The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ttAR
28
JS. ADM,
lj n-
COPYRIGHTED IN
1938 0Y WILLIAM B. DANA COMPANY, NEW
YORK.
vour-t^11
BROOKLYN TRUST
ENTERED AS SECOND-CLASS
MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH ;
JSTJttSSSSfA
NEW YORK, MARCH 26, 1938
NATIONAL BANK
Chartered 1866
OF
George V. McLaughlin
New York
President
THE
CITY
The
OF
NEW
YORK
chase is
tra-
ditionally a bankers' bank.
BROOKLYN
NEW YORK
NO. 3796.
THE CHASE
BANK
COMPANY
1879.
,
For
Member Federal Deposit Insurance
many
served
Corporation
years
it has
large number
a
of banks and bankers
as
New York
White, Weld & Co.
correspondent
and
company
depository.
reserve
Member Federal
Deposit Insurance
Corporation
Members Mew York Stock Exchange
state
Boston
New York
AND
Amsterdam
Lch&on
municipal
Representatives' Offices
United States
bonds
Government
Buenos Aires
Paris
Securities
The
Hallgarten & Co.
Brown Harriman & Co.
first boston
Incorporated
63 Wall
CORPORATION
Ettabliehed 1850
new YORK
Telephone: BOwling Green 9-5000
BOSTON
PHILADELPHIA
London
Chicago
AND OTHER
BEAR, STEARNS & CO.
San Francisco
NEW YORK
Representatives in other leading Cities
SAN FRANCISCO
State
NewY)rkTrust
Company
homer & co., inc.
40 Exchange Place, New
Capital funds
.
.
Municipal
Bonds
Barr Brothers & Co.
INC.
$37,500,000
Chicago
York
BROADWAY
57TH ST. & FIFTH
wertheim & co.
AVE.
40TH ST. & MADISON
Broadway
AVE.
NEW YORK
Amsterdam
to
Banks and
i
888
hornblower
European Representative's Office:
8 KING
Service
Dealers since
New York
London
and
New York
IOO
120
Chicago
Washington
PRINCIPAL CITIES
The
ONE WALL STREET
Philadelphia
Boston
CHICAGO
NEW YORK
Street, New York
&
WILLIAM STREET
weeks
Established 1888
LONDON, E. C 4
CarlM.Loeb,Rhoades&Co.
40
Members
NEW YORK
Federal Reserve System,
York Clearing House Association
Paris
Amsterdam
Berlin
the New
and of the Federal Deposit Insurance
/
New
Cleveland,
Member of the
London
Wall Street
NEW YORK
*
BROADWAY
61
York, Boston, Chicago,
Philadelphia and
Detroit Stock Exchanges
^
Corporation
Financial
II
Chronicle
March
26,
1938
Leading Out-of-Town
A. G. Becker & Co.
Incorporated
J. & W.
HARTFORD
Seligman & Co.
„■■■.
WJ
& Brokers
Investment Bankers
Established 1893
Specialists in Connecticut
No. 64 Wall Street
Securities
Investment Securities
NEW
YORK
PUTNAM & CO.
Commercial Paper
Members New York Stock Exchange
London
New York
Correspondenta
ROW
HARTFORD
Tel. 5-0151. A. T. T. Teletype—Hartford 564
SELIGMAN
Other Cities
And
CENTRAL
6
Chicago
BROTHERS
ST.
LOUIS
Missouri and Southwestern
Stocks and Bonds
Leading Out-of-Town
Investment Bankers and Brokers
Smith, Moore & Co.
St. Louis
A. T. & T.
DETROIT
BIRMINGHAM
Teletype
SI. Louis Stock
St.L.5 87
MICHIGAN MUNICIPALS
MARX & CO.
CORPORATION
BIRMINGHAM, ALABAMA
BONDS
WATLING, LERCHEN & HAYES
St/X
Members
SOUTHERN
MUNICIPAL
AND
&
New York
Detroit
CORPORATION
Exchange
BONDS
Stock Exch.
Stock
334
Exchange
BUHL
CO.
S,
New York Curb Assoc.
Chicago Stock
BLDG.,
SAINT LOUIS
Exch.
8O9OLME st
DETROIT
MILWAUKEE
Members St. Louis Stock
WISCONSIN
PUBLIC
UTILITY
Exchange
BONDS
CORPORATION SECURITIES
Teletype—Milwaukee 92
Dividends
EDGAR, RICKER&CO.
750
North
Water
Charles A. Parcells & Co.
INDIANA
PIPE
Member* of Detroit Stock Exchange
Street
PENOBSCOT BUILDING, DETROIT, MICH.
Milwaukee, Wis.
LINE
COMPANY
26 Broadway,
New York, March 18, 1938.
Thirty (30) Cents per share has
the Capital Stock ($10.00 par
value) of this Company, payable May 14, 1938
A dividend of
declared
been
on
to stockholders of record at the close of business
April 22. 1938.
J. R. FAST, Secretary.
AMERICAN
MANUFACTURING
Noble
and
COMPANY
West Streets
Brooklyn, New York
The Board of Directors of the American Manu¬
facturing Company has declared the regular quar¬
terly dividend of $1.25 per share on the Preferred
Stock of the Company payable March 31, 1938
to Stockholders of record March 15, 1938.
TO HOLDERS OF
ROBERT
CITY OF MILWAUKEE
BROWN, Treasurer
Meetings
NOTICE
GENERAL OBLIGATION BONDS
B.
OF
ANNUAL
STOCKHOLDERS'
YORK
NEW
MEETING
HONDURAS
AND
MINING
ROSARIO
COMPANY
March 23. 1938.
Maturing During the Year 1938
The Annual Meeting of the Stockholders of
New York and Honduras Rosario Mining
Company will be held at the offices of the Com¬
the
No. 120 Broadway, New York, on Wednes¬
pany,
Please take notice that the
on
all
day, April the 6th, 1938, at two p. m., for the
following purposes:
M
1. To elect a Board of Directors for the ensuing
principal and interest
City of Milwaukee General Obligation Bonds
maturing during the
year
presentation at
time after April 15, 1938, at
any
the office of the
waukee,
1938 is
on
hand.
Upon
City Treasurer, City Hall, Mil¬
year.
2. To approve the Report of the President and
the General Manager for the year 1937.
To approve the acts and proceedings of the
3.
Board of Directors since the last Annual Meeting
of the
Stockholders,
4.
To
or
at
the
Guaranty
Trust
full, principal and interest, to maturity.
business
other
BiM
aslmay
Pit.HPM
before the meeting.
come
The Stock Transfer Books will close at twelve
March
on
ten a.
m., on
26, 1938, and
April 7, 1938.
J.
Company, New York City, such bonds wall be paid
in
forth in the notice sent
*
such
transact
properly
noon
Wisconsin,
as set
to the Stockholders.
will re-openfat
PERLMAN,
Secretary.
Canadian Pacific Railway Company
NOTICE TO
SHAREHOLDERS
The Fifty-seventh Annual General Meeting
WILLIAM GERHARD
of
the
Shareholders
the election
FRIEDA MUELLER
of
Company,
this
of Directors
to
will be held on
action of business generally,
JOSEPH T.
JOHNSON
Wednesday,
the
Commissioners of the Public Debt
Montreal,
The
be
....
J. W. MUDROCH, City Treasurer
the fourth day of May next, at
principal
saving
.
office
twelve
at
Ordinary
at
WENDT, City Comptroller
April.
The
be
H.
closed
in
All
the
o'clock
books
Stock
Montreal,
in
3 p.m.
of
W.
of
Company,
at
daylight
noon,
time.
closed
don
for
take the places
retiring Directors and for the trans¬
of the
on
Transfer Books will
York and Lon¬
New
Tuesday,
the twelfth day
Preference Stock Books will
at the same time.
London
will be
the fifth day
re-opened on Thursday,
of May.
By order of the Board.
F.
BRAMLEY, Secretary.
Montreal, March 14, 1938.
flnttmtrifl
tout
No. 3796.
MARCH 26, 1938
Vol. 146
rip
CONTENTS
Editorials
The Financial Situation
Where the Blame Belongs—
A Railroad
page
1931
—
1943
—
Diagnosis.
1944
•_
1945
Great Britain Points the Way...
Comment and Review
Book Reviews—
■
The American Steel
Industry at the Cross-Roads of
1947
Progress and Reaction
..1947
Personnel and Labor Relations
The South American Handbook, 1938._
The Next
Week
on
__
the European
.;
Stock Exchanges
Foreign Political and Economic Situation.
__
Foreign Exchange Rates and Comment.
Course of the Bond Market
—_
1947
1948
1934
..1935
1940 & 1980
Century Is America's.
1948
_
Week
on
the New York Stock Exchange
1949
1933
Week
on
the New York Curb Exchange...
1979
Indications of Business
Activity—
News
1957
Current Events and Discussions.
Bank and Trust
General
1978
Company J terns
..2029
2081
________2082
Corporation and Investment News..
Dry Goods Trade
State and
Municipal Department...
Stocks and Bonds
1980 & 1995
1986
Foreign Stock Exchange Quotations.
Bonds Called and
Sinking Fund Notices
Dividends Declared
1986
Auction Sales..
2028
1996
New York Stock
Exchange—Stock Quotations...
New York Stock
Exchange—Bond Quotations.. 1996 & 2006
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
Other
Exchanges—Stock and Bond Quotations.
Canadian Markets—Stock and Bond Quotations
2012
2016
2018
2022
Over-the-Counter Securities—Stock & Bond Quotations.2025
Reports
Foreign Bank Statements
1939
Course of Bank
1980
Clearings
1993
Federal Reserve Bank Statements.,
General
2029
Corporation and Investment News
Commodities
The Commercial Markets and the
Cotton...
—2070
Crops
-
Breadstuff?
Published Every
Saturday Morning by the William B. Dana Company, 25
2073
2078
Spruce Street, New York City
Business
(Telephone
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D Riggs
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street
State 0613).
London—Edwards & Smith, i Drapers' Gardens, London, E. C.
Copyright 1938 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
SuteCTiptlons
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months.
South and Central America. Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain). Asia, Australia and Africa, $20.00 per year. $11.50 for 6 months.
Transient display advertising matter.
cents
per agate line.
Contract and card rates on request.
NOTE:
On account of the fluctuations in the rates of exchange, remittances
for foreiga'subscriptions'and advertisements must be made In New York funds.
45
Financial
VI
March
Chronicle
26,
1938
HOME
COMPANY
INSURANCE
NEW
STATEMENT—DECEMBER
31, 1937
ASSETS
:■
v
V::v
Cash in Banks and Trust Companies.......
FIRE
United States Government Bonds..
.
.
$ 12,985/065.06
9,382,632.26
.....
85,461,644.09
All other Bonds and Stocks.
5,555,883.30
Premiums uncollected, less than 90 days due
AUTOMOBILE
236,137.00
Accrued Interest
1,428,376.01
Other Admitted Assets
MARINE
$115,049,737.72
LIABILITIES
$ 15,000,000.00
Capital Stock
and Allied Lines
51,585,447.00
Reserve tor Unearned Premiums.
Reserve lor Losses.
Reserve for Taxes and Accounts....
-7,146,724.00
.......
.......
oi Insurance
2,500,000.00
...
160,026.00
NET SURPLUS......................
38,657,540.72
Funds Held under Reinsurance Treaties
.
$115,049,737.72
NOTE: Bonds valued
on
amortized basis
as
prescribed by New York Insurance
Department. All other securities at market valuations.
Securities carried at $2,565,854.10
*
Strength
«»
statement
are
deposited
as
and cash $50,000.00 in the above
required by law.
Reputation
«»
Service
The Financial Situation
Important Implications
THE PRESIDENT not only to haveGa., on
at Gainesville,
Wednesday
rapped
These implications far outweigh-in, importance
the actual content of the President's address, which
seems
the
of
knuckles
but
nents,
definitely
that
occasion
owm
policies
unchanging
Congressional
general
in
as
unchanged and
served
intends
What Does He Mean?
notice
At
by direct
the
to
the
voters
to
that
full
weight
of
believe
didates who
are
what he
can
the
ual candidates for member¬
will
politician
a
their
get
for
the road to
on
those
plain
if
of
recovery
processes
the
owned
permanently
leave the
we
recovery
Government
their
to
the
of
good
the
of
things of life and not in the
the good things of life?
-Would
he take from the wise the fruits of their wis¬
Would
cient?
Would
services
brains
lard?
he
refuse
he
reward
to
expect
full
the
to
the
effi¬
command
the
of
jthqse with better
for the compensation paid to the dul¬
If so, why does he not adopt the slogan
to
of the Socialists:
From each according to his
It
to these demands.
so
real
this occasion and
what he has
previous occasions strongly suggests
belief (at least for political purposes) in the
said
happens that the
opposition to the
wages-hours
measure
found among
is
makers.
in many
are
of
if
Opposition
from
other
doubt
beliefs,
holds
what
and in the
he is no
them,
the good things of life
can
get
for himself in the
much better friend of the "under¬
he
is
a
government
envisaged in the Constutition?
The framers of that document certainly were
Gainesville deliverance
^
not
Socialists.
be
the
dealt
same
with
way
in
It is
now
evident that
into
out
From all
important modification, the issue this summer
autumn.
notice
as
as
upon
relenting
In
making this clear he has served
much upon
the members of his
those'of other parties.
or
refraining
name
of
dent's
philosophy is
a
are
to
No
own party
wincing
or
be tolerated in the
depression, which according to the Presia
but of too little of it.
be
immediate and
so
troublesome in this in¬
stance remains to
result not of too much New Deal
The challenge has
be
Business conditions
seen.
are
been issued,
at
nloment by no means
the
inviting
so
two
of
It may
despite
be that,
course
has
President
the
what
they were
as
ago.
years
had to say,
labor leaders
South
the
in
conclude that for the
will
time
being
is
cretion
and
situation
its
presented
President upon
the
is
made
has
general
current
alleged
the
of
analysis
dis¬
better part
But the
of valor.
needs
least
at
the
by
the
this occa¬
same
that he
familiar
to
all
by frequent reiteration.
there
has
Nor
been any
heretofore
obvious reason to
that the President
suppose
had readied the point
he
where
make
was
willing
to
really important con¬
cessions.
Yet
the
restatement
his
of
in the aggressive
case
manner
employed
on
Wednesday is of vast sig¬
nificance
In
the
on
several counts.
first
place, it will
tend, in the measure that
be
people with
in Congress back
pending in that body,
him, to whip the recalcitrants now
the President intends to make the New Deal, with-
and
will
carrying the
much
in due course.
campaign of 1936.
Whether untoward results
the President seems to
that these other groups are
to
the
in
keeper but who vigorously,
creates
his
of
privileged."
Finally, just what relation does the Presi¬
dent see between all this and the type of
the
after
brother's
process,
Few
will
his
ruthlessly,
for
sec¬
tions of the country.
such
he
But
"ill-fed, ill-clad and ill-housed,"
given effect would merely add
to
the number in this category and make
worse
instead of better the position of all
groups in the population.
The industrialist, who according to the
President's idea refuses to accept the role
of these instances
emanates
which
Socialist.
for such ideas
national
among
holds
he
in
theoretical
friend of the
meeting with considerable
disfavor
if
course
President has several other
law
the
of
degree
Congressmen, but the
legislative projects that
great deal of
on
tenets
Southern
a
after
did
promptly
similar statement to them
sion
ability; to each according to his need?
re¬
Much of what the President has to say on
sponse
em¬
and allied industries
influential
mean
in these smooth phrases?
Does he
that the competition of life is wholly
creation
program,
of
basis
the
on
never
for
these representatives
upon
that
way
ployees in the automobile
to convey
judgment
pass
trouble in
make
the
incite
to
our
being
suppose
andinferentially asked
to
the
and
who
dom?
them
as
Just what meaning does the President
representatives in
and hours
say
United States from 1921 to 1933."
they support his
wages
will
Nation
this
methods
the House and the Senate
that
to
much
so
"But
demanded that the voters
of the South make it
them
selves excellent citizens.
moment that he has now
to
They
reasoning.
give little thought to the one-third of
no
doubt
their
competition of life for the good
ill-fed, ill-clad and ill-housed.
They say, 'I
am not
my brother's keeper'—and they pass
by on the other side.
Most of them are
honest people.
Most of them consider them¬
campaigns of individ¬
but
the
population which I have described
will in¬
ship in Congress,
Constitution
our
"It is that attitude which leads such people
to
directly into
himself
the
one
gov¬
behind.
precisely
to what extent he
honestly
who
things of life 'some are successful because
they have better brains or are more efficient;
the wise, the swift and the strong are able to
outstrip their fellow men.
That is nature
itself, and it is just too bad if some get left
of
for
remains
future to disclose
the
know
that in
and to do
It,
people
admit
must
we
.
wholly different theory of
a
than
"You
fully ready
life.
some
are
.
could
he
provides.
to retire others
private
course,
can¬
support his
New Deal ideas,
in
ernment
behind
at all times to
there
".
said:
done
doubtless
thus
what
point in his Gainesville, Ga., address
one
President
the
influence
grossly underpaid, and
has
Bourbons, but
he
ject
as
are
appeal
to
for the most part contained nothing that he has
not said many times in the past. It is true, to be
sure, that in very vigorous language he has told
practically all wage earners in the South that they
Con-
those
were
throw
his
appo-
the
opened
have
Upon
only made it clear that his
not
are
as
effectively
that
he
to
his
campaigns of this year.
gressional election
of the
of
some
line
in
matters
appearances
now
the
opposition on Capitol
Hill is already growing more timorous.
a
There was
time when the reorganization measure now
pending
Senate was placed by political observers
with the President's court proposal as a measure
that Congress could not be bludgeoned into adopting,
Yet one effort after another to thwart it is now*
failing.
Any attempt to forecast what the Senate
in
the
*Financial
1932
President obtains from the
Senate Finance Committee
far
philosophy. The majority of those who are working
do with the current tax bill must now proceed
great caution until it is reasonably clear just
the
response
the
although
voters,
Thursday went
on
of the
so
to vote in favor of repeal
as
"principle" of the undistributed tax in plain
President.
of -the
defiance
behind the scenes against some of the President's
proposals and against his hold on the party machin¬
ery
Apparent Forthnghti^ess
It
President and his New Deal plans
have permitted
him to seize the advantage of apparent
We say
ness.
mulation of
specific
ciples adapted to
rea-
inconsiderable guile in the for-
no
pioning of what he
much
forthright-
"apparent" forthrightness for the
that, despite
son
his constant cham-
programs,
to suppose are
seems
"representatives of the people who vote
as
against legislation to help social and economic con-
ditions, proclaiming loudly that they are for the ob-
jectives but do not like the methods and then fail
utterly to offer a better method of their own."
Candidates
needed, desperately needed, who
are
will talk boldly and candidly to the people of this
prin-
country, who will tell them the truth "in straight
gives the impression of
a new age
greater directness
deserve—with regret be it said—his description
of them
that the opponents of the
be admitted
must
March 26, 1938
ing to take some of the poison from proposed legislation and to prevent certain other measures from
reaching the statute book, but doing so without in
any way disavowing the central core of New Deal
may
with
what
Chronicle
flung words and few" that "the abundant life" either
new
and' candor than do his
for the "economic royalists" or for the "under-privi-
opponents who feel it necessary to pay homage to
leged third" of the population is not, and in the na-
these
behind the
ture of the case cannot really be, an issue at pres-
openly challenging
ent, for the simple reason that every man, woman
and child in the length and breadth of the land
to defeat his
scenes
him
"principles" but
same
only
the fact that
one
programs,
to methods employed.
as
discarded their
in
maneuver
Few who have
swaddling clothes
are
of
unaware
by far the larger number of those who
another
way or
struggling to wrest
No politician certainly would ever favor a less abundant life. The question, the issue, the problem, con-
sick unto death with the New Deal and all its
works.
They lose effectiveness through the lack of
candor in their tactics.
The
most
most
of
of the President have for the
part much sounder ideas of good government
and of the ways
the
and
means of
under-privileged
serving the interests
than
has the
Many of the elder statesmen who
members of the House of
course
deliberative
described
clear
certainly
at one time
were
are
reason
to
once
believe
fully
aware
that
a
the
his constantly expressed deter-
mination to place "human values" and the like above
budget, and much
nothing
a
very
Yet very few in
Are
same
order
are
substantial proportion of the
people of the country
this issue
of the
less than political balderdash. We
more nor
suspect that
more
are now
political life
aware
are
of the fact,
willing to meet
squarely and openly.
that is
an
economic system managed by
oligarchy, contributes,
toward
tribute,
course
far
madness with
at least it will not be
again and repeatedly
its
continue
insufferable
itch
on
the
to
record,
New
as
Deal
regulate, to
control, to subsidize, to spend, and to experiment,
And what of those who
little
deep in their hearts have
sympathy with this type of public policy, but
expect to be, candidates for membership
who are, or
in the House of
few,
as
Representatives
or
the Senate?
A
few, have definitely expressed themselves
believing that the time has come for radical
a very
changes in policy and procedure.
tor
Harrison,
are
any
years
voter willing
to economic
welfare invari-
indiscriminate
that
wages,
and
arbitrary
increases
in
which naturally would reduce the capacity
of that section of the country to compete with other
sections, would not increase his purchasing
improve his economic status
power,
do any of the other
or
Would it
things the President alleges it would do?
be difficult to show the industrial worker that the
record, and doubtless will
mandate to
con-
good
~~
fromLiontributing
strategy continues to be what it is
a
the
ably and inevitably are a burden upon it. Would
the hard-headed Southerner be hard to convince
his fault if the
time passes go
of
to listen dispassionately that such policies as these,
life?
demanding
political
of economic events during the past few
President,
as
abundance
greater
a
be expected to
ought to find it hard to convince
the fault of the
on
un-
This phase of the matter should not be difficult
vast subsidies
The President is
can
or
things of life.
tions imposed
now.
not
but whether the whole idea of "managed economy,"
campaigns characterized chiefly by lack of clear-cut
issues?
If so, with candor be it
said, it will not be
or
life"
thoroughly
sound law might not be better omitted or modified,
this year to have another of those election
we
abundant
that section of
to take the trouble to inform himself even of the
Lord Bryce
as
President's talk about creating
purchasing power by
the
"more
a
or
to dispose of. No candidate for office who is willing
both branches of Congress, perhaps
majority in both,
wages,
produce
to
longer "the greatest
it, but there is good
advancing
the procedure that can most reasonably be ex-
pected
present membership,
no
body in the world,"
that many in
President,
Representatives would of
tower above most of the
and the Senate is
cerns
whether this clause
disheartening aspect of the matter is
that the opponents
and
party from the President
are now
control of the Democratic
are
wants and demands "a more abundant life,"
would have our public policies directed to that end.
now
the price he must
Is it
paid the farmer and the restric-
upon
production inevitably increase
pay
for
innumerable restrictions
ner
of the necessaries of
now
placed
upon
all
man-
of business—to say nothing of the killing bur-
den of taxation—are
one
many
difficult to make it clear that the
so
of the
faced by
a
decisive
even
at the present moment
reasons
why the President is
situation in which he feels it unavoidable
to enlarge relief expenditures?
nothing
more
the expensiveness of the relief
per person
It would require
than elementary arithmetic to prove
program as
conducted
given relief. Why should not those repre-
' sentatives of the people who know full well the folly
of what is
now
taking place at Washington attack
the New Deal at its very
foundations?
An election
Others, like Sena-
campaign characterized by utter failure to do so
sincerely and vigorously endeavor-
will surely be other than disappointing in results,
Volume
Financial
146
regardless of the individuals who
to fill the seats in
This
ing
naturally would leave the task of formulat¬
such
sponsor
and
a
it
must
program
brapch.
until
wait
who
those
ready to repudiate the New Deal root
are
the United
the
States
Treasury: jisually
furJMr reflections of the large
are
payments~fco the^Treasury and the repayment of
In the week to March 23
Treasury discount bills.
the circle of
of
the
are
and iff the current banking
year,
statistics there
tax
payments resulted in
took
12
System, and
correspondingly large drop
a
place in the requirements for
Federal
Reserve
banks.
with the
reserves
The
banks
member
found their investments down and their idle funds
the Treasury siphoned the tax payments into
up as
redemption
of
bills
payable
immediately after the March 15 tax date.
In this
the
special
discount
the member banks increased their
process
reserve
deposits with the 12 regional banks by $4,913,000,
but
the
reserves
excess
moved
up
mated
total
the
by
The
requirements
legal
over
less than $100,000,000 to
no
of
$1,560,000,000.
banking statistics
lines.
are
esti¬
an
Other variations in
merely along expected
Treasury continues to offset its current
gold
the Federal
certificates
acquisitions by deposits of gold
with
culation tends
for
credit,
Reserve banks.
Currency in cir¬
slowly to decline; there is
and
no
operations
market
open
pended.
demand
are
sus¬
y,
■
The monetary
gold stock of the country increased
and
summary,
781,000,000.
the aggregate
other
to
$8,601,000 in the state¬
important changes total
circulation dropped
858,000.
Total
receded
$2,309,000
variations
member
bank
$7,333,050,000
$5,030,000 to $4,119,-
deposits with
account
$7,914,943,000,
to
consisting
of
deposits
reserve
balance
by $5,963,000
gain
foreign
bank
held
$4,913,000
to
by $10,305,000
a
to
The
reserve
ratio moved
up
Industrial advances gained
$17,314,000,
institutions
regional
of
$269,586,000;
to
balances
80.5% from 80.4%.
$9,523,000.
the
drop of other deposits by $23,-
a
490,000 to $198,646,000.
to
with
increase
an
by
banks
increase of the Treasury general
; an
$113,661,000, and
regional
the
account
$55,000
while
moved
discounts
up
by
the
$1,374,000
to
Open market holdings of bankers' bills
unchanged at $542,000, and holdings of United
States
Treasury
total at
$2,564,015,000.
securities
were
unchanged
only
in
than
y'
Business
excessive
like
are
Steel,
recorded.
off de¬
were
figures unrivaled since the start of the
in
1935.
In
some
important
the railroad stocks, levels are close
the lows' of the
the business
whole held
rallying
no
steady
Trading volume
a
on
power was
the
on
little
more
Monday to nearly 1,500,000
on
period.
be fore¬
spring increase seems to
mild
and the
liquidation
by this factor.
Oil
plainly
was
company
and
mining stocks, where interests in Mexico are exten¬
Govern¬
sive, reflected last Monday the Mexican
ment's
expropriation of foreign oil properties and
the fear that
of their
day
mining interests will next be stripped
The sharp recession on Wednes¬
holdings.
Gaines¬
stimulated by remarks made at
was
ville, Ga., by President Roosevelt, who saw fit to
continue
With
an
his
absurd
campaign
obtuseness and
unmatched
are
in
a
that
blamed the ills of the
against
business.
disregard of realities that
high office, Mr. Roosevelt
country on a few feudalisti-
cally inclined individuals, and he gave no indication
relief for the business
of
taxation
cesses
of
surely
are
and
community from the
ex¬
regulation that slowlyf but
strangling enterprise.
When it appeared
Thursday that Congress wopld modify the corpo¬
rate
surplus and capital gains levies, a mild im¬
provement occurred in the stock market, but it was
not
The situation
sustained.
plainly has
be¬
gone
yond such remedies, possibly because there are not
likely to be any corporate
surpluses and capital
gains to tax in this sixth year of Roosevelt rule.
In the listed bond market movements were uncer¬
tain, with losses far more pronounced than the occa¬
sional
United States Government issues ral¬
gains.
lied from the
ing
figures occasioned last week by crowd¬
international troubles.
bonds did not vary
whole
In the foreign
somewhat
rallied
Highly rated utility
much, but railroad issues as a
soft, and other special groups likewise
were
drifted lower.
division, Czech bonds
yesterday after falling to record
lows, but other foreign bonds
commodity markets
remained dull.
The
manifested the same sort of
irregular downward drift apparent in equities and
In foreign
bonds.
units
exchange trading the European
developed a little more strength than was ap¬
parent last week, but the Mexican
sharply
unit dropped
disap¬
Austrian schillings virtually
and
peared from the market.
On
York
New
the
Stock
Exchange
14
stocks
high levels for the year and 784 stocks
new
new
low levels.
On the New York Curb
Exchange 12 stocks touched new
at
touched
York
Stock
low levels.
high levels and 431
Call loans on the
Exchange remained
On the New York Stock
of
shares;
country prostrate under
new
unchanged
1%.
depression that started in 1929.
a
Exchange ranged from
stimulated in part
half-dav
the
as
■
on
early
Rail¬
inactivity of recent weeks, but nothing
shadowed,
New
With
The small
reports show a modest gain from the
normal
a
this week to
to
regulation,
the rule this
resistance to the down¬
more
time.
any
500,000 shares
stocks
as
little
a
shares in the mid-week
touched
•
.
level
such
and
was
well, and utility stocks
as
The market
evidence at
IRREGULAR downward movements York market
of stock prices
the New lowered the
groups,
large losses
steadily,
New York Stock
at
The New York Stock Market
market
whole
Monday and Thursday, but
touched
t
bull
as a
ward drift.
advanced
reserves
Federal Reserve notes
in actual
to
is $12,-
$9,197,203,000, and in the absence of
$8,539,000 to $9,684,920,000.
of
now
Gold certificate holdings of the 12 Fed¬
eral Reserve banks moved up
ment week
taxation
automobile and other industrial stocks
on
$3,000,000 in the week to March 23, according to the
credit
the week
sizable decline
a
deposits with the member banks of the Federal
Reserve
of
offerings depressed prices sharply, at times, and for
road issues fell
quarter-date financial transactions of
of
load
week, and buying interest was lacking.
showed
ARCH
heaviest
unbearable
cidedly Tuesday, Wednesday and yesterday.
.
Federal Reserve Bank Statement
M
the
1933
dribbling liquidation of securities
Congress.
constructive program still to be undertaken,
a
but
be chosen
may
Chronicle
session
on
on
Exchange the sales at the
Saturday
last
were
442,070
Monday they were 542,240 shares; on
Financial
1934
Tuesday, 692,780 shares;
shares;
Wednesday, 1,468,300
on
Thursday, 885,360 shares, and
on
1,677,840 shares.
the sales last
On the New York Curb Exchange
Saturday
day, 129,545 shares;
89,675 shares;
were
gains
reversal
was
ness
feature
a
193,835
of
downward
trading
Monday, and
1938
Friday of last week; General Motors at 29%
on
against 32%; Chrysler at 42% against 48%, and
In the rubber group,
Hupp Motors at 1 against 1.
Goodyear Tire & Rubber closed yesterday at 16%
against 20% on Friday of last week; United States
at 25% against 30%, and B. F. Goodrich at
The railroad shares receded to
12% against 15.
Pennsylvania RR.
lower levels the present week.
closed
yesterday at 16% against 17% on Friday of
Atchison
week;
last
Santa Fe at 25
&
Topeka
the
against 28%; New York Central at 11 against 12%;
to lean toward the high side of the market.
Union Pacific at 61 against 65%; Southern Pacific
stocks, while irregular for the day, tended
average
With
a
Dul-
course.
on
4
26,
Auburn Auto closed yesterday at 3% against
group,
IiubW
Saturday last after
on
market's
the
in
Thursday,
on
on
reflected in transactions at
were
session
abbreviated
the
Mon-
Friday, 346,830 shares.
on
Moderate
on
Tuesday, 141,695 shares;
on
Wednesday, 340,090 shares;
shares, and
Friday,
on
March
Chronicle
the
for
abatement
the
of
moment
on
the
war
at
10%
Southern Railway at
12%;
against
6%
hysteria abroad, traders turned their attention to
against 7%, and Northern Pacific at 7% against
the domestic situation at
8%
of any
home, but found little hope
appreciable improvement in the immediate
future.
Thus
opening,
equities
downward to the
of from
measured
stocks
Atlantic Refining at 20 against 20%.
recorded by the
The
poor
outlook for busi-
Wednesday, for
on
last week
were
at home continues to
ness
plague the market, and
other apparent
no
sharply downward in the morning session,
Losses
among
six
points, but after
the declines
opening
in
provement
the
vanced rather
Mild liquidation
market's
moderately.
point
levels
sales
and
stocks
ad-
At the day's end gains
a
little
more
the
among
than
better
one
known
Yesterday prices consistently sought lower
throughput" the session, with
the
largest; for the year.
pessimism
As
registered
were
tone,
at the
to gradual im-
soon gave way
running from fractions to
issues.
to
later rally, recoveries reduced
a
by one-half.
Thursday
on
one
was
turnover in
a
A general state of
largely accountable for the decline,
compared with the close
Friday
on
a
week ago,
against 30
ing
General Electric closed
against 36
on
Friday of last week; Consolidated
Edison Co. of N. Y. at
Gas & Elec. at
at
at 70
55
18% against 20%; Columbia
5% against 6%; Public Service of
N. J. at 25 against
chine
yesterday at 32
29%; J. I. Case Threshing Ma-
against 78%; International Harvester
against 60%; Sears, Roebuck & Co. at 50%
Trade and industrial reports offer little encour-
ending today
last
Western Union f
on
Friday of
week; Allied Chemical & Dye at 141% against
Institute at 33.7%
Steel
and
a
of capacity against
month
ago,
and 89.6% at
Production of electric
this time last year.
power
for Hie week to March 19 was reported by the Edi-
Electric
son
Institute
2,017,653,000
at
hours against 2,014,729,000 in the
Car loadings of
freight for the week to March 19 totaled
revenue
540,332
kilowatt
previous week and
2,211,052,000 at this time in 1937.
according to the Association of Amer-
cars,
This
ican Railroads.
from the
was
decrease of
a
preceding week and
a
16,332
cars
drop of 214.590
cars
from the corresponding week of last year,
As
indicating the course of the commodity mar-
kets; the May option for wheat in Chicago closed
yesterday
86c.
at
against 88%c. the
as
Friday of last week.
yesterday
60%c.
at
May
yesterday at 30%c.
corn
close
on
at Chicago closed
against 60c. the close on
as
May oats at Chicago closed
Friday of last week.
against 30%c. the close
as
on
Friday of last week.
The
120% against 126%.
Steel operations for the week
estimated by the American Iron
were
32.1% last week, 30.4%
closed
yesterday at 19% against 20
against 44, and Phelps
at ,33%
agement at this time.
against 55; Montgomery Ward & Co. at 29% against
closed
copper
Friday of last week; American Smelt-
on
Refining
&
31%; Woolworth at 39 against 40%, and American
Tel. & Tel. at
In the
Dodge at 20 against 23%.
prices at yesterday's close show drastic changes for
the week.
;
Anaconda Copper closed yesterday at 25%
group,
reason,
turned
market leaders ranged from
Shell Union Oil at 10 against 12, and
steady
slowly
points
prominent stocks.
more
a
progress
On the day, declines
closing hour.
three
to
one
Tuesday, after
on
with
moved
Among the oil stocks, Standard Oil of N. J.
.
closed yesterday at 42% against 46 on Friday of
on
for
cotton
here
in
New York
The spot price for rubber
Friday of last week.
as
against 13.64c. the close
Friday of last week.
Domestic copper closed
yesterday
on
price
spot
yesterday at 8.73c. as against 8.60c. the close
was
12.91c.
154%; E. I. du Pont de Nemours at 104% against
yesterday at 10c., unchanged from the close on Fri-
112; National Cash Register at 14 against 15; Inter-
day of last week.
national
Nickel
at
45%
against
47%;
National
Dairy Products at 12% against 13; National Biscuit
at
18% against 19%; Texas Gulf Sulphur at 29
against 30%; Continental Can at 38% against 40%;
Eastman
Kodak
Brands at
In London the
20%
ounce
131-^/2 against 14o;
Standard
against 84%; Lorillard at 15 against 16; U. S.
Industrial Alcohol at 15
against 16; Canada Dry at
13% against 15%; Schenley Distillers at 16% against
20, and National Distillers at 18% against 20%.
The
steel
revision
closed
last
in
stocks
came
in
for
prices this week.
further
downward
on
Steel
at
47
Sheet & Tube at
jn
against 53%, and Youngstown
28% against 33%. In the motor
the
transfers
yesterday at 44%c., the close on
as
matter
on
of
the
foreign
London closed
exchanges,
cable
yesterday at $4.95 13/16
against $4.94 13/16 the close on Friday of last
week, and cable transfers on Paris closed yesterday
at
3.02%c.
as
against 3.06%c. the close on Friday
0f jast week,
^
0
,
,,
,
European Stock Markets
Friday of
week; Inland Steel at 59% against 66; Beth-
lehem
closed
Fridav of last week.
United States Steel
yesterday at 44% against 49%
against 20 9/16 pence per
Friday of last week, and spot silver in
on
New York
6% against 7; Westinghouse Elec. & Mfg.
at 71
at
price of bar silver yesterday was
pence per ounce as
pRICE tendencies on stock exchanges in the lead1
ing European financial centers were mostly in
favor of holders, this week, but the rallies from the
Volume
Financial
146
low levels of last week
were
irregular and turnover
was
small
still
prevailed with regard to the possibility of war,
as
a
everywhere.
consequence
tria and the
tention
of the German absorption of Aus¬
Fears of immediate warlike incidents
dissipated, however, and
were
paid the
was
cheerful in most
was
stocks
econo¬
The London
occurrences.
at¬
more
of trade and the
course
mic effects of recent
ket
nervousness
developments in Spain and among the
Baltic States.
gradually
A good deal of
mar¬
sessions, with Mexican oil
priation of foreign oil interests by the Mexican Gov¬
In Paris
ernment.
by
upward trend
an
indications
renewed
interrupted
difficulties
political
of
German
The
France.
was
market
dull
was
throughout, but firm. Gold shipments from Europe
the
to
States
United
which reflects-the, flow of
and
capital from the economic
uncertainties
political
The business
scene.
arranged almost daily,
were
of
trans-Atlantic
the
depression which started in the
United
States last year appears to
ropean
trade adversely, but armaments orders are
providing
offset.
an
Exchange
initial session of the
higher
groups
ward
on
was
week, Monday, with almost all
the
buying.
modest
briskly
on
of
sharply
on
gains
were
Mexican
Tuesday. Fresh
on
Eagle Oil shares rallied from
previous low. In the international section Anglo-
American favorites declined to correspond
York
with New
tendencies, while copper stocks were weak as
well.
The
opening
prices
soon
turned uncertain on a new wave of fears
on
regarding .Continental
and industrial shares
favorites
tic
by
reports of large
as
by the Bank of France
rumors
that
National
a. new
Union Cabinet would succeed the Left Front
of
Premier
Leon
Blum.
Rentes
on a
of
plants.
sit-down
strikes
in
industrial
regime
much
not
were
changed, but industrial issues fell
resumption
Interna¬
tional securities showed indifferent results.
soft
were
the Bourse
on
Prices
yesterday, with rentes off
fractionally and larger losses apparent in equities.
In limited
prices
were
creased
trian affair
common
on
marked
generally higher.
fears of
as
interest issues
scale
stocks
and
were
two were
or
were
Fixed-
neglected and unchanged.
wrere
of international
small
point
a
leading industrial stocks.
the German market
a
Buying in¬
foreign intervention in the Aus¬
waned, and gains of
among
laxation
the Berlin Boerse, Monday,
dealings
tension again
Re¬
stimulated
Tuesday, and fresh gains
on
on
Potash and mining
registered.
favored, while other
calm
groups were
steady. In another quiet session on Wednesday,
electrical stocks moved forward, and a little interest
lic
displayed in mining, chemical and machine
was
The fixed-income group
stocks.
participation
and
remained dull. Pub¬
at a minimum on Thursday,
was
price movements were fractional.
showed
losses, but there were a few gains.
were
small and unimportant in a dull ses¬
Changes
sion
Most issues
small
yesterday at Berlin.
1
Wednesday
Investment
events.
were
firm, but
was
issues
steady, but trans-Atlan¬
dropped sharply
on
the overnight
ports of declines on the New York market.
Foreign Policy
con¬
registered in gilt-edged issues and indus¬
were
trial stocks.
the
Mexican Eagle Oil
The advances
fairly active session
a
offset in part
were
State
the week-end expropriation
foreign oil properties.
tinued in
Most
renewed investment interest.
commodity issues also did well.
fell
Gilt-edged
firm, and home industrials moved up¬
were
shares
cheerful in the
irregular Thursday,
advances to the
new
also
Stock
The London
stocks
be affecting Eu¬
1935
dull and
was
conspicuous exception, owing to the expro¬
a
within
Chronicle
re¬
Oil and
THERE of the several policy
were foreign important reflections this
week
being pursued
now
at
Washington,
some
The declaration last week by Secre¬
disheartening.
State Cordell Hull that procedure
of
tary
"parallel lines"
lems
of them favorable, and others
was
along
considered advisable where prob¬
similar to those of other countries increased
were
the interest in the real intentions of this Administra¬
Comments made
tion.
by Mr. Hull did not diminish
growing impression that some unrevealed under¬
the
degree, how¬
Ambassador
Joseph P. Kennedy, who made his first
standing existed with England.
ever,
this matter
was
clarified by
To
a
our new
mining stocks were weak, and foreign bonds also
to
receded.
speech in London before the Pilgrims Club, late last
Changes were small in quiet dealings
Thursday.
The gilt-edged
group
011
reflected modest
inquiry, while home industrials held close to previ¬
ous
levels.
were
sharply better in the
and improvement also
yesterday,
small
gilt-edged stocks
losses
appeared
in
;■<
Trading
011
rule
In quiet
were
most
issues.
steady,
on
French equities tended
Tuesday, rentes again
In
gold-mining stocks were in heavy demand. After
firm
the
opening
on
Wednesday, prices slumped
on
Bourse, and large losses were recorded for the
day in almost all departments. Rentes, French equi¬
ties
and international
securities all
were
affected
adversely by the modest liquidation of holders and
the utter
apathy of investors.
accurate,
Mr.
Kennedy remarked.
The French market
But he
expressed similar disbelief regarding the assumption
that the United States could not remain
the event of another world war.
neutral in
Both beliefs might
"dangerously conceived misapprehensions," the
this
He added emphatically that
glad to join and encourage
based on economic
country would be
other nations in a peace program
recovery,,
limitation of armaments and the sanctity
of international commitments.
The State Department
were
slightly, and French bank, industrial and
by the new Blum regime were entertained, however,
a
circumstances short of actual invasion
Ambassador declared.
electrical equities held close to former levels. Ap¬
prehensions of extraordinary financial expedients
and
not
any
be
improve slightly, while larger gains appeared in
advanced
fight in
industrial
gold-mining issues and international securities.
another calm session
is
that the United States would
The impression
week.
not
\
the Paris Bourse was quiet last Mon¬
day, with rentes in demand.
to
the
was
Anglo-American trading favorites.
among
trading
while
Czech loans
list,
foreign
Britain,
a
last Saturday indicated that
realistic view would be taken
of recent European
Secretary Hull issued a statement
assailing the method of Germany's acquisition of
Austria, but acknowledging the disappearance of the
small Germanic State and its incorporation in the
developments.
German
Reich.
The problems occasioned by the
Spanish Civil War brought forth several official pro¬
nouncements.
Mr. Hull made it clear late last week
that
the
policy of non-intervention and neutrality
toward Spain would be
continued, despite appeals by
representatives of the Barcelona regime for lifting
of
1936
the
embargo
on arms
He took occasion
shipments.
the "sense of horror"
United States with regard to the bombing
Monday, however, to
on
felt in the
express
of civilians
on
Administra-
by the Spanish insurgents.
tion leaders
want
no
Tuesday indicated definitely that they
changes in our so-called neutrality legislation
The neutrality laws have been criti-
at this time.
owing to the embargo on ship-
cized increasingly,
ments of
war
materials to Spain, while war
shipments
permitted freely to the Far Eastern contenders
a conflict of potentially greater importance for this
are
in
However inadequate the neutrality legis-
country.
be, the Administration is said to desire
lation may
alterations
no
because
now
"that is the best means of avoiding a major conflagration." His report on the diplomatic conversations
with Italy was optimistic and bolstered the general
expectation that an understanding soon will be announced. Italy has expressed willingness to carry
out the British plan for withdrawal of volunteers in
Spain, and, more important still, has declared again
that Rome has no territorial or economic aims in
Spain or the Balearic Islands, Mr. Chamberlain said.
He turned down the recent Russian suggestion for a
alliance directed against Germany, Italy and
peace
Japan as involving the "concerting
acrimonious debate
an
and perhaps
this paramount aspect of affairs.
land, g.ving the effect of divided counsels
impotence in
Disinct
these matters
from
German
with regard to the
attitude of the State Department
e
t
j
.
1
.
and
,
u
•i.
ji
u
,
„r
WashJ.
A
the Mexican action supinely, and
ington was to view
it would
i
.
u
•
,
,.
.
.
,
,
The apparent tendency m
concessions.
,
%
.
of American-owned oil lands
Mexican expropriation
-e
•
a
i-
-i
•
e
hardly be surprising if a similar disregard of
/
\
i
i
xu
u
t
xAmerican
interests
developed throughout LatinA
.
.
x
,
1
r-ca
Expansion
Germany busied itself this
]\J
m
gitlon
discouraging
the
was
of action against
eventuality that has not yet arisen."
an
might result in Congress and spread throughout the
of
March 26, 1938
Financial Chronicle
-
\vjth
the
ti
of int
new
week with the
Austrian acqui_
litics and economics of the Reich,
the
extending its influence over the German
■
.
,
~
.
T,
.
,1
A
.
Czechoslovakia. Both aims were pursued
,,
i
,
. i,
f
with a German thoroughness that might be con,
,
,
, .
r
An
T
sidered admirable if devoted to better ends. In an
minority m
„
,
..
.
t
.
wi,
r
_
A t,
.
i
address before the hastily assembled Reichstag, late
.
.
n
last week, Chancellor Hitler proclaimed that an
,
...
,
.
,
ii
*
-i
m
a
•
t>
u
election will be held April 10 m the enlarged Reich,
,
a new
Reichstag then will be chosen to represent
entjre
and
British Program
country.
The address contained no sur-
VIEWS of in Europe and on the policy that the defense as it was devoted Persecutionaof Jews and of
the British Cabinet on recent develop- prises, of the conquest. largely to review and a
ments
proceeded in the typically
United Kingdom will pursue in coming months were
all political dissentients
placed before the House of Commons Thursday by
barbaric Nazi fashion in the Austrian acquisition.
Thousands of former opponents of Nazism in Austria
were placed in concentration camps for "protective
custody," while Jews werV-stripped of rights and
property regardless of ^status or eminence.
The
venerable Dr. Sigmund Freud, whose contributions to
human welfare only a Nazi fanatic could fail to
respect, was forced to surrender his property and
passports.
Suicides by the hundreds were reported
among those
unfortunate enough, either by the
accident of birth or the circumstance of political convietions, to have incurred the wrath of the Nazis,
The economic integration of the areas continued
rapidly and all customs levies are to cease today,
between Germany and Austria. The Austrian army
quickly was merged with the Reich forces, and on
Wednesday the authorities ordered the speedy con-
Prime Minister Neville Chamberlain.
statement
foreign policy
on
Although the
awaited with keen
was
expectations, it contained no surprises.
Mr. Chamberlain made it clear that his policy of hard realism,
which forced out Captain
be
Anthony Eden, would
pre-
And in the meantime, British rearmament will
vail.
speeded still
The British attitude with
more.
re-
gard to Czechoslovakia formed the key point of the
stated flatly that
statement, and the Prime Minister
He made it
prior guarantees could not be extended.
clear that the Cabinet had reviewed
tion of
ures
military action to back
dangers
leadership in
But either
own.
not
up any
French
ques-
meas-
insuring Czech independence and also had con-
sidered taking the
its
fully the
direct
discretion
Chamberlain
ruled
were
proceeded to
warn
determinants of the question
war
Mr.
out.
the warlike
tries, however, that legal obligations
If
of
war
control, and unequivocal
or
therefore,
commitments,
fight.
assurance
which the British Government could
over
exercise
a
might have involved
course
are
coun-
not the only
of British willingness to
breaks out, it is not likely to be
fined to those who have assumed
con-
obligations of entry,
he said.
tries
pledge to aid France
are
attacked
by
or
flatly the
Belgium if those
coun-
He praised the
an aggressor.
League of Nations and hoped that it might be revivified and made
an
vation of peace.
was
The problem of
Czechoslovakia was prominent at
done by the
the
powerful German State that might provoke an
invasion.
The principal development relating to
Czech independence occurred, however, at London,
all times, and some skillful juggling was
leaders of that country to avoid any offense to
where Prime Minister Neville
Prime Minister Chamberlain reaffirmed
British
struction of a Danubian navy.
effective instrument for the preser-
The German annexation of Austria
touched upon briefly,
through
a
reference to the
previous denunciation of the methods pursued.
German action has
of international
produced
confidence, it
a
was
admitted, and the
problem of restoring confidence remains.
connection he
urged
a
The
profound disturbance
In
that
solution of the question of rela-
tions between the Czech Government and its German
minority.
Non-intervention in Spain will continue
to be the British
policy, the Prime Minister said,
as
Chamberlain informed
Thursday that Britain
To all
intents
and
Czechs
entirely upon their own resources, since France
would not be likely to rush to the defense of the
country without British backing, while Russia would
be inclined to follow the French lead. The Germanic
population of Czechoslovakia moved briskly to
increase its power and influence in the councils of
that country. Sudeten Germans, who follow instructions given by Berlin, were joined by the German
Agrarian League and the German Christian Socialist
group, and the German minority thus gained the
largest single representation in the Czech Parliament,
Fully aware of the trend, the Czech Cabinet decided^,
the House of Commons on
extend any guaranties.
purposes,
this throws the
is not prepared to
Volume
last
Financial
146
Saturday that German officials
German
of autonomy
the
taken..
were
It
ambitious
disclosed
on
Diplo-
plans relating to Czechoslovakia.
suggestions
Prague that
with Russia would
conveyed to
were
termination of the Czech alliance
advisable.
be
was
a measure
day, however, that the Berlin Nazis have
same
matic
also
sharply stimulated the Polish appetite for power and
influence. With the neighboring State under its
dominance, the Warsaw Government was said to be
anxious to organize a "neutral belt" that would inelude Latvia, Estonia, Finland and Rumania,
to rule in
are
districts, and other steps toward
On
Wednesday the
virtual demand for
curb
a
Reich made
.
ivi
ar
t^IERCE fighting continued all this week in Spain,
as
"anti-German" reports
on
the insurgent forces of General Francisco
Franco attempted to achieve a rapid victory by a
series of heavy thrusts against the Loyalist front
protecting Catalonia. Every resource of modern
and Foreign Minister Kamil
Krofta did his best to
panis
^
a
newspapers,
comply by asking pressmen to
Czech
in
1937
Chronicle
avoid "tendentious" reports.
warfare
Lithuania Yields to Poland
this
save
poison gas seems to be employed in
desperate
struggle,
which
now
has
been
in
EMPLOYING the dubious Government threatened surgent gains last week months. area around Caspe
progress more than 20 in the The extensive inof force, the Polish method of a last Saturuse
were succeeded by a breathing speel, which afforded
the Loyalists an opportunity to consolidate their
day extracted from Lithuania a promise to engage in
normal
Poland delivered
Warsaw.
ania at
all
of
commercial relations with
and
diplomatic
of
war
were
accepted the terms laid down by
Kaunas
at
The ultimatum
Poland.
Lithuanian
designed to remedy the
was
by the Polish seizure of Yilna, the
situation created
Unwilling to acknow-
capital, in 1920.
ledge this change, the Lithuanians severed all relations
with
their
larger neighbor,
When
traffic.
even
and
interchange
mail
avoiding
Polish soldier
a
on
to the extent of
ordinary railroad
border duty
and
was
An
demanded the restoration
matter, but there were no
cessions
and
army was
no
massed
fever that
demands for territorial
humiliations.
on
for
preliminary diplomatic discussions
Ambassadors of
the two
After some hasty
through the Paris
countries,
Saturday, and
thus is assured
of the Polish
by the end of this month.
Although the significance of this change is not yet
of general
There were
encouraging Poland* to
fully apparent, it is clear that many factors
importance entered into the
that
rumors
Germany was
afford
an
opportunity for settlement of the Danzig,
Memel and Polish corridor
and
question.
attitude, in the hope that warfare would
take its stern
problems.
The French
Governments, on the other
British
hand,
un-
questionably exerted their influence for peace,
was reported as viewing the matter with grave
Russia
concern,
and
as
anxious to maintain the territorial
integrity of the small Baltic State.
Within Lithuania
a
tense situation was created, and several Cabinet
Ministers
were
anxious to resign in order to indicate
their dissatisfaction over
demands.
the capitulation to Polish
But President Antonas Smetona induced
them to retain their posts.
the
ultimatum,
80,000 troops
massed
then turned to the
•
on
difficult problem of regularizing
for 18 years over
appearances,
moreover,
approximately
the frontier, and attention
relations between countries
merce
After the acceptance of
withdrew
Poland
that entertained
continguous borders.
no com-
To all
the Lithuanian capitulation
General
-
.
.
,
.,.
.
™
,
.
JAPANESE authorities in Tokio were engaged in
J preparations this week for setting up new "autonomous regimes in the northern and central Ghinese areas captured during the invasion that started
but the military forces of Japan were
fillding their advance increasingly difficult. The
offensive that was started from the north last week
by the invaders on Suchow, on the Lunghai Railway> came to a halt 19 miles north of that city.
Chinese defense armies attacked the Japanese
exchange of Ambassadors
an
aid to
China and Japan
_
the Lithuanian
Government announced its acceptance
more
were
annexation of its small
simple
far
made against the horrible insurgent airplane
bombing of helpless civilians in Barcelona, and such
attacks were not repeated this week.
the border, however, and the
neighbor by the Warsaw regime.
terms last
con-
Most of the Polish
swept Poland occasioned many popular
demonstrations
rushing
"volunteers" were appearing in heavy numbers on
the insurgent side, perhaps as a prelude to some
partial withdrawals under the British plan of "nonintervention."
In all parts of the world protests
complete capitulation of Lithuanians on this
for the
war
of normal relations.
last Saturday, called
expiring late
ultimatum,
Germany
Franco than Russia and France were sending to the
Loyalists. There also were indications that Italian
killed, last week, Poland took a stringent attitude
and
Huesca,
the north, and by Wednesday still another
attack developed south of Huesca, with the obvious
aim of pinching the Loyalist defenders in the salient,
The heavy fighting tended to favor the insurgents,
probably because of the fresh supplies of arms and
munitions recently poured into General Franco's
hands by the Italian and German governments,
London reports of Wednesday quoted "informed
sources" as saying that a race to supply arms to
the Spanish contenders is in progress, with Italy
however, the fears were dispelled when the Government
On Tuesday
near
to
For the time being,
of sick Europe.
for further attacks.
prepare
the insurgents resumed the offensive
sweeping
and the action increased the fever
Europe,
temperature
lines and
ultimatum to Lithu-
an
moment when fears
a
-
sharply and forced a withdrawal. The invading
force 86 miles south of Suchow was equally unable
to advance, and the Japanese thus were disappointed again in their expectation , of joining the
two areas of recent conquest. Throughout the vast
north China war area, communist forces and guerril'la bands harried the long-drawn communications
of the Japanese armies and rendered their operations troublesome. Japanese Government officials
nevertheless prepared to form an autonomous State
in central China, with Nanking as the capital. In
the Diet session, on Tuesday, Premier Fumimaro
Konoye declared that Japan never will yield an
inch of the territory taken by the invading armies
in China. The contrast of this declaration with the
many previous assurances that no territory is desired apparently did not trouble the Japanese con-
331938
Financial
science.
In
day that
to the
Washington it
announced
was
Chronicle
it
damage sustained in the Japanese sinking of the
Ameri can
gunboat Pan ay, last Dec. 12.
accompanying this claim said
conservative,
were
and
about five pesos
sents
was
submitted.
exchange
The
allowed
was
in most transactions, which
In his statement to his
denas accused the
Neighbor
aban¬
mean
regulation.
repre¬
further sizable depreciation of the Mexican
a
unit.
Our Mexican
foreign
1938
lapse, this week, and the dollar was quoted at
to
The note
account
of
26,
dollars, although
pegged rate of 3.6 pesos to the dollar
that the estimates
itemized
no
States
explained that this would not
was
donment
Japanese Government for property losses and
United
sale of
and
chase
Tues¬
on
bill for $2,214,007 had been submitted
a
March
people, President Car¬
companies of carrying
on
a cam¬
paign of propaganda and of refusing to comply with
WITH the expropriation of week-end, it is clear
properties,
the last all foreign-owned oil
"I
Mexican law.
acting," he said, "in behalf of
am
over
that
Mexico
economic
entered
existence
upon
a
critical phase of her
within
also
and
upon
a
There
is
injustice of the Mexican
terly obvious.
need
no
to
and in
instances granted
some
in power, were
now
similar arrangements
many years,
and other
by the Administra-
lous
disregard
of
is
simplest
the
equitable procedure.
stripped
with
away
fundamentals
of
The harshness of the action
especially apparent in view of the coddling treat¬
ment extended to Mexico
by the United States Gov¬
ernment, in the form of trade concessions, silver pur¬
chases
market, and other largesse.
spite such developments,
Mexican
they
or
perhaps because of the
afforded
conscienceless
the
Administration, orders
issued last
were
Saturday for the Mexican workers to take
British
companies in Mexican
equipment.
British
the
over
President
Lazaro
a
Cardenas
issued
his
decree
were
companies
establish pension
a-
share
in
demands
the
could
not
be
met, and the fact of their
nothing faintly
effect
in
any
approaching
other branch of
But Mexican labor has
istration
this
of that
a
is
program
in
Mexican industry.
strong voice in the Admin¬
country, especially where foreign
rights and interests
are
concerned.
After the
com¬
panies indicated their inability to meet the demand,
President
Cardenas
succumbed
entirely to
union
radicalism and to all effects and
purposes simply
ousted
A
the
long-established oil companies.
convenient
for the purpose,
to
"Expropriation Law"
utilized
and President Cardenas attempted
justify the proceeding in
countrymen.
was
a
radio address to his
Apparently there
was
some
realiza¬
our
receiver¬
confirmed at Washing¬
Hull, who
ex¬
"serious concern" of the
The British Government
on
Wednesday informed Mexico City that it reserved
rights in the matter.
Close consultations be¬
British and American
question immediately raised
United
States
was
created
by
absurd
our
Silver Pur¬
Act, but Secretary Morgenthau declared that
the
purchases would continue through
any
event.
filed
that of the
purchases of Mexican silver at The
artificial level
chase
diplomatic representa¬
reported.
were
One
In Mexi¬
unreasonableness is clear when it is considered that
equivalent to
was
the
might be reached."
made, with
Such unreasonable
Monday
on
course
general impres¬
basis.of equal fairness to all concerned before
a
full
systems and to give the workers
management.
a
for adjustment of the dif¬
a course
This
was
was a
American official
stage too highly acute and too highly complicated
are
ordered to pay $40,-
were
Daniels
Washington Government and the hope that "some
as
000,000 immediately in compensation and wages, to
there
move
no
with
adjustment of the differences might be worked out
tives
of the Administration.
Josephus
by Secretary of State Cordell
pressed
in the country, inordinate
any
through
ship proceedings.
ton
situation
knowledge of the
any
He said
sion Mexico would
tween
greater compensation
courts the
representative had
be taken.
a
long-standing dispute between
Although such Mexican workers
highest paid of
demands for
blue," and that
to
ficulties
the
Ambassador
plain, early this week, that the step
"bolt from the
on
operating companies and the native workers in
the encouragement
can
esti¬
are
$200,000,000 to $250,000,000, and the
the oil fields.
the
lands and
investment at $200,000,000.
the "solution" of
the
oil
American interests usually
mated at about
made it
viewed
naturally
interest.
active
De¬
$400,000,000 to $450,000,000 investment of American
and
by the Mexican measure, and the British
ington
Government
or
above the
encouragement
for payment of seized ranches
foreign-owned property.
Considerable perturbation was caused at Wash¬
cal¬
a
encour¬
aging in view of Jane persistent non-observance of
•.
tion
decree provides
properties, bjit that aspect is far from
seized
Property rights and privileges held
by British and American companies for
The^expropriation
payment is to;be made within 10 years for tl-fe
the
upon
for that is bit¬
measures,
laws."
the
of
that
dwell
country? who must have the protection
our
that
course
necessarily will produce extraordinary diplomatic
difficulties.
laboring class of nationals and even foreigners
the
a
March, in
The oil companies operating in Mexico
brief with the State
Department protesting
against the "denial of justice," and they also
what
sidered
to
the
halt
legel steps
expropriation.
fields, meanwhile,
age
to
the
may
came
Oil
operations in
of the
wells inevitable and
some
damage to
Foreign workers
fled to Mexico City and to the ports '
country for refuge from the unfriendly native
workers.
The fear
prevailed early in the week that
foreign-owned mining properties next would be
propriated, but efforts
denas to
the oil
the
to a virtual halt, with dam¬
equipment almost equally certain.
and managers
con¬
be taken in Mexico
adjust
wage
were
ex¬
made by President Car¬
and other disputes induced by
expropriation.
V
tion of the serious economic
follow the
his
repercussions likely to
action, for Senor Cardenas declared
regime is prepared
even
to
alter
the
that
rate
expropriation.
advisable
The Bank of Mexico found
immediately thereafter to suspend the
Central Banks
of
exchange to meet conditions which might arise from
the
Discount Rates of Foreign
it
pur¬
THERE have been noofchanges during the week in
the discount
of the foreign central
rates
banks.
Present
rates
any
at
the
leading
shown in the table which follows:
centers
are
Volume
146
Financial
Chronicle
1939
BANK
Rate in
Courctry
Pre¬
Effect
Date
Established
Rate
Effect
Date
vious
Mar 25
Country
Established
Rate
Changes
for Week
3^
Mar.
1 1936
Hungary
4
Aug. 28 1935
4H
Batavia
4
July
1 1935
3
Nov. 29 1935
3A
1932
3lA
Gold holdings
Credit bals. abroad.
5
a
„
May 15 1935
4H
2H
Ireland
3
June 30
Aug. 15 1935
2
.
India
7
Italy
4^
May 18 1936
Bulgaria...
6
Canada
2M
Mar. 11 1935
■m'm
Chile
4
Jan.
24 1935
4
Colombia..
4
July
18 1933
5
;
Japan
k
3.29
Java
Jugoslavia
Czechoslo¬
14 1937
Jan.
1 1936
3A
Morrocco
4
Jan.
21937
5
Norway
Denmark..
4
Oct.
19 1936
3H
2
June 30 1932
2
Portugal
Estonia....
5
Sept. 25 1934
Rumania
Finland
4
Dec.
4 1934
5A
4^
South Africa
3
Nov. 12 1937
3H
4
Sept. 30 1932
5
6
Jan.
41937
7
2
Dec.
2 1936
1
July
1935
3.65
..
Greece
Holland
...
6H
.
+ 3,000,000
bills
discounted.,
6A
4M
c
5
—69,000,000
Cred. current accts.
4
17 1937
4
Aug. 11 1937
4H
Dec.
4M
7 1934
6
3H
May 15 1933
Spain
5
July
Sweden
2M
Dec.
1933
3
Switzerland
1H
Nov. 25 1936
2
Temp. advs. with¬
out int. to State.
Propor'n of gold
+ 1,650,000,000 35,
.
53,974,773 20,072,095,857
on
4
..
10 1935
1
5A
Francs
55,806,959,832 57,358,742,140 65,700,421,408
20,625,550
7.551,057
12,872,116
8,120,146,429 10,927,437,311
1,275,320,883
1,289,298,565
3,717,194,709
3,725,214,076
3,372,401,314
+ 533,000,000 94,163,611,535 85,377,977,245 82,680,708,165
+ 384,000,000 23,610,246,647 18,761,390,455 10,911,426,226
Adv. against securs.
Note circulation
6
Dec.
Mar. 20, 1936
19, 1937
Francs
+ 388,000,000 10,979,231,498
No charge
826.639,810
b Bills bought abr'd
1 1936
Jan.
3A
Mar.
French commercial
4
2H
France
Germany
.
Francs
No change
May 28 1935
5 1938
Poland
England...
Feb.
5H
.
3
Danzig....
Jan.
5
_
Lithuania.
vakia
6 1936
Apr.
3
Mar. 17. 1938
Francs
Argentina..
Belgium
STATEMENT
Pre¬
Rate in
vious
Mar 25
OF FRANCE'S COMPARATIVE
hand to sight llab.
a
—0.38%
47.38%
70.20%
55.08%
Includes bills purchased In France,
b Includes bills discounted abroad,
c Rei>10-bllllon-franc credit opened at Bank.
Since the statement of June 29. 1937, gold valuation has been at rate of 43 mg.
gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 26, 1936,
gold valuation was 49 mg. per franc; prior to Sept. 26, 1936, there were 65.5 mg.
reeentlng drafts
Treasury
on
on
of gold to the franc.
Foreign Money Rates
IN LONDON open market
bills
Friday were 9-16%, as against 9-16% on
Fiiday of last week, and 9-16% for three-months'
bills, as against 9-16% on Friday f last week. Money
•
on
on
call at London
on
Friday
%%-
was
At Paris the
open
market rate
from
33^%, while in Switzerland the
at
raised
was
1%>.
3%%
March 22 to
on
.-;;VBank of
Bank of
discount rates for short
remains
rate
showed another
in note circulation of
142,000,000 marks, which brought the total down to
4,807,000,000 marks.
A year ago circulation aggre¬
gated 4,444,884,000 marks and the
429,000 marks.
also
year
before 3,853,-
Bills of exchange and checks and
recorded
decreases
marks
and
Bank's
England Statement
%
THE statement for decrease quarter of March
the third
advances
>
Germany Statement
gold holdings showed
6,804,000
marks,
of
258,570,000
respectively.
The
change, the total
no
THE Bank's return for March 23 shows a by
gain of £27,989 in bullion offset in part small
remaining
expansion of £10,000 in circulation, resulting there¬
stood at 67,486,000 marks and the previous year at
fore
71,768,000 marks.
an
in
increase
an
holdings
£314,618,939
of
£18,000 in
total £327,276,791
now
compared with
Public deposits
a year ago.
Gold
reserves.
as
rose
447,000 while other deposits fell off £8,923,592.
£4,The
70,771,000
at
Gold
marks.
last
Reserves in foreign currency rose
86,000 marks, silver and coin of 38,538,000 marks,
investments
of
23,014,000
marks,
other
assets
of 91,065,000 marks and other liabilities of
£9,903,760
marks.
£980,168.
from
The
28.8%
Loans
other
a
reserve
week
year
it
29.9%.
was
other securities increased
on
Other securities is
we
for
sons
a
year
was
parisons for previous
ratio
is
now
and 2.01% two
ago
6,794,000
1.6%, compared
ago.
years
furnish the different items with compari¬
previous
years:
£2,626,389.
made in the 2% bank
shown the different items with
are
1.66%
Below
reserve
composed of discounts and advances
No change
Below
with
The
REICHSBANK'S COMPARATIVE STATEMENT
£2,995,093 and securities which decreased
rose
£368,704.
rate.
last
29.6%
to
rose
government securities declined £7,120,000
on
and those
which
proportion
ago;
increased
which
accounts
of
105,556,000 marks, other daily maturing obligations
latter consists of bankers' accounts which decreased
and
year
com¬
Changes
Assets—
Reichsmarks
Gold and bullion
Bills of exch. and checks
Advances
Investments
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Reichsmarks
Reichsmarks
Reichsmarks
No change
Of which depos. abr'd
Res've in for'n currency
Silver and other coin...
years:
Mar. 23.1938 Mar. 23,1937 Mar. 23, 1936
for Week
Other assets...
71,768,000
70,771,000
67,486,000
20,268,000
18,842,000
20,333.000
+ 86,000
5,510,000
5,705,000
5,660,000
—258,570,000 4,921,711,000 4,405,058,000 3,650,306,000
+ 38,538,000
257,072,000
239,830,000
247,996,000
41,939,000
—6,804,000
44,166,000
45,424,000
+ 23,014,000
660,691,000
412,200,000
494,122,000
+ 105,556,000
613,321,000
830,909,000
831.023,000
No change
Liabilities—
Mar. 23.
1938
Mar. 24,
1937
Mar. 25,
1936
Mar.
27,
Mar. 28,
1934
1935
Notes in circulation
Other daily matur. obllg
Other
liabilities.......
—142,000,000 4,807,000,000 4,444,884,000 3,853,429,000
+ 9,065,000
672,896,000
832,199,000
834,547,000
143,814,000
174,406,000
+6,794,000
204,626,000
Propor'n of gold <fe for'n
Circulation
479,485,000 470,526,318 406,494,228 381,440,316 378,779,139
15,556,000 27,908,416
18,000,366 20,106,890
17,512,720
Other deposits
145,789,562 119,553,876 120,576,184 137,852,211 131,385,189
Bankers' accounts. 109,142,577
81,986,129 83.617,456
96,625,016
94,468,743
Other accounts
36,646,985 37,567,747
36,958,728 41,227,195
36,916,446
Govt, securities
105,086,164
94,549,300
80,304,996
87,636,044
77.099.732
Other securities
26,730,894
27,106,597
21,674,112
16,934,204
16,677,260
Disct. A: advances.
6,635,138
4,756,238
4.962,781
5,552,118
5,634,269
Securi' les.
20,095,756
22,350,359
16,711,331
11,382,086
11,042,991
curr.
to note curcul'n
1.6%
2.01%
1.66%
Piibfic deposits
Reserve notes & coin.
Coin and bullion
Proportion of
reserve
47,791,000
44,092,621
54,899,406 71,682,772
73.373.733
327,276,791 314,618,939 201,393,634 193,123,088 192,152,872
29.6%
to liabilities
Bank rate...
2%
29.90%
2%
39.61%
45.37%
2%
2%
49.27%
2%
New York
CHANGES weremarket this week. Funds remain
completely lacking in the New
York money
available in
large amounts, but there is
for accommodation.
paper
THE weekly statement circulation 533,000,000
dated March 17 showed
increase
an
in
note
of
francs, which brought the total up to 94,163,611,535
A year ago circulation
francs.
aggregated 85,377,977,-
245 francs and two years ago
An increase
was
of 3,000,000
counted
of
accounts
advances
Bank's
82,680,708,165 francs.
also shown in credit balances abroad
francs, in French commercial bills dis¬
388,000,000 francs, in
of
384,000,000 francs
to
State
of
creditor
and
in
1,650,000,000
gold holdings showed
no
current
temporary
francs.
dealings
from
Bank of France Statement
last
were
week.
bills due in 86
age
no
demand
Bankers' bills and commercial
small and at rates carried
The
Treasury
$100,000,000 discount bills,
sold
on
over
Monday
series of $50,000,000
one
days being awarded at 0.059%
aver¬
and another series of $50,000,000 bills due in 91
days being awarded at 0.067%
puted
on an
held to
Stock
average,
annual bank discount basis.
1% for all transactions
Exchange, while time loans
on
both com¬
Call loans
the New York
were
at 1%% for
datings to 90 days and 1%% for four- to six-months'
maturities.
New York
The
change, the total
Money Market
Money Rates
A
remaining at 55,806,959,832 francs, compared with
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
the
57,358,742,140 francs last
ruling quotation all through the week for both new
francs the
to
47.38%;
before
previous
year.
a year ago
70.20%.
Below
with comparisons
it
we
year
The
was
reserve
ratio fell off
55.08% and the
year
furnish the various items
for previous
/
and 65,700,421,408
years:
Stock
loans
was
and renewals.
The market for time money
continues quiet, no transactions
this week.
90
having been reported
Rates continued nominal at 134% up to
days and 134% for four to six months maturities.
Financial
1940
Trading in prime commercial
what
has been
paper
some¬
Paper has been in fair supply
lighter this week.
but the demand has fallen off. r Rates are
1% for all maturities.
quoted at
Chronicle
Acceptances
deposits here is increasing and only
amount of such
for
waiting
indication of improved
positive
some
between the Government and industry
become
Bankers'
securities, but it is believed that the
into American
relations
i
March 26, 1938
factor
active
an
in
Reserve Bank to be earmarked for foreign
Federal
THE market quietprime week. The demand has
for this bankers' acceptances has
central banks.
However,
been spotty
orities refuse to
divulge the
been very
and the supply of high class bills
There has been
small.
rates
no
change in rates.
very
Dealers'
reported by the Federal Reserve Bank of
as
New York for bills up to
and including 90 days
are
this
which
the Reserve Bank auth¬
names
gold is earmarked.
order
the
of
of the banks for
It
assumed that for the most part these
in
to
security
meanwhile enters the
Most of the gold
movement.
upward
an
may
Great
for
importance,
safely be
earmarkings
are,
Britain,
%% bid and 7-16% asked; for bills running for four
Holland, and Belgium, with small amounts for other
months, 9-16% bid and %% asked; for five and six-
countries.
months, %% bid and 9-16% asked.
The bill-buying
%% for bills
rate of the New York Reserve Bank is
Bank's
The Federal Reserve
1 to 90 days.
running from
holdings of acceptances remain unchanged at
$542,000.
It
The
following is the schedule of rates
the
for
classes
various
of
now
in effect
the
at
paper
Dale
Mar. 25
Established
Boston
end of March.
Once the
quarter has started the fund may
new
gold to the Treasury in small amounts
fund's
the
upon
need for
dollars
and
Under
Previous
1
the Administration's limited
Rate
adopted Feb.
2
1H
Sept.
I
Aug. 27, 1937
IX
Philadelphia,
IX
Sept.
4, 1937
2
Cleveland
IX
2
Richmond
IX
Atlanta
IX
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
IX
Aug. 21, 1937
-
foreign
segregated at least until the
so
political and financial conditions at the time.
Effect on
Federal Reserve Bank
The metal bought by the
account.
markets will be
depending
Rate in
Chicago
money
transfer its
DISCOUNT RATES OF FEDERAL RESERVE BANKS
gold frozen by the stabilization fund in
own
American fund last week to stave off panic in
different
Reserve banks:
program
beyond present expecta¬
during the current state of uncertainty, will have
the incoming
banks.
rates
gold sterilization
should gold imports increase
the fund's
THERE have beenofno changes this week in the
rediscount
the Federal Reserve
Treasury, in order to avoid embar¬
in resuming its
rassment
tion
Discount Rates of the Federal Reserve Banks
learned recently from informed sources that
was
the United States
2, 1937
before the
Treasury must
2
Sept.
2, 1937
Aug. 24, 1937
3
IX
Sept.
3. 1937
2
Dallas
IX
Aug. 31, 1937
2
IX
Sept.
2
quarter
any
sterilization of the
Until the German invasion
2
IX
base in
resume
metal in its inactive fund.
2
IX
Minneapolis
Kansas City
gold sterilization policy
to $100,000,000 may be
up
added to the Nation's monetary
2
St. Louis
14 gold
San Francisco
3, 1937
of Austria this maximum
crisis
brought
tide of
Course of Sterling Exchange
STERLING exchange and greatly improved tone
the entire foreign ex¬
change list is showing
a
.over
last week when the sudden invasion of Austria
seemed to indicate the imminence of
The
dollar
continues
the
in
European
a
ascendant
and
war.
while
prevailed
a
few weeks
ago,
the rate is relatively
firm and firmer than all other currencies except
dollar,
as
funds.
London continues to be
The
range
this
week
a
refuge for
has
been
$4.95% and $4.96% for bankers' sight,
with
a
range
the
uneasy
between
compared
of between $4.94% and $4.99% last
$4.95 11-16 and $4.96 15-16,
of between $4.94 11-16 and
compared with
$4.99%
a
week
a range
substantially
are
above' the
that there
has only
slight margin before steriliza¬
a
begin.
a
few weeks
are
into London.
not
heavy movements of foreign funds
requirements
apparent and this factor will become of increasing
Lord
Wardington, chairman of Lloyds Bank,
cently criticized the competition
among
for bills and results in
funds,
comes
from Belgium and Holland, the
rencies of which countries
are
at
cur¬
present exceedingly
low, and much of the efflux from Europe is due to
anxiety
As
time
a
over
the threat of political conditions.
rule the dollar value of
of
price fixing has
their being kept in
bills.
London
reporting
staff
applied to the discount of
speech,
his
correspondent
of
G.
the
V.
Ormsby,
"Wall
Street
Journal," said:
high to permit
profitable arbitrage shipments, but the London
In
greater demand
a
damage to the discount market
because of the low rates
"The discount market,
gold in London at the
been too
re¬
British banks
foreign deposits, insisting that the fugitive char¬
acter of these funds necessitates
A great
the equivalent of gold in
Further¬
importance until August.
liquid form and therefore entails
or
case.
already becoming
are
gold continues to flow from London to New York.
deal of this gold,
as com¬
it must not be thought
ago,
Quite the contrary is the
tourist
more,
$100,-
Even the official figures show that
Despite tne greater firmness in the dollar
for
ago.
Despite the easing of political tension in Europe,
Treasury
pared with
The range for cable transfers has been between
week.
already
tion must
sterling is far from the quotations of around $5.03
which
gold imports during the first quarter of
000,000 limit.
the
Unofficial reports indi¬
nearly six months.
that
1938
The
by that event, however, turned the
gold toward this country again for the first
time in
cate
on
appeared satisfactory.
con-
trol has
is
an
and
essential part
of
Lord Wardington, declared,
of London's financial equipment
in the composition of its
great importance
-
frequently allowed sterling to decline suffi¬
ciently to make possible arbitrage transactions, with
intricate and delicat^ activities.
the result that
*
and, though excessively low rates—to some extent
London
on
large part of the gold on offer in
Monday, Tuesday, and Wednesday was
a
engaged for export to New York.
Thus far it would not appear that
any
.
artificial—which have ruled
be
considerable
volume of foreign funds reaching New York has
able that it should Le allowed
gone
an
advantage
to
the
therefore to the taxpayer,
be
dearly bought if they
an
It is highly desir¬
opportunity to live
during recent years may
Treasury
and indirectly
yet these advantages
were
would
to mean the extinction
.
Volume
of the
and
Financial
146
London bill market
as
all know it
we
today
consequently, the greatly diminished attractive¬
of
ness
the
London
bill, if its marketability were
threatened."
Under normal conditions of international trade the
bill
moving
international
has
Goschen said
been
large
a
sidered
most
signs of a
were
bills
coming
London, while the inland bill
All the officers of the
own.
deplore the necessity of carrying
volume of Treasury paper.
it
William
Sir
foreign-drawn
holding its
ton of Alexanders
Lord Warding-
expressed the opinion that he
con¬
unlikely that commercial bills for
financing foreign trade will
their
recover
ever
pre¬
importance.
war
and
Call money
three-months
months bills
cable
transfers.
still in favor
was
tone.
transfers,
sterling
Gold
on
offer in the London open
as
follows:
On
sight
On
Tuesday while the dollar
sterling continued to show
Tuesday £729,000,
on
on
Wednes¬
on
Friday
on
On
better
a
Wednesday
steady in limited trading.
$4.96@$4.96%.
steady.
The
Bankers'
On
Thursday
the
pound
was
$4.95%@$4.96% for bankers'
range was
sight and $4.95 13-16@$4.96% for cable transfers.
On
Friday sterling continued steady.
$4.95%@$4.96%
$4.95
11-16@$4.96% f°r
$4.95 13-16
£64,600,
last
$4.95 13-16
range was
$4.95 15-16@$4.96 11-16; cable transfers,
was
quotations
market this week
Saturday
Thursday £325,000, and
on
slightly firmer under¬
a
The
$4.96%@$4.96 15-16.
was
four-
9-16%,
quoted
are
was
Monday £532,000,
cable
Monday the
Bankers' sight was $4.96 1-16@$4.96%; cable
Two-
against bills is %%.
bills
19-32%, and six-months bills 21-32%.
day £193,000,
for
trading.
was
Money continues extremely abundant and cheap
in London.
pound continued to display
On
@$4.96% for bankers' sight and $4.95%@$4.96 13-16
of
discount companies
$4.95 15-16@$4.96 9-16;
was
$4.95 11-16@$4.96%.
commodities.
forward for discount in
so
Bankers' sight
tone in limited
Company that there
improvement
at least
Referring to day-to-day rates, sterling exchange
Saturday last was up from the previous close.
on
perhaps the chief factor in
recently at the annual meeting of the
Union Discount
was
1941
transfers,
London
slight
Chronicle
Friday
on
for
cable
transfers.
transfers.
bills finished at $4.95 11-16,
range
and
sight
Closing
$4.95% for demand and
were
cable
The
bankers'
for
Commercial
sight
60-day bills at $4.94 13-16,
90-day bills at $4.94%, documents for payment (60
days) at $4.94 13-16, and seven-day grain bills at
$4.95%.
Cotton and grain for payment closed at
$4.95 11-16.
£157,000.
At
for
the
the
Port
of
New
week ended
the
March
reported by the
23,
Federal Reserve Bank of New York, was as follows:
GOLD
MOVEMENT
AT
NEW
YORK,
MAR.
17-MAR.
Imports
23,
and
above
figures
Wedesnday.
were
no
week
of
the
for
metal
On
of
exports
or
ended
no
on
imports
changes in gold held
or
foreign account.
imports
were
Friday there
the
metal
but
gold held earmarked for foreign account decreased
$2,628,000.
Gold held in the inactive
fund,
indicated in the
as
daily Treasury statements issued during the week
ended last
Wednesday
day changes
GOLD
was as
HELD
IN
follows.
The day-to¬
calculations.
are our own
Cabinet
his
1,188,034,654
1,185,468,287
March 21
—$2,566,367
1,185,468,287
Unchanged
March 22
1,182,974,523
1,182,974,523
ments
Canadian
Unchanged
Week Ended Wednesday
19-32% and
The
rate
exchange
a
the
is
steady.
week
March
On
of
factories
as
new
24
coalition
on
a
funds
discount
of
discount of %%.
Paris, the
decreed
by French
the
against
Government
Front
French
efforts
establish
to
LONDON
Saturday, March 19__
London check
and
savers
March 21.
161.73
Wednesday, March 23
Thursday,
March 24.
163.12
Tuesday,
March 22
163.34
Friday,
March 25
163.37
MARKET GOLD
PRICE
LONDON OPEN
Tuesday, March 22
162.94
Socialist
hoarders
PAID
140s. 2d.
FOR GOLD
BY
Friday,
THE
RESERVE
Saturday, March 19
$35.00
Monday,
March 21
35.00
Tuesday,
March 22..
35.00
,
|
UNITED
March 25
$35.00
M.
March
the
seems
of
such
have
been
to
averse
reestablishing his
the
Popular Front.
How¬
serve
Edouard
M.
as
under
a
Herriott,
Minister from the Center,
a
Paul
of
Reynaud, who is regarded
22
M.
Blum introduced
Deputies for the
Treasury
funds
of
the
Bank of
as
as
a
purpose
during the
bill
in
the
of assuring
coming
weeks
France
by
as
much
as
10,000,-
The Chamber passed this bill by
000,000 francs.
satisfactory vote but the Finance Committee of the
an
modified it by reducing
additional
5,000,000,000
35.00
35.00
to
by the extension of the Government's credit limit
Senate
Wednesday, March 23
Thursday,
March 24
Premier
would accept
(FEDERAL
BANK)
Friday,
dictatorial
a
conservative in financial matters.
a
March 25.140s. 2d.
STATES
have been
elements
for instance
a
PRICE
such
Party, would be willing to
moderate
with
Wednesday, March 23.140s. l)/2d.
Thursday, March 24.140s. iy2d.
Monday1 March21... 139s.
Popular
it was inferred that M. Blum,, leader of the
Chamber
Moftday,
Saturday, March 19___ 140s. 5}4d.
leader^
the
Cabinet along more conservative lines and away from
On
CHECK RATE ON PARIS
161.03
labor
of
the French Senate demanded of M. Blum.
as
not to
seems
price paid for gold by the United States:
MEAN
with
completely shattered in the last few weeks. M. Blum
and
mean
market gold price, and the
open
conservative ele¬
Government
widespread strikes with occupation
were
warning
a
the radical
Montreal
between
following tables show the
new
present composition of
and rely solely upon
a
a
would be compelled to resign
dictatorial "public safety" powers.
ever,
during
a
it appeared probable
press
abandon the
to
form
to
going to
Blum, who attempted to form
March 14,
Cabinet
$5,060,131
ranged
new
than
more
major catastrophe in which
—2,493,764
March 23
Decrease for
no
Confidence of financial and business interests and
Unchanged
Unchanged
a
crisis, for each
a new
Daily Change
$1,188,034,654
March 18
on
least
at
or
time of
Premier
Cabinet
Amount
March 17
March 19
that
THE TREASURY'S INACTIVE FUND
Date—
in
as
development is
manifestation of the
At the
the
for
On Thursday there
exports
earmarked
$4,360,000
are
time
any
the unit became involved in 1919.
Change in Gold Earmarked for Foreign Account
Decrease:
at
unfavorable
new
Net
It is hardly reasonable to refer to the
problem.
franc
None
$2,985,000 total
or
FRENCH finance and the to present of French
public francs continue condition
thorny
a
INCL.
Exports
$2,254,000 from England
731,000 from India
The
Continental and Other Foreign Exchange
gold movement
as
York
measure
the limit
on
flie "credit limit to
francs.
By
the
new
the grand total of "temporary"
Financial
1942
which at the time of its pas¬
advances to the State
sage
totaled 37,000,000,000 francs,
would rise to
42,000,000,000 francs.
A second bill introduced authorized an
additional
profits on operations
of the exchange fund which were reported to be
about 3,000,000,000 francs and were to be handed
over to
the newly formed National Defense Fund
as a
working fund pending market conditions per¬
mitting the issuance of defense loans. This measure
was flatly rejected by the Senate at the instance of
its
Finance Commission.
The senators, openly
hostile to the Premier, asserted that had it accepted
the Cabinet's program the Government "would thus
have the means of postponing longer the wide reforms
which it must make if it is not to be replaced by
a national union Government, for which we express
indirect advance representing
hope."
the most ardent
The
current
of the Bank of France
statement
the
by
borrowings
renewed
shows
Treasury
of
This follows borrowings in
the previous two weeks of 1,800,000,000 francs.
These renewed Treasury loans from the Central Bank
served to increase the general uneasiness.
It is
currently estimated that not less than 80,000,000,000
francs of French funds are in hiding abroad.
1,650,000,000 francs.
change in the German mark
Thus far there is no
of
President
Hjalmar Schacht,
and other German
Vienna to bring Austria's financial
March
On
situation.
officials went to
Dr.
23
Reichsbank,
the
According
Austria's entire cur¬
rency will be absorbed and changed into German
marks by May 1.
The official rate for the absorp¬
tion, it is understood at present, will be two marks
affairs in line with
those of Germany.
expressed opinions
their
to
schillings.
for three Austrian
Incidentally,
gold reserves
Germany's
will be
increased, by taking over the gold reserves of the
Austrian National Bank.
The Austrian Bank's
at
reserves
about
the time of the
Nazi invasion totaled
404,000,000 schillings, of which
243,000,000
consisted of gold coin and bullion and
schillings
161,000,000 schillings of foreign
exchange. At the
absorption of
exchange rate prevailing before the
the Austrian Bank was announced
on
gold reserve was worth 189,000,000 marks
($75,600,000), nearly three times the Reichsbank's
gold reserves of 70,771,000 marks ($28,308,400).
According to Prime Minister Chamberlain, the
British Government has no power either to con¬
fiscate or turn over to the German Government any
other property of the Austrian institutions
now
held by the London banks.
Financial circles
in London doubted that such gold and foreign ex¬
or
change
can
estimated at around £6,000,000,
resources,
turned
be
over
to
Germany until the
courts
its legal ownership.
The courts will be
faced with settling the question whether the gold
pass
Paris closed on Friday
Friday of last week. In
New York sight bills on the French center finished at
3.02^4 against 3.06%; cable transfers at 3.02%,
against 3.06%.
Antwerp belgas closed at 16.84%
for bankers' sight bills and at 16.84% for cable trans¬
fers, against 16.82% and 16.82%. Final quotations
for Berlin marks were 40.10% for bankers' sight bills
and 40.10% for cable transfers, in comparison with
40.12 and 40.12.
Italian lire closed at 5.26% for
bankers' sight bills and at 5.26% for cable transfers,
against 5.26% and 5.26%. Austrian schillings are no t
The London check rate on
at
163.37, against 161.00 on
on
belongs to the Austrian State, to the National Bank
itself, or to the Bank's shareholders.
It is esti¬
mated that a total of £17,000,000 of the Austrian
Bank's foreign exchange gold holdings is
deposit in several foreign countries.
The following table shows the relation of the
leading European currencies to the United States
National
3.49%> against 3.49%; on
at
f
'
and
New Dollar
Range
This Week
3.02% to 3.08%
Belgium (belga)
13.90
16.95
16.82% to 16.85
Italy (lira)
5.26
8.91
5.26% to 5.26%
Switzerland (franc)
19.30 '
32.67
22.91
to 22.96
Holland (guilder)
40.20
68.06
55.26
to 55.39
a New dollar parity as before devaluation of the European currencies
between Sept. 20 and Oct. 3, 1936.
b Franc cut from gold®and allowed
Parity (a)
Parity
b France
(franc)—
to "float" on June 30, 1937.
3.92
Finland at 2.19%, against 2.19.
on
change closed at
i*
6.63
Greek
ex¬
0.91%, against 0.91.
»
EXCHANGE onno new featuresneutralthose of the
presents the countries from during the
war
These currencies move in close sym¬
past week.
pathy with sterling. Owing to the disturbed condi¬
tions abroad since the invasion of Austria, the Dutch
guilder and the Swiss franc have been ruling excep¬
tionally low and it is understood that both Holland
and Switzerland have sent gold to London for the
it is believed that
there has been a heavy movement
of Dutch funds to New
awaiting
are
At the same time
of supporting exchange.
purpose
York, largely for deposit and
indication of improvement in the
A large volume of Swiss and
also believed to be in the London
an
business outlook here.
Dutch funds is
short-term market.
on Friday
Friday of last week; cable
55.27, against 55.12; and commercial
Amsterdam finished
Bankers' sight on
at
55.27, against 55.12 on
transfers
at
sight bills at 55.23, against 55.00. Swiss francs closed
at 22.91 for checks and at 22.91 for cable transfers,
22.88%.
against 22.88% and
Copenhagen checks
finished at 22.14 and cable transfers at
22.10 and 22.10.
and
Checks
cable transfers
on
22.14, against
Sweden closed at 25.55
at 25.55,
against 25.49% and
25.49%; while checks on Norway finished at 24.92%
and cable transfers at 24.92%, against 24.87 and
24.87.
—»
EXCHANGE on the apparent in recent weeks.
follows the trends South American countries
These countries have not thus far
the European
Mexican
been affected by
tension.
exchange, while not properly a
American unit, is
South
noted here at present because its
unit of value is the peso
and the nation is a Spanish-
On March 21 Mexico dispatches
that the peso rate would be officially lowered
a few days to the basis of four pesos to the
Mexican foreign exchange markets
were
on March 18.
On that date the rate for the
speaking people.
stated
within
dollar.
closed
peso
in New York was
March 23 when it
was
quoted at 27.80 cents.
On
understood that the market
was
reopened by government consent, the selling
rate
for
quoted in New York as 24.50
the open market in
selling at the rate of five pesos in the
pesos
At the
cents.
Mexico
.
Old Dollar
Poland at 18.88, against 18.95;
against 0.74%; on
on
dollar:
Exchange on Czechoslovakia closed
Bucharest at 0.74%,
longer quoted.
March 17,
this
gold
March 26, 1938
Chronicle
were
was
same
time pesos in
morning, dropped to 4 pesos
later
were
50 centavos at noon, and
bought %t 4 pesos 25 centavos.
In
an
public confidence in the cur¬
rency the Bank of Mexico on March 21 offered to
exchange silver pesos for paper money in "unlimited
attempt to maintain
quantities."
It had provided
86,000,000 silver pesos
Volume
Financial
146
for this purpose
and announced that it would mint
if necessary.
more
The drop in the peso has meant
of dollars to American business in Mexico.
millions
seriously
they will be paid in devalued pesos
of
Manufacturers
affected
since
for sales made
Argentine
American
goods
Friday, official
on
33.00
on
Friday of last -week; cable transfers at 33.05,
against 33.00.
The unofficial or free market close
was
25.20@25.40, against 25.95@25.96.
Brazilian
milreis are quoted at 5.90@5.95 (official), against
quoted
Peru is nominally
(official), against 5.19.
at
quoted at 5.19
exchange is
Chilean
ment intervention if
EXCHANGE on the Far Eastern countries presents
features from those of recent weeks.
new
in close relation to
move
exchange, to which they
sterling
allied either legally or
are
that
by refusing to take present investment risks.
they
Closing quotations for
on
checks yesterday were
yen
Hong¬
Friday of last week.
kong closed at 30.85©31.00, against 30 13-16@30.85;
28J4@29Ji>
28J^@29 1-16;
Shanghai
at
Manila at
49.85, against 49.85; Singapore at
against
57.90_,
against 57 13-16: Bombay at 37.43, against 37.38;
and Calcutta at 37.43, against
Gold Bullion in
of "the
general feeling
against
assuming
is less extensive
and
European Banks
stricted
by special cable yesterday (Friday); comparisons
corresponding dates in the previous
four years:
1938
of—
1937
1936
1935
1934
£
£
£
£
Fraqjpe
Germany b_
Spain___
Italy
Netherlands
193,123,088
192,152,872
525,603,371
2,575,200
660,774,356
594,923,163
2,959,900
10,925,000
90,482,000
76,823,000
c87.323.000
90,117,000
90,761,000
a42,575.000
42,575,000
62,979,000
58,057,000
67,718,000
104,314,000
95,425,000
71,032,000
77,322,000
83,522,000
48,109,000
67,201,000
as
65,711,000
25,635,000
23,897,000
16,186,000
14,635,000
77,868,000
26,299,000
6,542,000
_
Denmark
_
_
6,550,0OC
6,554,000
7,395,000
7,398,000
7,442,000
Sweden
6,603,000
6,602,000
6,852,000
6,574,000
Norway
Total week. 1,075,965,534 1,098,826,879 1,100,908,205 1,246,981,344 1.203,720,035
Amount
a
held
Dec.
Bank of Germany
are
31,
1936,
b Gold
latest figures available,
exclusive of gold held abroad,
reported at £1,016.650.
less
than
when the gold
a
holdings of the
the amount of which Is now
Amount held Aug. 1, 1936. the latest figure aballable.
c
The gold of the Bank of France was revalued on July 23,
of gold 0.9 fine, equal
within
wait for
year,
£1 sterling at par; on
the previous revaluation took
26,
place on Sept.
