bonds of said issue are called for payment, whether o*r
not
*
SCHOOL
BEAUPRE,
1, 1935 to May 1, 1940,4%.
1,1940 to May 1, 1945, 4%%,
1, 1945 to May 1, 1955, 434%.
1, 1955 to May 1, 1970, 424%.
Que.—BOND
(P. O. Shawano), Wis.—BOND
SALE— The $39,000 issue of 2)4% semi-annual refunding bonds offered
for sale on March 18—V. 148, p. 1690—was awarded to T. E. Joiner & Co.
of Chicago, paying a premium of $1,256, equal to 103.22, a basis of about
1.24%.
Dated March 1, 1939.
Due from March 1, 1940 to 1944 incl.
specified by number in this call.
Dated April 1, 1935.
date called.
Denom.
$1,000.
Due May 1,
1970.
Interest
ceases on
CANADA
UTAH
|
TOOELE, Utah—BOND ISSUE BID APPROVED—It is
stated that the
Oity Council approved recently a bond issue bid of $35,000, made by the
First National Bank of Salt Lake City to match a Public Works Administra¬
tion grant that was approved for the construction of a new city hall.
An
election is to be held shortly to ballot on the issuance of bonds in> this
amount.
;
VERMONT
HARTFORD
(P.
O.
White
River
Bank, next highest bidder, named
a
Montpelier National Bank, next highest bidder, named
SCHOOL
DISTRICT
OFFERING—Harry
L.
NO.
Cushman,
4
a
(P.
rate of 0.45%.
O.
District
1959,
incl., and $4,000 from I960 to 1965, Incl.
Bidder to name one rate of
interest, expressed in a multiple of 34 of 1%.
Principal and interest
(M-S 15) payable at the National Bank of Middlebury, or at the First
National Bank of Boston, at option of the holder.
The bonds are payable
from unlimited ad valorem taxes on all of the district's taxable
property
will be engraved under the supervision of and authenticated as to
and
genuine¬
by the First National Bank of Boston.
Legal opinion of Ropes, Gray,
Boyden & Perkins of Boston will be furnished the successful bidder.
ness
ISSUANCE AU¬
lution fix the date of bond and exact dates and amounts of maturities
soon as full information has been made available.
some
as
has been issued
same
time in May of this year.
WASHINGTON, (State of)—Revenue Bills Signed by Governor—The
following information is taken from a statement sent out on March 20 by
Ballman & Main of Chicago, who deal in the bonds of Seattle:
We are advised on this morning that the two bills,
reallocating State
collected gasoline and liquor taxes and recently passed by the State
Legis¬
lature, have been signed by the Governor of that State.
According to official estimates, Seattle anticipates increased receipts of
?>500,000 annually $350,000 annually from the reallocated liquor taxes and
$200,000 to from the reallocation of State collected
tax.
Total
rom
gas
in
revenue
to
the general fund is estimated
at
$750,000
result of this legislation.
Total increased income to general fund for 1939 is estimated
From increased licenses, fees and fines
*
From increased water rate
x From reallocated liquor and
gas tax
Total increased
revenue
for 1939
Deficit incurred from operations during 1938 (based
month figures ending Nov. 30,1938
Increased rates effective Aug. 1, 1938, produced
for 1938, from this source,
x
J.
Turiff,
Secretary
of Canadian
hanks
and
investment
banking houses made public offering
provincial bonds, as
in Canada the past week of a total of $30,000,000 new
follows:
'
"
■*
*
$10,000,000 2)4% bonds, due March 15, 1944, were priced at 98.75,to
yield about 2.77%. •
'
10,000,000 SH% bonds, due March 15, 1954, callable as whole but not
in part at par and accrued interest on March 15, 1951, or on
any subsequent interest date, on 60 days' notice.
These bonds
were priced at 97.67, to yield about 3.45% to maturity.
10,000,000 3)4% bonds, due March 15, 1959, callable as a whole but not
in part at par and accrued interest on March 15, 1954, or on
any subsequent interest date, on 60 days' notice.
This series
was offered at 99.50, to yield about 3.53% to maturity.
,
$12,000,000; unemployment relief works, $8,000,000, and $10,000,000 to consolidate that amount of Quebec Farm Credit Bureau bills.
According to a dispatch from Montreal to the "Financial Post" of Toronto,
the price paid to the Province by the underwriting group for bonds taken
down is 98.25 in the case of the 5-year 2)4s; 96.42 for the 15-year 3)4s,
and 98.25 for the 20-year 3)4s.
All of the bonds to be issued will be dated
March 15, 1939Coupon in denoms. of $1,000 and $500, with provision
for registration as to principal.
Payment of bonds and semi-annual interest
(M-S 15) to be made in lawful money of Canada in th3 cities of Quebec,
Montreal or TorJonto, at holder's option. The banking group offered the
bonds on behalf of the Province, reserving the right to close subscription
books at its own discretion.
The bonds in the opinion of counsel to the
bankers, Francis Fauteux, Esq., K. C., are direct obligations of the
Province and will be a charge upon its consolidated revenue fund.
A
sinking fund of at least J4 of 1 % will be provided annually during the term
of the loan.
WASHINGTON
increase
Que.—BOND OFFERING—R.