1936,
49 milligrams to the franc as compared with
On the basis of 65.5 mgs., approximately 125 francs equaled
basis of 49 mgs., about 165 francs equaled £1 sterling, and at
43 mgs., there are about
want to
your
190 francs to £1.
Where
accomplish changes
must take risks
as
ing industry. If
Hanes,
the Blame
Belongs
a
or
member of the Securities and Ex¬
you
Association, at Chicago,
17.
Just what kind of
ers
may
a
have expected
on
March
speech the assembled bank¬
do not know, but they
we
well have thought that Mr. Hanes, who
that you may
decide to Jet George do it,' you
But it is time
find
to
out
to
just what
conditions and where
machinery is
study
enough in harness to take
not
on
have
were
in the
been
If
they had
doomed to be disillu¬
sioned, for they heard themselves blamed for
long
the official attitude
that the New Deal has made familiar.
such expectation they
years
con¬
may
changes
are
required
job is
yours,
told
am
that
the
accumulated
it is
deferred
of dollars in
must find solutions and work
ways
ties
to
...
capital
billions
Consequently,
toward
practical
of reopening the capital market in our capaci¬
as
and,
many
up
railroads, construction, public utilities,
manufacturing and other industries.
bankers, business men, Government officials
may
I
say,
the
solutions
power, may
a
or new
to start thinking of possible remedies.
you
we
situation,
Since the job cannot be
left undone and since the
I
your own
be done under present
can
necessary.
patriots.
If
you
cannot reach these
Government, whatever the party
in
have to impose them upon you, because
government cannot endure unless it can keep the
national economy going.
But I do not think that
in the Government wants to see things go
anyone
On the contrary,
that far.
I
am
confident, if you
attempt to work out your own salvation, that the
as
you."
amounts to is
a
demand that invest¬
risks which they regard
excessive, in spite of the fact that the conditions
which make risks excessive are by no means
their
of
own
creation,
Mr. Hanes
volume
The
shrunk
lions
entirely
and shall exert themselves
problems for whose existence,
admits, they are not solely responsible.
of capital for
underwriting may have
appreciably in the past decade, but the bil¬
of
"deferred
capital expenditure" that have
accumulated since 1930 must nevertheless be found.
The mechanism of
could
Inaction
write investment banking off the
well," Mr. Hanes said further, "that
has
business,
job. Someone
inactivity of the capital market is not all your
sion and before that had been for
any
your own
books."
only last January became a member of the Commis¬
some
you
be forced to do it by default.
as
vestment Bankers
If
must work towards
you
may
mean
to find solutions for
meeting of the Central States Group of the In¬
difficulties to
find that George, and perhaps his Uncle Sam,
change Commission, made of American bankers at
investment
your
may
ment bankers shall assume
irritating the criticisms which
philosophy of
part of our mechanism of financ¬
the
very
a
to both of them.
or
Government will work with
Nothing that has happened in the interval makes
less uncalled for
influences,"
part. You cannot afford to sit and
taxation,
or
What this
may
governmental
changes, ascribing all
regulation
1937, at 43 milligrams
to one franc; this was the second change in the gold's value
was given a value of
66.5 mgs. previously.
John W.
in the 'twenties,"
"necessarily subscribe to
on
1,074,734,545 1,098,981.359 1,099,032,641 1,247,740,291 1,202,686,396
Prev. week.
of
result
a
66,774,000
76,630,000
122,150,000
99,590,000
Nat. Belg-.
Switzerland.
201,393,634
314,618,939
347,628,740
2,432,200
327,276,791
293,720,843
2,521,900
c87,323,000
a25,232,000
England
was
expenditure since 1930 amounts to
£
Banks
today than it
that
noting
underwriting capital
which he singled out "the operation of our
among
fault.
respective dates of most recent statements, reported
shown for the
risks,"
conceding that "risk-taking has also been re¬
"I know too
exchange) in the principal European banks as of
are
the part of the industry
on
excessive
"there is little doubt that the
37.38.
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at par
us
contributing to hold back recov¬
Prefacing his criticism by expressing appreciation
the
to
were
them, in part by first doing
by exchange control.
28.93, against 28 9-16
bankers, in substance,
was
inaction
of
they did not change their ways.
What Mr. Hanes told the
he did not
no
not of their
were
present tax system," he nevertheless declared that
24J/2, against 24.40.
All these currencies
satisfied
making, and threatened with further govern¬
ery
closed
pesos
quotations, at 33.05 for bankers' sight, against
5.90@5.95.
ditions which they were
own
are
credit.
on
paper
1943
Chronicle
been
underwriting that once obtained
materially altered, for there are, as Mr.
Hanes reminded
his hearers, "no more
security af¬
filiates," "banks can no longer participate and the
risk-spreading intermediate or banking groups are
no
longer
available,"
"investment-banking
which used to be able to hold
deposits
can no
firms
longer
Financial
1944
do
so," and "no
capital
new
tal" lias been received
which
suffered
was
investment banker
business
little
capi¬
new
good the shrinkage
during the depression, but the
nevertheless go
miist
courageously
as
ernmental
or very
make
to
as
on
doing
he did it before.
"Gov¬
influences," including "the present tax
March
Chronicle
banks proposes
to make it the duty of the Board of
Governors "to raise the
so-called
1938
26,
all-commodity level,
or
the
price level, until full employment of all
able and willing to work shall have been
achieved, and until the price level shall at least
persons
reach the all-commodity index of
100
as
established
system," have imposed restrictions, but investment
by the Department of Labor for the year 1926," and
bankers, whose criticisms and protests have had
thereafter to
about
much effect
as
would have
at
Washington
against the tide,
the music like
as
broom
a
nevertheless to face
are
patriots, trusting that the Govern¬
level "at
standardize
low" the standard.
Reserve
Federal
and
maintain the
price
variation not to exceed 2% above or be¬
a
It is also made the
duty of the
"in accomplishing these
Board,
ment will work with them and that the Securities
ends, to expand demand bank deposits by the pur¬
and
chase of United
Exchange Commission, in Mr. Hanes's words,
"will not hide ourselves behind red tape and rejoice
over
difficulties from the Olympian heights of
your
~
bureaucracy."
What every
Mr.
secured
States bonds and notes, or bonds
by the United States,
subdivisions
thereof,
or
bonds of States and
other sound bankable
or
as¬
sets, and to contract demand bank deposits by the
,
investment banker knows, and what
Hanes, it must be assumed, knows also is that
sale of the securities aforesaid."
The
Maloney bill, again,
extend the
proposes to
the "inaction" for which the bankers were taken to
authority of the Securities and Exchange Commis¬
task is not
sion to the over-the-counter securities
tal for
due, to
large extent, to lack of capi¬
any
underwriting
changes in the underwriting
or
business, and
the way to minute regulation of the financial
opens
mechanism, but to the policies of the Roosevelt Ad¬
organization and ordinary business conduct of
ministration and the
the-counter
about what
long
uncertainty and apprehension
Administration
the
do next.
may
As
the Administration, with the support of
as
a
State
An
expenditure, views
pears
prefers
ence,
and
excess
business
in
new
managed
a
insists upon
such taxes
as
those
on
existing
where in
investment house of any
the
a
enlarge¬
or
We doubt if
kny-
importance
country that would not jump at the
chance to make
support
is discouraged.
upon
capital
new
the improvement
or
ones
one,
capital gains
profits, and multiplies restrictions
enterprises
an
stable
currency to a
operations, the employment of
ment of
there is
balanced budget with indiffer¬
a
an
program
industrial
or
business loan
or
of refinancing if it could feel
and
dealers.
municipal securities
or
from the
majority in Congress, continues its policy of lavish
brokers
inquisitorial
scope
Even
over-
dealers in
not wholly exempt
are
of this proposed "help."
extraordinary exercise of official authority
Commission upon
trading by members of the syndi¬
cate that handled the
Oil
ap¬
in the restrictions recently imposed by the
Co., while
the
that
on
preferred stock of the Pure
March 16 brokers
Commission
was
advised
were
considering "the advis¬
ability of adopting rules designed to make available
periodically to the Commission and to investors
statements
showing the current financial condition
of members of national securities
exchanges, of bro¬
kers and dealers who do business
dium of such
confident that the investment involved only a rea¬
brokers
sonable
through the
me¬
members, and of all over-the-counter
sion."
risk.
Administration
policies,
have surrounded most such loans with
risk, and
investment banker who
no
reputation
either his
recognizes
or
capital
own
an
an
inactivity of the loan market of which Mr.
for his
complained is not the fault of investment
obligation to safeguard
can
his
see
own
salvation"
ernment will
overlook
that
at
on
the slender
the
of
the
moment
moreover,
"helps," direct
under
are
"work out
hope that the Gov¬
help him is not likely,
some
to
indirect,
or
consideration
at
Washington. The reorganization bill which is being
jammed through the Senate under Administration
pressure
would not only give the President
ally complete control
ization of the
away
over
virtu¬
a
the administrative organ¬
Government, but threatens also to do
over
guardianship which it has long
departmental expenditures.
It is
and when
relieved
ture
of
either
come
out of
Washington
of
when
capital investments.
men are
It is useless to prod
business with warnings
or
if
they do not
part, as long as the Government itself re¬
mains the chief obstacle in the way
bankers and
and what
were
removed,
uncertainty and anxiety about the fu¬
banking, industry
do their
are
bankers, investors and business
of further Government interference
business
men
are
of doing what
admonished
to
do,
they would promptly and gladly do if they
given
a
reasonable chance.
which
the
Senate
majority
bent upon
seems
A Railroad
The
been taken in the direction of
last
a
totalitarian
proposes to
corporation, under Federal law, of
corporation whose business
terstate
or
can
State.
require in¬
every
industrial
be held to affect in¬
foreign commerce, with all the vast
sibilities of government
corporation would
interference which such in¬
open,
government ownership
pos¬
while the Patman bill for
of the 12 Federal Reserve
"diagnostic" conference called by President
Roosevelt to consider railroad conditions
at the
Borah-O'Mahoney bill
Diagnosis
ex¬
giving it, it will mark the longest step that has yet
The
place to lay the blame is at Washing¬
burdens, restrictions and vexatious interferences
exer¬
no
aggeration to say that, if the bill becomes law in the
form
the
The
The investment bankers will do their job
ton.
with the office of Comptroller General and
the invaluable
cised
bankers.
which have
to avoid them.
The investment .banker who is
urged to
his
The
Hanes
that of others is going de¬
or
registered with the Commis¬
excessive
cares
liberately to take excessive risks if he
way
however,
dealers
and
White House
was
held
Tuesday and Thursday of
on
week, and concluded where it might well have
commenced, with the designation of three members
of the "interstate Commerce Commission, Messrs.
Mahaffie,
week"
a
Eastman and
Splawn, to report "in a
plan for the relief of the railroads.
fragmentary
reports
made
definite and lack every
is essential
to
public
are
quite
The
in¬
element of that unity which
the formulation of
a
program.
Volume
The
Financial
14u
President's
there
was
opinion
been
newspapers,
conference, indicated that if
in favor of compulsory consolidation.
For 18
surprising.
the fetish
the
At
the
agreement at all the concensus of
any
was
It is not
to
statement
made at the close of the
and
years
consolidation lias
popular cure-all of regulation.
beginning of that period the late Senator
Cummins
of
made
Iowa
which led to
two
to
public
He found that railroad
force.
the creation of the first Kail way
which
ticians.
to become
to
authorize
to
the
that
concession
that
well
as
operation
ever
of
ties
the present one-sided
by
dollar
upward,
by
never
Act
of the
terms
the
It
so
railroad
of
based upon
activity
in
the
regulated railroads
some
income
of strong
situated,
was
mins
remedy
volume
increasing
an
to
presently reasonable ought
never
to be post¬
deprived of just
Facili¬
revenue.
permanently unprofitable
be
to
restitution.
without
compelled
In
a
period like the present, when many of the funda¬
of
conditions
mental
railroad
transportation
are
happily
being subjected to revolutionary changes, the man¬
Senator Cum¬
agements ought to be enabled to make adjustments
promptly and freely, to experiment whenever experi¬
mentation is desirable.
These
majority in Congress and has continued to be
It has seemed likely that
the rule of the statute.
and
pending law suits to obtain authorizations ought
with weak railroads, thereby
the evident expedient.
traffic
of
The right to supersede rates
unreasonably low and to substitute rates
are
are
the carrier thus
not
always preferred compulsory to voluntary con¬
this rule would
Fair rates do not become unfair because they
ought to be abandoned, and accumulations of losses
arose
solidation, but the voluntary plan was favored by
the
■
to
to
absorb the losses of those less
or
salutary; it is the mechanism
ties and service which are
spreading the fair returns of the few so as partially
to offset
and
ever,
legislative
enlightened self-interest.
poned during months of inquiry without recompense
plainly from the discovered facts—to induce con¬
solidations
sound
pros¬
are
the
principles of the Interstate Commerce
usually
The
accounts.
of
upon
organism, including
grievously at fault that the collapse is almost in
that
from the red ink of their adverse annual
emerge
If it is to be avoided, there
genuine relaxation of the extreme severi¬
others which rarely, if
are
The deadening hand
regulation, with renewed reliance
are
that
service.
organization and
private capital.
greater net income.
the fact that in times of business
while there
perous
persisted
a
basic
sight.
any
statute, but has had little effect upon
realities
was
has
be reversed if anything what¬
provided for their enforcement that is at fault, and
lead
contribution
second
of
The
possibility downward.
The
see
point at which the
a
remain, in the railroad field, for private
the effective restraints
which regulates
system
persistently
wages
disappointing and
politicians ought to be able to
natural forces of the economic
a
before it was repealed, and replaced
years
prove
political supervision has almost completed its
must be
that this contribution to regulative practice lasted
barely two
of
work, and the abyss of government ownership and
plainly obnoxious to the political rule
so
even
operation is just ahead.
lead to such inter¬
great body of voters may ever be opposed
no
fraction
any
contrary, every assertion of such
expected to
regulation has reached
is to
of
to be expected from poli¬
step toward something more stringent.
a
initiative and
Labor E»oard,
unfavorable to them,
as
abdication
never
familiar process must
con¬
adjudications by the Board favorable
railroads,
the
Nevertheless,
With great daring, he induced Congress
ruptions.
On
control is to be
broadly empowered to deal with all con¬
was
troversies of the sort that may
advocacy of the application of further
Voluntary
political control is
ought not to be interrupted by strikes, and this led
to
1945
ate excuse for
of
discoveries, each
notable contribution
a
trol of railroads.
*hronicle
are
remain, because it is supported not
have
a
and
structive
few of the essentials of
profitable policy.
1887 when the
said in
been
a
sane,
con¬
Whatever might
Cullom Act
was
merely by those who doubt that government is far-
adopted,
or
in 1906 when the Hepburn revision was
seeing enough to plan and enforce wise consolida¬
enacted,
or
in 1910 when drastic features of regula¬
tions, but also by the large numbers who question
tion
the
LaFollette,
desirability of hastily building up more exten¬
sive railroad
systems than are already in existence.
The President has been
who could not be
ose
scheme of
be
that
his
supposed to be
persuaded to support
among
any
overborne
those
the
grandi¬
have
again
been
course,
suddenly
no
at the
one
No
one
conference suggested
that
fortune
the
world, and at lower rates than are anywhere else
has
now
there
is
greater severities of
These suggestions are tendered
Commissioners who have been allowed
they will attain
efficient
in
competitive
scheme of
Judging by the past, it may be said that
relief.
among
anywhere
railroad transportation
only seven days to provide a complete
urged that with greater freedom the
found
of
statutory control.
private corporations which have supplied the most
transportation
in 1920 when Senator Cummins was
thoroughly
so
to the three
mitigation of the rigors of regulation, as it is prac¬
tised.
or
by more radical colleagues in Congress,
'neither reason nor excuse for
transformed.
Of
added under the dominance of the elder
business
become
compulsory consolidation, but it may
purposes
were
unexpected success if they agree
They are to be wished good
themselves.
in
their
labors,
and, what
is
far
more,
wisdom.
available, might work out their own problems, could
afford to bear their
economic
existence,
the
accept
quences.
own
and
risks in the struggle for
would
responsibility and to
not
hesitate
take the
Great Britain Points
Next to
conse¬
Hitler may
No such suggestion could have been ex¬
litical
pected from a group, all but one of the members of
•which
were
men
of
no
experience in railroad
man¬
agement, who have long advocated government con¬
trol
most
of
the
railroads, for one of the plainest and
inviolable
rules
of
forcible
control
of
any
industry is that every failure of force is the immedi-
a
Way
to
the new moves,
if
any,
that Chancellor
presently make, the most interesting po¬
developments in Europe seem likely to spring
from British
policy.
When Foreign Minister Eden
*
be a
possibility that British public opinion would rally
resigned, late in February, there appeared to
toMy^ view that negotiations with dictators had
shown
themselves
to
be useless,
and that it was
J
Financial
1946
March
Chronicle
26,
1938
The
sively negatived, in Mr. Chamberlain's ^opinion, by
speech in the Houseof Commons in which Mr. Eden
the fact that such a guaranty "would apply irre-
that should
itself
dictatorship
defended his
high moral tone which
spective of circumstances by which it would be
impress British opinion,
position had
brought into operation and over which his Majesty's
a
for the moment seemed to
The
resisted.
be
impression was quickly counteracted, however,
by the reply of Prime Minister Chamberlain,
re-
minding the House and the country that, whatever
difficulties
the
might be, he had to "deal with
world in which dictators exist."
view
still
were
debacle
a
The two points of
being weighed when the Austrian
'thrust upon
the event that it was attacked. As for the Russian
proposal, it was flatly rejected on the ground that it
as
"appeared to involve less consultation with a view
independent State, disappeared from the map.
an
to settlement than concerting of action against an
was
What had
there
the
the stage and Austria,
happened had happened
was
quickly that
so
possibility of preventing it
no
even
if
disposition to prevent it had been present, and
days went
as
and the Nazifieation of Austria
on
proceeded according to what
thought
out
ominous
to do but
change might be, there
for
that,
Britain shall keep its hands free. It will stand by
France and Belgium if they are attacked, since attack there clearly jeopardizes the safety of the
British Isles, but it will not intervene by force in
Spain nor make any commitments in Central or
Eastern Europe. It does not propose to be drawn
accomplished fact, and to adapt British
foreign policy to the
new
European order, meantime
the armament
up
in preparation
program
into any
eventualities.
Recognition of accomplished fact, however, could
the
remain
not
whole
It
story;
was necessary
know what the Government meant to do
further German
far it felt
tions.
aggression if it developed, and how
was
what attitude
the Russian
proposal of
would
in
na-
knowing
take
toward
conference to plan resis-
a
These matters
clarified in
were
eagerly awaited speech in the
Commons
of
also
the Government would
Chamberlain's
House
interest
some
tance to Fascism.
Mr.
to
regarding
obligated by commitments to other
There
Thursday.
on
Great Britain
not, he declared, give any "prior guaranty" to
assurances
that
which
Slovakia
invaded out of hand Mr. Chamberlain
crossed
that bridge being apparently
only when it had been reached.
of France and
one
to be
The defense
Belgium against attack, if aid
needed, remained,
on
the other hand,
ligation which would be met, and
reference
a
were
British ob
a
was
made to other commitments to
Portugal, Egypt and
Iraq. The negotiations with Italy, Mr. Chamberlain
said,
making
were
drawal
the
special views of international policy upon Europe
is held up as the aim, and it will nego-
save as peace
tiate with any Power, on matters of common interest, regardless of the form of government that the
country may have.
and
from
while the with-
their
and
repugnance
is shared by a number of
other European peoples. A very large part of the
criticism of dictatorship and its leading exponents
which has been poured out in Great Britain, however,
has been shot through with the assumption
that the democratic principles and methods which
commend themselves to the British nation ought to
as best by other nations, and are susceptible of application generally if nations choose
be accepted
to make the effort. Yet it has been more than once
pointed out that the British parliamentary system,
meantime, the British policy toward Spain
although extensively copied on the Continent, has
was
would continue to be
Mr.
It distinctly
intention of seeking to impose any
was not yet
hope that it might be arranged,
assured there
In
progress,
of Italian forces
to keep the hope of peace alive.
c&n
renounces any
to the British people than the idea of dictatorship,
What
given
assurances were
did not say,
agreement looking to joint
would
be observed.
had
happen if the
were
or
scrapped and Czecho-
Chancellor Hitler
country would
conference
resistance to Fascism; on the contrary, it will continue to negotiate with Italy for an amicable settlement of differences between the two countries, it
will maintain friendly relations with Germany as
long as that, is possible, and meantime do what it
The practical philosophy that underlies Mr.
Chamberlain's policy is of supreme importance at
the present juncture. Nothing is more repugnant
Czechoslovakia, but would continue to expect that
the
exclusive groups of nations which must be inimical
10 C»e prospects of European peace."
^r- Chamberlain, in short, intends that Great
nothing
was
eventuality that has not yet arisen," and would
"aggravate the tendency toward establishment of
well
a
deepened
accept it, at least to the extent of recog-
as
speeding
evidently
was
conviction
the
plan,
the
as
nizing it
to
Government might not have been able to exercise
control," and British aid must not be expected
if France, in recognition of its treaty obligations to
Czechoslovakia, undertook to defend that country in
any
one
Spain
remained in most countries an unacclimated insti-
of non-intervention.
Chamberlain, in other words,
sees
nothing
as
tution, without nourishing roots in the national ex-
yet for which Great Britain should feel itself obliged
perience and
to
national character.
fight.
fear
that
Great
was
Britain
not determined
would
for he
more
than
at
stake.
"where peace
tions
are
once
assured
The Commons
and
war
not alone
it would not
such
any
deliberately avoid
the
Commons that
country would fight if its rights
were
by
which it regarded as either just or
necessary,
a war
the
His attitude
are
were
reminded
concerned
involved, and if
European
broke out
likely be confined to those who
as
a
cumstances under
indication
was
which Great
Britain
Any prior guaranty to Czechoslovakia
out
as
the best of all possible
and hence
the
naturally stands
governmental
systems,
which other peoples Should de-
sire and seek to obtain. Unfortunately for the supporters of democracy, there is no historical justification for such
disturb
one
British
democra^Oerlm, and
act in democratic ways, democracy
Europe has
given of the cir-
7
people have been, to think in
assumed
be
imperfectly consonant with the
For a people long accustomed, as tl>e
could
hint to Germany not to
peace, no
that
legal obliga-
war
obligations," but while the remark
interpreted
interests
or
very
bition, it has
mocracy,
an
never
no
attitude.
Far the larger part of
been democratic in temper or am- *
effective tradition of political de-
and it does not think in democratic terms,
might act.
Now that dictatorship has thrown down an open
conclu-
challenge to democracy, there can be no doubt that
was
Volume
Financial
146
Chronicle
large majority of the peoples of Italy and Ger¬
the
failure,
as
assume
order, are sat¬
its full share of the obligations
To put
the great examples of the
many,
isfied with the
its
regret
regime
new
though they may
even
revolutionary
the
that
and
excesses,
new
changes which popular leaders effected by force are
pugnant
has
come
indeed who does not
to stay, and one must be blind
that the
see
Chamberlain's
and^empowered to "change the managerial set-up, if need
be,"
stoppage of the export of scrap, the establishment of
research laboratories subsidized by the Govern¬
ment, and an improved system of promotions.
The writer
a
modern
shows a practical acquaintance with some phases of the steel
industry, but the aggressive and hostile tone of the book will
hardly commend it to readers who are not already convinced.
Personnel
position is that of the prac¬
who
statesman
the author regards it, of the steel industry "to
it owes to society."
the industry in the position which it ought to hold,
the author proposes the creation of a technical committee
of experts responsible only to "the main body of owners"
of its influence
area
strongly to increase.
Mr.
tical
Re¬
dictatorship is to democratic minds, it
as
obviously
tends
popular support.
in
entrenched
firmly
now
deal with the world as
must
he finds it.
He
hostile camps,
Europe today divided into two
sees
each with principles and aims that
There is no doubt about
rejected by the other.
are
which of the two camps
he prefers,
to do all in his power
ness
or
of his readi¬
to prevent British democ¬
from being overthrown and to act if it is seri¬
racy
A large part of the Continent, how¬
ously menaced.
prefers dictatorship
ever,
prepared, with
busi¬
seems
or
great aversion, to accept it, and he must do
with dictators and
ness
maintain,
as
far
as
possible,
friendly relations with them, or risk a war which
might set civilization back for centuries. Meantime,
with the
political cauldron boiling, the safest course
for Great Britain
from
to him to be one of freedom
seems
entanglements and as large a measure of polit¬
ical isolation
circumstances will
as
have Great Britain
he will do
permit. He will
ready for war if war comes, but
nothing to dim the chances of continued
peace.
The
policy which the British Government seems
bent upon
in this
following ought greatly to hearten those
country who, in spite of jeering talk about
of
foolishness
the
upon
"isolation," nevertheless insist
the duty of the United States to keep its own
If there is any
hands free.
which the ambitions
Far East
is
of deep and
are
country in the world to
quarrels of Europe and the
or
vital concern, that country
Britain, but if Great Britain
Great
aside from the confusion and do business
it makes
tators whom
no
can
draw
with dic¬
pretence of liking, what
possible justification is there for Mr. Roosevelt's
suggestion of
a
"quarantine,"
or
for plans of naval
cooperation with Great Britain which would involve
for this
country such entanglements as Great Brit¬
itself
ain
means
to avoid?
The beginning of wis¬
dom, in international relations, is in acceptance of
the familiar maxim that what cannot be cured must
be
Time will
endured.
is to
two
survive,
or
show whether dictatorship
democracy again flourish, or the
systems exist without friction side by side. The
United States can make
and
Labor
644 pages.
This
book,
Relations.
is to hold
within its own borders the democracy
safeguard
to which
aloof from the struggle, and
it
apparently
but intended
designed
also
American
Progress
Steel
pains to present the various sides of the case, and his own
are stated with moderation.
A good example of
collective bargaining.
With regard to technological changes and their effect upon
employment, "the evidence," he writes, "indicates clearly
that while technological changes unquestionably occasion
serious unemployment, such unemployment is predomi¬
nantly temporary in nature, and the long-time effects of
such changes have been to increase rather than to decrease
proportions employed in the population as a whole."
points out that in the United States, in the years in which
the census showed a net addition of some 27,000,000 immi¬
the
He
"a large portion of them of employable ages," to
population, employment was nevertheless found, in
spite of technological changes, for "an increasing proportion
of the native population" as well as for the immigrants.
The problem of technological unemployment seems to him
to be primarily "one of aiding employees to transfer from
out-moded occupations to those for which there is a de¬
grants,
the
#
mand."
r
-
+
The"! South American
Handbook, 1938.
Howell Davies.
15th Annual Edition.
New York:
The
at
the
Cross-Roads of
Reaction.
By Folke W. Sundblad.
Philadelphia: Dorrance & Co.
$1.50
The announced purpose
of this book is "to prove that the
short-sighted labor policies of the steel industry in the past
and present have produced and are still producing staggering
the competitive power of American steel and
advancement of the Nation."
"An unbiased
picture of the different stages and phases of the human side
of steel-making," such as the book presumably undertakes
to give, will, it is claimed, show the causes of "the sensa¬
tional open break between liberal and conservative ele¬
ments" recently exhibited when the management of the
United States "Steel Corporation for the first time in its
history recognized organized labor, and the reasons for the
effects upon
the general
by
698 Pages.
The H. W. Wilson Co., American Agents
edition of this well-known
English publication
thoroughly revised in its statistics as
well as in
descriptive text, and is as nearly up to date as con¬
ditions of editing and publishing allow.
Unlike many com¬
and
106 Pages.
new
been
Edited
its
REVIEWS
Industry
for persons
conclusions
has
The
Yoder.
$5.35
his method is found in his treatment of
professes to be devoted.
BOOK
Dale
with
best contribution that the
meantime
By
New York: Prentice-Hall, Inc.
primarily for mature
directly concerned
problems of business management, covers the whole
field of personnel and labor relations.
The subject, as the
author notes, is one in which the depression years have
brought revolutionary changes, adding to old problems the
new ones created
by "the dynamic charge of militant labor
organization, the unionization of large-scale mass production
industries, the political aspirations of modern organized labor,
and the specification of increasing minimum labor standards
by statute."
With these have gone the changes manifested
in "the emergence of signs of a growing class consciousness
in many sections of American labor," and a reaction against
"paternalistic welfare programs of the golden age of the
nineteen-twenties."
Much of the emphasis of the presenta¬
tion, accordingly, is laid upon group problems, and the
statistical devices which have been developed for the analysis
of such problems are fully described.
The use of these
statistical tools, it should be noted, calls for more than the
usual amount of mathematical knowledge.
Defining personnel administration as "the business or
administrative aspect of industrial relations," the book dis¬
cusses, in successive chapters, the historical background of
personnel administration, various approaches to the study
of industrial relations, the
"simple tools" for personnel
analysis (graphs, averages, index numbers, &c.), job analysis,
description and classification, the sources of labor supply
and their evaluation and measurement, the selection, edu¬
cation and training of personnel, industrial unrest, hours of
work, service rating, wage plans and other forms of remunera¬
tion, wage policies, promotion and transfer, industrial health,
the morale, interest and discipline of employees, the cause
of unstable employment, employment stabilization, em¬
ployee representation, collective bargaining, various service
functions (health, recreation, financial aid, pensions, insur¬
ance), personnel administration in the public service, and
research methods and publications.
The text is supple¬
mented by 40 figures and 27 tables, among the latter being
some useful statistics of American trade union membership.
In the discussion of controverted topics the author is at
students
no
1947
pilations, the book is planned to meet the needs of
tourists and commercial travelers, and also of persons
both
who
desire to emigrate to any of the countries dealt with
to go there in search of employment.
All of the Latin
may
or
American
countries are covered, the
list being extended to
Islands, Patagonia, and the island of
Under each head will be found a general
include the Falkland
Juan
Fernandez.
description of the country, its climate, resources, manufac¬
tures and trade, the monetary system, tariff information,
lists of railway, air and water transportation
indications regarding highways and motoring.
the general information about each country are added
complete
lines,
To
and
descriptions of the capital
and principal cities or towns,
pleasure resorts, and places of
countries railway journeys of
special interest.
In several
special importance are de-
Financial
1948
scribed.
For tourists there
luggage, clothing and tips, altitude dangers and liow to meet
them, customs regulations, railway and other accommoda¬
Further declines, in many instances to new
tions and
fares, passport requirements, and hotels and res¬
taurants, while for commercial travelers much useful in¬
formation about customs, permits and business methods and
habits
have lost
groups
provided.
There is information also for sports¬
special sections are given to banking and insurance,
Spanish and Portuguese vocabularies are in¬
cluded.
The editorial work has been, as usual, remarkably
well done, and for anyone visiting any part of Latin Amer¬
ica the Handbook will be found indispensable.
Green
are
not far below the 1938 high of
the 1937 range of
By Carroll D. Murphy
Pages. New York
& Aroostook 1st
has
made
not
and
commendable contribution to civilization,
is
making
not
and that it is
a
Ohio
no
longer to be regarded as a land 'of opportunity.
By way of
rebutting such attacks, they undertake to compare American
periods.
The inquiry
covers
a
lows
in
its
course
great
a
variety
of
illustrative
of
authors'
the
been
the
contention
result
of
is
that
personal
ment and influence comparable
with, if not in fact exceed¬
ing, those which the older and primitive frontier conditions
offered.
They plead earnestly for the highest measure of
personal liberty and the duty of government to preserve
it for
every citizen, and at the same time call for united
effort in remedying the evils which American society still
harbors.
An interesting balance sheet lists, on the asset
side, with impressive statistics of possession or accomplish¬
ment in each case, savings deposits, life insurance, railroad
transportation, automobiles, electrical appliances and radio,
recreation, telephones, free libraries, health, production of
materials, highways, Negro progress, home and farm
of
Service 5s,
1937-38 low of 77%.
a new
been
have
particularly
recovery
later
Interborough
on.
1977, lost 3% at 80.
Valley
Penn Central Light &
Authority
have
area
from
week
ago;
Mississippi Power & Light 5s, 1957, advanced 2*4
The industrial bond market has declined this week,
Steel bonds have receded
although
of
the
decline
been
has
moderate
oil
96.
plete overhauling to
and
tax
a
make
it
system
which
needs
equitable, reasonably
com¬
simple
understandable.
Phelps Dodge 3%s, 1952, fell 2% to 102%.
in Walworth
4s, 1955, to 63.
rambling but lively style, and
should be useful for the popular purpose of reminder,
admonition and encburagement which it seems to have been
intended to
a
serve.
bonds
packing
Outstand¬
Amusement bonds have weak¬
have
been
Rubber and
fractionally
only
lower.
The feature of the retail group this week has been the drop
of 7% points to 60% in the United Drug 5s, 1953.
In the foreign bond list the better-grade issues have re¬
covered
part of last week's losses.
German and Italian
bonds have steadied and the Austrian 7s have recovered 2%
points at 33%.
to show
The book is written in
In the
Consolidated Oil 3%s, 1951, have declined 3 to
group,
ing in the building group has been the decline of 5 points
and
and
proportions.
Wheeling Steel 4%s, 1966, have fallen 1% to 81%.
meat
crime,
par¬
ticularly toward the week-end.
ownership, holdings of stock securities, invention, markets,
the Boy Scouts and other "character building"
groups, art
government,
7
.to 75.
ened, Loew's, Inc., 3%s, 1946, receding 1 to 96.
and collections, and churches.
The "liabilities
responsibilities" listed are traffic problems of the auto¬
mobile, industrial accidents, the low state of municipal
fairly
were up
Birmingham Electric 4%s, 1968, gained
raw
galleries
been
Tennessee Electric Power 6s, 1947, at 86
3 at 76;
Rapid
Bonds of companies in
strong.
a
firm.
of the week but
closed at 47, off 7% for the week; Cities
1950, declined 6 to 50;
Tennessee
the
Southern Pacific
points at 36; Western Maryland
bonds
utility
signs
Power 4%s,
and
they insist that the disappearance of the wilderness frontier
has not robbed Americans of opportunities for
accomplish¬
High-grade
showed
American
initiative,
off 4%
were
Transit 7s, 1932,
a kind of economic and social
history of the United
States, while at other points it seems to occupy itself with
particular social institutions such as the family.
has
New York Chicago
Lower grades were soft in the early part
comes
core
The more specu¬
many instances.
5%s, 1977, declined 8% points to
.
The comparisons are traced through
period of early settlement, the expansion of the fron¬
tier, the Civil War and reconstruction, the World War,
and depression and recovery.
At times the narrative be¬
The
1938 low of 99.
par to a new
Louis 6s, 1938, lost 9 points at 35;
4%s, 1981,
the
progress
5s, 1943, at 109 were off %; Chesapeake &
being registered in
& St.
wide range of sub¬
business,
trade,
agriculture,
invention,
labor, education, the family, the church, health, and various
material is assembled.
and
Bangor
4%s, 1992, dropped 2 points to 115; Union Pacific 4s,
2068, broke
jects—industry,
others—and
low positions for the current year.
new
lative railroad bonds have suffered broad price losses, new
progress and achievements with the record of other coun¬
tries and peoples, both in recent years and over more ex¬
tended
firmer tone
a
in the middle of the week, lost ground toward the close
world
it
112.78-107.01.
High-grade railroad bonds, after displaying
moved into
that
1938 range of 110.71-109.69 and
narrow
compare with the-1937 range of
244
The authors of this book, decline to accept the criticisms
of those who hold that America is falling behind in the
race,
116.00, and compare with
118.16-109.64.
United States Governments at 110.34 are somewhat in the
$2.50
berg.
While high grades, as typified by
the over-all Aaa average, lost some ground, at 113.07 they
middle of the very
The Next Century Is America's.
and Herbert V. Prochnow.
the
Secondary bonds also have developed
considerable Weakness.
useful
with acute weakness again
ground,
rule among the rails.
is
1937-38 lows,
All of the speculative
have characterized the bond market.
men,
and
1938 2
The Course of the Bond Market
practical suggestions about
are
March
Chronicle
wide
Polish and Czechoslovak
fluctuations.
Brazilian
and
South American bonds have been weaker.
issues continued
other defaulted
Japanese bonds
improved moderately.
Moody's computed bond prices and bond yield averages
are given in the following tables:
*
,
MOODY'S BOND PRICES
(Based on Average
U
S
All
120
1938
Govt.
Bonds
MOODY'S
120 Domestic
AU
tic
Averages
Corp.*
Mar.25.. 110.34
by Rations
120
Aa
1938
Baa
RR.
P.
U.
Indus
Corp.
on
(REVISED)
Individual Closing Prices)
120 Domestic Corporate *
120 Domestic
by Ratings
Corporate by Groups •
tic
Averages
Corporate by Groups •
Domes¬
Daily
Aaa
BOND YIELD AVERAGES
(Based
120 Domestic Corporate
Domes¬
DatlV
(REVISED)
Yields)
Aa
Baa
RR.
P. U.
Indus
88.51
113.07
103.56
89.55
61.47
67.58
98.45
106.73
Mar.25..
4.72
3.31
3.80
4.65
7.13
6.46
4.09
89.25
113.48
103.93
89.84
62.76
68.67
98.97
107.11
24__
4.67
3.29
3.78
4.63
6.98
6.35
4.06
3.61
89.40
113.48
103.93'
90.14
62.84
68.97
98.80
107.30
■V'/23-.
4.66
3.29
3.78
4.61
6.97
6.32
4.07
3.60
22.. 110.46
90.29
114.09
104.30
90.90
64.18
70.31
99.31
107.88
22..
4.60
3.26
3.76
4.56
6.82
6.19
4.04
3.57
21.. 110.23
90.44
113.89
104.30
90.75
64.73
70.52
99.14
108.08
21..
4.59
3.27
3.76
4.57
6.76
6.17
4.05
3.56
19— 110.08
89.99
113.89
104.11
90.59
63.91
69.89
99.14
107.88
19..
4.62
3.27
3.77
4.58
6.85
6.23
4.05
18— 109.97
89.84
113.89
103.93
90.44
63.64
69.48
99.14
107.88
18-
4.63
3.27
3.78
4.59
6.27
4.05
3.57
17.. 110.17
6.88
90.59
114.09
105.22
91.20
64.36
70.83
99.31
108.27
17_.
4.58
3.26
3.71
4.54
6.80
6.14
4.04
3.55
16.. 110.28
91.20
114.30
105.79
91.51
65.37
72.11
99.31
108.66
16—
4.54
3.25
3.68
4.52
6.69
6.02
4.04
3.53
15.. 110.49
91.81
114.30
105.98
92.43
65.94
72.98
99.66
108.27
15..
4.50
3.25
3.67
4.46
6.63
5.94
4.02
14.. 110.45
91.81
114.30
105.98
92.43
65.94
73.31
99.48
107.88
14..
4.50
3.25
3.67
4.46
6.63
5.91
4.03
3.57
12.. 110.43
91.66
114.51
105.98
92.43
65.66
73.09
99.48
108.08
12..
4.51
3.24
3.67
4.46
6.66
5.93
4.03
3.56
11
105.98
eign s
3.63
110.35
23.. 110.30
24..
:
30
For¬
Aaa
3.57
3.55
110.57
91.66
114.51
99.48
108.46
11..
4.51
3.24
3.67
4.44
6.67
4.03
3.54
10.. 110.66
92.59
114.72
106.36
93.37
67.08
74.55
99.66
108.66
10..
4.45
3.23
3.65
4.40
6.51
5.80
4.02
3.53
9— 110.68
93.06
114.72
106.73
93.69
67.97
75.58
99.83
108.66
9„
4.42
3.23
3.63
4.38
6.42
5.71
4.01
3.53
8__
110.66
93.53
114.72
106.92
7-
—
92.75
65.56
72.98
5.94
94.17
68.47
76.41
99.83
108.66
8„
4.39
3.23
3 62
4.35
6.37
5.64
4.01
3.53
110.69
93.85
114.93
107.11
94.49
68.87
76.88
99.83
109.05
7_.
4.37
3.22
3.61
4.33
6.33
5.60
4.01
3.51
5— 110.71
94.01
115.14
106.54
94.49
69.48
77.48
100.00
108.46
5—
4.36
3.21
3.64
4.33
6.27
5.55
4.00
3.54
4—
110.70
94.01
114.93
106.54
94.49
69.58
77.60
100.00
108.46
4..
3.22
3.64
4.33
6.26
5.54
4.00
3.54
3-
110.68
94.17
115.14
106.73
94.65
69.68
77.84
99.83
108.46
3_.
4.35
3.21
3.63
4.32
6.25
5.52
4.01
3.54
2..
110.64
94.17
115.14
106.73
94.65
69.68
77.84
99.83
108.46
2..
4.35
3.21
3.63
4.32
6.25
5.52
4.01
3.54
1..
5.83
4.36
5.81
110.64
94.17
114.93
106.73
94.65
69.99
78.33
99.83
108.46
1-.
4.35
3.22
3.63
4.32
6.22
5.48
4.01
3.54
Feb.25.. 110.50
94.49
115.14
106.92
94.81
70.62
79.20
99.48
108.46
Feb.25..
4.33
3.21
4.31
6.16
5.41
4.03
3.54
18.. 110.21
3.62
93.85
114.93
107.73
94.01
69.58
78.20
98.80
108.08
18—
4.37
3.22
3.63
4.36
6.26
5.49
4.07
3.56
11- 110.18
5.78
93.53
115.14
106.54
93.69
68.87
77.96
98.62
107.69
11
4.39
3.21
3.64
4.38
6.33
5.51
4.08
3.58
5.82
98.45
106.92
4..
4.47
3.27
3.68
4.47
6.45
5.70
4.09
3.62
5.87
Weekly—
4
Weekly—
110.16
92.28
Jan. 28..
110.07
21-
110.52
14-
110.15
7- 109.97
Hlgh 1938 110.71
Low 1938 109.69
95.95
105.79
92.28
67.68
75.70
91.81
114.09
105.04
92.59
66.41
73.99
98.62
107.69
Jan. 28..
4.60
3.26
3.72
4.45
6.58
5.85
4.08
3.58
5.78
94.33
115.35
106.73
94.81
69.99
77.84
100.18
109.05
21-
4.34
3.20
3.63
4.31
6.22
5 52
3.99
3.51
5.76
95.78
116.00
107.69
95.62
72.32
80.84
100.53
109.24
14..
4.25
3.17
3.58
4.26
6.00
5.28
3.97
3.50
5.83
95.62
115.78
107.88
95.46
72.00
81.35
99.83
108.46
7-
4.26
3.18
3.57
4.27
6.03
5.24
4.02
3.54
5.75
116.00
108.27
95.95
72.65
82.13
100.53
109.24
Hlgh 1938
4.72
3.31
3.80
4.65
7.13
6.46
4.09
3.63
5.87
88.51
113.07
103.56
89.55
61.47
67.58
98.45
106.73
Low
4.24
3.17
3.55
4.24
5.97
5.18
3.97
3.50
5.75
101.23
111.84
108.27
99.48
87.93
96.11
100.70
107.30
Mar25'37
2 Yrs.Ago
3.93
3.37
3.55
4.03
4.76
4.23
3.96
3.60
5.33
100.70
113.27
108.08
98.28
86.07
94.01
100.35
108.27
Mar25'36
3.96
3.30
3.56
4.10
4.89
4.36
3.98
3.55
5.85
1
2 Yrs.Ago
Mar25'36 109.57
5.84
113.89
1
Yr. Ago
Mar 25*37 108.40
—
•
1938
Yr. Ago
These prices are computed from average yields on the basis of one
"typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
level or the average movement of actual price
quotations. They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market
x Discontinued.
Volume
Financial
146
1949
Chronicle
Indications of Business
THE
EPITOME
TRADE—COMMERCIAL
OF
STATE
Commerce"
of
During the past three weeks their
being 70.8,
with
compared
as
the latest weekly figures
shown gains,
has
index
The
weekly reports wrould seem
recent
to bear out these viewrs.
business
defi¬
business in the weeks ahead.
seasonal upturn in
"Journal
revised figure of 70.6 for
a
week
preceding week and 103.3 for the corresponding
the
of 1937.
due
The gain this week, according to their survey, was
chiefly
operations,
steel
to
which
at
32.1,
put and lumber showed moderate improvement,
leum runs-to-stills
registered
automotive
activity
"Iron
says
Age"
while petro¬
third successive decline and
a
The
off 0.9 point for the week.
was
34%
being at
production
While
of capacity.
minor
the industry derives some encouragement from even a
stalemate of
the
release
from
further
points out:
The review
months.
recent
"Two matters of vital importance to
industry, which are taking shape in Washington, are counted
to exert a favorable influence on steel business if the
One is the revision of corporate
and capital gains taxes, now engaging the attention of the
Senate, and the other is the proposed reorganization of
the
railroad
structure."
This authority states further:
"The advance in freight rates which becomes generally effec¬
right solutions are found.
for
28
March
tive
has
the
exerted
not
slightest
effect
upon
policies of the railroads, though it is responsible
the buying
of the current miscellaneous
buying, as some
consumers are specifying immediate
shipments of steel to
escape the higher freight rates in effect next month."
Pro¬
duction of electricity in the United States for the week
part
a
ended
March
pared
totaled
a
com¬
2,211,052,000 in the corresponding period last
decrease of 8.7%, the Edison Electric Institute re¬
One of
vealed.
week
19
2,017,653,000 kilowatt hours
with
year,
wholesome
most
the
of the
the action
was
becom¬
Great Plains,
where dust storms were reported on two or three occasions.
At the present time surface moisture is adequate for imme¬
diate needs practically everywhere throughout the country,
excepting the above-mentioned area.
In the New York City
ing
unfavorably
the
area
tures
in
dry
weather
been
has
developments
of
Sunday.
Overnight
Baltimore, 38
Boston
at
Officials predict that sales for the
will make the best showing in more
than three months, and believe that the improvement will
continue next month.
Net operating income of the first 19
10 days of March
railroads
February
for
reporting
was
approximately
$1,497,000, a decline of 92.3% compared with the like month
last year.
For the first two months net operating income
of these roads was about $7,374,000, a decrease of 81.5%
from
a
Unusually warm weather this week loos¬
year ago.
the
ened
constraint
bankrolls and
consumer
on
3% to 8%
retail
Pittsburgh, 32 to 46; Portland, Me.,
38 to 52; Cleveland,
to 58;
38 to 42; Detroit,
40
to
54;
38 to 48; Charleston, 56 to 82; Milwaukee,
54 to 82; Dallas, 68 to 74; Kansas
Savannah,
Springfield, Mo., 56 to 70; Oklahoma City,
Lake City, 28 to 48; Seattle, 42 to 48;
Montreal, 32 to 46, and Winnipeg, 16 to 50.
City, GO to 72;
64
to
Salt
76;
Freight Car Loadings in Week EndecKMarch 19
Off 16,332 Cars
Revenue
Loadings of revenue freight for the week ended March 19,
1938, totaled 540,332 cars.
This is a decrease of 16,332
cars or 2.9% from the preceding week; a decrease of 214,590
cars, or 28.4%, from the total for the like week a year ago,
and
a drop of 28,519 cars or 5% from the total loadings for
corresponding week two years ago. For the week ended
March 12, 1938, loadings were 25.2% below those for the
like week of 1937, and 9.8% below those for the corresponding
week of 1936.
Loadings for the week ended March 5, 1938,
showed a loss of 24.3% when compared with 1937 and a drop
of 12.9% when comparison is made with the same week
the
of 1936.
railroads to report for the week ended
of revenue
freight on their own lines, compared with 260,421 cars in
the preceding week and 363,386 cars in the seven days ended
March 20, 1937.
A comparative table follows:
The first 18 major
March
19, 1938 loaded a total of 255,575 cars
edged up from
the
from
Loaded on Own Line*
Association
week
of
of 1937, it
the
of
outstanding
from the
reported today by the
was
Railroads.
American
A
continuation
upswing in home building
month of the February
features
of
a
Federal
Reserve
no
of minerals, particularly crude petroleum. There
weather developments during the past
unusual
Weather
week.
was
generally
favorable
for
almost
the
The very
generally ample surface soil moisture in
sections from the Great Plains eastward were very
entire country, according to government reports.
mild weather and
most
an
for spring crops,
and vegetation generally made
unusually rapid advance. In some sections of the Missis¬
favorable
sippi Valley vegetation is reported as 3 to 4 weeks ahead of
while in Minnesota some scattered spring wheat
normal,
seeding has been done at the earliest date for some years.
Throughout practically all the Eastern section of the country
soil
moisture
the
Southeast,
siderably
is
ample,
where
with
the
a
general
droughty
replenishment
conditions
were
relieved, except locally in the Carolinas.
1938
19,735
18,018
1937
1938
1937
1938
6,342
Baltimore A Ohio RR
23,471
23,681
36,413
13,574
4,463
13,283
Chesapeake A Ohio Ry
Cbicano Burlington A Qulncy RR.
16,053
17,600
27,644
6,969
7,039
12,998
12,964
16,787
6,998
6,446
Chicago Mil. St. Paul A Pac. Ry.
16,155
16,649
19,454
6,788
6,340
Chicago A North Western Ry—
12,559
12,683
8,638
8,653
3,808
16,069
4,374
18,601
11,394
8,899
9,124
11,576
1,541
2,106
2,626
1,610
3,598
2,810
4,683
2,358
2,281
3,068
Fe Ry.
21,016
4,806
1,513
International Great Northern RR
1,948
3,936
1,927
Missouri-Kansas-Texas RR
4,018
3,913
12,172
30,852
11,887
16,006
8,318
8,425
10,390
31,426
46,380
30,632
33,089
3,736
3,876
5,207
8,403
8,409
50,033
12,202
Gulf
Coast
Lines
Missouri Pacific RR
New York Central Lines
New York Chicago A St. Louis
Ry
Norfolk A Western Ry...
15,673
16,072
25,215
3,641
3,462
Pennsylvania RR
Pere Marquette Ry
47,417
49,260
72,401
5,030
48,044
4,655
7,385
30,314
4,285
30,773
4,203
4,456
6,697
3,474
Pittsburgh A Lake ErleRR
Southern Pacific Lines...
...
Wabash Ry
3,534
3,436
3,857
7,179
22,745
4,558
23,659
27,791
8,460
8,743
4,631
5,916
7,385
7,515
9,045
10,433
8,539
255,575 260,421 363,386 159,172 162,442 232,380
Total
TOTAL LOADINGS
AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended
Mar. 19,
Illinois Central
St. Louis-San
in
con¬
Some
Mar. 12,
1938
Mar. 20,
1937
36,348
11,783
27,193
11,436
38,869
Francisco Ry
-
38,629
50,807
The Association of American
week ended March 12
Loading of revenue
cars.
1938
27,086
System ......
Total...
general
drop, it was pointed out, was due chiefly to a reduction in
were
1938
Atchison Topeka A Santa
one
Board
Board's adjusted industrial
the output
Weeks Ended—
Mar. 19 Mar. 12 Mar. 20 Mar. 19 Mar. 12 Mar.2 0
this
was
business conditions released today.
The
production index, which includes
both merchandise and mining, declined 1 point to 79% of
the 1923-25 average last month, compared to January.
This
study of
Received from Connections
Week* Ended—
over
previous week, and a decline of 28.4%
comparative
FROM CONNECTIONS
REVENUE FREIGHT LOADED AND RECEIVED
(Number of Cars)
vol¬
the previous week, as
deferred needs, particularly in the spring apparel divisions,
were fulfilled, according to Dun & Bradstreet, Inc.
Volume,
however, was 10% to 20% below the comparative week of
1937, when the final surge of Easter buying took place.
Car loadings of revenue freight during the week ended
March 19 totaled 540,332 cars, a drop of 16,332 cars, or 2.9%,
ume
Partly cloudy and colder
was 34 to 66 degrees;
it
32 to 68; Chicago, 44 to 58; Cincinnati,
the
automobiles in this region improved decidedly dur¬
ing the last few days.
last
with tempera¬
generally clear,
peratures tonight and Saturday.
Finance Committee in
Senate
profits tax
principle and substitution of a flat 18% rate on corporation
incomes, and agreement to a complete re-writing of the
capital gains provisions of the House-approved tax bill.
Owing in part to. favorable weather conditions, retail sales
new
southwestern
Today it was fair and
cool here, with temperatures ranging from 37 to 57 degrees.
The forecast was for increasing cloudiness, with rising tem¬
voting for complete repeal of the undistributed
of
the
varying from balmy to cold.
to be highly significant,
change in trend is too small
upon
being seeded in
are
On the other hand, the soil is again
in its current summary that for the first
early in 1937 steel orders are running ahead of
since
shipments,
the
the
were
Electric out¬
highest since the end of January, this year.
time
sev¬
admittedly discouraging, a number
industrial statisticians still are expecting a
of careful
North Dakota.
shows
While the erratic course of output in
improvement.
eral major industries is
nite
activity
business
week
consecutive
third
the
spring oat seeding has begun northward to Iowa and Ne¬
braska, while other spring grain crops
Friday Night, March 25, 1938.
For
Activity
reported
14,459
Railroads in reviewing the
follows:
as
freight for the week ended March 12 totaled 556,664
of 187,835 cars or 25.2% below the correspond¬
This was a decrease
ing week in
1937 and a decrease of 317,052 cars or 36.3% below the same
week in 1930.
Loading of revenue
freight for the week of March 12 was an increase of
3,748 cars or seven tenths of one per cent above the preceding week.
Miscellaneous freight loading totaled 216,922 cars, an increase of 5,594
cars
above the preceding
corresponding week in
Loading of merchandise
a
decrease of
week, but a decrease of 90,766 cars below the
1937.
less than carolad lot freight totaled 150,669 cars
829 cars below the preceding week, and
corresponding week in
19,148 carsjbelow the
1937.
Coal loading amounted to
105,274 cars, a decrease of 1,459 cars below
preceding week, and 61,212 cars below the corresponding week in 1937.
Grain and grain products loading totaled v31,429 cars, a decrease of
the
1,610 ears below
the
the preceding week, but an increase of 3,042 cars above
In the Western districts alone, grain and
corresponding week in 1937.
grain products loading for the week of March 12, totaled 18,804 cars, a
decrease of 1,405 cars below the preceding week, but an increase of 1,971
care
above the corresponding
Live stock loading
week in 1937.
amounted to 10,954 cars an increase of 257 cars
above
preceding week, but a decrease of 533 cars below the corresponding
week in 1937.
In the Western districts alone, loading of live stock for the
the
Financial
1950
week of March
Forest products loading totaled 27,607 cars, an increase of 675 cars above
the preceding week, but a decrease
df 11,055
week In 1937.
1938
preceding week, but
a
1938
1937
1930
2,256,423
2,714,449"
Four weeks in February
2,155,451
552,916
2,763,457
730,329
556,664
Week of March 12
8,682 cafs,
increase of 1,877 cars above the
an
Total
744,499
3,347,717
3,506,236
899,498
873,716
5,521, 54
below the corresponding
cars
j
Ore loading amounted to
6,952,734
8,627.167
decrease of 1,446 cars below the corresponding week
1937.
►
Coke loading amounted to 5,127 cars a decrease of
757
below the
cars
preceding week, and 6,717 cars below the corresponding week in 1937.
All districts, reported decreases compared
with the corresponding weeks
in 1937 and 1930.
FREIGHT LOADED
REVENUE
RECEIVED
AND
FROM
undertake to show also the loadings
for separate roads and systems for the week ended March 12,
1938.
During this period only 12 roads showed increases
when compared with the same week last year.
In the following we
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MARCH 12
Total Revenue
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1936
1937
1938
1938
Total Loads Received
Freight Loaded
Railroads
1938
1937
from Connections
1937
1936
1937
1938
Southern District— (Concl.)
Eastern District-
607
523
496
1,010
2,210
6,881
2,463
9,166
1,758
2,352
7,364
1,459
174
250
9,200
1,606
11,364
2.944
29
23
22
39
57
1,251
4,235
9,077
1,506
965
1,650
2,234
5,695
3,773
£.556
8,469
11,039
8,348
7,319
Ann Arbor.
Bangor A Aroostook
Boston &
26,
Four weeks in January........
decrease of 256 cars below the corresponding week
a
1937.
In
March
12, totaled 8,175 cars, an increase of 298 cars above the
preceding week, but
in
Chronicle
—
Maine.......-----
1,446
Chicago Indianapolis A Loulsv.
<
Central Indiana
..
Central Vermont
i.........
...
Delaware & Hudson
Delaware Lackawanna A West
1,418
5,750
292
377
219
123
113
1,485
3,473
2,846
1,168
2,896
9,894
190
360
333
10,637
3,530
13,369
5,706
11,330
Detroit & Toledo Shore Line..
Erie
Grand Trunk Western.
...
4,227
450
427
850
1,136
1,221
Richmond Fred. A Potomac—
292
373
339
4,689
4,462
Seaboard Air Line--.—--—.—
Southern System.
8,975
18,181
10,245
23,984
8,263
20,167
4,210
12,719
4,897
16,899
Tennessee Central
375
558
429
650
794
162
182
154
692
818
92,217
119,164
97,179
61,641
74,772
Chicago A North Western
12,683
Chicago Great Western
2,447
16,649
3,397
15,920
2,493
19,301
3,553
14,491
1,966
18,315
3,754
8,653
2,334
6,340
2,625
11,294
2,879
9,009
3,403
Winston-Salem
.
Southbound...
37
48,553
13,353
Elgin Joliet A Eastern....
9,606
33,089
10,266
1,795
1,746
1,845
12,416
Great Northern
5,955
8,409
3,822
4,456
281
34
4,655
Pittsburgh A Shawmut
312
600
New York Central Lines
31,476
N. Y. N. H. A Hartford
N. Y. Chicago A St. Louts
8,451
1,403
3,876
Pittsburgh A Lake Erie
3,569i
Pere Marquette
...
267
162
1.237
6,467
2,624
3,382
1,542
37,982
1,518
Total
18
188
1,795
9,318
3,630
5,557
2,667
43,662
11,495
1,279
5,073
8,861
6,983
New York Ontario A Western
371
Piedmont Northern
209
193
1,549
7,357
2,657
3,209
..... .. ...
1,907
2,494
2,865
6,009
1,752
Lehigh A New England
Monongahela
Montour.. ................
1,786
3,303
1,081
16,814
10,018
1,912
1,581
9,134
3,421
4,248
Lehigh A Hudson River
Lehigh Valley.............
Maine Central.
..
2,138
3,453
1,408
Norfolk Southern
1,015
1,098
2,682
1,550
Detroit A Mackinac
Detroit Toledo A Ironton
2,203
2,547
1,073
Mobile A Ohio
Nashville Chattanooga A St. L.
949
6,866
4,533
5,529j
6,775
6,437
26
Northwestern District—
Chicago Milw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
488
Duluth Missabe A I. R
Ft. Dodge Des
944
503
161
189
512
756
735
335
468
4,027
Duluth South Shore A Atlantic-
9,101
6,346
4,281
9,955
389
429
318
190
217
9,117
8,673
9,161
2,285
3,144
532
Moines A South.
Green Bay A Western........
Lake Superior A Ishpemlng
590
497
491
722
339
352
226
86
84
1,489
4,293
8,237
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
1,721
5,171
9,460
1,771
5,055
8,573
1,608
2,121
1,896
2,786
2,598
3,634
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
372
450
351
167
316
851
1,297
1.238
1,217
1,893
Spokane International
110
154
128
179
298
Rutland
504
631
509
853
1,087
Spokane Portland A Seattle...
1,420
1,294
1,651
1,132
1,605
Wabash
4,631
2,697
5,765
4,840
5,414
3,495
7,315
2,467
10,063
4,389
Total.....................
66,129
79,912
73,490
35,419
51,583
121,150
169,549
135,857
132,575
190,282
Central Western District—
18,018
2,691
20,596
3,047
18,394
2,716
4,463
1,899
6,532
2,611
411
603
520
743
865
344
422
296
67
142
23,681
1,264
36,501
28,107
1,823
13,283
17.646
16,929
2,513
11,952
3,421
6,446
2,984
12,964
1,621
10,884
2,413
14,324
902
1,665
715
682
955
1,818
3,031
10,936
3.037
1.038
2,120
7,974
2,262
1,373
1,983
8,332
1,261
9,693
3,003
327
508
485
3
1,144
1,658
1,132
2,132
1,142
1,884
1,073
1,026
1,051
1,731
391
646
287
392
1,390
1,765
l"730
98
106
336
634
840
351
401
15
36
97
0
67
19,016
20,399
17,771
6,331
262
288
421
6,604
1,342
12,219
14,602
12,149
1,012
6,108
Wheeling A Lake Erie..
Total.
Northern Pacific
Atch. Top. A Santa Fe System.
Alleghany District—
Alton
Akron Canton A Youngstown..
Baltimore A Ohio..
Bessemer A Lake Erie
Buffalo Creek & Gauley
Cambria A Indiana
394
422
320
1,250
5,534
Central RR. of New Jersey
Cornwall
1,648
6,910
1,081
8
10
5,611
10,003
12,662
Union
9
1
86
55
82
Denver A Rio Grande Western.
373
310
28
36
Denver7A Salt Lake
Fort
115
Co
(Pittsburgh)...
231
106
31
44
524
702
774
820
Valley
1,092
70,392
15,409
16,059
961
2,878
1,405
30,773
14,379
3,145
1,417
46,947
19,198
1,276
3,463
49,260
11,637
5,497
West Virginia Northern
53,987
12,077
8,820
60
95
97
2,741
4,016
3,182
5,039
7,551
103,965
Western
Colorado AXSouthern
178
Long Island.....^....;......
Penn-Readlng Seashore Lines..
Pennsylvania System
Reading
5
599
Cumberland & Pennsylvania
Llgonier
2,747
.................
Blngham'A Garfield
Chicago Burlington A Quincy..
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois
157,201
117,862
80,809
116,060
Maryland
1
Worth?A Denver City
Illinois Terminal
Missouri-Illinois
Nevada
.
Northern
North Western Pacific
Peoria A Pekin Union
Southern Pacific (Pacific)
Toledo Peoria A Western
Union Pacific System
Total.
1,519
2,933
7,792
..........
216
572
290
6
9
Western Pacific..i........-.--
1,247
1,453
1,318
1,589
1,890
89,656
107,033
92,653
44,066
57,418
Utah
Pocahontas District—
Chesapeake A Ohio
Norfolk'A Western
17,600
16,072
4,135
27,711
21,398
24,630
4,586
20,355
3,590
37,807
Virginian
56,927
45,343
7,039
3,462
10,990
1,166
996
11,667
16,800
Total.....
...
.....
4,814
Southwestern District—
146
369
183
112
177
268
International-Great Northern..
"•"Southern District—
Alabama Tennessee A Northern
Atlantic Coast Line......
Central of Georgia
Charleston A Western Carolina
Cllnchfield
431
160
173
3,936
1,927
4,291
2,276
2,928
2,198
1,610
2,598
1,622
2,711
Fort Smith A Western
Gulf Coast Lines
Atl. & W. P.—W, RR. of Ala..
Atlanta Birmingham A Coast..
174
...
Burlington-Rock Island
Total,
1811
300
318
222
197
707|
884
849
5521
10,469
3,992
310J
1,111
754
719
1,428
1,190
Kansas City Southern
Louisiana A Arkansas
11,212
5,593
9,995
4,269
1,149
1,127
4,740
2,636
137
410
845
1,507
934
1,666
5,330
3,203
1,432
2,274
Louisiana Arkansas A Texas
529
Columbus A Greenville...
368
387
154
135
188
975
879
1,827
1,558
Kansas Oklahoma A Gulf
1,943
1,681
1,710
1,805
1,574
2,107
1,107
1,026
453
166
142
429
Litchfield A Madison
216
412
381
713
978
Midland Valley
525
542
536
164
271
Missouri A Arkansas
159
202
152
191
276
4,342
9,964
335
375
295
Missouri-Kansas-Texas Lines-
186
166
154
291
337
Missouri Pacific
3,913
11,918
4,644
15,493
14,253
2,281
8,425
2,144
1,337
1,121
761
722
Quanah Acme A Pacific
139
118
119
97
118
6,084
2,384
7,207
2,325
6,488
4,417
3,899
2,100
6,389
3,964
7,662
2,436
7,320
4,743
2,985
3,930
4,541
2,993
3,288
4,932
165
256
228
68
63
26
36
47
42
49
45,740
54,713
49,960
33,653
40,257
Durham & Southern
Florida East Coast
GalnsvlUe Midland
t
...
47
50
50
115
146
St. Louis-San Francisco
868
Georgia
Georgia A Florida
1,076
810
1,433
1,850
St. Louis Southwestern
296
421
340
612
1,711
18,458
16,380
1,943
24,261
1,155
9,626
4,766
1,202
13,174
25,501
1,666
20,344
18,511
Macon Dublin A Savannah....
127
216
245
535
541
Mississippi Central
131
236
160
358
325
3.206
Gulf Mobile A Northern.......
Illinois Central System
Louisville A Nashville
...
Note—Previous year's figures revised.
801
5,508
freight cars on order
was shown
by reports just received by the Association of
American Railroads and made public on March 25.
Newfreight cars on order on March 1, according to these reports*
totaled 5,568 compared with 7,947 on Jan.
1, and 6,563
there
The railroads
on March 1, 1937 had 42,212 new
order, and on the same date two years ago
12,679.
The Association's report further dis¬
cars on
were
closed:
New steam
locomotives on order on March 1, this year totaled 101 com¬
pared with 131 at the beginning of the year, and 110 on Feb. 1. New steam
locomotives
on
two years ago
on
March
order
there
on
March 1, 1937 totaled 375, and on the same date
were 37.
New electric and Diesel locomotives
1, this year totaled 26 compared with 30
Feb. 1 this year.
1936, there
were
On March 1,1937 there
were
10
on
on
Jan.
order and
on
order
1 and 21
on
on
March 1,
18.
The railroads in the first two months this
year installed in service 3,478
new
freight
in the
cars,
same
compared with 6,135 in the
same
The railroads in the first two months of the
year put in service 39 new
steam locomotives compared with 22 in the same
period last year, and
same
period in 1936.
one
New electric and Diesel locomotives put in
service in the two months' period in 1938 totaled 22
compared with seven
in..the
same period in 1937 and one in the
Wetherford M.W.AN.W
Total
same
included in the above figures.
'.
»
Moody's Commodity Index Lower
Moody's Index of Staple Commodity Prices declined from
a week ago to 145.6 this
Friday, a point above the 1937
147.7
low of 144.6.
Silk, cocoa, hides, rubber, wheat, hogs, steel scrap and
declined.
Corn and cotton were higher, while there
were no net changes for silver, copper, lead, wool and coffee.
The movement of the index during the week, with com¬
parisons, is as follows:
sugar
Fri.
March 18
147.7
Sat.
March 19
Mon.
March 21
148.1
147.0
145.9
145.3
Tues.
Wed.
March 22
March 23
Thurs. March 24
Fri.
March 25
145.6
}
2 Weeks Ago, March 11
Month Ago, Feb. 25
150.0
.151.1
224.2
.228.1
Year Ago, March 25
1937 High—April 5.
—
Low—Nov. 24
144.6
1938 High—Jan. 10
152.9
145.3
Low—March 23..
145.6
period last year and 1,925
period two years ago.
(
in the
...
New freight cars and locomotives leased or otherwise acquired are not
Freight Car Orders Decline
freight
Texas A Pacific
* Previous figures.
A further decline in the number of
onSFeb. 1.
Texas A New Orleans..
Wichita Falls A Southern
period in 1936.
Selected
Income
and
Steam
The
Bureau
of
Balance
Sheet
Items
of
Class
I
Railways for December
Statistics
Commission has issued
of
the
Interstate
Commerce
showing the aggregate
totals of selected income and balance sheet items of Class I
a
statement
Volume
steam
Financial
146
in
railways
United
the
States
for
the
month
of
Chronicle
1951
and producers were still
These figures are subject to
136 reports representing
revision and were compiled
141 steam railways.
The
present statement excludes returns for Class I switching and
terminal companies.
The report in full as follows:
from
TOTALS
of used
cars.
New
orders
las month
buying
the
Month
For the 12 Months
of Dec.
as
_
$25,971,526 $70,505,534 $590,180,565 $667,174,159
Other income
40,130,030
41,547,629
179,307,977
184,343,328
The
National
as
Miscell. deductions from income
Inc. avail, for fixed charges.
.
Machine
aided
a
low level
consumers'
the
developments in the durable goods industries
Tool
Builders
Association
index
(1926=100)
is
Foreign demand, however, dropped sharply and this caused
decline in the total index.
TABLE
I—THE
"ANNALIST"
OF
INDEX
$59,607,183 $109203 057 $744,512,787 $830,206,556
ACTIVITY
BUSINESS
AND
GROUPS
COMPONENT
21,310,931
24,975,755
2,850,106
6,494,373
purchases
compared with 43.2 for January and 232 for last April, the recovery
high level.
a
$66,101,556 $112053 163 $769,488,542 $851,517,487
Total income
fill-in
income.
48.7,
Net railway operating income.
1936.
1937
Increased
increase in domestic machine tool orders, the first since last August.
was an
1936
nearly all types of products remained at
absent.
One of the few favorable
of
Income Items
1937
for
liquidation of inventories continued and incentives to forward
were
consumer
For
production adjusted for seasonal variation,
declined, but the industry is more cheerful because of the rise in sales
goods industries, retail sales having held up well in the face of declining
(ALL REGIONS)
FOR THE UNITED STATES
For the first
using steel bought some time ago.
two weeks in March automobile
December.
February, 1938 January,
1938 December, 1937
Fixed charges:
168,478,088
480,797,957
2,684,001
12,035,357
39,894,604
213,186
Interest deductions
Other deductions
17,036,991
41,081,367
248,136
157,579,783
473,048,111
2,670,194
$52,143,147 $58,366,494 $633,298,088 $651,960,046
Total fixed charges
74.9
79.5
78.3
Miscellaneous
71.8
75.5
72.7
Other
81.0
87.5
89.6
Electric power production...
Rent for leased roads
*92.9
a94.3
Manufacturing
*63.2
a62.5
41.2
a42.3
Freight car loadings
Income after fixed charges
7,464,036
50,836,563
Contingent charges.
1,516,931
1,686,931
Net income
a
$5,947,105 $49,149,632
...
111,214,699
12,687,982
178,246,510
12,762,982
a64.7
39.6
52.4
57.0
56.5
*82.6
a77.2
a78.7
92.7
89.2
94.4
54.2
a60.1
Pig iron production
Textiles
Cotton consumption
Wool consumption
$98,526,717 $165,483,528
96.1
'
Steel ingot production
-
~
-
«.
Silk consumption
and equipment)
16,827,750
Federal income taxes
d634,983
16,078,452
3,244,279
197,019,815
31,995,595
193,472.311
30,362,326
61.7
54.8
46.0
Rayon consumption
Depreciation (way & structures
68.0
a50.8
a35.7
107.8
a95.7
*58.2
a58.2
93.5
54.8
53.5
58.7
55.9
62.5
80.5
92.9
85.6
91.8
Boot and shoe production
Automobile production
Lumber production
Dividend appropriations:
On
common
Cement production
18,009,271
42,572,368
1,313.061
stock
1,241,478
On preferred stock
140,288,393
27,485,576
142,269,862
27,559,429
Mining
77.9-
Zinc production
70.4
95.1
a79.4
a81.3
Lead production.
Balance at End of
December
1936
1937
*77.5
Combined Index
TABLE
COMBINED INDEX SINCE JANUARY,
II—THE
1933
Selected Asset Items—
1938
$664,985,271
$352 917,655
5 245,991
34 321,881
Cash
Demand loans and deposits
Special deposits.
_
.
92 ,725.514
......
_
4
Loans and bills receivable
127,542
Traffic and car-service balances receivable
57 649,963
Net balance receivable from agents and conductors..
38 604,773
142 ,235,457
Miscellaneous accounts receivable
Materials and supplies
1936
1935
1934
a79.4
104.2
92.3
87.2
79.6
67.5
February
*77.5
those
of affiliated companies
Time drafts and deposits
1937
January
Investments in stocks, bonds, &c., other than
385 056,932
--
24 075,007
Interest and dividends receivable
Rents receivable
1
Other current assets
5 208,650
,965,843
$529,571,103
6,670,342
43,820,840
93,536,263
2,572,117
76,359,518
51,458,016
147,503,605
306,962,654
25,850,142
1,572,209
6,534,591
105.7
89.0
86.7
83.2
66.1
March
al06.9
89.5
84.4
84.6
62.5
April
al07.1
94.1
82.8
85.9
69.2
109.0
95.9
81.8
86.4
77.3
107.8
97.6
82.0
83.8
87.5
108.9
102.4
82.7
78.0
94.0
111.0
102.5
84.9
75.1
87.5
106.4
102.9
86.1
71.4
82.0
May..
......
June—
....
July
August
.
.
.
-
September
■
October
....
98.3
103.3
89.1
74.6
78.5
November
....
87.7
107.1
92.0
76.0
75.3
a81.3
110.5
96.7
82.4
77.5
December
*
Preliminary,
a
Revised.
$1,144,135,208 $1,292,411,400
Total current assets.
Decline Again
Selected Liability Items—
b.
Loans and bills payable c
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid--
Unmatured dividends declared
$169,181,429
Commodity Prices During
$211,890,168
95,050,393
227,623,044
117,536,662
553,041.852
The
75,859,640
238,762,279
76,199,540
667,218,951
12,881,038
464,909,717
4,873,165
83,142,081
27,127,865
24,226,175
payablepayable
Traffic and car-service balances
Audited accounts and wages
Noted in "Annalist" Index of Wholesale
$90,327,424
$216,222,949
Funded debt maturing within six months
...
-
Unmatured Interest accrued
Unmatured rents accrued
Other current liabilities
12,501,058
475,066,753
5,654,953
89,417,031
25,946,666
30,421,978
$1,901,423,400 $1,844,150,558
Total current liabilities.
"Annalist" announced
Tax liability:
$66,436,495
136,767,693
United States Government taxes
Other than United States Government taxes.
$106,048,352
133,600,628
1937,
and $39,585,126 for the 12 months of 1937, $2,030,915 for December, 1936, and
$18,220,269 for the 12 months of 1936 on account of accruals for excise taxes levied
under the Social Security Act of 1935; also Includes charges and credits resulting in a
net charge of $1,810,205 for December, 1937 and $25,163,049 for the 12 months of
1937, because of provisions of the "Carriers Taxing Act of 1937," approved June 29,
1937 and repeal of the Act of Aug. 29, 1935, levying an excise tax upon carriers and
an income tax upon their employees, and for other purposes (Public No. 400 , 74th
Congress). The charges and credits were not handled in a uniform manner by all the
carriers and separate totals are not available.
The net income for December, 1936,
Includes charges of $11,025,163 and for the 12 months of 1936 of $47,257,655 under
The net income as reported includes
Act approved Aug.
the requirements of an
29, 1935, levying an excise tax upon
and for other purposes (Public No.
carriers and an income tax upon their employees,
which will become due on account of principal of long-term
matured unpaid) within six months after close of
b Includes payments
debt
(other than funded debt
March 24 that farm and
products again led the "Annalist" Weekly Index of
Wholesale Commodity Prices lower.
On March 23 the
index stood at 82.4, as compared with 82.8 (revised) on
March 16.
Prices are now back to the Feb. 16 low, and a
drop of but 1 Yi points from the present level would carry
quotations to the lowest level since the end of 1934, accord¬
ing to the announcement, which went on to say:
With the exception
of the grains, futures had another bad week.
Now
rubber, copper and certain distant coffee
In the latter case, prices are at the lowest level in history, while
options.
prices for most of the others are
THE
charges of $3,199,112 for December,
400, 74th Congress).
Week Ended March 23
on
food
lows were established by sugar,
a
1933
$680,506,912
the lowest in two or more years.
"ANNALIST" WEEKLY INDEX OF WHOLESALE
COMMODITY PRICES
1926=100
Mar. 23, 1938 Mar.
Farm
16, 1938 Mar. 23, 1937
80.4
79.8
products
106.4
84.9
72.5
73.4
J?59.2
59.6
87.8
r87.8
89.4
102.8
102.8
111.7
Food products
Textile
products.
-
Fuels
_______
86.1
P68.3
P68.3
73.2
Chemicals.
88.6
88.6
87.4
Miscellaneous
71.1
71.9
83 J)
82.4
r82.8
95.1
Building materials
......—....
All commodities
month of report.
c
Includes obligations
which mature not more than two years after date of issue,
V
Preliminary,
r
Revised.
d Deficit or other reverse items.
Labor Index of Wholesale
Decreased 0.4% During Week
United Stated Department of
Commodity Prices
Ended March 19
"Annalist" Business Index Declined Further in Febru¬
ary,
Although
Production
in
Some
Consumers'
Goods Industries Turned Upward
Although production in a number of important consumers'
goods industries turned upward last month, losses elsewhere
caused a further decline in the "Annalist" Index of Business
according to the monthly review of domestic
economic conditions by H. E. Hansen in the March 18 issue
of the "Annalist" (New York).
The February index dropped
to 77.5 (preliminary) from 79.4 in January.
The decline
from the August high level is now about equal to that of the
1921 depression and is almost 10 points greater than in the
1924 recession, said the "Annalist" advices, which went on
Activity,
to say:
with losses in
zinc, steel ingot and pig iron production also important.
Activity in the
textile industry increased, allowing for the normal seasonal fluctuations,
importance
was
curtailed electric power production,
while that in the automobile industry was
Steel
decline in wholesale prices of agricultural com¬
accounted for a decrease of 0.4% in the
United States Department of Labor, Bureau of Labor Statis¬
tics'
all-commodity index during the week ended March 19,
according to an announcement made Mar. 24 by Commissioner
of Labor Statistics Lubin.
"Despite the decline, the all-
commodity index—79.5—is a fraction of a point above the
corresponding week of February, which represented the
lowest point reached this year," he said.
"The combined
index is 9.2% below that for the week ended March 20,
1937."
The Commissioner added:
decrease in farm products, commodity prices gener¬
comparatively steady during the week. Minor decreases were
by the foods, fuel and lighting materials, and chemicals and drugs
Except for the sharp
single factor in the decline of the index was a sharp
decrease in the seasonally-adjusted index of freight car loadings.
Next
The most Important
in
A sharp
modities largely
ingot
seasonal amount.
consumers
unchanged.
but less than the usual
The demand picture has been very spotty as leading
production increased moderately,
of the market.
The auto¬
for 17.4% of all steel shipments last year,
Car production remained at a low level
have for the most part remained out
mobile industry, which accounted
required little additional steel.
ally were
recorded
groups.
Hides and leather products, textile
products, metals and metal
goods, and miscellaneous
products, building materials, housefurnishing
commodities remained unchanged.
According to the index for "all
commodities other than farm products,"
non-agricultural commodities prices declined 0.1%.
This week's index—
81.5—is 0.1% below a month ago and 5.3% below a year ago.
The index
of industrial commodity prices—82.8—as measured by the index for "all
commodities other than farm
It is 0.2%
products and foods" showed a decline of 0.1 %.
and 3.3% below a year ago.
below the level of a month ago
Financial
1952
Principally because of lower prices for
materials group index dropped 0.9% to
agricultural'coinmodities, the
corresponding week
The group index—73.1—is 0.1 % below the
ber, 1934.
below the Feb.
dropped 0.1%
prices
commodities
and are 0.5%
Compared with the corresponding week of last
19 level.
partially manufactured commodity prices are down 16.4%.
have been less pronounced.
year,
January, 1937.
offset
for the
during the week.
declined 0.1%
corresponding week of last month.
It is 0.4% above the index
It is 3.4% below a year ago.
slight rise in wool; the resulting decline in the group index continued
a
Another decline was registered by the fertilizer price index.
zinc.
Thirty-eight price series included in the index declined during the week
advanced; in the preceding week there were 33 declines and
21
and
advances.
for barley, corn,
rye,wheat, calves, hogs, lambs, live poultry in the New York
Higher prices were
advanced 0.5%.
71.0
109.1
oil.
67.1
67.4
72.2
74.6
69.5
81.4
81.4
Miscellaneous commodities.
82.4
*77.3
.
77.4
79.2
89.1
61.0
<
82.9
*80.8
8.2
Textiles
*60.7
61.3
82.1
7.1
Metals.
*96.6
96.8
96.9
109.9
6.1
Building materials.
81.7
80.0
80.7
93.7
95.0
95.0
95.4
95.3
72.1
72.1
72.3
70.8
This week's food index—
0.3
Fertilizers
*77.8
78.7
78.7
76.9
98.0
98.0
97.9
93 1
*76.0
76.4
76.3
88.6
Farm machinery
0.3
16.5%
AH groups combined
*
New 1938 low.
Prices of Oklahoma
for fats, oils, and mixed fertilizers, the chemicals
Fertilizer materials prices were firm.
steady decline since the beginning of the year, the hides and
index remained unchanged at 94.2.
Minor decreases
Aver¬
did not affect the index for the textile products group as a whole.
No changes were reported in
It remained at 67.8% of the 1926 average.
prices of clothing, hosiery and underwear, and woolen and worsted goods.
The metals and metal products group
index was stationary at 96.1
price of pig zinc advanced sharply, and copper and brass declined.
iron and steel,
for agricultural implements,
Electric Output for Week Ended March 19, 1938,
Below
A sharp advance was reported in
belting, gloves, and luggage were steady.
motor
In the building materials group, lower
March 19, 1938, was 2,017,653,000 kwh.
This is a decrease
of 8.7% from the output for the corresponding week of
1937, when production totaled 2,211,052,000 kwh.
The
output for the week ended March 12, 1938, was estimated to
be 2,014,729,000 kwh., a decrease of 9.0% from the like
week
a
year ago.
The
vehicles, and
PERCENTAGE DECREASE FROM PREVIOUS YEAR
Major Geographic
Week Ended
Regions
Mar., 19, 1938
index remained at
and tile, cement, and
New England
goods group was unchanged at 89.6%.
of the previous week.
Mar. 5,
1938
Week Ended
Feb. 26, 1938
9.8
11.0
2.8
3.6
1.1
1.3
16.6
15.3
14.9
7.5
4.4
4.9
3.4
West Central
5.1
5.0
6.0
5.0
18.1
17.2
14.4
12.9
3.8
Rocky Mountain
0.9
1.4
3.5
7.5
8.0
Pacific Coast
Total United States.
Cattle feed averaged 0.8% higher.
Week Ended
1938
15.6
i
Average wholesale prices of both furniture and furnishings were at the level
Crude rubber prices declined 1.0%
12,
12.4
12,8
Middle Atlantic
Central Industrial
Southern States
structural steel.
The index for the housefurnishing
Week Ended
Mar.
spruce
lumber, China wood oil, and shellac were counterbalanced by sharp increases
No changes were reported in prices of brick
8.7%
Year Ago
Average
prices for yellow pine and
in prices of naval stores with the result that the group
a
The Edison Electric Institute, in its current weekly report,
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
plumbing and heating fixtures were unchanged at last week's level.
90.6.
80.4
Fertilizer materials
Falling prices for raw silks, silk yarn, drillings, tire fabric, and cotton
prices
50.7
Chemicals and drugs
wholesale prices of shoes and other leather manufacturers such as har¬
ness,
50.8
1.3
reported in prices of heavy steer hides and chrome calf leather.
yarns
49.8
0.3
index to fall 0.3%.
index declined 0.3%.
leather products group
age
88.2
re¬
...
prices of tartaric acid.
were
67.2
Fuels
100.0
resuit of lower prices
a
69.2
86.6
Coke remained unchanged at the level of the preceding
gasoline advanced.
Following
67.7
1937
prunes,
York, butter,
above the corresponding week of last month and
and drugs group
107.0
10.8
Santos coffee, lard, oleo oil, raw sugar, and peanut
beans, edible tallow, and cottonseed
a
90.7
78.6
Livestock
Weakening prices for coal, Pennsylvania fuel oil, and kerosene caused the
As
64.3
79.6
17.3
below that of last year.
week.
64.7
78.8
Cotton
foods group index.
Quotations
meal, fresh fruits and vegetables .canned tomatoes,
fuel and lighting materials group
64.5
Grains
ported for ham, fresh pork, dressed poultry at New
73.4—is 0.1%
74.1
Farm products
23.0
products and 1.2% in fruits and vegetables
Wholesale prices of meats
1938
74.0
Fats and oils
week of last year.
lower for flour, corn
1938
74.2
Cottonseed oil
Notwithstanding the decrease, the current farm products
1.3% above the level of a month ago.
It is 25.3% below
fresh lamb, mutton,
Year
Ago
19, Mar. 20,
1938
Foods..
25.3
largely accounted for a drop of 0.5% in the
cocoa
Ago
York, lemons, oranges, hops, timothy
Higher prices were reported for oats, cows,
Decreases of 1.6% in cereal
oil.
Month
Week
Total Index
the corresponding
were
Preced'g
Week
Mar. 19, Mar. 12, Feb.
Group
bears to the
poultry in the Chicago market, apples at Seattle, peanuts, and
index—70.5—is
INDEX
Latest
Per Cent
Each Group
seed, tobacco, onions, and wll.
white potatoes.
WHOLESALE COMMODITY PRICE
Compiled by The National Fertilizer Association (1926-1928=100)
Grains dropped 2.9%,
Quotations were lower
index declined 1.7%.
market, cotton, eggs, apples at New
ewes, live
.
WEEKLY
by the Department of Labor, from which
the following is also taken:
prices decreased 1.2%.
18
advances; to the second preceding week there were 32 declines and 18
Commissioner Lubin's remarks were contained in an an¬
The farm products group
An advance in the
following a prolonged decline, was much more than
balanced in the metal group by weakness in brass products, tin, and
counter
nouncement issued
and livestock and poultry
1938
In the textile group declines in other fibers much more than
price of steel scrap,
Fluctuations in the finished products group
The index
26,
level reached since
resulted in the fuel price average declining to the lowest
the downward movement which began last summer.
that of last year.
cf last month and 19.0% below
Semi-manufactured
raw
the lowest level reached since Decem¬
March
Chronicle
8.7
9.0
and paper and pulp decreased 0.1%.
Automobile tire and tube prices
DATA
FOR
RECENT
WEEKS
were
(THOUSANDS
OF
KILOWATT-HOURS)
steady.
.
The following table shows index numbers
for the main
modities for the past five weeks and for March
March
Per
of com¬
groups
20, 1937, March 21, 1936,
1938
1937
Jan.
Feb.
Feb.
12
26
19
19
1938
1938
5
1938
1938
1938
Mar. Mar. Mar. Mar.
20
1937
21
1936
23
24
1935
1934
1.....
Jan.
15
79.5
79.8
79.8
79.6
79.4
87.6
79.3
78.8
73.5
22.
29.....
products.
5
12
■mmm
m
'mm
mm
»
69.6
(94.4
76.7
77.6
61.4
Feb.
19
Foods
73.4
73.8
73.8
73.5
73.3
87.9
79.9
81.1
67.3
Feb.
26
rn'mm
Hides and leather products..
94.2
94.2
94.3
94.6
94.9 105.1
95.3
85.8
88.8
Mar.
5
mmm
Textile
67.8
67.8
67.9
67.8
68.1
70.5
products......
71.7
71.1
70.2
Feb.
77.6
70.4
68.8
•
76.0
Mar. 12.
Fuel and lighting materials..
78.1
78.3
78.3
78.9
78.6
76.8
76.7
74.0
72.4
Mar. 19.
Metals and metal products.
96.1
96.1
96.2
96.2
96.2
96.0
85.9
84.9
86.4
Mar. 26
90.6
90.6
90.8
91.1
91.1
96.2
85.1
85.0
86.2
Apr.
Building
.
materials
Chemicals and drugs...
78.4
78.6
78.9
78.9
78.8
87.3
79.0
80.9
1929
89.6
89.6
89.6
89.6
89.7
89.8
82.6
81.9
82.5
74.5
68.8
2,108,968
2,098,968
2,082,447
2,052,302
2,059,165
2,256,795
2,214,656
—6.6
1,854,874
1,970,578
1,949,676
—5.2
1,955,507
2,201,057
2,199,860
2,211,818
—5.4
1,962,827
r—6.7
2,031,412
2,035,673
2,014,729
2,207,285
2,199,976
2,212,897
2,211,052
2,200,143
—8.0
1,952,476
1,950,278
1,941,633
m-
«
-
•
mm
-
2,115,134
2,017,653
mm'rn
2
—
1,847,264
-4.7
—6.9
1,637,683
1.542,000
1,733,810
1,736,729
1,717,315
1,728,203
1,726,161
1,545,459
1,512,158
1,718,304
1,699,250
1,519,679
1,538,452
1,900,$03 a,537,747
1,862,387 1,514,553
1,867,093
1,480,208
—7.5
1,706,719
1,903,363
1,893,311
—9.0
—8.7
2,146,959
-
1.414,710
1,619.265
1,602,482
1,598,201
1,588,967
1,588,853
1,578,817
1,702,570
1,687,229
1,683,262
1,679.589
75.8
Housefurnishing goods
—6.6
2,139,582
mm: -
Jan.
Feb.
—
2,080,954
2,244,030
2,264,125
1,998,135
8
Jan.
Jan.
Ail commodities.........
1932
1936
from
1937
(1926=100)
Mar. Mar. Mar.
Commodity Groups
Farm
1938
23, 1935, and March 24, 1934.
.
Cent
Change
Week Ended
69.2
Miscellaneous
74.5
74.7
74.7
74.6
78.8
68.2
Raw materials.............
73.1
73.8
73.7
73.6
73.2
90.3
77.4
*
Semi-manufactured articles..
75.5
75.6
76.0
76.0
75.9
90.3
74.5
*
83.5
83.6
83.7
83.4
83.2
86.4
81.2
*
81.7
81.6
86.1
79.9
79.0
82.9
83.1
83.0
85.6
78.8
77.3
RECENT
MONTHS
(THOUSANDS
*
81.7
FOR
*
Finished products......
All commodities other than
DATA
farm
All
....
products.....
commodities
other
81.5
82.8
82.9
Per
1937
January.....
According
to National Fertilizer
Continuing the downward trend of the preceding week,
wholesale commodity price index
compiled by the
May
at
a
new
Based
+ 13.3
7,806,720
7,041,926
8,029,046
+ 11.1
7,003,252
6,502,755
8,351,233
8,371,498
8,536,837
8,706,984
9,239,027
9,359,167
9,256,053
+ 18.9
7,506,916
+ 14.6
7,340,946
+ 13.6
7,555,293
7,410,951
7,885,233
8,131,167
6,787,923
6,320,551
6,240,381
6,178,781
6.175,627
6,339,283
9,699,161
mmm
9,791,569
July
August
September
October..
; i
---
November
December
Total.....
...
10,074,083
10,366,839
9,962,122
10,111,605
9,534,868
9,719,582
+ 12.5
+ 9.0
+ 10.8
6,277,419
+ 4.6
7,800,019
8,422,319
+2.6
8,233,382
6,596,023
6,488,507
—2.5
8,599,358
6,625,298
+ 7.6
9,662,847
9,293,742
9,968,343
117487 445 107409113
+ 9.4
7,585,334
6,850,855
7,380,203
7,285,359
7,486,635
7,220,279
7,484,727
7,773,878
7,523,395
8,133.485
7,681,822
7,871,121
93,695,556 77,574,474 90,277,153
the
on
announcement
76.3% and a year ago 88.6%.
by the Association, dated March 21,
The
con¬
tinued:
Lower
In the
1929
low point in the present recession and
lowest level since the
early summer of 1936.
the 1926-28 average of
100% last week the index
stood at 76.0% as against
76.4% in the previous week. A
month ago it registered
was
8,634,336
mmm
June.
the
National Fertilizer Association in the week ended March 19
9,785,174
8,922,551
9,930,252
9,589,639
...
rnrnm
April
Association
1932
1936
February
Wholesale Commodity Prices Further Declined
During
Week Ended March 19
Reaching New Low Level in
1935
1937
from
March..
dropped to
1936
76.1
78.6
Cent
Change
Month of
Not computed.
Current Recession
KILOWATT-HOURS)
*
than
farm products and foods..
*
81.6
OF
prices for farm products were largely responsible for the
drop
all-commodity index, although five of the other group indexes also
declined during the week.
Cotton
was
lower for the third consecutive week
and the livestock average fell off
than offset the effect of
a
moderately; these declines much more
slight rise in grain prices.
The index of food
prices which has moved within
a
narrow
range during the past two months
fractionally last week, largely the result of higher quotations for meats.
Another drop in fuel oil prices, combined with lower
quotations for kerosene.
rose
World Industrial
Production Declined During January
for Fifth Consecutive Month According to National
Industrial Conference Board
World industrial output,
receded for the fifth consecutive
according to the latest review of world economic
by the National Industrial Conference Board.
During January activity continued to decline in the United
States, Great Britain, and Canada, said the" Conference
Board under date of March 12; it further stated:
month,
conditions
Activity, in general, remained depressed in Latin America.
Production
declined during December in the Scandinavia countries, Germany, Belgium,
and
Czechoslovakia.
France
has not
lost
months, but activity remains at a low level.
any
further ground in recent
The only important exceptions
Volume
to
Financial
146
all reported shipments
the Netherlands, Italy, and Poland,
the general downward trend are
which reported
1937.
increased activity.
orders
reported for the week ended March
softwood mills totaled 180,064,000 feets; or 12%
Com¬
15, the number of unemployed totaling 1,810,421.
pared with a year ago, however, there has been an increase of
below similar items in the corresponding week of
All softwood regions reported production below the 1937 week.
Lumber
unemployment figures showed a less than seasonal decrease from
British
Jan. 15 to Feb.
1953
Chronicle
the
238,000
same
feet,
unemployed.
or
mills.
Shipments
as
12,
1938,
by 441
above the production of
reported for the same week were 172,023,000
7% above production.
Production was 160,384,000 feet.
*
The
1936.
July,
45%
Canadian newsprint production
of the
24%
a
Wholesale prices continued to
much
than
less severe
advanced in Italy, France,
fall during January and February in the
fall
-
in February Receded Almost to
February, 1936, Reports Wells Fargo
Bank & Union Trust Co., San Francisco
of
business
California
in
Outlook"
receded almost to
The February figure of 96.1 in the
•
the
according to the current "Business
Fargo Bank & Union Trust Co., San
of the Wells
Francisco.
February
bank's index
(in which the 1923-25 average equals
of California business
compares
with 100.7 in January, 110.4 in February last
and 93
100)
in February, 1936.
All four factors of the
production, freight car loadings, bank
year,
index—industrial
debits and department
store sales—show declines in Febru¬
Bank debits for January-February at
14%
declined
corresponding 1937
from
Car
Report? from automobile dealer associations approve the
Used Car Exchange Week (March 5 to 12) as
outstanding success, according to an announcement issue
March 18 by the Automobile Manufacturers Association. It
not alone brought heavy used car buying during the official
period it is stated, but the pace is still being maintained.
Except in a few places like the flooded west coast or where
other unusual conditions prevailed, the sales were two or three
times as great during the campaign as for the comparable
period last yea~, or for the previous week, said the Associa¬
tion's announcement which further stated:
The total number of
but
a
cars
175,000 vehicles
or
Independent used
an
on
sales, 11%
those
:
v
--v;
.
levels;
newspaper
/
/
Canadian Recession Has Not
Although February Wholesale and
Bank of Montreal Reports
Acute
Been
Retail Trade Was Lower in Various Provinces
"While reports
benefit.
brought support not alone
but from allied industries, the newspapers,
radio stations and other who believed it to be
an
important effort in the
direction of helping general business as well as the automobile market.
While
AAA
there
has
been
some
a return "of
improvement, new
selling is sluggish.
car
junking plans.
Announces
from various Canadian Provinces tell of
falling off in wholesale and retail trade in certain sections,
the average recession has not been acute," according tohe
current
"Business Summary" of the Bank of Montreal,
dated March 23.
"Thus," said the Bank, "official reports
Price"
"Fair
for
Puerto
1938
Rican
Sugarcane Crop
(to about
months).
yet available,
15 California cities
1935 levels) ; commercial car
(but still the third highest sales on record for
45%
sales,
may
the part of the industry
from the dealer organizations
are not
sale in 12 days by dealers of 150,000 to
a
of 4 cars for each of the 46,000 dealers.
average
dealers
car
This unified effort
advertising in four cities declined 10%; passenger automo¬
bile
sold and the dollar volume
careful estimate indicates
Dealers advocate
compared with January.
ary as
Used
an
Wholesale prices again
Canada, and Japan.
levels of two years ago,
179,250,000
Exchange Week Held Outstanding
Success by Automobile Dealer Associations
Business
Levels
feet; and orders received
♦
,
♦
California
and 255,388.000
National
previous months.
in
159,760,000
it was 205,196,000 feet; shipments were respectively
year ago
National
steady.
Sweden, and Holland, but the rate of
States, Great Britain,
United
was
week were
feet, and 229,923,000 feet.
for the
sixth consecutive month, registering a loss of 3.9%
in January, which
brought the combined index of nine internationally trade commodities
to 65.9%
of the 1928 average.
All commodities drifted lower except
cotton, copper,
and tea.
Wheat suffered the most severe loss.
In
February and during the first week of March the prices of most com¬
modities either advanced slightly or held
a
171,371,000 feet,
of foodstuffs and major raw materials declined
prices
same
Production was 10,763,000 feet.
Identical Mill Reports
1936.
over
World
5,936,000 feet, or
as
reported for the
Last week's production of 436 identical softwood mills was
feet, and
For the entire year world trade advanced
for the third quarter.
average
1929 average,
as
below production.
41%
or
Shipments
of
trade in 76
loss of 4.2% from the
1937 the seasonally adjusted index of the gold value of world
countries stood at 45.6%
below production.
6,312,000 feet,
factor in the decline.
Board's review shows that during the last quarter
Conference
The
in
drop
severe
the most important
was
Reports from 96 hardwood mills give new business
declined sharply to reach the lowest level
business activity
Canadian
since
The Agricultural
Adjustment Administration
on
March 9,
announced the "fair and reasonable" basis for payment for
Puerto Rican sugarcane produced in 1938 for processors
who
are also producers and apply for payments under the
Sugar Act of 1937. The rates are established at not less than
63% of the f.o.b. mill value of the recoverable sugar from the
cane,
said
the
Administration's announcement, which
continued:
a
retail trade in February show that the sales of
department stores were 1.7 % lower in value than in February,
1937, and country storekepers report a similar decline."
in respect to
Among other conditions, the Sugar Act requires Puerto Rican producers
who
by
number of industries.
a
curtailed
their
The primary iron and steel industries have
production, but from now on both they and a group of
helped by orders for $15,000,000 worth
railway rolling stock which the Canadian Pacific Ry. has just placed
Under the determination, applicable to cane produced in
processors,
of new
equipment.
from other sources for airplanes and various kinds of
The improved crop prospects in the West are stimulating the
sales of farm implements,
and in some parts of the prairie country the value
of orders for new machinery for spring delivery is 30
% higher than
Reports from the West indicate that moisture conditions over a large
area
of the Prairie Provinces are more encouraging than they have been in
any
recent spring.
For
63%
of the recoverable
sugar
from good quality
of inferior quality, producing nine pounds or less of sugar
cane
for each 100 pounds
of cane, processor-producers may pay the same rates
they paid in 1937.
The determination also provides for fortnightly or monthly calculation
the sucrose content of the cane delivered and a formula
be computed and
content is to
fortnightly
of
by which the sucrose
by which cash settlement is to be made,
monthly, according to agreement between producers and
or
producer-processors.
a year
ago.
1938, producer-
in order to qualify for payment under the Sugar Act, are to
the same rates in 1938 as they paid in 1937, except in those instances
cane.
equipment industries will be greatly
and by large orders
public hearings
held in San Juan, Puerto Rico, on Nov. 30, 1937.
where the rate was below
In the industrial field there have been reductions in the scale of operation
fair and reasonable price for cane bought
in order to qualify for payment under the Act
Determination of the minimum rate was made following
pay
The Bank continued:
also processors to pay a
are
from other producers,
that payments for cane must be made directly to the
It further provides
legal owner of the cane.
On the basis of the fair price for the
growers
Puerto Rican
crop
of 1938 sugarcane,
will receive, on the average, the equivalent of 64%
of the f.o.b.
mill value of the sugar recoverable from their 1938 crop of sugarcane.
Weekly
Report
Lumber
of
Movement
Week
Ended
March 12, 1938
The lumber
industry during the week ended March 12,
♦
Eight Months of Crop
4.1% Below Similar Period Last
Year—Exports from Colombia Also Decreased
Brazilian Coffee Exports During
and 55%
of average 1929 shipments. Production was about
57% of the corresponding week of 1929; shipments, about
55% of that week's shipments. The 1938 week showed some
increase in production over the preceding week; some decline
in shipments and new business.
The preceding week's
reports of shipments and new orders, however, were the
largest of any week since last October.
All items in the
week ended March 12, 1938 were lower than during the
corresponding week of 1937.
National production reported
for the week ended March 12, 1938,
by 2% fewer mills
was
4% above the output (revised figure) of the preceding
week; shipments were 6% below shipments and new orders
were 8% below orders
of the previous week, according to
reports
to the National Lumber Manufacturers Asso¬
ciation from regional associations covering the operations of
important hardwood and softwood mills. In the week ended
March
12, 1938, production, shipments and orders as
reported by 436 softwood mills were respectively 22, 33
and 22% below similar items in corresponding week of 1937.
The Association further reported:
During the week ended March 12, 1938, 519 mills produced
feet
of
hardwoods
and
softwoods
booked orders of 186,000,000 feet.
were
mills
531; production
combined;
shipped
171,147,000
178,335,000
feet;
Revised figures for the preceding week
165,125,000 feet; shipments 189,603,000 feet;
regions
but southern
pine and southern and northern hardwoods
reported new orders above production in the week ended March 12, 1938.
All but western pine,
ments below output.
southern cypress and northern pine reported ship¬
All regions but northern hemlock reported orders and
Exports of coffee from Brazil during the eight months of
the
crop
year,
July through February, totaled 9,079,000
bags against 9,467,000 during the similar period in 1936-37,
a decrease of 388,000 bags or 4.1%.
The New York Coffee
and Sugar Exchange reported on March 14.
Exports to the
States totaled 4,839,000
vs.
5,265,(XX) (1936-37);
United
Europe 3,518,000 vs. 3,709,000 (1936-37); and elsewhere
722,000 vs. 493,000 (1936-37).
The Exchange's announce¬
to
ment further
said:
Exports of coffee from Colombia, during a similar period
totaled 2,758,336
(1936-37) a decrease of 154,544 bags or 5.3% . Exports
States totaled 2,112,274 vs. 2,108,877 (1936-37); to Europe
677,646 (1936-37): and elsewhere 123,680 vs. 126,357 (1936-37).
bags vs. 2,912,880
to
United
522,382
vs.
Exports from Brazil
during February,
during February were 1,365,000 bags against 948,000
1937, while Colombian exports were 364,667 bags com¬
pared with 382.337 during the same month a year ago.
Petroleum
Seizes
United
Its
Products—Mexican Government
Holdings of All Foreign Companies—
States'
Units
Protest at Washington—
and
Oil
Japan Seen Buying Oil from Mexico—Sunday Shut¬
downs Through April Set in Texas—April Crude
Oil
Demand
Seen
Lower—Ickes,
Holliday, Hit
Overproduction—Crude Stocks Gain
orders 201,194,000 feet.
All
Decreased
Year
1938, stood at 51% of the 1929 weekly average of production
The
surprise move last week-end which saw the Mexican
expropriate the foreign oil companies, which
the loss of some 82.50,000,000 invested in oil properties
Government
meant
Financial
1954
in Mexico
by 11 United States companies,
Chronicle
March
26,
1938
Production in California spurted 25,800 barrels to 753,500
barrels, against the joint Federal-Central committee recom¬
mendation of 694,600 barrels daily.
Texas was up 22,350
barrels to 1,312,850, aginst the State quota of 1,493,173 and
perhaps the
history.
Although the American companies involved have taken
the first steps in protesting through the Government, such
protests will mean drawn-out legal moves. Since the Mexi¬
can Supreme Court already has ruled
against the foreign
companies in the original dispute which centered over wages
to be paid workers, it would seem likely that any appeal
was
most dramatic incident in North American oil
the United States
Oklahoma showed
figure of 1,344,900.
a
decline of 7,100 barrels to 519,000, against the State allow¬
able of 475,000 barrels and the Federal recommendation of
547,700 barrels.
Kansas was off 1,050 barrels to 172,050
barrels, aginst 169,528 and 176,700, respectively. Louisiana
will be difficult.
The fact that the expropriation law calls for the payment
indemnity within 10 years after the seizure means little
was
4,600 barrels to 260,400, against the State allowable
up
to the oil
of 244,130 and the United States total of 239,400.
Stocks of domestic and foreign crude oil gained 1,039,000
since
barrels
of
companies, according to off-the-record comment,
has seldom, if ever, paid for expropriated
proper tie..
Their position, it was continued, seems rather
difficult since there is no chance of them recovering their
property under the expropriation ruling, and President
Cardenas has made it plain that the days of granting foreign
oil companies concessions is over.
It was reported from Washington that the British com¬
panies hard hit by the Mexican Government's move will
seek to force the United States to adopt severe measures in
dealing with her Southern neighbor. The Monroe Doctrine
forbids the British Empire to use force in
retaliating for
Mexico's seizure of its subjects' properties. Since
Secretary
Hull currently is negotiating a United States-British trade
treaty, it would appear as though the United States is in an
impaired bargaining position.
Mexico
during the week ended March 12 to 305,566,000
barrels, the Bureau of Mines reported March 21.
Domestic
stocks accounted for 836,000 barrels of
the increase, with
broadening stocks of foreign oil accounting for the remaining
203,000 barrels.
There
(A
month,
the
Texas
1.35
1.40
barrels
was
daily.
Sunburst. Mont
Mld-Cont*t, Okla., 40 and above..
1.25
Huntington, Calif., 30 and over—
Kettleman Hills, 39 and over
1.22
1.42
0.90
Petrolia. Canada
2.10
STANDARD—KANSAS GASOLINE
fection
prices
the
We
slocks
market.
to
a new
Daily
urr
runs of crude oils to stills dipped 20,000
3,080,000 with refineries showing a drop of Yi
point in operations to 75.7% of capacity. The daily average
production of cracked gasoline was off 10,000 barrels to 695,000 barrels.
A 751,000-barrel gain in stocks of gas and fuel
oils lifted the total to 122,067,000 barrels.
Representative price changes follow:
average
barrels to
March 21—Standard of Jersey reduced Diesel fuel oil 10 cents a barrel to
$1.85 at New York harbor, and also reduced Nos. 2 and 4 domestic heating
oil 5* cent to 434 cents and 4% cents a
gallon, respectively, in tank cars.
March 23—Gulf Refining met Standard's 10-cent reduction in
fuel oil prices and lowered its
Philadelphia price to the $1.85 mark.
in'
m
market, unless storage and
production
ofmotnrTjTh1-1^'e^^th the seasonal rise in consumption
he indicated
mdustry13 headed f°r rather stormy going,
R,,rea»!,y jlTTrP P,rod"eti°n °/ orude
of Mines
estimate for the
oil climbed above
the
first time in months
during the week ended March
19, the American Petroleum
Institute report disclosed.
The week's total of
3,433 550
ureau
??
1
barrels from the previous week and
compared with production of
3,448,150 for the comparable
1937 period
Imports of approximately
155,000 barrels of
crude oil daily meant
that, added to the 42,000-barrel
excess
°n' the total supply of excess
crude oil avail¬
able daily was
nearly 200,000 barrels.
nrmm
4
Diesel
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
Refinery
New York-
New York-
Stand. Oil N. J
$.07>*
Other Cities—
Texas
$.075*
Chicago.
$.05
-.055*
Socony-Vacuum..
.08
Gulf
.08 5*
New
Orleans.
.00 54-07
Tide Water Oil Co
Richfield Oil(Cal.)
.085*
.075*
.0754
Shell Eastern
.075*
Gulf
porta...
.05J4
.04H- 04H
Warner-Quinlan..
Tulsa
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
(Bayonne)
i
...$.055*
North Texas
I
Los Angeles..
Fuel Oil, F.O.B.
N.
Y.
(Bayonne)—
:
Diesel
N.
$1.15
Refinery
or
INew
(Tulsa
Orleans.$.055*-.0554
.035*-.04
Terminal
i
$1.00-1.25
New Orleans'C
$1.05
Phila., Bunker C
l.lfi
1,95
....
Gas Oil, F.O.B. Refinery or Terminal
Y.
(Bayonne)—
27 plus
a
$.04
.0334-.05
California 24 plus D
Bunker C
he pointed out
that the marked gain in
available crude oil underground as well as the
cru(*e and refined producers in storage during
^Id be refleoted in the price structure
tS ™ there are artificial supporting factors
today s
time—which lifted the total
some
peak at 93,192,000 barrels.
com¬
kawSbnresent
present
to
—the smallest increase for
selves best
1QT7^*+
refinery operations coupled with rising consumption
the
favorable weather for motoring brought some
slackening in the rate of climb of stocks of finished and un¬
finished gasoline during the week ended March 19 but never¬
theless, inventories moved up to a new high. The American
Petroleum Institute report disclosed a gain of 108,000 barrels
a
themselves, should recognize
they could serve them¬
by not taking excessive
supplies from the ground."
LnirW
wa-s
holders of the Standard Oil sounded in the report to stock¬
Co. of Ohio
by W. T. Holliday,
President, m which
tank-wagon
tractor fuel throughout the entire State of Kansas,
the indicated
on
Lower
due
Although admitting that his
authority to act, he stated that gas and
were entirely too high for the best interest
panies,
cent of normal all
amounts.
no
little hesitant to offer
our services
again after
past failures to get the
companies to support oil conserva¬
tion
legislation," he added,
continuing: "I have always
contended
that we can
preserve
crude more effectively
underground. Besides, it is
cheaper and safer. The
are
one
of Stanolind grade gasoline and per¬
grade kerosene and to withrn one half-cent of normal
consumers
where such prices are subnormal more than
period. The new schedule,
however, is 2% better than actual demand
for April last
year.
The Bureau explained the
relatively lower April esti¬
mate as due to the
current lag in business
activities as well
as the
possibility that excessive stocks will be reduced
by
curtaihng crude runs to stills.
«±i.
CLIMB
it will advance to within
prices to
than that ruling
during
the current period, and
137,600 barrels less than actual pro¬
duction in the like 1936-1937
of
VENTORIES
Jersey to $1.85, the company also posting a cut of \i cent a
gallon in tankcar prices of Nos. 2 and 4 domestic heating
oils in New York harbor to 424 to AYs cents, respectively.
Before the close of the week, the reduction had spread to
Philadelphia where the Gulf Refining Co. joined with Stand¬
ard of New Jersey in lowering Diesel fuel oil 10 cents a barrel
to $1.85.
Gulf Refining also was reported to have pared
furnace oil lA cent a gallon to 4% cents.
On the brighter side of the price picture was the announce¬
ment by Standard Oil of Indiana that, effective March 28,.
approximately 30,000 barrels lower
department had
PRICES ADVANCE—GAIN
The price of diesel fuel oil was pared 10 cents a barrel in
N. Y. harbor on Mar. 21 by the Standard Oil Co. of New
pared about 4,000
lifted nearly 8,000
was criticized by Secretary of
Ickes, who said at his press conference in Wash¬
ington on March 24 that
"something ought to be done"
about excessive
operations.
__
IN GASOLINE STOCKS SLACKENS—GAS AND FUEL OIL IN'
Commission ruled
oil
1.09
1.42
1.22
REFINED PRODUCTS—FUEL OIL PRICES SLASHED BY JERSEY
u
Oye*Tr.°duction of crude
the Interior
1.30
-
Rodessa, Ark., 40 and above
Daily average demand for crude oil
during April was esti¬
mated at 3,361,700 barrels
by the United States Bureau of
Mines in its regular
monthly market forecast. This total is
i-u
1-35
Central Field, Mich
Smackover, Ark., 24 and over
compared with March figures, the
Sunday .shutdown will
mean a net
drop of nearly 6,000,000 barrels in Texas pro¬
duction for April. The East Texas
field will have a
daily
quota of 501,903 barrels, against 497,643 for March. The
were
—11.27
over
Darst Creek.
Western Kentucky
as
Coast and Southwest areas
barrels daily each.
West Texas
Eldorado, Ark., 40
Rusk, Texas, 40 and
1.27
Ullnoifl
establishing an allowable for next month of 1,501,337
barrels daily, against
1,493,171 barrels daily on the first of
March. Although the allowables in
several areas were lifted
Gulf
$2.05
1.25
Corning, Pa
Sundays for the third
Railroad
in
price changes.
gravities where A. P. 1. degrees are not shown)
Bradford, Pa
Lima (Ohio Oil Co.).......
planning to
properties in
Mexico, the price situation was very cloudy. Already reports
have been heard of offerings of Panuco crude at 50
cents,
against a 95-cent price ruling a short time ago. Again, at
least one Japanese tanker has loaded
up with crude oil from
Mexican ports and others were on their
way.
This has
alarmed California oil producers, who
point out that if their
share of the Far East market
dwindles, it will force lower
production schedules if not lower prices for crude.
Japan,
which is unable to
supply its oil needs, thus seems to have
broken loose from the
Anglo-American supply control and
if it consummates an
agreement with Mexico probably will
buy all of its oil there.
All Texas wells will be shut down
,
crude oil
Price* of Typical Crude* per Barrel at Well*
With at least one of the affected
companies
bill every purchaser of oil from its seized
successive
were no
i
$
New York
sBrooklyn...
Chicago—
045*1
28-30 D
ITulsa...
$.053
...$.02 5*-.03
|
Gasoline, Service Station, Tax Included
$.19
.19
I Newark
|Boston
...$.1651 Buffalo.
18
-
$.17
|
*Not Including 2% city sales tax.
Daily
Average Crude Oil Production During Week
Ended March 19, 1938, Placed at
3,433,550 Barrels
The American Petroleum Institute
estimates that the
daily
average gross crude oil production for the week ended
March 19, 1938, was
3,433,550 barrels.
This was a gain of
51,450 barrels from the output of the previous
week, and
the current week's
figure was above the 3,391,600 barrels
calculated by the United States
Department of the Interior
to be the total of the
restrictions
imposed by the various oil
producing States during March.
Daily average production
Jour weeks ended March 19, 1938, is estimated at
3,369,550 barrels.
The daily average output for the week
for the
ended March 20,
details,
as
1937, totaled 3,448,150 barrels.
reported by the Institute, follow:
Further
Volume
Financial
146
V Imports of petroleum for domestic
a
and receipts in bond at principal
use
barrels,
daily average of 178,714
week ended March 19 totaled 1,091,000
United States ports for the
daily average of 155,857 barrels, compared with a
barrels daily for the four
barrels for the week ended March 12 and 143,964
weeks ended March
There
were
b Total barrels produced during the week converted to equivalent coal assuming
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal,
c Subject to
d Revised,
e Approximate coal years to date.
Sum of 50 full weeks
ending March 12, 1838, and corresponding periods in other years.
revision,
ESTIMATED
PRODUCTION
19.
COKE
(In Net Tons)
of
compared with a daily average
the week ended March 19 or March 12,
AND
ANTHRACITE
PENNSYLVANIA
OF
BEEHIVE
Gulf ports for
receipts of California oil at Atlantic and
no
1955
Chronicle
2,893 barrels for the four weeks ended March 19.
Calendar Year to Date
Week Ended
89.0% of the 4,159,000estimated daily potential refining capacity of the United States
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 3,080,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week 93,192,000 barrels of finished and un¬
finished gasoline and 122,067,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.8% of the poten¬
tial charging capacity of all cracking units indicates that the industry as a
whole, on a Bureau of Mines basis, produced an average of 695,000 barrels
Reports received from refining companies owning
fuel, a
Dally
average..
Commercial prod.b
1929 d
1937 d
1938
c
9,005,000 15,069,000
253,300
151,300
8,555,000 13,984,000
1,002,000 1,041,000 1,028,000 10,195,000
171,300
173,500
171,300
167,000
977,000 9,707,000
991,000
954,000
Beehive Coke—
U. S. total
Dally
82,700
3,583
264,200
4,315
b Excludes colliery fuel,
1,224,800
20,100
715,900
13,783
24,100
4,017
21,500
average..
11,736
shipped by truck from authorized
d Adjusted to make comparable
Includes washery and dredge coal, and coal
operations,
PRODUCTION
OIL
DAILY AVERAGE CRUDE
1937
c
Anthracite—
Total, incl. colliery
a
daily during the week.
1938
1938
Pa.
Mar. 13,
Mar. 5,
Mar. 12,
barrel
Revised,
c
the number of working days in the four years.
(Figures In Barrels)
COAL, BY STATES
ESTIMATED WEEKLY PRODUCTION OF
Four
B. of M.,
Week
State '
Devt. of
Interior
Allowable
Ended
Calcu¬
March 1
March 19
Ended
from
(In Thousands of Net Tons)
Week
Ended
19 March 20
Previous March
(The current estimates
are
subject to revision
on
based on railroad carloadlngs and river shipments and
are
receipt of monthly tonnage reports from district
from the operators.)
and State
sources or of final annual returns
1937
1938
Week
1938
lations
Weeks
Change
CMarch)
Week Ended—
547,700
Kansas
176,700
Panhandle Texas
.
514,800
657,450
170,800
188,300
65,150
82,700
67,850
32,800
208,050
122,400
454,200
231,950
210,300
519,000
475,000
169,528
172,050
..
North Texas
West Central Texas
—7,100
—1,050
72,900 + 14,900
+2,250
70,350
+ 800
27,300
Oklahoma
-
67,000
26,600
187,300
98,650
+ 800
183,600
East Central Texas.
+ 850
East Texas
428,450
+ 700
Southwest Texas
227,800
+ 1,250
94,050
427,150
222,650
Coastal Texas
200,100
+ 800
194,450
West Texas
...
March
State
Mar. 5, Feb. 26, Mar. 6, Afar. 7, Mar. 2,
1936
1929
1937 P
1938 p
1938 p
3
4
2
2
234
232
298
231
Alaska
Alabama
Avge.
1923
423
396
Arkansas and Oklahoma
26
71
59
76
144
Colorado
84
113
176
140
256
1
1
1
#
Georgia and North Carolina
e
•
8
77
195
8
8
Illinois
813
874
1,495
1,123
1,436
1,684
Indiana
327
300
496
455
445
575
64
58
93
93
112
Kansas and Missouri
127
146
187
175
186
144
Kentucky—Eastern
481
438
865
777
969
560
155
162
267
139
356
215
Maryland
Michigan
25
28
38
38
62
52
9
8
16
22
24
32
Montana
51
55
74
72
84
New Mexico
20
28
41
26
North and South Dakota
39
58
42
361
302
Pennsylvania bituminous
Iowa
1,344,900 xl493 173 1,312,850 +22,350 1,280,650 1,410,250
Total Texas
+5,250
79,100
178,650
68,700
178,000
+4,600
257,750
246,700
78,150
—650
182.250
260,400
North Louisiana
Coastal Louisiana..
239,400
Total Louisiana
244,130
+ 250
48,650
+2,200
138,200
27,150
112,600
Western
"'•«
122
68
54
53
58
s48
L34
622
539
440
740
Michigan
51,600
49,150
141,000
52,950
—550
52,100
38,000
1,547
1,463
2,794
2,047
2,837
3,249
Wyoming
46,400
52,100
+4,600
48.750
53,000
Tennessee
82
79
117
94
120
118
Montana
13,300
11,600
—600
12,300
Texas
13
14
16
25
Colorado
4,500
105,100
4,000
+ 900
3,850
15,900
4,700
Utah
42
46
105
47
145
68
104,950
+ 50
105,000
102,600
207
204
321
210
279
230
38,200
129,200
Arkansas....
Eastern
New Mexico.
105,100
Ohio
Virginia
694,600
y694,600
2,680,050 +25,650 2,632,850 2,856,650
591,500
736,700
753,500 + 25,800
25
32
40
37
62
74
1,240
2,029
1,172
377
\ 2,798
/
1,747
424
612
696
717
84
77
142
113
149
136
2
2
1
6,420
West Virginia—Southern a
6,412
11,105
Northern b
Wyoming..
3,433,550 +51,450 3,369,550 3,448,150
3,391,600
Note—The figures indicated above do not include any estimate of any oil
Allowable effective first of month.
Other Western States
c
*
s4
7
10,764
12,804
which
Sunday shut-downs continued throughout
1,031
Pennsylvania anthracite d
855
663
943
11,358
1,437
7,451
Total bituminous coal
might have been surreptitiously produced.
x
19
1,175
Washington
Total east of Calif.. 2,697,000
California
15
8,890
7,267
11,768
9,833
12,795
2,040
March, except in Texas portion Rodessa field.
y
Grand total
Recommendation of Central Committee of California Oil Producers.
CRUDE RUNS TO
STILliS
AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED MARCH. 19 1938
(Figures in Thousands of Barrels of 42 Gallons)
Stocks of Finished and
to Stills
Unfinished Gasoline
Stocks
of
Unfin'd
Daily
Reporting
tial
Rate
Total
P.
P.
Aver
Poten¬
Oper
age
ated
C.
At Re¬
b Rest of State,
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
p Preliminary,
s Alaska, Georgia, North Carolina, and South
Dakota included with "other Western States."
* Less than 1,000 tons.
and
C.
Terms., Nap'tha
<kc..
fineries
C. & O.; Virginian; K. & M.; B. C. <fe G.;
In Kanawha, Mason, and Clay counties,
Gas
in
Finished
District
& O.
the B.
on
including the Panhandle District and Grant Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
Crude Runs
Daily Refining
Capacity
Includes operations on the N. & W.;
a
and
Distil.
Fuel
Non-Ferrous
Oil
9,015
East Coast..
669
503
75.2
146
129
88.4
88
68.2
8,750
1,623
12,643
Appalachian.
Ind., 111., Ky
1,800
226
1,252
529
489
92.4
375
76.7
11,174
3,643
898
6,823
4,601
3,083
slowly expanding,
Gain
in
Copper—Zinc Unsettled
stated
669 100.0
1,141
Seasonal
Metals—Moderate
Domestic Demand tor
Okla., Kan.,
452
383
84.7
512
3,426
Inland Texas
355
201
56.6
140
69.7
2,258
145
283
Texas Gulf
833
797
95.7
698
87.6
11,779
271
1,891
1,608
8,867
La. Gulf....
174
168
96.6
149
88.7
1,501
450
383
2,972
No. La.-Ark.
91
58
63.7
39
67.2
303
136
117
519
99
781
1,351
84,304
Mo
245
64.0
89
62
69.7
45
72.6
2,246
821
746
90.9
520
69.7
12,541
2~384
...
3,702
89.0
2,802
75.7
56,776
24,555
Estd.unrep'd
457
278
4,070
610
Rocky
Mtn.
California
Reported
6,901 119,567
280
2,500
xEst.tot.U. S
Mar 19 '38
4,159
4,159
3,080
4,159
4,169
3,100
60,846
60,218
25,165
Mar 12 '38
25,502
7,181 122,087
7,364 122,818
Z3.045
52,125
20,994
7,279
U.S. B.ofM.
xMar 19 '37
Estimated Bureau of Mines basis,
x
z
"Metal and Mineral Markets," in its issue of March 24,
that actual consumption of non-ferrous metals is
and
business
last
week
on a moderately
higher plane than in the
seven-day period.
However, the gains so far
have been slight and hardly sufficient to stimulate buying
except against actual needs.
The war clouds over Europe
have pretty much dispersed for the present, and consequently
trading in metals abroad has slackened, particularly in the
last few days.
Quotations for major metals in the domestic
market, excepting tin, showed no changes in the last week*
The publication further reported:
Copper
the foreign market was easier toward the close of the week
unfavorable news from Wall Street, the domestic quotation for copper
Though
on
weekly coal report stated that production of bituminous coal
increased slightly in the week ended March 12.
The total
output is estimated at 6,540,000 net tons, a gain of 120,000
tons, or 1.9% over the preceding week.
The U. S. Bureau of Mines in its statement reported that
the upward trend of anthracite production in Pennsylvania
was
halted during the week of March 12, total output
estimated at 1,002,000 tons, being 3.7% less than the revised
figure of 1,041,000 for the preceding week.
In comparison
with the corresponding week of 1*937, also revised, there was
a decrease of 2.5%.
Cumulations for the calendar year to
date are, however, 13.2% above the same period of 1937.
ESTIMATED UNITED STATES PRODUCTION OF COAL, IN THOUSANDS
CRUDE
WITH
COMPARABLE
DATA
ON
maintained at
was
The National Bituminous Coal Commission in its recent
TONS
was
96,561
March 1937 daily average.
Weekly Coal Production Statistics
NET
PRODUCTION
OF
PETROLEUM
little
more
10c.,
Valley, in all directions.
1938
Bituminous Coal
1936-
1929-
1937 d
1930
shows up
poorly, totaling ony 12,629 tons.
Actual consumption of copper in the domestic industry during February
was
about
liveries
in
37,000
tons,
some
February amounted
C6.540
d6,420
1,090
1,070
11,298 381,141 429,738 502,475
1,301
1,469
1,883
1,707
weekly output.
Includes for purposes
5,418
5,350
5,403 281,876 244,386 219,768
of historical comparison and statistical convenience the
production of lignite and anthracite and semi-anthracite outside of Pennsylvania.
whereas domestic de¬
The higher actual dis¬
are
of copper, contrasted with deliveries, indicates that consumers
Consumption of copper in this country was
about 24,000 tons in December, private estimates show, and
eating into their stocks.
down
to
increased to 32,000 tons in January.
The foreign
market was fairly active last week until March 23, when
prices eased on the decline in securities and a
on
the
Continent.
calmer view of developments
There was not much selling pressure on
yesterday's
(March 23) decline abroad to an average of 9.700c., c.i.f. European ports.
Compared with a week ago, the price in Europe lost about 30 points.
abroad are still in balance.
total being
of lead was sold during the last week, the sales
1,627 tons, compared with
viewed the
1,100 tons in the previous week.
drop in prices abroad yesterday as being due to
of events now
by the more peaceful turn
apparent in Europe, announcement by the Mexican Gov¬
.
Crude Petroleum b—
a
27,389 tons.
to
appearance
The trade
Dally average
Coal equivalent of
producers contend,
liquidation by speculators, who were influenced
a—
Total, Including mine fuel
2,975 tons in
Domestic business for the month to date, however,
previous.
Lead
1937-
1937
a
e
1938 d
5 Mar. 13
1938
was
Sales for the last week in
products.
the domestic trade totaled 4,687 tons, which compares with
the week
A slightly larger volume
Mar. 12 Mar.
In fact, there
buying interest here in the last week, reflecting slight improve¬
ment in the demand for some copper
Production and consumption
Coal Year lo Date
Week Ended
I
more or iess seasonal development,
in the domestic market during the
preceding
♦
OF
a
booked
ernment
that
the mining industry is not now subject to expropriation,
and the weakness in Wall Street.
Statistics for February were about as
ments
for January
expected by the industry.
Ship¬
and February this year total 65,058 tons, compared
Financial
1956
with 96,093 tons
with
lead
Consumers having stored
shipment to
for the same period last year.
producers haye
26,
1938
FINISHED PORTLAND
PRODUCTION, SHIPMENTS, AND STOCKS OF
CEMENT, BY MONTHS
been steadily releasing metal for
plants before the new freight rates become
their
March
Chronicle
(In Thousands of Bararels)
effective on March 28.
^ The quotations were unchanged and steady at 4.50c., New York, which
was also the contract settling basis of the American Smelting & Refining
Stocks at End of
Month
Shipments
Production
Month
Co., and at 4.35c., St. Louis.
34,869 tons in February.
produced from domestic ore, foreign ore and
These
totals
include
lead
6,616
February
March
some scrap.
866
tons
Sales for the week ended
scale.
grades only, totaled 1,368 tons, against
Galvanizing operations are moving up¬
in the week previous.
been disappointing.
Some pro¬
high that there is a loss in selling zinc at
June
August
September
but the rate of improvement has
ward,
ducers contend that costs are so
9,248
7,047
the position of the market and revive
Sales for the week were
basis of 4.25c., St. Louis, for Prime Western.
price structure.
closed on the
22,940
21,388
21,565
22,634
24,879
116,478
114,010
Revised.
a
output is necessary to correct
in
confidence of consumers in the
23.370
8,188
4,793
4.25c., particularly with ore
Total
24.011
11,190
November
holding on the basis of $30 per ton for Prime.
In spite of this situation, the undertone continues easy.
Production is
still too high, according to trade authorities, and additional curtailment
24,364
25,747
25,493
12,773
11,374
1938
a25.022
25,622
11,890
12,645
12,237
12,291
11,597
11,894
11,223
July.
4,575
10,272
11,634
11,163
May
Buying of zinc continued on a modest
March 19, covering the common
3,916
10.402
Zinc
1937
24,393
25.059
4.390
4,689
5,163
7,879
4,534
5,837
8,443
January
1938
1937
1938
1937
States has been reduced from
Production of refined lead in the United
monthly high of 49,197 tons last October to
a
•
Note—The statistics given above are compiled from reports for February received
manufacturing plants.
by the Bureau of Mines, from all
-V/-Tin
Another
period
on
experienced by the tin trade
business was
quiet
of
during the last week.
Estimates in the trade
17 and closing on March 23 at 41c.
March
55 and 60% of capacity.
by the Council of the Tin Producers Association, in London, to
place production at the tin-plate mills between
Efforts
continuing on a satifactory basis.
create a buffer stock are reported
news,
This
however, failed to influence prices.
tin,
Chinese
99%,
nominally
was
March
follows:
as
17,
40.250c.;
40.000c.; March 19, 40.250c.; March 21, 40.250c.; March 22,
March 18,
40.125c.; March 23, 39.750.C.
DAILY
Steel
Output Rises to 34% as
Improvement Comes
Ingot
Prices moved within narrow limits, opening at 41.50c.,
("E.
PRICES OF METALS
M. J."
&
Seasonal
The "Iron Age,"
in its issue of March 24, reported that
34% of capacity, the steel in¬
dustry is producing ingots at the highest rate since midNovember.
Probably for the first time since the first half
of 1937 orders are running in excess of shipments.
While
this change of trend is too small to be highly significant, the
industry derives some encouragement from even a minor
with
a
rise of two points to
release
QUOTATIONS)
Mild
the
from
stalemate
months.
of recent
The
"Iron
Age" further said:
Lead
Tin
Straits
Electrolytic Covver
Zinc
New York
Dom.,liefy. Exp., Refy.
New York
St. Louis
St. Louis
Two matters of vital importance to
9.775
9.575
41.500
4.50
4.35
4.25
March 18
9.775
9.525
41.250
4.50
4.35
4.25
9.525
are
taking shape in
One is the revision of corporate and
if the right solutions are found.
ness
March 17
industry, which
Washington, are counted upon to exert a favorable influence on steel busi¬
capital gains taxes, now engaging the attention of the United States Senate,
and the other is the proposed
reorganization of the railroad structure.
March 19
9.775
41.500
4 50
4.35
4.25
March 21...
9.775
9.525
41.500
4.50
4.35
4.25
March 22
9.775
9.500
4J .375
4.50
4.35
4.25
March 28, has not exerted the slightest effect upon the buying policies of
March 23
9.775
9.350
41.000
4.50
4.35
4.25
the railroads, though it; is
9.775
9.500
41.354
4.50
4.35
4.25
Average..
buying,
escape
Domestic copper, f.o.b.
refinery, 9.775c.; export copper, 9.563c.; Straits tin, 41.421c.; New York lead,
4.600c.; St. Louis lead, 4.350c.; St. Louis zinc, 4.250c.; and silver, 44.750c.
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
Average prices for calendar week ended March 19 are:
the basis of cash, New York or St.
Louis, as noted.
AH prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is,
delivered at consumers'
As delivery charges vary with the destination, the
plants.
figures shown above are net prices at refineries on the Atlantic -eaboard. Delivered
prices In New England average 0.225c. per pound above the refinery basis.
Export quotations for cooper are reduced to net at refineries on the Atlantic
On foreign business in copper sellers usually name a c.i.f. price—Hamburg.
seaboard.
Havre, and Liverpool.
Lead
Tin, Std.
Copper
throughout the country has expanded sales of wire products, particularly
wire
Zinc
Spot
3M
(Bid)
Spot
40ui»
44%
184%
3M
Spot
3M
16»i«
3M
Spot
16«i.
14»i.
14lsi.
March 18
40»u
40 %
44%
184%
March 21
40%
44
184%
17%
17%
14%
14%
March 22
40
40%
40%
184%
184%
184%
44
185%
185%
16%
16»»u
14un
March 23
39«u
39't«
43
184%
184%
16b.
16b.
Prices for lead and zinc are the official
prices.
fencing, more than any other class of steel products.
16%
16lsi»
14%
14%
146i#
buyers' prices for the first session of the
if
general conditions affecting the
The
favorable.
to the
farm
The
Chicago territory, where both steel products and consuming in¬
new
widely diversified, has shown perhaps the most marked increase
steel buying in the past week.
entire district has gone up one
ing
and Shipments of Portland
monthly cement
report stated that the Portland cement industry in February,
1938, produced 3,916,000 barrels, shipped 4,575,000 barrels
from the mills, and had in stock at the end of the month
24,364,000 barrels.
Production and shipments of Portland
cement in February, 1938, showed decreases of 32.9 and
cement
as
compared
stocks at mills
and
half points to 31%%
a
with February, 1937.
2.8% lower tnan a
61%
points to
where output
An
In
.
raised two points to
31%
the
OF
PRODUCTION
TO
1937 Feb.,
1938 Dec.,
29.6%
19.8%
The 12 months ended...
45.8%
43.7%
PRODUCTION.
SHIPMENTS,
AND
CEMENT, BY DISTRICTS,
20.7%
44.5%
STOCKS
OF
1937 Nov.,
32.2%
1937
43.7%
46.0%
45.3%
FINISHED
IN FEBRUARY,
1937 AND
has risen from 19%%
last week to 27%
.
in the number and size of inquiries
construction field and in projects for
inquiries total
24,000
Southern Pacific
totaled only 14,000 tons, but new
of which^ 12,000 tons is for bridges
tons,
for the
Awards of reinforcing bars were 6,600 tons.
Railway.
The keenest disappointments to
the steel industry are the failure of the
automobile manufacturers to make appreciable gains in production and the
continued withholding of orders by the railroads.
Widespread reports of
prospective reductions in automobile prices may be holding some seasonal
buying in check.
motor car
However, April, May and June are expected to be the
Excepting Ford, automobile
industry's best period of the year.
manufacturers'
inventories
much reduced
are
and
fairly substantial steel
buying is expected next month.
orders,
although
locomotives ordered by the
meager,
include
10 diesel-electric switching
New Haven from the
American
Locomotive
Co., 4,175 tons of rails for the Chicago & Great Western and the release of
10,930 tons of rails to the Colorado mill against an order for 22,000 tons
placed last December.
The Erie may buy 15,000 tons of rails.
from
in world export prices is
London to meet low
are not a
indicated by cabled reports
quotations allegedly made by American mills
party to the Cartel agreement.
A minor decline in steel scrap at
scrap composite
price 4c.
a ton
Pittsburgh has lowered the "Iron Age"
to $13.54.
THE
1938
"IRON
AGE"
COMPOSITE
PRICES
Finished Steel
March 22. 1938, 2.605c. a
Shipments
1938
production has been
PORTLAND
Stocks at End
Production
1937
while the nearby Weirton-
An even sharper gain has occurred at Buffalo,
.
(In Thousands of Barrels)
District
,
factory fabrication.
which
The month
two mills show¬
Export business in steel and pig iron both here and abroad has dwindled.
CAPACITY
1938 Jan.,
,
interesting change in the character of business within the past week
A further reduction
Feb.,
30%
Youngstown area
increase of noticeable proportions
an
Railroad
following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
February, 1937 and 1938:
RATIO
20%
Wheeling district, where production of light steels predominates, has gained
four
were
V-'.'-
year ago.
In the
a
The rate for the
advance.
an
Structural steel lettings in the week
Cement
respectively,
One producer there reports
At Pittsburgh, the rate is up one point to
is
The United States Bureau of Mines in its
11.4%,
markets were more
industry is contributing more support
equipment
Chicago steel industry, on a relative basis, than any other branch of
for specific undertakings both in the
Portland
buying power might be
farmers'
the steel consuming field.
Exchange; prices for copper and tin are the official closing buyers'
All are In pounds sterling per long ton (2,240 lb.).
February Production
Much of the buying of wire products
has come from farm areas, where considerable frozen
released
1415x.
14%
As an example,
outstanding wire manufacturing unit has increased its operations from
an
21% two weeks ago to 33% this week.
production of 10 percentage points within two weeks.
40"u
London Metal
logical seasonal development is in¬
gain in orders over the previous week and expects a lift in its steel ingot
Electro.
March 17
specifying immediate shipments of steel to
dicated, however, by the fact that the sudden arrival of spring weather
in
Covver, Std.
responsible for a part of the current miscellaneous
as some consumers are
terests are
Dally London Prices
on
the higher freight charges in effect next month.
That much of the current buying is a
basis commands a premium of 0.350c. per pound
The c.i.f
above f.o.b. refinery quotation.
will become generally effective
The advance in freight rates, which
1937
1938
1937
One week ago
One month ago
One year ago
of Month
Lb
2.605c.
Based on steel
2.605c.
rolled strips.
2.605c.
85% of the United States output.
wire,
rails,
bars, beams, tank plates,
black pipe, sheets and
hot
These products represent
1938
Low
Hiah
1,288
488
1,011
835
4,664
3,974
1937
2.605c.
Mar.
9
2.330c.
124
106
230
174
1,594
1,550
1936
2.330c.
Dec. 28
2.084c.
Mar. 10
Ohio, Western Pa. & W. Va
Michigan
376
175
397
380
3,178
3,089
1935.
2.130c.
Oct.
1
2.124c.
Jan.
343
266
208
196
2,120
2,334
1934
2.199c.
Apr.
24
2.008c.
Jan.
2
Wis,, 111., Ind. & Ky
Va., Tenn., Ala., Ga., Fla. & La.
East. Mo., Ia., Minn. & S. Dak..
W. Mo., Neb., Kan., OkIa.& Ark.
618
383
356
297
2,664
3,361
1933
2.015c.
Oct.
3
1.867c.
Apr.
18
575
635
778
717
1,699
1,730
1932..
1.977c.
Oct.
1.926c.
Feb.
1
2.273c.
Jan.
4
7
2.018c.
Dec.
9
4
2.212c.
Nov.
1
Eastern Pa., N. J. & Md
New York & Maine
569
171
241
278
3,542
2,966
1930
353
400
366
354
1,842
2,172
1927
469
•
444
491
532
889
55
88
93
125
544
889
675
919
604
1,491
1,436
Oregon & Washington
178
85
73
83
832
510
5,837
3.916
5.163
4,575
25.059
24,364
1.
578
2.402c.
Jan.
2
8
664
Colo.. Mont., Utah, Wyo. & Ida.
California
Mar.
Texas
Total
...
Pig Iron
March 22. 1938, $23.25 a Gross
One week ago
One month ago
One year ago
Based on average of basic iron at Valley
Ton
furnace and foundry irons at Chicago,
$23.25
Philadelphia,
Buffalo,
Valley
and
23.25
Southern iron at Cincinnati.
23.25
Volume
Financial
146
Low
High
1957
Chronicle
before
bidders
lots
in
1937
Mar.
9
$20.25
Feb.
16
1936
Nov.:24
18.73
Aug.
11
1935
Nov.
5
17.83
May
14
1934
May
1
16.90
Jan.
27
1933
Dec.
5
13.56
Jan.
3
New York
1932
Jan.
5
13.56
Dec.
6
tons for a store at
16
1930
18.21
Jan.
7
15.90
Dec.
1927
19.71
Jan.
4
17.54
Nov.
March
One week ago
steel
melting
heavy,
quotations at Pittsburgh. Philadelphia
$13.58
13 67
——
One month ago
1
No.
and
Chicago.
$14.00
1937
21.92
$13.42
4
Jan.
Mar.
Mar. 30
12.92
Nov. 16
June
9
Apr.
23
17:75
Dec. 21
13.42
Dec.
10
10.33
1934...
13.00
Mar. 13
9.50
1933
12.25
Aug.
1932
8.50
11.25
13.08
Nov. 22
1935
-
1930
15.00
Feb.
1927
15.25
Jan.
Iron
American
The
and
Institute
Steel
Sept. 25
tons from the Colorado mill.
Steel works
Pittsburgh
21
higher at 30%
Jan.
Mar.
8
87.3% June 21
88.9% Jufie 28
75.9%
Oct.
4
66.1%
Jan.
75.0%
Oct.
11
63.6%
Jan.
17
29.8%
18——55.8%
25
52.1%
Jan.
24
32.7%
Jan.
5
July
19
12
July
26
89.9%
90.3%
19
91.3%
26
92.3%
3
91.0%
10
91.2%
17
90.0%
24...-.91.0%
31
77.4%
Apr.
Apr.
Apr.
May
May
May
May
May
27.8%
10
Production of automobiles last
Genera] Motors
compared
makers 8,160,
Scrap prices
under
vania
21
28
Aug. 30
84.1%
Dec.
13
27.4%
7
71.6%
Dec.
20.
23.5%
80.4%
Dec.
27. —.19.2%
of
"Steel"
6—— .27.5%
29.3%
29.9%
32.1%
33.7%
7
Mar. 14
Mar. 21
increase
of steel,
particularly in
lines, gives encouragement, though how much is seasonal and
heavier
how much
business revival is difficult to determine.
February.
with
to date,
March have
As a whole, conditions are the best of the year
encouraging signs from business immediately pending
many
Miscellaneous buying is restricted
already booked, but not specified.
or
to immediate needs.
1
Tin plate producers are in
Pittsburgh
is
being loaded for
In eastern Pennsyl¬
4 cents to $13.25, the second
The iron and steel composite declined 5 cents to
from Continental ports in the effort to
is increasing shipments
Replacement of the duty idicates the high pressure for
material has eased and domestic
raw
current
British
needs.
$38.78
$61.70.
pig iron into Great Britain at the end
Restoration of the import duty on
production is deemed adequate for
imports of steel and iron in February showed a
than accounted for by the shorter month.
decline of 78,333 tons, far more
subsidiaries of the
Steel Corp. for the week ended March 21, last, resulted
increase of 21^ points in the ingot output of the steel
industry, according to the "Wall Street Journal".
Leading
independents are credited with a gain of a little under 2 points
over the preceding week.
The ' Journal" further reports:
spurt of slightly over 3 points by
an
For the week ended March 31, the average
two weeks
are
credited with 33 A%
30%
two
relatively better position than others, with
for the industry is placed at
in the previous week and 30%
compared with 30 XA%
,
U. S. Steel is estimated at a fraction over 32%
ago.
,
against
Leading independents
compared with 313*3% in the preceding week and
two weeks ago.
in the week before and 30%
29%
The
of capacity and indications good for continued
production at about 60%
buying along the Atlantic
developed, giving an advance of 25 cents on the average
approximately 33%
Conditions are irregular and some sellers find sales so far in
exceeded all
For the most
level.
general
and the finished steel indicator remained pegged at
in
buying
in
be down.
the
U. S.
76.1%
Cleveland, in its summary of the iron and
March 21 stated:
slight
rise this month.
A
steel markets, on
Continued
wide range
a
avoid payment.
Dec.
in
change
The composite of steel-making scrap rose
of March
83.8%
and other
12,060,
This week will see a smaller total
Fairly good tonnage
30.7%
Aug. 23
with
compared
steel-making grades were soft and de¬
31.0%
30.4%
Feb.
24,500; Chrysler 12,975,
with
compared
12,560,
be scraping bottom and various adjustments are
much
At
ports.
7
Feb.
Ford
European
14
Mar.
.
parallel to the pre¬
close
a
Coast gives some actual insight.
Feb.
31.0%
29.6%
was
clined 25 cents, and at Chicago there was no change.
Feb.
Nov. 29
.
eastern Pennsylvania at 29,
,
nominal, except where export
are
48.6%
36.4%
Sept.
prices
part
seem to
without
way
41.0%
Nov. 22
23,860,
compared with 7,403.
1
Nov. 15
9
week
part of General Motors production will
as
8
84.6%
83.2%
2
Aug.
made
13,475;
with
Nov.
Aug. 16
Aug.
and Buffalo
and Cincinnati 7 points to 25%
change was made at Wheeling at 83%
Nov.
Sept. 13
76.2% Sept. 20
7
June
Oct.
,
At only two centers were there reductions in activity,
.
Birmingham at 61, New England at 15, St. Louis at 37, and Detroit at 33%
31. ——30.5%
Mar. 29
2.8 points to 30.8%
up
.
Chicago was 2.5 points
,
ceding week, with 57,555 units, compared with 57,438 the week before.
25.6%
3
74.4%
Apr.
Cleveland stepped
.
9.5 points to 28%
to 30%
points,
4
quotation.
1938—
1937—
Oct.
added
producers
No
Sept. 27
67.3%
82.7%
82.5%
84.3%
85.5%
Placing
within a few days.
9
March
on
10,930
includes about
operations last week rose 2 points to a national rate of 32%
5
76.6%
5
12
tons of
30,000
Bangor & Aroostook steel-sheathed cars,
10,000 tons of track fastenings.
3
85.8% June 14
89.6% July
90.7% July
has been practically
placed
has
The Burlington purchase also
Dec.
1
Mar. 22
Quincy
July
Mar.
Mar. 15
&
Burlington
producers, and the Western Pacific has ordered
Jan.
telegraphic reports which it has received,
indicated that the operating rate of steel companies having
98% of the steel capacity of the industry will be 33.7% of
capacity for the week beginning March 21, compared with
32.1% one week ago, 30.4% one month ago, and 89.6% one
year ago.
This represents an increase of 1.6 points, or
5.0% from the estimate for the week ended March 14, 1938.
Weekly indicated rates of steel operations since March 1,
1937, follow:
1937—
Chicago
Youngstown receding 2 points to 27%
that
1937—
The
6.43
17
announced
store at Miami, Fla., and 1,400
a
Los Angeles.
0.75
8
12
18
Jan.
Fair, 1,030 tons for
Railroad buying since the freight rate announcement
8
12.67
1936
World
of steel for this order is expected
LOW
High
1938
1,750 for a building for the
piling for a Mississippi River dam,
recently placed, will require more tonnage than regular box cars.
21.75
One year ago
private projects are also pending.
include 3,092 tons of shapes and 1,500
of
tons
rails with several
on
Much of this is for
20,000 tons.
to
Placements during the past week
absent.
Based
1938, $13.54 a Gross Ton
22.
2,000
some
1
Steel Scrap
from
Federal and other public work but
.
weeks ago.
following table gives a comparison of the percentage of
with the nearest corresponding week
production
of previous years, together with the
immediately preceding:
approximate changes, in points, from the week
activity.
steel for shipbuilding is
While
more
period
1937
89
These tankers are to serve as Navy auxiliaries.
50 A + 7 A
1935
46 a —1A
dredges and tenders are under consideration but closing is
1934
47
Eight cargo ships for the Maritime Commission seem near award
1933
14
1932
25
1931
57
Government
delayed.
Eastern
details.
mills.
Standard
Steel for
four yards is delayed while Washington
yards after bids have been revised.
These will require
Sanitary Department of New York will ask bids shortly
about 40,000 tons.
on
32
+ 1
1936
immediate relief to
little
Independents
U. S. Steel
Industry
+ 2M
considers design
two
with
delivery is spread over a considerable
33
offers
and
Oil tankers recently placed with
to
piling up an impressive backlog,
tonnage about to come out,
30 arc-welded steel scows, requiring about 4,000 tons of plates.
Structural tonnage gives promise of reaching a fairly heavy
projects now pending are converted into orders.
1938
Close to 60,000 tons are
57
—6
45
—1
47
—2
■■>■■■
50
—2
14
—
A
14
—
A
26
—
A
25A—1
A
57 A+
42
—
A
55A+
A
+
80
—
85
1927
92
92 A
—
79
+1
90
+ 1
+1
MA + IA
98H—1A
A.
A
A
—2
66
97
94 H
1928....
+1
+2
—9
A
—
74
1930
94
83
43
—1
1929
.
total when
33^+2
+3
Current Events and Discussions
The
Week
with
the
Federal
Increase
Banks
Reserve
During the week ended March 23 member bank reserve
Additions to member bank
of $3,000,000 in money in
circulation, $5,000,000 in Treasury cash and $14,000,OCX) in
nonmember deposits and other Federal Reserve accounts,
and increases of $3,000,000 in gold stock and $2,000,000 in
Treasury currency, offset in part by a decrease of $16,000,000
in Reserve bank credit and an increase of $6,000,000 in
Treasury deposits with Federal Reserve banks.
Excess
balances increased $5,000,000.
arose
from decreases
reserves
reserves
of member banks
on
March 23
were
The statement in full for the week ended March 23, will be
2,674,000,000
+2,000,000
+137,000,000
7,333,000,000
Money In circulation6.325,000,000
Treasury cash.
3,545,000,000
Treasury deposits with F. R. bank—
270,000,000
Non-member deposits and other Fed¬
eral Reserve accounts----------575,000,000
+5,000,000
—3,000,000
—5,000,000
+6,000,000
+755,000,000
—50,000,000
+822,000,000
—9,000,000
—14,000,000
—11,000,000
Treasury currency----
+
Returns
Banks in New York City and
Chicago—Brokers' Loans
of Member
Below is the statement of the
Mar. 23,
Bills
10,000,000
bought
U. S. Government securities
Industrial
advances
(not
or Decrease
Since
1938 Mar. 16, 1938
$
Bills discounted
(+)
Reserve
ASSETS AND LIABILITIES OF WEEKLY
$
+2,000,000
$
+ 2,000,000
1,000,000
2,564,000,000
—2,000,000
+134,000,000
17,000,000
—6,000,000
+ 2,000,000
1,000,000
—17,000,000
CITIES
(In Millions of Dollars)
New York City
Chicago
Afar.23
Mar. 16
Mar:,24
Afar.23
Afar.16
Afar.24
1938
1938
1937
1938
1938
Loans and
1937
7,584
3,187
$
7,724
3,243
221
1,436
221
1,451
152
155
575
603
$
Assets—
investments—total..
Loans—total
Commercial,
industrial
loans:
$
2,068
638
$
1,969
606
$
2,032
614
*
*
23
385
22
390
*
*
*
27
27
*
33
37
^
8,597
3,738
and
agricultural
On securities
Otherwise secured & unsec'd
including
$13,000,000 commitm'ts—Mar. 23)
Other Reserve bank credit
REPORTING MEMBER BANKS
IN CENTRAL RESERVE
(—)
Mar. 24, 1937
Board of Governors of the
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:
Federal
pages
Increase
(—)
Mar. 24, 1937
$
—16,000,000
+129,000,000
+3,000,000 +1,240,000,000
2,692,000,000
12,781,000,000
—
Member bank reserve balances
1994 and 1995.
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
on
$
$
credit.
Gold stock
or Decrease
Since
estimated to be
approximately $1,560,000,000, an increase of $100,000,000
for the week. Inactive gold included in the gold stock and in
Treasury cash amounted to $1,183,(XX),000, a decrease of
$5,000,000 for the week.
Principal changes in holdings of bills and securities were
increases of $8,000,000 in United States Treasury bonds and
$2,000,000 in United States Treasury notes, and a decrease
of $10,000,000 in United States Treasury bills.
found
Total Reserve bank
(+)
1938 Mar. 16, 1938
Mar. 23,
■"
Open market paper
Loans to brokers and dealers.
•
1,120
51
Chronicle
Financial
1958
assets and liabilities of weekly reporting
IN
C™L™I,LrIES
Pope Pius Urges General Franco to Halt Bombing,
New York City
Mar.lQ
Mar.24
1938
1937
1938
*
*
*
or
f?i
el
V-
231
UsSSSaiflir!! 2,III
3*226
1,034
101
282
100
284
79
477
427
1,051
o!o
457
1,176
3.003
21
115
49
Other securities..
1.117
————
11
S7n vauft
dVmestlc'banks—
Balances with
l!ool
69
475
Other assets—net
Time
Foreign banks
5,834
645
6,407
672
1,303
468
1,359
Capital
*
116
468
116
2.161
308
2,195
401
578
7
679
7
2
18
242
361
account..
363
372
18
1,479
..........
1,483
1,471
242
an^
21
Roads Within Gun Range
234
Government forces holding the towns of Osera, Pina and Gelsa, on the-
D
hflnkfi
nrft
taneously With the figures
selves and covering the
until the following
out
puvpti
Tliiirsdav
on
the southern bank, were even within machine-gun and rifle range.
on
The upper Aragon front ran north from the Ebro to the Pyrenees only
a short distance
from and parallel to the Saragossa-Jaca road. This road
was cut by government troops in two places just south of Huesca, which
»» virtually eucircled except for a narrow corridor connecting it with the
siimnl-
rrVl rfi S
for the Reserve banks them-
regt
week, instead of being held
same
The towns of Fuentes de Ebro, Quinto, Sastago and Escatron,
artillery.
rifji
1
explained above, the statements of the New York and
mfiuihw
But on the other side of the-
Ebro River, government territory still extended westward to within 18
miles of Saragossa.
river's northern bank, could easily command the Saragossa-Caspe road with
i
.
Catalonia's provincial boundary.
TOty new
687
5
....
Reserve
As
By early afternoon they had
central Aragon carried
Returns of Member Banks of the Federal
System for the Preceding Week
Complete
captured Gelsa on the northern bank.
At the end of eight days Generalissimo Francisco Franco's drive in
his troops a week ago into Caspe and Alcaniz, both
96
^
•
.
beginning of the civil war.
advanced five miles toward Bujaraloz, about 40 miles east of Saragossa,
on the main road leading to Fraga and Lerida and thence to Barcelona.
'
Comparable figures not available.
1
they diverted attention from the Ebro Valley long enough
Moreover,
450
124
Other liabilities.
as
By .uddeniy shifting the bruat <rf their attack from central to opper
,
1.450
344
—-
described this drive
March 23
K> throw two pontoon bridges over that river 25 miles southeast of Saragossa,
40
between Quinto and Sastago. They crossed the stream early this morning
2,043
313
InK«IH0dbS';
on
;,
27
145
62
307
Borrowings
ft
A dis-
encirclement by government troops since the
5,066
646
deposits—
United States Govt, deposits-—
their chief objective.
95
274
.
TAahtmie
Demand deposits-adjusted-..
.
Aragon, the Insurgents todayfreed Huesca from its almost complete
.
-#29
United States Government—
as
,
third drive
a
follows:
20
116
50
47
70
473
Obligations fully guaranteed by
"Times"
York
L.
*
21
*
„
_
22
234
On securities
New
5
—
—
opened
patch by William P. Carney from the Aragon Front to the
m
'u
11
11
48
■
,
.
..
this week the insurgents
Late
1937
1938
'*
*
eastern Spain, with Lerida
ill
55
Loans to banks
Other loans:
MarM Mar.24
Mar.23
1937
^oto'ioaM to^pmchasing
of Spanish Cities
Chicago
Mar.23
Assets—
March 26, ms
Nationalist Troops Begin New Drive in Eastern Spain—
member banks
Monday, before which time the statistics
This corridor until today was only 600 yards-
territory.
of Franc0
wide where it passed
through the village of Alerra.
As he did in the recent Alfambra Valley, Teruel and Central
Aragon.
covering the entire body of reporting member banks in 101
movements, General Franco is using three separate columns in
cities cannot be
operations, and all these army corps are on the march simultaneously.
compiled.
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
One is advancing toward Barbastro from Huesca. Later it might unite
at. Frt?a^wltih the force8 Under General Juan Yague coming from Gelsa.
In the following
™£«fd column is pushmg more sIowly 3USt now toward Gande8a from
'
close of business March 16:
The
condition
statement
banks
in
Decreases of $122,000,000 in loans to brokers and dealers in
securities, $179,000,000 in demand deposits-adjusted, and $35,000,000 in
time deposits
Decreases in commercial, industrial and agricultural loans amounting to
$15,000,000 In New York City and $5,000,000 in the San Francisco district
partly offset by Increases of $4,000,000 each in the Boston and Cleve-
were
land districts and $3,000,000 each in the Richmond and Chicago districts.
all reporting
^
,
.
.
..
bunf^Lby General Franco s anitary service, it is said.
General Yague gave due credit for the accomplishment of a difficult
ta^° '*splendid Preparation and cooperation by our artillery and aviation."
/Jh®e^emys ^test weak^' be added' *8ti11 the
at thet begnming of the war, inability to manoeuvre troops m the field Our
superiority in this respect makes us sure of victory, which we shall win
we5e
inD€fpite a hea^ ram General Barron reported his men had advanced
10 miles east of Huesca «xtay.
Pope Pius XI has on two occasions urged General Francisco
$97,000,000 in New York
City, $8,000,000 in the Chicago district and $122,000,000 at all reporting
Loans to banks declined $11,000,000 in New York City.
member banks.
Holdings of United States Government direct obligations declined $13,land districts, and increased $38,000,000 in the Chicago district, all report-
ing member banks showing a net increase of $8,000,000 for the week.
Holdings of obligations fully guaranteed by the United states Government
d6cIiR6d SXStOOOtOOO in
Ofcn6r securities
HoldiD^® of
insiii'P'fiTit fnrpfis
SnaTiish
fn ahflndon
braDf0' commanding bpaniSJl insurgent lorces, to abandon
aenal bombing Oi open Cities in opam, it was revealed on
March 23 by The Ossevatore Romano, semi-official organ.
of the Vatican.
One appeal was made in February, the
second
b<iRKS«
POTTHTmnrli'nP1'
PVabpo
000,000 in New York City and $12,000,000 each in the Boston and Cleve-
2R6RLb6r
Crossing River
«
.
member banks showing a net reduction of $7,000,000 for the
Loans to brokers and dealers declined
week.
.
Insurgent staff officers regard today's surprise erasing of the Ebro as?ne of the moat fbrilliant mihtary o^ions of the whole war. Resistance
by government forces was encountered in Gelsa where 400 of their dead
101
leading cities shows the following principal changes for the week ended
March 16:
Proud of
T
weekly reporting member
of
his present
on
nt,
The Pontiff instructed the Vatican
March 21.
a
Charge d Affaires to the insurgent provisional Spanish
New York City and $7,000,000 at all reporting member banks
$98,000,000 in New York City, $46,000,000 in the New York district out-
Government, to make a new and
urgent demarche
to
General Franco. A United Press translation of the article
making the announcement in the Vatican organ is given
side New York City, and $29,000,000 in the Chicago district.
below:
Demand deposits-adjusted increased
district and declined
posits declined
fkqmpi'daa
/lortftnifo
i
__Q
J
.
<jtor
aaa
the principal decreases being
aaa «4- nn
Time de-
«nrnA»ftvun *v«a*v3La«
$3oy000t000 &t all report/in^ member banlcs*
t./wanoa/i
el o
Ann
the San Francisco district and
aaa
t.
4-v.a
ai...
j»
.
.
Govern-
.q
,
...
,
®1Q
nnA
°
oll
nAn
' *
,,
Deposits
credited
to
.
,
$18,000,000 at all reporting member banks,
and declined 310.000,000 in the Boston district.
York
^
domestic
banks
•
increased
T.
!«
^
Omin
norftml
In vi6w of tu6 rcpGutsd sgti&I DOBibiB^s of citiBs in Spainf many, psrticii-
a
deposits increased $13,000,000 in the Chicago district, $8,000,000 in
«,,,
♦Ha
$49,000,000 in the San Francisco
all other districts,
$25,000,000 in New York City, $8,000,000 in the San
j-i.i.i
Francisco district and
ment
in
i
i
_____
»
_
_
ooi-A/i
tpLof
otti+ndDAf +1-10
r_
tTnitr
qaa + nword
fuc,
hrly tu6 press, have asked what is the attitude of the Holy See townrd the
*
,
.
,
.
.
rnuD
grave facts which have so moved public opinion,
lne Holy see, faithful
°
,
iT,for_joH
-
,
„
.
,
°
mission of Justice and charity, has always interceded to deplore
Ttolence and listen to appeals for help from wherever they may come, and
e?deaTOr to moderate as much 38 P068'1"6 the m08t
c0nsec,Uencf8
,
327,000.000
in
City and 325,000,000 at all reporting member banks.
New
Deposits
or war.
credited to foreign banks declined $15,000,000 in New York City.
. . .
Borrowings of weekly reporting member banks in New York City de-
When, last February, first news of numerous victims among the civii
clined $14,000,000, and borrowings of all reporting member baDks declined
population and destruction of works of art caused by even more frequent
$9,000,000 to $5,000,000.
bombings of
A summary
of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended March 16, 1938, follows:
'
.
increase
Afar. 16,1938
$
Assets—
KS-mtJ
(+)
^cjr Decrease ( )
Mar. 9, 1938
Mar. 17,1937
$
$
-wlffiKo "iMslooolooo
8:889:om:ooo
Commercial, Industrial and agrlcultural loans:
OnI securities—------
563,000,000
x+1,000,000
"5SS
securities
1—122,000,000
—579,000,000
x+1,000,000
*
+2,000,000
—14,000,000
76,000,000
-—10,000,000
Other loans:
loliSSSloOO
.
v
reported victories on an.
COntlnUatl0n °f thelr ^P ea8tW8rd
-2,000,000
+ 406.000.000
mo^strongholds ]the ^Sierra^de^
68,000,000
+15iooo!o00
—30,000,000
.
--
Insurgent
Franco's
5.388,000,000
348,000,000
+ 25,000,000
—399,000,000
—14,000,000
5,000,000
—9,000,000
—85,000,000
+ 4,000,000
Comparable figures not available,
whose
four villages fell to Generalissimo Francisconext immediate objectives were government
The Insurgents said one column occupied the villages of San Garren and
Alberobaja, in
Taberna de Isuela, ten miles south of Huesca on the road to
aimed at the government positions in the mountains. Alberobajo is ten miles east and 30,miles northwest of the Sierra de
Alcubierre.
x March 9 figures revised.
,
Another insurgent column was
south,
Borrowings
advices said
fighters,
a converging movement
—179,000,000 —1,206,000,000
—35,000,000
+ 95,000,000
+18,000,000
+306,000,000
Inter-bank deposits:
&
—22,000,000
14,335,000,000
5,223,000,000
United States Government deposits
725,000,000
*
ofo+Arlt
*
Spanish insurgents in northern Aragon today
282,000,000
hump
banks
,
,
Underdate of March 24, Associated Press advices from
TTpnrlnvPi
5,733,000,000
Demand deposits—adjusted
Foreign banks
demarche to General Franco.
toward the Mediterranean.
Cash in vault
Domestic
of moderation and
Pontiff, always on his own initiative but
—739,000,000
—49,000,000
—318,000,000
3,002,000,000
Balances with domestic banks
deposits--
It is for this that the august
+ 8,000,000
+12,000,000
—7,000,000
8,089,000,000
Rmctv^v^ah1 Fed."Res"."banks——
TA
Holy See is more than ever sorry, while it sends words
piety to lessen as much as possible the horrors of war.
^ ^
by 1,164,000,000
United States Government
Time
To the earlier victims others have been added, caused this time by the
r,f!ntalr bombard"ieilts of Barcelona for the innocent victims,of which the
2,045,000,000
U. S. Govt, direct obligations
the paternal interest
of Hig Holiness in the fate of the innocent victims of war, and sent through
Charge d'Affairs Antoniutti filial and reassuring explanations. .. .
.
1,155,000,000
guaranteed
the Nationalists would d«w from deeply moved by
euch bombings.
General Franco showed himself
yltnednepedni'
of the action of other powers, on the 21st of this month
615,000,000
Loans to banks
fully
appeals to Catholics and to the noble sentiments of General Franco so that
or
Real estate loans
Obligations
cities was received, the Holy Father did not fail, while
instructed Monsignor Antoniutti to make with this aim a new and urgent
759,000 000
-
for purchasing
securities
loans
carrying
*
'
Loans to brokers and dealers In
Other
.
open
Other powers intervened with the republican government, to make warm
and headed
~I
toward
,n
_
ilfta
reported to have occupied Bergues, farther
Torrebergues, while a third column
nearby
^Af the moimtains
marched on Granen, 30 miles north of the mountains.
railroad line to Lerida, Catalonian key city,
...
,
dominating the
70 miles east of Saragossa.
Insurgent troops were said to have occupied Baladota,
Volume
Financial
146
the following United
From Barcelona, March 24, we quote
Press advices:
The government
in
.
(
road
on
the
rebel planes over the Lerida-Saragossa
A communique said the defeat was due to
Aragon front.
4
'enemy superiority
Reference to the
of
Spanish civil
appeared
war
on page
1796
March 19 issue.
our
Department of Akershus (Norway) To Redeem Out¬
standing 35-Year 5% External Bonds, Due 1963,
on
defeated
admitted tonight that its air force had been
battle involving 100 loyalist and
a
1959
Chronicle
May 1
The
Department of Akershus (Norway), through Brown
Brothers Harriman & Co., acting as fiscal agent, announces
that it will redeem on May 1, 1938 all of its outstanding
35-year 5% external sinking fund bonds, due 1963, at 100.
Bonds should be presented for payment on and after May 1
Harriman & Co.
at the New York office of Brown Brothers
Japanese Armies Seek to Capture Suchow—Are
by Chinese Forces in Fierce Battle
Two
Bondholders Committee for City of Cordoba
Repulsed
Two
had
Suchow
Japanese armies advanced on the city of
communiques reported that Chinese
this week, but Chinese
driven
Japanese from Hanchwang and were
the
ad¬
Military reports
arriving in Hankow said that strong Chinese counter-attacks
late this week continued to keep the Japanese north of the
vancing
Tenghsien.
toward
themselves
The battle was described as
Grand Canal above Suchow.
Previous
military actions were mentioned in the "Chronicle" of
March 19, page 1798. A dispatch to the New York "Times"
on March 24 from F. Tillman Durdin at Hankow outlined
the position of the contending armies as follows:
of
one
of
fiercest
the
the
Sino-Japanese
war.
assaulting the Japanese main front and at¬
The Chinese say they are
Ry. so
and that
the defensive, merely maintaining positions within walled
tacking the Japanese line northward
the Tientsin-Pukow
along
successfully that the force of the invaders' drive has been checked
they
are now on
The Bondholders Committee for
tine
Shantung
are pressing in from the west and east in a concerted push toward Yenshow
and Tsowhsien, far behind the Japanese front, in an effort to check the
Japanese drive toward Suchow if not entirely to sever the Japanese com¬
munications
sinking fund gold bonds of
1927, due Aug. 1, 1957, headed by F. J. Young of F. J.
Young & Co., Inc., has urged in a letter to holders, as the
first step necessary in their interests, to forward their
authorizations for
the
from Kaifeng, recently increased to
nearly 4,000, were repulsed in efforts
Sounds of the battle on the
by using rubber pontoons.
to cross the river
Press
of
advices
battles
described recent
March
Shanghai
from
22
follows:
as
City of Cordoba. Holders
principal amount of the bonds, or
about 20%, it is stated, have already deposited their re¬
quest to the fiscal agent with the committee.
The commit¬
also
tee
the
Japanese heavy artillery was massed today in two sectors close to
the ancient waterway
bombardments had failed
where hand-to-hand assaults and light artillery
Big
guns were
The
committee's
which it was planned to send one invading column
20 miles south to Suchow, and at Taierhchwang, to
another column
plan
to
Shaw,
word
follows
action
Co.
&
Strupp
canal.
letter
as
the
bondholders
to
Capture of Suchow, junc¬
and
Grand
the
between
attacks on the Japanese, well to the
interrupted
had
Canal,
Japanese
communications
Some of the attacks were bayonet
Tenghsien and Hanchwang.
charges. The Chinese had blown up bridges
along the canal. An advance
yesterday was driven back
guard of Japanese cavalry which swam across
by Chinese machine-gun and rifle fire.
Attacks
on
Japanese garrisons at Tsining and Kiasiang, about 100 miles
northwest of Suchow and deep on the
were
flank of the Japanese main front,
engagements
the
same
the Lini sector, 75 miles
Chinese had been killed in
The Japanese said 3,000
16 miles north of Lini, but the Chinese claimed victory in
fiscal
accelerated
and
the
a
Incident
$2,214,007 from Japan
Attack
to
on
U.
S.
Gunboat
by the United States for the payment
Claim has been made
by Japan of $2,214,007 for property losses and indemnity
result of the attack by Japanese
United States SS. Panay
armed forces
the
upon
and American merchant vessels
on
the Panay was referred to in
these columns Dec. 25, page 4042; Jan. 1, page 32 and Jan.22,
page 516.
The claim against Japan was contained in a note
transmitted to the Japanese Foreign Office by Joseph C.
Grew, the United States Ambassador.
The note, as made
public at Washington on March 22 said:
Dec. 12, 1937.
is
The attack
made
the
to
on
exchanges
Government and the Government of
U.
S.
SS.
of communications
Panay and American merchant vessels on Dec.
ment's note dated Dec.
14,
between
my
Japan regarding the attack upon the
Japanese armed forces, and to the assurances
12, 1937, by
contained in your Govern¬
1937, and reaffirmed in its note of
1937, that the Japanese Government would make
Dec.
24,
"indemnifications for all
the losses" sustained.
I
am
amount
instructed by my Government to state
of the
property
that
Therefore the total amount which
Government is prepared to accept is $2,214,007.36.
These figures have
been arrived at after careful consideration and repre¬
only the actual property losses and a
damages resulting from deaths and
no
(2)
which should be paid in the death and
personal injury cases is $268,337.35.
sent
that it finds (a) that the
losses sustained is $1,945,670.01, and
the amount of the indemnification
my
of
coupons
$1,008,000
by the city
from
funds
default in the
bonds may be
provides that upon any
the maturity of the
payment
both
of
principal
and
interest
General
Savings
Bank,
general meeting of shareholders of the
be
held
Savings Bank,
General
Hungarian
at
Bank
Credit
General
An extraordinary
to
the
Ltd., of Budapest will
the
bank
in
Budapest
on
proposal of the Board of Directors
with
bank
Under
of
office
head
the
the
merge
Bank.
the
proposal
Hungarian General
common
stockholders
Credit
of
the
Hungarian General Savings Bank, Ltd., would receive for
each five shares held one share of common stock of Hun¬
garian
General Credit Bank.
Shareholders wishing to be
represented at the meeting should deposit their share cer¬
unmatured coupons not later than four days
tificates with
with J. & W. Seligman & Co., 54 Wall
Street, or Central Hanover Bank & Trust Co.,
in New York, or with Lazard
Brothers &
70 Broadway,
Co., Ltd., in
London.
7.50%
items of punitive damages.
The amount includes
Bonds
of
of
Bonds
1926
Requested to
Until
Receipt
of
Defer
Labor
of Mendoza (Argentine Republic)
secured sinking fund gold bonds, dated
Dec. 1, 1926, due June 1, 1951, are being requested by
Edmundo Correas, Minister of Finance of the Province, to
defer presentation of their bonds until receipt of a further
announcement in the near future.
This announcement will
be made upon conclusion of negotiations in progress between
the Province and the Argentine Government with respect to
this debt of the Province.
It is stated that the announce¬
ment will be made prior to June 1, 1938, the next interest
payment date, and will fix a date for presentation of these
Province
of
7.50%
bonds.
+.
Sales
on
'
ary
National Securities Exchanges During Febru-
27% Below January and 73.3%
Ago, Reports SEC
Below February
Year
25 by the Securities
dollar value of sales
on
all registered securities exchanges in February, 1938,
amounted to $794,078,054, a decrease of 27.0% from the
value of sales in January, and a decrease of 73.3% from
February, 1937.
Stock sales, including rights and warrants,
had a value of $681,288,708, a decrease of 28.6% from Janu¬
Announcement was made on March
and
Exchange
Commission that the
Total
sales of
stock,
Including rights and
of
warrants, in February were
under January's total. Total principal amount
bonds sold was $157,513,300, a decrease of 18.2% fTom January.
The two leading New York Exchanges accounted for 95.6% of the value
all 6ales on registered exchanges, 94.9% of stock sales and 99.9% of
28,554,758 shares, or 33.0%
of
$112,785,505, a decrease of
Commission, which added:
Bond sales Were valued at
ary.
15.6% from January, said the
conservative estimate of the
personal injuries.
Gold
Presentation
Mendoza (Argentina), External
Announcement
Holders
hand-to-hand struggle.
Losses
Reference
recent
Budapest to Hold Meeting on March 29
Act Upon Proposal to Merge with Hungarian
Holders of Province of
Panay
a
pay¬
coupon
Ltd., of
Chinese said another guerrilla force broke open the gates
United States Seeks Payment of
as
of
amount
Hungarian
of
Shareholders
external
for
on
heavy bombardment of Japanese
a
miles northeast of Suchow, and forced the Japanese garrison
after
default
the fiscal agent by holders of a majority of
according to the committee's letter.
outstanding bonds,
Conflict raged in the hill regions south of Tenghsien, where Chinese
admitting heavy casualties on their own side, reported 700
retreat
city's
demanded through
be
guerrillas,
to
new
public state¬
4,
included
positions near Tenghsien, 70 miles north of Suchow.
of Ishui, 125
a
the city
by
immediate
the
the
in
agreement
agency
contracted
may
bonds
area.
Chinese aerial operations
Japanese killed.
appoint¬
of this loan.
before the meeting
reported by Chinese.
Reports conflicted concerning the fighting in
northeast of Suchow.
Cordoba and of
the
to
the payment
for
courts
clients'
his
for the service
The
points
March 29 to act upon the
eastern flank.
of
the
at once a
able to obtain attachments through legal proceedings
was
Argentine
his
pledged
crossing would
Lunghai railroads, would turn the Chinese
The Chinese reported that flank
to prepare
Aug. 1, 1932, to Aug. 1, 1936, and to the fact that Mr. Young,
bondholder,
a
in
to
possibly would mark the turning point in the prolonged
struggle for control on the central China front.
north
of
Argentina
by Shaw, Strupp & Co. that they would propose a plan less favorable
bondholders than previous unsuccessful plans.
ments from
the east, from which
There was every indication that the two attempts at
be hard fought and
an¬
the
hoped to cut the Lunghai railroad east of Suchow.
tion of the Tientsin-Pukow and
from
Buenos Aires
of
readjustment for the City of
of debt
ment
Large Chinese forces were firmly entrenched on the south bank of the
fc
of
ment
Co.,
An
*+»
placed near the intersection of the canal and the Tientsin-
Pukow railroad, down
Pitcairn
the
of
in the matter continued:
nouncement
achieve gains for the Japanese troops.
to
Brown
B.
Howard
includes
Philadelphia, and Daniel U. Pinder as Secretary.
obligations
north bank of the Grand Canal to blast paths across
maturity of the
representing $1,104,000
on
audible in Kaifeng.
north bank of the river are clearly
Associated
Fengkiu, across the Yellow River
the
New York, fiscal agents for the
The
Japanese forces at
of
acceleration
the
principal of this issue to White, Weld & Co., 40 Wall Street,
Tsinan.
below
Meanwhile
City of Cordoba, Argen¬
7% external
Republic)
towns.
Simultaneously the main Chinese right and left flank forces in
(Argentine
Republic) 7% External Gold Bonds of 1927, Due
Aug. 1, 1957, Urges Holders to Forward Authoriza¬
tions for Acceleration of Maturity of Principal
bond
sales.
Financial
1960
The total value of sales on all
of
exempt exchanges was $510,368, a decrease
j
Exchange
and the New York Curb Exchange by their
York
respective
follows:
These reports are classified as
members.
♦
March 26, 1938
published are based upon reports filed with the New
data
The
Stock
43.6% from January.
:
Chronicle
New York
New York
Stock
Supply Data to Determine Effect of New Proxy
to
Rules
The Committee on Stock
List of the New York Stock Ex-
March 18 a survey of the operation
rules of the Exchange, which; were amended
last December in order to afford corporations and others
Number of reports
proxy
proxies facilities for obtaining voting instruc¬
tions from the actual owners of stock registered in the
names of member firms.
In asking the Presidents of listed
soliciting
corporations to provide the committee with data as to the
representation of stockholders at annual meetings* J. M. B.
Hoxsey, Executive Assistant to the committee, asked for:
shares
1.
Total
number
2.
Total
number of
3.
Total
number of Bhares
firms
the
of
New
Number
4.
firms
of
outstanding
voted
shares
Initiated
entitled to
and
102
244
269
Initiated off floor
—
-
—
49
99
525
floor
Reports showing no transactions
632
Exchange the round-lot transactions of specialists
registered" are not strictly comparable with data similarly
*Note— On the New York Curb
which
in
stocks
"In
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
specialist.
dealer, as well as those of the
In the various classifications may total more than
The number of reports
the number of reports
received because, at times, a single report may carry
entries in more than one classification.
STOCKS
Week Ended Feb. 26, 1938
members
Exchange voted at meeting.
the
in
ALL
(SHARES)
ACCOUNT OF MEMBERS *
FOR
IN
EXCHANGE—TRANSACTIONS
STOCK
YORK
NEW
vote.
member
or
names
of
member
or
Total for
Week
1.
transactions
of
members
transactions
except
a
of
specialists and odd-lot dealers in stocks in which registered:
Initiated on the floor—Bought
333,460
299,865
Sold..
Total
Per
Cent
4,337.180
effected on the Exchange....
Total volume of round-lot sales
Round-lot
for the previous annual meeting of
stockholders was also requested.
Reference to the revised
rules as adopted by the Governing Committee of the Ex¬
Corresponding data
change
864
194
Exchange.
registered
York Stock
on
meeting.
at
registered in the names of members
Stock
York
shares
New
the
of
of
Exchange
1,079
received
Reports showing transactions;
As specialists*
Other than as specialists:
change announced on
of the
Curb
Exchange
Corporation Heads
New York Stock Exchange Requests
7.30
633,325
-
Dec. 22, 1937, was made in our issue of Dec. 24,
on
4039.
The action of the Governing Committee amend¬
the proxy rules on March 9 was reported in our
March 12 issue, page 1035.
page
2.
Initiated off the floor—Bought
219,825
184,365
Sold.
ing
specialists
of
transactions
stocks
in
which
in
379,340
registered—Bought
Odd-Lot Trading on New York Stock Exchange During
Week Ended March 19
The Securities and Exchange Commission on March 24
made
public a summary for the week ended March 19, 1938,
daily corrected figures on odd-lot transactions of oddlot dealers and specialists in stocks, rights and warrants 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 12 were given in the
of the
"Chronicle" of March 19, page 1799.
The data published are based upon reports filed daily with
the Commission by odd-lot dealers and specialists.
4.6e
404,190
Total
Round-lot
Sold
-
362,280
.
8.55
741,620
Total
Total round-lot transactions of members, except transactions
932,625
of odd lot dealers In stocks In which registered—Bought
Sold
846,510
-
20.51
1,779,135
Total
Transactions for account of odd lot dealers in stocks in which
registered:
1.
In round lots—Bought
161,170
—
Sold
134,590
-
Total
2.
3.41
295,760
In odd-lots (Including odd lot transactions of specialists):
ODD-LOT TRANSACTIONS OF ODD-LOT DEALERS AND SPECIALISTS
IN STOCKS. RIGHTS, AND WARRANTS ON THE NEW YORK STOCK
Bought
667,719
.
Sold
636,235
EXCHANGE—WE^K ENDED MARCH 19, 1938
Total
NEW
SALES
PURCHASES
{Customers' Orders to Buy)
YORK
1,303,954
EXCHANGE-—TRANSACTIONS
CURB
{Customers' Orders to Sell)
FOR
ACCOUNT OF
Trade Date
No.
Mar, 14...
...
Mar. 15
.....
Mar. 16
.....
Mar. 17.
.
Mar. 18 and
19...
Total for week..
Value
Shares
Ord.
3,575
82,290
5,012
130,209
214,302
8,308
No. Ord.
$2,908,985
2,947
4,055
4,785,447
6,685,267
Shares
3,782,747
153,151
5,178,695
3,737,375
11,262,107
5,231
131,088
3,848,657
4,355
121,112
436,832
13,362,697
13,001
392,698
994,721 $31,591,053
$2,509,741
111,039
17,279
39,405
29,613
Round-lot
transactions of members,
Trading
on
Exchanges
New
Initiated
Week
and
Ended
on
shares.
The
data issued
by the Commission is in the series of
figures being published weekly in accordance with
its program embodied in its report to
Congress in June, 1936,
on the
"Feasibility and Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The figures
for the week ended Feb. 19 were given in these columns of
March 19, page 1799.
The Commission, in making avail¬
able the data for the week ended Feb.
26, said:
current
The figures given for total round-lot volume in the table for the New York
a
transactions of
except
the floor—Bought..
23,000
—
18,195
-
41,195
-
28,895
Total
Round-lot
2.91
35,090
Sold
26
According to data issued by the Securities and Exchange
Commission yesterday (March 25), trading by all members
of the New York Stock Exchange, except odd-lot dealers, in
all stocks for their own account
during the week ended
Feb. 28, in relation to total transactions on the Exchange,
was below the
previous week ended Feb. 19.
On the New
York Curb Exchange, however, the
percentage of trading
for the account of members during the week ended Feb. 26
was
higher than the preceding week.
The week ended
Feb. 26 included five trading days, the
Exchanges having
been closed Feb. 22, Washington's Birthday.
Trading on the Stock Exchange for the account of all
members, except odd-lot dealers, during the week ended
Feb. 26 (in round-lot transactions) totaled 1,779,135
shares,
which amount was 20.51% of total transactions on the
Exchange of 4,337,180 shares.
During the preceding week
trading for the account of Stock Exchange members of
1,498,274 shares was 20.97% of total trading of 3,572,570
shares.
On the Curb Exchange member
trading during the
week ended Feb. 26 amounted to 289,885
shares, or 20.48%
of total transactions of 707,810
shares; this compares with
member trading during the previous week ended Feb. 19 of
277,775 shares, or 18.47% of the total volume of 752,010
Per
Cent
707,810
Initiated off the floor—Bought--
York
New
Feb.
the Exchange.....
Sold
856,838 $26,470,665
York Stock
During
on
specialists in stocks In which registered:
1.
2.
Curb
STOCKS
Total for
Week
Total volume of round-lot sales effected
Total
Member
ALL
IN
(SHARES)
Value
78,838
5,255
MEMBERS *
Week Ended Feb. 26, 1938
67,985
transactions
of
specialists
in
stocks
In
4.80
which
92,495
registered—Bought
Sold
87,760
Total
180,705
12.77
Total round-lot transactions for accounts of al! members:
Bought
155,035
-
Sold...
134,850
Total
289,885
20.48
Odd-lot transactions of specialists in stocks In which registered:
Bought
54,960
Sold
36,692
Total
91,652
•
The term
partners.
"members"
Includes
all
Exchange
members,
their firms and their
Including special partners.
Percentaee
of
members'
transactions.
In
calculating these percentages the total of members' transactions is compared with
twice the total Exchange volume for the reason that the total of members* trans¬
actions Includes both purchases and sales, while the total Exchange volume includes
•
transactions
to
total
Exchange
only sales.
New
York
Stock
Exchange
Members to SEC Rule
The
Committee
on
Business
Directs
on
Attention
of
Short Selling
Conduct of the New York
Stock
Exchange on March 12 distributed to its members a
circular calling attention to the rule of Securities and Ex¬
change Commission on short-selling. The regulation, which
became effective Feb. 8, was referred to in these columns
of Jan. 29, page 674.
The text of the Stock Exchange
announcement is given below:
NEW YORK
Committee
STOCK EXCHANGE
on
Business Conduct
March 12, 1938.
To the Members
of the Exchange:
Paragraph (b) of the Securities and Exchange Commission's Rule X-10A-1
Stock Exchange and the New York Curb
Exchange represent the volume of
sales of stock effected on those
provides that "No member of a national securities exchange shall, by the
from the volume reported by the ticker.
is marked either
all round-lot
the
week
shares,
New
ended
was
York
exchanges
Feb.
26
on
the
New
Curb
Exchange,
total
5.6%
and warrants).
round-lot
the
distinguished
The total round-lot volume for
York
Stock
8.3% larger than the volume reported
707,810 shares exceeded by
as
Exchange,
volume
ticker
4,337,180
on the ticker.
in
the
On the
same
volume (exclusive
week,
of rights
use
of any
facility of such exchange, execute any sell order unless such order
In view of this
that members
on
'long'
or
'short'."
>
prohibition, the Committee on Business Conduct directs
the Floor of the Exchange who receive sell orders from
other members, whether in full or odd lots
of stock, or in bonds, shall take
particular pare to see whether such orders are marked either "long" or
"short", and that whenever
any
member on the Floor receives from another
Volume
Financial
146
member any sell order which is not marked either
shall not fill
or
"long"
"short", he
or
execute such order but shall return it for proper
Chronicle
Issuance
marking to
of
the member from whom he received it.
1961
by New
Bankers
ROBERT
L.
FISHER,
Retirement
The issuance
intendent
in Amount of
Their
by Companies Listed
York Curb
on
Own
Stock
Reacquired
New York Stock and New
Exchanges
The
monthly list of companies listed on the New York
Exchange reporting changes in the reacquired holdings
of their own stock was issued by the Exchange on March
16.
A previous list was given in these columns of Feb. 26,
page 1330.
The following is the list made available by the
Stock Exchange on March 16:
Stock
•
i
Shares
Latest
Shares
Previously
Name—
per
Report
Reported
Air Reduction Co., capital
13,356
13,863
14,008
3,200
13,371
American-Hawaiian Steamship Co., common
50,000
60,500
American Woolen Co., 7%
15,030
16,515
10
7,113
732,556
13,663
Allls-Chalmers Manufacturing Co., common._
Alpha Portland Cement Co.,
14,629
3,000
..........
common
American Coal Co. of Allegany Co., capital
...
preferred..
Armour & Co. (Illinois), common
Artloom Corp., 7%
9
preferred
6,323
Atlas Corp.. common
732,483
3,543
6%
preferred
Atlas Powder Co., common
Barker Bros., 5)4%
13,487
516
126
_________
35,000
...
8,435
20
38,186
33,000
33,642
33,712
28,000
.....
Century Ribbon Mills, Inc., preferred
_._.c
Childs Co., common.
Crane Co., common
38,176
Curtis Publishing Co., preferred
..........
Davega Stores Corp., 5% preferred
Detroit Edison Co., common..
3,200
Federal Mining & Smelting Co.,
3,602
5,505
Duplan Silk Corp., common.
El Paso Natural Gas Co., common......
5,793
82,000
81,900
125
........
3,155
........
78,900
300
4,827
87,620
...
Department Stores, Inc., preferred.......
......._
....
Julius Kayser & Co., common
Loose-Wiles Biscuit Co., 5%
preferred
Mathieson Alkali Works, Inc., common
465
500
4,704
88,120
280
Insuraashares Certificates, Inc., capital
Jewel Tea Co., Inc., common..
1,266
485
Household Finance Corp., common
3,255
1,100
1,253
......
350
5,800
30,000
30,010
Mission Corp., common.
17.000
17,400
Pacific American Fisheries, Inc., common..
12,600
8,600
2,265
15
......
Poor & Co., class B
Real Silk
Inc., 7%
Hosiery Mills,
Standard Oil Co.
....
(Indiana), capital....
Swift & Co., capital..
.....
Tide Water Associated Oil Co., common
Inc., common
Vadsco Sales Corp., 7%
998
400,688
48,689
preferred
490
16,200
Vick Chemical Co., capital
S.
S.
H.
White
F.
preferred...
......
$6 preferred
24,159
7,787
common...................
498
24,154
7,796
1,537
Co.,
Inc., common...
1,539
The New York Curb
Exchange announced on March 17
that the following fully listed companies have reported
changes in the amount of reacquired stock and bonds held:
Co., Inc., class A..
Aero Supply Mfg.
Latest
Report
400
Allied International Investing Corp. S3 conv. pref.
American General
per
Reported
None
500
—.......
Corp.—$2 div. series pref
1,200
..142,780 41-100
Common..
Automatic Voting Machine Corp. capital.._____
109
Bickford's, Inc., preference
2,856
13,597
Cohn & Rosenberger, Inc., common.
Crown Central Petroleum
Corp.
1,000
1,651 2-10
143,517 26-100
129
2,063
13,697
346 57-75
330 41-75
2,500
common.
Crown Drug Co.—Common.......
.......
7% convertible preferred
;
None
Equity Corp. (The) $3 conv. preferred--—-— 11,299 6-10
Henry Holt & Co., Inc., class A......