Roads,
THORIZED—In connection with the intention of the
county to retire ap¬
proximately $2,000,000 in emergency warrants, the following letter, dated
March 13, was sent to us by Marion Kelez,
Deputy Clerk of the Board
of County Commissioners:
Re: King County 1939 General Obligations Bonds
(Emergency Warrant Funding)
In reply to your inquiry of February 15. 1939
regarding the above bonds,
please be advised that the Board of County Commissioners passed a resolu¬
tion authorizing the issuance of said bonds, and will
by supplemental reso¬
be
BEACH,
revenue
^JK!NG C°UNTY (P. O. Seattle), Wash.—BOND
We shall send you a notice of the call for bids when
METIS
Treasurer, will receivi sealed bids until 1 p. m. on March 28 for the purchase
% improvement bonds.
Dated May 1, 1939, and due
serially from 1940 to 1954, inclusive.
of $19,500 4% or 4K
Province undertook the financing in order to reimburse the consolidated
fund for capital expenditures incurred for the following purposes:
WASHINGTON
may
price of 103.08.
QUEBEC (Province of)—SELLS $30,000,000 BONDS—A large group
Middlebury),
Treasurer, will
receive sealed bids until 5 p. m. on March 30 for the purchase of
$74,000
coupon school bonds.
Dated March 15, 1939.
Denom. $1,000.
Due
March 15 as follows: $2,000, 1940 to 1949, incl.; $3,000 from 1950 to
by the Board, which
a
HULL, Que—BOND SALE—A. E. Ames & Co. of Toronto have pur¬
chased an issue of $135,000 4% School Commission bonds at a price of
98.79, a basis of about 4.18%.
Due from 1940 to 1954, incl.
rate of 0.59%.
—V. 148, p. 1690—were awarded to the National Shawmut Bank of Boston
at 0.43% discount.
Dated March 20, 1939, and due Oct. 7, 1939.
The
MIDDLEBURY
.
CHESLEY, Ont.—BOND SALE—An issue of $45,000 3K% school
building addition bonds was sold to Harris, Ramsay & Co. of Toronto and
W. C. Pitfield & Co. of Montreal, in joint account, at a price of 103.27,
a basis of about 3.17%.'
Dated April 10, 1939, add due on April 10 from
1940 to 1959, incl.
Wood, Gundy & Co. of Toronto, second hign bidder,
Vt.—NOTE SALE—
HARTFORD SCHOOL DISTRICT (P. O. White River
Junction),
Vt.—NOTE SALE—The $60,000 tax anticipation notes offered March 20
Vt.—BOND
OFFERING—Gerard Godbout, SecretaryTreasurer, will receive sealed bids until 7 p. m. on April 3 for the purchase
of $75,000 4% improvement bonds.
Dated May 1, 1939.
Due from 1940
to 1954, inclusive.
offered
Junction),
The $95,000 tax anticipation notes offered March 20—V. 148,
p. 1690—
were awarded to the National Shawmut Bank of Boston at
0.43% discount.
Dated March 20. 1939, and due Oct. 7, 1939." The Montpelier National
*
;
DISTRICT
as
as
the
follows:
$100,000.00
576,000.00
750,000.00
$1,426,000.00
upon 11
-_xl,076,211.48
an additional $220,000
Any shrinkage in anticipated reallocation of
UNDERWRITING GROUP—The group handling the distribution of the
bonds is listed as follows:
The Royal Bank of Canada: La Banque Provin¬
ciate du Canada; The Canadian Bank of Commerce; A. E. Ames & Co. Ltd.;
Bank
of Montreal; Banque Canadienne Nationale; The Bank of Nova
Scotia; L. G. Beaubien & Co., Ltd.; Dominion Securities Corp., Ltd.;
Wood, Gundy & Co., Ltd.; W. C. Pittfield & Co., Ltd.-Royal Securities
Corp., Ltd.; Collier, Norris & Henderson, Ltd.; Hanson Bros:, Inc.; Mills,
Spence & Co., Ltd.; McLeod, Young, Weir & Co., Ltd.; Bell, Gouinlock &
Co., Ltd.; Nesbitt, Thomson & Co., Ltd.; McTaggart, Hannaford, Birks
& Gordon, Ltd.; Mead & Co., Ltd.; Cochran,
Murray & Co., Ltd.; Savard,
Hodgson & Co., Inc.; Harrison & Co., Ltd.; Kerrigan, MacTier & Co., Ltd.;
Rene-T. Leclerc, Inc.; Midland Securities Corp., Ltd.; Bartlett, Cayley &
Co., Ltd.; R. O. Sweezey & Co., Ltd.; F. W. Kerr & Co.; Greenshields &
Co., Inc.; Ross Bros. & Co., Ltd.; Credit Anglo-Francais, Ltd.; Gairdner
& Co., Ltd.; Comptoir National de Placement,
Ltd.; Dube, Lebolnd &
Cie., Inc.; Hamel, Fugere & Cie, Ltd.; Bruno Jeannotte, Ltd.; Lagueux &
Des Rochers, Ltd.; J. C. Boulet, Ltd.; Lucien Cote, Inc.: J. E. Laflamme,
Ltd.; La Corporation de Prets de Quebec; A. S. McNichols & Co., Ltd.,
Paul Gonthier & Co., Ltd.; Garneau, Boulanger, Ltd., and Clement;
Guimont, Inc.
ROCKLIFFE PARK, Ont.—BOND SALE—C. H. Burgess & Co. of
Toronto purchased an issue of $13,000 4% improvement bonds at a price of
104.59, a basis of about 3.47%.
Due from 1940 to 1959, inclusive.
^
@FedFRASER