15,613
Hygrade Food Products Corp.—Conv. 6s A, 1949.841,000
Convertible 6s B, 1949
$2,000
Common
4,100
200
11,599 6-10
Corp.—Preferred
480 95-100
1,000
5,196
22,536
1,003
400
Knott Corp. (The) common
5,166
Louisiana land & Exploration Co. capital...... 22.725
Oilstocks, Ltd., capital.;
—18,794
Rustless Iron & Steel Corp. common.....
200
Wentworth Mfg. Co. convertible preferred
Williams (R. C.) <fc
Co., Inc.,
certificate
a
authorizing
the
operations under the provisions of the Insurance Law of the
State, was announced on March 21 by Raymond F. Leinen,
Chairman of the Trustees of the Retirement System.
Mr.
Leinen is Executive
Bank &
Trust
Vice-President of the
Co.
of
Lincoln-Alliance
Rochester, N. Y.
The Retirement
System was organized by the State Bankers Association to
provide old-age pension security for the 50,000 bank officers
and employees throughout the State.
The issuance of the
certificate by Mr. Pink assures those banks and their em¬
ployees who participate in the System that it will be oper¬
ated under the supervision of the Insurance
Department
and subject to examination by the
Department from time
to time.
The announcement by the Retirement System
also said:
:
v':'.v.""
The
Retirement
operations
their
as
desire
soon
to
service bank
System
as
organized
was
participate.
These contributions
Under the
die
amount
in
1
and
will
commence
of the
terms
System, for future
service
of the
at
age
benefits
amounting
employee's
In addition
by life insurance companies.
retirement
upon
of their payroll to the System.
5%
be invested in securities legal under the laws of
of service and death
years
who
will
State for investment
provide pensions
10
Jan.
employees will contribute 4% of their salaries and employing
banks will contribute approximately
New York
011
thousand officers and employees have indicated
one
65,
for
one-half of
to
They will
disability allowances after
the
dependents of employees
one
year's salary
plus the
contributions.
own
banks may purchase retirement income for their employees
for service rendered
prior to the inauguration of the Retirement System.
Offices for the Retirement System have been opened in
the Federal Reserve Bank Building at 33 Liberty St., New
York
City, in charge of S. B. Romaine.
The System will
as a private trust
by a board of trustees
consisting of the following:
be administered
Raymond F. Leinen, Chairman, Executive Vice-President Lincoln-Alliance
Bank & Trust Co., Rochester.
H. Griswold, Vice-Chairman, President First National Bank & Trust
H.
Co., Elmira.
,
Dave H. Morris Jr., Treasurer, Vice-President Bank of New
York & Trust
Co., New York City.
George F. Bates, Vice-President Power City Trust Co., Niagara Falls.
David C. Warner,
President Endicott Trust Co., Endicott
Henry D. Fearon, President Oneida Valley National Bank, Oneida.
James E. Vcorhees, President Farmers National Bank,
John W.
William
Amsterdam.
Vice-President Fishkill National Bank, Beacon. ■
lioeder, Vice-President Peoplas National Bank, Brooklyn.
Gillespie, President National Commercial Bank & Trust Co.,
L.
Albany.
Pressprich & Co., New York City.
J. Herbert Case, R. W.
York
of the System.
W. Gordon Brown, Executive Manage*- of the New
State Bankers Association, is Secretary
Present
Reserve
Reserve
Federal
Position of Member Banks of
System Indicated by Board of Governors
The present reserve
position of member banks of the Fed¬
System is discussed in the March "Bulletin" of
the Board of Governors, and it is stated therein that since
eral Reserve
last
May
have increased at Central reserve
but have shown little change at
From the "Bulletin" we quote:
excess reserves
Reserve City banks,
and
country banks.
Present Reserve
Position of Member Banks
now
amount to about
than they were last May
Excess reserves
The percentage is 15 at
of required reserves.
24%
Chicago banks, 20 at New York City banks, 25 at reserve city
central reserve
banks, and
Since last May excess reserves have increased at
and reserve city
banks but have shown little change at
country banks.
4,380
6,611
member banks have been approximately
Board's final increase in reserve requirements.
after the
35 at country banks.
v-'
207
v
None
common...
of
$1,400,000,000, or nearly $500,000,000 larger
1,639
479 65-100
Common
Begin
New York State Bankers Retirement
System to commence
In recent weeks excess reserves of
24,200 46-100
1,562
International Utilities Corp. $1.75 preferred
to
16,948
$58,000
$5,100
24,195 43-100
International Products
Fund—
Pension
Shares
Shares
Previously
Name—
Bankers
System Author'zed
by Louis H. Pink, New York State Super¬
Insurance,
Thomas H. De Laire,
1,590
2,209
1,580
Co., capital
Dental Manufacturing
Wilcox Oil & Gas
Wilson & Co.,
48,688
10,800
preferred
Vulcan Detinning Co., 7%
30
80,635
996
..........
United States Tobacco Co., 7%
2,694
398,059
______
Traasamerlca Corp., capital.........
United Drug,
2,509
2,789
....
3,109
11
79,951
;
2,599
2,062
preferred
Safeway Stores Inc., 7% preferred
W. A. Sheaffer Pen Co., common
of
861
1,000
preferred
Glldden Co., common..
...
W. T. Grant Co., 5% preferred.—...
Interstate
4,056
14,781
...
preferred
Barnsdall Oil Co., common
Superintendent of Insurance
State
to
Operations
Secretary.
Changes
York
Certificate
In addition to
6,811
balances of about $1,600,000,000 with city correspondents.
considerably larger than the customary amount in pre¬
have
gate
required and excess reserves, country banks in the aggre¬
These balances are
vious years and appear to
Francisco Stock Exchange May Absorb San Fran¬
Curb
Exchange—Proposal
Submitted
to
San
cisco
Stock Exchange
Members for Vote—Plan Provides
Consolidated Trading and Quotation
Facilities of
Greater Service to Public
be in excess of requirements for operating purposes.
Since these balances can
be withdrawn on demand, the part of them above
current
needs is
banks and
a
potential deduction from those of city banks.
On the basis of a recent survey
banks
made
to the excess reserves of country
in effect an addition
of the reserve position of individual member
currently available,
by the Board and of other information
position of member banks may be summarized as follows:
1. Excess reserves of member banks are better distributed now than last
spring after the final increase in reserve requirements.
The recent growth
in excess reserves has been entirely at city banks, chiefly in New York
the present reserve
The
San
March 18
Francisco
that following
Stock
Exchange
appointment of
a
announced
on
special commit¬
tee, a plan has been evolved for the absorption of the San
Francisco Curb
by
Governing
the
March
the
Exchange by the
San Francisco Stock Ex¬
Unanimous approval has been accorded
change.
18
San
officials
it
was
Boards
submitted
Francisco
Stock
of
Exchanges
both
to
a
vote
Exchange.
of both Exchanges that
the plan
of
the
and
members
It is believed
on
of
by the
the plan will provide con¬
solidated trading and quotation facilities of greater service
to the investing
public and the business and financial inter¬
City, where excess reserves were previously the lowest and where most of
the bankers' balances are held.
This represents a distribution of reserve
with the probable needs of the different classes
funds more in accordance
of member banks.
,
,
,
,
.
_
of city banks have recently increased
banks have shown little change, excess reserves are still
2. Although excess reserves
of country
larger at country banks than at city banks.
3. Correspondent balances of country banks are
as
.
„
and those
relatively
large as they were
l&st) M!2trch
the week ending Jan. 14, 6% of member banks
of less than 10% and balances with correspondents of
4. During
serves
had excess re¬
less than 50%
of reauired reserves.
Banks
With Limited Free Funds
ests of the entire Pacific Coast than those heretofore avail¬
In
able.
the
addition,
savings
will
be
effected
for
most
of
member
Exchange members.
The
plan
contemplates that
change who wish to do so may
than
members of- the Curb Ex¬
apply for membership and
purchase seats on the San Francisco Stock Exchange.
Thereafter, the properties and assets of the Curb Exchange
will
be
liquidated and distributed to all of its members.
Board's recent survey, approximately a quarter of all
banks in the middle of January had excess reserves equal to less
According to the
10%
balances larger
than their required reserves,
grctip
as
may
and three-fourths had
of required reserves. Such member
be pressed for funds would presumably be included in the
balances amounting to at
banks
Most of the 1,639 banks in this position,
with correspondents. Half of these banks had
of required reserves.
however, had large balances
such
least 50%
having excess reserves of
less than 10% and at the same time balances
Financial
1962
due from domestic banks of less than 50%
ing table gives the distribution of the
26,
1938
1914, the total
The following is the full statement
of the World War, that is, on June 30,
only $3,459,434,174.
383 member banks in this group:
MEMBER BANKS WITH LIMITED
a
The follow¬
of required reserves.
March
Chronicle
o
RESERVE FUNDS
o
»o
©
was
o
88888
O
ft
©
00
N7 CO* ©*
N
N
©
©
©
00
Bants with Limited,
H
•ol
N
©
CO
©
©
ip
TP
©
co
C
CO
N
®
H
co
O N
o
Free Funds a
All
Member
liOHOrtiQNiON
Per¬
Banks
centage
Number
i^OOHOOINN
of
J
* ©4
00
—«
All Banks
Number
c4 J-i
r-i
TP
in Class
1
©
-H
17
16%
9%
5%
tt
©
I
H
H
!
a
o"
188
8
57
1
11
338
4,864
—
WltU
TW
banks of less than 50% of
w*
iwjm
294
oo
a
©
c*
,
'
S
-I
"5 r-t
«o
383
J N
TP ©_
W
to
CI
<©
TP
©
CO
—
£"3
si§5
—
K
tP
IN
CO
TP
CO
co
©
tP
1*
co
-P
50
N
©
-p
©
CO
©
«0
CO
co
h
0 ©
TP
N
H
es
1)1
N
N
N
«
co
©
co*
©
to
H
co
©
©
to
! CO* O*
CO N N
N
H
CO
to
to
CS N
t-
I
H
to
oo
N
®' M
N-
TH
CO
-p
N
©
Tjl
N-
©
N
CO
N
co
IOON
TP Tp rH
CO Is* ©
I
<©
00
rH
©
CO
CO
N
-ot
©.
"i.
CO* ©" N." TP*
N
TP
©
CO
N
TP_
CO
©* rH*
50
©
co
IN
N
©
N
©
N-
©
N
CO
©
©
©
N
rH
CO
O
N
,
©
CO
| IN rH* to" IN* N* Tp* N* IN*
co
CO
to
Tjt
'
CO
co
-h
tP
co
©
N
©
iH
O
©
©
©
I
N
co
-P
©
N
H
©
^1
©
©
©
CO
b.
b.
©
©
CO
rH
©
N
CO
N
©
©. t> t- CO Tp Tp_
©* co* co* ©* nT ©*
N
©
H
©
b.
©
©
©
b.
:s
©* b»* ©* ©" o*
rH
ip
CO
©
00
M
W
N
b-
O
ip
00
©
N* hh" N* b.*
b." tP* TP* ©*
CO
©
high ratios of excess
had excess reserves amounting to
©
rH
00
TP
larger
higher
©
TP
CO
rH
rH
rH
© -rH
00
OO
tT
©
b.
O
©
tP
©
CO
TP*
were in
©
N
©
O*
i
i
N
H
CO
HI
«
©
N
©
©* rH*
rH
rH
©
©
©
©
©
©
©
CO
CO
N
N
©
O
©
©
©^ ©_ ©^ ©
©* N* N ©*
©
©
H
DISTRIBUTED
N
CS
©
MH
that position.
BANKS
to
§* r>T
OHM
H
CO
proportion of country banks than of city banks had
MEMBER
rH
to
N
o o o
MOO
® N CO 00 ^
N- CM © 00 tO
IOHNO«
o
tp* a>*
For half the banks the percentage Was 25% or more,
of required reserves, while among city banks 14%
t>
50
CO
CO
'
CO
to
Tp
had excess reserves amounting to 10% or more
or more
©
CO
H
H
!
00
©
about 4,695 member banks, or three quarters
As indicated by the following table, a
©
CO
CO
TP
approximately 10% of the banks had excess reserves as large as or
TP^
N* CM*
«
Reserves
of the 6,334 member banks,
00
N*
larger* cities about 5% were in this group, and
In the middle of January
50%
tP*
CO
-H
©" to* CO*
8
©
■
00
Among country banks 25%
Q>
©
N* O*
©
reserves.
CO
N
N
©
'
00
to
to
s
banks in New York City and Chicago, 16
than their required reserves.
rH
H
tO
t)l
CO
to
banks the proportion was 6%.
of required reserves.
N»
I
©
H
ifl N
tP CO to
HON
N
•
N
CO
«
The central reserve city
banks in this group customarily carry only small balances with other banks
but they have substantial amounts of short-term open-market assets.
and
2 8
N
«H
jDistribution of Excess
CO
*
3
©_ ©
©* N*
respectively, had excess reserves of less thanjl0% and balances
of required reserves. Among reserve city
banks and country banks in
tP
N
rH
©* tJ tP*
o
00
1H
I
6%
/v
tO
3 S
©CO
^
n" ©" to* ©"
tp
due from banks of less than 50%
at other country
«
M
J 00 CO
required reserves.
Among the central reserve
,
r-
6%
6,334
—
Total
9%
H
n
M
-
Under 15,000
and
o
N
J ©* N-*
c:
X
Country banks in places with population of:
it
TH
6%
6
37
15,000-100,000..--
©
4%
896
tP
lONOWN ©ON
i
uj in
o a I— © HH
1
1
Central reserve city banks:
ACCORDING TO PERCENTAGE
RESERVES
OF
EXCESS TO REQUIRED
H
[Week ended Jan. 14, 1938]
Number
Percentage
of Bants
60
Distribution
o
Percentage of
All
Reserves
All
Reserve
Country
Bants
City
serve
Member
Bants
and Re¬
Member
Bants
10-25%
25-50%
50-100%
100% or
1,366
-
Country
I
I
I
I
©
©
©
3
H£
i
©
Tp
I
00
CO
©
©
00
N
i
r-
<N
H
N
N
br
©
b-
©
I
N
©
rH
©^ CO
O
00
©
Banks
City
91
35
30%
!
**
on
00
TP* ©" TP* rH*
©
CO
rH
©
©
CO
:
O
858
8l|S§
26%
32%
26%
28%
22%
14%
1,522
1,642
1,275
125
.
.
©
Banks
117
1,639
1,767
-
■
I
and Re¬
Banks
Under 10% a
«o
Reserve
serve
28%
©
21%
14%
11%
24%
1
«
i
Vf
I
I
I
I
I
b©
©
18
669
more
651
5%
10%
00
b.
<0. 1
©
CO* ©"
00
rH
b»
r-
©
rH
00
©
: ^
©
©HN
©
©
CO
N
TP
BPS.
*»
©
N
•
TP
©
9%
©
CO
893
O
8
55
a
Central
Central
Excess to Required
5*
eo
*!
1
©
©
Total
a
386
6,334
100%
100%
100%
5,948
Includes banks with reserves temporarily below requirements.
^.©
<N*
T-<
(J)
N.
o
N
H
©
© ©
of the
Treasury
Jr.
Morgenthau
Henry
an¬
N
©
-
co
-
c
© N
«
N
offering of $150,000,000, or thereabouts,
«
23, 1938, which were offered
in two series of $50,000,000 and $100,000,000.
Of the tenders
received, Secretary Morgenthau said, $150,381,000 was ac¬
cepted. One series of the bills was 86-day securities, matur¬
ing June 17, 1938, and the other was 91-day bills, maturing
June 22, 1938.
thau
were
on
made known
follows by Secretary
as
Morgen¬
Bills,
Maturing
$118,569,000
Range of accepted bids (excepting
one
June
17.
1938
Total accepted..
99.993
Low
99.984
Equivalent rate approximately 0.029%
Equivalent rate approximately 0.067%
Average price
99.986
Equivalent rate approximately 0.059%
(91 % of the amount bid for at the low price was accepted.)
©
..$242,126,000
Total
accepted
$100,282,000
Range of accepted bids:
High
99.993
Low
99.982
Average price
99.983
Equivalent rate approximately 0.028%
Equivalent rate approximately 0.071%
Equivalent rate approximately 0.067%
amount bid for at the low price was
Stock of
©
co
TP
©
0b
N
N
N
rH
H
Tp
N
00
b-
©
b.
©
©
M
©
©
©
N
00
00
©_
©
b. oo © o h
© 00
^ © CO
00
©
if a
rH
P © TP 00 CO Tp
jH b. Tp CO © © b.
H
N
oo h
h
©
N
H
-
•
©
b-
•
•
•
•
CO
©
©
©
£J rj b. ©
©
©
^ CO
©
©
©
©* b.* b.*
O0
TP
TP_ TP^ « b»
CO b»
00 00* ©* CO*
©*
Money in the Country
00 b. © b. TP <©
o
iS
CO
N H
©
©
©
©
H
©
rH
H
H
rH
rH
rH
H
OO H
H
O
H
CO
_
®
H
r®
i
2 CO N CO
®
5
O O
02
o
a
®
a
a £
00
& fe ph fc
5
CO CO
W
o
S
p
U
M
3
+*
V
0
^
o
a a
OQ CQ
o
Revised figures.
a
Does not Include gold other than that held by the Treasury.
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 included
This total Includes credits with the Treasurer of the United States payable In
certificates
In
(1)
the
Gold
Certificate
of Governors,
Fund-Board
Reserve System In the amount of $6,358,143,051: and
Federal Reserve notes in the amount of $9,303,020.
vaults of member banks of the Federal Reserve
the gold dollar.
e
Includes $59,300,000 lawful
deposited as a reserve for Postal Savings
money
f 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
g Includes
money
In the United States.
Reserve Bank of
held by the Cuban agency of the Federal
Atlanta.
outside the con-
System)
was
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
of such silver
amount
certificates—gold bullion of
such gold certificates.
and
a
first lien
on
a
certificates;
and
(Iv)
Reserve notes are obligations of the United States
all the assets of the Issuing Federal Reserve
or
security for gold
as
value at the legal standard equal to the face amount of
Federal
Bank.
deposit with Federal Reserve agents of
a
Federal Reserve
like amount of
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 the Federal
against $6,320,199,614 on Jan. 31, 1938
on Feb. 28, 1937, and comparing with
Oct. 31, 1920. Just before the outbreak
and $6,399,002,045
Federal
(2) the redemption fund for
d Includes $1,800,000,000 Exchange Stabilization Fund, $1,200,560,561 Inactive
gold, and $141,788,734 balance of Increment resulting from reduction in weight of
notes are secured by the
b.
&
.
fl'o'S
gold certificates
banks and agents.
The figures this time
for Feb. 28, 1938, and show that the
money in circulation
that date (including, of course, what is held in bank
on
8
X
ja
Federal Reserve
$5,698,214,612
TP
©
tr
©
are
as
© ©
©
© co
rH CO
"f
CO
«
N
The money in circulation includes any paper currency held
lnental limits of the Uuited States.
Treasury Department at Washington has issued the
$6,334,029,781,
-H
©
CO
CO
TP
©
©
rH
*
n
accepted.)
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
at
©_ ©_
©" N* ©*
CO
Mole—There Is maintained in the Treasury—(I) as a reserve for
The
00
©
b-
deposits.
91-Day Treasury Bills, Maturing June 22, 1938
(90% of the
N
00
g « m co ©_ o «
N
gold
$50,099,000
bid of $39,000):
High
Total applied for
©
CO
8
c
Treasury
Total applied for.
CO
under gold, standard silver dollars, and sliver bullion, respectively.
March 21:
80-Day
00
©"
TP
*
Stand¬
Details of the bids to the two issues
O
O
b-
00
©
00
Secretary Morgenthau, as noted in our issue of March 19,
page 1803.
They were received at the Federal Reserve
Time, March 21.
TP
rH
rH
The tenders to the offering were invited on March 17 by
banks and the branches thereof up to 2 p. m., Eastern
N l)l
^"©*
X
of Treasury bills dated March
of bills
2
bN
ard
i)l
CO
CO
©
_
March 21 that tenders aggregating $360,695,000
received to the
O
CO
N
©
© © 00
§- p. ©
-
were
00
©_ ©
N* CO* TP*
©*
rH*
-
on
b©
©
©
O
©
©
©
Secretary
i—I
©
b*
TP
N-
0.067%
nounced
CO
8 2
$360,695,000 Tendered to Offering of $150,000,000 of
Two Series of Treasury Bills Dated March 23—
$50,099,000 Accepted for 86-Day Bills at Rate of
0.059% and $100,282,000 for 91-Day Bills at Rate of
CO
00
CO
O
00
©
©
TP
00
°i
©* N.*
maintain
a reserve
Reserve System.
Federal Reserve banks must
including the redemption fund
of the United States, against Federal
In gold certificates of at least 40%,
which must be deposited with the Treasurer
Reserve notes In actual
circulation.
'Gold
certificates"
credits with the Treasurer of the United States payable in
Reserve bank notes and National bant notes
are
as
herein used includes
gold certificates.
In process of retirement.
Federal
Financial
Volume 144
New Offering of $150,000,000 of Treasury Bills in Two
Series—Both to Be Dated March 30—$50,000,000 of
Bills and $100,000,000 of 91-Day Bills—
$50,000,000 Borrowed in "New Money"
80-Day
Chronicle
There is
On March 24 announcement
thau
Income Tax Collections
was
made
offering of
amount of
$150,000,000, or thereabouts.
Secretary Morgenthau said
that the Treasury had decided to offer a new series of $50,000,000 in "new money" bills because the showing of the
March income-tax returns did not come up to the Treasury's
bills
in
He
expectations.
said
would range from
ing is
series
two
the
that
in
shortage
returns
tax
This new offer¬
$20,000,000 to $50,000,000.
no
intention to discon¬
It is possible that the rumor had its origin
in the fact that, due to
a re¬
striction in the appropriation for expenses connected with the sale of Sav¬
in magazines.
discontinue paid advertising of them
necessary to
Other promotional effort will be continue, however.
The -writer of the newspaper article you call to our attention regards the
new
a
to the aggregate
There is
any other time in the foreseeable future.
ings Bonds, it has been
by Henry Morgen-
Jr., Secretary of the Treasury, of
Treasury
foundation for this report.
tinue the sale of Savings Bonds either at the end of this fiscal year or at
Additional
Series Because of Lower
no
1963
rumor as
sell
credible for the
that he thinks it is
reason
longer necessary to
This repre¬
complete misunderstanding of the purposes for which Savings Bonds
issued.
are
Savings Bonds
for funds.
designed to meet the Government's current needs
were not
They
designed to furnish
were
which would be attractive to any citizen
future
in
no
Savings Bonds to meet the Government's budgetary needs.
sents a
a
type of Government security
desiring to lay aside funds for
They were particularly intended as a repository for savings
use.
relatively small amounts.
To safeguard them for that use, the amount
the
Treasury's "newr money" borrowing and brings the total of
mid-June maturities to $250,000,000.
The tenders to the
spread holding of Government securities by citizens in all walks of life and
offering will be received at the Federal Reserve banks, or
by this
the fifth
possibly last $50,000,000 issue in
and
which any one
to
Monday, March 28.
Department, Washington.
The Treasury bills, which will be sold
ury
to the highest
of
will
on
discount basis
a
$50,000,000 series
a
of
and
Both series
be dated March
30, 1938
1938,
18,
on
which date there is a ma¬
turity of two series of bills in amount of $50,015,000 and
$50,077,000.
The Secretary of the Treasury pointed out that
bidders will be required to specify the particular
which
of
each
each
tender
respective
is
will
series
maturity
payable
The bills will be
nations
of
the education of children,
$1,000,
be
in
the basis
of
Fractions
trust
sale should
securities.
of
II.
trust
or
Tenders
an
$1,000,000
price offered
all
than three
decimal
places,
e.
without cash
from
up
of
acceptable
must be
others
accompanied by
of
guaranty
express
the closing
to
by
each
probably
the
on
following
tenders, and to allot less than
any
of
the
or
March 28,
branches
or
soon
as
The
possible
of the
as
Secretary
all tenders or parts
cash
in
provided,
for,
and his action
acceptance
or
Those submitting
rejection
thereof.
Payment
or
however,
other immediately
available funds
qualified depositary
any
will
be
on
March SO,
permitted
to
make payment by
to it
Reserve
The
in
bank
of
Treasury
its
when
deposits
existing
of
excess
so
notified
by the Federal
district.
taxation,
Treasury
the
bills
except
Decision
be
will
exempt,
as
to
principal
and
interest,
of
purposes
any
be
shall
of
4550, ruling
allowed
tax
any
as
now
a
or
Treasury bills
that
or
deduction,
are
not
exempt
from
other disposition of the Treasury
or otherwise
recognized, for the
hereafter imposed
by
United
the
States
or
its possessions.
Treasury
prescribe
Department
the
terms
of
Circular No. 418, as amended, and this notice
Treasury bills and govern the conditions of
the
issue.
their
Secretary Morgenthau Denies Report of Proposed Dis¬
continuance
of
Sale
of
United
States
Savings
Bonds—No
He
Intention
to
Discontinue
Their
Sale,
Says
to an inquiry concerning a newspaper report
of United States Savings Bonds, so-called
"Baby Bonds," would be discontinued either on April 1
at the close of the fiscal year, Secretary of the Treasury
Henry Morgenthau Jr. on March 19 made public a letter to
Ramsay S. Black, Third Assistant Postmaster General, in
which he asserted that the Treasury has "no intention to
discontinue the sale of Savings Bonds either at the end of
this fiscal year or at any other time in the foreseeable future."
Secretary Morgenthau explained that the rumor possibly
had its origin in the fact that it has been necessary to dis¬
continue magazine advertising due to a restriction in the
appropriation for expenses connected with the sale of Sav¬
ings Bonds.
He added that he sawr no reason why their sale
or
should
ever
be discontinued.
The text of the letter follows:
March 19. 1938.
Mr.
Ramsey
Third
S.
Black,
Assistant
Post
1,
100.
at
$23,500,000 of five-year 2% consolidated deben¬
Postmaster
General.
Office Departrrient,
Washington, D. C.
Dear Mr. Black—I thank you for sending me a copy of the letter to you
from the Postmaster at Philadelphia calling attention to a newspaper report
that the sale of United States Savings Bonds will be
April 1 or at the close of the fiscal year.
discontinued, either
on
D,
tem.
Home
Loan banks,
due
banks, announced on March 22 that the books on the
Loan
offering
new
Federal
the
of
1943, was publicly offered on March 22, priced
This offering represents the fourth issue of deben¬
by the 12 banks of the Federal Home Loan Bank Sys¬
Everett Smith, financial representative of the Home
tures
closed at 10:05 a. m., the issue, it was
were
heavily oversubscribed.
In announcing the
new offering, Preston Delano, Governor of the Federal Home
Loan Bank System, on March 22 said that the purpose of
the new issue is to refund the major part of the $24,700,000
stated,
of
being
V/2%
one-year
The
1938.
debentures of the
of
remainder
banks, due April 1,
maturing
the
issue, Mr.
said, will be met out of current assets of the
He
banks.
Loan
banks, and
the
are
in the
Delano
Home Loan
stated:
further
debentures
The
joint
and
several obligations of
final analysis
are
the
12 Home
further secured by the assets
borrowing member savings and loan associations which hold mortgages
more
than 1,000,000 American urban homes.
The Home Loan Bank
of
on
System
was
thrift
the
in
created by Act of Congress nearly six years ago to function
and home financing field in much the same manner as the
Federal
Reserve
provides
a source
System
serves
in
of
Out
the
the
the commercial
banking world.
of liquidity for member institutions, and assures
long-term home financing.
for
Thus, it
facilities
It has become the largest mortgage reserve
world.
$764,000,000
loaned
by
savings and
loan associations last
home owners for the purchase, construction or refinancing of
homes, approximately 84% was advanced by member associatiins of the
FHLBS.
New loans made by members of the Bank System in 1937 aggre¬
to
year
$645,000,000 as compared with $504,000,000 in 1936.
increased from 3,886 on June 30,
gated
Membership in the FHLBS has
1937,
In the same period assets of member institu¬
tions have grown from $3,806,679,000 to $4,157,000,000, a rise of $350,000,000.
Total consolidated resources of the 12 Home Loan banks on
Feb.
28, 1938, were $260,003,084.
The borrowing capacity of member
institutions through the Home Loan Banks is conservatively estimated at
$1,390,000,000—a vast reservoir of credit for the benefit of American home
to
3,938
owners
The
loan
on
Feb. 28, 1938.
and investors.
privilege of membership in the FHLBS is confined to savings and
under State or Federal charter, life insurance companies
associations
is composed almost
but in recent months insurance
companies in increasing numbers have become members.
This is indicated
by the fact that while only three insurance companies, with assets of
$14,561,666,. were members of the System on April 30, 1937, insurance
company members of the System on Feb. 28,
1938, numbered 35, repre¬
senting resources of $362,740,000.
The debentures are the joint and several obligations of the 12 Federal
Home Loan banks.
They are legal investments, acceptable as security for
all fiduciary and public funds, the investment or deposit of which is under
the authority or control of the United States.
and
mutual
entirely
In response
the sale
that
April
and
(Attention is invited to
inheritance taxes.
estate and
No loss from the sale
gift tax.)
bills
$23,500,000 of Federal Home Loan Bank
2%
Consolidated
Debentures—Issue
of
Series
tures,
structure
gain from the sale or other disposition thereof will also be exempt, from
any
all
credit for Treasury bills maturing June 18, 1938, allotted
and its customers up to any amount for which it shall be
itself
for
qualified
MORGENTHAU, Jr.,
Oversubscribed
Any tender which does not specifically
offered for Treasury bills allotted must be made at the Federal
Reserve Banks
1938,
advised
be
morning.
on
public announcement
follow
series will be subject to rejection.
particular
a
will
will
the amount applied
such respect shall be final.
the price
at
series
the right to reject any
reserves
in
to
the tenders
incorporated
an
Banks
Reserve
be opened and
will
hour
of
tenders
banks
deposit of
a
for, unless
payment
Federal
the
at
for
prices
Treasury expressly
refer
99.125.
g.,
incorporated
deposit from
Treasury bills applied
of
received
tenders
thereafter,
on
company.
thereof
the
Each tender
expressed
be
must
Immediately after the closing hour for receipt of tenders
1938,
I see no reason why their
Five-Year
or
and from responsible and recognized dealers in invest¬
by
budgetary
Secretary of the Treasury.
denomi¬
(maturity
only, and in amounts
used.
the face amount
accompanied
bank
a
be discontinued.
ever
their
on
$1,000 wil be considered.
The
more
accepted
companies
10%
$1,000.
of
be
not
ment
are
amount less than
be
will
In the case of
5Sincerely,
interest
$500,000, and
$100,000,
with not
100,
budgetary surplus.
or a
retire other forms of Government obligations.
Offering
$10,000,
an
must
Tenders
and
be the Government's needs for funds in the future, and whether there
budgetary deficit
a
surplus the funds obtained from the sale of Savings Bonds will be used to
Secretary Morgenthau's announce¬
issued in bearer form
multiples
for the purchase of homes, for rainy-day reserves
All these considerations will continue to have the same weight whatever
may
is
An issue of
No tender for
number are buying
large
They are the nucleus of funds for
and for old-age security.
value).
must
very
They are treasured possessions in
of current savings.
milloin American homes.
a
restricted
year was
More than a million and a quar¬
a
bills
of the
face amount
without
Savings Bonds and
series for
24:
March
on
than
calendar
dates.
The following is from
ment
The
made.
be
now own
them regularly out
$100,000,000
maturing June
bills,
any one
It was hoped thus to encourage more wide¬
stimulate interest in public affairs.
means to
ter citizens
more
91-day bills, maturing June 29, 1938.
80-day
series
bidders, will be issued in
$10,000 maturity value.
The results have been very gratifying.
the branches thereof, up to
2 p. m., Eastern Standard Time,
Bids will not be received at the Treas¬
individual might buy in
savings
banks.
The present membership
of savings and loan associations,
President
Roosevelt Issues Proclamation Designating
Day—Orders Military Units to
Appropriate Observance
On March 19 President Roosevelt issued a proclamation
declaring April 6 as Army Day and inviting the Governors
of the States to issue similar proclamations.
The President
ordered military units in the United States and its possessions
to assist civic bodies in the appropriate observance of the day.
Referring to the Congressional resolution designating Army
Day, the President added:
April
6
Army
as
Assist Civic Bodies in
"Now, therefore, I
States
hereby de¬
Army Day and I hereby invite the Governors of the
Army Day proclamations; and, acting under the au
Franklin D. Roosevelt, President of the United
of America, pursuant to
clare
April 6, 1938, as
several States to issue
the aforesaid concurrent resolution, do
Financial
1964
Chronicle
observance of that day."
bodies in the appropriate
who
.
vote
against
fail
then
legislation
Declares—In
Address
I
at
speak to
The buying
power
of the people of many other States is still
people of Georgia and
low
today that the people of these States cannot purchase the products
of
industry.
would
good
credit.
a
few" is principally responsible
for retarding national progress
and prosperity in the United
of
Buying Power of Georgia and Other Stales
of conditions in this, my other State.
you
the
wise
the part
pro¬
qwii.
so
munism
on
and economic conditions,
better method of their
a
of
Gainesville, Ga., He Urges Higher Wage Levels in
South—Criticizes
Feudalism, Fascism and Com¬
"Selifishness
help social
to
offer
utterly to
Low
Few Persons Blocks National Prosperity,
Roosevelt
1938
claiming loudly that they are for the objectives but do not like the methods
and
Selfishness by
President
26,
They have the same type of mind as those representatives of the people
thority vested in me as Commander in Chief, I hereby order military units
throughout the United States, its territories and possessions, to assist civic
March
Therefore, industry itself is cut off from an outlet it other¬
People cannot buy at stores unless they have cash or
have.
Stores cannot fill their shelves unless they have customers.
factories
and
Mills
sell
cannot
who
stores
to
have
customers.
no
speak not only of the workers in the bottom third of our populationof them who cannot afford a suit of clothes.
I speak also of
I
States, President Roosevelt declared on March 23 in an
address before about 20,000 persons at Gainesville, Ga.,
millions
where he dedicated
the
named in his honor. In
his speech the President demanded higher wage levels in the
South, and asserted that "purchasing power of millions of
town square
a
Americans in this whole
is far too low."
area
He said that
on
the present
scale of wages and buying power, the South
establishing successful new industries. He
compared the feudal system and the Fascist system, and
said: "If you believe in the one you lean to the other.
And
I am opposed to Fascism as I am to Communism."
Many persons, "even among the most prosperous 5%" of
the Nation, are now opposed to "feudalism," the President
said, and these persons are seeing the need for eliminating
special privileges and for "participation in prosperity by the
people at the bottom of the ladder." The new Gainesville
civic center, where the President spoke, was constructed with
Federal aid
site which he viewed in ruins after
on a
two years ago.
tornado
a
He referred to this reconstruction, and said
that Gainesville
to rebuild
rose
solid lines.
on
business
He added:
United States is rising and is rebuilding on sounder
lines.
We propose to go forward and not back."
After completing his address, the President went to Warm
Springs, Ga., where he intends to spend a vacation of about
10 days.
The President's address follows:
This
celebration, the outward and visible commemoration
Gainesville, is
than
more
symbol of the fine
a
jt
possible for this city to come back after it was in great part destroyed
by the tornado of 1936.
These ceremonies touch the interest and life of
the whole Nation because they typify a
character but which too often
citizenship which is latent in the
American
You
not
were
content
not
were
given
content
wtih
with
conditions
For
which
yourselves
you
the
on
is
proud;
not
build
to
of
citizens
better city;
a
to
beings from slums to
Gainesville,
deserve
all
possible
praise.
RFC
therefore
It
is
that
true
in
the
assistance.
Chairman
ration
me
tells
planned
Jesse
that
they
Rebuilding of
work
Jones
of
invested
the
which
The
has
Public
almshouse,
WPA
for
ing,
not
and
ranks in the
own
In
house,
only
in
parks
if
had
of
money
form
You
and
personal
But
for
Corpo¬
similar
no
all
jail,
for
an
the
and
taking
sidewalks,
of
far
schools,
a
and
wreck
and
sewers
provided
not
of
care
street
Little
few
illustrations
of
Few
problems
where
would
have
been
help
from
national
amply
citizens
your
chiefly because
been
faced
stand
with
rebuilt
The
You
for
the
brains
to
if
that
good
or
are
some
get
that
attitude
the one-third
and
of
them
But
we
our
on
best
people
is
back
held
Gainesville
had
city
If
your
definitely
not
would
public.
aside
that
in
is
leads
the
such
nature
and
But
we
wholly
a
provides.
competition
because
the 6wift
appealed to
in
Constitution
our
successful
are
are
selfishness.
who honestly believe
one
be applied
not to
question and
a
lay
say
the wise,
"I
say,
Nation
themselves
will
life
of
they have better
the
strong
itself, and it is just too bad
people
to
give
little
thought
to
excellent
never
not
am
as being ill-fed,
illbrother's keeper"—and
my
Most of them
honest
are
people.
Most
citizens.
want
the
permanently get
the kind of people
who,
nobody to starve," but at the
budget
And when I
is
more
important
told them that I,
put human
lives ahead
mates
asked
and
inevitably they
business,
that
of
them
on
the
road
to
recovery
at
in
1936,
same
than
were
time insist
making
saying,
"Oh,
that the
appropriations
yes,
we
balancing of
for
relief.
too, wanted to balance the budget but that I
dollars
just
came back
is yours."
If you believe in the
system.
fascist
one,
lean to
you
So
many
and
Men
they -are
coming
system
the
in
women
storekeepers,
American
professions,
the
for
the truth,
the
whole
the
bottom of
of
and
the ladder,
participation
prosperity by
in
well as those in the middle
as
top.
United States
One
of
and more to see that the continuation of the
the elimination of special privilege, the dis¬
more
calls
of
the
overwhelming majority
the
growing number of the bankers and business men—
a
people at
semination
the
oppose
those who by virtue of their circumstances
among
belong to the most prosperous 6% of the population.
life
small
do
this State, I
of the people of
overwhelming majority
the
With
in
other kinds
down to it, there is little difference between the feudal
come
the
and
feudalism.
Rising and Rebuilding
thing is certain—we
Sounder Lines
on
not going back to the old days.
are
We are
the
better days.
We are calling for cooperation all along
line, and the cooperation is increasing because more and more people
coming
forward
going
To
and
by
day
whole
who
to
believe
"Wre
say,
going to
minds
they
want
"We
say,
suc¬
feudal
sorry,
are
the
1938
increasing
num¬
in
cast
are
for
cooperate
To
in
coming
are
to
Nation.
whole
the
the
the United States and
are
whose
us
in
mould."
forward—and
come
and
represent
1898
day—we
people
States
been
the past which have
of
it honestly—the people of
the
in
abuses
that
not going to be restored.
of public office who still
the United
people
not
those
bers
out
believe in
want
we
and
in
section of
every
To
understand
to
those
system—and
in
to
eradicated are
cessfully
the
extend
we
you
of ;the
hand of
good
the
welcome."
suffered
ville showed
alike.
poor
The
It
is
did
the good of its
rebuild
to
rose
States
United
So
followed by four
for
united front
a
disaster.
great
a
eight years of false prosperity
on
rising
sounder
and
Nation
those
in
Gaines¬
of collapse.
lines.
rebuilding
is
the
years
whole population, rich and
We
lines.
sounder
on
forward and not back.
propose to go
President
and
where
me
handed
they
and said,
them
would
cut
the
Initial
Authorizes
Roosevelt
Housing Con¬
Providing for Slum Clearance Projects—In
Letter to Nathan Straus the President Says Action
tracts
Marks Beginning
The
first
approval
contracts
by
of New Era
presented
Nathan
projects
Orleans, La.;
for his
President
the
to
United
Straus,
in Austin,
are
States
Housing
Au¬
government
the
esti¬
appropriations,
"Mr. President, that is not my
Charleston,
Tex.;
S. C.; New
On
Syracuse, N. Y., and Youngstown, Ohio.
March
9 Mr.
amount
Straus earmarked
of
housing projects
$500,000,000
Steagall Act, which
provided
in
the
up to
Wagner-
the
signed by President Roosevelt last
was
September, and the text of which was given in our issue
Sept. 4, page 1481.
With the earmarking of the funds
on
March 9, Mr. Straus said "the size of several projects
of
and the amount of the loans to be
submitted shortly to the
President for approval will be materially increased by rea¬
of this action."
son
This
action
be begun
to
While
whole
will,
not
we
will
He also said:
substantially increase the amount of actual construction
within
the
few
next
months
by enabling
into
enter
us
to
on
the basis of the
a
now.
make loan contracts
now
$500,000,000, the actual expenditures of funds under such contracts
than
before
But it
with
will earmark and
of course,
more
State
leave the methods and the processes of
recovery to those who owned
of the United States from 1921 to 1933.
are
Middle West and the Far West,
makes possible the highest kind of
the
other.
the
able
are
the government
They
pay
in other
system.
When you
system
larger volume of loan contracts
They
good
with
industries
that buying power means many
remember
well
The
being
are
few.
a
American
than the
the other side."
consider
this
refer
That
which
hand
with
thority, providing for low-rent housing and ^ slum-clearance
projects were signed by President Roosevelt on March 17.
population which I have described
ill-housed.
they "pass by
of
to
left behind."
some
clad
of
selfishness
gladly
They
efficient;
outstrip their fellow-men.
is
I
the
of
will
reasoning.
more
this principle
needs.
prosperity
part
minority
things of life "some
are
It
if
good,
there
their
of
today.
public
in
compete
Difference Between Feudal System and Fascist System
us
entire
type of
theory of government
know
national
if they know both sides of
the
admit
must
different
our
the
on
overwhelming majority
support
application
national
selfishness to which
Most people,
to
is
it
hand
goes
These things will not come to us in the South if we oppose prog¬
we
believe in our hearts that the feudal
system is still the
ways.
ress—if
back.
held
have
"Selfishness of Few
on
selfishness
that
as
type of
the
to
of
the
solve
and
progress
industries.
new
your
greater
unanimity in the gift of personal
among
how
and
Comments
Today
and
wages,
the South cannot and will
power,
cannot
North,
the
in this whole
things—better schools, better health, better hospitals, better high¬
better
of
had
national
let
And
needs—great needs.
They were met in accordance with the
democratic principle that those needs should be filled in
proportion to the
ability of each individual to help.
I tell you that this has a national
significance, and I want to give you
a
the South
of
in this whole area
wages
efficiency.
light¬
would
this
big
the
and in the form of unselfish cooperation.
essential
an
service.
the
and
for
buying
buying power of the South
the
Gainesville
projects
works
up
schools.
and
in
water
repairing
the task there has been
interest
for
you
Finance
and that he knows of
aided
and
On the present scale of
industries
operating
country,
the
of
parts
Federal
Gainesville with
in
underpaid that
so
man
well face facts—simple facts
as
who work for
women
establishing successful
in
industries
the
unless
advantage.
cleaning
in
also
insufficient
better
to
Administration
people but
repaving
wholly
used
court
a
assisted
destitute
been
Works
received
Reconstruction
and
men
the present scale of
on
Efficiency
and
mould
you
$1,000,000
nearly
objective of helping to rebuild the city,
sum
City
of rebuilding
Most
succeed in
not
but
in
Investment
business
are
be
could
which
of rebuilding to eliminate
process
just
may
get wages which are far too low.
I
You
South
the lower
low.
too
far
area
were
by the Federal Government.
were
the
you,
saw as
You
community.
help
with parks; to move human
areas
this
the lines of the old
determined in the
you
of
replace congested
suburbs.
throwing
State and
your
contrary,
the debris which I myself
away
couple of days after the disaster.
a
rebuilding along
by
to you
clear
to
Gainesville
content
On the
old
quiescent and too seldom
underemployed and
so
purchasing power of the millions of Americans
and at
passed through
not
remains
itself.
expresses
are
affects the little
poverty
and the millionaire himself.
man
Georgia and
of the rebirth
which has made
courage
their
of
presented in the lower South by the President of the United States.
"The
of
burden
The
cannot succeed in
other workers who
of
millions
the
grams
be
July
was
kept
within
$300,000,000
1,
evident
United
that
States
construction
limits
set
country
forth
and
in
the
Act,
$30,000,000
for
namely,
any
one
1939.
many
cities
now
nearly ready to close contracts
have their building pro¬
did not authorize them to plan and
Housing Authority would
unnecessarily curtailed
commence
the
for the
on
the
if
we
basis
of
the
entire
$500,000,000.
On the original basis of limiting earmarkings to the $300,-
000,000 that could legally be paid out in the next 22 months,
the
Housing
March 9, it
Authority
was
stated
had
in
a
allocated
$168,445,000
Washington dispatch
up
on
to
that
date to the New York "Herald Tribune," which also stated
in part:
Volume
Financial
i4t
enable
earmarkings for expansion of their construction programs and would permit other
cities, which had not been able to qualify, to participate as soon as they
Earmarking
able
were
to
allocation
the
overcome
between
the
total
additional
originally applied for and the
amount
of
H. LaGuardia had
York City projects is in
in the Queensboro Bridge
for which Mayor F.
projects,
New
One of the
Brooklyn,
other
the
of Queens.
Other
in
cities
entitled
expanded
it
program
are
Not only would these cities
Straus said, but under the
be earmarked
municipal
probable that funds would
also
was
allocations
received
have
Mr.
earmarkings,
Port Jervis and Utica, cities which have set up
for Lackawanna,
recently.
authorities
housing
which
Syracuse and Yonkers.
additional
to
State
York
New
Schenectady,
Buffalo,
of
America.
Today
must
we
forward until
go
contracts
and
It
is
of satisfaction to
source
States
Housing
Authority
of the
varied
life
history
and
of
agricultural
an
List
of
constitute almost
1
a
country.
our
There
focal center
There are new cities and old.
large cities and small.
are
others serving chiefly as a
great manufacturing cities and
are
that the cities submitted to
me
United
the
There
the slums of this country
on
'
special
a
attack
an
built under this Act bid fair to achieve a new low in cost
cross-section
.
the
occupants.
on
me
but
are
projects
the
to
which
every American family has a decent home.
These
beginning.
I am especially glad that the rentals
launching
are
community.
good to know that the benefits of the United States
is
As to the action taken
York "Times"
from
The
plans
provide
12,000
slum
on
March 17, advices to the
New
had the following to say:
Washington
of 3,077
Rentals
the
in
month
per
new
average $4.25 a room
Charleston, $3.90 in New
will
dwellings, it is expected,
new
$4 in
Youngstown,
Orleans, and from $2.75 to $3 in Austin,
An
additional
will
charge
be made for
any
utilities furnished by the
sentative Hancock
housing
Syracuse, who gathered in the office of the Adminis¬
the
starting
months
of
nation-wide
the
drive
for
low-rent
in the Wagner-Steagall Act.
for
81% of the
relatively
only
new
few
of
Food and Drug Administration, but merely broadens
in
all,
one
take the
we
slums," Mr.
to destroy
Copeland
cease
limitations
and
it
unnecessary
petition
on
on
the
Bill
Signs
Conference
Trade
by
on
of
Federal
Adoption by Congress
Wheeler-Lea Measure
of Foods, Drugs
Advertising
on
March
Commission
Congressional action
of the Federal
14 completed
the
designed to widen
over
unfair
power
methods
of
competition
authority to cover unfair or deceptive
President Roosevelt affixed his signature to the
increasing its
practices.
bill
Report
False
to
Powers
Broadening
Cosmetics
bill
on
March 21.
■
designed to give more effective control over false
advertising of food, drugs, therapeutic devices and cosmetics.
The bill passed the Senate on March 29, 1937, while the
House passed it in amended form on Jan. 12 of this year; the
changes made by the House were noted in our issue of Jan. 29,
page 681.
The measure was sent to conference on Jan. 26;
the conference report was agreed to by the House on Feb. 14
and by the Senate on March 14. In the Senate on March 14,
Senator Copeland of New York in opposing the bill stated
that it makes "no appreciable change in the existing federal
Trade Commission Act from the standpoint of practical
results to be obtained."
It will" he said "serve merely to
is
perpetuate the same ineffective control procedure as regards
drugs that has prevailed since the Federal Trade
foods and
Commission Act
was
passed in 1914."
In its advices from
Washington, March 14, the New York "Journal of Com¬
merce" in further
quoting Senator Copeland said:
"If this Congress is to announce to
advertising
measure,"
should be backed
by
commerce" thereby making
of the Commission to prove unfair com¬
part
between two competitors in the same line
as
In this
from
of business.
public interest than heretofore.
Provisions relating to advertising, which were
tures of the
the only controversial fea¬
bill, state that it shall be unlawful for any person,
corporation to disseminate,
or
or cause
to be disseminated, any
partnership,
false adver¬
The term "false advertisement" means an advertisement,
tisement.
other
material respect and in making this
into account (among other things)
than labeling, which is misleading in a
determination
be
shall
there
taken
design,
only representations made or suggested by statement, word,
not
combination therefof, but also the extent to which the
representatives
or any
advertisement fails to reveal facts material in the light of such
material with
or
respect to consequences
which may result from the use
conditions
which the advertisement relates under the
of the commodity to
prescribed in said advertisement or under such conditions as are customary
usual.
or
A
Washington dispatch to the New York "Times"
An important provision
of an enforcer of fair
March
action against
a
a
he
declared,
the Nation passage of a new false
"I
submit
that
the announcement
law which will guarantee substantial improvement.
It should meet the public demand, shared alike
extends the powers of the Commission from
those
competition between business concerns to a defender of
Commission cannot take
believes unfairly promoted unless it can show
Under present law, the
generally.
products it
competitor is injured.
The
provision
new
permits the Commission to complain
against any
by the threat of the im¬
position of civil penalties up to $5,000 fines for each violation of any final
order of the Commission prohibiting the offending practices.
The courts, to which the Commission must appeal for injunctions against
the dissemination of false advertising, are authorized to exclude from any
unfair
or
deceptive trade practice, buttressed
would
delay delivery
advertising if such order
of the issue beyond its regular appearance
date.
like can be proceeded
media for dissemination of false advertising only if they refuse to
Publishers, radio broadcasting companies and the
against as
advertiser.
Department Seeks Co-opeiation with Other
in
Aiding Refugees from Austria and
State
Nations
Germany—President Roosevelt Says Hull Proposal
Would Also Apply to Refugees of Russia, Spain
and Italy
State
by consumers and reputable
Department
on
Governments and the Govern¬
Republics had been invited to co¬
of 20 American
ments
announced
Washington
at
March 24 that nine European
United States "in setting up a special com¬
mittee for the purpose of facilitating the emigration from
Austria and presumably from Germany of political refugees".
The State Department indicated that "no country would
be expected or asked to receive a greater number of im¬
migrants than is permitted by existing legislation.
The
European Governments addressed in the matter are Great
Britain, France, Italy, Belgium, The Netherlands, Denmark,
Sweden, Norway and Switzerland.
At Warm Springs, Ga.,
President Roosevelt yesterday (March 25) said that the
State Department's proposal to give haven to political
refugees applies to oppressed minorities in Russia, Spain and
Italy, as well as in Germany and Austria. In further indicat¬
ing what the President had to say Associated Press advices
operate with the
^
Springs stated:
from Warm
Sponsored by Senator Wheeler (Democrat) of Montana
and Representative Lea (Democrat) of California, the bill
is an amendment to the
Federal Trade Commission Act,
and
the
upon
the standpoint of the
dwelling will be eliminated for every new home
6lum
Trade Commission Following
and
give the Commission the power to
respect the bill enables the Commission to view trade practices more
on
legislation appeared in these columns Feb. 12, page 970.
Congress
laid down
in the celebrated Raladan case.
ago
against "deceptive acts or practices in
move
vacant sites involve in all cases
the part of the cities to eliminate an equivalent
are
embodying amendments to the United States Hous¬
Relating
imposed upon
orders
It amends the present law so as to
The
of
desist
several years
the House of the
measure seeks to
the Commission's authority to issue
by the United States Supreme Court
Drug Bill, the amendatory FTC
Food and
Straus asserted.
ing Act of 1937 (the Wagner-Steagall Act) was signed by
President Roosevelt on Feb. 3, and the text of the new
President
following:
Believed to clear the way for early consideration in
built."
A bill
the Act so as to give
the Commission wider powers to stop the movement of products injurious
to the public He said the measure "is one of the greatest steps forward in
gtopping unfair practices ever undertaken.
From the same advices to the "Journal of Commerce"
slums.
"All
Commerce
Committee, insisted, however, that the bill takes nothing away from the
reveal the name and address of the offending
that
projects
contractual obligations
number
designed to curb monopolistic tendences by preventing
dwellings will be built on the sites of 6lums
less .than 19% will be built on cheaper vacant sites, and
actually cleared,
measure
restraining order any publication carrying false
later.
is really going
program
than
the
the FTC law as enacted as an
Chairman Wheeler (Dem., Mont.), of the Senate Interstate
contracts
beginning of the program "in this substantial way"
the
and one-half
"More
project
the Act was signed Sept. 1, 1937, and that Mr. Straus
Administrator Nov. 1, the President acclaimed as a "fine
as
achievement"
'"This
the
of
that
office
four
approval
slum-clearance provided
and
Recalling
the
of
celebrate
to
trator
the
of
question in the wisdom of amending
unfair competitive practices.
that
and of the
proposed allotment for them of Federal funds amounting to $16,836,000
was
made and the President's letter read by Mr. Straus, in the presence
of Vice-President Garner and other official honor guests, including Repre¬
took
anti-trust
consumers
project.
Announcement
grave
that
law
a
14, said:
Syracuse and
in
construction
a
for
the demand
prevalent."
Federal Trade Commission Act to control false advertising of food, drugs,
homes for over
dwellers.
the
for
He said that there is
device, sound,
Housing Act
are being distributed over so wide an
area among cities differing in every¬
thing else, but alike in being afflicted with blighted areas and slums.
It
will put an end to glaring abuses now
remove
approval of the first contracts, on March 17,
President Roosevelt, in a letter to Mr. Straus, said:
Today marks the beginning of a new era in the economic and social life
the
With
manufacturing and advertising interests,
York
Last December the Authority set aside for New
two
$39,000,000.
section
Hook
Red
section
be
of
the
1965
cosmetics and therepeutic devices because
present disabilities.
Mr. Straus said, might expect to receive an
'•somewhere
$18,000,000 to start
a
would
said,
Straus
Mr.
had received allocations to obtain additional
present earmarking."
asked
appropriation,
entire
York City,
New
.
the
which already
cities
Chronicle
seeking
Catholics and Protestants—that no
required to accomplish the purpose and that it was in line
policy that goes back to 1789 when the United States held
He added that it I the
get
to
out
proposalj was designed to help all groups
of troubled lands—Jews,
legislation was
with domestic
itself out as an asylum for
The President talked
sat in an open car
With him were William
Basil O'Connor,
political refugees.
of foreign and domestic questions to
reporters as he
in front of a press cottage.
C. Bullitt, American Ambassador to
France, and
his former law partner.
He said requests
for asylum have
Christians, and that no more
con& not only from Jews but from
of the re¬
than the present immigration laws
spective assisting countries allow, would be permitted to enter.
As for Austrian and German minorities, he said the American
vides that when two
far as America
is concerned
Germanic nation.
the enlarged
The action
known in the
Department on
of the United States was made
announcement
following
by
the
State
24:
March
This
law pro¬
merged into one.
As
this would permit about 26,000 to come from
countries merge their quotas are
Government
has become so
impressed with the urgency of the
problem of political refugees that it has inquired of a
ments in Europe and in this hemisphere whether they
cooperate in
the
setting up a special committee for the purpose of
and presumably from Germany
emigration from Austria
refugees.
number of govern¬
would be willing to
facilitating
of political
Financial
1966
Our idea is that, whereas such
the
concerned,
governments
countries.
Furthermore,
emigration
it
should
no
work
no
intends to discourage or interfere with such
sense
is already being done on the
as
It has been prompted to make its proposal
because of the urgency of the
problem with which the world is faced and the necessity of speedy coopera¬
tive effort under governmental
jp £01^)0 (tvortod
this
There
Government, and it was assumed other governments, had not
has
been
nullified
decision yet
no
Austrian
the
under the Reich quota.
by the State Department whether
and
immigration quota
of
the
immigration Jaws,
They
prospective
emigrants
have
may
great
it
was
Nazi interdictions against taking money out of the country,
pointed out, had
so
impoverished
impossible for then to meet the
It
means
even
wealthy emigres
as to
this difficulty the State Department had in mind, it was
was
when it stipulated that the financing of the emergency
have to be undertaken by private organizations.
explained,
immigration would
Such organizations would
be required to give assurances that immigrants would not
become public
the Nazification of Austria, most of those who have felt the force of Nazi
repressive
measures are
Jews, Several Jewish organizations, here and abroad,
which have undertaken to facilitate the departure of members of their race
from Austria,
have encountered
limitations but from Nazi decrees
difficulties arising
only from quota
not
inhibiting the movements of those wishing
Other relief efforts have been under the direction of James
flee.
William
Swicke
A.
of New
Secretary—D. E. McAvoy of New York.
Treasurer—Edwin A. Storms of New York.
George
St. Jean of New York, B. F. McLean of Dallas, Texas; W. C. Tinsley of
Tampa, Fla.; W. K. Gunter of Gaffney, S. C., and Suzanne Gill of Phila¬
delphia.
In
statement, the committee said that the organization was designed:
a
To afford adequate means for the owners and operators of smaller business
to
present their points of view to the Government.
To promote a better understanding between smaller and larger business,
employer and employee and between business and other economic groups.
To study and analyze the "economic import" of existing and proposed
legislation; to support that which would "advance the economic welfare of
smaller business and the Nation" and oppose that which it judged would
injurious.
prove
M
The council was described
Aside from prominent figures in the Austrian government who opposed
elected President of the council.
was
Kimball and
Executive Directors—Fred Roth and H. D. North of Cleveland,
charges.
to
D.
and O. L, Roach of Danville, Va.
make it
qualification.
con¬
York; Alfred C. Gaunt, of Methuen, Mass.; Robert P. Hastey of Chicago,
American consular officers that they would not become public charges in
this country.
March 20, which also said:
on
two-day session.
Columbus, Ohio,
Vice-Presidents—Wallace
required not only to pass physical tests but to satisfy
are
in Associated
committee which carried to President Roosevelt the
a
of the council after a
The matter has been under consideration for several
In view of the purpose of the State Department not to relax the require¬
ments
Washington
result of the
a
Other officers elected were:
an¬
.
of the Nation's
name
ference's recommendations on how to revive business announced formation
brought Austria
days and it is expected that the quotas will be combined.
difficulty.
Press advices from
"from Austria and presumably from Germany" be¬
yet formally recognized the incorporation of Austria into the German Reich.
nexation
permanent organization, under the
James G. Daly, of
officials explained that tho message to the Government
spoke of emigration,
cause
A
Smaller Business Council, has been formed as
small business men's conference, it was stated
Members of
York "Herald Tribune" said in part:
State Department
were
supervision if widespread human suffering
Washington bureau March 24 the New
bor¬
made available.
"S'
In advices from its
"deserving
to
was reported as saying that some
showing a willingness to participate with the
RFC in granting loans to industry, but no statistics were
refugee problem by any existing in¬
ternational agency.
lending
On March 17, Mr. Jones
banks
of the United States has em¬
In making this proposal the Government
in
payrolls..
country
of immigrants than
is permitted by its existing legislation.
phasized that it in
co-operation
1938
26,
rowers" to. stimulate business and relieve the Government
within the respec¬
be understood that
would be expected or asked to receive a greater number
March
their
seeking
representatives would be designated by
financing of the emergency
any
referred to would be undertaken by private organizations
tive
Chronicle
non-political, nonsectarian and not designed
as
for profit.
The committee said that its formation
government officials "so much
was not a
protest against the act of
expression of desire to help them."
as an
The organizers expressed the belief that all men were entitled to a fair
profit and that that should be "the end and purpose of all laws."
Mc¬
Donald, high commissioner for refugees coming from Germany.
House Passes
20% Naval Expansion Bill—Measure Goes
Senate, Where Debate on Foreign Policy Is
Expected
to
President
Roosevelt
Acts
to
Aid
Large and
Business—Secretary
Morgenthau
Heads
mittee
to
Study Question of
Long and
Term
Credit—Jesse
H.
Jones
and
Small
O.
William
Douglas also Members—Small Business Men Form
Permanent
Organization
Administration's
calling for
States
$1,121,546,000 naval expansion bill,
increase of approximately 20% in the United
an
naval
armed
forces, was approved by the House of
March 21 by a vote of 249 to 100, with¬
any important changes in the text as originally pre¬
sented to Congress by spokesmen for President Roosevelt.
Representatives
on
out
Action taken by President Roosevelt in the furtherance of
financial and for business, large and small, was made known
March 24,
by Secretary of the Treasury Morgenthau at
his press conference. Before leaving
Washington on March
22 for a brief vacation at Warm
Springs, Ga., the President,
according to Secretary Morgenthau asked the latter to
head a committee to study and report on the
question of
loans to industry.
Suggestions resulting from the small
on
The
Com¬
Short
The
measure
immediately went to the Senate, to become the
subject of hearings before the
Senate Naval
Affairs Com¬
mittee, where it is expected to provoke debate on the Ad¬
ministration's foreign policy and the vulnerability of battle¬
ships
to
airplane attack.
House
debate
bill
the
on
was
business men's conference and studies which the Securities
reported in the "Chronicle" of March 19, page 1807.
Stat¬
ing that the measure authorizes a generar 20% increase in
the Navy's fighting strength over treaty limits, including 47
and
combat
curities
from
Exchange Commission made in connection with se¬
flotations, which have fallen off sharply in recent
months' owing to the business and
legislative uncertainty,
have been turned
it
over
York "Herald Tribune" which also stated in
part:
"putting something together that is constructive."
other members of the committee, which met with the
Increases
auxiliaries, United Press accounts
March 21 also had the following to
on
authorized,
but
for which
appropriations
be
still
must
battleships, which, with the four ordered constructed
new
or
made,
appropriated
for in the 1939 naval supply bill, will
give the United States 18 modern, under-age
dreadnaughts.
Two aircraft carriers, making a total of eight.
The
Eight additional cruisers, making a total of 47.
Twenty-five more destroyers, making a total of 147.
more submarines, to bring total strength to 58.
Secretary today, are
James Roosevelt, the President's
secretary and liaison officer;
22
and
include:
Three
Mr. Morgenthau said that the committee will
study these suggestions
with the view of
say,
to the committee
by the President,
Washington advices March 24 to the New
stated in
was
vessels
Washington
in part:
William O.
Nine
Douglas, Chairman of the SEC.; Jesse H. Jones, Chairman 'of the RFC, and
Ronald Ransom, Vice-Chairman of the Federal Reserve Board.
Wayne
marine
Taylor,
fiscal
Assistant
Secretary
the
of
General Counsel, and Cyril B.
Upham,
yesterday's (preliminary) conference.
On March 24 Mr.
The President asked
small business men.
had received
business
on
some
Morgenthau
was
quoted
to meet to consider loans to
There will be other
meetings.
a
New
York
a very
We
was
Mr
Morgenthau
convince^ business
to find out what to
improved to
meet
enter this field to
a
reiterated
a
former
statement
that
he
was
was in need of some assistance, he said the problem was
do about it, whether
private credit procedures should be
the
requirements,
or
whether the
Government should
greater extent than at present.
^
Stating that the study elated back to the February con¬
ference of small business men in
Washington (to which we
referred in our Feb. 5
issue, page 844) Associated Press
accounts from
Washington on March 24 added:
Primarily
as a result of that
resume
conference, President Roosevelt directed the
industrial lending.
Chairman Jones invited business
strength
mentation
with
as many
loans
as
possible.
banks,
was
too
conservative
in
liberal method of financing should
men
asserted that the
making loans
be
devised.
and
that
RFC, like
some
more
sub¬
tenders,
deadly
airplane
950
shall
be
airplanes and specifies that the
3,000
first-line
planes.
It
also
dirigible and earmarks $30,000,000 for experi¬
a
torpedo
engines
boats—commonly referred
to
"suicide
as
munitions.
and
Although the program is generally considered America's answer to aggres¬
Powers, it carries a statement that the United States would welcome
world
disarmament;
President to suspend
of
possible
President
conference.
or scrap
treaty
and
merce
The
of
William
fleet
a
and
offered
was
President
E.
of
State
powerful
territories
abroad,"
policy section
forbids
specifically
the
broad declaration of naval policy, which
a
Secretary
all
protect
Senate criticism
Senators
it
terms.
and
citizens
However,
vessels actually under construction regard¬
any
originally carried
Roosevelt
simultaneously,
Borah
and
Cordell
enough
the Administration's
as
Roosevelt's
(Rep.,
coasts
well
"com¬
as
led by the veteran
W.
Hiram
and
to vigorous
answer
policy,
foreign
Idaho)
approved,
defend both
as
national policies.
out all
carry
had
Hull
to
possessions
Johnson
(Rep.,
Calif.).
Throughout House consideration of the bill, the section had been defended
by
Administration
from
time
[March
It
to
they
event
Many favored the plan
germane,
proposed to Congress by Senator Pepper,
Democrat, of Florida, for setting
but
practically
that
discussion
Representative
to
Frank
mid-Atlantic
of
merely
as
stating
with
"this
all
withdrew
Nation's
suddenness
dramatic
support
naval policy
last
Friday
allowed
and
it
to be
point of order.
a
understood
prevent any
ments
in
on
was
leaders
immemorial,"
18]
stricken
by
However, most of the small business
three
seaplane
small
seven
sor
men to
submit loan applications and
requested the banks to join the RFC in making
authorizes
measure
air
embracing construction of
While
the
the
minimum
sh'ps"—and
less
Washington dispatch it
large seaplane tenders,
repair ships.
addition,
This section
"Times"
four
construction of
important
term credit.
stated:
RFC to
In
a
It is
auxiliary vessels will include five destroyer tenders,
tenders,
authorizes
saying:
industry, including
involving the whole question of long and short
try to work out something constructive.
In
as
subject, including thosefmade officially by the small
us to
study the question and report back to him.
time.
22
three
Navy's
Before he left he gave me
every suggestion which he
this
The
and
Special Assistant, also attended
matter
will
Oliphant,
Herman
He asked
men.
It will take
us
Treasury;
war.
The
although
it
this
abrupt
about-face
on
the floor of
C.
Kniffin
and
would
have
Ohio)
except
amendment
been
legislative
a
device
amendment which was offered
(Dem.,
mid-Pacific
Kniffin
an
was
was
if
the
restrict fleet move¬
to
on
ruled
peaceful
out
policy
of
missions
order
section
as
had
or
not
been
retained.
up_anew_Federal financing
On March
1
a
letter by
>
Chairman Jones of the Recon¬
Corporation
(given in these columns
1485) was addressed to banks and bankers
struction
Finance
March
page
5,
agency to insure business loans.
The
vote
March 21
274
on
came
the
passage
after
that
of
the
body had
bill in the House on
rejected by a vote of
to 113 a motion by Representative Church
(Republi¬
can) of Illinois to recommend the bill to the Committee on
Volume
Financial
146
amendment
instructions to report
with
Naval Affairs
for
calling
striking
the
it back with an
of
the
provision
of 105,000 additional tons of
construction
authorizing the
out
Among those voting for the adoption of the
260 Democrats and 31 Republicans, while the 100
Chronicle
1967
1924 law with the rate fixed at
of smaU investors.
care
15% with special attention given to take
...
As the corporation tax section
agreed
upon now
applies it would
cover
all corporations, banks and insurance companies included, it was stated by
capital ships.
members of the Committee.
bill
yet gotten down to a discussion of possible exemptions or special treatment
were
opposing votes were those of 57 Republicans, 31 Democrats,
seven Progressives and five Farmer-Laborites.
In a Wash¬
ington
to the New York "Herald Tri¬
stated that the two record votes taken that
March 21,
account,
bune" it
was
for certain types of corporations and it is possible that the section might
be changed in this respect.
For banks and trust companies the
the present law and a
over
law fixes
a
day without debate showed that there were 14 members of
the House who would
in.
It
also noted the votes also showed a much
was
had
by enthusiastic advocates of the bill.
majority in
larger
expected
even
favor
of
the
than
measure
been
Jurisdiction
of
to
Bulkley
Highways—Regarded
as
or
regarded as the shelving of the bill of
Senator
Bulkley proposing the construction of super¬
highways was taken on March 2, when the Senate voted
38 to 36 to discharge the Senate committee on Banking and
Currency from the further consideration of the bill (S. 3428)
Roads of which
Post Offices and
McKellar is Chairman,
Senator
and
with the members
who,
There is grave question, however, that any "relief" would
on
or
of his committee is reported as
At the time of the Senate action early
opposed to the bill.
case
of corporations with net incomes of
less, for a tax of 12J^% on the first $5,000 of income, and 14%
the next $20,000.
In providing "relief" for corporations with small incomes from the full
burden of the 18% levy, the plan adopted by the Committee grants to the
corporation with
Measure
Post
^
less, Chairman Harrison explained, is to provide "relief" for the small
corporations.
approval bill which provides, in the
Action which is
on
The present
be granted when the comparison is made with the provisions of the House
Post Office Committee
Bill
Proposing SuperVirtual
Shelving
of
and to refer it to the Senate committee
3% increase
Purpose of credit allowances to corporations with net incomes of $25,000
$25,000
Senate Action Transferring
a
Purposes of Credits Outlined
battleships, but would take the whole program if battleships
must go
18% rate would be
2% increase over the House bill.
15% rate and the House increased it to 16%.
without
rather have naval expansion
They explained that the Committee has not
net income of $25,000
less a credit of 10%
or
of the
difference between the amount of the corporation's income and $25,000.
From United Press Advices from
take the
we
Washington March 24
following:
Majority Leader Barkley and Senators Connally, Democrat of Texas;
Democrat of Ohio, and La Follette,
Bulkley,
Progressive of Wisconsin,
voted against elimination of the undistributed profits tax.
committee in attendance, there were
With the full
17 votes in favor of the elimination.
Mr. Harrison said that 18 members of the committee favored the 18%
rate, and one for a 17%
rate, one voted for an 18H%
He said that the credit
system
this month advices to the New York "Herald Tribune" from
Senate
Washington said:
rate.
for small corporations devised by the
system used in the House bill.
Senator
press conference, the
It would create
a
a
conference with
with his approval.
Bulkley introduced his bill
President Roosevelt and, apparently,
Later on, at a
on
Feb. 9 after
as
President came out in favor of it.
"cold"
were
be
of more
that
in
benefit to them than
said that
estimates
the
given by the
they made no provision for a pick-up in
"notch"
Treasury
business
anticipated by sponsors of the tax revision.
is
The
United States highway corporation with a capital stock
would
committee
Committee Chairman
The
Treasury
estimated
has
that
the
undistributed
present
of $100,000,000 subscribed by the Government and with authority to issue
tax would
bonds guaranteed
profits
pared to revenue of $1,541,000,000 in 1937.
by the Government for the purpose of constructing a
transcontinental super-highway system.
seven
north and south
on a
right-of-way
Reference to the President's press conference on Feb. 15
and his reported approval of the bill appeared in our Feb. 19
1168.
favoring at least
The President was later indicated as
year's study of the program embodies
page
a
in the bill.
House
Passes Resolution
Calling Upon Federal Trade
Commission to Investigate Motor Industry
(Progressive) of Wisconsin directing the Fed¬
investigate the policies employed
by manufacturers in distributing motor vehicles, accessories
and parts, and the policies of dealers in selling motor vehicles
at retail, as these policies affect the public interest."
The
purpose of the investigation is to determine:
or
as
to unfair
and injurious methods employed.
Senator
Tax
by Senate Finance Committee of
from
tutes
Tax
18%
Revision
Tax
on
Bill—Committee
Corporate
Profits
Substi¬
Income—Riders
Defeated
appeal had been made on March 22
by Roswell Magill, Under
Secretary of the Treasury, that the undistributed profits tax
be retained in the pending tax revision bill, the Committee on
March 24 eliminated the tax from the bill, and substituted
in its place a flat tax of 18% on corporate income.
On the
24th the Committee also voted against the proposals to
attach to the bill two riders,—one a bill by Senator Pope
(Democrat) of Idaho, proposing processing taxes on five
basic agricultural commodities to raise funds for payment of
parity benefits to farmers under the Agricultural Adjustment
Act of 1938; the other bill proposed as a rider to the tax
bill (and rejected) was one by Senator Connally to levy
war profits taxes—this it is stated
imposing an unidstributed
profits tax ranging up to 77% on corporations and a 10%
normal tax on individuals with lowered incomes.
A Senate
Despite the fact that
levies in the existing law were
Finance sub-committee of which Senator
recommended
profits
March 23
on
measure as part
On March 24 it
was
of the
Connally is chair¬
the inclusion of the
revenue
war
bill.
House
on
March
11,
these columns March
and
to which reference
was
made in
1639 and March 19, page
1808.
With regard to the Committee's action on March 24
Washington advices to the New York "Journal of Com¬
12, page
merce" said in part:
By
a vote
of 17 to 4 the Committee wrote into the measure
a
flat rate on
corporations of 18% with credit allowances provided for corporations with
incomes of $25,000 or less, which makes it possible for
incomes of
Action
Without
corporations with
slightly less than $2,275 to escape payment of any "normal" tax.
even
a
on
Capital Gains
of the House bill and substituted
The House provided
a
from both levies, while the Senate committee
The Senate group
also restored a separate $5,000 annual gift exemption,
which the House had cut to
$3,000.
Mr. Harrison said the Senate changes were
mendations of Governor
based in part
on recent recom¬
Lehman of New York.
the bill before the Senate Committee opened
and were concluded on March 22, on which
date Under Secretary of the Treasury Magill appeared as
the only witness.
On that date he told the committee
that "the Treasury favors the retention of a tax upon
undistributed corporate earnings as a means of equalizing
the distribution of the total tax burden."
on
March 17,
In
part
March 22
Associated Press accounts from Washington on
reported Mr. Magill as follows:
Under the tax revision bill passed by the House,
he said, approximately
88% of the 200,000 corporations which paid taxes in 1936 would be exempt
The House bill exempts corporations
from the undistributed profits tax.
with
incomes
also had
of less than
$25,000 and Mr. Magill declared the House
attempted to prevent hardships upon corproations both by specific
exemptions and by lower rates.
The
Under
Secretary
reinstatement
urged
undistributed profits tax on closely-held
by the House Ways and Means
floor
of the
plan was
"as
designed
At the same time
a
the
bill of the special
Committee, but was stricken out on the
He said the
House.
in
corporations which was drafted
House Ways and Means Committee's
safeguard" against deliberate tax avoidance.
Mr. Magill submitted Treasury estimates on a taxing
suggested in principle by Senator Harrison, Chairman of the
foe of the undistributed profits tax.
The Treasury
estimated that $40,500,000 more revenue that the House bill provides could
program
Finance Committee, a
by obtained by the alternate program.
That increase would be realized, the Treasury forecast, if a
rate
on
capital gains were substituted for the House-approved
19%
15%
flat
graduated
corporation income rate were substituted for the
undistributed profits levy in the House bill.
Another Treasury schedule,
realized on assets held more
income tax,
The flat rates would bring
has
flat 15%
levy en capital gains
corporation
varying increases in taxes on small corporations.
arguing for retention of the undistributed profits tax, said
been improved in the
features for
on a
would increase by $17,000,000 the House-approved levies.
Mr. Magill,
it
based
than one year and on a flat 18%
House bill to contain "some notable relief
special cases."
insolvent and in receiver¬
undistributed profits tax," he said. "So too
are all banks, insurance companies, mutual investment companies, rental
housing corporations, China TradelAct corporations and corporations
doing business chiefly in possessions of the United States."
Mr. Magill described as equitable the revised capital gains tax in the
House bill.
The present law, he said, already gives capital gains—profits
made on selling property or securities—better treatment than ordinary
"Corporations that are bankrupt, or that are
ship are exempt from the
forms of income.
record vote the Committee scrapped the capital gains
and losses provisions
gift ahd estate taxes.
approved the existing provision of $40,000 for each.
scale and if a flat
estimated by Senator Harrison, chair¬
preferable and that they would not curtail
The Committee eliminated a House provision which would have consoli¬
dated the exemption from
total of $40,000 exemption
of the Finance Committee that the flat
18% rate would
produce $948,000,000 on the basis of the 1938 income, as
compared to estimated revenue of $851,000,000 from the
undistributed profits tax provisions of the bill passed by the
man
cor¬
revenue.
an
to the Senate Finance Committee
man
approximately 130,000 of the 200,000
Yesterday (March 25) the Committee eliminated Houseapproved estate and gift-tax provisions from the bill and
restored provisions of the present law.
In part Associated
Press accounts from Washington, March 25 added:
on
♦
Elimination
Harrison said that
Hearings
of the anti-trust laws are being violated.
any
Treasury estimated application of the
would have produced $1,515,000,000 in
1937 and $948,000,000 in 1938.
monopoly in manufacturing,
warehousing, distribution and sale, and the extent, if any,
The
1938.
rate to corporate incomes
poration returns show net incomes of $5,000 and less.
eral Trade Commission "to
The extent to which
$851,000,000 in
18%
Chairman Harrison said the committee decided that the estate and gift
On March 21 the House passed a resolution of Representa¬
tive Withrow
The extent of concentration of control
by the House, Mr. Harrison said, the Treasury
estimated that the 1937 revenue would have been $1,429,000,000 in 1937
and
at least 300 feet in width.
issue,
Under the bill drafted
It calls for three east and west, and
super-highways, each constructed
produce $873,000,000 during the calendar year 1938, as com¬
virtually the old
"They
will receive still more favorable treatment
bill," he declared.
under the House
Financial
1968
The
Under
turned
then
Secretary
the
to
"it
long
of
action" promptly.
securities exists." he said,
vast reservoir of tax-exempt
a
difficult
is
impossible to make any system of progressive surtax
or
statutory provision, such for example as that which was urged by
Carter Glass when Secretary of the Treasury; possibly a consti¬
a
amendment should
tutional
be proposed
ending these tax exemptions for the
hearing
At the Senate committee
March 21 Ellsworth C.
on
Alvord, representing the United States Chamber of Com¬
merce, urged the committee
to "unshackle" business by
revising the undistributed profits and capital gains taxes.
He asked the committee to remove the "fears of vindictive
taxation" and
system as an experimental laboratory."
To "direct our
country upon a course leading to true recovery," he recom¬
mended the following tax revisions:
A
15%
maximum
rate
corporate
on
with lower rates
incomes,
A
2.
15% to 5% over a 10-year period.
A maximum individual surtax rate of 40%.
4.
Retroactive removal of "a few
of the most glaring
mistakes of the
undistributed profits tax.
Press advices from Washington
said in part:
within 30
days of
"which will be of
tax law
new
a
very
material
benefit to business."
Business
the tax
bill
passed by the House declared that sweeping changes in the
were
measure
appearing before the Senate Finance Committee studying
men
if business
necessary
be aided.
to
was
Several witnesses
urged repeal of the undistributed profits tax and modification of the capital
gains levy.
commodity futures.
Representing floor traders of the Chicago Board of Trade, Mr. Tumulty
"a deadly burden" both on commodity traders and
farmers.
J. W. Hooper,
Chairman of the Tax Committee of the Brooklyn Chamber
of Commerce, suggested
modification of business taxes,
broadening of
a
the tax base and removal of tax exemptions on State and Federal bonds.
L.
M.
Seidman, representing the New York Board of Trade, told the
and that
"many of our troubles can be traced directly to faulty and op¬
fears
are
He contended the undistributed profits tax was "based not upon ability
but upon inability to pay."
overhaul of the sliding-scale capital gains tax approved
in the House.
dangerous game than
more
no
trade," be said.
"It
embargo policy in foreign
an
be played by everybody, with suicidal results
can
he
firmly of the opinion that this proposal, if adopted, would not
am
1482.
Secretary Hull voiced his objections to the proposed import tax of six
pound
pork products in a letter to Chairman Harrison (Dem.,
on
determine
to
how
of economic wealth
licenses
for
for rejected
"And
the
under
any
in
the
under
firms.
he
Act,
business
He said
before government
now
of the
none
equal to
way
the
is
cases
that granted the
com¬
power
Federal
bill."
the bill and changes therein proposed
O'Mahoney appeared in
by
issue of March 5, page
our
Representing the unanimous judgment of its Indus¬
Committee, its Committee
and Anti-Trust
sion
Federal
on
Trade Commis¬
Laws, and its Board of Directors, the
to the members of the Senate
Federal
the
the
most
Trade
drastic
essential feature
States."
Commission
and
far-reaching
character
of
one
the
be
of
power
over
was
authors
of
of the Judiciary Subcommittee,
Chairman
memo¬
every
of the entire economic life of the United
O'Mahoney,
objections and
a
would vest
dictatorial
Accompanying the memorandum
Senator
March 11
on
Judiciary Committee
randum criticizing the bill as a measure which
referring to the "vast
Merchants'
The
created.
letter
a
the
bill
summing
Association
the
up
bureaucracy"
to
and
which
had
been
slated to appear
before the Judiciary Committee's subcom¬
mittee
in respect to the bill.
to testify
unable
that
it
assigned
was
to
it
to
for
arrange
by
the
It found, however,
an
appearance
subcommittee
the
at
therefore,
and,
submitted the letter and memorandum in lieu of
personal
a
appearance.
appearing before the Judiciary Committee, former Sen¬
Daniel Hastings of Delaware presented objections to
the bill, as to which he said it would cost corporations their
ator
whole and
prosperous year to comply with the
licensing measure.
The "Wall Street
Journal" of March 18, reporting this in advices from its
Washington bureau, said:
a
of
provisions
the
Hastings suggested that the bill be stripped of most of the restric¬
tions.
would
"I
would
give
tices,
and
tunity
not
compel
corporations
license
it
for
the
on
take
to
of
license,
a
monopolistic
but
I
prac¬
allege that they are handicapped by not
violating the anti-trust laws or not, the oppor¬
receive
would
provided with
get its
out
border-line
a
pas6
license."
upon
Under
consent
opportunity to
to
new
such
corporation's
a
granted and the corporation had
be
to
corporations
are
which
are
and
Commission
were
should
mission
Miss.) of the Senate Committee.
that
corporations
apply
to
Trade
the
benefit the corn-hog industry of this country even temporarily."
cents a
is
conjecture.
or
said.
commission in
or
knowing whether they
for all.
"I
"Who
what actually happens
reference to
A
corporations
hysteria
on
on
boards,"
Commission
Trade
of
"economic death"
based
are
and
board
the
Mr.
Secretary Hull declared that enactment of a pork tariff, inserted by the
House in the tax revision bill, would be an attempt at economic suicide.
"There is
Harrington said.
maldistributed—to what
power
asked.
.
based
not
"They
missions
profits of
pressive taxes."
He suggested an
of
In
committee that the economic downturn had cost the Nation $70,000,000,000
to pay
,
time
said the taxes place
purpose
■'
■
applications
would mean
would
Secretary to former President Wilson, urged the
P. Tumulty,
Joseph
committee to eliminate present levies on trading in
.
of
said,
of
he
government agency to bring about redistribution
power."
Denial
■
"in
Majority Leader Barkley told the Senate today that he expected enact¬
ment
the
redistribution of
a
declaration
its
in
Mr.
country,"
wealth and
economic
about
Merchants' Association of New York submitted
.
18 Associated
for
1938
of policy proposes | a major operation upon
distributive machinery of the Nation.
The regulation
production and distribution of commodities is placed in the hands
the
a
trial
3.
On March
bill
bring
to
as
this
in
power
much?
too
Senator
rate on capital gains or rates graduated from
123^%
maximum
of
of
on
income of less than $25,000.
is
it
26,
productive and
and
abandon the practice of using "our tax
to
that
is
says
so
overconcentrated ?"
it
is
"The
the
and
what extent is
is
much
the most effective means of
as
future,"
bill
by corporations,
wealth
economic
"To
Senator
1.
commodities
of
extent
effectively.
operate
this
of
1
enabling the Federal Government to control the production and distribution
Possibly the problem can be partially solved
rates
by
as
March
Section
"What
tax exemption
present
Government securities, urging Congress to take "effective
"So
Chronicle
a
arrangement
an
activities.
question which
new
before the
appear
Trade
If
a
arose
Com¬
ventures.
Mr.
Hastings contended that of all the things that the Borah-O'Mahoney
bill is designed to do there are only two things that in his judgment can
Opposition to Borah-O'Mahoney Licensing Bill at
Hearing Before Senate Sub-committee—Texas Sec¬
retary of State Among Those Voicing Objections
Among the
bill,
been voiced before
Committee,
has
a
been
State of Texas,
by
one
corporations,
of
Edward
Clark,
Secretary
of
who at
in Washington,
a
Borah-O'Mahoney
which have
subcommittee of the Senate Judiciary
licensing
the
a hearing before the subcommittee
March 22, characterized the proposal as
on
interstate
This
in the
New York "Journal of Commerce," which, in advices from
its Washington bureau on March 22, indicated his further
opposition as follows:
Clark
Mr.
business
in
business
in
be
would
About
these
the
State,
affected
50%
and
of all
be
would
there
that
all
of
loreign
domestic
of
qualified
$100,000
to
and
about
filing fees collected
$750,000
a
are
paid by
that this
and
year,
the' State.
to
may
like
not
some
which
Federal
he
be
to
controlled
with
agent
says
an
is authorized
or
regulated by
order,
on
He
said
definition
of
rule
or
account of
interstate
"The
anyone,
most
regulation
some
law
in
in
Texas
we
especially
matters
of
real
"Throughout
an
effort
that the
of
his
which
hip pocket
Congress might
commerce
in
the
bill
is
so
broad
that
policy in the bill," he added, "seeks to have Con¬
findings of fact which
controversy are
such findings
is made to
measure
misleading in that conclusions and
are
stated
as
fact
and
of
facts.
declaration of policy, although
disguise the real intent of the bill, it becomes evident
seeks
is
a
hearing before the subcommittee
on
March 15 John
Harrington, counsel for the Illinois Manufacturers Associa¬
tion, described the bill as being a "remedy worse than the
disease
follows
March
it
seeks to
in
United
15:
cure."
Press
stockholder
every
told
the
subcommittee
on
of
the
If
of
or
the
He
reported as saying:
the
principle of this
internal
production
tion
that
condition
tration
corporate
not
of engaging
and
measure were
association
or
in
commerce,
or
might
be
manufacture,
brought
in
approved there is
organization
commerce
within
or
processing,
the
service
of
control
and subjected
no
circumstance
operation, whether
or
in
distribu¬
Congress
as
a
to bureaucratic adminis¬
supervision.
The Illinois Chamber of Commerce is also opposed to the
bill, and in
a
bulletin to the members urges that they com¬
municate with Illinois members of Congress indicating oppo¬
sition to its enactment.
The Chamber is quoted as stating
in
bulletin to members that the bill meant "more bureau¬
a
of
business."
We
Mr.
Harrington
accounts
was
from
quoted
that
and
because
point of probably forcing many concerns out
It
is likewise quoted as
so-called
"big
business"
is
follows:
usually
carried
on
in
more
the
is
of
orderly
manner
than
many
smaller
so-called
businesses
necessity for accuracy in interrelations.
Research, which is the heart of business expansion and development,
only possible through the large businesses which have the force and
equipment to carry it
this
essential
to
This Act would greatly interrupt if not destroy
on.
business.
Senators Warren R. Austin
(Rep., Vt.) and William H.
(Dem., Utah), in declaring against the bill at the
hearing of the subcommittee on March 4, launched an attack
King
against
was
a
the
proposal
"curtailment
of
on
government
American
control,
liberty."
charging
it
,
♦
Opposition to Patman Bill, Providing for Government
Ownership of Federal Reserve Banks—House Com¬
mittee, It Is Stated, Will Temporarily Defer Owner¬
ship Provision and Direct Attention to Price
Maintenance Provision
as
Washington,
feel
systematic
to control
production, mining, manufacturing, local
business and trade, rather than to regulate commerce."
At
of
manufacturing, mercantile and
major farm cooperative business of the United States.
by
not
declaration
-make
affirmative right
Manufacturers,
progress to the
"Down
only regulation of large corporations engaging in such
commerce
but also seeks to regulate production in
purely local business
where the corporation has the stipulated assets.
gress
the
Emery, general counsel for the National Asso¬
of
reincorporation
have passed." *
it contemplates
is
cratic control and personnel and an obstruction to business
well be frank," he told the committee.
as
other
March 16 that the bill would compel the reorganization
do
and
more
or
Opposes Federal Regulation
"I
do
James A.
doing
corporations
corporations
bill.
franchise taxes
to
reported
was
which have assets
amounting
lost
1,173
are
1,345
by the pending
corporations,
revenue
that
related
Texas
commerce.
the
vote.
ciation
"thinly veiled" attempt to control production rather than
regulate
One is prohibition against ownership of stock in another
and
corporation
protests against the
many
requiring
be accomplished.
to
It
was indicated this week that the House
Banking and
Currency Committee will temporarily shelve the provision
Volume
Financial
146
providing for the Government ownership
in the Patman bill
of the 12 Federal Reserve banks and center its attention on
price-maintenance provision.
Hearings on the bill
opened in Washington before the committee on March 2,
at which time Representative Patman, author of the bill,
its
said:
1
'V,;■
■
I think the Federal Reserve banks should be taken over by
control of
the two or three large radio chains to have
reasonable to permit
the Federal Communications Commission as it is for the
In United Press accounts he
of the new
Board of
affect the volume and cost of
quoted President Roosevelt as having said at dedication
He
Federal
Building that Congress had intrusted to the
Reserve
Governors "broad powers which
enable it to
money."
"Since the Board of Governors has so much power,
J
it should be charged
it," the Con¬
claim the former, but I do criticize it for the
"I do not
said.
latter—not
it."
using
opposition to the bill was registered as fol¬
by members of the Economists' National Committee
Monetary Policy:
On March
13
lows
purchase by the Federal Government of the Federal Reserve
The
would be
our
economic activities by the central
banks
of control over
long step in the direction of an undesirable type
a
Government.
central bank¬
ing, and might easily jeopardize the economic welfare of this Nation.
The
bill would permit the substitution of politically-manipulated banking for
what should be a non-political, scientific central banking system.
Further¬
more, the bill would charge this government-owned banking agency with
a
responsibility for maintaining a stable average of prices which in all
The Patman
proposal
runs
of the Cleveland Trust Co., Jules
Bogen of the New York "Journal of Commerce," Alexan¬
der D. Noyes of the New York "Times," Edwin K. Kemmerer of Princeton University were among the list of those
registering opposition to the bill.
Advices to the effect
that the Banking and Currency Committee will temporarily
waive the Government ownership provision were contained
dispatch from Washington March 23 to the New York
''Herald Tribune," from which we take the following:
in a
the
•matters.
Patman measure,
a
the Banking and Currency Committee" of his Government
report by
He added that the committee, however, should continue
Ownership bill.
hearings and allow that angle to rest for the present at
least.
influential members
presented originally as riders to the Patman measure.
These
the price mandate and power to
are
authorize the President to remove
failure to carry out the mandate.
members of the Federal Reserve Board for
members objected to certain
hearings certain committee
the
During
they
matters
debt
war
the
of
former
are
Mr. Hull ex¬
Austria and
consideration,
given
the
of
relationships between
customs,
decided
American
of
replacement
the
are
by
Austria
in
and
establishments
consular
in
responsibility for Austrian debts.
The
to this country totals $26,000,000, while bonds of
Government and its political subdivisions are held
accept
may
Austria
Austrian
privately by Americans to the extent of approximately $18,000,000.
At the
the
time, Secretary Hull took occasion to criticize
same
methods
comments
whereby
annexation
brought
was
his
about,
said the "Times," in a brief state¬
ment he read in which he referred to his address on foreign
being made,
policy before the National Press Club
he
declared
against
the
on
"brute
of
use
national objectives, upheld the principle
treaties
and
international
obligations,
policy of non-intervention
The
"Times"
"The
went
in
quote Mr.
to
on
day before yesterday,"
said,
he
of the sanctity of
affairs
the
March 17 when
force" to attain
and advocated a
of other nations.
Hull
follows:
as
discussed
"I
fully the principles
governing peaceful and orderly international relations and their application
to
present conditions
"The
extent
calculated
the
to
a
incident,
Austrian
the
or
similar incident, is
any
of peace and the preservation of
which this government believes is of course a
in
the
to
of
Government
conference,
press
cussed the
which he
European and other world areas.
endanger the maintenance
concern
At
in
which
to
principles
matter of
United States."
the
March 21, Secretary Hull dis¬
on
Spanish insurgent bombing of Barcelona, as to
reported as saying:
was
"Reports from
among
civilians,
raids,"
doubt
of
the
children,
Barcelona leave
as
a
no
loss
appalling
of
li'fe
result of the recent air
he said.
"I
have
men,
and
women
the position of this
several occasions stated
on
government with
respect to the bombing of civilian populations from the air.
is
based
is
first
that
tion
considerations
on
theory of war
no
this occasion, when
of
humanity and secondly
place
future
civilian
centers
of
I voice a
when
and
Barcelona
at
This position
the considera¬
the loss of life among innocent non-combatants
the whole American people when
taken
on
justify such conduct.
can
I feel that I am speaking
perhaps greater than ever before in history,
for
I
will
population
sense
of horror at what has
earnest hope that
the
express
be made
not
in
the objectives of
military bombardment from the air."
From
"Times"
the
March 19,
Washington dispatch,
we
also quote:
Inquiries
in
the
evoked
the
cruiser
Raleigh,
it
assist
to
[by
reply
evacuating
Hull]
Secretary
the
indicated
Raleigh
American
that
for such
need
in
stationed
is
understood,
is
in
consuls
had
full
the navy's forces for this assistance whenever circum¬
on
demand
local
or
would direct its naval vessels
Americans from Barcelona
whether this government
to
as
Mediterranean
relief
Board of Governors of the Federal Reserve
so-called price level, until full
employment of all persons able and willing to work shall have been achieved,
and until the price level shall at least reach the all-commodity index of
100 as established by the Department of Labor for the year 1926, which is
the same as the average for the years 1914-30, inclusive.
"Thenceforth such price level be standardized and maintained at a
variation not to exceed 2% above or below the standard reached as afore¬
which
Changes Made
concern
be
to
Germany
The
considered these objections and pro¬
posed the price mandate angle, which follows:
the
the
of
part
number of technical steps,
a
being
now
representation
stances
Mandate Detailed
Over the week-end the committee
the
way
authority to call
sections of the original Patman measure.
the
on
immigration and other
will be readjusted in the light of concrete developments,
These
Among
House incorporating the two
of the committee to introduce a new bill in the
necessitate,
place on
consideration."
mechanics
as
what
It is learned that negotiations are now going on among
features which were
the
States
have taken
which
he added.
"On
of Texas, author of the
said today that he "is willing to waive at the next session
Democrat,
States,
steps"
involved
United
Waive Ownership Phase
Patman,
United
the
"technical
plained,
Col. Leonard P. Ayres
To
of
will
Republic
Technical
The
serious
I.
Wright
Austrian
being given appropriate
now
counter to the principles of good
probability could not be fulfilled.
Representative
the
Government
responsibility of abusing power or failing to use
the
gressman
on
of
pertaining to the changes
diplomatic
further reported as follows:
was
events
status
bankers to control
Government credit and currency."
issuance of
with
the Govern¬
It would be just as
the interest of all the people.
and operated in
ment
"The
r'/
1
1969
Chronicle
waters
two American
are
action.
With
Spain.
near
the
destroyers also available for
work.
"It shall be the duty of the
banks to raise the all-commodity index or the
United States Rejects Proposed Accord for Diversion of
Canadian
Power—Secretary Hull Suggests New
Approach
Canada
said.
"It shall be the duty
of the Federal Reserve Board in accomplishing these
expand demand bank deposits by the purchase of United States
bonds and notes, or bonds secured by the United States, or bonds of States
and subdivisions thereof, or other sound bankable assets, and to contract
demand bank deposits by the sale of the securities aforesaid."
ends
In order to assure
Congress the power to regulate the value of money, the
"The Board of Governors of the Federal
Reserve banks is hereby declared
be the agency of the Congress to create money and regulate the value
thereof, as authorized by the Constitution of the United States, and the
to
individual members of such Board shall hold office subject to the will of
of the United States; and either the Senate or the House by
the Congress
resolution may authorize and request the President of the United States to
nominate a successor to a member of the Board from any Federal Reserve
District, the office of the term for which he was appointed, whereupon, the
office of such member upon the passage of such
resolution shall be vacated."
Although influential members of the committee favor
price mandate,
the all-commodity
have expressed privately that the removal powers
some
proposed under the above resolution should be abandoned.
Agreement—
Embodying
Ontario's
Proposal
regarding the Patman bill appeared in
of April 24, 1937, page 2752.
Statement
Hull
by Secretary
Austria—Involves
of
our
on
the Austrian Incident
bearing
fteich,
incorporation
the
on
of Austria
statement
a
into the German
necessitate
on
the part of the United States "a number of technical
steps." A Washington dispatch, March 19, to the New York
"Times" outlined the Secretary's statement on the Austrian
as
follows:
March
17,
1938,
"On
Prochnik,
informed
developments
an
as
Reich;
the head,
been
The
Department
State
which have accurred
independent
that therefore
has been
the Republic
taken
German
nation
of
that,
been
Austria,
result
Edgar
of
by the
Ambassador
basis of
the
Mr.
has
the German
country, of
informed the Department of
additional
Hull
question of power development
the
stressed
need
protection
for
of equality
of
and enclosed a memorandum outlining this
country's objections to individual agreements encouraging
the development of electric power in Canada and its export
opportunity,
the United States.
describing Mr. Hull's reply to the Canadian proposal,
In
Government
The
of Ontario
which he
throughout
informed,
which
for
in
practical
Great
the
performed by the Minister of Austria.
1,200
cubic
feet per
various
improve
effect
conditions
affecting
navigation
Lawrence System, Secretary Hull was
extent expenditures on compensating works
Lakes-St.
reduce to
and
of
carried out would entail certain material advantages.
the project if
would
diversion
the
from the James Bay watershed via the
It was suggested by Canadian authorities
Kenogami River and Long Lake.
some
have
reasons
to
be
carried
out and
maintained
jointly
by the two countries at certain points in the system.
It would also make
available more water along that system for production of electrical power.
There was
the opposition
Canada
attached to the correspondence a memorandum making known
of the Washington Government to large imports of Canadian -
electrical
of
energy
President's
the
of
permitting
In
this
into
plenary
power
country,
power
expressed by President
and
pointedly
reminding
imports.
That note
Feb. 15, following a
the disadvantages and dangers
over
such
Roosevelt on
experts, on
dependence on foreign
the memorandum
of
power sources.
Secretary of State Hull, objections are stated as
follows:
.
State that he
seeks
of water into Lake Superior
second
with American
this
of
waterway system
equality of opportunity for both countries.
discussion
incorporated in
to
Embassy of Germany.
ha6 assumed the functions hitherto
entire international
the
on
views
has been abolished; and that the affairs of the mission
over
of
reiterated
a
diversion
the
same
the
as
for
agreement
an
that country has ceased to
in Austria,
and has
the Austrian mission
of
March 21
permit expansion of its hydro-electric system, but at the
time this Nation urged a speedy general settlement
to
produced
the Minister of
the
for
waters into the Great Lakes-St. Lawrence
It
in which he said that the changes will
annexation
posal
that
Secretary of State Hull issued
note on
Washington dispatch of March 21 by Clarence L. Linz to
the New York "Journal of Commerce said, in part:
and Barcelona Bombings
On March 19
Government, in* a
a
Technical
United States—Comments
States
Secretary of State Hull to Sir Herbert Marler,
Canadian Minister at Washington, declined a Canadian pro¬
issue
German Annexation
Steps on Part of
on
United
The
addressed by
to
An item
have
Bill
to
following amendment is also proposed:
exist
Opportunity"
to "Equal
Withdraws
•
Objections
"1. That exportation of power results
dependent communities or industries.
Are Listed
in establishment in the United States of
1970
"2.
Financial
That Irrespective of the terms of the agreement under which export delivery
»made, the commitments become irrevocable; that Is, the deliveries cannot be sus¬
pended or terminated at any later date without giving rise to international compli¬
cations and being regarded as an unfriendly act.
"3. That export of power enables Industries which otherwise would establish
themselves or branches thereof in Canada, to handle their Canadian business from
Chronicle
of which
brief
Co.
The
position taken by the State Department on both the Kenogami River
significance transcend¬
ing importance of either of the separate issues.
It is a stand calculated
not only to discourage piecemeal agreements, but likely to create Canadian
interest in a broad Boundary Water Act including all phases of beautification, navigation and power, that has been lacking in recent months.
President
Roosevelt's determination
to put
through the broad inter¬
national agreement on which his Administration went to work shortly after
exports is regarded
power
the Senate's
a
rejection of the seaway pact in 1934, Secretary Hull's
spondence discloses, is
as
American
the
agreements,
having
as
tion of Canadian opinion,
corre¬
great as ever.
By declining to take up separate
State Department obviously will hasten forma¬
made up of scattered interests, for
a
general pact.
Canada Outlines Proposal
26,
1938
not made
the
public. The companies signing the
Petroleum Co., the Standard Oil
the Mexican Sinclair Petroleum Corp.
Huasteca
California,
and the Penn Mex Fuel Co.
factories located in the United States."
project and
were
were
of
March
Secretary Cordell Hull referred the brief to the legal di¬
Department for study, pending which he
vision of the State
refused to comment.
He received
a
message on
March 22
from
Josephus Daniels, the United States Ambassador in
Mexico City, he said, but it was on a minor phase of the
situation.
Sometime will be required for a thorough study of the brief
of the
companies.
When it has been completed, considera¬
tion wili be given to the policy to be adopted.
For the present it does not appear that
formal
stern,
will be taken, although the viewpoint of the United
States will be kept before the Mexican Government through
measures
informal
The
commenced
exchange of communications published today
request by the Canadian Government for our views on
with
a
an agreement cover¬
conversations by Ambassador Daniels in Mexico
City and by the State Department with Dr. Francisco
Castillo Najera, the Mexican Ambassador at Washington.
ing the Kenogami River diversion scheme and Canadian power and diversion
to the water put into Lake Superior at points lower in the lake
rights
The
system.
Lawrence
uses
into
the
national
as
sion
Canadian
pointed
note
that
out
negotiations
for
treaty, in 1932, recognized that "water diverted from
watershed
scheme
international
waters
would
lakes.
waterways
exclusively."
should be regarded
St.
for
aid
and
compensation
works
in
the
because this government
only
desires to
the mutual
see
needs
of
both countries
fully provided for, and is convinced that this can best be
done through a jointly-planned development of their extraordinary natural
in
resources
to
the
As
Niagara and St. Lawrence Rivers, that it finds it
adverse decision
convey an
the Canadian
and eager to
is
enter into and push
already aware, this government is ready
to
speedy conclusion negotiations look¬
a
ing toward a mutually satisfactory agreement
problems
important
of
the Great
Lakes-St.
dealing with the varied and
Lawrence
River
March 22 by Arthur
on
of
Premier
advices from Ottawa
Hepburn
was
Slaght, representative in
of Canada,
according
that date to the New York
on
to
"Times,"
which, in reporting the acceptance by Mr. Hepburn of the
Washington attitude, quoted Mr. Slaght as follows:
"The views of the President of the United States
international
Parliament
character
the
the
as
Chairman of the RFC.
of
export
consideration
utmost
and
and
respect,"
receive
Mr,
from
added
President"
"the
that
him
gave
dignified
confidence
and
courteous
"that
thought desirable to indicate to Canada
will do
by the Secretary of Agriculture.
National Mortgage Association To Purchase I nsured
Mortgages Under Housing Act According To Chair¬
It
Slaght declared.
conditions
if
a
communication
change
from
and
it
the
Association,
owned
March 22 that the National Mortgage
and
operated by the Reconstruction
Corporation, will purchase at par and accrued inter¬
est mortgages insured under Sections 203, 207, and 210 of
the National Housing Act.
The announcement was con¬
tained in a letter addressed by Jesse H. Jones, Chairman of
the RFC to Stewart McDonald, Administrator of the Federal
Housing Administration. From Mr. Jones' letter we quote:
1, 1936, and the mortgage insured after January 1, 1937.
Where the mortgage bears 5%
to pay a
interest and the mortgagor is not required
service fee, the Association will allow the seller % of 1% per annum
out of the interest collected for
to pay a
is
service fee,
servicing.
of 1% per
Where the mortgagor is required
annum out
of the interest collected will be
different policy," the President
Where the mortgagor's interest rate is less than 5%
reduced to
an
,
the service fee will be
amount that will allow the Association a net interest return
4K%.
Applications for the purchase of mortgages insured under Sections 207 and
210 of the Act must be submitted to the Association for approval before the
beginning of construction.
Decision
The Association will purchase Section 207 mortgages which bear interest
The Bondholders' Committee for the
Republic of Colombia
announced on March 19 that New York Supreme Court
Justice Lloyd Church had handed down a decision
ordering
an
accounting to bondholders by Hailgarten & Co. and
Kidder, Peabody & Co. as fiscal agents on the defaulted
Municipality of Medellin, Colombia, 6%% bonds. The de¬
given in the New York "Law Journal" of March 16
at
4lA% and will service them.
A service fee of M of 1%
5%
5%
out of the interest will be allowed the seller of
a
mortgage insured under Section 210 unless the Association itself elects
to service the
,
mortgage.
Where the mortgagor's interest rate is less than
the service fee will be reduced to
ciation
a
net interest return of
an amount
that will allow the Asso¬
4M%
The Association also will make loans to mortgagors secured
by mortgages
insured under Sections 207 and 210.
If the Association is required to make advances during construction, a
said in part:
One of the original underwriters and fiscal
agents, Kissell,
was succeeded as fiscal
charge of 1 >£%
Kinnicutt &
agent on Jan. 2, 1932 by Kidder, Peabody &
Co.
Kissell, Kinnicutt & Co. is not a defendant herein, the two defendants
being the original and continuing fiscal agent, Hailgarten & Co. and the
fiscal agent, Kidder, Peabody & Co.
The defendants have never
successor
accounted for their acts.
They admit that the defendant
Hailgarten & Co.
has in its possession cash and $412,000 in face amount of securities
purchased
from the special reserve fund.
no
RFC
on
Finance
of
There is
Jones of
announced
allowed.
Agents Are Trustees of Medellin, Colombia, Bondholders—Appeal Expected from
Co.
was
Mortgages insured under Section 203 of the Act will be purchased where
so.
as
manner
producers will be announced
construction of the improvements on the property was begun after January
N. Y. Court Finds Fiscal
cision
Gum
an
the best friends Canada has in the United States."
He
and
this
subject of such
a
on
should
power
suggest we should regret the position he takes.
Secretary of State, Cordell Hull, are in my opinion
the
Resin
The basis of the loan and the
in which it will be available to
"It would be improper to
The President
Commodity Credit
Corporation has authorized
$7,000,000 to the Commodity Credit Corporation
to enable it to make loans to the American
Turpentine
Farmers Association, Cooperative, upon gum rosin and
gum
turpentine, it was announced on March 16 by Jesse H. Jones,
man
110,000 Quebec horsepower exceeding Ontario's needs
Parliament
to
Gum
The Reconstruction Finance
basin.
of the bill planned to be introduced in the
Canadian Parliament to license export to the United States
announced
on
loan of
Withdrawal
of
$7,000,000
Loans
the specific request set forth in your note.
on
Government
necessary
for
Turpentine
a
>
is
Corporation
power
Secretary Hull, In his reply to the note of the Canadian
Government, said:
It
RFC Authorizes Loan of
It stressed the point that the diver¬
levels
lake
raise
the
national
a
real factual dispute in this case.
The defendant Hailgarten &
Co. claims that it should not be required to account beeause
of the principal amount of the loan will be made
gages under Section 207 and
2%
Where the Association makes
on
a
on mort¬
mortgages under Section 210.
commitment to purchase a mortgage for
future delivery, the Association will require a deposit of 1%
which will be
returned to the seller when the mortgage is delivered and accepted.
The servicing charge allowance will be discontinued when the
servicing
institution fails to render proper services in this respect, and may be can¬
celled or altered
by the Association after five
years
from the date of the
mortgage.
The Federal Housing Act provides that no association controlled
fiscal
ated
agents were "fundamentally and primarily the appointed agents of a foreign
or
oper¬
203.
municipality, i.
the
e
the City of Medellin"; that they were merely authorized
bondholders, but that "such authorization, however, imposes
duty but merely an authority which might be invoked" (citing
.,
to act for the
no
trust
or
Article X, sec. 3, p. 44); that as regards the
sinking fund payments, "the
duty of the fiscal agents
was to the
Municipality of Medellin."
.
.
.
The accounting will include an
accounting not only of property received
by the fiscal agents, but all their
the failure to receive
held.
more
Also, the plaintiffs
or
acts
may
or
omissions which may have affected
have caused
a
The text of the National Housing Act of 1934 was given in
issue of July 14, 1934, page 177.
The text of the United
our
States
Housing Act of 1937 appeared in these columns
Sept. 4, 1937, page 1481, while a measure amending the 1937
was given on
page 976 of our Feb. 12 issue.
Act
diminution of the funds
entitled to know how, under the agreement,
Kidder, Peabody & Co. became successor fiscal agents without assuming
are
liability.
It may
by the Government is allowed to initiate loans insured under Section
be that the accounting will reveal
defendants, either by reason of
a
no
liability
on
the part of these
careful and prudent administration of
their
fiduciary responsibility to the bondholders or by virtue of the ex¬
culpatory provisions in the agreement itself; but these are matters to be
determined upon the accounting.
Railroads to Ask Workers to Take Wage Cut
The Nation's major railroads decided on March 18 to ask
their employees to consider wage reductions.
The
Association
of
American
Railroads,
embracing 140
Class I lines, appointed a committee to meet with spokesmen
for the 21 brotherhoods, representing the bulk of between
950,000 and 1,000,000 workers.
Four Oil
Companies Ask United States Aid
for
Mexico
A claim of "a manifest denial of
of oil properties in Mexico
tion
Department
on
justice" in the expropria¬
was
made
at
the
State
March 22 by the American oil companies
affected.
This is the first formal representation for
for
diplomatic action.
It
was
supported by
a
laying a basis
brief, the terms
"The stated purpose of the projected parley," said J. J.
Pelley, President of the Association, "was a discussion of
the whole situation in the railroad industry to see if we can
get together on remedies to meet the problem created by
the disappointing decision in the rate case."
Mr. Pelley said the conference would probably be held
next week in Washington.
"There was nothing said about
a specific reduction," he added.
"It all depends upon the
outcome of the conference."
Volume
A
Financial
146
Chronicle
spokesman for the Association said negotiations on the
by the carriers and their union employees
In
contracts drafted
In
conclusion, Governor Leliman said, in part:
closing,
bearing
last year could be reopened.
The brotherhoods obtained
wage increases estimated at
$135,000,000 a year in negotiations last summer and fall.
Recently the Interstate Commerce Commission granted
freight rate increases calculated by the carriers at approxi¬
mately 5%. The railroads termed this "entirely inadequate"
in the light of higher operating costs and dwindling revenue.
After naming representatives of Eastern, Southern and
Western roads to the conference committee, Mr. Pelley
announced he would telegraph an invitation to the proposed
parley to George M. Harrison, President of the Railway
Labor Executives' Committee.
Ignoring
as
Asks
^
Senate
Credit Rate
Finance
Committee to
Estate and Gift Taxes
on
50%
Grant
Except
Harrison,
those
intimate
in
devising
the
At
other
all
be
Act
50%
duties
second
incomes
The
in
and
American
amended
credit
to
States
asking
against
independent
taxing policy.
the
those
of
and
of
with
estate
Under
current
tax
such
exclusion
to
if
near-exclusion
government will be destroyed
The
extent
which
to
the
of
two
tax
fields
is
and
shouldered
their
localities
local
use
I
and
give
in
many
equal
uneconomic
in
to
and
into
impotency.
been
has
their
that
and
of
is
ignoring
and
the
States
suited
not
the
of
State
of
many
tax laws
enact
to
local
and
State and
effects.
these thoughts because I
you
profoundly
am
convinced
of
their
importance if this country is to continue according to the pattern originally
planned.
The
2.
rights
for
two
American
of
States
to
impose
death
believed—to those of the Federal
it is
superior,
and
duties
equal—
are
Government.
This
is
so
••(b) Traditionally and historically, this field of taxation was recognized as be¬
longing to the States and was used by them long before It was invaded by the Federal
Government."
The
3.
Federal
takes
should
tax
considerably
be
and
brackets
The
of
Act
as
more
difficulty
of
of
financing
the
depend
in
higher brackets.
the
existing high rates of
yields in future
revenue
The effect of existing estate tax rates
before you
measure
income
tax
taxation on
years.
large measure on the high rates
a
will
rates
will be to break
be
to
sizable
up
The effect of the
of
even
both
these
be
will
the accumulation
prevent
though there be
diminution
a
increase
an
of
yield in future
in national income
years,
great as
as
reasonably be expected.
Hence,
of
case
proposed
the
larger
Tax
it
Bill—"Third^Basket"
Tax
evidence of the feeling against
undistributed profits
uneconomical
hard
seems
much
so
repressive and
to
realize,
conscious
tax
Congress has
shown itself to be of the Nation's attitude, that the prin¬
ciple of the tax has been retained," declares Henry H. Hei¬
mann, Executive Manager of the National Association of
Credit
as
Men, in his monthly review of business sent to the
Association's
member
"whether
the tax
principle
of
the
firms
penalty
law,
will
we
change
in
March
on
is 6%
undistributed
unjust, uneconomic.
If
such
He
adds
21.
He states
much
as
profits
is
tax
that
25%, the
as
still
unfair,
tax
principles are continued
the possibility of a future
face
always
rate."
or
"business
that
hopes
the
that
Senate will courageously meet the issue by eliminating this
section of the bill, which adds complexity to an already
complex taxation
structure."
"The introduction of the so-called 'third basket'
Mr.
says
Since it
be revived in the present or a future session of Con¬
may
it is desirable to analyze the possible effects of such
gress,
business.
tax on
a
tax,"
Heimann, "was almost entirely indefensible.
For years
have heard of the desira¬
we
bility of decentralization in order to give every possible aid
individual
to
enterprise,
to veer away from monopoly, to
and labor relationships, such as
existed in the days when business was small and proprietors
better
establish
and
workmen
taken
is
high,
as
if not
higher,
practical
every
one-sixth of
to
To do
the
would
be
rates
so
of
the
purpose
Federal
rates
in
the
capital
neighbors
were
it
States
but
be recalled
will
graduated estate tax
have
rates
right to
that the Federal
a
allowed,
as
credit
suggested
friends."
and
that
group
absentee
and
this
than
it
In
he
part,
also
expand
its
usually
found
bonus
that
plant;
tax.
have
do
are
in
a
.
wide
a
not
tend
only
of
to
initiative,
of stock.
"stock distribution
means/
better
a
.
diffusion
from
that
expect
we
in effect,
that
to
unless
the "third basket"
so,
.
business
closely-held
basket would be
this
stimulation
greater
individually-owned
in
sharing
stock
If
basket"
stockholders
to
goal
would
force public distribution
ownership could scarcely have chosen
individually-owned
prevent
hold
its
as
that
seriously cripple individual
and
thought to handicap individually-owned business in competition
our
businesses
with
of
has
landlord
"third
bill
tax
a
but could
wipe out family businesses in time,
Revenue
and
20%
to
one-sixth
a
had
we
monopolize business,
say
the
then
And
Is
It is unthinkable that the States will
for
assumes
In this connection
1926
from
"There has been
the
one-half.
percentage
be limited
law
proposed
estates.
tax
than
the
in
The
taxes.
Federal tax still higher duties.
will
taxes
State
70%, and
to
more
the
for
brackets.
various
4.
ceiling
reasonably exacted.
uneconomic.
estate
State
the
graduated
superimpose upon the
unfair
fixes
is
tax
lower
the
In
than
effect
require the payment of taxes out of capital.
result
this
Any
Federal
estate
estates
are
continues:
reasons:
decedent are rights gained under State laws;
a
on
Elimination
"(a) The right tojtraasmlt property at death and the right to inherit property
from
they
large estates.
(personal and corporate) and estate
property
forced
the
follow that that other
may
The result is that the bulk
real
on
have been
con¬
field to
virtually monopolizing those fields to the exclusion
truly alarming.
is
revenue
it
Government
rights of the States in the income
having
monopolizes the
at least starved
or
Federal
authority
not second to but on a
governments,
the other,
the
States
estates
schedule of
The
in
actually
tax,
a
exclusive
power
itself.
of
one
levy
with
a
by Federal
threatened
is
gift tax.
were pre¬
the theory and has prospered
on
power,
Government
conditions,
the
or
States
death
of
account
on
rate to the Federal
States
organized
was
independent
jurisdiction
Federal
the
that
and,
same
the
of
independent taxing
the Federal
with
parity
ultimate
proposed in
and
that
Federal
sovereignty
This country
system
a
the
yields of these taxes
present
behalf- of the Empire
on
Territories
and
reasons
The
fields
beneficial
increasing
financing and
own
their
and
States
and
Certainly
encountering
are
their
the
important
Regarded Almost Indefensible
provide for:
paid to the States and Territories,
under
which
as
Com¬
Finance
impelling him to make the request
sented by Mr. Lehman as follows:
1.
is
the middle and
that is truly "alarm¬
a manner
(b) An extension of the credit at the
The
States
for
means
just
Government.
nomic, Says H. H. Heimann of National Association
of Credit Men—Business, He
Adds^Hopes for Its
and
(a)
The
services
are
letter March 21 to
a
Senate
on
the very outset let me say that I am
Revenue
personal.
revenue
the
people
Federal
localities.
The
In his letter, Governor Lehman said:
State
their
the
Undistributed Profits Tax Unfair, Unjust and Uneco¬
holding hearings
monopolizing the tax field in
ing."
the
and
times,
war
to
by
financing
own
the Administration's
which is
policy
York, in
render
rendered
their
subdivisions.
bill, took exception to the present Federal taxation
as
ignoring States' rights and in some matters
mittee,
revenue
New
Chairman of
during
localities
may
Governor Lehman of
Senator
two further thoughts which have a
you
political
and
Policy Criticized by Governor Lehman
States' Rights—New York Executive
I not leave with
may
this subject?
upon
The first is that the States have to
plan not only for
but for State aid to their municipal and
estates
Federal Taxation
1971
the
be
do
where
wish
be
to
intend
we
of
workmen,
progressive
do
systems
to
mean
we
penalized,
to
and
improve
to
longer possible;
no
they
stock;
earnings
fine consideration
businesses
they
cannot
corporation?
would definitely accomplish
sieve through
a
of
using
this
But
purpose.
which would sift all of the individual
against the Federal tax, death duties paid to the States, but hot to exceed
opportunities
80%
expectancy of growth through the years.
the Federal
of
Later,
tax.
the
1932,
Federal
with Tates graduated
tax
of
in
duties paid
death
It
is
now
taxes.
1<?%%
Stated
70%, but with
to
imposed
an
additional
it
on
and sensibly
is
proposed
to combine the two
so,
allow
to
the
against
of death duties paid
account
estate
account
on
Federal
combined
estate
taxes
a
a
is
no
justification
Its
position
have
the States
As
for
such
be
cannot
equal,
attitude
an
if not
the
on
Federal taxes increased, credit for
this
of
taxes
discloses that
measure
increased from
are
credit for State
it
will
they
The
to
be
6.
that
a
on
net
fraction
is decreased
the
States
are
of
the
rates or a
paid
to
paid to States.
with
was
allowed
rates
in
a
less
Federal
more
favorable
two
Federal
estate
decrease
in
taxes
should
than
be
not
for
be
allowed
against Federal
gift taxes for gift taxes
The Federal estate tax was supplemented by a Federal gift
at 75% of the estate tax rates, but no credit
for
gift taxes paid to the States and
none
is proposed in this
purpose
of the
gift tax
was
to
through the medium of inter vivos gifti.
taxes reach high levels.
In such
estate
to
dealt
with
all
the
the earnings,
on
closely-held
a
whom
of
the
recognizes
corporation
faced
are
in
the
closely-
propor¬
involving,
different
with
impracticability
who has had experience
generally, they are not
who
the
employed
are
savings
being
of
escape
as
it
personal
under
this
they
made
may
when
closely-held
with
organized
in
have
money
the
made
is
for
tax
business,
from
needed
corporations
can
but
that
evasion
usually
their
to
loan
business
finance
to
the
salary,
continually
♦
of
Criticism
Byrnes Federal Reorganization Bill in
by Executive Committee of New
Form
York Chamber of Commerce—Opposition to
Bill by
Merchants' Association of New York
,
Winthrop W. Aldrich, President of the Chamber of Com¬
merce of the State of New York, made public on March 23
interim
an
the
report
prevent
evasion
A gift tax is
cases
jt
may,
of
allow
credit
for
gift
taxes
paid
to
percentage basis as is allowed in the estate tax.
States
and
on
the
necessary
for
every
the
be
same
and
Roosevelt
that
of the Executive
Byrnes Federal
present form.
practical purpose, be said to be an integral part of death taxation.
It
is therefore perfectly obvious that the Federal gift tax should
amended
in
expanding operations.
used
graduated
principal
estate tax
whenever
instance, held, that
portion of individual tax
that,
loans
these
death
measure.
The
capital,
Thus
condition
the credit allowed
limited
developed in the original,
as
subject to this tax if the individuals agreed to
than 4%, and that the
14%.
with
the States.
credit should
tax
left
$700,000 and
more
fraction per cent to
a
has
Present
in
A
cent to
analysis
the clauses, for
be
families,
owners,
business
An
business,
holdings.
conditions,
Anyone
these
themselves.
increase
an
estates of
per
from
consolidation
cover
duties
seen
find
now
taxes
from estate
50%.
State taxes decreased.
who
into
of the provisions,
provision.
parent
testify
revenue
taxation, the credit for death duties should be not less than
5.
the
defended.
superior, claim to
a
of
part
stock
several
does,
financial
not
ratable
their
to
some
One of
would
their
assume
tion
embarkation
obvious.
are
concern
Anyone
right to but one-sixth of the revenue to be derived from estate taxation.
There
for
impractibility of
bill,
to the State.
bluntly, this ignores the equal rights of the States to levy death
purpose tells these sovereign States they have
duties and for every practical
Government.
The
held
additional credit
no
to the States.
proposed,
However,
credit of
Government
the
Government
Copies of the report
members
of
Committee
reorganization
criticizing
bill
in
its
to President
report declares
were sent
Congress.
The
Byrnes bill fails to vest in an agent of Congress
to dete*mine authoritatively the legal availability
appropriated public moneys for particular uses and that
the power
of
its power
of appropriation was in danger of being degraded
to the level of a
ministerial function.
In its resolution the
Financial
1972
Executive Committee expresses its opposition to
the
(1) It fails to vest in
agent of Congress power to determine accu¬
the
availability
legal
the
from
the
will
but in
Treasury,
be
not
of appropriations
consequence
performed.
by law"
made
\
,
provides
It
by
relinquishment
the
for
the executive agencies created by
over
makes
(3) It
activities
of
Service
merit
promote
to
freedom
the
and
and
"It is
a
serious question as to what the American
they depend to the number, I should say,
as
persons, on
with an
people will do so long
of 12,000,000 to 15,000,000
handouts from the Treasury of the United States.
People who
receiving checks from the government are really not in a position to
are
the fiscal questions of taxation and balancing the budget.
They are
They want the money, and the more of it the
affected with an interest.
government does, the more of it they will
The Senate
their functions
all
vests
thereby
Service
Civil
the
of
in
have to do."
March 22 defeated 20 proposed amendments
on
tests included seven
the
in
a
endangerng
from
partisan
The
roll-call votes, of which two ended in ties.
Washington dispatch of March 22 by Charles W. Hurd
New York "Times" outlined action on these amend¬
A
appointed,
politically
Administrator,
system
waste
Commission
Service
the United
Commissioners, and
eliminate
and
economy
bureaus.
States Civil
government
Service
Civil
of
Civil
effort
no
abolishes
(4) It
offices
the
seas
by borrowing immense sums
intended to limit Presidential authority under the bill.
decree.
the
1938
public money and throwing them out.
of
pass on
Congress of its legislative
Congress in that it author¬
izes legislation by executive fiat and requires in practical effect a twothirds, rather than a majority, vote of Congress to override the executive
(2)
powers
to^beat back the
old whisk broom as to try to cure a depression
public
appropriated
of
particular uses, with the result that the duty imposed upon
Congress by the Constitution, namely, that "no money shall be drawn
for
moneys
26,
That is not a source
Mr. President.
We might just as well be trying
of wealth.
an
authoritatively
and
rately
"That is not a means of recovery,
the bill for
following reasons:
March
Chronicle
to the
follows:
ments as
Administration forces have mustered for the bill, as they demonstrated
today, a group which has firm control, although the margin of votes is
politics.
sometimes slim.
Tbe
in
the Executive Committee concludes that
respects the provisions of the bill relating to
of
report
some
accounting and auditing were "a substantial improvement"
provisions in predecessor measures covering the same
over
The Chamber, while in favor of government
ground.
reor¬
ganization to prevent overlapping and duplication of Fed¬
bureaus
administrative
eral
to
promote
efficiency, has voiced its opposition
sions to
the methods proposed
by the Administration.
amendment
any re¬
by Mr. Clark placing the same stipulation on changes in the
functions of the Bureau.
BarkleyJVins Tabling Vote
"senator
King, absent during the second roll call, moved to reconsider
but Senator Barkley, the Democratic leader,
the "functions" amendment,
Louis K.
Bureau should not be touched by
specifying that the Veterans
organization under Presidential direction; it then voted 38 to 38 on a second
and
economy
two previous occa¬
on
The tie votes were cast on one of the most delicate of all political sub¬
jects: veterans' affairs. Under Senate rules a tie vote defeats an amendment.
The Senate first voted 41 to 41 on an amendment by Senator Clark
Comstock, President of the Merchants' Associa¬
tion of New York, made public on March 23 a letter which
immediately moved to table the King motion, and won, 38 to 36.
he sent the
calls and 13 voice votes.
previous day to Senators Wagner and Copeland
urging the Association's objections to the government reor¬
ganization bill.
While
thoroughgoing
a
for
are
example,
there
provisions in the bill with which
some
the
as
other
are
creation
provisions
of
of
National
a
such
disagree that they outweigh those which
we
We
tive
effective.
methods,
ganization
Congress
Executive
too
in
importance with
We also
can
we
be
the
of
positive
subject
4
it
as
Executive
in
approval
places
We
effectively
than
if
it
the
in the
civil
long
service
that
run
vested
in
outweigh
in
importance
the
policy determination of this nature
individual.
an
further
We
that
office
any
suggest
We
in the
multi-member
giving
we
the
is
in
This
the
hands
objection
of
a
might be
final
determining
subject
to
power
to
an
determine
character,
in
positive
approval
and
we
by
the
suggested above for executive orders.
as
substitution of
post audit for the existing pre-
a
believe the former would be
less effective check
a
upon
improper payments and would, in effect, amount to locking the barn
door
after
The
current
out
the
horse
had
been
delays in auditing
stolen.
can
sacrificing the sound principles
"They shall not be assistant Presidents in any sense; they shall be men
and
Prevention
is
better
than
cure.
be cured by increasing the staff with¬
which the present system is based.
upon
Sponsors of Administration Reorganization Bill Win
Important Tests in Senate—Many Amendments
Designed to Limit Presidential Powers Are De¬
feated—Early Senate Approval of Measure Pre¬
dicted
it to ridicule the Democratic leaders by pointing out that its language was
precisely that used by Louis Brownlow, chairman of the President's Re¬
aides.
The
supporters of the measure defeated amendments designed to
it would grant the President
ment bureaus and
agencies.
Senate leaders predicted
As
a
govern¬
result of these test votes,
was
introduced in the
Senate. Early Senate debate was reported in the "Chronicle"
of March 10, pages 1808-09.
The Senate
tentatively ap¬
proved on March 24 abolition of the office of ComptrollerGeneral when it rejected 47 to 36 a
proposal by Senator
Byrd, Democrat, of Virginia, to preserve the office intact.
On March 21 the Senate by a vote of 56 to 28 defeated the
Byrd "economy amendment," which would have proposed a
10% horizontal cut in regular expenses of the government
through reorganization.
Debate on this amendment was
described in the following Washington
dispatch of March 21
the New York "Herald Tribune":
1
untrue to its
pledges of economy
he said the party stood for a 25%
Then, the expenditures
as
given in the 1932 platform.
a
were
Then
Now they are in the
these
taken on other amendments by Mr. Clark,
agencies, including the Tennessee Valley Authority and the Tariff
Commission, as for exempting in the bill, as originally written, the army
engineering corps and the Mississippi River
10%
or
more," he followed
up,
"we
are
by the Senate was almost certain.
A Washington dispatch
of March 23 to the "Herald Tribune" described the debate
as
follows:
A coalition bloc of Senators made a last-ditch fight
Presidential control.
Under the pending
government reorganization bill the functions of the
office would be split between the
current
accounting,
Budget Bureau, which would have control
and a newly created post of Auditor General,
The head of the Budget Bureau is
charged with making past audits.
responsible to the President and can be removed at his pleasure.
In
a
spirited attack on the bill, Senator Harry F. Byrd, Democrat, of
Virginia, charged that the
Administration had been trying to abolish the
independent Comptroller General's office because the last incumbent, John
From
"powerful displeasure of those in high public
in safeguarding public money.
of the aisle he was joined by
the other side
.
.
,
Senator Arthur H.
Vandenburg, Republican of Michigan, who said the last vestige of power
would go out of
the hands of Congress if it let slip its grasp on the purse
to the Bureau of the
The transfer of current accounting and pre-auditing
Budget, he said, would enable the executive branch of
decide for itself, subject to no check, whether it was
the government to
remaining within the limits laid down by Congress in making appropriations.
Senator
Vandenberg linked the President's removal of Dr. Arthur E.
Morgan from the TVA with the idea of centralized control, which would be
vastly increased by passage of the reorganization bill.
"Mr.
President," said the Michigan Senator,
toward multiplied power in
"the trends in this bill
the hands of an Executive who is not always
tolerant of those who disagree with
him—to state the matter mildly—find
themselves illuminated with new light and new admonitions by recent and
contemporary events in the White House.
"We have
a new
crime in America.
I believe it is called 'contumacy.'
has never before been known to exist, at
unable to discover that any other citizen
tumacy'
up to now.
in essence elsewhere
It
least officially, and I have been
has
run
foul of the crime of 'con¬
This does not mean, however, that it has not existed
in the world,
because under every modern form of
dictatorship across the sea and under every absolute
government since
has been the crime of lese majeste, and it seems to me
that 'contumacy' is the American
paraphrase of lese majeste.
"So time marches on, and so does the
by executive decree.
American surrender to government
Contumacy is just part of the parade, and this bill is
the rest of the
parade."
President
Green
a
A.
F.
of
L.
Pledges Cooperation
Seeking Enactment of
Wage-Hour Bill at This Session—Representative
Ramspeck Head of Subcommittee Named to Re¬
thing is
The mistake, he said, was in borrowing
of
with President Roosevelt in
intended."
for recovery.
today to preserve
the^General Accounting Office as an independent agency not subject to
frankly told by the
Senator Bailey gave it as his opinion that if
Congress had balanced the
budget in 1933 the country would be prosperous today and unemployment
down to 3,000,000 or 4,000,000.
Commission.
H Opponents of the bill continued their verbal attacks on
March 23, although many of them conceded that its passage
modest amendment is offered here to
reduce the regular
advocates of the biU representing the Administration that
such
not to be thought of and is altogether impossible and not
and spending
were
reduction in government expenditures.
only $3,500,000,000.
neighborhood of $8,000,000,000.
expenses by
votes
time began there
In debating the economy amendment
today, Senator Josiah W. Bailey,
of North Carolina, made a ringing denunciation of the
spending proclivities
of the government.
He arraigned the present Administration as one which
"And when
voice
strings of the Nation.
over
that the bill would be approved
substantially in the form in which it
was
13
proposing to exempt as many independent agencies from reorganization
He maintained there was as much reason for exempting
authorizations.
office" by being too diligent
won
important victories in the Senate this week, when
limit the powers
power on their own
passion for anonymity."
a
R. McCarl, had incurred the
Sponsors of the Administration Reorganization Bill
to
will not attempt to exercise
shall be possessed of high competence, great physical vigor
Senator Clark had no idea this amendment would be adopted, but used
over
several
President has personal confidence and whose character and
attitude is such that they
accounts; they
commission.
President
policy
made
manner
same
because
is
be
power
also object to the
audit system
a
to
division
or
this
that
Congress
object
This qualification, voted down amid laughter, read as follows:
62 to 10.
organization Committee, to describe the proposed battery of White House
single
a
by placing the administration of the civil service in the hands of
individual subordinate to
to
the policy-determining
the public interest if it
serve
is
that
convinced
are
by
far
vital
of
matter
a
reor¬
presumably
stands
to
Biological Survey, 42 to 20, and, also by Senator Clark, to
qualify authorization in the bill for six executive assistants to the President,
in whom the
initiate
check by the Congress.
feel
of
which
4 for making execu¬
should
to
action
Section
Board,
with
favor.
subject
negative
hands
we
head
the
of
more
board
the
should
provides.
exempt the
Planning
importance
the Executive
that
the
bill
effective
no
because
administrative.
met
Resources
bureau consolidation order, 38 to 29; by Senator Clark,
caused by each
.
accord, such,
object to placing the civil service under the control of
administrator
functions
they
than
the
as
Power
great
but
rather
veto
believe
We
in
are
particularly object to the provisions of Section
orders
the
we
fundamental
by Senator
Byrd, to require the President to submit an estimate of potential savings
reorgan¬
ization of the administrative branch of the Federal Government and
there
Senate defeated amendments as follows:
roll-calls the
Pittman, to forbid tampering with the Forest Service, 50 to 33; by Senator
The letter, in part, said:
recognize that there is real need for
we
There were four other roll-calls, in addition to almost a dozen quorum
On
write Bill
William Green,
Labor that the
Federation would work with President Roosevelt and ConIt
was
President
made
of
the
on March
16 by
American Federation of
known
volume
Financial
14%
to seek enactment at this session of Congress of the
wage-and-hour bill.
A month ago it was regarded as a
Chronicle
1973
The
gress
Sponsorship Committee of the Fund now includes
persons from all trades, industries and professions.
making known its membership, Mr. Rockefeller said:
1,500
over
possibility that the bill might be abandoned so far as the
present session is concerned because of the controversy as
In
to what form it should take.
unselfishly pledged their time and efforts to the
important community enterprise.
ciated
Press
Several
would
members
reach
expressed
agreement
legislators said that
doubtful the
measure
which blocked
a
on
doubt
that the
said:
Labor
House
Committee
Other
of the four proposals before it.
any
if this
even
Under date of Feb. 26 Asso¬
from Washington
accounts
Committee
agreement it
reached
was
It is
The bills now under consideration
/'Vv 'V'
have
launching of this
proper
Ml
It is gratifying, too, to know that every day other leaders of the com¬
business
and
employee
are
groups
joining
this
committee
in
sponsoring to the city the program of the Fund.
A list of the 77 bankers serving on tne
Sponsoring Com¬
recently Announced by the organiza¬
given in these columns of March 12, page 1648-49.
mittee of the Fund, as
by the Labor Committee shape up as
/,'v
of gratification to officers of the Fund that these men
source
munity's
could be brought from the House Rules Committee
Senate-approved wage-hour bill last year.
follows:
a
tion,
was
'
(1) The Senate-approved bill, stripped of all exemptions, but retaining
provisions to impose
and
minimum wage of not
a
than 40 cents an hour
more
maximum work week not shorter than 40 hours.
a
trator in the Labor
(2) A
Trade
ness
Department would have power to grant exemptions.
bill reviving the
1934 National
Recovery
Administration wage
standards and differentials.
(3) The American Federation of Labor's proposal for a flat nation-wide
(4)
to
A
proposal
by
Representative
of Georgia,
Democrat,
Ramspeck,
give the Federal Trade Commission authority over unfair competition
by low wages and long hours.
Yesterday (March 25), Mr. Green told
House Labor
minimum
hour if mandatory annual increases were
a
subcommittee that the Federation would support a
wage
of 30 cents
an
provided.
.
On March 1 Representative Mary T. Norton, (Democrat)
of New Jersey, Chairman of the House Labor Committee,
appointed a seven-member subcommittee to write
promise wage-hour bill.
Robert Ramspeck was
com¬
a
named
Those
sociated
16, given out at the White House, President Green after
"not
a
who
took
great deal of difference"
over details of the
included!Paul S. Willis,
part
President
of the As¬
Grocery Manufacturers of America; Edwin S. Friendly, chairman
of the Bureau of
a
conference held between President Roosevelt and A. F. of L.
was
that there is
Jn his statement of March
Chairman of the subcommittee.
leaders stated that there
Secretary of Commerce Roper and nine nationally known
leaders, in a radio symposium on March 21, agreed
no prospect of a "dynamic" recovery from the
current recession but said that conditions favoring a gradual
acceleration of business activity during the spring were
noticeable.
The nine industrial spokesmen agreed that
business men either had already made or were making the
adjustments necessary for restoration of higher levels of
production.
Some said that if Congress were to dispel
uncertainties hampering business, revival would be much
quicker. The New York "Times" of March 22, in describing
the symposium, said:
business
minimum wage of 40 cents an hour and a 40-hour week.
caused
Revival
This Spring Forecast
by Nine Busi¬
Leaders, Who Appeal with
Secretary of
Commerce
Roper in
Radio
Symposium—Warn
Against Expecting "Dynamic" Advance
A single adminis¬
Advertising of the American Newspaper Publishers Associa¬
tion; T. M. Girdler, President of the American Iron and Steel Institute;
Morris W. Haft, chairman of the Advisory Commission of the Cloak and
Suit
Industry;
Alvan
President
Macauley,
of
the
Automobile
Manu¬
between the President and the Federation
facturers Association; J. J. Pelley, President of the Association of American
proposed legislation.
He said the Federation was not
rigidly committed to an absolute 40-cent an hour minimum
wage, according to United Press accounts from Washington,
Joseph M. Schenck, President of the Association of Motion Picture Pro¬
March 16, from which we also take the following:
Meanwhile
Chairman
Robert
Ramspeck, of the
period of several years until
a
ducers of America, and Dr. John F. Anderson, President of the American
Drug Manufacturers Association.
"Liquidation About Subsided"
Labor subcommittee,
said his group had decided to write a bill improving wages and hours over
a
Railroads; Axtell J. Byles, President of the American Petroleum Institute;
uniform 40-hour week and 40 cents minimum
H Mr. Roper declared that "there is evidence of
"While
The other major matter of policy, whether to adopt the Administration's
standards
or to
Board
a
or
Administrator to adjust an enforce the
accept the A. F. of L.'s plan for enforcement by the Justice
Department, is to be decided later, he said.
.
.
with the President and
Congress to
secure enactment
of
a wage
hour bill
a
good measure, but added "if modification of
the 40 cents floor for wages is necessary to get
opposed
to it."
He made
it
plain,
the bill through, we
however,
that
opposed to any bill which would make 40 cents
wages."
•.
further
stimulate
be expected, yet factors
confidence, coupled with seasonal influences, should
and must be
Roper said.
inventories have reached points of bare subsistence
replenished to meet accumulated consumer need.
and textile industries
well
as
rise that is gaining momentum in
in the automotive
industries that are affected by the
as among
the housing field.
Commodity prices are
showing a firmer tone, the abundance of credit should encourage initiative,
Congress."
of
immediate dynamic upturn is not to
an
"Already accelerated production is being reflected
Mr. Green said the A. F. of L. 40 cents, 40-hour bill submitted several
weeks ago was its idea
now
augment the rate of activity during the ensuing months," Mr
So do we."
"I feel justified in saying that we are agreed that we shall work together
at this session of
that
"In many instances
.
"The President made it plain," Mr. Green said, "that he wanted a wage
hour bill this session.
to
about subsided."
hourly wage is assured workers In interstate industries.
recommendations for
resistance
business and economic decline, indicating that the liquidation period has
an
the
a
standing and progress in the balancing of rights with responsibilities."
The
are not
Federation
hour
labor relations have improved through the development of a better under¬
was
"ceiling for
"t
Secretary stressed
the
volume
increasing
of international
trade
largely through the influence of the reciprocal trade agreements program,
the outlook for which, he declared, was further
with
agreement
brightened by the prospective
Britain.
Mr. Green said that the White House conference was held at Mr. Roose¬
velt's request and that they discussed the wage-hour question "as thoroughly
as
time would
Oklahoma Bankers Hear Discussion of Investment and
permit."
Loan
Policies—Speakers at A. B. A. Regional Con¬
Stress Liquidity and Conformance with
Latest Approved Methods
The Federation President was accompanied by John P. Frey, President
ference
of the metal trades department; Joseph Mclnerny, President of the building
trades
department, and B. M. Jewell, President of the railway employees
department.
Commercial banks
A message
addressed by President Roosevelt on March 3
to Secretary Perkins in which he stated that "there is general
recognition that there should be a floor to wages and a ceiling
to hours" was referred to in our March 5 issue, page 1477.
A previous reference to the wage-and-hour legislation
ap¬
peared in these columns Jan. 15, page 377.
instalment
of
signed
of
Greater
New
York
of the American Banking
Speaking on the subject of
"Commercial Loans," Mr, Koenecke said that the notes of
Fund
might
Appeal for $10,000,000 to
local
of leading New
committee
Yorkers sponsoring the
appeal of the Greater New York Fund for $10,000,000 from
business and employee groups to supplement the finances of
private health and welfare agencies
200 members of the
an
announcement
now
includes
more
than
city's banking community, according to
by Winthrop Rockefeller, Executive
Vice-Cu airman of the Fund's Campaign Committee. Bankers
have
accepted
some
of the most responsible posts in the
campaign organization, Mr. Rockefeller said. As examples,
he pointed out that James G. Blaine, Presideut of the Marine
Midland Trust Co. of New York City, has been elected
President of the
Fund
and is
Chairman cf the
Campaign
Committee and Leon Fraser, President of the First National
Bank of the City of New York is Chairman of the Contribu¬
tions Committee.
F. Abbot
Goodhue, President of the Bank
of
Manhattan Co. of New Yo-k City, has accepted the
Chairmanship of the Finance Section of the Committee on
Firms; and Benjamin Buttenwieser, a partner of Kuhn Loeb
& Co., New York, is Chairman of the Commerce Section of
the Committee on Firms, Mr. Rockefeller said.
Junius
Spencer Morgan of J. P. Morgan and Co. is Campaign
Treasurer.
Frederick W. Gehle, Second Vice-President of
the Chase National Bank of the City of New York, is Chair¬
man
of the Committee
on
Public Relations.
take
the
notes
dealer.
He added:
given
automobiles,
in payment for
They have"found that in this
much
without
funds
Private Health and Welfare Agencies
well be in the personal loan depart¬
as
Many banks have finally come to the realization that it might be better
to
The
are
Conference
Banking
Regional
Includes More Than 200 New York
City1'Bankers—
Supplement Finances of
who
customers
Association at Oklahoma City.
ments of our banks.
Committee
their
by
worthy of credit, H. W. Koenecke, President of the Security
Bank of Oklahoma City, said yesterday (March 25) at the
such borrowers
Sponsorship
and should acquire a fair volume
can
loans,
commercial paper
hazard
and with
direct
their
from
they can employ their
manner
profit than to buy through the
more
houses the six- and nine-month
paper
of financing com¬
panies at a rate of from %% to 1%%.
It
to
seems
that
me
we
may
organizations so as to permit
us
facts and readjust our
just as well face
to take on a part of this type of financing.
Many banks have found it profitable to make arrangements with their local
automobile dealers, taking
virtually all the
paper
the automobile dealer sub¬
mits, setting up reserves for the dealer, and then require him to make any
repossessions
dealers
on
a
While
necessary.
do
we
regular discount basis,
buy
automobile
"from
paper
have found it advisable and to
we
chaser
to
than
interest
could
he
obtain
the
from
finance
We
company.
have
required that the purchaser pay at least one-third of the cost of the
of
balance
is
months.
18
and
our
make our automobile paper contracts direct with the pur¬
of the automobile, giving him the advantage of a lower rate of
advantage
The
our
it
is
for the
financed
We
in
monthly
do not require
instalments
not
to
exceed
the dealer's endorsement
payable direct to the bank.
on
a
this
car.
period
paper,
We have operated along this line
past two years, handling several
hundred cars with
no
repossessions.
The
importance of analyzing securities held in bank in¬
vestment accounts was stressed on March 24 by Falkner C.
Broach, Vice-President of the National Bank of Tulsa, who
said, in part:
Second
with
only to the ability to make money do I consider what is done
profits after they are made,
corporate
credits.
I
prudent management,
fore.
Nevertheless,
management
and in
uses
a
I
admit
that
as
a
our
determining
present
tax
factor
laws,
makes this yardstick of less value
still
consider
it
a
favorable
sign
in appraising
by penalizing
than hereto¬
now
when
corporate
fair share of profits to retire debt, increase surplus,
general improve the financial position of the business.
The plough-
Financial
1974
future earnings and improve the bond¬
;
;
:' - ^
:v ■
power and the use to
put, I do not mean to infer that I overlook such matters
to fixed assets, the valuation of fixed assets, current
margin of safety.
While
which
profits are
debt
of
ratio
as
accord
I
importance to earning
primary
considered,
On the contrary, all of these factors need to be
has been that they tie in pretty closely
position, &c.
to earning
power and the disposition of profits.
If the ratio of debt to fixed assets
is
excessive,
it is more than likely that interest coverage will
be
but
experience
my
fixed
If
deficient.
be
assets
future earnings are likely to
determined by any regulatory
over-valued,
are
if rates charged are
especially
affected,
it may be the result of excessive
dividend payments or over-investment in fixed assets.
It seems to me,
therefore, that the logical approach to an analysis of corporate credits is
from the standpoint of earnings, supplemented, as the individual situation
may require, by a consideration of such factors as mortgage security,
capital structure, working capital, &c.
Fortunately, there is a wealth of available information for use in
members
Of
ing back of profits should increase
holder's
88% declared that high building costs are hold¬
replying,
back new construction, Mr. Fraser said.
This opinion was strongest
Far West and Mountain States, where 96% of the members voted
ing
in
the
to
this
86%
Middle West said high construction costs were a principal
building.
The survey was the second of four being
the
in
conducted
East, and
90% of the members in the South, 80% in the
effect;
in
deterrent
new
by
Mortgage Bankers Association of America this winter,
The group's members are located in 41 States.
the
68 cities.
and covered
Causing
Policies
Government
Uncertainty
and
Fear
Hamper Business Recovery, F. E. Frothingham
Tells Investment Bankers Group in Chicago
If working capital is insufficient,
body.
March 26, 1938
Chronicle
uncertainty of the future are the factors retard¬
Fear and
business recovery, Francis E. Frothingham, President
of the Investment Bankers Association of America, told the
ing
Conference of the Central States Group of
Third Annual
Chicago on March 18.
Speaking extem¬
analyzing corporate credits.
the Association at
Vice-President of the Merchants Na¬
tional Bank and the Merchants Trust & Savings Co. of
Muncie, Ind., yesterday discussed before the conference the
question of "Broadening the Bank's Services."
With the
greater part of bank liabilities payable on demand, he said,
poraneously, "with reference to the position of the invest¬
ment banker in the situation that exists today," Mr. Froth¬
Robert
II.
Myers,
principle of relating asset
bankers should "follow the tested
probable shrinkage."
He continued:
definition of sound liquidity; Assets of sufficently
high quality to assure payment when due or called, predominantly short in
maturity (whether loans or securities), with a small quantity loaned or
maturities
invested
be
to
exceeding
to
schedule over a period not
available cash and demand balances
functions.
Every loan
of mortgages carried would be on an amortized
amount
presuppose
normal deposit
all
coyer
basis.
refer
I
B.
the A.
to
you
manual, "Statement of Principles and
A.
Banks"
Commercial
for
Investment
of
for
expansion
an
of
theme.
And
cash,
times
almost
that
anything
in
around
or
the
note
case
been so
bond
or
can
an
of
(or
stress
out
turn
Little or no
be "pawned" in an emergency.
But I venture the assertion
alleged liquidity which depends upon rediscounting privileges in
portfolio
that
that
aware
Carry more
profits ?—perhaps; but
cannot be fully achieved?
program
of mind.
borrowing and rediscounting privileges have
greater- peace
am
a
short-term quality paper.
broadened
be
to
in
sale
market, for that matter) might
experience.
\
general
the
regional
clearing bouse associations was given the conference on
March 24 by James H. Peniek, President of the Arkansas
Bankers
the
In
said:
Association, who
profitable banking to the
sound and
safe,
of
Belling
American
the small town may be compared to the retail
We have found the Regional Clearing House the best method
public, the small bank in
sales outlet.
of
this contact, explaining the reason for various changes, and
amount of various charges.
We have found that if we can
hanker on the installation of reasonable charges and give him
making
the
proper
educate the
sound
sell
he
reasons,
the
becomes
installation
from
them himself but
on
able to
•
of
service
fair
all
the Regional Clearing Houses are
the fostering of securing credit
credit information, the
in by
engaged
Among the activities
the
sold
only
not
customers.
statements
charges,
the interchange of
borrowers,
the foster¬
authorities.
In some cases other
activities of the Regional Group have been the assistance of the general
program of the State association, but this has been a collateral activity
and not a part of its main reason for being.
The Regional Clearing House organization, or one that serves its same
purpose, should be maintained in the State for use in emergencies as we
discovered during the trying years of the 30's, that such an organization.
already in being can be made a very valuable factor in. meeting unusual
situations.
If it becomes necessary to effect an organization before some
fostering of the reduction of interest payments on deposits, and
of
ing
cooperation
action
of
course
The
the
what
undertaken
in
an
the
sometimes
emergency,
ment
In
number of instances
any
was
distinct help
a
the State, the Regional
a difficult situation.
over
working out
in
1938 Will Fall Below 1937
majority opinion of members of the Mortgage Bankers Asso¬
ciation of America, made public March 19, who have been
the subject.
In the organization's survey, 7*2%
replying expect a decline in the total new
building volume while 71% expect a decline in residential
on
of the members
construction,
according to
organization.
D.
A.
Fraser,
Association's
The
President of
the
added,
announcement
in
part:
the
Middle
in
West and
The
West,
where
Fraser.
decline
this
84% in
the
anticipate
South,
77%
expect
almost
the
with
year,
62%
States
are
In
building volume is to be least expected in
new
the
in
Mountain
predictions
Mr.
total
the
a
the
South
in
lower
a
the
6ame
for
72%
amount;
and 88%
East,
smaller volume this
residential
in
the
the
in
to
according
West
65% of the Association's members expect
68% in
the
Middle West,
and Mountain
States
73% in the
East,
looking for lower
a
and
residential
construction.
"Despite the large-scale government
pated
of
for
later
America
Fraser.
current
this
foresee
year,
decline
in
money
members
lower
given
business
is
funds."
of
volume
reasons
a
"Principal
construction
ernment
to be,
used
have
a
that some have almost disappeared
very
Refunding
buy.
debt
bonded
cheap
of
are
activity.
efforts
the
new
in
new
that
Mortgage
Bankers
building this
high
protection is well nigh certain.
its
what
honest point of view, to convince the Securities and
Exchange Commission that in its effort to eradicate evils it has created
so many bottle-necks, so many expenses,
made it so difficult for the honest
man to go about his business lest he turn inadvertently and run into some
trouble, that perhaps if we can do away with some of these bottle-necks
without making it the more difficult to correct evils, we may be able to
make
some
progress.
of
want
us
An address by John W.
Financing
is
and readily available,
not
both
a
factor
private
because
and
gov¬
Ilanes, a member of the Securities
and
Exchange Commission, before the same group was re¬
ferred to in these columns March 19, page 1813.
Safety Factors Stressed in Bank Investments—Ques¬
tion of Liquidity Analyzed at Length by O. P.
Decker of American National Bank &; Trust Co. of
Chicago
Bank investments should not be made for the purpose
of
making profits out of the bond account, nor should a^banking institution "put away its securities and forget them,"
0.
P.
Decker, Vice-President of the American National
Bank & Trust Co. of Chicago, said in a speech on March 18,
the regional
at
conference of the American Bankers Asso¬
ciation, at Indianapolis.
and
In discussing banking investment
considering
principles to be preserved in
buying securities, Mr. Decker stressed the factors of safety,
liquidity and immunity to major price fluctuations.
Anal¬
the
yzing liquidity, Mr. Decker said, in part:
The
new
liquidity that
lender
at
the
his
ability of
the
from
comes
time
obligation matures is
requires sound projection of judgment
,
borrower
the
of
large bond
that have
issues
be refunded,
ties
I
can
to
only point out to'
correctly
places
satisfactory
of
prognosticate
him
an
the
position
investment
as
a
purchaser of securi¬
willingness of
lenders
having
security
of
though
it
a
matured
in
a
to
lend
that
liquidity that
than
the
tion
of
a
liquidity that
a
refunding.
at
accept
to
the
We
as.
period
private buyer
a
was
is
even
more
ephemeral
from the maturity of a security in anticipa¬
bank's relying on this liquidity involves it in
the risk of being able to find a buyer for the
to sell them, and two, the risk of being
wants
buyer will be willing to pay
that the
have
securities
that
find
the
it
the price
certain
bond like
comes
one,
time
another.
it
wide and ready market,
a
A
assuming two risks:
not
the
from the shiftability of a security, i.e., from the
come
security has
securities
when
in
not
.
that
a
is
much longer
time.
The
is
the
in
by the
fall into this classifica¬
that the failure of
vou
a
In general, maturi¬
whether issued
Federal Government, municipalities, or corporations,
tion.
find
the part of the purchaser of the
on
to
to
type of liquidity that
a
security in determining the borrower's future position.
ties
Government
the
get busy.
to
Association
and
--
We want to make money.
The only way
that money can be made, that profits can be made, is for business to be
active.
The only way for the government to get money for its various
obligations is by taxing profits, unless it goes over to State capitalism,
and the tendencies, gentlemen, are now step by step in the direction of
State capitalism.
And if that happens, we have a totally different system
of finance, and of the use of funds, from what we have today.
All
or
said Mr.
But
think, is to do everything possible, by an objective and
do, I
can
we
intellectually
an
States
costs
And the securities which represent
junior interests find themselves without a market.
We can't make the market.
We are the victim of circumstances.
reason
year,"
construction
not increase debt.
It reduced interest charges.
before the imposition of most of the taxes, and
a part of the total capitalization
relatively small
so
Therefore, those bonds go soaring.
antici¬
construction
did
is
forced
Far
with
the artificial low
The interest charges come
the
fact
building,
confronted
high-priced market, a very low-yield market, in the
better-grade corporation bonds, and outside of that there is no market.
It is an anomalous situation.
It exists because of the paucity of things
We
Far
year.
himself
market.
the
future
decline
replying members
to
of
from
policy,
Despite somewhat lower building costs and increased gov¬
ernment activity in the field, the volume of new construc¬
tion this year will fall below that of 1937 according to the
finds
money
for a variety of causes, among which might be
interest that is being maintained by govern¬
order to sell the government credit.
It is also influenced by a
taxation schemes, which has so disturbed the normal flow of
in
getting
Despite Lower Building Costs and Increased Govern¬
ment Activity,
Mortgage Bankers' Association of
America Predicts New Building Construction in
A
borrow
and delay.
The man who would purchase securities finds himself
by the market situation.
Markets have altogether changed from
they
series
supervising
with
is
problem.
Clearing House
queried
would
who
man
expense
concerned
together of the organization is as difficult a task as working out a solution
to
it has been suggested in high places.
part, Mr. Frothingliam continued:
In
and costly
disillusioning
a
analysis of the organization and activities of
Aii
to
party
And yet
absurd ?
present absence of capital activity, and that he is
a business strike.
Could any suggestion be more
the
for
Jess
or
capital securities which investors buy
such
if
what
more
much
I
responsible
more
The suggestion is
Somehow a feeling has not abroad that he is
should get busy.
he
that
is well nigh stagnant today.
of operation
field
His
mentioned
Standards
this
said:
in a staggered
repaid
I
years.
sufficient
limited
the
and
due
five
than
more
in
to
risk giving you a
I
of Coffin & Burr, Inc. of Boston,
ingham, who is a member
grown
as
this
in
extremely
utterly impossible on
for
one
country to think of United
liquid, but yet > I feel quite
April
1,
1937, for example,
to
$5,000,000 of a long United States Government
2%s, of 1951-54 even at a reasonable price concession.
$5,000,000
for
large quantity of government bonds, but
government bond market
was
breaking
on
very
that particular day,
badly, and everyone
Volume
was
much
very
would
worried,
been
have
Financial
146
I
am
that
sure
of
one
no
regular
the
buyers
I'JThere
block
smaller
blocks of very excellent railroad securities.
To a degree, and certainly at a
price, bonds partake of the liquidity for which real estate is noted—when
you can sell it you won't, and when you want to sell it you can't.
In addition, the price of a security whose liquidity comes from shiftability rather than payment at maturity also becomes a function of the
I need only point out that because of a
general level of interest rates.
change in the general level of interest rates of as little as % of 1% on a
long-time bond like American Telephone & Telegraph 3%% of 1966,
selling at approximately 100% the day of the preparation of this paper,
would change the price of such a security from par to approximately 95%.
With the present high level of interest rates this risk is extremely real
in bonds of long maturity and is one of those which must be given much
consideration if an institution
wishes to buy long-time securities whose
liquidity depends upon their shiftability and not upon the ablity of their
issuer to pay them from the accumulation of funds.
of
willing
The
securities.
acquire
to
condition
same
like
anything
holds
true
that
size
of
today
of a
much
are two
saijf. "The
it from
"But the
vent?"
y
Mr.
tinued.
stock.
and former President of the
name,
New York Stock Exchange, on two
indictments for grand
larceny to which Mr. Whitney has pleaded guilty.
The
case
previously referred to in the "Chronicle" of Maich 19,
was
William O. Douglas, Chairman of the SEC,
the following telegram to New York
prosecuting authorities:
1814-15.
pages
March
on
22
sent
I understand that Richard Whitney comes up
for sentence March 28 on
plea of guilty to an indictment obtained by your office.
As I have previously
told
investigation of all
Commission has
this
you
been
conducting an
two
significant
facts
security from his brother,
pension
have not
cern
phases of the case which are peculiarly our con¬
yet been made a matter of record.
as
♦
A.
E.
Morgan
TVA
available for examination by
March
28.
Accordingly,
for
period of two weeks beyond
a
would appreciate it if you would transmit
we
these facts to the court to
us
if imposition of
see
the sentence could be post¬
poned until April 11.
Mr.
Whitney appeared for questioning at the SEC offices
City on March 24. It was understood he would
attend other meetings of the Commission in order to furnish
information regarding his firm's transactions.
Mr. Whitney was publicly questioned as to his activities
on March 21 by New York State Assistant Attorney General
Ambrose V. McCall, and repeated that he alone was re¬
sponsible for the illegal pledging of securities belonging to
customers of his firm.
This hearing was reported in part
follows in the New York "Times" of March 22:
as
Mr.
After
control
the
and
that
"I
myself invented it," Mr. McCall drew
from him the admission that he knew nothing
wise described
of
a
subsidiary ledger, other¬
by Mr. McCall as a "little black book."
McCall explained to
Mr.
Mr. Whitney, who said he had no practical
accounting experience, how the "little black book" was used in the Whitney
office
conceal
to
the
misuse
of customers'
securities and
the
increasing
insolvency of the Whitney firm.
"I again ask you," Mr.
McCall said patiently, "did you think this
in
Courts—Inquiry
In
a
the
questioning, he
that he had borrowed $1,082,000 as
revealed
November,
when,
he
This is in addition to
earlier testimony as
an
now
admits,
he was
insolvent.
obtained from J. P. Morgan & Co. in 1932.
"the failure of March 8."
loans at least
own
He said he began to pledge
as
early
as
the
at
time
same
into accounts
or
customers' securities
how often he had dipped
Solicitor
General
Mr.
Whitney recalled
an
of securities
To
recover
run
"difficulty" he experienced last November
belonging to the Gratuity Fund, which provides death benefits
He said
these securities were
then
my
its
or
I
policies which Congress may deem
individual accounts" in an attempt to postpone the
After the receipt of the
Whitney testified befoie Referee Irwin
bankruptcy proceedings, and said that the assets
of his firm far exceeded liabilities, and "still do, if properly
of
He also revealed that he had
borrowed
President's
F.
brother,
Shipman, Counsel for Joseph Lorenz, receiver, asked Mr.
Whitney at what time he had first believed his brokerage firm to be in¬
The witness parried with
the statement that insolvency was a
"legal question."
"One is insolvent." Mr. Shipman
observed, "when the value of his assets
is less than the amount of his liabilities.
before
you
filed
your
Weren't you insolvent some time
bankruptcy petition on March 8?"
"Not in my
estimation," Mr. Whitney said.
cle" of March 19, pages 1809-10.
At the close of the con¬
with TVA Directors on March 18, the President
Dr. Morgan until 1.30 p.m. on March 21 either to sub¬
in support of his charges or stand guilty of
"contumacy."
On March 21 the three Directors again
conferred at the White House, and Mr. Roosevelt ordered
Dr. Morgan to retract charges against his colleagues, or
face suspension or removal.
In reply Dr. Morgan challenged
the removal power, and said that he would not resign.
United Press Washington advices of March 21 described this
meeting as follows:
gave
Mr.
Roosevelt handed
corroborate
to
Morgan
far exceeded the liabilities, and
I think the assets
still do if properly administered."
Referee-Kurtz leaned forward with an air of expectant interest
the
a
of
charges
three-point ultimatum after he again
malfeasance
witness to explain
more
fully.
against
and asked
his co-directors.
disputed the Presi¬
dent's authority to inquire into TVA strife.
The
Chief Executive gave him
his
until 2.30 p.m. tomorrow to publicly
charges and co-operate in
the White House investigation,
suspension
resign if he does not wish to follow that course, or face immediate
ouster.
"It is my
judgment," Morgan said in reply, "that my resignation at this
Therefore, I do not tender my
time would not be in the public interest.
resignation."
it is this:
At a press conference later he said "if I sum up my attitude
I do not choose to run away."
for Yellow Springs, Ohio, site of
He added that he was leaving at 6 p.m.
founded, and that he does not intend to com¬
ultimatum
municate with the White House between now and the time the
He would not say whether he would seek redress in the courts
expires.
if he is ousted.
Mr.
Roosevelt said he took action against "my old friend"
"(a)
Arthur E.
"(b)
Morgan has failed to sustain the grave and libelous
which he has made against his
is legally and morally unjustified;
On the face of the record charges of other directors
"(c)
that Arthur
obstructed the work and injured the morale of the organi¬
E. Morgan has
zation of TVA must be accepted as true; he has
in denial of the
reluctantly.
evidence before him he found that:
charges of dishonesty and want of integrity
refused to offer testimony
charges.
Arthur E. Morgan is guilty of insubordination and contumacy
refusing to submit to the Chief Executive's
which he based charges of
in
demand for any facts upon
of
dishonesty and want of integrity on the part
his fellow directors.
requesting Arthur E.
I
feel myself under the painful duty
of
Morgan at once publicly to withdraw the charges
honesty, good faith, integrity and motives
that he had made impugning the
to
his
fellow
directors,
that he will, in
and give to them and to the country assurances
the future, loyally co-operate with his fellow
directors in
carrying out the provisions of the TVA Act.
"For your
The
not
information, Chairman Morgan, I must
of the record that only two courses appear
telljyou frankly!in
open—eitherjyour
member of the Board of TVA."
Chairman handed the President his own ultimatum—that he would
removal
"I'm looking at the question
side of the fence—-from your point of view.
of his
ference
the light
Confident of Solvency
from your
many
a
"Under tnese circumstances,
Bertram
message,
might fight the action in the courts.
Congressional investigation of the entire TVA
controversy seemed certain, with the adoption by the Senate
on March 25 of a
compromise resolution calling for a joint
Senate-House investigation of the TVA; Senator II. Styles
Bridges of New Hampshire took steps designed to impound
TVA funds pending such an inquiry.
The TVA discussion was outlined in detail in the "Chroni¬
a
George Whitney, a
partner of J. P. Morgan & Co.
The New York "Herald
Tribune" described the testimony as follows:
12,897,000 from his
my
that the laws be faithfully
the ousted Chairman
On March 23 Mr.
administered."
abdicate
meantime
the
care
fellow directors; his conduct in this respect
Kurtz in
solvent.
in
cannot
duty to take
He said that on the
collapse.
total
Robert
opponents in Congress charged that he had no authority to
remove Dr. Morgan from office, and it was predicted that
he did not yet know the total of personal loans "which
through
he had
executed."
"improperly pledged."
them, he said, he borrowed the $1,082,000 from his brother.
He added that
were
the
that
remove
Antioch College which he
"unexpected" demand from the Stock Exchange for the return
for members.
But
constitutional
during his last three years as President of the New York Stock
Exchange and thereafter until "the failure of March 8."
because of
announced
H. Jackson, upholding the
Dr. Morgan.
The President
said that he does not object to a "fair" legislative inquiry
into the TVA, and added: "It is clearly the right of Congress
to undertake at any time any fair inquiry into the adminis¬
by
President's right to
or
1932, when he was first pressed for
He could not recall definitely when
funds.
March 22 that he had
Harcourt A. Morgan, one of the two other
Chairman.
The following day (March 23) the
withdraw
unsecured loan of $474,000 that was revealed in
Concerning all other points, Mr. Whitney spoke almost impersonally of
for his
on
Dr.
personal loan from his brother George, of the firm of J. P. Morgan & Co.,
last
TVA Voted By Senate
on
David E. Lilienthai and Dr. Harcourt A. Morgan, and
.
,
to
appointed
Directors
as
President
sent a special message to Congress, with which he sent the
complete record of his personal investigation of the con¬
troversy among the TVA Directors, together with an opinion
and
refused
.
Refusal
Follows
removed Dr. Arthur E. Morgan from his office as Chairman
and member of the Board of the Tennessee Valley Authority,
up
yourself?"
"Absolutely," said Mr. Whitney.
Roosevelt
President
by
mit evidence
Whitney had testified that he was "entirely familiar" with
account
Removed
Chairman—Action
President Roosevelt announced
Meanwhile,
in New York
■
Resign—President
Sends
Message
to
Congress
Explaining Action—Removal Expected to Be Tested
It would be desirable from our point of view if Richard Whitney could
be kept
personal indebtedness of
a
up
March 8.
on
tration of the TVA
have been held but many
piling
financial
borrowed large sums
broker
the
emerged;
nearly $3,000,000 in the last eight years; and he made a frantic effort to
collapse by borrowing $950,000 within six weeks of the sus¬
advisable.
Some private hearings
if
differ¬
stave off the
Whitney & Co. and the indictments of Richard Whitney.
been completed.
a
'■
■■
From the day's long and searching examination of Mr. Whitney's
phases of the circumstances which resulted in the insolvency of Richard
This investigation has not as yet
43,000,000 shares in General Motors
were
But intrinsic worth and market worth—there is
once.
•
without
of the Securities and Exchange Commis¬
firm which bears his
age
thing as a stock market," the witness con¬
It is inconceivable that they would bring any price whatsoever
affairs,
Request of SEC—Broker Testifies at Public
Hearings into Causes of Collapse of His Firm
April 11 sentencing of Richard Whitney, head of the broker¬
a
the market
on
ence."
at
March 22 agreed to delay until
I look on
borrow."
think that made your firm sol¬
you
Kurtz asked.
"Listed
sold all at
Sentencing of Richard Whitney Postponed to April 11,
on
ability to borrow—do
mere
"Well, there has been such
as
sion, New York authorities
definite points always to be considered," Mr. Whitney
first is market value and the second is loan value.
both of those angles, and we did have the ability to
Dr.
At the request
1975
Chronicle
or your
suspension
as a
resign, and added that "I wislj also to say that
tion and deny the
Earlier
Mr.
Before hearing
I challenge the sugges¬
me."
imbroglio.
right and the power to remove or suspend
Roosevelt
had
reviewed
Morgan's answer he said:
the
intra-directorate
Financial
1976
"The present status,
if I
of you. is that I have told
it up for the information of all three
can sum
>tt
further action and that I am giving him until tomorrow
record
as
legislative history of the TVA Act contains no such indications of purpose
Mr. Morgan said that he was
tical purposes I have
been out for some time."
President Roosevelt
TVA,
March 22 dismissed him
on
effective the
him of His removal in
a
Philadelphia Stock Exchange Suspends F. W. Garber
Chair¬
as
& Co. As Insolvent
following day, informing
letter in which he cited
his
as
Following
reasons
■
The White House, March 22, 1938.
Dear Dr. Morgan:
a
result of the hearings
had before
me on
March 11, 18 and 21, 1938,
voluntary declaration of insolvency, the stock
a
brokerage firm of F. W. Garber & Co., at 115 S. Fifth SL,
the contention that the Chairman had not justified his charges
against his colleagues, his alleged obstruction of the work
of the TVA, and his refusal to submit to the President the
facts on which he based his charges.
The text of the Presi¬
dent's letter to Dr. Morgan follows:
As
executive officers appointed by him.
attend TVA Board sessions, he said that "for all prac¬
would attempt to
*
remove
Committee and when asked whether he
of the Congress to restrict the President's ordinary power to
the part
on
prepared to prove his charges against his co-
directors before a Congressional
the
independence
quasi-judicial functions, and the
does not exercise quasi-legislative or
It
hope—I deeply hope—that he will not make it necessary for me to
of
of the executive branch; and
distinguishing factors are not present in the case of the TVA.
These
"If he cannot accede it is his duty to resign.
take further action."
man
a part
the legislative history of the FTC Act as
laid great stress upon
also
indicating a purpose of the Congress to secure the maximum
of the Commission from executive interference and control.
it stands.
"I make this request of him.
"I
quasi-judicial functions and is not
and
it
In the Humphreys case the Court held the
Senate.
distinguishable fact that the FTC exercises quasi-legislative
relied upon the
afternoon to present
in writing any reasons why, as Chief Executive, I should
not take further action as a necessary result of the findings based on the
to me in person or
1938
in the case of a member of the Federal Trade Commission, but
contrary
take some
26,
and should be removable by the President only with
ice for four years
the consent of the
Chairman Morgan that if he cannot accede to
either of the suggested courses that I will nevertheless have to
March
Chronicle
Philadelphia, Pa., was suspended on March 23 by the Phila¬
delphia Stock Exchange. The firm was founded 20 years
ago by Fred Garber.
Since his death, four or five years ago,
his widow, Mrs. Margaret H. Garber, has carried on the
business in partnership with Ferdinand Kernan, William
Durkin and George E. Maurer.
The Exchange membership
is held in the name of the latter.
I regret to inform you that I feel obliged to remove, and do hereby remove,
you
as
member and chairman of the TVA.
effective
As Is
as
This removal is to
become
Ambassador
and from March 23, 1938.
more
Kennedy Declares United States Would
Program—At Dinner of
Pilgrims Society in London Indicates However
Americans Oppose Entangling Alliances
fully explained in the memorandum opinion which I read at
to remove you
(a)
of
for the following reasons:
Openly making
Integrity
against
grave
your
and libelous charges of dishonesty and want
fellow
directors
without
reasonable
excuse
or
Justification.
(b)
Obstructing the work of the TVA.
(c)
Refusing to submit to the demand of the Chief Executive for the
refusing to respond to questions of the Chief Executive relating to charges
ofiobstruction made against
by
you
fe, I have taken note of the fact that
ment
Joseph P. Kennedy, who recently assumed his post as
United States ambassador to the Court of St. James, speak¬
facts upon which you relied in openly making grave and libelous charges
of dishonesty and want of integrity against your fellow directors and
orlin writing
Glad to Join in Peace
Be
the hearing on March 21, and by the record before me, I have been Impelled
recorded in
your
fellow directors.
me in person
remove you other than the state¬
the transcript of the proceedings
before
me
March
on
21, 1938.
A duplicate of this letter is
being filed with the Secretary of State.
Yours respectfully,
FRANKLIN D.
of Nations in a peace program based on economic
limitation of armaments and a revival of the
sanctity of international commitments." "We in the United
States" he said "believe these three steps must be taken
before permanent peace is assured."
At the same time
Ambassador Kennedy told the gathering that "it must be
realized that the great majority of Americans oppose any
entangling alliances," and he further said:
group
have not presented to
you
why I should not
any reason
ing in London on March 18 at the dinner of the Pilgrims
Society declared that "the United States desires peace, not
only for itself, but for the rest of the world," and he added
"it would be glad to join and encourage any Nation or
ROOSEVELT.
recovery,
President Roosevelt's message to Congress on his removal
of Arthur E. Morgan as chairman of the Tennessee Valley
unmortgaged judgment as to the merits of world crises as and when they
Authority follows:
arise.
To the Congress
I
transmit
setting forth the
and my
for the
reasons
information
of the
Congress
opinion
my
which impelled me to remove Arthur E. Morgan,
letter to him removing him,
board of TVA.
as
a
member and chairman of the
I further transmit the opinion of the Attorney General in
regard to my power to remove for cause members of the board of TVA.
also append the transcript of the
hearings which
were
had before
me
I
on
March 11, 18 and 21,1938, and which I think merit the serious consideration
of all those interested in the TVA.
I have filed my letter to Arthur E.
Morgan and the transcript of the hearings, together with all exhibits marked
for identification in the transcript, with the
Inquiry into the administration of the TVA
my
deem in the public interest.
or
its policies which the Congress
But I cannot in the meanwhile abdicate
of the
Congress to the fact that
on
the
evidence
It
whole
policy of the
(b) On the face of the record charges of the other directors that Arthur
E. Morgan has obstructed the work of the TVA were substantiated
by
proof, were not refuted and therefore must be accepted as true;
(c) Arthur E. Morgan was contumacious in refusing to give the Chief
Executive the facts, if any, upon which he based his
charges of malfeasance
against his fellow directors, and in refusing to respond to questions of the
Chief Executive relating to charges of obstruction made
against him by
his fellow directors.
Arthur E. Morgan has repeated the assertion that he will
answer ques¬
tions only to a committee of the Congress.
Obviously, there can be no
committee.
But the Congress will, I
sure, realize that if any member of the executive branch of the
govern¬
any
course
of action in the
to judge from conflicting and contradictory reports which
from abroad, that this attitude of the United States is not well
us
In
understood.
some
quarters it has been interpreted to mean that our
country would not fight under any circumstances short of actual invasion.
That is not accurate, in my opinion, and it is a dangerous sort of
to
seem
imagine
neutral in the
event
believe, is just
as
a
that the
United
States
could
dangerously conceived
a
Congress and else¬
neutrality legislation has been under
But they emanate only from the extreme partisans on either
of our people,
Hull said yesterday.
Mr.
Kennedy in his further remarks stated that "in the
United States we want to preserve our present system by
adding only such modifications as are needed from time to
time to make it function more broadly in the general welfare.
To President Roosevelt and Secretary Hull" he went on to
say "there appears to be a remedy for the present impasse in
world affairs. They call it economic peace.
It is no panacea,
to be sure.
It is, moreover, difficult of realization, but it
seems to offer ultimate
hope of achieving a rational and
enduring solution." In part he continued:
As we all know, Great Britain and the United States are even now trying
to take
a
step together in that direction.
This is
an
aspect of international
branch of government and to insist
world
committee of the
Congress, efficient administrative management of
destroyed in short order.
FRANKLIN D.
a
govern¬
President transmitted with his message to
Congress on
23, argued that if any of the charges against the TVA
man were
established, "the power of removal ought to
He cited what he termed two
sustaining precedents.
opinion, Mr. Jackson said, in part:
March
Chair¬
exist."
In his
collaborate
we
have,
with
any
I
believe,
Nation
amply demonstrated our willingness
willing to
do
business
on
a
fair,
to
non-dis¬
ought to exist.
that
efforts
our
...
sufficiently broad.
are
We must bear in mind that some
stimulation of industrial production has been caused by the rearmament
Such stimuli cannot last indefinitely and Ave must now make
programs.
economic proAdsion for taking up
I think
no one
of
us
the slack which may one day result.
the United States.
.
.
.
Avould assert that we are out of the economic woods.
Taxation has long weighed heavily on you here and it is a great
burden in
Expenditures for public works, armaments, unemploy¬
ment relief and kindred items continue almost unabated
in both nations.
These things cannot continue indefinitely.
I think I may state it is an unassailable
proposition that if any of these
power of removal
and
In seeking to enlarge the flow of international trade, we must take care
The opinion by Solicitor General Jackson, which the
charges is established, the
We are
acutely concerned with better economic relationships with the rest of the
criminatory basis.
ROOSEVELT,
The White House, March 23. 1938.
_
side.
I believe, prefer the middle ground, as the
relations in which America is prepared to take an active interest.
disclosing specifications only to
remain
That, I
misapprehension as the other.
Both of these points of view have been expressed in
debate.
never
general war should unhappily break out.
ment, of high degree or Ioav degree, is ghren the
right by precedent to refuse
to substantiate general charges
against other members of the executive
on
mis¬
understanding to be current just now.
Secretary
ment would be
and
its Independent
foreign
opportunity to examine the situation in the light which
an
seems to me,
reach
(a) Arthur E. Morgan publicly made grave and libelous charges of dis¬
honesty and want of integrity against his fellow directors, and when called
them repeatedly refused to do so;
upon to sustain
a
the
envelops it.
The majority
am
country retain
dominated
My country is unwilling to bind itself to
then
presented I Avas obliged to find that,
objection to hearings before such
their
where during the three years that our
constitutional duty to take care that the laws be faithfully executed.
I call the attention
that
has
viewpoint
future without
Others
Secretary of State.
It is clearly the right of the Congress to undertake at
any time any fair
may
This
insist
United States and it endures to this day.
of the United States:
herewith
Americans
Most
Furthermore,
the TVA being an executive agency
performing executive functions, and
therefore in the executive branch of the
government, the power of removal
ought to be in the President.
,
.
Sounder,
average
more
lasting mthods must be found of assuring security to the
citizen that his job will remain his and that what he has accumu¬
lated by patient self-denial will not be swept away.
My country has decided that it must stand
on
.
its own feet, at least until
regard for treaty obligations has again become fashionable.
Under the principles announced by the
Supreme Court in Myers v.
United States, 272 U. S. 52, there would appear to be no
question that the
power of removal is in fact vested in the President.
The later decision in
Humphrey's executor v. United States, 295 U. S. 602, limited the applica¬
tion of the Myers case but did not disturb the
ruling therein as applied to
executive officers.
state
As a prudent
ment program.
In the
Myers
Postmaster
case
the Court upheld the President's
notwithstanding
a
statutory
provision
power to remove a
that
he
should
hold
guardian of his country's safety, President Roosevelt has urged a rearma¬
In doing so he stated specifically
which
danger is to be expected.
of the world around
future.
and the very apparent
uncertainties of the
His recommendation did not mean, by any stretch of the imagina¬
tion, that he believes
as a
us
that he knew of no one quarter from
He was actuated only by the obvious
precautionary
a
general war to be inevitable.
move
in a time of general stress.
It was intended merely
Volume
P^The
Financial
146
United
States'has
with every
If the force of events should make it
country in the world.
impossible for
us to
It does not
intention of attacking any one.
no
It is now, and intends to remain, on friendly terms
expect to be attacked.
follow this policy, my country will decide, when the
time comes, what to do to preserve the
But surely it is
hope that the collective intelligence of our two countries,
not too much to
More than 20 years ago the two countries joined their efforts
to rebuild anew
is far from
for which
The task to which we are both dedicated
being finished.
have struggled are once again threatened.
we
of reform
international security which would be
stiU waiting for the
are
and the ideals
Peoples, impatient
together with that of the other nations, will seek and find a sure, permanent
necessary for them in order to solve the many social, economic
road to universal prosperity and peace.
problems which the construction of
In the earlier
portion of his address Ambassador Kennedy
said in part:
P In taking
I conceive it to be my
forward with each other.
dually and collectively,
be frank and straight¬
duty to tell you, indivi¬
accurately
as
as
I possibly can, what is in the minds
United States, with equal freedom
I hope to be able to tell the people of the
£* At this juncture of world affairs, it strikes
have come to take those things
we
Our two countries enjoy a relationship
of the world.
me,
the usual diplomatic
discuss
can
We
sider
are
which is unique among the nations
Few other nations
mental reservation that war between
a new
respective positions in the event of a
our
Let us, therefore, avoid loose thinking
us.
good understanding with
a
her by the similiarity of
American nation, which is brought close to
institutions founded on freedom of belief and on
freedom of thought
voice
of the
American
democracy which
you
have
so
nobly In¬
terpreted, Mr. President, Is always listened to in France, in the middle of
appeal to the cooperation of all elements of good will
for the organization of peace.
President Roosevelt in his
I
have
been particularly
reply stated:
pleased to hear the sentiments of friendship
which you have so pertinently expressed
and which find a ready echo in
this country.
-
This government, no less than
Your Excellency's government, Is con¬
democratic institutions, respecting
treaty obligations, and fostering the increased exchange of goods
between
nations to their mutual benefit.
and shun the
We are friends, and as friends we should always be
her course
and fidelity to her
Among these friendships, there is none which she cherishes
than that of the great
more
and financial
order makes necessary.
her problems is concerned, is pursuing
vinced of the necessity of safeguarding
be the deciding factor.
of subterfuge.
able to speak
a
complelled to weigh our words and actions in order to con¬
they would affect
conflict between
use
without
affairs
their
not
how
but
for granted.
We should profit by that relationship.
them may one day
all powers.
I could talk to you for hours about the common
enough.
heritage and the glorious traditions of the English-speaking peoples,
I believe
as
the hurricane, as an
people of Great Britain want and intend.
and honesty, what the
are not
far
so
with the calm resolution inspired by faith in her destiny
The
and hearts of my countrymen.
niceties
France, in
friendships, which does not exclude the desire of
duties here I am moved by one prime consideration.
my
up
That is that we, of all peoples in the world, must
in trying
the ruins of war, 20 difficult years filled with hopes
on
which have not yet been fulfilled.
The principles which are the very basis of our institutions
welfare of its own citizens.
t_ We expect that the rest of the world will do likewise.
1977
Chronicle
Ambassador
Saint-Quentin's arrival in the United States
our issue of Feb. 26, page 1342.
referred to in
was
plainly, knowing that there can arise between us no mis¬
understanding that plain speaking will not clear away.
In that spirit,
I feel that I should remind you of certain factors in Ameri¬
life which have
can
greater influence than some of you may
a
We might just as well realize, at the outset,
has little interest in the details of foreign
Warm
at
Springs,
Ga. for Brief
Vacation
of interest is found in
One reason for this lack
of our
ethnical and geographical peculiarities
the
President Roosevelt left Washington on
that the average American
affairs.
10-day vacation at Warm Springs, Ga.
special train at 8
on a
country.
Obviously, another factor of great importance at the present time is our
economic
own
situation.
.
.
.
The average man wants to know
whether he will be able to keep his job
The possibility of losing job and savings is of immediate
and his savings.
international developments, regardless
and visible interest to him, whereas
of their importance, appear to
V
Roosevelt
President
realize on
countrymen's attitude toward the outside world.
my
be vague and far away.
When I was chairman of the Securities and Exchange Commission in
Washington
one
of the first things I had to do was make a
comprehensive
March 22 for a
The. President left
going direct to Gainesville, Ga.
p. m.
March 23 he dedicated Roosevelt Square, a
civic center, named in his honor, a section which the Federal
Government assisted in rehabilitating following the devasta¬
where,
on
The President's
tion—resulting from the tornado of 1936.
address at Gainesville is given in another item in
En route from Gainesville
and his party
to Warm
this issue.
Springs the President
made brief stops at Atlanta and Griffin.
activities
other things, that speculation in foreign
study of the operation of the various exchanges and speculative
of
our
I learned, among
country.
exchange
is
almost
non-existent
in
Over here, men's minds inevitably
United
the
dealers and the skilled professionals have
The arbitrage
States.
collective interest in other nations
Request of New York Stock
is correspondingly less.
the first to be made by
up his
new duties.
His departure for England on Feb. 23 was
noted in these columns Feb. 26, page 1341.
His nomination
as Ambassador by President Roosevelt on Jan. 7 was referred
to in our Jan. 8 issue (page 198) and confirmation of the
nomination by the Senate was reported on page 380 of our
Kennedy's speech
him since his arrival in London
was
on
March 2 to take
Jan. 15 issue.
Mr. Kennedey's wife and five of his nine children sailed
March 9 to join him in London.
Ambassador Kennedy
called on Prime Minister Chamberlain on March 4 and on
on
March 8
presented his credentials to King George VI.
York Dies
Jacques A. Mitchell, Manager of the Credit Department
of the Federal Reserve Bank of New York, died at his home
in
New York,
Crestwood,
several months.
March 22, after
an
illness of
Mr. Mitchell who was in his sixtieth year
his death had been with the Bank since March
at the time of
personnel of
former
President
merce,
was
1, 1927, and had held the post of Manager of the Credit
Department since Feb. 5, 1932.
United
the
of
announced
Bullitt
C.
Returns
to
to
France
United States for Visit—Count de St.
Envoy from
New
Quentin
Ambassador
American
France
Recently Pre¬
sented Ciedentials—
William C. Bullitt, United States Ambassador to France,
arrived in this country
early in the month (March 4)
United States liner Washington.
that he
here
was
and Washington,
on
on
the
Ambassador Bullitt stated
leave, that he would visit Philadelphia
and would go to Florida for the Easter
holidays.
credentials
to
President Roosevelt
on
March 3, at whien
time he told the President that "the French Government is
not
less convinced
than the American Government of the
necessity of safeguarding democratic institutions, respecting
treaties, maintaining international order and establishing as
soon as possible an economic balance within the framework
of freedom."
The Ambassador also told the President that
France "is pursuing her course with the calm resolution in¬
spired by faith in her destiny and fidelity to her friendships,
which does not exclude the desire of a good understanding
with all
powers."
advices
the
In the New York "Times" Washington
Ambassador was likewise quoted as
French
follows:
of
committee.
the
M. W. Sprague, economist and
former special adviser to the Bank of England, and Carle
C. Conway, Chairman of the Board of the Continental Can
Co. and recent Chairman of the special committee appointed
by the New York Stock Exchange to recommend improve¬
organization.
Exploratory phases of the inquiry have been under way
for the past two months.
The present project was under¬
taken originally at the request of the Stock Exchange and
marks the first time that an outside body has ever been
invited to investigate
the workings of the Exchange.
The
indicated that the study would
the Fund's expense and would be strictly inde¬
Twentieth Century Fund has
be made at
A reference to the request made by the Stock
study be made by the Fund of the effect
of short selling on the security markets appeared in our
issue of Oct. 30, 1937, page 2768.
The Fund states that the
pendent.
Exchange that a
will be made public.
Through its
Gay, the Stock Exchange has promised
available to the committee all information neces¬
President, Charles R.
make
to
sary
the
for
addition to Messrs. Harriman,
the committee consists of the fol¬
study.
In
Sprague and Conway,
lowing members:
Henry Bruere, President
of New York City.
of the Bowery Savings Bank and former
Cham¬
berlain
Economics at Yale University and
Director of the New School for Social Research.
Frederick R. Macaulav, economist, member of the investment counselling
firm of Bernstein-Macaulay, Inc., and author of a book on security prices,
Johnson,
S.
Alvin
Professor
published this month by the
Count Rene Doynel de Saint-Quentin the newly appointed
Ambassador to the United States presented his
French
Chairman
as
executive and
States Chamber of Com¬
Among other members are 0.
finding of the committee
William
ap¬
study of the practice of short
Henry I. Harriman, Boston utilities
selling.
March 20
special investigating committee
the
it to make a
by
pointed
ments in its
Mitchell of Federal Reserve Bank of New
Jacques A.
the
Exchange
Century Fund made known on
The Twentieth
Ambassador
by
Fund to Study Short Selling—
O. M. W. Sprague and Carle C. Conway also Mem¬
bers of the Committee—Inquiry Undertaken at
Twentieth Century
incline toward their neighbor's affairs.
In my country this is not true, and our
by Henry I. Harriman Named
Headed
Committee
this field practically to themselves.
C.
Frederick
of
Mills,
National Bureau of Economic Research.
in the School
of the
Professor of Economies and Statistics
Administration
Business
of
of Columbia University, Past President
Statistical Association.
American
M.
Donald
William
Nelson,
Stix
Vice-President of Sears, Roebuck & Co.
Wasserman,
President
of
the
Investment Corporation
of
Philadelphia.
The work
of assembling a staff
of investigators and col¬
lecting actual data for use in the study will be under the
direction of Dr. Macaulay as Chairman of the Subcommit¬
tee
on
Research.
«
made on March 19 by
Evans Clark, Executive Director of the Twentieth Century
Fund, the investigation will include:
1. Study of previous legislative experiments in the regulation of short
According
selling,
to
an
and their effects.
announcement
Financial
1978
2.
Connultatiom
with
and
traders
professional
operators,
government
officials, critics of the exchange, and academic students of the subject.
short
on
4.
by
interpretation of such statistical data as now exixst
Clarification arid
3.
selling.
the Stock
5.
analysis
in accordance with
Exchange
1907 became associated with Harris,
firm
as
requests from
the committee.
dissolved
was
whole.
a
f
,
l
,
' '
,
The Twentieth Century Fund, which was established and
A. Filene, is a foundation for
research in economic problems.
The present
trustees, who appointed the special committee and author¬
ized the investigation, are:
A. A. Berle Jr., Francis Biddle,
Bruce Bliver, Henry S. Dennison, John H. Fahey, Robert
endowed by the late Edward
partner of the new firm of
Oswald W. Knauth, Morris E. Leeds, Robert S.
Lynd, James G. McDonald, Charles P. Taft and Harrison
Tweed.
♦
Confirms
Nomination
'
of
Ernest
G.
Draper
as
Bank and Trust Co., New York, received authorization on
March 17 to open another branch
On March 12, 1938, the
Superintendent of Banks of the
possession of the business, property
and affairs of The New York Produce Exchange Safe Deposit
and Storage Co. for the purpose of liquidation, pursuant to
the provisions of Section 57 of the Banking Law.
Arrangements have been made, for the convenience of
deposit box-holders who may be interested therein,
may obtain a safe deposit box at any one of the
whereby they
also
System was con¬
by the Senate on March 23.
Mr. Draper succeeds
Joseph A. Broderick, who resigned. Previously, on March 22,
the nomination of Mr. Draper was approved by the Senate
Banking Committee.
He will serve the unexpired portion
of the term of 14 years from Feb. 1, 1936.
President Roose¬
velt's nomination of Mr. Draper was given in these columns
of March 12, page 1653.
A.
Berle, Jr. Resigns
of
New
Elected
York
as
Stock
Member
of
Member of Advisory Group
Exchange—W. L. Johnson
Executive
Committee
of
Stock
Clearing Corp.
The New York Stock Exchange announced on March 23
that A. A. Berle, Jr., who has been a member of the
Advisory
Group of the New York Stock Exchange since its formation
on
Sept. 26, 1934, has resigned as a member of the group.
In a letter to Charles R. Gay, President of the
Exchange,
Mr. Berle stated that his appointment as Assistant
Secretary
of State of the United States necessitated the termination of
his outside interests.
The
appointment of Mr.
President Roosevelt
Berle
by
noted in these columns of Feb. 12,
page 1015 and Senate confirmation was referred to in our
issue of March 12,
page 1653.
The Exchange also announced that Walter L. Johnson has
been elected
Stock
was
member of the Executive Committee of the
a
Deposit Co., 26 Broadway and
Green Safe
Bowling
New York
Resigns
as
Safe
Guardian
Deposit Co., 61
It
was
announced
on
March 24 that the Board of Governors
Exchange has accepted the resignation
of Robert H. Cox as a member of that
body. Mr. Cox, who
is a partner in the firm of Fenner and
Beane, on March 23
transferred his regular
membership to John L. Julian of the
same
firm.
City.
Safe Deposit
Co. of New York, 149 Broadway, New York City.
Society of Chemical Industry to
Meeting in New York on April 8
Hold
The
American
Section
of
the
Society of Chemical In¬
April 8, 1938 at 8:00 p. m. at
dustry will hold a meeting on
The Chemists' Club, 52 East 41st
Street, New York City.
This is to be held
jointly with the American Chemical
Society.
James G. Vail will preside over the meeting at
which Dr. George W. Morey of the
Geophysical Laboratory,
Carnegie Institution of Washington, is to speak on "Rock
Formation:
Nature's Chemical Industry."
A dinner will
be held at the Club,
preceding the meeting and starting at
6:15 p. m.
ITEMS
U vV'U-
ABOUT
Arrangements
New York
BANKS,
were
Stock
TRUST
Co. of New York, 25 Broad Street, New York City.
was made by The New York
Exchange Safe Deposit & Storage Company, in
The above announcement
Produce
Liquidation.
♦
John W. Prentiss, a senior partner in the New York Stock
Exchange firm of Hornblower & Weeks, died of heart dis¬
ease
on
March 18 at his home in New York City.
62 years old.
ated
University
&c.
made March 24 for the transfer of
a
Exchange membership at $56,(XX).
The
were at $62,000 and two at
$60,000, on
previous transactions
March 16th.
He started his
as
a
bond sales¬
partner in the firm in 1906.
a
Mr. Pren¬
tiss helped to organize and served as the second President
of the Association of Stock Exchange Firms.
a
He
also
was
of the Investment Bankers Association.
former President
Ralph Hornblower, of Hornblower & Weeks, issued the fol¬
lowing announcement:
Mr.
Great
the
of
a
firm, I wish to express
our
Prentiss's
deep sorrow at the shock
family,
involves
means
for
our
his
Prentiss's death
passing
his friends and his
associates.
as
the loss
Mr.
is,
continuity of our firm or its operation.
partner
under which
has
been
fully
Hornblower
Manasseli
Miller,
Bank, Brooklyn,
provided
for in
& Weeks has been
President
no
change whatever
The contingency of death
the
partnership agreement
conducted for many
of
the
years.
Prudential
Savings
Y., died on March 10 at his home in
Brooklyn, after an illness of three months.
He was 58
years old.
Born in New York City, Mr. Miller worked for
N.
time in the law office of Supreme Court Justice Mitchell
May, and
Mr.
was
Miller
graduated from Brooklyn Law School in 1902.
was
one
of
the founders of
Guaranty Co., Brooklyn, and
the
was chosen
National
Title
President in 1924.
That year he was elected President of the Prudential
ings
Bank.
At
one
time
he
was
Vice-President
Sav¬
of
National
the
Exchange Bank & Trust Co., in Brooklyn, and
director of the Brooklyn Chamber of Commerce.
a
Joseph Wilcox Spalding, Chairman of the Board of Direc¬
tors of tne North Avenue Bank & Trust Co. of New
Rochelle,
N. Y., died on March 21 at his tome in Watertown, Conn.
Mr. Spalding, who was 80 years old, was graduated from
Columbia University in 1878.
COMPANIES,
1898.
in
with Hornblower & Weeks in 1904
and became
man,
He was
Born in Bangor, Me., Mr. Prentiss was gradu¬
Harvard
from
career
a
American Section of
Wall Street and Woolworth Bldg. office.
Irving Safe Deposit Co., 1
in
of the New York Curb
Broadway and 41 Trinity Place, New
York City.
New York
Member of Board of Governors
Exchange
Street,
"
York City.
which
of New York Curb
5 Beaver
City.
50 Broadway Safe Deposit Co., 50 Broadway and 47 New Street, New
business
Robert H. Cox
listed below, and
institution for the
are
said
prepaid rental of their present boxes:
Speaking for
Clearing Corporation.
and addresses
names
credit from the
receive full
Standard Safe Deposit
A.
office in London, England.
State of New York took
System
firmed
a
♦
institutions whose
The nomination of Ernest G. Draper to be a member of the
When
became
•
Member of Board of Governors of Federal Reserve
Board of Governors of the Federal Reserve
Babcock
According to the March 18 "Weekly Bulletin" of the New
York State Banking Department, the Central Hanover
those safe
Senate
1938
Winthrop, Mitchell & Co.
independent
H. Jackson,
26,
Winthrop & Co.
Mr.
1929
in
of the foregoing findings by the research staff and by
Interpretation
committee
of new data on short selling to be furnished
March
the employ of the Guaranty Trust Co.
Later he worked for
his father's brokerage firm of Hollister & Babcock, and in
this
Assembly and
the
Chronicle
Avenue
Bank
&
Trust
Vice-President and
Co.
as
In 1888 he joined the North
Cashier.
Later he
became
eventually elected Chairman of
the Board, the office he held at his death.
The deceased
banker was also a director of the North Avenue Safe Deposit
Co. and other New Rochelle enterprises.
He was a former
a
was
President of the State Bank Section of the New York State
Arrangements were completed March 23 for the sale of a
membership in the Chicago Stock Exchange at $1,700,
down $100 from the last previous sale.
The Governing Committee of the New York Stock
change at its meeting on March 23 determined that
Exchange shall be closed on Good Friday, April 15.
Ex¬
the
«
Leopold Newborg, senior partner and a founder of the
Exchange firm of Newborg & Co., died on
Hospital, New York City, after
New York Stock
March 22 in the Lenox Hill
a
short illness.
He
was
67 years old.
Rapids* Mich., Mr. Newborg bought
York Stock Exchange in 1900.
A native of Grand
a
seat
on
the
New
Woodward Babcock, a partner in the
brokerage firm of
Winthrop, Mitchell & Co., members of the New York Stock
Exchange, died on March 21 at his home in New York City.
He
61 years old.
Born in New York City. Mr. Babcock
graduated from Columbia University in 1897 and entered
was
was
Bankers Association and
a
member of
the
executive
com¬
mittee of the Association of State Banks.
Total deposits of $224,396,566 and total resources of
$319,468,418 are reported by the Union Trust Co. of Pitts¬
burgh, Pittsburgh, Pa., in its statement of condition as at
the close of business March 7, compariDg with $235,449,329
and $331,235,286, respectively, at the close of business
Dec. 31 last.
In the later report loans and investments are
shown at $147,305,525; United States Government securities,
$123,655,887, and cash on hand and in banks, $43,797,232.
The bank's capital and surplus, at $1,500,000 and $78,500,000, respectively, remain the same, but undivided profits
have increased to $1,320,779, from $833,907 on Dec. 31.
James
lies, formerly Assistant Treasurer
of the Peoples
Pa., was recently pro¬
moted to the office of Treasurer to succeed the late P. A.
Savings
& Trust
Co.
of
Hazleton,
a Hazleton dispatch appearing in
"Money and Commerce" of March 12.
Mr. lies, who joined
Boyle, it is learned from
Volume
Financial
146
institution
the
as
Treasurer since
a
in 1909,
messenger
♦
General
Sumner Jones
J.
had been Assistant
August, 1929.
-»•,
elected
been
has
President of
General Jones,
Trust Co. of Wheeling, W. Va.
the Security
who has been connected with the institution for some years
as
director,
a
member
Committee
Executive
the
of
and
E.
Committee, succeeds the late W.
Chairman of the Trust
♦
of the Licking
County Bank of Newark, Ohio, H. H. Harris was elected
recent
a
President
of
meeting
the
of
institution
the
directors
late
the
succeed
to
George
DeCamp, and Roland D. Smith, formerly Vice-President
and
Cashier, was made Executive Vice-President while
continuing as Cashier, it is learned from -a Newark dis¬
patch, printed in "Money and Commerce" of March 12.
Mr.
Smith, who will be active head of the institution, has been
connected
and
in
$35,027,433, and cash and due from banks, $34,990,210. On
the liabilities side of the report, deposits are shown as $116,213,337 (as against $117,589,045 on the earlier date).
The
capital and surplus of the institution remain unchanged at
$2,800,000 and $4,200,000, respectively, but undivided profits
account
has
increased to $2,274,400 from
$2,037,580 on
Dec. 31.
"■
y.v
vy
■.,r
The Crocker
Stone.
At
with
the
..■:
4
;N •',
;
Bank
of San
Francisco, San
date at the close of 1937.
Licking County Bank for seven years,
was with the Ohio National Bank
THE
4
L.
Loan
Assistant Manager of the Cleveland
Reconstruction Finance Corporation,
Wadsworth,
Agency
has
been
Co.
of
of
the
elected
Vice-President of
a
the
Citizens
Banking
Dwight Y.
LeFever,
former Cleveland
banker, it is learned from
"Money and Commerce" of March 19, which added:
Mr.
Sandusky,
Wadsworth,
Cleveland,
merged
with
Assistant
he
when
Ohio,
formerly
an
to
succeed
examiner
the
the
in
late
Ohio
Banking De¬
State
resigned to become Treasurer of the State Banking & Trust
partment,
where
he remained
Union
the
Vice-President,
became
Trust
12
Co.
remaining
associated
with
In
years.
Mr.
and
in
that
the RFC
1926
Wadsworth
position
Co.
the State bank was
elected an
March, 1932,1
was
until
office.
Nationaj
In its condition statement
as of March 7, the First
Minneapolis, Minn., reports tota*
assets of $145,1.54,493 (comparing with total resources o*
$147,079,792 on Dec. 31, 1937), of which the chief items are:
United States Government securities (direct or fully guaran¬
teed obligations), $58,9.50,747; cash and due from hanks,
$42,020,362, and loans and discounts, $33,374,266. On the
liabilities side of the statement, total deposits are given as
$129,671,632 (down from $131,-549,040 on the earlier date).
Capital and surplus at $6,000,000 each remain the same,
but undivided profits are shown at $1,540,165 (down from
$1,623,513 at the end of 1937).
Bank
&
Co.
Trust
of
4
We learn from the "Commercial West" of March 19 that
Vice-President of the First National
recently elected President of
the First State Bank of St. Paul, succeeding Elmer C. Turn-
N.
Paul
Delander,
a
Bank of St. Paul, Minn., was
and that Walter E. Olson, formerly an
Cashier of the First State Bank, was at the same
quist,
Assistant
time
pro¬
moted to Cashier, replacing Harry L. Johnson. In addition
to Mr. Delander and Mr. Olson, the bank's personnel in¬
cludes: F. L. Oberg, Lewis Swenson and E. W. Ostergren,
Vice-Presidents, and Kermit E. Nordquist, Assistant Cashier.
♦
The
lowa-Des Moines National Bank & Trust Co.,
Des
Moines, Iowa, in its statement of condition at the close of
$39,816,809 and
$35,601,939
$39,687,542, respectively, at the close of business
31, 1937. The principal items making up the resources
7 shows
business March
total
and
Dec.
the
total "deposits of
of $43,957,915, as compared with
resources
current
statement
are:
Cash
and due from banks,
$15,292,694; loans and discounts, $11,801,491; United States
Government securities, $10,172,814, and State, county and
municipal securities, $4,091,693. The bank's capital
re¬
mains unchanged at $3,000,000, but surplus and undivided
profits
are
down to $850,828 from $857,707 on the earlier
date.
4
The
First National Bank in
Palm Beach,
Palm Beach,
Fla., in its statement of condition as of March 7 shows total
resources
of $9,283,357, of which $8,010,487 is made up
of the following items: Cash and due from banks,
States Government bonds, $4,092,848;
United
$2,737,938;
State and
municipal bonds, $701,823, and other listed and marketable
bonds, $477,879.
On the debit side of the statement capital
is given as $200,000; surplus as $400,000, and undivided
profits as $121,751.
The items of surplus and undivided
profits, we are advised, have since (March 15) been increased
through voluntary contributions to $600,000 and (approxi¬
mately) $160,000, respectively, giving the institution, with
its capital of $200,000, a capital structure of $960,000.
The
bank recently installed the Bell System's teletypewriter
service for its own use and the convenience of clients.
B. H.
Kroger is Chairman of the board and Wiley R. Reynolds,
President.
4
The
Whitney
Orleans, La.,
of
■
prior to that time
J.
in
;■
First National
Francisco, Calif., as of March 7 shows total deposits of
$122,804,390 and total assets of $138,146,976 (as against
$129,105,628 and $144,821,906, respectively, at the close of
business Dec. 31 last).
The principal items making up the
assets in the present report are:
Cash and sight exchange,
$25,557,594; securities, (unpledged), $59,342,339, and loans
and discounts, $31,373,542.
The bank's capital and surplus
remain unchanged at $6,000,000 each, but undivided profits
have increased to $2,051,234 from $1,969,105 on the earlier
Columbus, Ohio.
of
1979
Chronicle
National
Bank
of
New
Orleans,
New
in its statement of condition as at the close
$126,193,302 (as
of $127,411,974 at the close
business March 7, shows total assets of
compared with total resources
of business Dec. 31, 1937), of
United
States
Government
guaranteed, $42,307,158;
which
the chief items are:
direct and fully
obligations,
loans,
discounts and acceptances,
Price movements
CURB
on
EXCHANGE
the New York Curb Exchange have
pointed downward during the greater part of the present
week.
There have been brief periods of strength
modest gains
and at times
recorded in a number of the trading
favorites, but considerable selling has been apparent and
most of the advances were canceled as the week progressed.
The volume of sales registered a sharp increase, particularly
on
Wednesday when the turnover reached 341,230 shares
against 130,220 on Monday.
Lessening of the European war tension stimulated trading
on the
New York Curb Exchange during the abbreviated
session on Saturday and many trading favorites ended the
day with advances ranging from small fractions to a point
or more.
Specialties were conspicuous on the side of the
advance and registered
numerous
small gains.
Public
utilities were moderately higher on small demand and metals
were firm,
but the advances were limited to a few of the
more active issues.
Oil stocks, on the other hand, were
generally weak due largely to the announcement that
American oil properties in Mexico had been taken over by
Mexican interests.
The transfers for the day moved up to
approximately 90,000 shares, the largest Saturday volume
since the middle of January.
The.best gains included among
others, Aluminium, Ltd., 4 points to 85; Babcock & Wilcox,
3% points to 83; Pittsburgh Plate Glass, 3 points to 69, and
Brown Co. pref., 3% points to 20.
Curb market stocks were substantially higher on Monday,
and while some profit taking was in evidence around the
noon
hour, it was quickly absorbed as price movements
continued to point toward higher levels.
Mining and metal
stocks were active and registered some moderate gains,
particularly Lake Shore Mines which climbed up to 51%
at its top for the day and later dropping to 49 % and closing
with a fractional gain.
Other advances were Aluminium
Ltd., 3 points to 88; Lynch Corp., 1 point to 31; Newmont
Mining, 3 points to 59; Brown Co. pref., 1 point to 21, and
Ohio Oil pref., 1% points to 108%.
Public utilities were
quiet, aviation shares were steady with minor changes and
industrial specialties made little change either way.
Industrial specialties turned weak on Tuesday and lost
ground to the extent of 6 or more points.
The market was
fairly steady during the opening hour but weakened in the
afternoon due largely to absence of buying power.
Mining
and metal issues were down and the aviation shares showed
some
were
comparatively little change.
Public utilities held fairly
steady and oil issues were easier.
The volume of transfers
was
slightly higher, the total sales being approximately
142,000 shares against 130,220 on Monday.
Noteworthy
among the declines were Aliminum Co. of America, 2%
points to 71; Babcock & Wilcox, 4% points to 75%; New
Jersey Zinc, 2% points to 55; Pepperell Manufacturing Co.,
3 points to 65, and Singer Manufacturing Co., 6 points to
224.
as the Curb list
Public utility preferred
stocks led the downward movement followed by a goodly
number of the industrial specialties and mining and metal
shares.
Oil stocks were down and numerous substantial
declines were recorded by these issues and other active
trading groups.
The turnover was the largest of the week,
the total transfers reaching approximately 341,230 shares
with 479 issues traded in.
These included 26 small advances
and 318 declines, 186 of the latter touching new lows for
1938.
Prominent among the losses were Aluminum Co. of
America, 5 points to 66; United Gas pref., 6% points to
74%; Pittsburgh Plate Glass, 2 points to 66, andPenn. Salt,
4% points to 135%.
Stocks were moderately firmer during the early trading on
Thursday but gradually weakened as the day progressed and
the declines were largely in excess of the advances as the mar¬
New lows
broke
ket
were
recorded
on
Wednesday
sharply all along the line.
closed.
There
were
occasional strong spots scattered
largely among the more
and a few special shares..
Public utilities were generally lower and most of the indus¬
trial specialties and oil stocks pointed downward.
Mining
and metal shares were in fair demand at improving prices.
The strong issues-in this group included among others
through the list but these
active stocks in the
preferred
were
group
1980
Financial
March
Chronicle
26,
1938
Aluminum Co. of America, 2lA points to 68
Lake Shore
Mines, V/g points to 49%t and Newmont Mining, 2 points
to 56.
'U^'
Bankers, manufacturers, merchants and
U-A^v-V'..
Declining prices again dominated the Curb market trading
on Friday, many speculative favorites dipping from 2 to 4 or
points and in several instances to
more
low levels for
new
geous to use our
the year.
The declines extended to every section of the list,
and while there were a few of the slower moving stocks that
closed
advance, the gains were largely in
minor fractions.
Heavy losses were apparent among the
public utilities, specialties and mining and metal stocks and
oil issues lost a goodly share of the gains registered during
the early part of the week.
As compared with Friday of last
week prices were again lower, Aluminum Co. of America
closing last night at 64 against 74 on Friday a week ago;
American Cyanamid B at 17% against 21 %; American Gas
& Electric at 20% against 22%; American Light & Traction
at 11y% against 11M; Carrier Corp. at 203^2 against 23%;
Cities Service at 1% against 1%; Creole Petroleum at 20
against 22; Gulf Oil Corp. at 36 against 37%; Hudson Bay
Mining & Smelting at 23 against 24%; Humble Oil (New)
at 59% against 65%; International Petroleum at 25% against
26%; New Jersey Zinc at 51 % against 57%; Niagara Hudson
Power at 5% against 7; and Standard Oil of Kentucky at 16
against 16%.
world-wide banking facilities.
MANUFACTURERS
the side of the
on
others
interested in trade abroad will find it advanta¬
COMPANY
TRUST
PRINCIPAL
OFFICE
AND
55
BROAD
STREET,
FOREIGN
NEW
DEPARTMENT:
YORK
Member Federal Reserve System
Member New York Clearing House Association
Member Federal Deposit Insurance Corporation
EXCHANGE
FOREIGN
BANKS
RATES
CERTIFIED
BY
FEDERAL
TO TREASURY UNDER TARIFF ACT
MARCH
19,
1938 TO MARCH
Noon
25,
1938,
OF
INCLUSIVE
Buying Rale for Cable Transfers in New York
Value
Country and Monetary
Unit
in
United
States
Money
Mar. 19
Mar. 21
Mar. 22
Mar. 23
Mar. 24
$
$
$
$
$
Europe—
Austria, schilling....
a
a
a
a
TRANSACTIONS
THE
AT
NEW
YORK
Stocks
CURB
Bonds {Par
EXCHANGE
S
a
of
Shares)
March 25, 1938
Saturday
Foreign
Domestic
89,675
Total
Corporate
$541,000
895,000
$12,000
$16,000
20,000
$569,000
28,000
141,695
961,000
72,000
20,000
1,053,000
340,090
193,835
1,259,000
51,000
53,000
39,000
1,044,000
23,000
1,349,000
1,120,000
1,245,000
Friday
346,830
Total
1,177,000
1,241,670
$5,877,000
38,000
943,000
30,000
$254,000
.168275
.168259
Bulgaria, lev
*.012525
Czechoslov'ia, koruna .034935
Denmark, krone
,221568
.012550
*.012550
*.012550
'.012550
.034975
.034964
.034937
.034892
.221414
.221720
.221529
.221445
Engl'd, pound sterl'g 4.963833
.168351.
,
.012525*
1
.034889
.221322
$148,000
$6,279,000
.959250
4.96, 291
4.962708
L9v 1416
.958125
021900
.021920
.021918
.021910
.021916
.021893
.030770
.030431
.030525
.030574
.030586
.030295
Germany, relchsmark
129,545
.
Monday
Tuesday
Wednesday
Thursday..........
.168288
.401560
.401429
.401166
.401162
.400912
Greece, drachma.---
Foreign
Government
.168240
Belgium, belga
France, franc
Value)
{Number
Week Ended
Mar. 25
a
.168294
Finland, markka
DAILY
RESERVE.
1930
.009087*
.009083*
.009093*
.009012*
.009091*
.009089*
198250
.198250*
.198250*
.198250*
.198175*
.198250*
.052607
.052605
.052607
.052606
.052605
.052605
.552732
.552721
.553350
.553078
.552921
Hungary,
Itsly,
pengo
lira
Netherlands, guilder.
krone
Norway,
.400992
.552642
.249391
.249218
.249545
.249335
.249270
.249125
Poland, zloty.......
.188860
.188266
.188533
.188500
.188566
.188500
Portugal, escudo....
.044950
.044937
.044928
.044900
.044866
Rumania, leu—
.007325
.007339*
.007342*
.007342*
.007342*
.007342*
Spain,
peseta.......
Sweden, krona
.058000*
.057666*
.057666*
.057666*
.057666*
.057500*
255658
.255466
.255820
.255639
.255583
.255452
Switzerland, franc...
.229251
.229225
Yugoslavia, dinar...
.022990
.023250*
..229392
.044925
.229417
.229180
.229094
.023262*
.023262*
.023262*
.023250*
.279583*
.277083*
Asia—
Sales at
New
York
Week Ended March 25
Jan. 1 to March 25
China—
Curb
Stocks—No. of shares.
1937
1,241,670
1938
1,818,355
.282166*
.278250*
.271250*
.282166*
.280833*
.279583*
.277083*
.278250*
.271250*
.282875*
.281250*
.278750*
.276875*
.277125*
Tientsin (yuan) dol.
.280625*
.279000*
.276312*
.277437*
.277687*
.272437*
Hongkong,
1938
Chefoo (yuan) dol'r
Hankow (yuan) dol
Shanghai (yuan) dol
Exchange
dollar.
.308062
.308938
.308531
.308656
.308375
.307906
British India, rupee..
.374750
.374728
.375037
.374869
.374771
.374525
286130
.287558
.288725
.289145
.288840
.288790
.578062
.577750
.578750
.578625
.577812
.577500
1937
10,022,336
46,516,921
Bonds
Domestic
Foreign
$5,877,000
$69,753,000
100,000
1,867,000
3,940,000
Japan, yen
148,000
Foreign corporate.
$9,774,000
254,000
government..
163,000
1,695,000
4,467,000
Straits Rettlem'ts. dol
$138,377,000
.280833*
.269375*
Australasia—
Total
$6,279,000
$10,037,000
$73,315,000
$146,784,000
Australia, pound.... 3.954687*
951197* 3.956614* 3.954114* 3.952604*
.950312*
New Zealand, pound. 3.986250*
982812* 3.987544* 3.985446* 3.985000*
.981979*
Africa—
THE
LONDON
STOCK
South Africa, pound. 4.919375* 4.912968*4.918571* 4.916015*4.913571* 4.911328*
North America—
EXCHANGE
Quotations of representative stocks
day of the past week:
as
received by cable
each
De
HOLI-
Ltd
DAY
A.......
._
Hudsons
Bay Co
Imp Tob of G B & I..
Metal
Midland
Ry_.
Box
Rand Mines
£22%
4/-
.993035
.992942
.330879*
.330725*
.058560*
.058560*
.058560*
.058560*
.058760*
.058760*
Chile, peso—official.
.051680*
.051680*
.051680*
.0.51680*
.051680*
.051680*
export.
Colombia,
Uruguay,
£8
£8
£7%
92/12/9
.040000*
.040000*
.040000*
.040000*
.040000*
.546450*
.5464.50*
.546500*
.546450*
.546450*
.652856*
.653336*
.653312*
.653220*
.652932*
.652678*
£7%
92/6
13/21/6
5/2/—
21/134/-
.040000*
.546500*
peso
peso......
67/6
90/13/20/6
5/2/—
20/9
132/£21%
66/3
95/13/21/5/2/—
20/9
134/-
93/6
13/21/5/2/—
20/9
133/£21%
66/-
£22
65/£14%
£37%
£4%
£7,%
2/—
21/134/£21%
65/6
66/3
17/3
90/-
£8%
£8"i6
£14%
£14%
16/6
£37%
16/9
88/9
£36%
£4«u
£4%
£4%
36/6
21/6
21/9
36/3
21/6
22/1%
36/3
21/6
21/7%
35/3
21/6
£7%
£7
£6%
£6%
Ex-dlvldend.
*
88/9
£36
22/1%
V
Nominal rate,
a
No rates available.
COURSE
20/6
4/6
£21%
£8%
£14%
17/3
88/9
£8h
38/6
Witwatersrand
Areas
Bank
OF
BANK
CLEARINGS
clearings this week will again show
pared with
a year ago.
based upon
a
decrease
BERLIN
STOCK
Closing prices of representative stocks
day of the past week:
as
16.7% below those for the corresponding week last year.
preliminary total stands at $5,248,177,133, against
$6,303,298,457 for the same week in 1937.
At this center
Our
there is
a
loss for the week ended
Friday of 27.9%.
Mar.
19
Mar,
21
Mar.
22
Mar.
Mar.
24
23
Afar.
25
Per Cent of Par
Our
comparative summary for the week follows:
Week Ending March 26
received by cable
us,
telegraphic advices from the chief cities of the
country, indicate that for the week ended today (Saturday,
March 26) bank clearings from all cities of the United States
from which it is possible to obtain
weekly returns will|be
EXCHANGE
each
com¬
Preliminary figures compiled by
Clearings—Returns by Telegraph
THE
.330608*
"
4/£23
67/6
39/3
35/3
21/9
21/9
Vlckers
South America—
£60
4/£23
67/6
39/6
£4%
United Molasses
dollar.
.330954*
68/1%
39/6
£37%
Shell Transport
Unilever Ltd
x
£59%
4/£22%
17/3
88/9
Royal Dutch Co
West
£59%
£60
£8%
£15%
RioTinto
Roan Antelope Cop M.
Rolls Royce
,992433
Newfoundl'd.
.992477
£8%
'
.217500*
96/-
43/97/6
39/6
Co
Gaumont Pictures ord.
London
42/9
97/6
4/£22%
67/6
ElectrlcA Musical Ind.
Ford
42/9
97/-
£60
Beers
Distillers
.994934
.999166
.224166*
.331012*
Fri.,
Mar. 25
Courtauids S & Co
.995468
.999166
.223333*
43/-
Thurs.,
Mar. 24
Cons Goldfields of 8 A.
.995348
.999166
.221740*
.991875
Wed.,
Mar. 23
Centra! Mln & Invest-
.994943
.999166
a
.330758*
Tues.,
Mar. 22
Cable & W ordinary...
Canadian Marconi
.994375
.999166
a
peso
.991919
Man.,
Mar. 21
42/6
96/6
.994387
.999166
peso
Argentina, peso.....
Brazil, milreis..
Sat.,
Mar. 19
Boots Pure Drugs
Brltlsh Arner Tobacco.
Canada, dollar.:
Cuba,
Mexico,
New York
Per
1938
1937
Cent
$2,508,055,712
$3,478,886,768
—27.9
Chicago
Philadelphia..
208,377,032
272,831,792
—23.6
261,000,000
277,000,000
Boston
163,591,700
209,740,000
—22.0
Kansas City..
St. Louis
69,622,683
84,447,798
—17.6
__
—5.8
69,600,000
78,000,000
—10.8
113
114
114
114
114
114
San Francisco.
99,613,000
123,028,000
—19.0
130
130
130
130
130
130
Pittsburgh
77,296,229
95,590,293
165
164
164
163
162
162
Detroit
67,680,931
102,775,349
—34.1
123
123
123
123
123
123
Cleveland
56,566,574
—26.4
120
121
120
121
121
123
Baltimore
39,418,235
76,806,714
33,671,097
128
128
128
127
127
127
142
142
143
143
143
143
Deutsche Relchsbahn (German Rys. pf.
7%) 132
-25.1
132
132
132
132
132
Dreedner Bank (4%).
117
H7
117
117
117
117
159
159
159
159
159
159
Allgemelne
Berliner
Elektrizitaets-Gesellschaft
Handels-Gesellschaft
Berliner Kraft
(6%%)
Licht (8%)
Commerz-und Prlvat-Bank A. G. (5%)
Deesauer Gas (5%)
u.
Deutsche Bank (5%)
Deutsche Erdoel (6%)
Farbenindustrle I. G.
(7%)
Geefuerel
(6%)
Hamburger Elektrizltaetswerke (8%)
Hapag....
....
Mannesmann
Roehren
(4%%)
Nordeutscher Lloyd...
Relchsbank
....148
150
150
150
150
150
154
153
154
153
153
77
77
"H"Ill4
114
78
78
114
115
78
199
200
200
234
234
167
166
114
208
209
209
209
Halske (8%)....
$4,373,480,961
874,696,172
$5,557,873,301
745,425,156
—21.3
$5,248,177,133
$6,303,298,457
-16.7
+3.8
FOREIGN EXCHANGE
—17.3
115
199
200
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
207
furnish
200
209
Ex Dividend
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below a record for the week just passed:
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
RATES
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now
certifying
Total all cities, five days.
All cities, one day
166
166
1
752,658,865
$4,832,777,811
725,095,490
Total all cities for week.
...
235
166
Siemens &
$3,620,822,096
235
(8%)
Rhelnlsche Braunkohlen (8%)
Salzdetfurth
(6%)
+ 17.1
Eleven cities, five days.
Other cities, five days
152
77
—19.1
We
TTT_
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 19.
For that week there
was a decrease of 25.0%, the aggregate
clearings for the whole country having amounted to
$6,050,157,381, against $8,061,921,673 in the same week in
of
Financial
Volume 146
Outside of this
1937.
city there
was a
clearings at this center having recorded a loss of
28.5%.
We group the cities according to the Federal Re¬
serve districts in which they are located,
and from this it
appears that in the New York Reserve District (including
this city) the totals show a diminution of 28.4%, in the
Boston Reserve District of 22.8%, and in the Philadelphia
Reserve
District of 30.3%.
In the Cleveland Reserve
District the totals are small by 17.0%, in the Richmond
Reserve District by 10.4%, and in the Atlanta Reserve
District by 11.9%.
The Chicago Reserve District suffers
a loss of 21.4%, the St. Louis Reserve District of
11.4%,
and the Minneapolis Reserve District of 13.4%.
In the
Kansas City Reserve District the decrease is 14.6%, in
the Dallas Reserve District 2.0%, and in the San Francisco
Reserve District 14.3%.
1
In
the
following we furnish a summary by Federal
districts:
OF
BANK
Week Ended March 19
Clearings atInc. or
1938
Dec.
1936
$
Seventh Feder
1937
$
%
$
*
252,053
379,319
97,763,894
2,422,103
87,957,833
al Reserve D istrict
Mich .-Ann Arbor
—
Chi cago —
—7.7
316,698
343,225
89,804,446
Detroit
130,177,683
3,385,655
—31.0
1,450,712
—1.1
1,206,493
Grand Rapids.
2,398,639
1,435,063
828,617
Lansing
Ind.—Ft. Wayne
Indianapolis
Terre Haute
1,192,582
653,864
—14.2
14,594,000
12,001,000
1,632,539
—27.6
5,664,562
—18.6
—17.1
1,123,073
4,796,792
760,337
3,727,802
15,754,699
902,679
1,024,420
—11.9
18,851,785
899,808
7,987,570
8,471,891
—5.7
6,749,730
2,983,260
290,288
280,233,440
3,171,712
—5.9
3,254,391
372,285
—22.0
411,030
346,903,491
—19.2
286,035,098
822,716
862,439
—4.6
745,867
Peoria
3,805,379
4,122,079
1,065,673
—21.9
934,370
1,158,787
4,812,898
1,363,812
1,295,579
—20.9
Rockford
—10.6
1,057,681
437,097,300
556,404,911
—21.4
446,185,055
la.—Ced. Rapids
Des Moines...
Sioux City
ni.—Bloomington
Chicago
Decatur
Total (18 cities)
/
723,997
788,796
372,012,261
•
1938
1937
Dec.
1936
1935
S
$
%
S
$
Eidhth Federa 1 Reserve Dis trict—St. Lo uis—
Mo.—St
Reserve
307,333
232,051,732
619,812
2,686,602
CLEARINGS
Inc.or
Federal
827,902
6,653,496
2,842,111
.
.
Week End. Mar. 19, 1938
2.083,044
—31.3
1,187,910
983,391
24,277,515
4,609,662
20,128,031
Wis.—Milwaukee
1935
19,988,000
17,144,000
1,182,352
South Bend
—29.2
Springfield
•
SUMMARY
1981
decrease of 19.2%,
the bank
Reserve
Chronicle
Dists.
246,882,097
319,879.293
—22.8
297,543,634
235,116,472
'
3,661,143,545
5,110,370,094
—28.4
5,016,344,359
3.779,236.257
PhiladelphialO
•
389,592,345
559,064,083
—30.3
349.037,549
327.541,076
4th
Cleveland..
5
'
295,066.206
356,567,162
—17.0
228,221,241
Richmond L
6
*
128.83&321
143,759,525
—10.4
115,600,225
104,525,376
6th
Atlanta
^"10
•'
164,122.631
186,261,089
—11.9
138,994,473
Chicago ...18
*
437,097,300
556,404.911
—21.4
446,185,055
St. Louis
138,280,887
121,301,976
9th
Minneapolis 7
—13.1
89,000,000
80,200,000
41,403,657
—14.0
31,997,566
25,454,151
20,703,732
20,021,438
+ 3.4
16,835,321
15,236,825
Tenn.—Memphis
111.—Jacksonville
372,012,261
8th
111,900,000
35,609,465
130,019,073
7th
97,200,000
213,810,878
5th
Louis..
Ky.—Louisville..
12 cities
1st
Boston.:.
2nd
New
York.: 13
3rd
-s
'
'
154,097,197
173,864,095
—11.4
94,571,532
109,160,159
—13.4
93,139,397
82,947,148
10th Kansas City 10
4
'
134,244,033
157,153.259
—14.6
131,987,614
121,898,619
11th Dallas
6
'
78.763,275
80,386,983
—2.0
64,133,653
53,763,465
Fran.. 11
'
Nlnrh
584,000
539,000
154,097,197
173,864,095
Reserve Dis trict
Federal
X
+ 8.3
448,000
411,000
—11.4
138,280,887
121,301.976
X
Quincy
Total (4 cities).
X
X
X
Minn eapolis
—
_
2,628,113
60,191,273
3,011,479
—12.7
2,269,003
Minneapolis
71,228,209
—15.5
60,740,053
53,558,722
St. Paul...
26,281,655
28,967,938
—9.3
24,581,585
1,866,217
22,360,521
1,688,437
Minn.—Duluth..
309,051,020
—14.3
251,476.9%
202,591,315
6,050,157,381
8,061,921.673
—25.0
7,270,945,083
5,744,763,916
Outside N, Y. City.....
2.492,456,456
3,084,595,325
—19.2
2,371,389,052
2,055,767,705
32 cities
249,823,163
382,870,757
—34.7
307,216,580
Total
Canada
I, We
add
now
our
292,248,22
N. D.—Fargo...
2,198,115
2,107,488
+4.3
S.D.—Aberdeen.
264,740,499
112 cities
12th San
597,823
620,336
593,263
727.278
658,135
—17.8
Mont.—Billings
—9.9
2,081,290
2,459,632
—15.4
568,907
2,493,296
94,571,532
109,160,159
—13.4
93,139,397
.
Helena
Total (7 cities).
1937
%
Dec.
1936
1935
%
$
8
$
500.041
—11.1
1,544,210
—24.4
261,206,161
1,203,875
206,716,845
+ 2.6
646,084
96,320
77,974
96,361
2,805,554
—18.1
2,696,476
2,301,897
29,108,296
34,220,302
—14.9
2,420,078
3,248,163
1,800,726
+ 34.4
33,912,094
1,966,883
3,746,184
—13.3
3,021,635
93,167,324
2,705,985
109,474,221
—14.9
85,901,867
3,357,366
—19.4
607,625
—34.8
3,094,559
594,882
496,882
931,868
569,598
—12.8
587,755
28,475,705
1,885,360
2,601,391
82,658,172
2,829,432
484,119
488,208
134,244,033
157,153,259
—14.6
131,987,614
121,898,619
1,128,551
50,012,580
5,751,156
2,869,000
1,285,123
42,219,949
5,582,502
1,628,000
885,832
Wichita
651,007
+ 5.6
373,014
411,273
—28.1
1,741,020
281,001,748
646,812
454,453
Fall River
571,703
1,547,504
212,324,652
663,621
.
115,143
—16.9
St. Joseph
501,635
City
—31.0
.....
Colo.—Col. Sprgs
—
as
97,962
Mo.—Kan. City.
Reserve Dist rict—Boston
Kans
—
149,478
Omaha
_
82,947,148
67,622
Kan.—Topeka...
Inc. or
1938
Portland
378,858
2,629,904
124,180
.
Lincoln
Clearings at—;
Mass.—Boston
487,560
"
2,297,878
Neb.—Fremont.
Week Ended March 19
Me.—Bangor
...
Reserve Dis trict
Tenth Federal
years:
Hastings.
Federal
.
detailed statement showing last week's
figures for each city separately for the four
F'irst
1,843,146
430,239
Pueblo
*
581,306
717,137
—18.9
676,179
376,374
587,523
Springfield
2,689,160
2,982,436
—9.8
2,041,124
2,488,381
Worcester
1,566,495
2,187,189
—28.4
1,404,202
11,990,473
—0.6
11,851,717
—18.9
3,189,608
—15.1
13,230,400
1,497,900
9,668,313
2,791,415
8,276,100
—27.7
879,300
Total (10 cities)
358,698
Lowell
New Bedford-.
R.I.—Providence
11,012,800
12,068,691
3,925,530
12,975,100
N.H.—Manches'r
456,670
631,688
Conn.—Hertford
New Haven
3,183,690
Reserve
Eleventh Fede ra!
Dallas
District—Da Has—
1,334,068
62,588,749
+ 21.0
61,743,436
6,739,436
7,824,211
—13.9
3,682,000
Texas—Austin.
1,614,418
_.
-
Ft. Worth...
—1.4
(Total 12 cities)
246,882,097
319,879,293
—22.8
297,543,634
Second
Feder al Reserve D istrict—New
Elm Ira
Jamestown
—8.1
1,145,330
40,100,000
+ 5.8
879,221
34/900,000
376,344
531,083
—29.1
528,366
476,676
735,886
—4.3
475,934
472,042
—28.5 4,899,556,031
—10.2
6,926,523
3,688,996,211
3,557,700,925 4,977,326,348
7,918,783
Rochester.—..
7,109,360
6,776,455
4,493,374
Syracuse
64,133,653
53,763,465
10,959,067
*
—33.7
4,007,003
4,472,124
al
Reserve D ostrict—San
42,054,318
—12.0
35,007,867
10,273,000
—8.4
9,523,000
^"954,556
—11.3
704,856
542,269
5,419,222
Ore.—
9,413,000
846.897
38,110,820
46.777.78P
—18.5
Utah-
14,539,802
17,516,855
—17.0
32,413,496
14,768,204
27,394,270
3,267,241
2,478,662
1,840,974
4,617,255
4,820,903
—4.2
3,300,995
3,880,134
4,474,387
—13.3
3,674,183
2,793,006
381,639
*430,000
400,000
2,345,768
266,679
151,019,000
175,238,000
—13.8
145,991,000
117,011,038
18,938,783
24,110,017
20,862,093
—9.2
17,011,643
16,169,536
2,281,762
3,166,015
—27.9
2,100,071
38,204,677
—36.9
34,920,914
27,761,012
1,315,581
1,715.796
1,635,191
—19.5
1,419,289
2,140,015
—19.8
1,733,945
1,967,364
1,138,408
1,345,429
264,740,499
309,051,020
—14.3
251,476,996
202.591,315
6,050,157,381 8,061.921,673
—25.0
Total (11 cities)
Chester
314,271
427,320
—26.5
819,522
—45.1
500,000
X
273,413
310,937
—12.1
291,658
315,865
1,123,770
Lancaster
elphla
*450,000
...
4,141,085
—28.4 5,016,344,359 3,779,236,257
Reserve Dist rict—Philad
Bethlehem
12,434,691
3,335,607
+ 17.1
Total 13 cities) 3,661,143,545 5,110,370,094
Pa.—Altoona
26.381,233
8,248,000
37,000,452
Stockton
Third Federal
Franc isco—
Wash.-
—15.3
3,606,482
Northern N. J_
—2.0
—11.2
3,301,364
Newark
2,162,059
80,386,983
2,819,105
4,259,869
Westchester Co
Conn.—Stamford
J.—Montclair
3,421,933
78,763,275
27,000,000
New York
N.
950,433
—2.2
748,772
—23.4
704,314
....
9,260,465
1,212,300
30,700,000
Buffalo..
+ 34.4
York-
8,508,643
„
Blnghamton
—5.4
937,763
3,808,192
235,116,472
Total (6 cities).
N. Y.—Albany
3,894,000
1,260,647
3,723,338
1,766,879
—36.4
1,273,093
790,661
336,000,000
318,000,000
354,716
294,008
Grand
total
(112
cities)
378,000,000
546,000,000
—30.8
Reading
1,227,983
1.260,609
—7.1
1,957,821
799,588
1,570,189
1,785,511
—12.1
2,987,309
699,882
1,219,782
N. J.—Trenton-
3,217,000
2,741,700
+ 17.3
4,950,500
3,355,000
Total (10 cities)
389,592,345
559,064,083
—30.3
349,037,549
327,541,076
7,270,945,083 5,744,763,916
—19.2 2.371,389,052 2,055,767,705
1,012,023
2,616,131
1,445,037
2,815,631
951,546
—15.0
Scranton
Outside New York 2,492,456,456 3,084,595,325
Philadelphia.
..
Wilkes-Barre.York
Fourth
—16.0
814,702
1,000,996
..
X
X
X
X
73,732,919
—16.2
Cleveland
111,511,919
—16.8
Columbus
10,097,600
12,823,800
—21.3
75,105,720
10,297,800
45,547,861
63,461,481
9,130,200
Mansfield
1,747,678
2,535,275
—31.1
1,408,685
1,325,520
Pa.—Pittsburgh
.
Total (5 cities).
X
129,595,101
296,066,206
X
155,963,249
—16.9
356,567.162
—17.0
X
86,844,556
228,221,241
X
94,345,816
213,810,878
313,492
397,351
—21.1
2,557,000
2,698,000
42,862,063
—5.2
37,661,823
Richmond
8. C.—Charleston
1,263,312
Md.—Baltimore.
65,098,564
1,433,177
72,247,700
C.—Wash'g'n
21,942,530
24,121,234
Total (6 cities).
128,836,721
143,759,525
Reserve Dist rict—Atlant
Sixth Federal
4,482,296
21,070,960
216,308
2,576,000
—12.1
32,150,167
—11.9
—9.0
1,034,980
59.590,916
20,031,854
—9.9
—10.4
115,600.225
133,381
2,201,000
32,024,700
909,798
53,307,004
15,949,493
104,525,376
+4.7
3,406,356
Nashville
18,881,685
—10.4
16,013,696
Ga.—Atlanta
58,900,000
1,079,426
868,180
68,000,000
—13.4
51,000,000
48,400,000
1,358,837
942,199
—20.6
1,026,843
1,030,349
—7.9
781,383
742,109
Fla.—Jack'nville.
18,611,000
21,749,000
—14.4
16,827,000
15,359,000
Ala.—Birm'ham
19,138,464
25,261,019
—24.2
17,427,705
17,097,251
Augusta
Macon—
_
4,693,476
1,457,736
Mobile
1,733,159
—15.9
1,413,847
X
1,149,216
X
X
109,638
728,181
—84.9
106,359
94,857
La.—NewOrleans
40,383,026
40,935,438
—1.3
30,991,284
29,562,509
Total (10 cities)
164,122,631
186,261,089
—11.9
138,994.473
75,257,334
Winnipeg
85,567,964
21,274,752
16,189,003
13,081,180
4,021.019
2,156,530
4,289,417
3,985,854
1,666,738
1,371,186
2,298,407
3,622,065
2,838.175
--
-
_
Vicksburg
X
1936
X
1935
Vancouver
Ottawa
Quebec
Halifax
-
Hamilton
Calgary
St. John
Victoria
Edmonton
Reglna
Brandon
284,516
Leth bridge
369,224
964,222
106,485.333
85,710,078
42,035,491
113,910,343
137,025,383
128,432,588
33,640,970
20,670,398
16,583,202
4,580,663
3,026,002
4,518,198
—45.1
6,174,580
1,924,598
1,812,152
2,970,661
3,869,344
3,972,233
295,193
402,233
—35.4
281,855
239.119
—8.2
398,738
1,256,285
623,501
—23.2
1,195,120
572,994
924,146
—12.5
—33.4
—36.8
—21.7
—21.1
—12.2
—28.7
—5.1
—13.4
—24.3
—22.6
—6.4
—28.5
—3.6
17,561,549
13,800,766
3,528,156
2,068,054
3,900,763
6,363,511
76,317,668
32,148.933
13,762,392
19,965,833
3,224,764
1,808,972
3,268,528
4,332,491
1,699,038
1,601,129
2,608,522
3,478,109
4,053,026
2,169,006
3,797,469
3,524,307
1,434,372
1,189,829
Moncton
572,439
709,105
—19.3
618,899
Kingston
466,137
492,733
539.015
—5.4
418,731
367,635
1,180,422
345,822
680,309
493,359
480,422
222,744
486,927
452,087
947,274
2,844,827
294,035
529,199
408.120
+ 1.2
428,613
357.817
430,414
—6.1
390.529
816,710
+0.3
478,518
716,490
—
404,326
819,169
Total (32 cities)
249,823,163
382,870,757
—34.7
307,216,580
292,248,227
Saskatoon
—28.6
Brantford
445,306
808,544
Fort William
594,286
638,978
—7.0
767,169
525,670
New Westminster
540.324
864.014
—37.5
482,208
Moose Jaw
185,192
156,530
+ 18.3
250,214
Peterborough—
527,464
560,641
—5.9
Sherbrooke
608,709
540.957
+ 12.5
569,297
484,062
Prince Albert
Chatham....
917,576
3,193,260
—9.7
308,494
—23.2
545,645
—
fearnia
Sudbury
+3.5
949,256
2,881,927
236,853
Kitchener
Windsor
130,019,073
Miss.—J ackson
Dec.
Medicine Hat—
a—
2,928,491
13,655,291
Tenn.—Knoxville
Canada—
London
Reserve Dist rict—Richm ond—
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
D.
X
54,564,480
1937
%
Montreal
X
61,802,538
92,823,289
Youngstown—-
Inc. or
1938
Toronto
Feder al Reserve D istrict—Clev eland-
Ohio—Canton.
Cincinnati
Week Ended March 17
Clearings at—
♦Estimated.
*
No
igures available.
928,734
2,904,563
301,180
672,673
STATES
UNITED
OF
STATEMENT
DEBT
PRELIMINARY
FEB.
28,
THE
1938
The cash
holdings of the Government as the items stood
are set out in the following.
The figures
are taken entirely from the daily statement of the United
States Treasury of Feb. 28, 1938.
•
preliminary statement of the public debt of the United
States Feb. 28, 1938, as made up on the basis of the daily
Treasury statement, is as follows:
Feb.
28,
1938
•'
■
CURRENT
$49,800,000.00
28,894,500.00
118,065,420.00
3% Panama Canal loan ot 1961.....;—.....
3% Conversion bonds of 1946-47...
—
2)4 % Postal Savings bonds (15th to 49th ser.)
ASSETS
Assets-
Gold
.112,776,064,474.02
—,
bonds of 1943-47
-
bonds of 1940-43
bonds of 1941-43
bonds of 1946-49
3% bonds of 1951-55..
314% bonds of 1941
3)4% bonds of 1943-45
3)4% bonds of 1944-46
3% bonds of 1946-48
3% % bonds of 1949-52
2%% bonds of 1955-60.
2%% bonds of 194.5-47
2%% bonds of 1948-51
2% % bonds of 1951-54
2%% bonds of 1956-59
2)4% bonds of 1949-53..——_
2.14% bonds of 1945...
Total
1,036,692,900.00
489,080.100.00
454,135.200.00
352,993.450.00
544,870,050.00
818,627,000.00
755,434,500.00
834,453,200.00
1,400.528.250 00
1,518,737,650.00
1,035,874,400.00
491,375,100.00
2,611,095,150.00
1,214,428,950.00
1,223,496,350.00
1,626,687,650.00
981,837,550.00
1,786,147,0.50.00
540,843,550.00
4% bonds of 1944-54——————SX% bonds of 1946-56
—
-
—
-
-
Liabilities—
Redemption fund—Federal Reserve notes.——
Gold reserve
—
-
•
$1,170,122 of Treasury notes of 1890 outstanding.
Treas¬
ury notes of 1890 are also secured by silver dollars in Treasury.
Exchange stabilization fund..—.
...
Gold in general fund—Inactive
Balance of increment resulting from reduc¬
$1,200,560,560.93
tion in weight of the gold dollar-..——.
141,787,816.92
213,265,745.34
In working balance.
— — ..
........
1,555,614,123.19
Total
$12,776,064,474.02
SILVER
451.358,932.50
20,200,931.25
Unclassified sales....—
Total
503,819,553.00
$1,482,918,475.56
—
Liabilities—
$336,827,000.00
500,157,956.40
.
(Government Life Insurance Fund series)..
$979,098,922.56
dollars
Silver
1,106,015.990.39
Adjusted Service bonds of 1945
"
Silver
111,593,274.89
———
Silver
t
'
certificates
outstanding
Total
$1,482,918,475.56
GENERAL
2% °?0 series 13-1938, maturing June
3%
series C-1938, maturing Mar.
2Yi % seriesD-1938, maturing Sept.
114 % series E-1938, maturing Dec.
2% % series A-1939, maturing June
1% % series B-1939, maturing Dec.
1^% series C-1939, maturing Mar.
1H% seriesD-1939, maturing Sept.
16A% series A-1940, maturing Mar.
1% % series 13-1940, maturing June
1)4 % series C-1940, maturing Dec.
1 V2% series A-1941, maturing Mar.
1%% series B-1941, maturing June
1)i% series C-1941, maturing Dec.
\%% series A-1942, maturing Mar.
2%
series B-1942, maturing Sept.
1;% % series C-1942, maturing Dec.
$618,056,800.00
455,175,500.00
15, 1938..
596,416,100.00
433,460,900.00
1,293,714,200.00
15, 1938..
15. 1939..
15, 1939..
15, 1939..
Gold (as above)
Silver (as above).—..
15, 1940..
676,707,600.00
15, 1941..
503,877,500.00
15,1941..
Minor
1941 and 1942
Alaska
Total
retirement
fund
374,200,000.00
Postmasters, clerks of
series,
5,218,778.90
disbursing officers, &c
2,974,677,360.32
Total
734,165,000.00
764,165,000.00
1,952,372,000.00
Note 1—This item of seigniorage
represents the difference between the cost value
the monetary
value of silver
bullion
revalued and held to secure the silver
certificates issued
on account of silver
acquired under the Silver Purchase
1934 and under the President's proclamation dated
Aug. 9, 1934.
Note 2—The amount to the credit of
Which Interest Has Ceasedr-
was
Old debt matured—issued prior to Apr.
1,1917
(excluding Postal Savings bonds)
disbursing officers and certain agencies today
$1,980,468,462.78.
49,460.00
—
;
of 1932-47
THE
17,542,550.00
We
1927-42
1,367,300.00
4M% Third Liberty Loan bonds of 1928.....
4M % Fourth Liberty Loan bonds of 1933-38..
3% % and 4% % Victory notes of 1922-23
Treasury notes, at various Interest rates
ENGLISH
.
4% and \\4 % Second Liberty Loan bonds of
GOLD
the
following from
The
90,997,035.26
156,039,430.93
reserve
absorbed
by official
was not
buyers.
$37,632,733,792.66
MARKET—PER
CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
March 19
March 21
March 22
March 23
March 24
March 25
Silver, per oz_. 20 9-ipd. \ 20 7-16d.
20 7-16d.
Gold, p.fineoz.l40s.5Hd. 139sll^d. 140s. 2d.
nsols, 2 54%. Holiday
£74 ^
£7354
lsh 354%
1
rLoan;.. Holiday
£101 %
£10154
20 5-16d.
20^d.
2054d.
The
States
BarN.Y.
price of silver
on
140s.l^d. 140s.lj^d. 140s. 2d.
£7354
£74
£74
4
March
5
139s. 9^d.
J... 139s. 9d.
7
139s. 84£d.
139s. 9d.
The following were the United
the
(fori)
same
Closed
per
£11354
£101 Yi
£101£10154
£113
ounce
£11154
(in cents) in the United
4454
4454
4454
64.64
66.64
64.64
139s. 8.42d
Feb. 28 to mid-day on the 7th Instant:
West Africa
British East Africa
British India
Australia
;
New Zealand
Canada
...
States of America
VenezuelaNetherlands
Switzerland
Other countries.——
£4,567,996
313,313
16,628
64,698
21,524
14,924
194,250
Netherlands
France..
....
Switzerland
Yugoslavia
Central
&
So. America..
Other countries
£126,752
220,454
131,246
397,110
22,245
3,188
45,481
22,847
3,343
7,307
15,535
£900,995
4454
64.64
Average
Kindgom imports and exports of gold,
£5,287,846
4454
64.64
_139s. 7)46..
——.—1398. 7d.
Exports
British
days has been:
U. S. Treasury
(newly mined) 64.64
on
March 8
March 9
Imports
British South Africa
United
£113)4
X
£11254
in evidence and offerings were
Owing to
Per Fine Oz.
3
registered from mid-day
The
Holiday
much
Per Fine Oz.
March
March
1960-90
£326,-
Quotations:
3,254,974.74
Total gross debt.
British 4%
amounted to
to sag.
2,031,729.30
March
as
notes
the firmness of sterling
against Continental currencies, the sterling price of gold showed a tendency
461,610.490.61
FINANCIAL
against
March 2nd showing no change as compared with the previous
demand from the Continent
265,682,201.50
currency
England gold
Wednesday.
mostly
$190,641,585.07
Thrift and Treasury savings
stamps, unclassi¬
fied sales. &c
on
of
Rather quiet conditions ruled in the open market and the bar gold dis¬
posed of at the daily fixing during the week amounted to about £1,300,000;
$346,681,016.00
..........
Bank
407,160
248,225.00
Deposits for retirement of National bank and
MARKETS
weekly circular of
GOLD
5,028,750.00
13,616,000.00
_
the
& Co. of London/written under date of
20,856,150.00
Debt Bearing No Interest—
United States notes
Less gold reserve
SILVER
March 9, 1938:
677,550.00
Ctfs. of indebtedness, at various interest rates.
AND
&
reprint
Samuel Montagu
2,200,650.00
25,481,800.00
Treasury bills
Treasury savings certificates
Federal Reserve bank notes
Old demand notes and fractional
Act o
$3,928,600.26
2)4% Postal Savings bonds
3Yt %. 4% and 4)4 % First Liberty Loan bonds
——
$3,124,157,839.05
and
$37,080,126,266.79
....
335,031.62
8,405,735.71
1.211,587,589.95
$30,000,000.00
Fund series, ma¬
interest-bearing debt outstanding
64,023,469.54
$1,200,560,560.93
141,787,816.92
420,741,392.52
Seigniorage (silver) (see Note 1)
Working balance
Fund series,
Treasury bills (maturity value)...
ENGLISH
....
$149,480,478.73
Balance today—Inactive gold (as above).;
Increment on gold (as above)
115,000,000.00
turing June 30. 1938.
on
courts,
55,000,000.00
maturing Jan, 1, 1939
Matured Debt
6?509,488.09
59,300,000.00
Redemption of National bank notes (5% fund, lawful money)..
Uncollected items, exchanges. &c
279,000.00
11,747,544,550.00
Total
$3,124,157,839.05
Deposits for:
maturing
Federal Deposit Insurance Corporation
series, maturing Dec. 1. 1939 and 1942
2Yi% Unemployment Trust
17,367,893.84
28,432,050.62
1,321,048.27
1,809,023.36
1,976,215.71
$.5,687,974.87
5% reserve, lawful money......
Other deposits
2%
Certificates of Indebtedness—
4% Adjusted Service Certificate
__
Treasurer's checks outstanding
Deposits of Govt, officers—Post Office Department
Board of Trustees. Postal Savings
System:
3,293,000.00
Railroad
—
To credit of other Government officers
3,615,000.00
maturing June 30, 1941 and 1942
Postal Savings System series,
June 30, 1940 and 1942
— — —
Philippine Treasury—To credit of Treasurer United States
series
1942
2%
775,514,000.00
...
Foreign depositaries—To credit of Treasurer United States
4% Canal Zone retirement fund, series 1939
4%
208,509,681.37
Liabilities—
1938 to 1942
to
1,900,046.71
To credit of other Government officers
70,000,000.00
...........
fund,
336,345.45
&c
National and other bank depositaries:
To credit of Treasurer United States......
595,100,000.00
retirement
449,240,849.49
...
Deposits in—Federal Reserve banks
Special depositaries account of sales of Govt, securities
3%
Service
4,098,100.88
_
value).... —
Unclassified—Collections,
232,375,200.00
Railroad retirement account series, ma¬
turing June 30, 1942
4% Civil Service retirement fund, series 1938
coin
Silver bullion (cost
342,143,300.00
15. 1942..
7,692,174.10
..........
Silver bullion (recoinage value)
426,349,500.00
15,1942..
496,763.00
585,833.50
Subsidiary silver coin..———
204,425,400.00
15, 1942..
15,796,550.00
Federal Reserve bank notes
737,161,600.00
15, 1941..
...........
National bank notes
941,613,750.00
426,554,600.00
1,378,364,200.00
738,428,400.00
15,1939..
—
Federal Reserve notes
526,233,000.00
15, 1940..
15,1940..
$1,555,614,123.19
49,042,346.56
4,424,793.00
...—...———————
United States notes.............
$10,531,057,550.00
1942....
FUND
AS86tSmmmmm
15, 19381.
15,1938..
3% Old-Age Reserve account series, maturing
Foreign
1,170,122.00
49,042,346.56
$22,616,044,716 79
Treasury Nous—
to
$1,432,706,007.00
——
——
Treasury notes of 1890 outstanding
Silver in general fund
836,984,956.40
—
Total bonds
1,800,000,000.00
$11,220,450,350.83
339,713,642.25
Series C-1938.
156,039,430.93
—
Note—Reserve against $346,681,016 of United States notes
A sscts
Series C-1937
$2,896,958,849.00
6,358,143,051.08
9,309,019.82
and
$183,149,209.50
Series B-1936
—
Gold certificate fund—Board of Governors, Fed. Res. System..
20,476,283,850.00
Series A-1935
$12,776,064,474.02
—
Gold certificates—Outstanding (outside of Treasury)
U. S. Savings bonds (current redemp. value):
4%
LIABILITIES
...
4J4 % bonds of 1947-52.......$758,945,800.00
June 30,
AND
GOLD
$196,759,920.00
Treasury bonds:
3%%
3% %
3%%
3%%
1938
26,
AND CURRENT LIABILITIES
TREASURY CASH
The
Iionds—
March
Chronicle
Financial
1982
No shipments of gold were made from Bombay during the week under
review.
Volume
Financial
146
Chronicle
1983
;■
silver
.;;v
'■;
Conditions continued to be quiet with prices fluctuating
limits,
although
for
movement
yesterday's
fall
of 3-16d.
weeks.
some
slackened
towards
sequence of poor support,
There have been
the
of
week,
demand from this
mainly in con¬
when,
the tendency became easier.
features and there is
new
no
end
the
indication of any im¬
no
portant change, but the market is narrow and disposed to
Influenced
wither
be rather easily
way.
The following were the United
registered from mid-day
Feb
on
Kingdom imports and exports of Silver,
28 to mid-day
I
Exports
New Zealand
—x£12,741
x33,170
Northern Rhodesia
x£773,500.
22,467
14,600
15,877
Australia
Southern Rhodesia
—
x2,260
Palestine--------
xl0,900
x28,629
Kenya
1,422
12,710
8,862
_
-
Other countries
Aden & Dependencies
Arabia—:
British India
y8,166
2,623
France
United States of America.-
*1,100
37,300
22,500
10,200
France.
8,760
Germany
3,842
Other countries
£171,402
£860,227
Coin not of legal tender in the United Kingdom,
x
CO
the 7th instant:
on
Imports
Hong KongBritish India
Burma
Germany
Belgium
IIIIflTII
day-to-day
<
The Indian Bazaars have been the main support, but
quarter
■
within narrow
widest
the
was
in coin not of legal tender in the United
y
Including £6,666
Kingdom.
Quotations during the week:
IN
LONDON
March 3-.-.-20 3-16d.
March 4
20%d.
March 5
March 7
March 8-
20%d.
45 cents
March 5. —■—
45 cents
March 7_-------45 cents
March 8
--45 cents
19 13-16d.
19 13-16d.
19.906d.
Average-.-_-.20.198d.
—45 cents
45 cents
March 4
20d.
20 l-16d.
March 9
March 2
March 3
19%d.
_20%dL
YORK
(Per Ounce .999 Fine)
19 15-16d.
20d.
20 5-16d.
NEW
IN
Bar. Silner per Oz. Std.
Cash
2 Mas.
The highest rate of exchange on New York recorded during
rom
the period
March 3 to 9, 1938, was $5.017A and the lowest $5.00%.
CURRENT
NOTICES
—Bartlett & Gordon, Inc. announce that Robberts T. Simcock has become
associated with them in their office at 39 South La Salle Street, Chicago.
Mr.
Simcock has
been
La
on
Salle
Street
for
than
more
15
and
years,
during recent years was associated with Case, Bosch & Co.
—Dr.
ErnstJ
Wolfgang,
of Jacob Japhet & Co.,
Waldman
&
formerly
manager
of the securities department
Ltd., Jerusalem, has become associated with N
E.
Co., investment counsel firm, 61 Broadway, New York City.
—Weeden & Co. has opened a branch office at 135 South La Salle Street-
Chicago, with Ivan Wing
Burney Yates
as
Manager of the Municipal Department and
as
head of the firm's Trading Department in this office.
—Thomas Hayes Curtin Jr., formerly of Lord, Abbett &
Co., Inc., and
Dudley Jacobus, formerly of Battles & Co., have joined the sales depart¬
ment of the
New York office of H. M. Byllesby &
MONTHLY
REPORT
RATIONS AND
31,
ON
Co., Inc.
GOVERNMENTAL
CREDIT AGENCIES AS
CORPO
OF
JAN*
1938
The
monthly report of the Treasury Department, showing
as
of Jan. 31, 1938, 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, 1938.
The report is the
44th such to be issued by the Treasury; the last previous one,
for Dec. 31, 1937, appeared in our issue of Feb. 19, 1938,
page 1183.
The report for Jan. 31 shows in the case of agencies
financed wholly from Government funds a proprietary in¬
terest of the United States as of that date of $2,809,043,437,
which compares with $2,817,406,941 Dec. 31, 1937.
The Government's proprietary interest in agencies financed
partly from Government funds and partly from private
assets
funds
and liabilities
as
of Jan. 31
was
shown to be $1,266,426,336.
This
compares with $1,256,069,224 as of Dec. 31, 1937.
In the
case of these Government
agencies, the Government's pro¬
prietary interest is the
clusive
of interagency
of assets over liabilities, ex¬
items, less the privately-owned
excess
interests.
vO
W
00
ft
0
s
13
M
FOOTNOTES
a
ACCOMPANYING
C
0
*
(deduct).
73
O
Deficit (deduct).
d Exclusive of interagency assets and liabilities
e
TABLE
Non-stock (or Includes non-stock proprietary Interests),
b Excess interagency assets
c
FOR
(except bond Investments),
K
Also includes real estate and other property held for sale,
r
>
f Adjusted for interagency items and Items in transit.
d Includes legal reserves and undivided profits totaling
H
W
$5,557,405.
Vi
h
Subject to minor qualification as indicated under liabilities of RFC and FHA.
the latter being included under caption "Other."
i Includes U. S. Housing Corporation, U. S. Railroad Administration, U. S.
Spruce Production Corporation, and notes received on account of sale of surplus war
supplies.
i
Includes Disaster Loan Corp.; Electric Home and Farm Authority: Farm Credit
and other loans): Farm Security Administration:
Administration (crop-production
Federal Housing Administration; Federal Prisons Industries, Inc.; Indian R ci¬
tation loans; Inland Waterways Corporation; Puerto Rico Reconstruction
tration;
Rural
Electrification
Administration;
Tennessee Valley Associated Cooperatives,
The RFC Mortgage
Coo
Inc.: Tennessee Valley Author
Includes
cc
73
ft
ft
ft
<
o
obligations hel 1 b
the
a
><
$5,137,442 due to Federal
Land banks from the U. S. Treasury
for
H
SB
subscriptions to paid-in surplus.
m
u
ft
Farm Credit Administration.
1
73
W
o
73
H
nv
.oan*
to railroads and interagency interest held by the United States Treasury.
k Net after deducting estimated amount of uncollectible
H
Shares of State building and loan associations, $38,369,270; shares of FetL ul
ft
savings and loan associations. $168,865,800.
73
n
Less than $1,000.
o
Assets
not classified.
-
.
Includes only
^
V
•:
v.
•
'
the amount of capital stock held by the
United States,
q
In liquidation.
Represents capital stock, paid-in surplus, and other proprietary interagency
Interests which are not deducted from the capital stock and paid-in surplus of the
r
corresponding organizations.
s
Excludes unexpended balance of appropriated funds
ft
>
CO
a
73
Financial
1984
TREASURY
SHOWING
STATEMENT
Chronicle
APPROPRIATIONS
AND
March
EXPENDITURES
FOR
26,
1938
RECOVERY
AND
RELIEF AS OF FEB. 28, 1938
The various
agencies of the Federal Government, it is shown in
of Feb. 28, had appropriated $20,991,762,710
for
a
and relief
recovery
tabulation given in the Treasury's "Daily Statement"
up
to the end of February.
The Treasury's tabulation
for Feb. 28 follows:
ALLOCATED FOR RECOVERY AND RELIEF.
FUNDS APPROPRIATED AND
EXPENDITURES THEREFROM, AND UNEXPENDED BALANCES
AS OF FEBRUARY 28,
Sources of
1938
Expenditures
Funds
Appropriations
Statutory and Executive Allocations
Organizations
National
Reconstruction
Industrial
Specific
Emergency
Appropriation
Recovery
Fiscal Year
Finance
Emergency
Fiscal Year
1937 and
1938
Total
Prior Years b
Unexpended
'
Corporation
Relief
Act
Act 1935,
Appropriation
Approved
Approved
Acts
of
1935,
June 16, 1933 June 19, 1934 1936 and 1937
Agricultural aid:
Agricultural Adjustment Adralnis'n..
Federal Farm Mtge. Corporation:
Capital stock
$
cl60,770,787
S
37,455,672
198,226.460
200,000,000
—.
198,226,460
200,000,000
200,000,000
on
Reduction In Int. rate
mtges
5_,6bo"666
5,000,000
3,597,062
on
mtges
125,000,000
189,000,000
103,950,000
125,000,000
189,000,000
103,950,000
3,736,775
18,213,215
21,768,112
1,402,937
Federal Land banks:
Capital stock.
Paid-in surplus.
Reduction In Int. rates
120,064,745
142,160,468
81,401,999
1,198,480
28,626,315
779,887
7,085,234
3,076,086
6,017,899
83,954,364
2,068,067 3,074,249,696
142,905
817,423,102
1,230,844 1,318,407,420
2,113
83,919,948
1,200,431,786
537,103,824
61,984,573
4,366,642,577
1,596,122,556
70,640,965 1,061,243,460
21,259,817
467,177,385
29,565,150
11,673,706
857,418,800 3,160,108,148
151,850,036 1,296,543,241
68.547,360
Relief:
Federal Emergency Relief Admlnls d.
Civil Works Administration
Clvlllan Conservatlon Corps
h604,861,788
h332,199,220
93,101,630
152,068,851
399,482,873
317,558,199
480,590,000
Department of Agriculture, relief
Public works (Including work relief):
Public highways
Electrification
593",934",736
83,954,364
255,488,217
....
River & harbor work & flood control..
Rural
911,040,000 3,083,402,998
88,960,000
820,642,094
1,325,656,254
,934,842,359
321,061*688
438,041,639
256,295,622
2,239
93,708.050
Administration.
Works Progress Administration._....
All other
83,339,960
829,776,506
506,899,690
187,100,150
15,484,573
4,366,642,577
93,668,573
589,337,515
46,500,000
32,302
48,666,621
20,745,715
349,115,628
147,729,278
Aid to home owners:
Home-loan system:
|t
|}e
Home Loan Bank stock...........
Home Owners' Loan Corporation..
125,000,000
{
United States Housing Authority
Federal Housing Administration
I
4,734,900
'120,006,100
200,000,000
259,000
"lb", 227
~~36~946
105,152,337
31,607,918
22,496,713
13,137,685
8,137,333
108,284,842
49,952,826
82,490,030
j50,000,000
Emergency housing
I
125,000,000
200,000,000
50,000,000
200,000,000
Federal savings & loan associations..
Farmj,Securlty Administration k_._.
22,476,244
6,823,225
1,000,000
26,182,626
3,223,696
19,307,748
50,000,000
4,992,568
25,000,000
82,676,093
24,784,692
58,521,074
514,950,707
59,521,074
544,357,031
47,208,553
355,507.468
165,593
18,470,232
4,175,187
80,564,721
Miscellaneous:
k
150,000,000
Federal Deposit Insurance Corporation.
I
Administration for Industrial Recovery
Tennessee Valley Authority
59,869
2,152,711,605 2,556,469,211 1,106,201,181 7,816,653,097 1,630,021,074 15262056,170 1,338.290,551 13137010,229
UE Subtotal
r
150,000,000
24,245,466
75,000,000
786,755,389
g
5,018
m
|.k
.
150,000,000
24,300,317
75,000,000
(flfr.**
Revolving funds (net): e
Agricultural aid:
Commodity Credit Corporation...
I
57,635,551
3,000,000
60,000,000
90,371,736
16,884,473
592,737,735
Farm Credit Administration...
107,715,595
321,018,907
f412,856,606
216,885,778
415,856,606
441,777,540
84,454,637
gll,563,324
122,125,135
372,346,241
209,276,834
80,994,623
1,021,472,238
77,556,280
618,869,623
325.046,334
305,066
18,166,574
27,778,359
Public Works:
Loans
and grants
States, munio-
to
K ipallties, Ac
.....
...
(0
Loans torallroads
Miscellaneous:
Export-Import Bank of Washington.
Reconstruction
Finance
1,250,000
45,000,000
3,533,156,656 3,533,156,656
Subtotal
57,635,551
Total
198,087,331
656,987,735
40,000
.......
Grand total..
308,525
250,497
fiscal year 1934 include only expenditures on account of the Reconstruction Finance
Corporation and subscriptions to caDltal stock of Federal land banks under authority
thejAct of Jan. 23, 1932.
Expenditures by the several departments and establish¬
ments! for public works under the Emergency Relief and Construction Act of 1932
were made from general disbursing accounts, and, therefore, are not susceptible to
segregation from the general expenditures of such departments and establishments
on the basis of the daily Treasury statements.
sura
337,903,381 4,207,899,041 5,458,513,041
170,065,451 2,828,838,845 2,459,608,745
270,594,475
271,193,497
271,193,497
2,210,387,157 m3213765 471 nl304539,010 08425150,955 5,837,920,115 20991 762,7101,508,356,002 15965849,074
3,517,557,632
f bJThe emergency expenditures Included In this statement for the'perlod prior to the
cThe
19,312,792 1,697,331,270 1,816,512,593
2,210,347,157 3,213,456,946 1,304,288,513 8,154,556,479 5,837,920,115 20720 569,212 1,508,356,002 15965849,074 3,246,364,135
Unallocated funds
of
46,250,000
Corporation
—direct loans and expenditures
of $160,770,787.95 represents the balance
under appropriations pro¬
vided by the Acts of May 12, 1933, May 25, 1934, and Aug. 24, 1935.
Corporation Is authorized to purchase marketable securities acquired by tht Federa
Emergency Administration of Public Works. The purchase of such securities by the
Reconstruction Finance Corporation is reflected
as expenditures of the Reconstruction
Finance Corporation and as credits
against expenditures of the Federal Emergency
Administration of Public Works.
j Includes $700,000 allocated for savings-and-loan
Sec. 11 of the Act of April 27, 1934.
m
Exclusive of the $86,069,354.29
carried to the surplus fund of the
d Includes expenditures made by Federal Surplus Commodities Corporation from
funds provided for the Federal Emergency Relief Administration.
promotion as authorized
by
k Includes allocations and
expenditures on account of subsistence homesteads.
transfer
referred to in note o, and $165,174.05
Treasury.
Exclusive of the $40,274,759.65 and
$50,186,682.55 transfers referred to in
and $5,500,000 transferred to salaries and
expenses, Farm Credit Adminis¬
tration; and $25,674,547.36 carried to the surplus fund of the
Treasury.
n
note o,
e'Expenditures
and collections,
are
stated
on a net
basis, 1. e., gross expenditures less repayments
the details of which
are set
forth In the supplementary
statement
below.
Includes $4,000,000,000 specific
appropriation under the Act of April 8, 1935,
$1,425,000,000 specific appropriation under the Act of June 22, 1936,
$789,000,000
specific appropriation under Act of Feb.
9, 1937, $1,500,000,000 specific appropria¬
tion tinder the Act of June
29, 1937, and transfers of unexpended balances as follows:
o
f Net. after deducting repayments to the Reconstruction Finance Corporation.
g Excess of credits (deduct)«
Ph|The7approprIatIon of $950,000,000 provided in the Act of Feb. 15, 1934,
was
allocatedjby thelPresident as follows:
Federal Emergency Relief Administration,
$604,995,000, ofjwhich $131,542.23 has been transferred to the Emergency Relief
appropriation and $1,669.70 carried to the surplus fund of the Treasury; Civil
WorksJAdmlnistration, $344,965,000, of which
amount $7,540,000 has been trans¬
ferred to the Emergency Relief appropriation, $5,218,250 transferred to the Employees'[Compensation Commission, and $7,529.21 carried to the surplus fund of the
Treasury; leavlngjan unallocated balance of $40,000.
W 1 Under the provisions of the Emergency Appropriation Act, fiscal year 1935, and
the Emergency Relief Appropriation Act of 1937, the Reconstruction Finance
From the Reconstruction Finance
Corporation, $500,000,000; from the appro¬
priation of $3,300,000,000 for National Industrial
Recovery, $86,069,354.29; from
the appropriation of $525,000,000 for
relief in stricken agricultural areas
provided in
the Emergency Appropriation Act of
1935, approved June 19, 1934, $40,274,759.65;
the appropriation of
$899,675,000 for emergency relief and public works
provided in the Emergency Appropriation Act of
from
1935,
approved
$50,186,682.55; from
June
19,
1934,
the appropriation of $950,000,000 for
emergency relief and
provided in the Act of Feb. 15, 1934,
$7,671,542.23; from unobligated
moneys referred to in Sec. 4 of Act of March
31, 1933, $21,527,113.76; and moneys
transferred pursuant to Sec. 15
(f) of the Agricultural Adjustment Act,
civil works
$12,921,502.64, less transfer of $7,500,000 to War Department under Act of
July 19, 1937.
DETAILS OF REVOLVING FUNDS INCLUDED IN GOVERNMENT
RECEIPTS AND EXPENDITURES
This Month
Fiscal Year 1938
Organizations
Repayments and
Payments
Commodity Credit Corporation
Farm Credit Administration
Loans and grants to States, municipalities, Ac
Net
Collections
Expenditures
$9,662,921.60
72,248.49
22,929,383.61
$1,061,463.30
481,667.73
5,668,057.88
$8,601,458.30
a409,419.24
230,936.33
17,631,173.40
99,855.24
131,081.09
al5,412,288.96
Loans torallroads
Export-Import Bank
of Washington
Reconstruction Finance Corporation—direct loans & expenditures
Excess of repayments and collections
(deduct)!
33,043,462.36
17,261,325.73
Repayments and
Net
Payments
Collections
Expenditures
$90,941,704.29
923,799.82
150,709,159.28
20,650.50
2,289,226.52
$6,487,067.18
12,487,124.34
69,844,414.12
3,329,115.38
1.984,160.46
316,723.506.04
336,036,298.11
$84,454,637.11
all,563,324.52
80,864,745.16
a3,308,464.88
305,066.06
19,312,792.07
I
Volume
Financial
146
GOVERNMENT RECEIPTS AND EXPENDITURES
Secretary of the Treasury reports receipts and dis¬
bursements for February, 1938 and 1937, and the eight
months of the fiscal years 1937-38 and 1936-37 as follows:
Chronicle
General & Special Accounts
Receipts—
S
Internal Revenue:
Income
tax
1
to
1,272,071,331
147,654.140
1,580,589,823
465,410
2,815,544
457,936,164
of
2,139
123,220,020
For
41,726,041
264,164,562
71,649
69,547
7,807,440
1,344,199
1,516,839
16,328,099
2,599,090
2,297,394
28,525,393
Other miscellaneous
4,257,959
4,254,755
57,231,057
37,235,978
349,361,982
274,577,350
3,860,284,765
2,716,709,243
40,025,286
46,222,524
379,819,205
341,899,030
Total
receipts
3,682,038
control
flood
work
harbor
and
River
44,571,652
19,278,036
5,073,345
117,951,367
70,183,505
11,648,674
a
10,600,120
7,165,273
24,307.256
Social Security Act—
U. S. Housing Authority
2,369,542
Dist. of Col. (U.S. share)
21,464,986
204,229,644
120,192,248
Army
5,000,000
37,691,680
367.055,797
316,110,379
46,877,178
47,031,135
388,236,363
384,199,538
Farm Security
125,783,036
27,867,205
225,103,757
a
d2,834,370
d5 521,441
2,838,824
3,343,356
28,886,684
465.042,588
436,952,059
Sub-total
11,087,353
1,015,151
1,944,090
Internal revenue
21,549,865
3,099,087
19,563,203
1,528,393
—
383,074
4,906,093
5,3f4,255
307.745,702
2,826,103,098
2,568,759,603
bonds
2,052,626.000
(Incl,
50,456,549
60,162,168
42
600,000
Sub-total
250,999.549
Adjusted service bonds
r
—g— mt 1
rraa
3,012,465,751
260,623,168
■
p
846,700
<"'»■——a— ami
j— let—— t —i
3,229,250
' 3,543,186,84b
* nn
9.265.100
■■ mm i
mm
i30.902.40|
Exchanges:
788,943,700
204,425,40
Treasury bonds...
247,330,300
1,063,093,500
1,036,274.000
1,267.518.900
Sub-total....
' '
Special series:
fund
service
^
^ ■*'
=="
certif.
(certificates)
32,000,000
54,900,000
Unemploy. trust fund (ctfs.)_
Old-age reserve acc't (notes).
85,400,000
40,348,000
434,870,000
95,125,000
41,000,000
45,000,000
328,000,000
90,000,000
Railroad retirem't acc't (notes)
10,000,000
70,000,000
3,100.000
78,600,000
Civil
Recovery and relief:
service retirement
fund
(notes)
Agricultural aid:
43,700,000
Foreign Service retirem't fund
Corp.
Federal Farm Mtge.
int.
in
—reduction
(notes)
V
rate
Canal
2,258,974
mortgages....
on
2,152,817,000
national bank notes
10,388,272
289,654,058
Processing tax on farm prod.
2.
savings
Adjusted
1,320,410
200,461.000
269,147,845
28,617,500
19,846,289
Refunds:
Customs
200,543,000
Treasury notes
16.772,206
the
bills
1,221,413,000
2,041,292
public debt...
on
.;
.
Treasury savings securities
178,306
Tennessee Valley Authority..
Interest
68,027,591
v.-
-
v
unclassified sales)..
187,790,740
d583,899
29,672,608
63,154
Farm Credit Administration,
258,498,641
55,265,530
24,168,792
Admlnls.a
174,279,039
14,486,402
—a
44,511,021
Civilian Conservation Corps a
3,170,166
346,499,759
S.
U,
239,330,270
-—
Agricultural Adjust. Program
470,466,305
1,024,249,078
293,513,250
5,000,000
266,594,159
Administration a_.
Navy
43,888,173
115,469,337
Deposits for retirement of
27,528,816
..........
..........
219,035,700
a
31,490,729
Veterans'
Treasury
d413,811
..........
2,172,727
70,000,000
Treasury bonds
2,248,451
d 100,814
a...
..........
6,339,968
.
22,527,758
609,119
610,493
90,000,000
Treasury notes
18,205,361
Retirement Act
328,000,000
170,678,994
Receipts—
"
Market operations:
Cash:
90.504,219
233,367
5.000,000
Postal deficiency c—
250,000
45,000,000
Public Debt Accounts
8,070,207
509,303
Panama Canal a
National defense:
115,729,518
95,075,000
41,060,000
602,215
Excess of receipts or credits
Excess of expenditures
27.470,892
3,170,577
421,870,000
50,000
10,000,000
.
and
Reclamation projects a b
Railroad
2,928,157
6,676,760
Public highways a...
40,348,000
41,000,000
Total
Expenditures—
Public buildings a.
73,645,430
5,785,000
Benefit payments
38,284,218
General:—Departmental a..
575,000
39,233,700
national
Investments
15,677,601
Seigniorage
1.
125,000
7,355,402
85.400,000
of
Benefit payments...........
Railroad retirement account:
55,979,846
3,548,482
Panama Canal tolls, &c
;
295,833
3,983,360
retirement
withdrawals by States
357,696
57,160,801
31,886
Old-age reserve account:
Investments....
170,322
other.......
17,273,159
'
Investments
299.634,570
curities:
All
193,351,883
dl41,604,139
on
bank notes
223,725
24,203,281
Principal—for'n obllga'ns..
Interest—for'n obllgations.
219,471,731
3,247.904
Unemployment trust fund:
30.071,933
receipts:
Govt.-owned se¬
Miscellaneous
19,468.037
d2,321,179
checking acc'ts
(sec. 13b, Fed. Res. Act, as
amended)..
12,985,699
their
Taxes upon carriers and
employees
Customs.
In
Melting losses, <fec
Payments to Fed. Res. banks
1,053,701
10,421,526
1937
$
$
gold:
1,448,608,818
463,939
July lpo Feb. 28
1937-38
1938-37
$
$
19,889,630
Chargeable against increment
806,597,643
80,048,138
1938
Of Govt, agencies (net), &C...
1936-37
58,431,666
140,336,271
Mlscell. Internal revenue
Transactions
$
S
62,488.640
—
Unjust enrichment tax
Taxes under Social Secur. Act
Proceeds
July
1937-38
$
Gold, &c. (Concl.)
on
Trust accounts
28—
Feb.
Month of February
Expenditures—
The
-—Month of February—
1938
1937
1985
Trust Accounts, Increment
3,597,063
367,000
Zone
retirement
363,000
469,000
500,000
227,000
11,000
fund
(notes).,
..........
..........
6,396,996
8,929,133
43,718,103
40,552,144
Alaska Railroad retirem't fund
550,538
1,614,116
3,443.931
70,852,170
(notes)
Postal Savs. Sys.
Reclamation projects b
1,927,749
632,425
18,009,393
7,849,556
Public highways
5,708,519
13,765,423
70,640,965
209,526,102
1,356,182
3,198,804
21,259,817
78,919,772
....
Federal Land banks
Relief
Public works (Incl. work relief)
11,000
..........
(notes)
Deposit
Insurance
Corporation (notes)
15,000,000
25,000,000
Federal
15,000,000
25,000,000
River and harbor work and
control—
flood
Rural Electrification Adm.
3,314,170
576,709
29,565,151
105,124,074
133,335,169
857,418.801
1.298,459,422
12,404,932
28,586,543
133,840,643
264,627,139
9
231
4,745,128
20,639,321
31,837
4,220,098
22,496,714
27,670,474
2,122,090
..........
13; 137,685
..........
All
other
Aid to home-owners:
Home Loan system
Emergency housing
U. 8. Housing Authority...
Housing Admin—
Federal
554,909
3,280,173
8.137,334
Administra'n
15,593,337
108,284,842
Total public debt receipts..
7 994,533,000
284,599,000
421,346.249
349,211,418
5,052,537,851
5,226,207,145
412
157
155,798,523
Sub-total
213,732,573
d5.019
1,338,290,551
Treasury
works:
2,141,402,700
2.517,921
40,132,670
18,509,732
13,177,650
61,012,750
647,740,900
647,300
468,550
11,015,250
10,668,000
532,150
1,095,200
13,273,750
14,639,600
1,200
2,840
1,019,320
1,773,340
29.950
23,737
1,029 200
283,997
4,700,660
8,570,603
44,956,100
84,596.55»
233.200,726
244,699,501
2,736,400,790
2,988,007,02/
.....
..........
1,036,274,000
1,267,518,900
1,036,274,000
1,267,518,900
Liberty bonds.....
d8,879,491
84,454,637
d32,657,077
d409,419
d534,931
dll,563,324
dl5,518,650
National
bank
notes
and
Fed. Res. bant notes
24.844,043
80,664,745
d3,308,465
Sub-total
151,891,743
d3,494,771
Exchanges:
Treasury
notes...........
Treasury bonds
of
131,081
1,397,462
305,066
-
270,034
Sub-total.
and
-
dl5,412,289
19,312,792
d315,945,376
dl3,326,783
170,065,451
d215,454,097
Special series:
Adjusted
service
certificate
fund (certificates)
41,000,00^
Sub-total
d30,192,926
10,172,157
expenditures
45,100,000
331,000,000
90,100,004
Unemploy. trust fund (ctfs,).
Civil service retirement fund
55,938,573
Foreign Service retirem't fund
'
Old-age reserve account
Railroad retirement account-
9,716
73,255,000
45,109,716
56,000,000
Sub-total
46,735,300
526,255,000
Canal
192,773,873
Zone
retirement
4,000,000
39,600,000
13,000,000
134,800,000
50,000
1,900,000
1,800,000
13,800,000
13,300,000
17,000
185,000
172,000
14,000
—
(note8)
t
employees' retirement
funds (U. 8. share)
Govt,
1,000,000
25,000
(notes)
122,000,000
15,000,000
-
Adjusted service ctf. fund
13,000
158,000
5,000,000
122,000
fund
(notes)
Fed. Dep. Ins. Corp. (notes).
retirements
376,400
4,876,316
8,601,458
39,060
Washington-—......—
Reconstruction Finance
Debt
309,500
4,760,450
other debt items
17,261,326
loans
1,867,450
51,886,050
3,000
First Liberty bonds
Miscellaneous:
Corp.—direct
970,650
55,401,600
Adjusted service bonds....
10,797
States,
&c
Bank
bonds
Postal Savings bonds
Loans to railroads...
Export-Import
2,155,665,000
380,350
20,081,650
U. S. savings bonds.......
■
municipalities,
2.507,280,000
13,401,700
notes
Treasury
198,381,000
21,000
Fourth
Agricultural aid:
Commodity Credit Corp...
Farm Credit Admlnistra'n.
Loans and grants to
209,227,000
Certificates of indebtedness
Revolving funds (net): e
Public
""
■
bills.;..
Treasury
106,194,499
Admin, for Indus. Recovery
""11
Expenditures—
Cash:
Miscellaneous:
6.
85,359,000
Market operations:
11,988,857
14.047,387
Farm Security
3.
169,500,000
4,112.447
Works Progress Admin....
Sub-total
*
(sinking
!
Total expenditures..
.
13,215,200
21,572,450
52.769,150
574,833,659
4,913,483,250
4,762,724.530
300,256,308
1,053,198,485
2,046,015,287
Total
-
-
public debt expend'S-
2,939,000
5.830,000
71,743,000
148,444,000
241,139,726
250,529,501
3,844,417.790
4,403,969,927
180,206,522
■Sub-total
75,212,450
524,839,938
175,477,956
fund, &c.)
98,681,917
1,208,120,060
822,237,217
Excess of receipts
Excess of expenditures
Excess Of receipts
Excess of
Summary
of
Excess
expenditures
•
of
Excess
+300,256,308 +1.053,198,485 +2,046,015,237
+ 175,477,956
(+)
13,215,200
21,572,450
52,769,150
75,242,450
of
+14,486,402
—174,279,038
293,170,260
826,150,297
7,355,402
39,233,700
Increase (+) or
the gross
Gross
:—
+155,109,230
+285,814,858
+25,097,292
—187,132,941
Gross public
Trust
+421,203,463 —1,142,917,782
98,681,917
1,208.120,061
822,237,217
37,452,527,271
34,502,098,794
36,424,613,732
33,778,543,594
37,632,733,793
34,600,780,711
37,632,733,792
34,600,780,711
15,237,513
debt this date
Accounts,
on
14,213,580
208,026,167
187,428,960
31,368
7,450,544
95,129,735
41,000.000
15,000,000
61,639
979,673
1,480,393
3,872,434
65,053,611
27,792,292
37,745,283
471,468,665
95,637,069
331,000,000
90,100,000
Increment
Gold, &c.
Receipts—
Trust
accounts
Increment resulting from reduc¬
tion in weight
of gold dollar..
Seigniorage
Unemployment trust fund..
Old-age reserve account
Railroad retirement account...
Total.
-
—23,737
—1,029,158
—283,997
—4,700,660
—8,570,603
—44,356,100
—84,596,558
+13.645,522
73,349,160
45,100,000
'
e
1,199.525,117
402,438,714
+285,330,060
+ 686,082,217
+ 922.790,000
+ 136,15o,000
+180,206,522
+ 98,681,917+1,208,120,060
+ 822,237,217
Additional expenditures on these accounts are
d Excess of
122,000,000
100,982,935
+19,152,917
+ 79,529,000
Included under "Recovery and
relief" and "Revolving funds (net)," the classification of which will be shown In
the statement of classified receipts and expenditures appearing on page 7 of the daily
Treasury statement for the 15th of each month.
b General expenditures under this caption for the fiscal year 1937 are included is
"Departmental."
"Recovery and relief expenditures" under this caption for the
fiscal year 1937 include only Boulder Canyon project, other reclamation projects
for that year being included in "Public Works—All other."
c The expenditures under this classification for the fiscal year 1938 are exclusive
of 1718,699.88 on account of transfers of appropriations from the Post Office
Department to the United States Maritime Commission pursuant to the Act of
June 29, 1936 (49 Stat. 1988).
These transferred funds when expended by the
U
8. Maritime Commission are classified
onitbis page as "Departmental," and
on p. 7ontbe 15th of the month as "Departmental—U. S. Maritime Commission."
a
180,206,622
.
—1,867,450
+166.561,000
Sub-total
Total
public debt at beginning
of month or year
—970,650
—83,696,200 —1,114.979,550
+ 769,845,169+1,990,848,773
Fed¬
+786,916,597 +1,965,154,999
decrease (—) In
public debt
—380,350
—20,081,650
+ 46,129,257
—103,039,000
—29,950
.
Special series
Increase (+) or
general fund balance
—21,000
—354,463,000
73,645,429
expenditures
(+) or receipts (—)
decrease (—) In
—
eral Reserve bant notes
2,038,800,428
3,983,360
+2,080,000
—13,401,700
+40,482,832
notes
Bonds
+68,027,591
159,092,590
excess
bills.—8,684,000
National bank notes and
—3,170,166
Less nat. bank note retlrem'ts
Total
,
operations:
Treasury
Other debt items
gold,
(—) or
Trust accts., Increment on
expenditures (+)
Market
Treasury
+278,683,858 +1,000,429,335 +1,970,772,837
+162,262,756
&c., excess of receipts
(+) or Decrease (—)
Certificates of Indebtedness..
or
receipts (—) (excluding public
debt retirements)
—
—
in Gross Public Debt—
(+) or
retirements..
expenditures
Increase
P
receipts (—)
Less public debt
expenditures
credits (deduct).
Details are shown in
supplementary statement!
.
Financial
1986
compilation, made up from the daily Gov¬
shows the money holdings of the
The following
statements,
ernment
March
COMMON
HOLDINGS
MONEY
TREASURY
Chronicle
CAPITAL
STOCK
26,
1938
INCREASED
Martha's
Mar. 15—The
Tisbury, Mass.
Vineyard National Bank of Tisbury,
From $75,000 to $100,000; amount of increase
$25,000
Dec. 1, 1937
Holdings in U. S. Treasury
Jan.
Feb. 1, 1938
Mar. 1, 1938
$
1, 1938
Net gold coin and bullion- 1,758,006,399 1.747,660.257 1,746,560.907 1,711,653,554
467,867,809
462,303,030
512,424,052
498,619,541
Net silver coin and bullion
3,149,555
3,645,646
2,787,322
4,424,793
Net United States notes..
943,824
468,803
1,084,600
585,833
Net National bank notes.
16,794,520
15,117,262
15,774,175
15,796,5.50
Net Federal Reserve notes
313,718
503,006
473,057
496.763
Net Fed Res. bank notes..
5,420.655
5,223,291
6,805,089
7,692,174
Net subsidiary silver.
6,341,825
8,239,899
5,502,362
5,998,147
Minor coin, &c..
Total cash in Treasury.
Less gold reserve
fund
2,251.154,236 2,248.492,163 2,293,764.664 *2245267,355
156,039,431
156,039.431
156,039,431
156,039,431
Cash balance in Treas.. 2,095.114,805 2,092,452,732 2,137,725.233 2,089,227,924
Treasury notes and cer¬
tificates of indebtedness
485,038,000
834,858,000
775,731.000
775,514,000
Dep. in Fed. Res. banks..
132,298,398
180.582,678
168,389,919
208,509,682
116,4,58,071
30,584,389
1,850.681
2,521,891
17,367,894
28,432,051
Dep. in National banks—
To credit Treas. U. 8__
17,012,008
15,079,865
To credit dlsb. officers-
30,064,298
Cash in Philippine Islands
1,843,557
34,364.041
1,751,548
Deposits in foreign depts.
2,864,681
2,816,504
in
cash
Net
2,764,235.747 3,161,905,368 3,133,261,184 3,124,157,839
189,064,409
156,007.607
183,681,115
149,480,479
2,608.228,140 2,972.840,959 2,949,580,069 2,974,677,360
Available cash balance
*
Includes
March 1, $449,577,194 sliver bullion and 84,098,101 minor, &c., coin
on
included in statement "Stock of Money."
as
1,976,216
3,130,072
Treasury
and in banks...
1
PUBLIC
COMPARATIVE
DEBT STATEMENT
(On the basis of daily Treasury statements)
Mar.
Aug. 31, 1919,
When War Debt
debt
less
Debt
Dec. 31,
1930,
51,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
74,216,460.05
1,118,109,534.76
306;803,319.55
Net bal. in gen. fund...
Gross
Lowest Post-War
Was at Us Peak
31. 1917,
Pre-War Debt
Gross debt....
net
51.207,827,886.23 $25,478,592,113.25 $15,719,283,767.52
bal. in gen. fund—
Gross debt per capita.
812.36
$250.18
$129.66
2.395
4.196
3.750
of int.
interestbearing debt outstand¬
Computed
rate
per annum on
ing (percent)
Mar. 17—The First National Bank of West Derry, West Derry,
N. H.
From $60,000 to $100,000: amount of increase
40,000
REDEMPTION
...
Feb. 28,
A
Jan.
1937,
Last Month
Year Ago
Below will be found
Company and Issue—
$33,062,188,288.81 $34,502,947,202.06 $34,658,056,432.34
rate
■:> a$288.67
a$289.91
2.570
2.566
2.563
of int.
interest-
bearing debt outstand¬
ing (percent)
a
Subject to revision.
Last
Week's Range
Sale
Range Since Jan. 1, 1938
for
Week
of Prices
Low
we
current week.
show
the
High
Low
Shares
Preferred
_
__
_
_
_
3
100
Blaw-Knox Co
V—
-
Then
we
follow with
26
*
L.
26 H
12
Electric Products
„
•»
7%
Mar
UN
Jan
60c
Mar
IN
Jan
125
3X
Jan
4N
Mai-
~
„
7
1,005
6
Mar
9H
Jan
7
10
7
Jan
7
Jan
17H
18 X
358
17H
Mar
20
Feb
11H
7H
617
11
Mar
14
Jan
205
7H
Mar
6H
180
6
Mar
75c
200
6
a
9N
11
Mar
Jan
Per
Abraham & Straus, Inc
Acadia Sugar Refining Co. 6% pref. (quar.)
Fund Second
$1H
10c
20c
(quar.)...
Alaska Juneau Gold Mining (quar.)
Extra.
___!
;
15c
Allen Electric & Equipment (quar.)
All-Penn Oil & Gas Co...
2Hc
15c
_
10c
Amer.can Bakeries Corp. class A (quar.)__
Class A (extra)
Class B
___;
;
50c
25c
25c
...
7% preferred (s.-a.)
7% preferred (quar.)
American Beverage Corp., 7% cum. pref.—No
American Business Credit Assoc., class A
American Fidelity & Casualty (Richmond)
American Home Products Corp
American Light & Traction (quar.)
Preferred (quar.)..
...
$3H
$1N
10c
15c
20c
30c
Feb
165
Mar
43 N
Jan
An^prican Screw Co. (quar.)
1,030
5
Mar
6N
Jan
\%
1H
2
1,590
l
3H
Jan
5c
Jan
105
Jan
7
7%
1,559
7
Mar
9
Jan
1
Mar
1H
1
.
'
1
„
22
*
4 X
6ON
l
34 H
H
3,500
4c
2H
2H
295
2N
Mar
22
22
125
22
3
Jan
Jan
25 X
Feb
645
4N
Mar
9N
Jan
69 H
7
618
60 H
Mar
Mar
90 X
9
Jan
1,102
6H
iox
Mar
5H
4H
60 N
6
110
Mar
10
Jan
18 X
2
2
2H
2H
6X
6H
7
28
73H
Jan
6H
:
34H
4c
6H
-
800
Mar
4c
6
16H
H
57N
Mar
*
2H
2
28
95
475
6
6H
16 X
2
Feb
Jan
20
2N
Jan
Mar
Jan
1,100
2H
Mar
4
Jan
100
6H
Mar
9
Jan
30 X
352
28
Mar
34 N
Jan
25
IN
IH
450
IX
Jan
1H
Jan
1
60c
65c
500
60c
Jan
65c
Feb
19 H
19 H
21H
2,134
19«
Mar
27 X
Jan
75
74 H
87 H
236
74 H
Mar
107 N
Jan
110N HON
50
iion
Mar
112
Jan
Unlisted—
Lone Star Gas 6)3 % pf 100
Bonds—
Pittsburgh Brewing 6s 1949
107
107
2,000
107
Jan
107N
Jan
No par val—e.
NATIONAL
The
BANKS
following information regarding National banks is
Comptroller of the Currency, TreasuryDepartment:
from the office of the
When
Holders
Payable of Record
20c
Amparo Mining Co
Anheuser Busch, Inc., $20 par
Arcade Cotton Mills (quar.)
lc
15
Mar. 19
Mar. 31
Mar. 21
Apr.
Apr.
5
5
Mar. 20
Apr.
11
Mar. 15
Mar. 15
Mar 15
June
15
Mar. 15
Apr.
Apr.
May
May
May
Apr.
Mar.
Apr.
Apr.
Apr.
Apr.
Mar. 29
Mar. 31
Apr., 14*
Apr. 1.5
Apr. 15
Mar. 30
Mar. 26
Mar. 26
Mar. 26
Mar. 19
Mar. 31
...
.
_
___
Bank Stock Trust Shares series C-l
Mar.
Mar. 24
25c
Equipment Corp..
Arrow-Hart & Hegeman Electric.
Associated Electrical Industries (final)
Associated Telephone Co., pref. (quar.)__:
Atlantic Co. (Ga.) 6% preferred (quar.)
At lantic. Steel Co. (irregular)
Atlas Acceptance Corp.. 5% pref. (quar.).
Automatic Voting Machine (quar.)__
Avery (B. F.) & Sons, 6% pref. (w. w. & x-w.)__
Baldwin Co. (irregular)
Barker's Bread, Ltd., 5% pref. (quar.)
Baldwin-Duckworth Chain Corp
Mar.
Mar. 25
Apr.
Apr.
Apr.
Apr.
Mar. 23
Apr. 15
12Hc
25c
10%
31 He
$1H
$1H
12Hc
37 He
62 He
May
Apr.
Mar. 21
Mar.
Mar. 21
Apr.
Apr.
Apr.
Mar. 20
Mar. 24
Mar.
Mar. 25
Mar. 19
40c
Apr.
13.707c Apr.
Mar. 21
Mar. 21
Mar.
Apr.
Mar.
15c
May
Apr.
Apr.
Apr.
37 He
Mar.
14.513c
.
.___
2
Mar. 22
Mar.
15c
25c
Bay State Fishing Co. 7% preferred (s.-a.)
70c
Beatty Bros.. 1st preferred (quar.)
$1H
Belding-Heminway Co. (reduced)
12Hc
Belt RR. & Stockyards Co.,
75c
6% pref. (quar.)___
Common (quarterly)
75c
Biltmore Hats, Ltd., 7% preferred
1.16 2-3
Birmingham Electric, $7 preferred.:
ttlK
$6 preferred
t$lH
Brandtjen & Kluge, Inc., conv. pref. (quar.)
87 He
Bridgeport Hydraulic Co. (quar.).
40c
Brooklyn Teleg & Messenger Co. (quar.)
flH
Buckerfields, Ltd., 7% preferred
7% preferred (quarterly)
i$i %
_
May
Apr.
Apr.
Apr.
Apr.
Apr.
July
Apr.
Apr.
30c
common.
Aro
Series G-2
Barnsdall Oil Co. (quar.)____
Bartg's Bros Co
Preferred (quar.)
Apr.
Apr.
Apr.
Apr.
May
a ction.
5H
Jan
Mar
-
34H
Westlnghouse Air Brake.. *
Westinghouse El & Mfg. 50
37 He
37 H
80c
100
7
Standard Steel Spring.... *
United Engine & Foundry 5
*
Share
Name of Company
5
Feb
30
119
-
1732
are:
5
70c
57 H
101X
-
1905
second table in which
37 He
American Meter Co
30c
American Midland Co. 70c. ser. A pref. (qu.)__
12Hc
American Products Co., $1H partic. pref...
t37Hc
5% prior preferred (quarterly)
8Hc
75C
Pittsburgh Screw & Bolt.. *
Pittsburgh Steel Foundry.*
Plymouth OH Co
...5
Reyner Bros com ____._.*
Victor Brewing Co
4H
57H
Pittsburgh Forging Co...l
Pittsburgh Plate Glass .25
United States Glass.
4H
6
±
100 H
Pittsburgh Brewing com..*
1
Jan
100H
*
Shamrock Oil & Gas
Mar
UN
160
11
-V-
Mesta Machine Co. .....5
Preferred
15
457
8,922
7H
Mountain Fuel Supply..10
Natl Fireproofing Co
5
.'25c
Jan
90c
6
...*
.
14 H
6N
39
m
Fort Pitt Brewing....... 1
com
Mar
11
Koppers Gas & Coke pf 100
Phoenix Oil
26 X
Jan
60c
*
McKlnney MfgCo
276
Jan
17H
Follansbee Bros pref.-.lOO
Lone Star Gas Co
5H
Mar
Jan
4
7H
6
.5
Jones & Laughlln St preflOO
H
100
21N
7
W
---10
_.
Mar
Mar
70c
Columbia Gas & Electric.*
Duquesne Brewing Co
14 H
3
100
7%
Crandall McKenzle&Hend*
Devonian OH
185
5H
12
Byers (A M) com
*
Carnegie Metals
1
Clark (D L) Candy Co. —*
120
2059
1416
1889
1890
1569
1730
1389
1898
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
Administered
High
28 H
5H
*
Armstrong Cork Co
16 H
3
14H
Arkansas Natural Gas_...*
1887
1887
1413
dividends
Alabama Fuel & Iron Co
Allegheny Steel com.-...*
1557
918
1405
2049
1719
1722
Sales
Friday
Price
1404
DIVIDENDS
both inclusive, compiled from official sales lists
Par
1874
1709
1875
1554
2044
1077
1403
1403
grouped in two separate tables.
In the
bring together all the dividends announced the
The dividends announced this week
StOCkS-
1865
1389
2031
1233
907
1546
1871
1872
1872
1708
1548
are
Pittsburgh Stock Exchange
March 19 to March 25,
Page
Announcements this week.
Dividends
we
8268.15
Gross debt per capita...
per annum on
Date
of America 6H% notes of 1940-Apr.
1
Appalachian Power Co., 1st 5s, 1941—
June
1
*
Avalon Telephone Co., Ltd., 1st mtge. 5HS--...Apr. 14
Caterpillar Tractor Co., preferred stock warrants
Apr. 30
Chicago Union Station Co., guaranteed 4s, 1944
April
1
Commonwealth Utilities Corp., 6% series A, 1938
May
1
Connecticut Power Co., 1st 3i^s, 1965
..Apr.
1
Consumers Co. of Illinois, 1st 5s, 1956
Apr.
1
Consumers Natural Gas Co., coll. trust 6s, 1944
..May
1
Dayton Power & Light Co., 3Hs. 1960
_Apr.
1
Denver Gas & Electric Co., gen. mtge. 5s. 1949.
..May
1
Equitable Office Building Corp., 5% debs., 1952
..May
2
Federal Light & Traction Co. 1st liens of 1942
..Apr. 15
*
Frarnerican Indust. Development Corp., 20-yr. 7Hs 1942JuIy
1
Helvetia Coal Mining Co., 1st 5s, 1958
April
1
*
Hightstown Rug Co., 6H% debentures.
Apr,
1
Interborough Rapid Transit Co., 1st 5s, 1966
Apr.
1
Lake Erie Power & Light Co., series A, 1946
Apr.
1
Series C, 1952.........
May
1
Lawrence Portland Cement Co. 5H«. 1942
Apr.
1
Lexington Water Co. 5s, 1960
__Apr.
1
Libby, McNeill & Libby, 1st 5s, 1942
..Apr.
1
McOoll-Frontenac Oil Co. .Ltd., 6% 1st mtge. A's, 1949..Apr.
1
*
(Glenn L.) Martin Co., 6% notes 1939
May 23
National Terminals Corp. 6Hs, 1943
...Apr.
1
Northern Paper Mills 1st mtge. serial 5s
May
1
Penn Tobacco Co., 1st 6s, 1943...Apr.
1
Pennsylvania RR., gen. mtge. 3^s, series C, 1970..
Mar.31
Pillsbury Flour Mills Co. 1st 6s. 1943.
Apr.
1
St. Joseph Ry., Light, Heat & Power Co., 1st 5s, 1946
July
1
*
San Francisco & San Joaquin Valley Ry. 1st mtge. 5s____ Apr. 14
Sauda Falls Co., Ltd., 1st 5s, 1955
Apr.
I
Sayre Electric Co., 1st 5s, 1947
Apr.
1
Spang, Chalfant & Co., 1st mtge. 5s, 1948
..May 16
James Talcott, Inc., 5H % preferred stock.
May
3
Traylor Engineering & Mfg. Co. preferred stock
Apr.
1
Virg nia Power Co. 1st 5s, 1942.
__June
1
(Raphael) Weill & Co., 8% preferred stock
Sept. 1
Wolthausen Hat, Ltd., 1st 7s, 1943
May
2
(Alan) Wood Steel Co. 1st mtge. 6s, 1944
Apr.
1
first
Computed
list of
bonds, notes and preferred
for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
a
stocks of corporations called
Feb. 28, 1938
Gross debt less net bal.
in general fund
FUND
31, 1938,
834,600,780,711.15 $37,452,527,270.39 $37,632,733,792.66
fund...
1,538,592,422.34
2,949,580,068.33
2,974,677,360.32
Net bal. in gen.
SINKING
AND
NOTICES
*
Gross debt..
CALLS
Animal Trap Co.
Dep. in spec'I depositories
account Treas'y bonds.
Deduct current liabilities.
25,000
$
$
$
25.000
Mar. 16—First National Bank of Hattiesburg, Hattiesburg, Miss.
From $125,000 to $150,000: amount of increase
Treasury at the beginning of business on the first of Decem-
Mar. 15—First National Bank of Hattiesburg, Hattiesburg, Miss.
From $100,000 to $125,000; amount of increase
Apr.
May
Apr.
Apr.
\pr.
1
1
12
20
Mar. 28
Mar. 15
Apr.
15
ADr.
6
Mar. 19
Mar. 19
May
Apr.
Apr.
Apr.
Apr.
Mar. 14
Mar. 14
Mar. 23
Mar. 31
June
May 21
Mar.
Mar. 15
Mar.
Mar. 15
Volume
Financial
146
Per
Share
Name of Company
Carbons Consol., Inc
Carey (Philip) Mfg. Co. 6% preferred (quar.).
5% preferred (quar.)
Carnation Co.. 1st pref. (quar.)
Carpel Corp. (irregular)
i
Carthage Mills, Inc., 6% pref. AA. (quar.) —
6% preferred B (quarterly)
Central Eureka Mining Co., preferred
;
—
—
Common
$6 prior lien
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 31
Mar.
Mar. 23
SIM
SIM
SIM
Mar.
Mar. 21
Mar.
Mar. 21
Apr.
50c
Mar.
Mar. 25
Mar. 24
Chapman Value Mfg. Co. (quar.)
— ——
Cincinnati Advertising Products Co. (quar.) —
Citizens Wholesale Supply Co., 7% pref. (quar.)
6% preferred (quarterly)
Cleveland Hobbing Machine Co. (quar.).
Cleveland Union Stockyards Co. (quar.)
Cluett, Peabody & Co-Coca-Cola Bottling Corp. class A (quar.)__.
Colon Development, 6% preferred—Columbus Dental Mfg_
7% preferred (quarterly)
Commercial Bookbinding CoCommercial Discount Co. (Los Angeles, Caiif.)
8% preferred (quar.)
7% preferred (quar.)
----Commonwealth Telep. Co. (Madison, Wis.)—
6% preferred (quar.)
Coniaurum Mines (interim)
Connecticut Fire Insurance (Hartford)
Consol. Car Heating Co., Inc. (quar.)
Consolidated Cigar Corp.—No action.
Prior preferred (quar.)
Preferred (quar.)-_
—
-
68 Mc
SIM
60c
6c
SIM
SIM
SIM
50c
25c
87 Mc
75c
20c
12 Mc
15c
62 Mc
1M%
25c
—
-
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 24
Mar.
Mar. 15
Mar. 24
Mar. 28
Mar. 28
Mar. 31
Apr.
Apr.
5
5
Mar.
Mar. 15
Apr.
Apr. 20
Mar.
Mar. 19
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Mar. 23
Mar. 25
Mar. 30
Mar. 30
Mar. 25
Mar. 25
Apr.
21
Mar. 15
Mar. 31
Mar. 22
Mar. 22
Apr.
1
20c
Apr.
Apr.
9 Apr.
9 Apr.
1
,,7% preferred (quarterly)
Mar-Tex Oil Co., common.
Class A
17Mc
SIM
15c
S5
SIM
1
Apr.
1 Mar. 15
Apr. 30 Apr. 20
Apr.
1
Apr. 15 Mar. 31
2 Apr. 15
1 May 16
1 Mar. 19
May
June
—
—
—
—
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 20
11 Mar. 31
1 Mar. 25
1 Mar. 15
7% preferred
6% preferred
5A% preferred
1
-
Northern States Power Co. (Minn.), pref.
Northwestern Electric Co., 7% preferred
Northwestern National Insurance
Northwestern Yeast (liquidating)
LiquidatingLiquidating-
(qu.)
(Milwaukee).
-
—
Mar. 24
25c
Mar.
Mar. 24
Ohio Loan & Discount
75c
May
May
May
May
40c
Mar.
Mar. 15
ft
(final)
Bonus
Apr.
Apr.
Apr.
6% preferred (quar.)
—
5% preferred (quar.) —
Ohio Telephone Service Co., 7% pref. (quar.) —
Ohio Wax Paper Co. (quar.)
Mar. 28
25c
Eagle Lock Co. (quarterly)
Edmonton City Dairy Co., Ltd., 6M% Pref—
tSIM
Elder Mfg. Co., 5% cumul., partic., class A
8% 1st preferred (quarterly).
Emerson Drug Co., class A & B (quar.)
40c
Preferred (quar.)
50c
10c
Equitable Investment Corp. (Mass.)
Fairmont Creamery Co. (D>ela.), 4M % pref. (qu)
SIM
Common (quarterly)
25c
Falstaff Brewing Corp., 6% conv. pref. (s.-a.) —
3c
Family Security Corp., class A (quar.)
6Mc
17 Mc
7% preferred (quarterly)—
Fansteel Metallurgical Corp., S5 pref. (quar.) —
SIM
$5 preferred (quarterly)
SIM
Farmers & Traders Life Insurance (Syracuse) —
S2M
S2M
Quarterly
■—
Federated Dept. Stores
25c
Preferred (quarterly)
1.06M
Fibreboard Products. Inc., 6% prior pref. (qu ).
SIM
First National Corp. of Portland, A—
t25c
Franklin Process Co. (reduced)
25c
Froedtert Grain & Malting Co., Inc.—
30c
Participating conv. preferred
Fruehauf Trailer Co. (omitted).
25c
Fyr-Fyter Co., class A (quar.)
Gachin Gold. Ltd., 70c. pref. (quar.)
118c
Gas Securities Co., stock div. (mo.)
M%
50c
6% preferred (monthly)
—
Gemmer Mfg. Co., class A (no action)
General Canital Corp.—
25c
General Mills, Inc. (quar.)
75 c
—General Theatres Eauipment Corp
25c
Gimbel Bros., preferred (quar.)
SIM
Glen Alden Coal (irregular)
12Mc
Goodman Mfg. Co
25c
———
— —
—
—
-
-
.
—
75c
—
Gotham Credit Corp. (N. Y.) class A
Gotham Silk Hosiery Co., Inc.—
(quar.)
7% cumul. preferred (quarterly)
Great Lakes Engineering Works (quar.) —
Great West Saddlery Co. 6% 1st pref. (quar.)
Light
-
—
-----
1
— -
Hartford Gas Co (quar.).
— — ——
8% preferred (quarterly)
—
-
Hartford Steam Boiler Inspection & Insurance.
Hatfield-Campbell Creek Coal Co.—
5% prior preferred (quarterly)
— —
Haughton Elevator Co., $6 prior pref. (qu.) —Haverhill Gas Light Co
Haverty Furniture Cos., pref. (quar.)
Hecker Products Corp. (quar.)
Hershey Chocolate Corp. (quar.)
Preferred (quarterly)
Holly Development Co. (quar.)__
-—
Honolulu Rapid Transit Co. (reduced)
Houston Natural Gas (new)
——————
Preferred (quarterly)
■
Hutchinson Sugar Plantation Co. (monthly)
Huttig Sash & Door Co., 7% pref. (quar.)
Industrial Securities, 6% preferred.
_
75c
t75c
12 Me
68Mc
__
—
_
—
7% preferred A
6M% preferred B._
Johnson Publishing Co., 8% preferred
-
—
Kaufmann Dent. Stores
17Mc
17Mc
SIM
25c
3c
37c
Pacific Greyhound Lines, $3 A pref.
Packer Advertising Corp. (quar.)
Mar.
Mar. 25
Pan American Match-
Apr.
Apr.
Mar. 21
Peninsular Telephone Co. common
Common
Apr.
Mar. 21
Apr.
Apr.
Mar. 31
Mar. 21
Mar. 31
Mar.
Mar. 21
June
June
15
July
June
10
Oct.
Sept.
Apr.
Apr.
Apr.
10
20
20
15
Apr.
Apr.
May
Apr.
Mar. 25
Apr.
Mar. 19
May
1 Apr.
15
Mar. 31
Apr.
Apr.
Apr.
Apr.
15
1
1
1
Apr.
May
Apr.
Apr.
Apr.
11 Mar. 31
Mar. 15
Mar. 15
Mar. 15
2 Apr.
11 Apr.
25 Apr.
20 Apr.
11
1
9
6
Mar. 31 Mar. 31
Apr.
5 Mar. 25
29 Apr.
27
Mar.
Apr.
May
Apr.
Apr.
12
23
Mar. 21
Apr.
Apr.
Mar. 21
Mar.
Mar. 26
Mar. 22
May
Apr.
15
—
—
Mar. 31 Mar. 23
Mar. 31 Mar. 23
May
Apr.
1 Apr.
— —
—
— —
—
-
Apr. 30 Mar. 31
Apr. 14 Apr.
1
Mar. 31 Mar. 25
Apr.
1 Mar. 29
10c
SIM
Apr.
Apr.
50c
15 Mar. 31
1 Mar. 25
May
SI
2 Apr. 15
Apr.
1 Mar. 24
Apr. 20 Mar. 31
Apr. 20 Mar. 31
Apr. 15 Apr.
5
Apr.
1 Mar. 22
Apr.
8 Mar. 28
Mar. 25
Apr.
1
Mar. 21 Mar.
1
$2
25c
Mar. 31 Mar. 31
Mar. ,31 Mar. 15
50c
17 Ac
2 Ac
20c
13Mc
50c
SI A
SIM
87 Mc
20c
Apr. 30
Apr.
1
Apr.
1
Apr.
1
37 Ac
Mar. 31
til H
tSl A
m%
SIM
tsiM
$ix
Apr.
Apr.
Apr.
Apr.
Apr.
15
15
15
15
1
Mar
31
S2
June
15
Sept. 15
25c
—
Common
-
— _
-
(quar.)
Philadelphia Electric, $5 pref. (quar.)_
Common (quar.)
— -
Plume & Atwood Mfg. Co.
(quar.)
Pollock's, Inc., 6% pref. (quar.)_
Portland Gas Light Co.. $6 preferred— — —
Puget Sound Pulp & Timber, 6% conv. pref—_
Pyle National Co., 8% pref. (quar.)
—
Quincy Market Cold Storage & Warehouse Co.—
5% preferred
Railway Equipment & Realty Co.—
6% 1st preferred (quar.)-_Ralston Steel Car Co., 5% pref. (quar.)
Reading Co. (quar.)
—
—
Rhode Island Electric Protective Co. (quar.) —
Ritter Dental Mfg. Co. (no action).
Preferred div. of SI .4165, representing pay¬
ment at 7% rate on old 7% pref. for Jan.,
and at rate of 5% for balance of 1st quar_ _ _
Rochester Button Co. (no action).
Preferred (quar.)
— - —
Roos Bros., Inc. (Del.), $6 A pref. (quar.)
Russek's Fifth Ave., Inc. (quar.)
—
Sayers-Scoville Co
6% preferred (quarterly)..
- —
Security Storage Co. (quar.). — — —
St. Paul Union Stockyards (quar.)i
—
San Gabriel River Improvement Co
S.-M.-A. Corp. (quar.)..
— — — — — —
Shasta Water Co. (quar.)
——
—
—
-
Sheaffer (W. A )
Mar. 16
15c
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
May
2 Apr.
May 16 Apr.
May 16 Apr.
Simpson (R.) 6% pref. (semi-ann.)
Slattery (E. T.) Co., 7% pref. (quar.)
_
Southern Acid & Sulphur Co., 7% pref. (qu.)__
Southern Acid & Sulphur Co., Inc
15c
75c
lc
10c
20c
87 Mc
10c
SIM
18Mc
50c
t43Mc
140 Mc
1S2
25c
25c
Kelley Island Life & Transport Co
Kendall Co., cumui. & partic. pref. ser. A (qu. )
SIM
34c
Participating dividend
Kendall Refining Co. (irregular).
20c
King-Seely Corp., 5M% pref. (quar.).
27Mc
62 Mc
Knapp-Monarch Co., pref. (quar.).
Knott Corp
10c
Kootenay Belle Gold Mines, Ltd...
15d
Illinois Northern Utilities, 6% pref. (quar.)
SIM
50c
Illuminating Shares, class A (quar.)....
Investment Foundation, Ltd., preferred
Preferred (quarterly)
71
—
...
—
—
15c
Apr.
23
23
28
21
9
25
25
15 Mar. 31
Mar. 31 Mar. 23
Mar. 31 Mar. 24
Mar. 31 Mar. 24
Apr.
5 Mar. 15
Mar. 30 Mar. 21
Apr.
Apr.
Apr.
Apr.
1 Mar. 22
11 Apr. 1*
2
15 Apr.
1 Mar. 21
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Apr.
1 Mar. 22
Apr. 28 Apr.
9
Apr.
June
June
Apr.
Apr.
Apr.
Apr.
1 Mar. 20
May 10*
1 May 10*
1 Mar. 21
1 Mar. 22
1 Mar. 21
15 Apr.
Anr. 22 Apr.
May
2 Anr.
Apr.
1 Mar.
Apr. 15 Mar.
1
15
15
18
31
ADr. 15 Mar. 31
Mar. 31 Mar. 20
,
1
Apr.
Apr.
1
Mar. 29
July
1
Apr.
1
May 15
Aug. 15
40c
SIM
50c
37 Ac
t75c
30c
8% pref. (quar.)
Nov. 15
May
2
Apr.
25
May
May
2
2
Apr.
Apr.
11
1
Mar. 15
Apr.
15
Apr.
1
$2
Mar. 31
tS3
Mar. 26
SI A
SI M
Mar. 31
50c
SIM
Apr.
Apr.
37 Mc
June
1215
SIM
SIM
May
Apr.
Apr.
Apr.
Apr.
37m
Mar.
20c
50c
53
SIM
SIM
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr."
Mar.
Works, 7% pref
Co., Ltd. (quar.)
Southern Franklin Process, 7% pref. (quar.)
Southern Indiana Gas & El. Co. 4.8% pref.(qu.)
Southern Natural Gas class A
Springfield Fire & Marine Insurance Co
Standard National Corp. 7% pref. (quar.)_
Stanley Works (quar.)
—
5% preferred (quarterly)Stecher-Traung Lithograph, 7A% Pref. (quar.)
Strawbrldge & Clothier 7 % pref—
Suburban Electric Security, 2nd $4 prefSouthern Bleachery & Print
—
—
— —
(interim)
25c
Mar.
Mar.
45c
Southern Berkshire Power & Electric Co.
Southern California Edison
Mar.
tSIM
May
Anr.
SIM
1.2% May
Apr.
SIM
40c
Apr.
Mar.
31Mc
SIM
Mar.
tii
t50c
2yfc
— —
—
—
—
—
—
—
—
_
Mar.
SI. 13
Supervised Shares, Inc. (irregular)
SIM
pref. (quar.)
90c
Thatcher Mfg., pref. (quar.)
10c
Tintic Standard Mining Co. (irregular)
SIM
Toledo Light & Power Co., pref. (quar.)_
25c
Toronto General Insurance Co
50c
Torrington Water (quar.).
—
54
Travellers Insurance Co. (quar.)
— SIM
Twin State Gas<fc Elec. prior lien (quar.)
United Light & Railways, 7% prior pref. (mo.). - 58 l-3c
7% prior preferred (monthly) — — — — — — 58 l-3c
58 l-3c
7% prior preferred (monthly)
—
53c
6.36% prior preferred (monthly)
53c
6.36% prior preferred (monthly)
—
53c
6.36% prior preferred (monthly) —
— _
50c
6 % prior preferred (monthly)
— —
50c
6% prior preferred (monthly) —
50c
6% prior preferred (monthly) —
— - —
Texas Electric Service Co., $6
Apr.
37 Mc
25c
25
May 12
Apr.
1
50c
Sunset Oils. Ltd.
1
50c
52
Mar. 16
SIM
25c
25c
Extra
Pen Co
15
Apr.
Apr.
Apr.
Apr.
Mar. 10
25c
25c
15c
Pierce Governor Co. common
—
Dec.
1
1
1
-pr.
1
Apr.
1
Apr.
2
Apr.
1
Apr. 30
SIM
45c
—
—
SI A
SI A
20c
— - —
—
S2
10c
SIM
SIM
SIM
SI A
7% A preferred7% A preferred
7 % A preferred
Philadelphia Co. 6% cum. pref. (semi-ann.)
11
1 Mar. 15
Mar. 21 Mar.
1
40c
——,
Mar. 26'
Mar. 31
50c
20c
87 Ac
SI
(quar.)
15
Mar. 26
$2H
10c
Pacific American Fisheries, Inc
Pacific Fruit & Products Co., Inc
Mar. 21
—
Iowa Electric Co.,
Mar. 22i
Mar. 22
-
Apr.
International Business Machines Corp
International Milling Co.. 5% pref. (quar.)_
Interstate Bakeries, $5 pref. (reduced)
Co..
Mar. 15
-
Mar.
20c
—
•
— —
Mar.
37Mc
—
25c
15c
—
Extra
Old Dominion Fire Insurance (Va.) (quar.)
Old Joe Distilling Co., 8% partic. pref. (qu.)
40c
—
— —
5c
SIM
Apr.
Apr.
1 Mar. 21
Apr.
1 Mar. 21
May
2 Apr. 16
Apr.
1 Mar. 21
Apr.
1 Mar. 25
Apr.
1 Mar. 22
Apr. 15 Apr.
1
Apr.
1 Mar. 15
Apr.
1 Mar. 15
20c
_______
Mar. 19
Mar. 19
-.—- - -
50c
50c
—
— -
Mar. 23
Apr.
75c
6% 2nd preferred (quarterly)
Group Corp., 6% preferred-Hanna (M. A.) Co.. common
Mar. 23
—_
Apr.
Apr.
Apr.
Apr.
9Mc
15c
—
2
2
-
Mar.
SIM
—
SIM
May
2
Apr.
1
Apr.
1
Apr
15
$2
—
SIM
(irregular)
Dunlop Rubber, Am. dep. rec.
$2
5c
Apr.
SIM
Duff-Norton Mfg.
21 Mc
30c
Holders
When
Payable of Record
Northern Indiana Public Service—
50c
Preferred (quar.)
25c
50c
5c
common
McGraw-Hill Publishing Co. (action deferred).
McLellan Stores Co., pref. (quar.)
Middlesex Products Corp. (quar.)
Mid-West Refineries, Inc. (quar.)
Montreal Light, Heat & Power Consol. (quar.)_
Montreal Tramways Co. (quar.)
Monumental Radio Co. (Bait., kd.) vot. tr. ctfs.
Morris Plan Industrial Bank (N. Y.)_
Mutual Investment Fund (quar.)
Nashua Gummed & Coated Pap Co.,7% pf.(qu.)
National Distillers Products (quar.)
National Fire Insurance (Hartford) (quar.)
National Funding, class A & B, (quar.)
- —
class A and B (extra
National Oil Products (interim)
National Pumps, 5M% pref. (quar.)
Naumkeag Steam Cotton Co. (reduced)
New England Power Co., 6% pref. (quar.)
New Orleans Cold Storage & Warehouse——
New York Telephone
Niagara Falls Smelting & Refining Corp.
Niagara Hudson Power Corp.—
5% 1st pref. & 5% 2d pref. ser. A & B (quar.)
North American Finance Corp., cl. A (quar.) —
7% preferred (quarterly)
—— —
Cumul. partic. preferred (quar.)
North & Judd Mfg. (quar.)
— -
30c
Dominguez Oil Fields (monthly)
Dow Chemical Co., common
Steel
(quar.)
(quar.)..
Langendorf United Bakeries, class A
Lewis (Edgar P.) & Sons, Inc., 85c. conv. pref—
Liberty Loan Corp.. class B (quar.)
Lord & Taylor, 2nd pref.
(quar.)
Ludlow Typograph Co., S6 pref. (quar.)
Mammoth Mining (quar.)
Marathon Paper Mills. 6% Pref. (quar.)
Marchant Calculating Machine.
Maritime Telep. & Teleg. Co., Ltd. (quar.)
—
Apr.
SIM
Davidson-Boutell Co. 6% conv. pref. (quar.)
Detroit Gasket & Mfg. Co. (no action).
Discount Corp. of N. Y. (quar.)
Mar. 22
Mar.
20c
Cottrell (C. B.) & Sons Co. 6% pref. (quar.)
Creamery Package Mfg. (quar.)
Darling Storas Corp., partic., pref. (quar.)
Mar. 22
25c
—
Connecticut General Life Iusurance—-
Mar. 19
m Mar.
__
—
Share
Lane Cotton Mills
MA
SI A
SIM
37Mc
hm
—
Laclede
Per
Name of Company
Lane Bryant, Inc., 7% pref.
Lane Co., Inc. (reduced)
Central States Electric Co. 7% preferred A
t54.687C
6% preferred B and C
-C C C & St. Louis Ry. preferred (quar.)
Chain Store Products Corp.. $1 A pref. (quar.;.
37Mc
Hartford Electric
Holders
When
Payable of Record
Mar. 31
Mar. 31
6c
Central Franklin Process Co., 7% pref. (quar.)_
Central & South West Utilities, $7 prior lien—
Fisheries.
1987
40c
Calif.-Oregon Power, 6% preferred
6% preferred of 1927-7% preferred-California Water & Telep. Co. 6% pref. (qu.)—
Cannon Shoe Co. (quar.)
5A% preferred (quarterly).
Gorton-Pew
Chronicle
May
Apr.
Apr.
Apr.
Apr.
Apr.
May
Mar.
Apr.
Mar.
Mar.
Apr.
Apr.
May
June
July
May
June
July
May
June
July
1
Financial
1988
Per
Share
Name of Company
Union Investment Co. (no
Preferred
95c
(Minn.)—
1*7% preferred A & B (quarterly)
F$6 preferred C & D (quarterly)--------- —
United States Foil Co. class A & B (omitted).
United Stockyards of Omaha, Ltd
U. S. Smelt., Refining & Mining Co.
Preferred
(quar.)
United Stockyards Corp.
Preferred
(interim)
(monthly)
Milk (irregular)
$4 preferred (quarterly)
Vlchek Tool Co. preferred (quar.)--Winters & Crampton Corp., cumul. conv. pref—
Wisconsin Telep. Co., pref. (qua*.) — —— —Van Camp
Woodward & Lothrop
(quar.)
—
Extra
7% preferred (quarterly)
Electric Co. (irregular)
preferred (quar.)
Western Pipe & Steel
Wrigley (wra.) Jr. Co. (monthly)--——
Monthly-Monthly
;
Monthly
Worcester Suburban
West Coast Oil
Monthly
(Rudolph) preferred (guar.)
Wurlitzer
we
Mar. 31 Mar. 24
SI
Apr.
Apr.
Apr.
Apr.
87 He
124c
May 16 Apr. 30
SIM
374c
Apr.
SIM
SI
SI
25c
30
Mar. 30 Mar. 25
Mar. 30 Mar. 25
Mar. 30 Mar. 25
Mar. 31 Mar. 17
3 Mar. 25
Apr.
Apr.
15 Mar. 25
25c
May
2 Apr.
25c
June
20
25c
July
1 May 20
1 June 20
25c
25c
Aug.
Sept.
1 July 20
1 Aug. 20
Oct.
Apr.
1 Sept. 20
1 Mar. 22
announced in previous weeks
Holders
When
Payable of Record
-
Air Reduction Co., Inc.
(quar.)
15c
Allied Stores Corp.,
434c
$14
Allis-Chalmers Mfg. Co. common
37 He
(quar.)
pref. (quar.)
Allen-Wales Adding Machine Corp.—
$6 preferred (quarterly)
Allied Products Corp. class A
—
$14
$14
$14
25c
(irregular)
50c
Aluminum Mfrs., Inc. (quar.)
50c
Feb.
26
1 Mar.
16
1 Feb.
26
15 Apr.
1
1 Mar. 16
1 Mar. 19
1 Mar. 19
1 Mar. 18
1 Mar. 18
15 Mar. 31
50c
$1
25c
....
Bolding-Corticelli, Ltd. (quar.)
Pref erred (quar.)_-_—Bell Telep. of Canada (quar.)
Bell Telephone of Pennsylvania
pref. (quar.)
Mar. 31 Mar. 21
Mar. 31 Mar. 11*
Apr.
Apr.
Apr.
1 Mar. 21
1 Mar. 17
1 Mar. 21
Mar. 31 Mar. 15
June 30 June 16
Apr. 15
May
May 31 May
75c
$14
$1
25c
American Sugar Refining Co
Preferred (quar.)
50c
$14
American Telephone & Telegraph (quar.)
American Thermos Bottle
(quar.)
American Tobacco Co., pref. (quar.)
American Water Works & Electric Co.—
First $6 preferred (quar.)
$24
25c
874c
14%
M
Amoskeag Co., common (s.-a.)
Preferred (semi-ann.)
Anaconda Copper Mining Co
Anchor Hocking Glass Corp. common
$64 preferred (quar.)
25c
15c
$14
Angostura-Wuppermann
Appalachian Electric Power $7 pref. (quar.)——
(quar.)
Arundel Corp. (quar.)
Asbestos Corp., Ltd. (initial, quar.)
Extra
2
50c
$14
$6 preferred
(quar.)
—
-
—
10c
$14
$14
$14
$14
50c
25c
50c
50c
6
Apr. 30 Apr.
8
1 Mar. 10
Apr.
1 Mar. 10
Apr.
Mar. 31
1
Apr.
Mar, 31
Mar. 15
2 Mar.
Apr.
2 Mar.
Apr.
Apr. 15 Mar.
1 Apr.
May
1 Mar.
Apr.
1 Mar.
Apr.
Apr.
July
1 May
5*
5*
15
20
21
—
—
Apr.
Apr.
Apr.
1 Max. 15
1 Mar. 15
1 Mar. 10
1 Mar. 24
Apr.
1 Mar. 18
Apr.
Mar. 31 Mar. 15
Mar. 31 Mar. 15
26
2 Mar. 21
1 Mar. 21
1 Feb.
28
1 Feb. 28
1 Mar. 10
1 Mar. 10
Apr.
2 Apr. 11
1 Mar. 18
1 Mar. 15*
1 Mar. 18
Apr.
1 Mar. 25
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 21
Apr.
1 Mar. 21
Apr.
Apr. 15 Mar. 31
1 Mar. 14
Apr.
1 Mar. 14
Apr.
1 Mar. 15
Apr.
1 Mar. 12
Apr.
1 Mar. 12
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Apr. 16 Mar. 23
Apr. 14 Mar. 19
Mar. 30 Mar. 15
Apr. 30 Apr.
15
ljMar.
LMar.
4
4
Apr.
1 Mar. 21
1 Mar. 24
Apr.
1 Mar. 24
Mar. 28 Mar. 15
Mar. 28 Mar. 18
Mar. 31 Mar. 18
Ap*. 30 Apr.
Apr. 30 Apr.
15
15
Apr. 15 Mar. 21
Mar. 31 Feb. 28
May
2 Apr. 11
Apr.
1 M.ar. 22
Apr.
1 Mar. 21
Apr.
1 Mar. 26
Apr. 14 Mar. 31
Apr. 14 Mar. 31
Apr.
1 Mar. 15
$14
50c
$14
20c
50c
J25c
lOd
24%
J50c
(quarterly)
11
Apr.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
7iMar.
Apr.
7lMar.
Apr. 14,Mar.
1
15
15
17
4
4
31
15c
Apr.
1 Mar
1 Mar. 31
Mar. 31
Mar. 31
45c
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
$14
Mar.
Mar. 17
75c
$14
$14
$14
25c
$14
40c
50c
55c
(quarterly)
Mar. 31 Mar. 17
Apr.
$24
25c
-
pref.
Mar.
16
8
Apr
1
Mar. 21
Mar. 18
Mar. 17
Mar. 31 Mar. 17
May
Apr.
Apr.
2 Apr. 15
1 Mar. 15
1 Mar. 15
4
Mar. 31 Mar.
Apr.
1 Mar. 20
Apr.
Apr.
Mar. 15
64d.
10c
June
Apr. 30
75c
Apr.
Apr.
Apr.
Mar. 10
15c
30c
—
Ltd., Amer. dep. rec. 54%
preferred (semi-annual)
Less tax and deduction for depositary expense.
Calamba Sugar Estates (quarterly)
7% preferred (quarterly)
California Packing Corp. (quar.)
Preferred (quar.)
.—
Cambria Iron Co. (semi-annual)
Semi-annually
Cambridge Investment Corp., A. & B. (s.-a.) —
Canada Bread Co., pref. A (quar.)
$14
Feb.
11
Mar. 18
Mar. 10
Cable & Wireless.
7 Mar.
1
Mar.
Apr.
Mar.
35c
Apr.
374c May 16 Apr.
May 16 Apr.
624c
$1
Apr.
1 Mar.
Oct.
$1
Sept.
Mar.
25c Apr.
Mar.
Apr.
t$14
Mar.
Preferred B
t"il24c Apr.
Mar.
Apr.
Preferred B (quarterly)
Apr. 30 Apr.
Canada Iron Foundries, Ltd., pref. (quar.)
Canada Northern Power Corp., Ltd. (quar.)
J30c Apr. 25 Mar.
tl4% Apr. 16 Mar.
7% cum. preferred (quarterly)
Mar.
Canada Packers, Ltd. (quar.)
J75c Apr.
Mar.
J$2 Apr.
Canada Permanent Mortgage (Toronto) (qu.)—
Mar.
50c
Apr.
Canada Steamship Lines, Ltd., preference.
Mar.
50c
Apr.
Canadian Breweries Ltd., preferred
Mar.
Apr.
Canadian Canners, 1st pref. (quar.)
t25c
Mar.
Apr.
2nd preferred
J15c
Mar.
Canadian Car & Foundry preferred
tt44c Apr.
15
24%* Apr.
40c
_
—
(quarterly)
Canadian Fairbanks Morse preferred (quar.)
Canadian General Electric (quar )
1
—
(quar.)
(quar.)
Canadian Silk Products, class A (quar.)
Canadian Westinghouse, Ltd. (quar.)
Mining Co. (quar.)
Carolina Power & Light 7% pref.
(quar.)—
6% preferred (quarterly)
(J. W.) Co
t$14
t$l 4
t$l 4
tl24c
J124C
|$14
(quar.)
—
t$2
— .——
Capital Administration preferred (quar.)
Carter
15
15
15
15
15
31
31
15
15
21
31
15
15
25
Mar. 31 Mar. 18
t2%
Cannon Mills Co
Carolina Telephone & Telegraph
Carriers & General Corp
15
21
Mar. 31 Mar. 18
in 4
Canadian Oil Co.. Ltd 8% preferred
Canadian Pacific Ry. preferred—
Cariboo Gold Quartz
Extra
30
tS14
J54c
Partic. preferred (partic.)
Canadian Cottons, Ltd. (quarterly)
Preferred
15
30
125c
Canadian Celanese, Ltd
Partic. preferred (quarterly)
Canadian Industries, Ltd., A & B
Preferred (quarterly)
Mar. 31 Mar. 21
5
1 Mar.
Apr.
Apr.
Apr.
Co
11
1 Mar. 17
1 Mar. 17
1 Feb.
1 Mar. 19
1 Mar. 25
Mar. 31 Mar. 24
15c
Canadian General Investments (quar.)
Bearer (quarterly)
5 June 25
37}|c
10c
—————
10
5 June 25
July
7
Mar. 28 Mar.
1 Mar. 21
$2
Burlington Steel Co., Ltd
Burma Corp., Ltd., Am. dep. rec. (interim)
Less deduction for depositary expenses.
Burroughs Adding Machine Co
Burry Biscuit Corn. 6% pref. (quar.)
Burt, F. N. & Co., Ltd. (quar.)
deferred
I
$2
25c
(quar.)
—
Bullard
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
5
1 Mar. 21
50c
.—
Light & Power pref. (quar.).
Bridgeport Gas Light Co. (quar.)
Bridgeport Machine Co. preferred (quar.)
Brillo Mfg. Co., Inc., common (quar.)
Class A (quar.)British American Oil, Ltd. (quar.)-British-Amer. Tobacco Am. dep. rec. ord. reg—
Amer. dep. rec. preferred (semi-ann.)
British Columbia Power .class A
Broad Street Investing
Broadway & Newport Bridge Co. (quar.) —
5% preferred (quarterly)
Brooklyn Borough Gas Co (quar.) —
6% partic. preferred (quarterly)
Brooklyn-Manhattan Transit pref. (quar.)
Brunswick-Balke-Collender, pref. (quar.)
Bucyrus-Erie Co., pref. (quar.)
Bucyrus-Monighan, class A (quar.)
Budd Wheel Co., partic. pref. (quar.)
Partic. preferred (partic. div.)
Buffalo Niagara & Eastern Power, 1st pref. (qu.)
Preferred (quarterly)
Building Products class A and B (quar.)
Burkart Mfg. Co.
1 Mar. 15
20c
RR
-----
Apr.
Apr.
Apr.
Apr.
Apr.
624c
(reduced)
Boston Insurance Co. (quar.)
Bourbon Stockyards
Bralorne Mines, Ltd. (quar.)
-
2 Apr.
Apr.
10c
Herald-Traveler
Extra
May
June 30 June 30
1 62 4 c
10 c
(quar.)
1 Mar. 15
8
1 Mar.
1 Mar. 21
1 Mar. 15
Mar. 31 Mar. 19
Mar. 31 Mar. 31
30c
—
Class B
Boston
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Apr.
$14
Preferred (quarterly)
(quarterly)
Bond Stores, Inc—
Mar. 31 Mar. 16
Mar. 31 Mar. 15
Apr.
l'Mar. 15
Mar. 31 Mar. 15
till
pref. (quar.)
Bird & Son, Inc
Bliss <& Laughlin, Inc.. preferred
Bon Ami Co., class A (quar.)
Holders
When
Payable of Record
75c
(quar.)--
Bickfords, Inc. (quarterly)
Bird Machine Co.
1938
75c
5% preferred (quarterly)
Foods, preferred—
1 Mar. 26
50c
(quar.)
Armour & Co. (Del.) preferred
Art Metal Construction
Bethlehem Steel Corp., 7%
Apr.
Apr.
Apr.
—
$7 preferred
45c
874c
B-G
Boston Edison Co.
—
(quar.)
$14
—
-
2 Apr. 20
1 Mar.
8
—
Preferred (quar.)
American Steamship (quar.)
American Steel Foundries
sUi
———
Quarterly
Boston & Albany
—
Arkansas Power & Light
$1
.
Borne Scrymser Co
— —
Co
$14
Beech Creek RR. (quar.)
;
Beech-Nut Packing Co. (quar.)
1 Mar. 15
—
Preferred
—
1 Mar. 15
Quarterly—
50c
Sept. 30 Sept. 15
Quarterly
Dec. 31 Dec. 15
50c
Quarterly
—
Mar. 31 Mar. 15
$14
7% preferred (quarterly)
June 30 June 15
$14
7% preferred (quarterly)
Sept. 30 Sept. 15
$14
7% preferred (quarterly)Dec. 31 Dec. 15
$1*4
7% preferred (quarterly)
Mar. 31 Mar. 14
$14
American Agricultural Chemical Co
1 Mar. 10*
2.5c
Apr.
American Bank Note Co. common (quar.)
1 Mar. 10*
Apr.
75c
Preferred (quar.)
Mar. 31 Mar. 25
25c
American Brake Shoe & Foundry
$1,314 Mar. 31 Mar. 25
Preferred (quar.)--—
1 Mar. 18*
Apr.
14%
American Can Co. preferred (quar.)
1 Mar. 15
Apr.
t50c
American Capital Corp. 83 preferred
Mar. 31 Mar. 15
$14
American Cigarette & Cigar, preferred (quar.) —
1 Mar. 18
684c Apr.
American Cities Power & Light $2% cl. A (qu.)_
Optional, cash or 1-16th sh. of class B stock.
1 Mar. 21
25c
Apr.
American Coach & Body
—
1 Mar. 15
15o
Apr.
American Cyanamid Co. com. class A & B (qu.)_
Apr.
1 Mar. 15
Cum. conv. preferred (quar.)
124c
American District Telegraph of New Jersey
Apr. 15 Mar. 15
Preferred (quar.)
$14
June
1 May 25
American Envelope Co., 7% pref. A (qu.)_
$14
Sept. 1 Aug. 25
$14
7% preferred A (quarterly)
Dec.
1 Nov. 25
$14
7% preferred A (quarterly)
1 Mar. 18
American Express Co. (quar.)
Apr.
$14
7
1 Mar.
35c
American Gas & Electric Co. common (quar.)
Apr.
2 Apr.
8
May
Preferred (quar.)
$14
Mar. 31 Mar. 15
$2
American Hard Rubber 8% pref. (quar,)
1 Mar. 15
25c
American Hawaiian Steamship (quar.)
Apr.
1 Mar. 14*
20c
Apr.
American Home Products Corp. (monthly)
1
1 Mar.
90c
American Indemnity Co
Apr.
9
1 Mar.
25c
American Insurance Co. (Newark, N. J.)
Apr.
9
1 Mar.
5c
Extra
Apr.
1 Mar. 21
American Investment Co. of 111. 7% pref. (qu.)_
434c
Apr.
1 Mar. 21
Apr.
50c
8% preferred (auar.)
Mar. 31 Mar. 24
American Maize Products, pref. (quar.)
$14
Mar. 31 Mar. 15
American Mfg. Co. pref. (quar.)—— -------$14
9
1 Mar.
American Power & Light Co., 86 preferred
Apr.
t$14
9
1 Mar.
$5 preferred
t934c Apr.
Mar. 31 Feb. 25
15c
American Radiator & Standard Sanitary (qu.)
Apr. 15 Mar. 15
American Rolling Mill preferred (quar.)
$14
Mar. 30 Mar. 10
American Safety Razor Corp
50c
American Ship Building Co
American Smelting & Refining
50c
684c
40c
$14
25c
$14
(quar.)
;■
Barker Bros. Corp. preferred (quar.)
Bastian-Blessing Co. (quar.)
Preferred (quarterly)
Bausch & Lomb Optical Co. common
5% conv. preferred (quar.)
Bayuk Cigars, Inc., 1st preferred (quarterly).
Beatrice Creamery Co. (quar.)
Preferred (quar.)
Extra.
26,
$3 4
374c Apr.
(quar.)
Bank of the Manhattan Co. (quar.).
Bankers Trust Co.
Brazilian Traction,
Aloe (A. S.) Co. 7% preferred (quar.)
Aluminum Co. of Amer. 6% pref. (quar.)
Aluminum Goods Mfg.
30c
(Quarterly)
Bank of New York & Trust Co.
Apr.
.
.
(quar.)
Bangor Hydro-Electric, 7% pref.
6% preferred (quar.)
May
Apr.
(quar.)
$6 preferred (quar.).
'.).
$5 preferred (quar
Alabama & Vicksburg Ry. (semi-ann.)
Alberta Wood Preserving Co., 7% pref. (quar.)
(quar.)
Mar. 18
i
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
(quar.)-
Alabama Power Co. $7 preferred
1
Apr.
Apr.
-
(quar.)
1
1 Mar. 18
Apr.
Apr.
Apr.
—
50c
$14
20c
63c
$14
$14
$1 4
Preferred (quarterly)
Preferred A (quar.)
Bensonhurst National Bank
Apr. 15 Apr.
—
25c
25c
Beneficial Industrial Loan common
Apr.
Apr.
(quar.)
Agnew-Surpass Shoe Stores Preference (quar)
Agricultural Insurance (Watertown, N. Y.)
$1
$1
$2
25c
75c
—
A
Babcock & Wilcox Co
Mar. 31 Mar. 11
(quar.)
Inc
—
(Greenwood, S. C.) (quar.)—
6% preferred (quarterly).
Automobile Insurance Co. (quar.)
SIM
184c
(quar.)
—
Acme Glove Works 64% preferred (quar.)
Aero Supply Mfg. Co. class A (quar.).
Aetna Casualty & Surety (quar.)
Preferred
50c
$14
$14
$1
Badger Paint & Hardware Stores, (quar..
Balaban & Katz Corp., 7% pref. (quar.)
BancOhio Corp. (quar.)
Bangor & Aroostook RR. Co., common.
Preferred
American Snuff Co.
+$14
5% preferred, with warrants
5% preferred, ex-warrants
Atlanta Gas Light Co. preferred (quar.)
Atlantic City Fire Ins. Co. (quar.)
Atlantic Refining Co., conv. 44% pref.
AttJeboro Gas Light Corp. (reduced)
Mar. 31 Mar. 24
'
Aetna Life Insurance
J20c
Preferred (quar.)
Associated Investment Co
Mar. 31 Mar. 11
Aetna Insurance Co.
10c
Co.. common
Associated Breweries of Canada (quar.)
SI
50c
Share
Extra
Allied Laboratories
1
1
Share
Company
Auto Finance Co.
Abbott Laboratories
Preferred
Name of
15 Apr.
1
May 27 Apr. 10
Mar. 25 Mar. 19
Mar. 25 Mar. 19
Per
Extra
1
15 Apr.
15 Apr.
list does not include dividends an¬
being given in the preceding table.
Name of Company
Air Associates, Inc.
15 Apr.
SIM
—
give the dividends
Affiliated Fund.
1 Mar. 20
1 Mar. 20
Apr.
Apr.
25c
Monthly
Below
1 Mar. 22
Apr.
$1
124c
-
and not yet paid.
The
nounced this week, these
!iS
17tt
(quar.)
Universal Commodity Corp.
Per
Holders
When
Payable of Record
Ashland Oil & Refining
action).
(guar.)
Union Public Service Co.
March
Chronicle
150c
50c
75c
24c
Mar. 31 Mar. 18
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 18
1 Mar. 18
15 Mar. 31
1 Mar. 15
15
15
Mar. 31
30 Apr. 15
15 Mar. 31
Mar. 10
Mar.
1
Mar. 15
Mar. 21
Mar. 18
Mar. 16
Mar.
9
Mar.
9
Mar. 12
Mar. 12
Mar. 24
Mar.
19
Mar. 25
Volume
Financial
146
Per
Share
Name of Company
Case (J.
7% 1st
cum.
Mar. 12
$14
81.53
Mar. 18
Apr.
Apr.
Apr.
Apr.
37
Apr.
Apr.
81
Apr.
Apr.
t$l
Apr.
Apr.
$14
t$ 1.16 2-3 Apr.
Apr.
814
t$l Apr.
—
Apr.
$14
—
10c
May
10c
Aug.
(qua«\)
CeJanese Corp. of Ame.*. 7% prior pref.
(quar.)_
preferred (quar.)
Central Aguirre Associates
Central Hanover Bank & Trust Co. (quar.)
Central Illinois Light, 4 4% pref. (quar.)
Central Maine Power 7% preferred
$6 preferred
6% preferred
Central Power Co.
(Neb.), 7% pref
7% preferred
6% preferred
s.
6 % preferred
Centrifugal Pipe Corp. (quar.)
Quarterly
Quarterly
Champion Paper & Fibre, preferred (quarterly).
Chemical Bank & Trust (N. Y.) (quar.)
Chesapeake Corp
—
Chesapeake & Ohio By. (quar.)
Preferred (quar.)
Chesebrough Mfg. (quar.)
'
10c
$14
45c
75c
75c
$1
81
'
Extra..
_
50c
......
.
Chicago Gaily News, inc., $7 pref. (quar.)
Chicago Flexible Shaft (quar.)
Chicago Junction Ry. & Union Stockyards
6% preferred (quarterly)
Chicago Pneumatic Tool S3 pref. (quar.)
$2 4 preferred (quar.)
Chicago Towel Co
S7 preferred (quarterly)
Churngoid Corp
Cincinnati Gas & Electric pref. (quar.)
Cincinnati & Suburban Bell Telep. (quar.)
Cincinnati Union Stockyards Co. (quar.)..
Cincinnati Union Terminal 5% pref. (qu.)
5% preferred (quar.)
5% preferred (quar.)—.
5% preferred (quar.)
___
City Ice & Fuel Co
City
Investing
Co..
preferred—_
Claude Neon Electric Products (quar.)
Cleveland Electric Illuminating (quar.)
Preferred (quar.)..
Cleveland Graphite Bronze (interim)
Cleveland & Pittsb. RR. Co., reg. guar, (quar.)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special (guaranteed) (quarterly)
Cliffs Corp
Climax Molybdenum Co
$14
$1
$24
U7tt
62 4c
$1
'
$14
$1.13
30c
$14
$14
$14
$14
40c
Mar. 18
Mar. 15
Mar. 17
Jan.
Mar. 31
Common (quar.)u .
Dr. Pepper Co. (quar.)
Mar. 31
May
Aug.
5
5
5
... _ __ .
_
.....
8
8
Mar.
8
Mar.
Mar.
4
Mar.
Mar.
4
Apr.
Mar. 21
Mar.
Mar. 19
_
Apr.
Mar.
Mar. 16
Mar. 16
__
Mar. 21
31'Mar. 21
Mar. 30 Mar. 16
Mar. 15
Apr.
Apr.
Mar.
Mar. 18
Apr.
July
Mar. 21
Oct
Sept. 19
Dec. 19
Jan.
Mar.
Mar. 19
June 20
31,Mar. 21
Apr.
Apr.
Mar. 10
Nar. 10
-
$14
Preferred (quar.)
Dunean Mills, 7% preferred (quar.)
$14
$14
75c
Duplan Silk Corp., preferred
$2
du Pont de Nemours (E.I.) & Co.,
Debenture stock (quarterly)
$44 Pf- (qu.)
Duquesne Light Co., 5% 1st cum. pref. (qu.)
Eagle Picher Lead
—
Eastman Kodak Co.
(quar.)
(quar.)
Eaton & Howard Management Fund
Preferred
_
_
____________
_
25c
Mar.
Mar. 24
June
Sept.
Sept.
May
May
Aug.
Aug.
874c
Nov. 10
50c
Dec.
Nov. 10
10c
Apr.
Mar.
30c
Mar.
Mar. 18
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 18
Mar.
_
50c
$3.89
$14
25c
Colonial Finance Co. (Lima, Ohio) (quar.)
Colonial Ice Co. $7 preferred (quar.)
$14
$14
Preferred series B (quar.)
50c
Colt's Patent Fire Arms Mfg
23
50c
25c
Mar. 28
Consolidated Edison of N. Y., $5 pref. (quar.)..
May
Apr.
Consol. Gas, Elec. Lt. & Power (Bait.) (com)
Apr.
Apr.
Mar. 15
1
Mar. 15
Extra.
Family Loan Society, Inc. (quar.)
82
._
20c
$14
$14
25c
Continental Oil Co
Apr.
Apr.
Apr.
Apr.
Mar.
Famise Corp.
(quar.)
—
Fanny Farmer Candy Shops (quar.)
Faultless Rubber Co. (quar.)
________
Federal Services Finance Corp. (Wash., D. C.)—
Finance Co. of Amer., com.
class A & B (quar.).
Mar. 10*
Mar. 15
First National Bank of Jersey
Mar.
First National Bank of N. Y. (quar.)
City (quar.).-
..
Ogden. el- A & B (s.-a.)_
H.) Co. 5% preferred (quar.)
7% preferred (quar.)
Florida Power & Light 7% preferred
----86 preferred
Florsheim Shoe Co. class A.——
— —.—
First Security Corp. of
Mar. 21
49 West 37th Street Corp.,
Mar.
Mar, 10
Foster & Kleiser Co.,
Fox (Peter)
Apr. 30
Corp
Apr.
May
Apr.
Mar. 14*
25c
25c
Mar. 14
Franklin Rayon Corp., $2 4 prior
Crucible Steel preferred
t$14
Mar.
Mar. 16
$24 prior preferred (quar.)
$24 prior preferred (quar.)___
Fuller Brush 7% pref. (quar.)
Crown Cork International Corp. class A.
Crown Cork & Seal Co.,
Crown Zellerbach
Ltd. (quar.)
—
_
Preferred
New York series A
Derby Oil & Refining preferred
Detroit Edison Co
*B **
rn-mi
rn •+
mm*
m
Corp
Pref. (semi-ann.)
voting tr. ctfs
6% class A pref. (quar.)..
Brewing Co
—
6% convertible preferred
Apr.
Apr.
June
June 20
$2
81
Mar.
Mar. 21
Apr.
Feb.
314c
Mar.
Mar. 21
Fuller (Geo. A.)
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 21
25c
$1
874c
10c
5
28
Mar. 16
Mar.
16
pref. (quar.)..
Mar. 15
7% preferred (quar.)
7% preferred (quar.)
--
Co. 4% cum. conv. pref. (qu.).
Y. (quar.)
Gatineau Power Co.. 5%
General American Investors Co. pref.
General Baking Co. preferred (quar.)__
General Box Co
__________
General Crude Oil Co. (initial)
1
1 Mar.
1 Mar. 21
Apr.
1 Mar. 31
15c
1%
1%
June
15 June
Apr.
15 Mar. 31
15 Mar. 31
25c
1ȣ
$14
$24
$1
374c
25c
624c
624c
624c
$14
$14
$l!1
»3>x
$24
t$14
Mar.
1
Mar. 25
General Paint Corp
Conv.
preferred (quarterly)
1 Mar. 19
1 Mar. 25
1 Mar. 25
Mar. 31 Mar. 18
Mar. 31 Mar. 18
1 Aug. 20
Sept.
1
Apr. 15 Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
2 Apr. 25
May
1 July 25
Aug.
25
Nov.
1 Oct.
Apr.
1 Mar. 24
July
1 June 23
Oct.
Apr.
Apr.
Apr.
Apr.
1 Sept. 22
1 Mar. 19
1 Mar. 21
1 Mar. 18
1 Mar. 15
Mar. 31 Mar. 19
1
1 Mar.
Apr.
Apr.
1 Mar. 18
1 Mar. 19
1 Mar. 15
General Machinery.
May 20
1 Mar. 19
Apr.
Apr.
1
1
Apr.
Apr.
Apr.
Apr.
$2
Apr.
July
June
Apr.
Apr.
$14
20c
44% conv. preferred (quar.)
10
50c
30c
General Mills, Inc., 6% cum. pref. (quar.)
General Motors Corp., $5 preferred (quar.)
Mar. 31 Mar. 24
June 30 June 23
1 Mar. 15
Apr.
$14
$14
t88c
t75c
General Fireproofing Co
Preferred (quar.)
$1
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Mar. 31 Mar. 21
General Electric Co
If
Apr. 25 Apr. 15
Apr. 25 Apr. 22
1 Mar. 19
Apr.
5
Apr. 20 Apr.
Nov. 19
3
1 Mar. 21
1 Mar. 15
15 Mar. 31
Dec.
1
1 Mar. 12
Apr.
Sept.
1
1 Mar. 12
15 Mar. 31
75c
23
Apr.
1 Mar. 12
Apr.
75c
Dec.
1 Mar. 10
Mar. 31 Mar. 10
1 Mar. 12
Apr.
June
Oct.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
75c
Mar.
1 Mar. 14
1 Mar. 15
25c
cumul. pref. (initial)..
(quar.)..
Mar. 21
Oct.
Dec.
1 Mar. 18
1 Mar. 14
1 Mar. 14
50c
May 20
May 19
Aug. 22
Apr.
Apr.
1 Mar. 18
Apr.
Apr.
June
lc
18
Mar. 30 Mar. 21
$14
Apr.
July
Apr.
Apr.
Apr.
Apr.
Apr.
1 June
Mar. 30 Mar. 21
$14
Inc., $6 conv. pref. (quar.)
Garlock Packing Co. common (quar.)_.__
Mar. 21
$14
$14
$14
$14
1
30c
10c
Fundamental Investors, Inc
Gannett Co.,
Nov.
Mar. 30 Mar. 23
1 Mar. 18
Apr.
30c
15c
(quar.)_
Fulton Trust Co. of N.
Curtis Publishing Co.,
Dayton & Michigan RR. 8% pref. (quar.)
Common
(semi-annual)
Dejay Stores, Inc
De Long Hook & Eye (quar.)
Denver Union Stockyards Co
54% preferred (quarterly)
Dentist's Supply Co. of N. Y. (quar.).
Quarterly.
Quarterly.
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Deposited Bank Shares, series N. Y.
mm
Preferred (quarterly)
82
(quarterly)
$7 pref. (quar.)__
Davega Stores Corp. preferred (quar.) —
Davenport Hosiery Mills
«»«» ■» ■»' ■»«»'•» m
25c
(quarterly)
(quarterly)
Crum & Forster
Preferred
—
Ford Motor of Canada, 54%
Creameries of Amer., Inc. (quar.).
$14
$25
Fishman (M.
Food Machinery
Mar. 19
Apr.
Oct.
Sept. 20
Mar. 25
Apr.
Apr. 15 Mar. 31
Apr. 15 Mar. 31
1 Mar. 15
Apr.
2
May
1
Aug.
$24
Quarterly.
Apr.
21
$14
25c
10c
25c
Mar. 31
Sept. 20
84c
---
50c
______
Cosmos Imperial Mills, 5% pref. (quar.)
Courtaulds, Ltd., Am. dep. rec. reg.stk. (final).
Less tax and deduction for dep. exp.
Cream of Wheat Corp
$14
$14
434c
Finance Co. of Penna. (quar.)
Mar. 24
Mar. 19
Oct.
$6
Firestone Tire & Rubber Co
16
16
9
Apr.
$24
(s.-a.)
7% preferred (quarterly)...
7% preferred class A (quarterly)
Mar. 18
Apr.
Apr.
Mar. 30 Mar.
Jan.
$1,184
Mar. 10
Mar. 15
Mar. 14*
Mar. 19
9
564c
75c
25c
Mar. 10
Mar. 15
6
6
Mar.
$14
Co
Filene's (Wm.) Sons
Preferred (quar.)
Feb.
Coronet Phosphate Co. (increased)
Corroon & Reynolds, 86 preferred.
$14
$14
t$14
$14
7%
Apr.
Apr.
2
874c
*—
pref. (quar.)..
Mar.
64 preferred (quar.)
1 Mar. 18
2
75c
Quarterly.
6% preferred (quar.)
Mar. 15
Coon (W. B.) Co—
Preferred (quar.)
Mar. 31 Mar. 15
Apr.
May
May
1 Mar. 19
874c
Mar. 15
7
1 Mar. 21
15 Apr.
1
1 Mar. 10
1 Sept. 17
3 Dec. 24
374c
6 4c
25c
Mar. 15
$14
$14
Apr.
Apr.
Apr.
Oct.
Extra
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
(quar.)
Continental Telep. Co., 7% partic. pref. (quar.)
5
Mar. 25 Mar. 12
Mar. 25 Mar. 12
Apr.
July
$3 4 partic. preferred (quar.)
Anr.
Continental Steel Corp. preferred
5
1 Mar.
564c
564c
564c
25c
Extra
Fidelity Investment Assoc., 5% pref.
Fifth Ave. Bank (N. Y.) (quar.)
Mar.
25c
2.)C
Apr.
Apr.
50c
25c
174 %
Mar. 25
$14
25c
14%
20c
Corp
May
Mar. 19
$1
Falcoubridge Nickel Mines, Ltd
Apr.
15
15
$14
—— -■—
-
...—
Ex-Cell-0
$14
$24
—
Feltman & Curme Shoe Stores
May
Apr.
Apr.
Apr.
Apr.
$1
$1
Empire Casualty (Dallas) (quar.)
Quarterly
Quarterly
Empire Safe Deposit Co. (quar.)
Empire Trust Co. (quar.)
Emporium Capwell Co. 44% Pref. A (quar.)__
44 % preferred A (quar.)
44% preferred A (quar.).
4 4% preferred A (quar.)
Endicott-Johnson Corp...
5% preferred (quar.)
Engineers Public Service $5 preferred (quar.) —
$54 preferred (quar.)
86 preferred (quar.)
Esquire-Coronet, Inc. (quar.)
— .
1 Mar. 15
1 Mar.
50c
Mar. 15
6
Mar. 19
1 Mar. 15
Mar. 30
El Paso Natural Gas Co. common (quar.)
Mar.
1 Mar. 23
50c
Mar. 21
Mar. 12
—
—
$14
$5 preferred (quar.)....
_________—;_
Electric Storage Battery Co., com
Preferred (quarterly)
Elizabeth & Trenton RR. Co. (semi-ann.)
Mar. 21
Mar. 12
.
Apr.
25c
$14
Semi-annually
5% preferred (semi-ann.).
5% preferred (semi-ann
1.).
Elizabethtown County Gas Co
El Paso Electric (Texas) $6 pref. (quar.)
7% preferred A (quar.)
Mar. 21
Mar. 20
25c
Apr.
Baking Co., $1 partic. pref. (quar.)
Mar. 18
25c
Apr.
Columbia Pictures Corp. (quar.)..
Mar.
Mar. 11
$1
Commercial Credit Co. common (quar.)
Mar. 11
$1,064 Mar.
44 % cum. conv. preferred (quar.)
Mar. 10
Apr.
Commercial Investment Trust Corp. common..
Mar. 10
$1,064 Apr.
$4 4 series of 1935 preferred (quar.)
Mar. 23
$2
Apr.
Commercial National Bank & Trust (quar.)....
314c
May
Commonwealth Edison Co. (quar.)
Apr.
9
Mar. 11
Apr.
t75c
Commonwealth & Southern Corp., $6 pref
Mar. 15
$14
Apr.
Commonwealth Utilities Corp. 7% pref. A (qu.)
Mar. 15
Apr.
$14
6% preferred B (quar.)
June
May 14
$14
64 % preferred C (quar.)
50c
Apr. 25
May
Community Public Service
Apr. 30
Concord Gas Co., 7% preferred
t50c May
Feb.
10c
Jan. 13
Conduits National Co., Ltd
Mar. 31 Mar. 25
t$l
Confederation Life Assoc. (Toronto) (quar.)
June 30 June 25
Quarterly
Sept.
Sept. 25
Quarterly
Dec.
Dec. 25
Quarterly
Mar. 15
Apr.
Connecticut Gas & Coke Securities pref. (quar.)
Mar. 15
Apr.
Connecticut Light & Power (quar.)
Mar.
Mar. 17
Consolidated Aircraft Corp., $3 conv. pref. (qu.)
Mar. 15
Apr.
Consolidated Bakeries of Canada (quar.)
Coppermines
1 Mar. 19
3c
20c
— _
1 Mar. 10
1 Mar. 15
25c
(quar.).
2 Apr. 12
May
1 Mar. 15
Apr.
Apr. 15 Mar. 31
1 Mar.
5
Apr.
1 Mar. 21
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1
Apr.
1 Mar. 15
Apr.
Apr. 25 Apr.
8
Apr. 25 Apr.
8
Apr. 15 Mar. 15
1 Mar. 10
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
$14
Electric Auto-Lite Co
Electric Bond & Share Co. $6 pref.
18
75c
10c
-
Economy Grocery Stores (quar.)
Ecuadorian Corp., Ltd
Eddy Paper Corp
Dec.
_
May
Apr.
20c
A-l
_
1 Aug. 18
1 Nov. 18
Mar. 10
Apr.
Apr.
$14
Economic Investment Trust, Ltd
June
50c
_
1
$14
374c
$3 4
$14
$14
$14
44 % prior preference (quar.)
Eastern Steel Products pref. (quar.)
_
$14
$14
$14
10c
Preferred (quar.)
Eason Oil Co., tumul. conv. pref. (quar.)
East Missouri Power Co. 7% cum. pref. (s.-a.) —
Eastern Gas & Fuel Assoc. 6% pref. (quar.) —
874c
10
10
10
10
1 Mar. 18
1 Mar. 10
Mar. 31 Mar. 22
Driver-Harris Co. preferred (quar.)
Duke Power Co
_
14 Mar. 19
Apr. 18 Apr.
1
Apr. 20 Mar. 31
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Preferred (quar.)
Dominion Rubber Co., Ltd., pref. (quar.)
Dominion Tar & Chemical, pref. (quar.)
Series F
Aug. 10
1 Mar. 21
1
Dec.
_
Draper Corp
Apr.
Apr.
Apr.
Apr.
50c
50c
5% preferred (quarterly)
Consolidated Film Industries preferred
Consolidated Laundries, pref. (quar.)
Consolidated Oil Corp. (quar.)
Consolidated Retail Stores, Inc., 8% pref
Consumers Gas (Toronto, Ont.) (quar.)._.
Consumers Power Co., $5 pref. (quar.)_
$44 preferred (quarterly)
Continental Assurance Co. (Chicago. 111.) (qu.)_
Continental Baking Corp. 8% pref. (quar.)
Continental Bank & Trust Co. (N. Y.) (quar.)__
Continental Can Co., Inc.. $44 pref. (quar.)_
Continental Gas & Electric Corp., 7% pref. (qu.)
__
Dominion Textile Co., Ltd. (quar.)
Preferred (quar.).
Mar. 28
$14
Columbia
.
_
Mar.
Mar. 20
prof, (quarl)
(quar.)
^
_
Mar.
1
1 Mar. 21
1
Apr.
Apr.
Apr.
Doehler Die Casting
Dome Mines, Ltd
Dominion Coal, Ltd., 6% pref. (quar.)
Dominion Glass Co. (quar.)
Nov.
Mar. 15
1 Mar. 19
Apr.
Apr.
Apr.
Sept.
Quarterly
Quarterl y
__ __ .
Mar. 15
Apr.
874c
Apr.
Sept.
__
June
_._ _
Nov.
Max. 19
5 June 20
5 Dec. 20
1 Mar. 28
Mar. 31 Mar. 15
1 Mar. 19
Apr.
;___
75c
Coca-Cola International Corp. common (quar.).
Apr.
Devoe & Raynolds A & B (quar.)
Preferred (quar.)
Dixie-Vortex Co. class A (quar.)
Mar. 10
Holders
Payable of Record
July
Semi-annually
Mar. 31
Apr.
Coca-Cola Co
Consolidated
Detroit Hiiisdale & Southwestern (s.-a.)
Detroit Paper Products Corp.,preferred (quar.)
Detroit Steel Corp. (quar.)
Mar. 31
Mar. 10
'
When
Share
Company
Diamond Match Co partic. pref. (semi-anil.)
Diamond Shoe Corp. (quar.)
64% preferred (quar.)
Diamond State Telephone pref. (quar.)_
Diamond T Motor Car (quar.)
Mar. 19
Mar. 10
25c
—
Colgate-Palmolive-Peet, pref.
25
14%
$14
Per
Name of
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
20c
—
Clinton Trust Co. (quar.)
Cluett. Peabody & Co., Inc.,
Feb.
IS
1989
Holders
Payable of Recora
81 *4
$24
I.) Co., pref. (quar.)
Case Lockwood & Brainard Co.
When
Chronicle
—
lc
10c
$14
25c
$14
$14
$14
25c
67c
June 30 May 31
Apr. 25 Mar.18
1 Mar. 19
Apr.
1 Mar. 19
Apr.
1 Mar. 19
Apr.
1 Mar. 19
Apr.
1 Mar. 10*
Apr.
2 Apr.
May
4
1 Mar. 21
Apr.
1 Mar. 21
Apr.
Financial
1990
Per
Share
Name of Company
(quar.)
General Outdoor Advertising, pref.
Mar. 18
Apr.
Mar. 18
Apr.
Mar. 21
Apr.
Mar. 10
Apr.
Mar. 10
Apr.
Apr. 15 Mar. 31
Mar. 15
Apr.
Mar. 18
Apr.
cum.
preferred (auar.)
General Public Utilities $5 pref. (quar.)
General Railway Signal
Preferred
(quar.)
General Shoe Corp
General Telephone Corp. $3 conv.
General Time Instruments
Preferred
pref. (quar.)-
Apr.
Apr.
Apr.
Apr.
—
Preferred
Georgia Power Co. $6 pref. (quar.)
$5 preferred (quar.)
Gillette Safety Razor (quar.)Preferred (quar.)
Gibson Art Co. (quar.)
.
Gilbert (A. C.) Co., pref. (quar.)
Glens Falls Insurance Co. (quar.)
Glidden Co,. 4 4% conv. pref. (quar.)
Globe-Wernicke Co., preferred (quar.)--Godchaux Sugars class A
Preferred (quar.)
Goebel Brewing Co
Gold & Stock Telegraph (quar .)
Goodrich
Apr.
Apr.
—
Apr.
1
Mar. 25
Mar. 15
Mar. 17
Mar. 15
Mar. 18
Mar. 18
Mar.
5
Mar. 31
25
Mar.
Apr.
Apr.
Mar. 15
Mar. 15
Mar.
Mar. 21
Mar.
Mar. 16
Mar. 14
25c
Apr.
Apr.
SIM
Apr.
Mar. 31
Mar. 21
50c
Mar.
Apr.
Apr.
Apr.
tS5
bOc
SIM
Mar. 14
Mar. 21
Mar. 19
Greenwich Water & Gas System, 6% pref. (qu.)
Greif Bros. Cooperage Corp. class A (quar.)
Greyhound Corp...54 % preferred
Griggs (C.) & Co., 7% pref. (quar.)
Group No. 1 Oil Corp
——-
Mar. 15
____
(semi-ann.)
-
Mar, 31
Mar. 15
Kirsch Co.. $1 A cum"1, pref. (quar.)
Mar. 15
Klein (D. Emil)
Preferred (quar.)
Apr.
Mar. 21
Mar.
Mar. 17
Apr.
Mar. 15
Mar. 21
Mar. 18
3%
5c
$0 preferred (quar.)
—
Hanes (P. H.) Knitting Co. 7% pref. (quar.)
Hanover Fire Insurance Co., N. Y. (quar.)
—
—
Harris-Seybold-Potter, $5 pref. (quar.)-------Hartford Fire Insurance Co. (Conn.) (quar.)
Hawaiian Agricultural Co. (monthly)
Hawaiian Sugar Co. (quar.)
—..
.
—
$14
SIM
50c
Mar. 22
Mar. 22
Mar. 15
Mar.
10
Mar. 15
Mar. 15
Apr.
6
Mar. 21
Mar. 15
20
Mar
60c
Apr.
lie
Apr.
Apr.
Apr.
Apr.
Mar.
Mar. 19
Mar.
Mar. 19
Apr.
Apr.
Apr.
Mar. 10
May
Apr. 19
May 17
June
June
Apr.
Apr.
Apr.
Mar. 25
$1 A preferred
(quarterly)
Hinde & Dauch (quar.)
Preferred (quarterly)
Mar. 25
Apr.
Mar. 20
Preferred (quar.)._
Mar.
1
Mar.
1
—
Mar. 10
14
-
Mar. 15
Mar. 25
Mar. 11
Apr.
Mar. 21
Mar.
Mar. 11
Apr.
Apr.
Apr.
Mar. 26
Mar. 31
Mar. 31
Apr.
Mar. 15
Mar.
Mar. 15
Mar.
Mar.
Mar.
Mar. 21
Mar.
Mar. 21
Apr.
Mar.
SI
SIM
30c
68Mc
19
2
Mar.
Apr.
Mar
."21
50c
Mar.
Apr.
Apr.
Apr.
S2
(quar.)
Mar.
Mar. 19
Apr.
July
Mar. 31
12Mc
12
$8 preferred (quar.)
$2 conv. preferred (quar.).
Illinois Belf Telep. Co. (quar.)
Imperial Chemical Industries, (final)-Imperial Life Assurance Co. (Canada) (quar.)
Quarterly
Quarterly
Quarterly
Imperial Tobacco of Canada (interim)
U3M
S3M
S3M
S3 X
JlOc
t22Mc
t3%
Preferred (semi-annual)
Independent Pneumatic Tool
Indiana General Service Co. 6% pref.
Indiana Michigan Electric Co.
(quar.)
7% pref. (quar.).
-
—_ — -
-
Leath
—
.
----- -
—
— -----
-
_
-
———- -
..
International Power Co., Ltd., 7% preferred
International Salt Co. (quarterly)
I
Dec.
1 Nov. 21
Mar. 31
Feb.
26
15 Mar. 26
Mar. 10
1 Mar. 15
15 Mar. 25
1
1
Mar. 11
1
Mar. 11
1 Mar. 15
1 Mar.
10
l Mar. 15
15 Mar. 31
1 Mar. 21
1 Mar. 21
1 Apr.
20
Mar. 30 Mar. 15
Mar. 31
June 30
Sept. 30
Dec.
31
2
May
1
Apr.
1
Apr.
1
Apr.
Mar. 31
Apr. 20
Mar.
18
Mar.
4
Mar. 17
Mar. 21
Nov. 15 Nov.
Preferred
5
—
Nov.
1 Oct.
Apr.
Apr.
Apr.
I
26
Mar. 15
Apr.
1
Mar. 24
Mar. 24
20c
Apr.
Apr.
May 25
Aug. 25
Mar. 16
50c
June
Sept.
Dec.
Nov
10
June
May 25
Aug. 25
$1.10
$1.10
67c
$2
$2
$2
Sept.
Dec.
25
Nov. 25
Mar.
Mar. 31
Apr.
July
Mar. 22
June
21
Oct.
Sept. 21
Jan.
Dec.
24
Mar. 15
Mar.
Mar. 12
Mar.
Mar. 19
--------
75c
Mar.
Mar. 11
—
20c
Apr.
Mar. 19
$1.62
May
Apr.
14
— _
$14
June
June
— —
$14
Sept.
Sept.
May
May
Aug.
Aug.
20
25c
Corp..
(quar.)
.
.
_
„
„—£
..
Dec.
Nov. 21
—
.
Longhorn Portland Cement Co.—
5% refunding participating pref. (quar.)
Mar.
5
Lord &
Mar.
5
18
30c
Apr.
lx>ose-Wi]e> Biscuit Co.
Feb.
$14
14
8 Mar. 25
Apr.
Apr. 15 Apr.
5
2 Apr. 20
May
1 Mar. 18
Apr.
1 Mar • 10
Apr.
2 Apr. 26
May
1 July 26
Aug.
50c
5
Mar. 31
Apr.
1 Mar. 14
30c
Mar.
Mar. 31
Mar. 16
2
Apr.
I$3 4
SIM
SIM
SIM
Mar. 19
Mar. 10
1 Mar. 21
$2
Mar. 22
1
1 Mar. 23
$1
$1
Mar.
Mar
1 Mar. 15
Mar. 31
50c
Long Island Lighting Co.. 7% ser. A pref. (qu.)
6% series B preferred (quarterly)
5
Apr.
Apr.
50c
11
15
15 June
15 Dec.
1
—
11
Mar. 11*
Dec.
Apr.
Apr.
May
25c
11
Mar.
35c
374c
Mar.
Mar.
Sept. 15 Sept.
-
Mar
Apr. 22
Mar. 19
June
$14
174c
-
Mar
15
Mar. 15
pref. series A._
Sept.
May 15 May
Aug. 15 Aug.
25c
Mar.
Apr.
International Nickel Co. of Canada
Preferred
10
1 May 21
1 Aug 22
25c
30c
Mar.
40c
62 Mc
$14
$1
$14
Mar.
Apr
Apr.
Apr.
Apr.
Apr.
Mar.
international Harvester Co. (quar.)
International Metal Industries 6% cum. pref..
$1 X
12c
Extra.
37 Mc
37 Mc
Mar
1 Mar. 15
1 Mar. 21
30c
Extra
37 Mc
Mar. 31
Apr.
June
Apr.
$14
common
Lone Star Gas
Apr.
6% participating preferred (quar.)..
1 Mar. 19
1 Mar. 19
1 Mar. 15
$1
$14
$14
$14
$14
50c
—
—
5
SIM
International Cellucotton Products (quar.)
International Elevating Co
1 Mar. 14
1 Mar. 12
25c
------
Mar.
International Business Machines Corp...
"
1 Mar. 14
Apr.
—
—
5
Apr.
Apr.
Apr.
(quar.)
1 Mar. 14
1 Mar. 15
$14
.—- -
-
Mar.
25c
International Bronze Powders, Ltd. (quar.)
1 Mar. 21
1 Mar. 15
62 4c
25c
...
Loew's (Marcus) Theatres, 7% pref
Lone Star Cement Corp
SIM
SIM
International Button Hole Machine
10c
——
5% refunding participating pref. (quar.)
5%
30c
15 Apr.
1
1 Mar. 21
Apr.
Apr.
May
15c
25c
10
1 Mar. 17
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
70c
1 Mar.
4 Mar. 18
SIX
SIX
SI A
SIX
8Xc
1 Mar. 10
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
SIX
1H&
& Co..
5
Indianapolis Power & Light, 6 A % Pref. (qu.)
Indianapolis Water Co., 5% cumul. pref. (qu.).
Interlake Steamship Co
...
25c
15
15
1 Mar. 10
$14
(quar )..
& Sons, Ltd. (quar.)
La Salle Extension University pref. (quar.)
Lava Cap Gold Mining
Lawyers Trust Co—
31
Mar.
MX
MX
$1X
SIX
10
24
24
1 Mar. 15
$14
(quar.)
(quar.)
Dec.
15c
6% preferred (quar.)
MX
MA
$1 X
25c
Sept. 30
30c
—
MA
————- .
-.
June 30
Indiana Pipe Line Co
.
Oct.
Indiana Steel Products Co. (quar.)
International Shoe Co. (quar.)
.
Jan.
Ap'\
Apr.
Apr.
May
i
->
25c
Final
81..
MA
22
1 Mar. 15
25c
-.
Mar.
54%
—
Quarterly...
Quarterly7% preferred
7% preferred
7% preferred
Lang (John A.)
Loew's. Inc.
10
75c
Ideal Cement Co
Landers. Frary & Clark (quar.)
Landls Machine (quar.)
Locke Steel Chain Co
Mar.
Apr.
37 Mc
25c
MX
374c
374c
Mar. 15
Mar. 19
Apr.
$1
7% 1st and 2d preferred (quar.)
Humble Oil & Refining
Humpnryes Mfg. Co., 6% pref. (quar.)
Hunter Steel Co., 6% pref. (quar.)
Hussmann-Ligomer, pref. (quar.)
Hutchinson Sugar P.antation Co., Lta. (mo.)..
Hygrade Sylvania Corp
Co
Mar. 10
Mar. 19
Mar. 16
SIM
12Mc
37 Mc
Howe Sound Co. (quar.)
Howes Bros. Co., 6% pref. (quar.)
Lambert
Apr.
Mar. 19
Apr.
Apr.
Apr.
Apr.
Mar.
624c
Houston Oil Field Material
Preferred (quarterly)
Rubbei
Koppers Co., 6% preferredKresge Department Stores, Inc.—
4% cum. conv. 1st pref. (quar.)
Kroehler Mfg. Co. 6% class A pref. (quar.)
6% class A preferred (quar.)
0% class A preferred (quar.).
6% class A preferred (quar.)
Kroger Grocery & Baking Co 7% pref. (quar.)_
6% preferred (quar.)...
Lackawanna RR. of N. J. (quar.)
37 Mc
35c
Mar. 20
SIM
SIM
87 Mc
six
SIX
MA
lO
10
■
25c
—
tin
Kleinert (I. B.)
Mar. 21
SIM
SI.05
Mar.
SIX
624c
Mar. 15
SIM
Holophano Co. preferred (semi-ann.)
;
Home Telep. & Tel eg. Co. (Ft. Wayne, Ind.)
Hooker Electrochemical Co., 6% pref. (quar.)
Horn & Hardart Baking (quar.)
Hosklns Mfg. Co-----Houdaille-Hershey, class A (quarterly)
Household Finance (quarterly)
Preferred (quarterly)
Mar. 18
-
Mar.
50c
Holmes (D. H.) Co., Ltd. (quar.)
5
—
——-
Apr.
SIM
%ik
1 Mar. 21
Apr.
Apr,
Apr.
Apr.
Apr.
Apr.
37 4c
25c
...
10c
37&c
-
(quar.)
preferred (quar.).
Lehigh "ortland Cement Co., com. (qu.)_
Preferrdd (quarterly)
—
Lehman Corp. (quar.)
Lerner Stores Corp. (quar.)
Preferred (quar.)
Life & Casualty Insurance of Tennessee
Liggett & Myers Tobacco pref.'quar.)
Lincoln National Life Insurance (Ft. Wayne)
Quarterly
Q uarterly—Ltnk Beit Co. pref. (quar.)
Lion Oil Refining Co. common (quar.)
Lipton (Thomas J.) Inc., class A (qu.)
Preferred (quarterly)
Liquid Carbonic Corp
Little Miami RR., special guaranteed (quar.)
Special guaranteed (quarterly)
Special quaranteed (quarterly)
Original capital
Original capital
Original capital
Lock Joint Pipe Co. (monthly)--8% preferred (quarterly)
8% preferred (quarterly)
8% preferred (quarterly)
8% prfferred (quarterly)
25c
MA
40%
434c
14%
Kir by Petroleum Co
4
31Mc
(quar.)..
Preferred
Mar.
15c
-
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly
Monthly
Hickok Oil Corp., prior preferred (quar.)
5% preferred (quar.)
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
Apr. 30 Apr.
1 Mar.
Apr.
-
Mar. 31
20c
SIM
SIM
1 Nov. 10
10c
—-------—
Kings County Lighting Co., 7% B pref. (qu.)
6% series C preferred (quarterly)
5% series D preferred (quarterly)
Mar.
SIM
1 May
1 Aug.
Dec.
...
1
15c
____
Holland Furnace Co
Mar. 22
15c
Heller (W. E.) & Co., common (quar.)
Preferred (quar.)
Helrne (Geo. W.) Co., common
Preferred (quarterly)
Apr.
Apr.
Apr. 2
Apr.
Apr.
Mar. 21
10c
—
Ideal Financing Association A
43Mc
MA
SIM
|3c
—
Hilton-Davis Chemical Co.
60c
15
15
43 Mc
—
.
Hedley (M. G. M.) Ltd. (quarterly)
Extra.
45c
40c
Harbison-Walker Refractories Co pref. (quar)
Hazel-Atlas Glass Corp
55c
Sept.
—
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
374c
—
Hackensack Water Co., 7% pref. (quar.)
Hammermill Paper Co 6% preferred (quar)
conv.
—
Mar. 10
Guardian Bank Shares Investment Trust
6%
.
Mar.
SI A
$24
of North America (quar.)
Guardian Investment Trust, pref. (s.-a.)-_
Guardian Public Utilities Investment Trust, pfGuardian Rail Shares Investment Tr. pf. (s.-a.)
div
—
Apr.
50c
Special
—;
Guaranty Trust Co. of N. Y. (quar.)
(Stock
(quar.)
Jacobs (F. L.) Co.. stock dividend
Jamaica Public Service, Ltd. (quar.)
Preferred B (quar.)
7% preferred A (quar.)-.Jersey Central Power & Light, 7% pf. (quar.)
6% preferred (quar.)
54% preferred (quar.)
Johns-ManviJle Corp., 7% preferred
Joliet & Chicago RR. Co. (quar.)
Joplin Water Works Co., 6% pref. (quar.)
Kahn's (E.) Sons (quar.)
7% preferred (quar.)_
Kansas City Power & Light Co., S6.1st pref. BKansas Electric Power, 7% pref. (quar.)
6% preferred (quar.)
Kansas Gas & Electric, 7% pref. (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% conv. pref
Kemper-Thomas, 7% special pref. (quar.)
7% special preferred (quar.)
7% special preferred (quar.)
Kennecott Copper Corp..
Kentucky Utilities Co., pref. (quar )
Kerlyn Oil Co.. class A (quarterly)--...
Keystone Public Service Co., $2.80 pref. (quar.)
Keystone Steel & Wire.
Kimberly-Clark Corp
Apr.
20c
June
15c
Mar. 15
40c
1 Mar. 21
1 Mar. 21
50c
Apr.
Apr.
13Mc
SIM
1 Mar. 15
Apr.
Apr.
Apr.
25c
$6, 1st preferred (quarterly)
Apr.
SIM
SI A,
Apr.
$14
MA
MA
Iron Fireman Mfg. (quar.).
May
May
Apr.
Apr.
Apr.
Apr.
40c
-
11 Mar. 15*
Apr.
Mar. 31 Mar. 18
Apr. 15 Mar 15
1 Mar 15
Apr.
30c
30c
30c
—
$0 A. 1st preferred (quarterly)
25c
—
Holders
60c
MA
Preferred (quarterly)
Green H. L. Co. (quar.)
Preferred (quarterly)
GuJf Oil Corp
Gulf Power Co.
Mar. 12
Mar. 10
30c
$2
Intertype Corp., 1st pref. (quar.)
Iowa Public Service Co., $7 1st pref. (quar.)
Island Creek Coal Co. common
Mar.
Great Western Life Assurance (quar.)—
Great Western Sugar (quar.) —
$2
12 Ac
lie
Investment Co. of Amer. (quar.)
Mar. 15
Mar.
—
International Silver Co. preferred
International Vitamin Corp. (quar.)
Interstate Home Equipment (quar.)
Preferred
1938
Payable, of Record
of Company
Mar. 17
Mar. 19
26,
When
Name
Quarterly
Quarterly
Irving Air Chute (quar.)
Irving Trust Co. (quar.)-
Apr.
Apr.
(B. F.) Co. $5 preferred
Preferred
Mar. 15
Mar.
Goodyear Tire & Rubber of Can. (quar.)
Preferred (quar.)
—
Grand Rapids Varnish (quar.)
—
Granite City Steel Co.
——
Grant (W. T.) Co. (quar.)
Preferred (aiiar.)
Great Lakes Power, Ltd., ser. A pref. (qu.)
Great Lakes Steamship Co
Great Western Electro-Chemical preferred--
Guarantee Co
Mar. 17
May
Apr.
Apr.
Apr.
Apr.
Apr.
— -
preferred (quar.)
Goldblatt Bros,
Mar. 18
Apr.
General Tire & Rubber Co., 6% pref, (quar.)
General Water, Gas & Electric
Mar. 18
Mar.
(quar.)-
March
Holders
Payable of Reund
Mar. 28 Mar. 21
—
General Printing Ink Corp. common
$6
When
Chronicle
25c
5% refunding participating pref.
$14
(quar.)
Extra.
25c
0% pref. (quar.).,—
—
Taylor (quar.)
I^orillard (P.) Co. (quarterly).Preferred (quarterly)..
Louisville Gas & Electric 7% pref. (quar.)
6% preferred (quarterly).
5% preferred (quarterly).
5% preferred 'semi-ann )_
Lunkenheimer Co
6 A % preferred (quarterly).
6A% preferred (quarterly)
64% preferred (quarterly)
6 4% preferred (quarterly)
MacAndrews & Forbes Co., com
.
.
$14
$24
30c
Louisville Henderson & St. Louis RR
,
87^
..
—
$14
$14
$14
$14
$4
$2 4
$14
$14
$14
$14
oOc
14%
Preferred (quarterly)
Nov. 21
Dec.
Apr.
Apr.
20
20
20
Mar. 15
_
Mar. 15
Apr
1 Mar. 18
Apr.
Apr.
1 Mar. 17
Apr.
Apr.
Apr.
Apr.
Aug
Aug
1 Mar
15
I Mar. 15
15 Mar. 31
15 Mar. 31
10 Mar. 31
15 Aug.
15'Aug.
i
Apr.
1 Mar
21
July
1 June
21
Oct.
Jan
Apr.
Apr.
I Sept. 21
1 Dec. 21
15 Mar. 31*
15 Mar. 31*
31 Mar. 15
Apr.
Mar.
19
Mack Trucks, Inc., common
25c
Mar
May
May
Apr.
Apr.
15
15
McCall Corp. (quar.)
MeClatchv Newspapers. 7% pref. (quar.)
25c
150c
Mar.
Mar.
1
2 Apr. 15
May
May 31 May 30
Aug. 31 Aug 30
tSIM
May
Apr.
Apr.
Apr.
Apr.
2
tSIM
tSIM
tSIM
37 Mc
50c
Mar. 15
Mar.
15*
Mar. 15
7% preferred (quarterly)..
7% preferred (quarterly)
McColl Frontenac Oil, pref. (quar.)
McKay Machine Co
Preferred (quarterly)
—
.
.
434c
434c
43 4c
:$i4
25c
$2
Nov
30 Nov
29
Apr.
Apr.
Apr.
14 Mar
31
1 Mar. 19
1 Mar. 19
>
Volume
Financial
146
Per
Name of Company
Share
McKee (Arthur G.) (quar.)
McQuay-Norris Mfg. (quar.)
Magnin (I.) & Co., 6% pref. (quar.)
Preferred (quarterly)
25c
50c
SIM
SIM
Preferred (quarterly)...
81 M
Magor Car Corp. preferred (quar.)
Mahon (R. C.) & Co. conv. pref. (quar.)-—
$2 class A preferred (quar.)
Mahoning Coal RR
Manischewitz (B.) preferred 'quar.)
Manufacturers Trust Co. (quar.)
Preferred (quar.)
Mapes Consol. Mfg. Co. (quar.)
Margay Oil Corp.
Marion Water Co., 7% pref. (quar.)
Marine Midland Corp
Marlin-Rockwell Corp
Marshall Field & Co. 6% pref. (quar.)
7% preferred (quar.)
Mathieson Alkali Works (quar.)
Preferred (quarterly)
Mead Johnson (quar.)
50c
-
84
81 "A
50c
50c
50c
25c
Apr.
Apr.
Mar. 18
Mar. 15
Mar.
Mar. 15
81
75c
SIM
SIM
(quarterly)
IIM
««
Merchants Lank of N Y. (quar.)
Merck A Co.. Inc. pref. (quar)
Co
Metal & Thermit Corp., 7% preferred (quar.)..
Metropolitan Edison, $7 pref. (quar.)
$6 preferred (quar.).
$5 preferred (quar
*.)■
$7 prior preferred (quar.)
$6 prior preferred (quar.)
.
$5 prior preferred (quar.)
Midland Steel Products
Montana-Dakota
Preferred A & B
.
Mar
20
Mar. 12
Apr.
Mar.
Apr.
Mar. 19
Mar. 24
Apr.
Mar. 21
40c
Mar.
Mar. 18
SIM
SIM
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
June
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
iApr.
Mar. 15
lMc
SI
SI
SIM
51 M
SIM
87 Mc
52 M
40c
SIM
Quarterly
SIM
81M
SIM
Quarterly
SIM
Morris Plan Insurance Society (quar.).
SI
'July
Oct.
'Jan.
June
Mar. 26
Mar. 17
Mar. 12
Mar. 15
Mar. 15
Mar. 21
Mar. 16
Mar. 15
Apr.
1
Mar. 12
May 10
SI
Quarterly
10c
Murphy (G. C.) Co. 5% pref. (quar.)
Murray Ohio Mfg
—
-
Muskegon Piston Ring
Mutual Chemical Co. of Amer. 6% pref. (qu.)-_
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Myers (F. E ) & Bros. Co
National Battery Co. preferred (quar.)
National Biscuit Co. (quar.)
National Bond
Share Corp
—
'
National Breweries Ltd. (quar.)
Preferred (quarterly)
:
—
(quarterly)
25c
25c
Mar. 15
30c
SIM
25c
National Gypsum Co., 1st pref.
2d preferred (quar.)
SIM
(quar.)
25c
Co
12Mc
SIM
SIM
SIM
SIM
12Mc
J50c
Preferred B (quarterly).
National
Paper & Type. 5% pref. (semi-ann.).
National Power & Light, $6 pref. (quar.)
National Shirt Shops (Del.) 86 pref. (quar.)
National Standard
National Steel Car Corp.
National Steel Corp
1 Mar. 10
1 Mar. 10
1 Apr.
1 July
,
1
Oct.
(quar.)_.
6% preferred (quar.)
— ..
$2 10-year preferred (quar.)
Mar.
Mar. 17
June
June
Sept. 28 Sept. 15
28 Dec.
15
15
Apr.
Apr.
15 Mar. 31
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 12
15 Mar. 30
Mar. 31 Mar. 15
Mar.
Apr.
Mar.
SIM
SIM
Mar.
Mar.
Apr.
10c
Mar.
Mar. 25
Mar. 15
Mar. 31
Mar. 25
Mar.
1
Semi-annual
Pittsburgh Ft. Wayne & Chlczgo Ry. Co.,com.
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)..
7 % preferred (quar )
Pittsburgh Plate Glass.
Pittsburgh Youngstown & Ashtabula Ry.—
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Plainfield Union Water Co. (quar.)
.
82 preferred
New England Telep & Teleg. Co
.
New Hampshire Fire Insurance (quar.)
.
Potash Co. of Amer
------
of Canada, Ltd., 6% cum. pf.
6% non-cumul. partic. preferred (quar.)
Pratt & Lambert. Inc
Co., Ltd
Procter & Gamble 8% preferred (quar.)
Prosperity Co., Inc., pref. (quar.)-Preferred (quarterly)
New York Power & Light Corp. 7%
Mar. 24
Apr.
12c
Apr.
SI
Apr.
33 l-3c Apr.
Mar.
$1 M
40c
Apr.
Mar. 25
Mar. 15
pref. (qu.)
Mar. 15
Mar. 15
Mar
Mar. 15
Mar. 15
Mar. 21
Mar. 21
Queens
6% cum. preferred
Mar. 15
Mar. 11
Radio Corp. of Amer., 83)4.
B preferred (quarterly)
Mar. 15
Mar. 15
(quar.)
Ray-I-Vac Co. 8% pref. (quar.)
Rayonier. Inc., 82 preferred
Reading Co.. 2nd preferred (quar.)
Reece Button Hole Machine
Reed Roller Bit Co. (quar.)
New York Transit Col
—
-
15c
-
New York Trust Co. (quar.)
5%
1900 Corp., Class A (quar.)
Class A (quar.)
Class A (quar.)
50c
50c
50c
Noblitt-Sparks Industries
25c
North American Co., common (quar.)
Preferred (quar.)...
Nov.
Mar.
30c
Apr.
Apr.
Apr.
t8Mc Apr.
75c
75c
North American Rayon, prior pref. (quar.)
North Star Oil Co.. Ltd., 7% pref
Corp.
(quar.)
Northern Indiana Public Service. 7% pref.
-
-
—
-
—
25c
May
37Mc
common
(quar.)
May
Apr.
SIM
SIM
SIM
Northern States Power (Del.) 6% pfd. (qu.)
7% preferred (quarterly)
Norwich & Worcester RR.. 8% pref. (qu.)
Ogilvie Flour Mills (new initial)
— -
—
_
.
82
25c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 25
Mar. 19*
May
Aug.
2
1
Nov.
1
No par common—
Public Service Electric & Ga* Co. 85
Mar.
Mar.
Mar.
Mar.
Mar. 31
Mar. 15
1 Mar. 18
8
Mar. 21
Mar. 18
Mar.
1
Mar
1
Mar. 10
Mar. 15
Mar. 15
Mar. 15
Apr.
Mar. 15
tlOc
1M%
Apr.
Apr.
Mar. 15
Apr.
Mar
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
Mar.
1
15
Mar. 10
Apr
Apr.
Mar. 10
July
June
Oct.
Sept 10
12-10-38
1-3-39
4-1-39
3-10-39
7-1-39
10-1-39
1-2-40
10
6-10-39
9-1039
12-10-39
25c
Apr.
1 Mar. 10
SIM
SIM
SIM
June
ljMay 20
Sept.
Dec
1 Aug. 20
1 Nov. 21
1 Mar. 26
30c
—
June
Dec.
15 Dec.
1
15
Sept. 15 Sept. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
July
Apr.
15
1 Mar. 15
1 Mar. 15
16 Mar. 31
16 Mar. 31
llMar. 15
15 Mar. 15
15 Mar. 25
15 Apr.
1
July
1
Mar. 15
lO
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
Mar.
—-
(Ohio) (quar.)
Preferred (quar.)
Remington Rand, Inc, pref.w. w. (quarterly)__
Republic Steel, 6 % prior pref. (quar.)
Reynolds Metals Co 5conv. pref
liice-Stix Dry Goods. 1st & 2d pref. (qu.)
Rich man Bros, (quar.)----Richmond Water Works. 6% pref. (quar.)„-.Rich's, Inc.. 6M% pref. (quar.).._.
Riverside Silk Mills, class A (quar.)
Rochester Telep., preferred (quar.)
—
Ross Gear & Tool Co. (quar.)
Mar. 21
Mar. 15
Mar. 15
Mar.
1
Mar. 15
May
May
Apr.
Mar-
Mar.
1
Mar. 19
Apr.
Apr.
Apr.
Apr.
Apr.
May
75c
87 Mc
Apr
Apr.
SIM
Apr.
50c
---;■—
Mar. 31
Apr.
33 1-3 c Apr.
Mar.
50c
50c
Apr.
Rath Packing Co.
Extra
1 Mar. 15
15 Apr.
15 June
Apr.
Mar.
(quarterly)
- - - 1st pref. (quar.) —
Reliable Fire Insurance Co.
15
31
31
31
31
h
Mar.
—
Reliable Stores Corp. preferred (quar.)
Reliance Mfg. Co. (111.) (quar.)
15
Mp'
Mar.
(qu.)
(quarterly)
Borough Gas & Electric Co.,
Mar. 19
Apr.
Apr.
l5
Mar. 15
Mar. 15
5c
10%
pref. (qu.).
lien (qu.)_
Mar. 15
Mar. 15
Mar. 25
Mar. 15
Mar.
Mar. 11
5)4% preferred (quar.)
6% preferred
Quaker Oats Co preferred
SIM
Mar. 15
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
Mar. 25
7% prior lien (quarterly)
...
Pure Oil Co. 5% preferred (quar.)
--
86 preferred (quar.)
June
Anr.
Public Service of Oklahoma, 6% prior
Apr.
Apr.
Apr.
Apr.
Apr.
May
Aug.
Mar. 21
Mar. 21
Apr.
Apr
.
Mar.
Apr.
Mar.
Apr. 20
May 20
May 20
Mar. 21
Mar. 15
Mar.
Y.) (qu.)
Public Service Co. of Colorado 7% pref. (mthly.)
6% preferred (monthly)
—
5% preferred (monthly)-- —
Public Service Co. of N. J. (quar.)
5% preferred (monthly)
Public Service of Nor. Til. S60 par common.
Public Nat. Bank & Trust Co. (N.
Mar.
SIM
May
Mar. 10
Mar. 15
Providence Gas Co
Anr
S7m
New York & Honduras Rosario Mining
New York Lackawanna & Western Ry
Mar. 10
Mar. 15
Apr.
Premier Gold Mining
Mar
Apr.
Mar. 19
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
-
-
May 20
SIM
Mar.
Box Co. 7% preferred (quar.)..
7% preferred (quar.)
7% preferred (quar.)
—
Porto Rico Power Co., 7% pref. (quar.)
Pollock Paper &
Apr.
Mar.
Apr.
1
Mar. 15
Mar. 31 Mar. 12
Mar. 18
Mar. 14
10
Apr.
Apr.
Apr.
25 c
Providence Washington Insurance Co
Prudential Investors, Inc., 86 preferred-
1
Mar. 15
Mar. 16
Mar. 10
Mar.
20c
June
SIM
Mar. 31
Mar. 15
Mar.
Apr.
Apr.
35c
Mar. 21
Mar. 15
15c
New Idea (quar.)
New Jersey Water Co., 7% pref. (quar.)
New Orleans Public Service preferred
$1M
$1M
15
Mar. 31
SIM
SIM
SIM
SIM
81M
Mar. 18
Mar. 18
16
Mar
Mar. 19
•--
Plough, Inc
Plymouth Oil Co. (quar.)
25c
—
81M
15
Mar. 31
Mar 15
June
P
15
15
Apr.
Apr.
30c
—
55c
1§
75c
Pittsburgh, Bessemer & Lake Erie RR
Power Corp.
28
30
Mar. 15
Apr.
Apr.
Apr.
10c
Pictorial Paner Package
Pinchin Johnson & Co., Ltd., Amer. shs. (final)
Less tax & deduction for depository expenses.
Pioneer Gold Mines of B. C., Ltd., com
May
Aug.
May
Apr.
Apr.
Apr.
22
55c
55c
50c
Plymouth Rubber Co., 7% nref. (quar.)
Apr.
July
SIM
SIM
SIM
15
Mar.
SIM
Philadelphia Co., $6 cumul. preference (quar.)-.
85 cumul. preferred (quarterly)—
Apr
50c
Apr.
Philadelphia Electric Power, 8% pref. (qu.) —
Phillips Packing Co. 514% preL (quar.)
S1.31M Apr.
1 Mar.
7
Apr.
1 Mar.
7
Apr.
Apr. 15 Mar. 31
Mar. 16
Apr.
Mar. 16
Apr.
Mar.
Mar. 18
Mar.
Mar
Mar. 19
Mar. 15
25c
60c
New England Fire Insurance (quar.)
New England Power Assoc. 6% preferred
6% preferred
5H% preferred
1 Mar. 15
40c
SIM
(quar.)
SIM
New Britain Machine Co
Preferred
l|Mar. 19
15'Mar. 1 la
Mar. 15
Mar. 15
25c
common
81.31 M Apr.
— -
--_
New Amsterdam Casually (semi-ann.)
Northern Illinois Finance
16
Mar. 28 Mar
20c
Nehi Corp. first preferred (quar.)..
Neiman-Marcus Co., 7% pref. (quar.)
Newberry (J.J.) Co. (quar.)...
(quarterly)
Mar. 14
50c
Natomas Co. (quar.)
Navarro Oil Co. (quar.)_
Preferred A
Mar.
Mar. 15
62 Mc
Pickle Crow Gold Mines.
2 Jan
2 Mar 15
Apr.
Apr. 15 Mar. 31
2 Mar. 22
Apr.
Mar. 21
Apr.
50c
<N. J.)
(quar.)
Works, 7% pref. (quar.)--Perfect Circle Co., common (quar.)
Pet Milk Co
50c
81
70c
—
Pfeiffer Brewing
1 Nov. 26
25c
National Sugar Refining Co
National Supply Co. (Pa.) 5H% pref.
-
water
Mar. 18
Mar. 21
Mar. 15
$1H- Apr.
10c
Apr.
30c
Apr.
$1^
May
20c
May
May
Apr.
40c
Apr.
10c
Apr.
Apr.
S1H
Mar,
S1J4
$1H
Apr.
HP
50c
Pennsylvania Power Co., 86.60 pref. (mo.)
S6.60 preferred (monthly)
$6.60 preferred (monthly)
$6 preferred (quar.)
Pennsylvania Power & Light Co. $7 pref. (qu.)-_
$6 preferred (quar.)
$5 preferred (quar.)
Pennsylvania Water & Power Co., common
Preferred
(quarterly)
Penney (J. C.) Co. common
— Peoples Drug Stores. Inc. (quar.)
Mar. 18
_
Mar. 21
Mar. 15
Mar. 21
Mar. 21
Apr.
SI
Penna. Gas & Elect. Corp., 87preferred
7% preferred (quarterly)
Penna. Glass Sand, pref. (quar.)_
Mar. 15
Mar. 15
Apr.
Mar. 15
Mar. 15
Apr.
SIM
Peoria
Dec.
Apr.
Apr.
-
Mar. 15
May 27
1 Aug 27
Dec.
-
—
PeoplesJNatural Gas 5% pref. (quar.)
May 15 Mar. 30
$1
—
National Fuel Gas Co. (quar.)
Lead
SIM
75c
t50c
J44c
SIM
National Dairy Products (quar.)
Preferred A & B (quarterly)
National
SIM
SIM
SIM
55c
National Candy Co. 1st & 2d pref. (quar.)
National Cash Register Co.
National Casket Co., Inc. (semi-ann.)_-
87 preferred
15c
25c
40c
—
—
SIM
SIM
Preferred (quarterly)
Mar. 15
Sept
Morristown Securities Corp. common
Extra
Feb. 28
Feb. 28
Mar. 19
Mar. 19
Mar. 19
Mar
Mar. 15
16f&cC
Pacific Lighting. 86 pref. (quar.)
Pacific Telephone & Telegraph
Pennsylvania Edison Co., $5 pref
S2.80 preferred
Mar. 15
82
„
Mar. 12
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
50c
.
Paraffine Companies
Preferred (quarterly)
Paramount Pictures, 1st pref. (quar.)
2nd preferred (quarterly)
Parke. Davis & Co
50c
Mountain States Telep. & Teleg
85
(quar.)
Omnibus Ooro. prelerred (quar.)
Ontario Mfg. Co
Ottawa Light. Heat & Power (quar.)
Paauhau Sugar Plantation Co. (monthly)
Pacific Finance Corp
5% preferred (quar.)-___.
Series A preferred (quar.).
6J4% series preferred (quar.)
Pacific Gas & Electric Co. (quar.)
Pacific Indemnity Co. (quarterly)
Feb. 28
Feb. 28
SIM
(quar.)
Mar. 15
70c
Pacific Tin Corp
SIM
SIM
_
Moore (W. R.) Dry Goods
Mar. 15
Ohio Water Service Co., cumul. class A-.Oklahoma Natural Gas prior pref. (quar.)
Old Colony Insurance Co.
Page-IIershey Tubes, Ltd. (quar.)
Pan Handle Eastern Pipe Line. pfd. A & B
10c
6% preferred (quar.).
5% preferred (quar.
*.).
Montgomery Ward & Co. (quar.).
I
Class A (quarterly).
Moore Corp. (quar.).
Apr.
Apr.
Apr.
Apr.
-----
Feb. 28
Feb. 28
50c
Utilities--
5
5
25c
8% preferred (quar.)
82
7% preferred (quar.)..
n%
Ohio Public Service.
58 l-3c
7% pref. (mo.)
6% preferred (monthly)
50c
5% preferred (monthly)
412-3c
Ohio Service
SI
Holding Corp. 85 non-cum. pref--.
Mar. 21
75c
—
Mar.
Mar.
$1H
81.80
Mar. 16
50c
(quar.)__
Minneapolis Gas Light Co. $5 partic. units (qu.)
Minnesota Mining & Mfg. (interim)
Minnesota Power & Light 7% pref..
$6 preferred
,
Mississippi River Power, $6 pref. (quar.)_—
Missouri Edison Co., $7 cum. pref
Mitchell (J. S.) & Co 7% pref. (quar.)
Mock, Judson, Voehringer Co., Inc., pref. (qu.)
Monongahela Valley Water Co. 7% pref. (quar.)
Monroe Chemical, pref. (quar.)
Monsanto Chemical Co. $4 H class A pref. (s.-a.)
Mar.
Mar.
SI Ye
SI H
SI.65
87 preferred (quarterly).
S7.20 preferred (quarterly)
Ohio Leather Co
.
Holdert
When
Payable of Record
Mar.
(quar.)
$6 preferred (quarterly)
86.60 preferred (quarterly)
Mar.
$2
Milk Products Co
M. J. & M. M. Consol. Oil Co.
Mar. 24
Ohio Edison Co., 85 preferred
Share
Apr.
50c
-
Per
Name of Company
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
SIM
SIM
SIM
SIM
SIM
SIM
SIM
8% preferred (quar.)
$2 non-cumulative stock
Midvale Co. of Dela
Mar. 23
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Mar. 18
Apr.
Mar. 21
Apr.
Mar. 15
Apr.
Apr.
1
Apr.
Mar. 22
Apr.
Mar. 23
Apr.
Mar. 21
75c
Machine
5
Mar.
Memphis Natural flas. pref. (quar.)
Memphis Power & Light, $7 pref. (quar.)
Mesta
Nov.
Nov.
Mar.
10c
Extra.
$6 preferred
Mar. 20
Apr.
Mar. 22
Apr.
5
May 15 May
5
Aug. 15 Aug.
Apr.
37Mc
81H
1991
Holdert
When
Payable of Record
SIM
50c
Chronicle
10c
Apr.
Apr.
Apr.
15
15
Mar. 19
Mar. 10
Mar.
10
Mar. 10
May
2
Mar
15
Mar.
9
Mar. 16
Mar. 19
Mar. 21
•
Mar. 15
Mar.
24
Mar. 15
20c
Mar.
Mar. 19
10c
Mar.
Mar. 19
90c
Apr.
Apr.
Mar. 25
May
Apr.
Mar. 21
37Mc
15c
SIM
SIM
SIM
SIM
SIM
75c
Apr.
Apr.
Mar. 28
Apr. 21
Mar.
3
Mar. 14
Apr.
Mar. 21*
Apr.
Apr.
Apr.
Mar. 22
Mar. 15
50c
Apr.
Mar. 21
Mar. 15
Mar. 15
SIM
Apr.
Mar. 19
30c
Apr.
Mar. 18
SIM
SIM
Mar.
Financial
1992
Per
Share
Name of Company
Per
Holders
When
Name of
Payable of Record
Share
Company
26,
When
1938
Holders
Payable of Record
25c
Apr.
Mar. 10
United Biscuit Co. of America pref. (quar)
July
lune
United Bond & Share Ltd., common--
25c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 21
Mar. 18
Mar. 18
Mar. 18
Mar.
Mar. 24
$1 2*
$1 *4
Oct.
$13$
(quar.)
United Corp., $3 cum. preference (quar.)
United Dyewood Corp. pref. (quar.)
Preferred (quarterly)
Preferred (quarterly)
Preferred (guarterly)
Jan.
Dec.
25c
Mar.
Mar. 15*
United Fruit Co
75c
Apr.
Mar. 24
$13*
Mar.
Mar. 15*
25c
Mar.
Feb.
25c
Apr.
Mar.
$2
$13*
$13*
Apr.
Apr.
Mar. 10
Mar. 10
United Gas Improvement (quar.)
$5 preferred (guarterly)
United Gold Equities of Canada
Apr.
Apr.
Apr.
Mar. 10
50c
Apr.
Mar. 15
50c
Mar.
Mar. 25
Apr.
Apr.
Apr.
Mar. 25
Inc. (guar.)
Quarterly
Safeway Stores,
6% preferred
6% preferred
7% preferred
SI %
25c
Inc
(guar.).--,—
(guar.)
(guar.).
$13*
— -
St. Louis National Stockyards
St. Louis Rocky Mountain &
Preferred (guar.)
- -
--
(guar.).
"
t>A
$1H
25c
$13$
Scranton Lace Co—
Seaboard Commercial Corp.
Mar. 10
Mar. 10
Mar. 15
Mar.
5
Stock div,, I sh. for each 9 shs. held
Quarterly
— .
50c
15c
Mar.
Mar. 15
50c
Mar.
Mar. 15
United States Foil Co
Apr.
Mar. 16
Apr.
United States Gypsum (quar.)
Preferred (quarterly)-
July
Mar. 17
June 16
fig
Oct.
Sept.15
Jan,
Dec.
17
Apr
Apr.
Mar
25
10c
12c
Apr.
Mar. 31
Mar. 31
$13*
$13*
Mar. 21
50c
62*$c
37 He
United States Hoffman Machine pref.
—
(quar.)
Apr.
Apr.
Mar. 19
Mar.
Mar. 10
Universal-Cyclops Steel Corp
Universal Leaf Tobacco Co., Inc. (quar.)
Preferred (guar.)
Mar.
Mar. 10
Universal
Apr.
$13*
$1M
$23$
$13$
$13*
$13*
Mar. 19
50c
Original preferred (guarterly)
533 % preferred series C (guarterly)
Southern Cal. Gas., pref. (guar.)
Preferred A (guar.)
Southern Canada Power Co., Ltd.—
6% cumul. partic. preferred (guarterly)
Southern New England Telephone (guar.)
Southern Pittsburgh Water Co., 7% pref. (qu.)_
6% preferred (guar.)
Southern Ry. Co. (Mobile & Ohio) stock trustSouthwestern Bell Teiep. Co. (guar.)
7% cum. preferred (guarterly)
Southwestern Consol. Gas Utilities Corp
Southwestern Gas & Electric Co., 7% pref. (gu.)
Southwestern Light & Power, $6 preferred
Southwestern Natural Gas Co., $6 pfd. A (qu.)
South West Penna. Pipe Lines
Springfield Gas & Elec. $7 pref. A (guar.)
—
373$c
343*c
373$c
373$c
<"&
$13*
M
$2 3*
$13*
25c
$13*
t#13*
$13$
50c
$13*
Square D Co
15c
(guarterly)
—
Vlau, Ltd., 5% preferred (quar.)
Vicksburg Shreveport & Pacific Ry
Mar. 10
Apr.
Apr.
Apr.
Apr.
Apr.
15
5
15
15
15
Mar.
19
Mar. 20
Mar. 20
Mar. 31
Mar. 31
Apr. 16 Mar.
Apr. 15 Mar.
Apr. 15 Apr.
Apr. 15 Apr.
1 Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
IMar.
Apr.
1 Mar.
Apr.
_
19
31
1
1
15
21
21
15
15
15
15
15*
1 Mar. 15
Apr.
Mar. 31 Mar. 19
Apr.
1 Feb.
18
June
15 June
1
_
— _
_
—
-
Extra
$2
Victor-Monaghan
7% pref.
Victor Chemical Works
20c
Prior preferred (quar.)
Prior preferred (quar .)
—
(quar.).Corp. 7% preferred
Washington Ry. & Electric 5% pref.
—
West Jersey & Seashore RR.
Mar. 31 Mar. 23
West Kootenay Power & Light, pref.
West Penn Electric Co., class A
"
433*c
Stokely Bros.,
pref. (guar.)
v
71
Apr.
1 Mar. 15
Mar. 31 Mar. 21
Mar. 31 Mar. 15
43 3* c
Apr.
1 Mar. 16
Non-convertible preferred (guar.)
433*c
Sun Life Assurance (Canada) (guar.)
Apr.
I $32*
Apr.
1 Mar. 16
1 Mar. 16
Sunray Oil Corp., preferred (guar.)
Sunshine Mining
Superheater Co. (guarterly)Superior Portland Cement A
Swift <fc Co. (quarterly)
Sylvanite Gold Mines, Ltd. (quar.)
683*c
Apr.
1
60c
123$c
823$c
30c
Mar.
8
Mar. 30 Mar. 15
15 Apr.
5
1 Mar. 23
Apr.
Apr.
Apr.
1
Mar.
1
(quar.)
—
—
Mar. 31 Mar. 23
Stein (A.) & Co., 63$% pref. (guar.)
Sterchl Bros. Stores, 1st preferred (guarterly)
Stix. Baer & Fuller Co. 7% prer. (guar.)
—
5% preferred (semi-ann.)
Waukesha Motors
25c
7
7
20c
Prior preferred
$13*
433*c
43 3* c
2 Apr.
2 Apr.
75c
Ward Baking
Mar. •30 Mar. 18
Mar. 30 Mar. 18
May
May
25c
SIM
.
$13$
Steel Co. of Canada (guar.)
Preferred (guar.)
SIM
$2
SIM
SIM
SIM
SIM
Virginia Public Service Co., 7% pref
Virginian Ry
Preferred (quar.)
Vulcan Detinning pref. (guar.)
Preferred (quarterly)
Preferred (guarterly)
Wabasso Cotton Co., Ltd. (quar.)
Wagner Baking Corp 7% pref. (quar.)
2d preferred (quar.)
Waldorf System, Inc., common
Waltham Watch Co
6% pref. (quar.)
6% preferred (quarterly)
6% preferred (quarterly)
Apr. 15 Mar. 31
Mar. 31 Mar. 19
Co
75c
—
25c
Preferred (guar.)
2M%
2M%
(quar.)
Apr.
15 Mar. 31
25c
__
(semi-ann.)
30c
Acid Works—
$1
——-
preferred (guar.)
Holland Dutch Bakers
25c
preferred (guar.) — .
15c
Mar. 10
15c
Standard Screw (guar )-
—
2%
Apr.
Apr.
Apr.
Mar.
$13*
$13*
Preferred (guarterly)
Standard Oil of Ohio,
Dec.
Apr.
Apr.
Apr.
July
Apr.
Apr.
75c
$6M preferred (quar.)
Preferred
25c
2 Apr.
Vermont & Boston Telegraph Co
Mar. 12
_
Extra
Penn Power Co., 6% pref.
7% preferred (quarterly)
West
(quar.)
—
(quar.).
West Point Mfg. Co
West Texas Utilities, $6 pref.
SIM
SIM
SIM
SIM
20c
t$l
$6 preferred
SIM
West Virginia Pulp & Paper (quar.)
West Virginia Water Service $6 preferred
10c
-
$6 preferred (quar.)
Tennessee Electric Power Co.,
5% 1st preferred (quarterly)
25c
Mar. 17
Mar. 15
1
Mar. 15
Apr.
50c
Mar
25c
Apr.
Apr.
U0c
.
31 Mar. 20
1 Mar. 10
1
Mar. 10
*
Apr.
Apr.
1 Mar. 15
Apr.
Apr.
Apr.
Apr.
1
Apr.
Texon Oil & Land Co_
Thatcher Mfg. Co
Thompson Products, pref. (quar.)
Tide Water Assoc. OIL pref. (quar.)
Time. Inc. (reduced)
Toledo Edison Co., 7% pref. (mo.).
6% preferred (monthly)
5% preferred (monthly)
Toronto Mtge Co. (Ont.) (quar.)
Torrington Co
Tri-Continental Corp., $6 cumul. pref.
(qu.)
Trlco Products Corp. (quar.)
Tubize Chatillon Corp., 7% cum. pref. (quar.).
Tucketts Tobacco Co. preferred (quar.)
208 So. La Salle Street Corp. (quar.)
20th Century-Fox Film Corp., common-
(quarterly)
Underwood Elliott Fisher Co., common (quar.)_
Union Buffalo Mills Co. 7 % preferred
(quar.")—'
Preferred (semi-ann.)
Union Premier Food Stores (quar.)
Union Twist Drill Co. (quar.)
Preferred (quar.)
25c
Quarterly
6834 c
6% 1st preferred (quarterly)-.
7 % 1st preferred (quarterly)
7.2% 1st preferred (quarterly)
6% 1st preferred (monthly)
7.2% 1st preferred (monthly)
Texas Corp. (quarterly)
Union Carbide & Carbon Corp
Union Electric of Mo., 7% pref.
Union Pacific RR
Quarterly
1
-
1 Mar. 15
1
•
Mar. 15
Mar. 15
1
Mar. 15
Mar. 15
1
Mar.
1
4
Mar. 31 Mar. 10
1 Mar. 15
Apr.
1 Mar. 25
Apr.
1 Mar. 10
Apr.
Mar. 31 Mar. 19
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
25c
Quarterly
25c
(semi-ann.)
25c
Westmoreland,
Inc
Weston Electrical Instruments, c
A (qu.)
Weston (Geo.), Ltd. (quar.)
Wheeling Steel Corp., $5 pref. (quar.)
$6 preferred (quarterly)Whitaker Paper (quar.)
7% preferred (quarterly)
50c
.
20c
SIM
SIM
SIM
SIM
White Rock Mineral Springs
1st preferred (quar.)
2d prefer/ed (quar.)
Whiteman (Wm.) Co., Inc..
25c
SIM
-
7% pref. (quar.)
Wleboldt Stores, Inc., 6% preferred (quar.)
$5 prior preferred (quar.)
—
—
Will & Baumer Candle Co.. Inc.. pref
Willys-Overland Motors pref. (quar.)
Winn & Lovett Grocers $2 class A (quar.)
Class B
25c
Apr.
Apr.
Apr.
15 Mar. 31
1 Mar. 10
1 Mar. 19
Mar. 31 Mar. 24
Mar. 31 Mar. 24
Mar. 31 Mar. 12*
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 23
Mar.
4
Mar. 15
Apr.
Mar. 15
Mar.
4
Mar.
4
Mar. 21
Mar. 28 Mar. 21
—
1 Mar. 20
Mar. 31 Mar. 21
Apr.
1 Mar. 10
Mar. 30 Mar. 19
May
2 Apr.
Apr. 20 Apr.
July 20 July
16
11
11
Oct.
10
Apr.
Apr.
Apr.
Apr.
Apr.
July
Oct.
Apr
July
Oct.
June
Apr.
Apr.
Sept.
20 Oct.
1
Mar. 19
1 Mar. 21
1 Mar. 21
1 Mar. 20
2 Mar. 26
2 June 25
3 Sept. 24
2 Mar. 26
2 June
25
3 Sept 24
1 Mar. 21
1 May
1 May
16
16
1 Mar. 15
1 Mar. 17
1
Mar. 31 Mar. 15
Apr.
1 Mar. 15
Apr.
July
Apr.
1 Mar. 15
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
2 Apr.
Apr.
1 June 15
1 Mar. 22
Mar. 30 Mar. 17
5
5
Mar. 15
Mar. 15
Mar.
Mar.
15
17
Mar. 21
Mar. 21
15 Mar. 20
15 Mar. 20
Apr.
1 Mar. 19
May
May
Aug.
Aug.
2 Apr.
2 Apr.
Nov.
1 Oct.
Nov.
1 Oct.
10c
Mar. 31 Mar. 18
Feb. 14
Apr.
50c
SIM
Extra
Extra
Woodley Petroleum Co. (quar.)
Wright-Hargreaves Mines, Ltd. (quar.)
Extra
10c
5c
Wrigley (Wm.) Tr Co. (monthly)
Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg. Co., 7% pref
Young (J. S.) & Co. (quar.)
Preferred (quar.)
Youngs town Sheet & Tube pref. (quar.)
-
*
8
Mar. 20
50c
Quarterly
1 Mar. 21
8
1 Mar.
50c
Quarterly
1 Mar. 16
1 Mar.
SIM
Extra
1 Mar. 21
Si M
$2
15c
SIM
SIM
preferred (guar.)
Winsted Hosier Co. (quar.)
1 Mar. 15
1 Mar. 15
SIM
SIM
75c
50c
common
7%
1 Mar. 15
Apr.
Mar.
Westinghouse Air Brake Co., com
Westminster Paper Co
Apr.
Apr.
Apr.
1
15
Apr. 30 Mar. 31
Apr. 30 Mar. 31
July 30 June 30
Oct. 31 Sept. 30
1
May
1 Mar. 15
Apr.
1 Mar. 16
Apr.
1 Mar. 15
Apr.
1 Mar. 12
Apr.
1 Mar. 12
Apr.
1 Mar. 19
Apr.
1 Mar. 19
Apr.
1 Mar. 26
Apr.
1 Mar. 26
Apr.
1 Mar. 26
Apr.
1 Mar. 19
Apr,
1 Mar. 22
Apr.
1 Mar. 22
Apr.
1 Mar. 15
Apr.
1 Mar. 25
Apr.
1 Mar. 19
Apr.
1 Mar. 19
Apr.
19
Mar. 15
1 Mar. 15
1 June
35c
19
Feb
1
July
Apr.
—
Feb.
Apr.
1
10 Dec.
—
(quar.)
Mar. 31
Mar. 31
May
Apr.
1
Dec.
Mar. 31 Mar. 18
Mar. 31
15c
10 June
Sept. 10 Sept.
Apr.
Apr.
5c
#13*
623$c
June
50c
5c
-
1
1 Mar.
1
1 Afar.
1 Mar. 15
Mar. 31 Feb. 23
Mar. 31 Feb. 23
Mar. 31 Mar. 10
Mar. 31 Mar. 25
50c
Extra
Tacony-Palmyra Bridge, class A (quar.)
Preferred (quarterly)
TaggartCorp. $23$ pref. (quar.)
Talcott (James;, Inc
Participating preferred (quar.)
Taylor-Colquitt Co. common (quar.)
Taylor Milling Corp
Teek-Hughes Gold Mines (quar.)
21
21
75c
SIM
-
Western Massachusetts Cos.
15
1 Afar
1 Mar
25c
Western Electric
Western Grocers, Ltd (quar.)
7% preferred (quar.)
t$4M
$1M
15 Tune
Apr.
Apr.
Apr.
June
50c
$1 M
—
(s.-a.)
1 Mar 16
15 Alar. 15
2 Apr. 20
1 Mar. 24
Mar. 31 Mar. 25
SIM
$2M
12Mc
20 Nov. 30*
1 Mar 16
Mar. 29 Mar. 19
Apr.
25c
20
31*
31*
May
Apr.
50c
$4
20c
Co., Inc., com
..
SIM
SIM
SIM
SIM
SIM
SIM
50c
Wayne Pump Co
Weill (Raphael) & Co., 8% pref. (s.-a.)
Wellington Fund, Inc
Wesson Oil & Snowdrift
1 Mar. 17
1 Mar. 17
Apr. 10 Mar. 21
Apr. 30 Mar. 31
Apr. 15 Mar. 25
Apr.
5 Mar. 15
Apr.
5 Mar. 15
Sept. 20 Aug
Mar. 15
Mar. 10
Mar. 15
_
1 Mar. 15
1 Mar. 15
1 Mar. 17
June 20 May
Mar.
Apr.
_
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
May
Mar. 15
Mar. 12
15c
Mar. 31
.
5
Mar. 15
50c
12Mc
Utah Power & Lignt, $7 preferred
$6 preferred.
Apr.
Apr.
Apr.
Mar.
50c
Vapor Car Heating Co., Inc., 7% pref. (quar.).
7% preferred (quar.)
7% preferred (guar.)—
Apr.
2%
—
—
Products Co
Valve Bag 6%
Van de Kamps
Feb.
Apr.
1 Mar. 25
1 Mar. 15
1 Mar. 15
$1M
6Mc
6Mc
S1H
SIM
$1M
SIM
Mar. 15
9
Apr.
16 2-3
Mar. 15
9
Apr.
$15
$10
Extra
—
Sept.
10
Apr.
$1
4
May
Apr.
Apr.
Apr.
Apr.
#13$
373$c
123$c
United States Trust Co. (N. Y.) (quar.)
—
8
Mar. 10
June
1**
68**c
SIM
#1 M
—-----
—
_
Mar.
28
28
25c
United States Sugar Corp., pref. (quar.)
(guar.)
Mar. 21
Mar. 15
$ik
25c
Extra
Preferred
Apr. 15
June 30
Apr.
Apr.
Apr.
July
50c
(quarterly)
United States Playing Car Co. (guar.)
Mar. 15
Mar. 15
—
United States Pipe & Foundry Co., com. (guar.)
Common (guarterly)
Common
May
Apr.
July
50c
preferred (guar.)
Apr.
Mar. 10
50c
United Securities, Ltd. (quar.)
Apr.
Apr.
Apr.
$13$
— —
S2M
United Shoe Machinery (guar.)
ITeferred (guar.)
nanic. pref. text.)
8tearns (Frederick) &
Preferred (guar.)-_
75c
Participating preferred (quar.)
Participating preferred (partic. div.)
United New Jersey RR. & Canal (quar.)
United Profit Sharing, pref. (s.-a.)
Mar. 15
South Porto Rico Sugar Co., com. (guar.)
Preferred (guarterly)
Southern Calif. Edison Co., Ltd.—
Standard Wholesale Phosphate &
Starrett (L. S.) Co
$2*$
50c
Mar. 21
Mar. 21
$13*
$13*
t3c
581-3c
50c
United Milk Products
Mar.
25c
—
Extra
conv.
$12*
—
-
United Light & Rys
7% pref. (mo.)
6% preferred (monthly)
United Loan Industrial Bank (Bklyn.)—
Mar.
$13$
cl. A (qu.)
i!H
-
Mar.
15c
preferred (qua. )
5% prior preferred (guar.)--Smith H., Paper Mills, pref. (guar.)
Smith (L.C.) & Corona Typewriters
Preferred (guarterly)
Sonotone Corp., pref. (guar.)
South Carolina Fewer Co., $6 1st pref. (gu.)
South Penn Oil Co. (guar.)
$1
75c
United Carbon Co.
25c
10c
Extra
Standard Brands. Inc.,
15
15c
lc
Simon (H.) & Sens, Ltd., common (interim)
7% cumul. preferred (guarterly)-Singer Mfg. Co. (guar.)
Skelly Oil Co
Mar. 18
20c
$13*
$13*
Shell Union Oil Corp., 5M% pref. (guar.)
Sherwin-Williams of Canada, pref-Silver King Coalition Mines Co
Skenandoa Rayon Corp. 5% prior
Mar. 25
SI**
Common
20c
---
—
10
623$c
—-
(guar.)----preferred (guar.)---.---—Seaboard Finance Corp. (guar.)
$2 preferred (guar.)
Selected Industries, Inc., $5M prior stock
Servel. Inc pref. (guarterly)
Preferred (guarterly)
Preferred (guarterly)...
Preferred (guarterly)
Sharon Steel Corp. pref. (guar.)
-Shawmut Assoc. (guar.)
—— —
Sheep Creek Cold Mines, Ltd. (increased)
5%
Extra.--—
li%
Pacific Co
Sangamo Electric Co. (guar.)
Savannah Electric & Power, 8% deb. A
7M% debenture B (quarterly)..
7% debenture C (guarterly) __
6M% debenture D (guarterly)
6% Dreferred (semi-ann.)
Savannah Sugar Refining (guar.)
Schenly Distillers Corp
Preferred (guar.)-,
Scovili Manufacturing
Scranton Electric Co., $6 pref. (guar.)
Preferred
March
25c
Roeser & Pendleton,
Rubinstein (Helena) class A (guar.)
Sabin Robbins Paper Co. 7% pref. (guar.)
5% cum.
Chronicle
25c
15c
SIM
l\%
SIM
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 July
1 July
Feb.
15
15
15
15
15
15
14
Mar. 19
Mar. 24
Mar. 16
Mar. 18
Mar, 18
Mar. 12
Transfer .books not closed for this dividend,
t On account of accumulated dividend!.
I Payable in Canadian funds, and in the case of non-reeidents of Canada
a tax of 5% of the amount of luch dividend will be made.
eduction of
Volume
Financial
146
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
The
ASSOCIATION FOR THE
Deposits,
Average
previous week and the corresponding
date last year:
Time
Deposits,
Profits
Capital
Net Demand
Undivided
•
•
Clearing House
in comparison with the
CLEARING
YORK
NEW
following shows the condition of the Federal Reserve
Bank of New York at the close of business March 23,1938,
HOUSE
WEEK ENDED SATURDAY, MARCH 19. 1938
MEMBERS OF THE
8TATEMENT OF
York
New
The
City
New York
weekly statement issued by the
Clearing House is given in full below:
1993
Chronicle
Average
Surplus and
Members
Mar. 23,1938 Mar. 16,
1938
Mar. 24, 1937
$
$
$
Assets—
$
$
Bank olN Y A Trust Co
401 932,000
25,862 300
58,493 500 al,442 ,288,000
38,354,000
175,672,000
474 ,424,000
54,625 900
181,690 100 61,280 .521,000
459 ,060.000
45,129 300
55,236,000
703 ,777,000
49,793,000
13.372 ,700
20.000,000
Natlonal City Bank
Chem Bank <fc Trust Co.
11 808 000
6,000,000
Bank of Manhattan Co.
77,500,000
20,000,000
90,000,000
42,419,500
21,000,000
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
Gold certificates
143 569 000
70,476 200
C
hand and due from
on
United States Treasury.x
3,891.432,000 3,777,331,000 3,347,906,000
1,667,000
1J335.000
1,714,000
81,134,000
117,567,000
117,364,000
......
Redemption fund—F. R. notes
Other cash
t
8,267,000
Total
4,010,510,000 3,896,733,000 3,430,707,000
reserves
96,701,000
Bankers Trust Co
25,000,000
3,660 300
76,932 400
Title Guar & Trust Co..
10,000,000
1,265 200
13 ,041,000
25,553,000
2,806,000
6,711,000
9,787,000
47,931,000
2,360,000
35,364,000
2,535,000
Marine Midland Tr Co..
5,000,000
12,500.000
9,021, 000
92 ,465,000
10,073,000
27,798, 700
271 ,439,000
33,640,000
Comra'l Nat Bk & Tr Co
7,000,000
8,247, 400
73 ,043,000
3,130,000
Public Nat Bk <fe Tr Co.
7,000,000
8,932, 000
77 ,931,000
Bills discounted:
53,166.000
15,000,000
18,052 000
240 ,762,000
10,000,000
50,000,000
4,000,000
100.270,000
109,384 500
455 ,336,000
61,732 200
442 ,082 000
4,158 700
39 ,519,000
500,000
Corn Exch Bank Tr Co.
Flrst National Bank
Irving Trust Co..
Continental Bk <fc Tr Co
Chase National Bank...
Fifth Avenue Bank
New York Trust Co
Totals.
128.391 400 til ,975 ,685,000
523,189.500
48 ,486,000
€742 ,670,000
Total
As
reports: National,
per official
United
of
"Times"
York
a
number of
INSTITUTIONS
NOT
CLEARING
IN
and
WITH
THE
CLOSING
BUSINESS FOR THE WEEK ENDED FRIDAY, MARCH
NATIONAL
STATE
AND
BANKS—AVERAGE
2,628,000
Other Cash,
Disc, and
Including
Investments
Bank Notes
Res. Dep
... .
.
_
..... .
_
....
Elsewhere
21,750,500
119,000
Sterling National
21,809,000
417,000
4,300,850
254,084
Bank premises
All other assets
...
...
Deposits
902,189,000
41,495,000
149,379,000
Foreign bank
2,685,400
1,101,000
269.706
Deferred availability items
6,418,472
119,932,000
50,943,000
51,943,000
7,744,000
8,210,000
paid In
6,177,000
284,000
1.514,600
875,700
7,946,800
89,000
662,000
762,000
5,652.000
Surplus (Section 13b)
Reserve for contingencies
COMPANIES—AVERAGE
Cash
Disc, and
N.
All other liabilities
FIGURES
2,036,000
Manhattan—
Dep. Other
Y. and
Bank* and
$
$
Deposits
Ratio
of
total
deposit
to
reserve
$
$
$
*5,305,400
202,840
13,068,200
1,644,303
3,673,700
1,943,480
12,683,166
*1,588.443
1,846,856
28,971
11,018,286
13,354,138
18,390,700
*7,466,200
727,000
307,900
22,687,400
Lawyers
27,858,800 *15,145,300
922,600
68,462,440
21,269,790
15,373,399
Commitments
75,005,717
84,089,000
2,967,000
34,509,000
32,314,349
2,147,322
12,701,348
x
41,663,842
amount
with
Federal
174,285,000
156,657,000
50,943,000
51,943,000
7,744,000
8,210,000
1,829,000
51,334,000
51,474,000
7,744,000
9,260,000
2,054,000
and
85.9%
industrial
These are certificates given
over
4,273,000
ad-
7,895,000
by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued
100 cents
Reserve as follows: Empire,
make
to
85.8%
85.4%
220,000
t "Other cash" does not Include Federal Reserve notes or a bank's own Federal
48,000 114,141,000
Kings County
Includes
94,884,000
Reserve bank notes.
Brooklyn—
Brooklyn
*
37,577,000
purchased
vances
42,080,400
United
States
37,607,000
175,346,000
73,000
bills
on
for foreign correspondents
63,953,400
Fiduciary
9,205,767
886,176,000
911.594,000
4,261,000
Contingent liability
Fulton
Federation
11,458,000
Gross
Trust Cos.
Elsewhere
52,303,000
10,105,000
4,907,678,000 4,857,986,000 4,276,849,000
Total liabilities.
Dep.,
F. R. note liabilities combined..
Empire
92,000
3,861,000
3,764,681,000 3,651,438,000 3,112,150,000
Total deposits.
28,116,300
28,962,000
4,747,000
Investments
157,678,000
Liabilities—
Surplus (Section 7)
Res.
662,948,000
72,000
4,067,000
188,986,000
9,940,000
11,882,000
Deposits—Member bank reserve acc't.. 3,455,631,000 3,350,924,000 2,892,082,000
87,607,000
U. S. Treasurer—General account
87,561,000
118,176,000
Capital
Loans,
746,306,000
4,907,678,000 4,857,986,000 4,276,849,000
Total assets
Gross
2,717,575
TRUST
652,260,000
1,322,000
18, 1938
Banks and
7,369,800
9,167,000
Brooklyn—
Lafayette National..
People's National...
152,207,000
739,554,000
687,000
$
Grace National
Trade Bank of N Y..
169,568,000
330,485,000
195,049,000
72,000
3,502,000
124,596,000
9,940,000
12,344,000
Uncollected items
FIGURES
$
$
$
208,711,000
335,794,000
746,714,000
.....
Other deposits
Manhattan—
5,812,000
739,554,000
S. Government securities..
Federal Reserve notes of other banks...
OF
Trust Cos.
Y. and
N.
207,000
4,332,000
211,227,000
336,228,000
192,099,000
_
Total bills and securities
Dep. Other
,
3,554,000
207,000
4,325,000
F. R. notes in actual circulation
Loans,
2,213,000
discounted
Due from foreign banks.
trust
HOUSE
1,859,000
354,000
2,867,000
288,000
2,340,000
advances
Total U
publishes
banks
obligations,
Treasury notes
Treasury bills
regularly each week
companies which
are not members of the New York
Clearing House.
The
following are the figures for the week ended March 18:
New
returns
Govt,
S.
States Government securities:
Bonds
1938; State, Dec. 31, 1937; Trust
March 7,
bills
Industrial
Companies, Dec. 31, 1937.
The
U.
Bills bought In open market
Includes deposits In foreign branches as follows: (a) $287,479,000; (6) $89,375,000'
(c) $2,759,000; (d) $131,916,000; (e) $37,730,000.
*
by
direct or fully guaranteed
Other bills discounted
668,887,000
9,378.030,000
907,225,800
Secured
to
59.06 cents,
these
certificates
being
under the provisions of the Gold
ciary. $1,106,187; Fulton, $7,161,000; Lawyers, $14,475,000.
from
worth less to the extent of the
the Treasury
difference, the difference Itself having been appropriated as profit by
$3,362,900; Fidu¬
Reserve Act of 1934
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
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 Fvents and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
items of the
resources
and liabilities of the reporting member banks in 101
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loan* as reported
an announcement of the Federal Reserve Bank of New
York of April 20, 1937, as follows:
in this statement, which were
described in
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
in securities located in New York City and chose located
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
market" under the revised caption "open market paper." instead of in "all other loans." as formerly.
The revised form also eliminates the distinction between loans to brokers and dealers
securities.
York City.
outside New
cial paper bought in open
Subsequent to the above announcement it was made known that the new items "commercial,
each be segregated as "on securities" and "otherwise secured and unsecured."
industrial, and agricultural loans" and "other loans'
would
A
more
detailed explanation of the revisions was
LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND
Total
Federal Reserve Districts—
$
$
ASSETS
New York
Boston
Chicago
St. Louis
$
S
$
S
San Fran.
%
$
1,103
1,785
610
551
3,071
657
383
648
490
2,077
3,655
450
709
244
287
939
307
163
256
232
1,012
38
234
50
48
14
11
42
47
9
17
11
42
635
563
$
Commercial. Indus, and agrlcul. loans:
On securities
Dallas
$
Minneap. Kan. City
8,574
1,195
8,889
Loans—total.
$
Atlanta
$
Cleveland Richmond
Phila.
CTS.ONMAR. 16. 1938, (In Millions of
BY DISTRICTS. ON MAR. 16, 1938, (In Millions o 1 Dollars)
$
21,144
Loans and Investments—total
,
published in the May 29. 1937, issue of the "Chronicle." page 3590.
3.772
252
1,557
158
240
98
145
524
141
69
142
138
308
Open market paper
428
82
168
29
14
12
4
47
10
6
18
2
36
Loans to brokers and dealers
759
27
609
18
23
4
7
42
5
1
4
2
17
615
34
289
34
38
16
15
84
13
9
12
14
57
1,155
83
231
58
172
30
28
87
47
6
21
21
371
76
5
49
2
5
1
2
3
6
719
57
265
50
124
29
26
47
11
Otherwise secured and unsecured..
.
Other loans for purchasing or carrying
securities
Real estate loans
Loans to banks
2
1
Other loans:
On securities..
12
13
10
75
Otherwise secured and unsecured..
802
57
253
51
45
40
49
63
27
51
28
34
104
United States Government obligations
8,089
407
3,227
305
757
266
156
1,539
203
167
233
175
654
Obligations fully guar, by U. 8. Govt.
1,164
20
478
88
62
40
32
176
50
14
46
32
126
Other securities
3,002
133
1,214
260
257
60
76
417
97
39
113
51
285
Reserve with Federal Reserve Bank..
5,733
324
2,957
227
348
137
106
787
141
72
163
113
358
282
41
62
15
35
16
10
49
10
5
11
9
19
Balances with domestic banks
2.045
126
151
146
201
138
129
303
118
84
226
194
229
Other assets—net
1,272
78
559
83
102
34
39
82
23
16
22
27
207
14,335
996
6,363
745
1,011
400
328
2,090
402
246
473
404
877
5,223
265
1,059
281
747
197
182
881
185
121
145
130
1,030
13
7
18
24
79
252
122
338
188
248
Cash In vault
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits..
725
12
352
23
18
12
23
144
322
209
207
778
Inter-bank deposits:
5,388
.1
Other liabilities..
Capital account
.
216
2,232
276
348
Domestic banks
Foreign banks
Borrowings
11
309
5
12
1
1
8
3
5
2
8
7
3
6
315
89
56
93
81
329
1
826
24
375
17
20
24
5
22
3,626
240
1,613
227
349
93
89
367
Financial
1994
Chronicle
March 26, ms
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System on
Thursday afternoon, March 24
of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
showing the condition of the twelve Reserve banks at the close
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH. 23, 1938
COMBINED RESOURCES AND
Thru
Mar.
ciphers'(000) omitted
Mar.
23,
16,
1938.
1938.
Afar.
Afar.
2,
Feb. 23,
Feb.
10,
1938
1938
1938
Feb. 9,
1938
Feb.
2.
Jan.
26,
Mar.
24,
1937.
1938
1938
S
$
ASSETS
.......
reserves
9,188,602
9,178,601
9,104
471,610
9,173,603
9,308
455,851
9,167,000
9,155
439,441
9,163,000
9,155
441,200
9,116,097
10,183
437.550
9,116,097
10,612
430,902
9,117,895
9,443
8,844,385
9,600
478,179
440.664
270,407
9,676,381
9,659,315
9,638,762
9,010,196
9,613,955
9,563,830
9,557,611
9.568,002
9,126,887
6,415
3,108
5,193
2,956
5,366
3,053
6,471
3,163
6,661
6,300
3,620
7,450
3.705
7,545
3,675
7,632
6,175
3,487
3,838
1,517
9,523
Redemption fund (Federal Reserve notes)
Other cash *
9,197,203
9,874
477,843
9,684,920
Gold ctfs. on hand and due from U. 8. Treas.x
Total
9,
1938
8,149
8,419
9,634
10,148
9,920
11,215
11,220
11,470
7,692
12,095
Bills discounted:
Secured
by
direct
8.
U.
Government
obligations
fully guaranteed......
or
Other bills discounted
-
Total bills discounted.
542
.—
542
550
550
548
548
548
548
3,310
17,259
17,357
17,453
17,517
17,536
17,025
17,788
17.929
22,666
■
Total U. 8. Government securities......
723,595
702,683
714,683
1,175,103
674,229
719,573
1,170,213
631,784
1,231,343
074,229
1,172,213
664,229
1,172,213
676,229
714,083
1,175,103
674,229
727.573
1,185,103
676,229
702,683
1,185,103
670,229
727,573
1,164,191
664,229
567,100
2,564,015
...
Treasury bills....
732,320
2,564.015
2,564,015
2,564,015
2.564,015
2,564,015
2,564,015
2.664,015
2,564.015
2,430,227
2,591,394
Treasury notes
1,165,691
666,004
United States Government securities—Bonds.
Other
542
17,314
Bills bought in open market
Industrial advances..!
2,589,965
2,590,333
2,591,652
2,592,230
2.592,019
2,593,403
2,593,571
2.593,962
2,463,895
securities
Foreign loans
gold.
on
Total bills and securities.
Gold held abroad...
169
171
171
171
171
232
16,155
21,522
479,937
44,940
t533,855
24,584
503,242
618,002
44,971
45,011
46,646
20.903
687,258
44,950
43,834
21,636
493,619
44,929
44,634
42,804
41,902
40.840
45,973
42,933
12,861,620
12,910,162
12,807,932
13,003.090
12,746,721 tl2.793.663
12.775.812
12,317,732
4,124,888
4,134,017
4,144,684
4,126,230
4,119,686
4,125,104
4,137,756
4,119.084
4,166,726
7,328,137
263,623
7,240,498
155,041
146,809
7,204,708
150,272
153,380
280,34)
6,578,279
297,660
7,215,692
187,280
152,080
301,712
7,295,871
117,322
198,646
7,215,012
184,501
124,158
296,461
7,249,290
142,671
103,356
222,136
7,310,761
180,851
117,260
272.052
151,864
231,389
157,748
235.604
223,223
7,914,943
7,917.252
7,880,924
7,820,132
7,839,008
7,856,070
7,794,701
7,775.220
7,806,545
7,183,160
530,381
133,306
147,739
27,683
32,950
7,721
724,619
597,762
133,217
147,739
27,683
32,984
495,425
133,217
147,739
27,682
32,985
079,755
133,193
t534,020
133,087
503,674
619,573
133.069
132,236
145,854
27,083
33,019
27,490
5,640
147.739
27,683
33,019
5.139
147.739
5,961
147,739
27,683
32,985
5,379
479,882
133,131
147,739
27,683
33,019
7,029
496,700
133,265
147,739
27,683
32,985
8,307
4,999
6,517
12,914,581
13,115,457
12,861,020
12,910,102
12,807,932
13,003,090
12,740,721 tl2.793,603
12,775,812
12,317,732
80.5%
80.4%
80.4%
80.6%
80.4%
80.3%
80.2%
80.2%
80.2%
86.4%
222
630
640
040
830
1,010
1,122
1,379
1,592
177
178
169
19,889
20,613
19,669
568,503
44,861
44,861
All other assets
42,130
742,758
44,865
40,698
17,644
500,039
premises
531,219
44,852
49,250
12,914,581
13,115,457
Federal Reserve notes In actual circulation...
4,119,858
Deposits—Member banks'
7,333,050
269,586
113,661
177
Due from foreign banks
Federal Reserve notes of other banks.
Uncollected
Bank
Items
Total assets....
19,810
LIABILITIES
reserve account...
United States Treasurer—General account.
Foreign banks
Other
deposits
Total deposits..
Deferred availability Items.
Capital paid In..,
,
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies..
All
other
liabilities
Total liabilities.
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Contingent
foreign
liability
on
purchased
bills
133,297
147,739
27,683
32,950
5,462
278,659
102,999
36,176
for
correspondents
12,904
12,911
tl2,995
13,031
13,078
i3,108
13,149
13,309
13,388
19,135
7,817
Commitments to make Industrial advances
6,489
9,118
8.952
6,971
Maturity Distribution of Bills and
Short-term
Securities—
1-15 days bills discounted
6,579
7,815
8,093
7,755
9.072
16-30 days bills discounted
558
426
428
419
424
398
512
458
635
88
31-60 days bills discounted.
454
584
719
768
894
893
652
589
579
287
61-90 days bills discounted
Over 90 days bills discounted
247
320
373
300
464
575
563
664
797
104
447
330
320
332
273
299
416
391
507
242
9,523
8,149
8.419
9,634
10,148
9,920
11,215
11,220
11,470
7,692
47
Total bills discounted.
47
93
101
152
299
281
186
47
46
64
150
298
449
'""379
""297
""86
47
64
93
116
198
371
1-15 days bills bought In open market...
16-30 days bills bought In open market
31-60 days bills bought In open market,
61-90 days bills bought In open market
Over 90 days bills bought In open market....
Total bills bought In open market......
1-15 days Industrial advances
""l"85
566
70
2,744
542
542
550
550
548
548
548
548
3,310
1,898
1,577
1,343
1,590
1,676
1,670
1,165
1,250
1,368
1,271
72
1-15 days U, 8. Government securities
470
163
174
312
270
162
133
274
402
692
687
765
619
334
433
463
447
354
365
383
299
496
785
508
14,473
14.541
14,637
14,621
14.622
15.084
15,153
15,280
20,321
17,259
17,357
17,453
17,517
17,636
17,625
17,788
17,929
22,666
56,383
Total Industrial advanoes.
752
330
17,314
Over 90 days Industrial advances
416
14,388
;.
346
610
_■
31-60 days industrial advances.
61-90 days Industrial advances
126,282
40.157
42,920
33.725
90,644
129,204
183,568
40,367
174,018
144,987
40,367
38.857
120,256
138,671
242,901
243,626
48^597
173,474
158,638
2,034,317
2.055,900
2,081,562
136,812
2.101.015
129,204
2.118.603
30,630
37,720
234,085
120,256
2,141,324
2,291,209
63,623
61-90 days U. 8. Government securities
Over 90 days U. 8 Government securities..
8. Government securities
173,474
287,477
1,983,058
158,638
183,218
2,078.774
2,564,015
2,564,015
2,564,015
2,564,015
2.564,015
2,564,015
2,564,015
2,564,015
2,430,227
4,441,195
321,337
4,439,952
315,064
4.459,063
4,458,426
4,458,159
338,473
4.474.679
349,595
4.474,787
337,031
4,473,064
313.742
4.450,417
324,187
4,489,070
325,046
369,986
306,338
4,124,888
4,134,017
4,144.684
4,126.230
4.119.686
4,125,104
4.137.756
4,119.084
4,166,726
4,509,632
4,532.632
7,088
10,000
4,536.632
7,308
4,536.632
9,144
25,000
4,537,632
4,536,632
4,569,632
4,499,132
8,665
25,000
9.936
9,907
10.159
7,394
20,000
4,532,632
8,466
25,000
4.536,632
15,000
25,000
33,000
33,000
72,000
4,532,981
....
104,218
56,383
136,562
194.321
2,072,531
4,119,858
S. Government securities
31-60 days U. 8. Government securities
86,903
56,482
2,564,015
16-30 days U
Total U
"356
542
.....
16-30 days industrial advances
""402
4,549.720
4,563,940
4.566.098
4.570,776
4.570.297
4.572.568
4,579.539
4.612.791
4,578,526
12,250
78,171
1-16 days other securities
16-30 days other securities.......
31-60 days other securities
61-90 days other securities
...
Over 90 days other securities
Total
other
securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F
Held by Federal Reserve Bank
R. Agent
...
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
hand and due from U. S. Treas..
on
By eligible paper
United States Government securities
8,349
—..."
Total collateral.
*
"Other
1
These
oents on
Jan
cash"
are
does
not
Include
Federal
Reserve
notes,
t
Revised
figure
certificates given by the United States Treasury for the
gold taken over from the Reserve banks when the dollar was devalued from 100 cents "<0 69.06
31, 1934, these certificates being worth less
ProvisiuiMt of the Gold Reserve Act of 1934.
to
the extent of the difference, the difference
tself having
been appropriated as profit by the Treasury
under
Volume
Financial
146
Chronicle
1995
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
OF THE I
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MARCH 23, I93«
Three Ciphers (000) Omitted
certificates
band
on
New York
$
and
Cleveland Richmond
Phila.
$
$
J
RESOURCES
Gold
Boston
rotal
Federal Reserve Aaent at—
%
Atlanta
Chicago
St. Louis
%
I
$
%
$
San Fran.
Dallas
Minneap. Kan. City
I
$
$
due
from United States Treasury..
9,197,203
Redemption fund—Fed. Ree. notes...
9,874
Other cash *
460,754
924
607
581
117,364
36,269
44,159
534,498 4.010,510
497,947
477,843
Total reserves
9,684,920
620,922
485,358 3,891,432
471
1,714
48,669
272,043
698,109
1,496
265,465
631
733
404
457
27,851
227,180 1,672,038
610
1,246
19,360
73,689
15,450
10,032
29,677
13,441
41,882
665,688
300,475
247,786 1,746,337
281,546
188,273
287,643
182,730
741,487
215
177,508
168,832
257,562
Bills discounted:
8ecured by U. S. Govt, obligations,
direct and (or) fully guaranteed..
6,415
857
2,340
1,274
476
478
424
90
85
138
38
Other bills discounted
3,108
89
288
656
230
270
593
11
40
77
354
254
246
9,523
946
2,628
1,930
706
748
1,017
101
125
77
492
292
461
Total bills discounted.
24
19
2,667
4,325
3,290
970
686
154
556
467
913
1,373
211.227
80,655
32,697
23,776
37,730
336.228
61,965
48,855
128,384
52,045
37,847
60,059
28,495
45,357
61,644
85,580
72,271
115,040
30,693
1,165,691
60,439
96,205
1,791
38,929
122
53,764
666,004
48,895
192,099
54,966
65,727
35,403
27,913
73,351
29,736
21,623
34,314
25,915
56,062
2,564,015
188,239
739,554
211,610
253,038
136,297
107,461
282,390
114.478
83,246
132,103
99,767
215,832
2,591,394
Treasury notes
Treasury bills
....
Total U. S. Govt, securities
Total bills and securities
Due from foreign banks
191,893
746,714
216,886
254,765
138,860
108,619
283,245
114,760
83,881
133,078
100,988
217,705
56
207
41
542
Industrial advances
U. S. Government securities—Bonds.
'
16
68
3
21
16
2
2
16
98,126
12
5
5
177
12
72
17
19,889
Fed. Res. notes of other banks
Uncollected
39
51
17,314
732,320
Bills bought In open market
383
3,502
124,596
910
1,295
1,503
2,075
2,578
1,933
932
1,908
539
2,331
40,874
47,961
46,680
23,447
2,109
1,673
69,557
26,321
14,418
26,935
33,946
4,569
3,962
2,333
1,497
1,652
1,454
3,142
1,955
23,716
1,269
1,571
290,457
454,666
7
6
2
531,219
52,768
44,852
2,991
9,940
4,805
6,190
2,687
42,130
2,634
12,344
4,070
4,645
2,567
785,179 4,907,678
765,509
980.560
492,779
385,715 2,110,269
428,547
4,119,858
297.776
902,189
308,450
413,136
195,526
150,733
962,982
177,113
136,424
164,958
79,729
330,842
7,333,050
381,740 3,455,631
357,243
458,460
214,165
178,759
988,688
194,275
120,161
238,022
175,583
570,323
118,176
13,168
15,624
12,011
7,697
4,181
9,426
12,049
11,090
1,213
10,411
4,866
12,029
3,590
28,836
41,495
149.379
13,466
3,395
2,602
3,282
3,282
21,040
8,034
4,458
6,398
2,615
2,047
8,009
3,441
425
2,870
13,455
409,573 3,764,681
382,714
488,953
237,£40
196,993 1,033.037
213,376
130,385
251,155
193,784
612,852
Items..
Bank
premises
All other resources
Total resources
12,914,581
3,320
3,603
310,818 1,002,404
LIABILITIES
F. R
notes in actual circulation
Deposits:
Member bank
reserve account
U. 8. Treasurer—General account.
269,586
Foreign
bank
113,661
15,349
8,148
deposits
198,646
4,336
Other
Total deposits.
7,914,943
Deferred availability Items.
Capital paid In
530,381
133,306
53,533
119,932
41,561
46,069
44,747
27,460
14,219
28,351
26,200
34,095
50,943
12.278
4,950
13,095
3,896
2,902
4,144
147,739
9,900
51,943
13,466
13,157
14,323
25,054
4,452
69,160
9,405
Bur plus
4,964
5,626
4,667
3,153
3,613
3,938
3,892
10,146
9,805
Surplus (Section J3-B)
27,683
2,874
7,744
1,007
3,409
730
545
1,001
1,142
1,270
2,121
Reserve for contingencies..
32,950
1,448
3,177
1,401
1,603
7,257
1,215
1,929
934
1,776
2,000
7,721
670
8,210
2,036
4,411
2,000
22,387
1,429
629
738
342
524
922
275
444
369
229
543
765,509
980,560
492,779
385,715 2,110,269
428,547
290,457
454,666
All
(Section
other
7)
liabilities..
Total liabilities
12,914,581
Contingent liability on bills purchased
for foreign correspondents
Commitments
*
'
to make Indus,
Other cash" does
222
Include
16
73
22
20
10
1,483
4,261
121
1 510
1,547
281
Federal
Reserve
5
7
27
14
12,904
advs..
not
785,179 4,907,678
1
89
RESERVE
STATEMENT
NOTE
■
.
held
•S
3
$
Atlanta
Chicago
St. Louis
$
Cleveland Richmond
S
$
$
$
$
$
>
329,201
439,779
204,428
168,735
988,336
174,959
89,926
26,643
8,902
18,002
25,354
189,922
12,809
140,128
20.751
3,704
10,001
10,197
378,424
47,582
4,119,858
297,776
902,189
308,450
413,136
195,526
150,733
962,982
177,113
136,424
164,958
79,729
330,842
on
hand
and
4,509,632
341,000 1,015,000
900
2,607
337,000
445,000
207,000
162,000 1,000,000
193,632
136,500
177,000
91,500
404,000
1,472
498
688
101
85
77
480
280
453
177,480
91,780
404,453
due
8,349
U. S. Government securities
Total collateral...
708
Government
5,000
10,000
15,000
4,532,981
States
York Stock
338.472
341,900 1,017,607
Securities
Exchange—See following
the
on
207,688
445,498
172,708 1,000.101
Transactions
New
at
193,717
the
141,577
New
Stock
York
United States
quoted
page.
Treasury Bills—Friday, March 25
are
for discount at purchase.
Bid
Asked
Bid
Asked
THE
0.12%
0.12%
0.12%
April 27 1938
0.12%
May
4 1938
May
11 1938
May
18 1938
BOURSE
Mar. 19
0.12%
0.12%
0.12%
May 25 1938
June
11938
June
Mar.21
-War .22
Mar. 23
Afar.24
Mar.25
Francs
0.12%
April 6 1938
April 13 1938
April 20 1938
PARIS
Francs
Frnacs
Francs
Francs
Francs
5,570
5,700
5,700
5,700
993
368
992
374
977
975
370
367
190
22,500
574
1,130
192
22,400
572
1,120
410
410
712
160
.12%
Bank of France
12%
•
81938
Banque de Paris et Des Pays
12%
.12%
.12%
June 15, 16 <fc 17 1938
June 22 1938
June 29 1938
July
July
13 1938
201938
Canal de Suez cap
12%
6 1938
Bas
Banque de 1'Union Parlsienne..
Canadian
Pacific..
---
.12%
12%
12%
July
--
Cie Dlstr d'Electrlcite...
Cie Generale d'Electrlcite
•
Cle
Generale Transatlantique..
Comptolr Natlonale d'Escompte
160
Coty 8 A
Courrieres
---
Credit Commercial de
Credit
France..
Lyonnalse
Eaux des
Lyonnalse cap..
Nord
Energie Electrlque du Littoral..
Energie Electrique du
Kuhlmann..
(Quotations for United States Treasury Notes—Friday,
March 25
L'AJr
Figures after decimal point represent one
or
more
32ds of
Hollday
Liqulde
Orleans Ry
point.
—
Lyon (PL M)
Nord Ry
Pathe
6%
*
Capital.—
Pechiney
Rentes. Perpetual
3%
—
Rentes 4%, 1917
'
Bid
Asked
Rate
Maturity
Dec
Rentes 4H%,
Bid
Asked
Dec.
15 1938...
15 1940...
1 H%
101.31
Dec
15 1941...
1 H%
101.7
101.9
Mar. 15 1940...
102.8
IH%
101 22
101.24
Mar. 15 1942...
1*4%
1*4%
102.6
Sept. 15 1939...
102.25
102.27
1 H%
101.22
101.24
Dec.
102.30
103
Dec.
15 1939...
June
15 1941...
1 H%
101.7
101 9
15 1942
102.1
1H%
101.20
101.22
Sept. 15 1942...
m%
2%
103.29
103.31
Mar. 15 1939...
1W%
101.16
101.18
June
151939...
24%
102.16
102.18
Mar. 15 1941...
1H%
101.31
102.1
Sept. 15 1938...
101.26
101.28
June 15 1940..\
1K%
101.31
102.1
June 15 1938
24%
2 H%
101.20
101.22
...
1918.
1932, A
Rentes 4^%, 1932 B
Rentes 5%, 1920
Royal Dutch
Sa'nt GobaiP C & C
Schneider & Cle
--—----Soclete Francalse Ford
Soclete Generale Fonclere
Soclete Lyonnalse—
Soclete Marseillaise
Tublze Artificial Silk preferred..
Union d'Electrlcite
Rentes 4%,
Int.
Int.
Rate
'
Wagon-Llts
5,700
187
184
182
21,900
21,800
21,600
554
570
'--'p.-
1,130
1,140
1,120
"404
"392
730
738
160
160
...
Citroen B
Maturity
2011.
Quotations of representative stocks as received by cable
each day of the past week:
•
Mar. 30 1938
Exchange,
Daily, Weekly and Yearly—See page 2011.
Stock and Bond Averages—See page
a
San Fran.
$
$
331,916 1,005.441
34,140
103,252
paper
Rates
'
Dallas
Minneap. Kan. City
banks:
to
from United States Treasury
United
Phila.
by Agent as security
Issued
Gold certificates
Eligible
New York
4,441,195
321,337
In actual circulation.
for notes
Boston
$
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
Collateral
'
■
.
.
Total
Federal Reserve notes:
16
2,818
notes
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bank of—
6
268
6
41
485
310,818 1,002,404
206
448
1,350
1,150
253
465
593
1,120
822
739
364
23
1,958
67.90
64.60
64.50
69.60
70-50
90.10
6.140
1,880
975
56
75
1,131
519
112
353
—;—66
205
455
1,370
1,150
248
467
590
1,120
833
760
364
22
—
I
'
204
160
204
452
455
1,340
1,160
1,360
1,160
251
255
466
474
589
591
1,120
1,120
833
830
755
.
----
....
1,110
■
363
22
1,140
755
363
1,340
22
-
363
1,965
1,945
1,960
68.10
64.80
64.80
70.10
70.75
90.10
67.50
67.75
67.75
64.25
64.50
64.50
64.20
64.10
64.40
69.30
69.40
69.40
68.90
70.20
70.20
89.70
90.20
90.10
6,140
5,960
1,892
965
59
75
1,874
5,880
1,892
975
980
57
59
76
75
1,149
516
1,159
1,162
111
357
66
5,780
-
-
^
m
'
^
"56
518
lid
108
364
372
65
66
.•
-
-
—
-
-
-
m
March
1996
1938
26,
Exchange
Stock and Bond Sales—New York Stock
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
in the day's range, unless
NOTICE—Cash and deferred delivery sales are disregarded
account is taken of
United States Government Securities
Below
furnish
we
No
of the day.
they are the only transaction
such sales in computing the range for the year.
the New York Stock Exchange
on
and Federal Farm Mortgage
daily record of the transactions in Treasury, Home Owners' Loan
a
the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more r62ds of a point.
Corporation bonds
on
Daily Record of U. S. Bond Prices Afar. 19 Afar. 21 Mar.22 Afar. 23 Afar. 24 Mar 25
117.16
117.5
117.12
117.7
117.16
117.5
117.12
117.10
117.5
117.12
11
117.3
2
108.12
108.10
108.7
High
Low.
108.2
108.8
108.9
108.9
108.7
108.2
108.8
108.12
108.9
108.8
102.16
102.16
102.19
102.16
102.16
1
5
10
29
101.24
101.20
101.18
101.19
101.16
101.19
Low.
101.14
101.17
101.24
101.16
101.16
101.15
Close
101.14
101.19
101.24
101.16
101.18
101.15
Total sales in $1,000 units...
4
12
20
33
9
101.15
101.13
101.9
101.10
High
108.8
Total tales in $1,000 units.
108.8
5
*1
1
.
112.31
High
;»
102.20
102.19
102.24
2*b. 1948-51
108.8
Close
fmp
102.16
102.24
Treaaury
108.8
108.2
21
113.1
....
2mb, 1951-54
3
3
101
(High
112.30
....
102.19
102.24
Low.
Total sales in $1,000 units...
117.16
25
1
Total tales in $1,000 units...
Mar. 19 Mar. 21 Mar. 22 Mar. 23 Mar. 24 Mar. 25
High
Close
9
117
Close
3*8. 1943-45-—
BondlPrices
117.12
117.7
Low
4KB. 1947-62
Daily Record of U. S.
117.12
117.7
High
Treasury
117.3
101.8
48
Low.
112.20
112.31
112.23
Low
101
101.7
101.13
101.9
101.8
101.8
Close
112.29
112.31
112.30
Close
101
101.8
101.13
101.9
101.9
101.8
Total tales in $1,000 unitt...
4
27
79
Total tales in $1,000 units...
4s, 1944-64..
111.5
High
111.16
2Mb, 1956-59
Low.
111.5
111.14
111.10
111.12
Close
8Kb. 1946-56..
111.5
111.14
111.10
111.12
ClOBe
50
20
25
Total sales in $1,000 units...
4
108.26
108.25
Low.
108.21
108.25
108.20
108.25
55
25
104.11
104.21
104.19
104.6
104.13
104.17
104.12
104.13
104.11
104.16
104.21
104.12
104.16
Total sales in $1,000 units...
19
6
9
46
3
105.24
104.16
103.25
103.22
103.22
103.24
103.15
103.25
103.19
103.22
103.19
103.15
103.25
103.19
103.22
103.19
17
1
39
8
52
101.23
101.21
101.16
101.20
106.1
105.31
105.28
101.20
....-(Low.
(Close
101.13
101.19
101.23
101.18
101.16
101.20
101.13
101.19
101.23
101.18
101.16
101.20
1
90
1
6
1
25
High
104.12
104.19
104.16
Low
104.10
104.19
104.14
Close
2*8, 1948..
—
104.12
104.19
104.14
6
*2
Total sales in $1,000 units
106
105.24
105.31
105.31
105.30
105.28
105.30
Close
105.24
105.31
105.31
105.31
105.28
105.30
Total tales in $1,000 units...
13
6
19
29
10
3
105.31
(High
106.3
106.7
106.4
106.7
106.1
106.7
106.4
106.7
3*8, 1944-64....
Total sales in $1,000 units.
106.4
Close
106.3
Total sales in $1,000 units...
100.7
11
106.4
100
107.7
107.11
Low.
107.7
107.5
[Close
107.7
107.11
(High
Total tales in $1,000 units...
106.7
107.10
107.10
107.8
107.8
107.9
107.10
103.27
103.26
103.30
103.27
103.20
103.30
*2
26
1
11
5
106.28
100.27
100.26
104.4
104.6
104.5
104.4
104.10
104.6
104.5
104.4
104.10
106.24
Federal Farm
2*4s, 1942-47
104.10
104.10
■mmmm
'mm
;
104.10
mm
12
1
103
High
Mortgage
5
104.10
Total sales in $1,000 units..
1
106.27
104.5
Low.
3s, 1942-47
2
104.6
Low.
106.15
106.22
106.27
106.23
106.23
106.22
Low.
100.19
106.27
106.28
106.23
100.26
106.22
Close
103
4
57
169
3
11
15
103
103
(Close
Total sales in $1,000 units...
<
5
High
107.8
6
106.19
* Elf [High
103.30
104
104
Close
107.8
107.10
107.9
103.28
104
103.25
Federal Farm Mortgage
♦4
f
103.27
103.20
Total sales in $1,000 units...
1
107.8
107.9
(High
\ Low.
Mortgage
3s. 1944-49
106.4
5
2
6
103.25
(Close
Federal Farm
100.4
Low.
14
101.13
Federal Farm Mortgage
Low.
High
100.2
100.2
*
(High
36
57^
3*8,
100.8
103.15
Total tales in $1,000 units
104.16
1MB, 1941-43...
100.4
100.4
-(Low.
2Ms, 1945
104.16
Close
.•
100.4
7
104.18
104.16
Low.
3Ha, 1940-43....
100.8
100.8
26
100.6
Close
25
High
3b, 1946-48
100.4
100.2
122
100.8
32
108.26
Total gales in $1,000 units
3B. 1951-65
100.6
(High
108.20
Close
10
32
108.26
High
8HS. 1943-47
12
100.11
48
Total taut in $1,000 units...
28
100.8
99.29
Low.
2*8, 1949-53
100.8
100.2
(High
111.12
111.10
12
Total sales in $1,000 units...
1946-49.
...
103
'
mrnmm
103
mm mm
5
I
I
High
1949-52
Home Owner*' Loan
Low.
104
103.30
104
18
106.17
3
103.26
(Close
Total sales in $1.000 units
Home Owners' Loan
High
106.17
Close
Total sales in $1,000 units...
(High
103.30
3s, series A, 1944-52.. ..3 Low.
106.17
s.
31
107.17
107.21
Low.
107.17
107.21
107.21
107.18
107.17
107.21
107.21
107.18
6
50
2
107.21
107.28
108.2
108.3
108.3
Low.
107.25
107.30
108.4
108.3
108.1
108.2
108.4
108.3
108.3
5
16
2
6
5
102.21
102.16
102.16
101.30
Low.
101.25
101.31
102.1
101.29
101.28
101.29
101.25
101.31
102.2
101.29
102
101.29
3
3
12
101.31
101.31
101.26
Low.
101.30
101.31
101.26
101.30
101.31
101.26
4
10
24
includes
only
102.11
102.17
102.10
102.10
sales
Odd lot sales
23
t Deferred delivery sale.
The
102.12
102.8
5
8
High
'
*
102.20
102.4
102.14
102.18
102.12
102.16
96
44
39
32
bonds.
above
table
3*s, 1941-43 —107.5 to
107.5
2 Treas. 2*s, 1955-60—102.10 to 102.15
1 Treas. 2*s, 1956-59—101.6
to
101.6
14
of
coupon
Transactions in registered bonds were:
1 Treas.
102.14
19
(Close
,
11
102
Note
102.16
..Low.
_
104.2
11
10
102.8
Total sales in $1,000 units...
104
104.3
1
101.29
108.5
(High
2*8, 1955-60
104.3
103.29
.Close
107.28
Total sales in $1,000 units...
103.29
10
Total sales in $1,000 units...
107.28
107.28
108.4
104.4
104.4
6
102.4
2*48. 1942-44
(High
m
104.2
102
Home Owners' Loan
(Close
3 Mb, 1944-46
104.3
Close
5
.
107.20
103.29
Total sales in $1,000 units...
107.21
50
BMb, 1941
107.21
104.4
101.25
2*s. series B. 1939-49
107.21
Close
Total sales in $1,000 units...
(High
104.1
104.15
104.17.
104.21
104.20
104.9
104.17
104.21
104.17
104.15
104.17
104.21
104.17
104.15
United States
Total tales in $1,000 units...
9
2
28
75
United States
1949-53..100.2 to
1 H. Own. 2*8,1939-49.101.29 to
100.2
101.29
104.15
(Close
5 Treas. 2*8,
(High
2Mb, 1945-47.. ........I Low.
_
5I
mmmm
104.20
Treasury Bills—See previous page.
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
Monday j
Mar.
Mar. 21
19
$ per share
*41%
*36
$ per share
43 I2
*32
42
42
40
*32
« 38
40
8%
*36l2 ) 39
85
19
20i8
1V8
1%
50
51
78
....
9%
70
10%
Wednesday
Mar. 22
S per share
40
40
Friday
Mar.%23
Mar. 24
Mar. 25
$ per share
*40
45
$ per share
$ per share
*32
38
40
878
30i4
3612
77g
*1812
2038
*1812
19%
19
*178
19%
2
49
51
*
*78
66
9%
1012
934
*17g
45i2
7s
1
66
10
►
*8
9
IOI4
6I4
*45
45
*1134
178
*1312
*6312
*52l2
IOI4
6l2
4818
45i2
13
17g
14%
*11
15
16i8
6i2
155
158U
9
1078
1078
6i8
612
*46i2 50
*8
|
45
8
8
10%
6
t
64
56
*53
*12
1234
*5212
56
1178
*52l2
43
.
12
1
2
*178
f15
*13l2
6412
1 58
1178
56
1078
6%
4612
13
178
*13
15
*1118
1514
1534
6l2
6i2
152i2 15478
4634
*12
65
*
16i8
6i2
46%
{ 4534
'•'I
19%
1%
46i4
78
47
78
*
17g
178
447g
34
48
7g
66
*6
10
11
*10
Par
40
200
38
8I4
18'2
400
Acme Steel Co
19lg
17g
47
9,800
7g
2,400
400
Adams
11,500
1,400
11
15
1
8I4
13,100
4,100
*5
9
per
share
$
45*
Mar 11
36
Mar 11
52
Jan 14
Mar 25
10% Jan 10
z20% Jan 20
No pa:
80%
10
13% Feb
2
1% Jan
Mar 17
Feb
11
Oct
69
Feb
10
Oct
10%
Oct
13
Oct
58% Feb
52% Feb
45% Mar
237g Apr
Mar 25
Mar 25
176% Jan 10
7% Mar 25
97g Mar 25
9% Jan 10
427g
11%
18,300
1,400
1%
134
2,900
15
13ig
13i2
113
63
A 13
63
61
62
58
6n2
1,600
Amerada
50
50
161
4 50
61
5212
50
50
12
12
4912
Am Agrlc Chem
11
*52%
56
52l2
lll2
52l2
11
300
1112T1134
*11
1134
1,000
2,000
5214 *52%
*52%
5214
a Det.
No par
6% conv preferred
40
J In receivership,
9% Mar 25
14
No par
5% preferred
100
Allls Chalmers Mfg
No par
Alpha Portland Cem...No par
52l2
*10
834 Mar 22
$2.50 prior conv pref. No par
Steel Co
No par
Amalgam Leather Cos Inc
(Del)
American Bank Note
delivery,
6%
n
preferred
New stock,
Mar 25
Feb
3
11% Feb
4
1% Mar 24
50
13
57
24
Mar 24
Jan
3
11
10
Jan
3
66
Ex-dlv.
y
7%
10
6%
Oct
Nov
Deo
Oct
Oct
Aug
Feb
258% Mar
17% Aug
33% Jan
2178 Mar
49
Dec
Jan 11
34
Oct
83%
Oct
39*4 Jan
87g Mar
Jan 11
Jan 11
Jan 12
Jan; 8
8%
1%
19
Oct
Oct
51% Nov
63% Oct
85
Mar
Jan
62% Mar
114% Mar
101%
Jan
157g Jan 15
10
Oct
41%
Jan
Mar' 3
60
Dee
76%
Feb
55
z
Jan 12
6%
145
180
Jan 11
72% Feb 21
49% Mar 251
No par
Cash sale,
9%
53%
51%
15%
3%
9
38
1
Feb
50
r
14% Jan 19
5% Mar 25
42
No par
Corp
Feb
5%
69*4
6
1134
15*4
Oct
141
39
Oct
Oct
1
300
8
Oct
Allied Chemical & Dye.lVo vai
Allied Kid Co
5
44
Jan
1
Allen
5%
100%
11
1,300
#
Jan
Mar
7
4,900
i 44
Jan
5%
146
Mar 18
73g Mar 25
5*% pf A without war.100
Allied Mills Co Inc
Allied Stores Corp
Jan
Oct
%
17?g Jan 12
100
war.
Industries Inc
Jan
44% Nov
68% Jan 10
1% Jan 7
6
1,000
3,900
12,600
Feb
36
97
Alegheny
712
IOI4
534
28%
4%
150
7l2
97g
17%
22% Mar
Oct
5 * % pf A with $40 war. 100
2,100
Aug
77g Nov
1%
1
""760
Mar
85
10%
6
8
Mar
09
Dec
Jan 24
No par
100
14i2
65
Nov
Feb 23
Albany & Susq RR._
Allegheny Corp
5 *% pf A with $30
10l2
Nov
2
141
9i2
14
36
37
43*4
23
17% Jan 12
17% Jan 12
17% Jan 12
21% Jan 17
97g Jan 17
*5
Highest
share $ per share
Mar 23
9% Mar 25
1
per
1% Jan 4
447g Mar 25
84 Mar 25
Alaska Juneau Gold Mln—.10
100
$
Oct
Oct
19
10
No par
Air Way El Appliance..No par
Ala & vicksburg RR Co..100
1
share
Feb 4
Mar 23
18% Mar 25
Corp.
per
Mar 18
30i4
30%
34%
7%
No par
Advance Rumely
Air Reduction Inc
12",400
1
Year 1937
Lowest
Highest
No par
Express
Address-Multigr
700
10
9%
$
25
Adams-Millls
400
73g
978
*145g
15%
6i2
6I4
63g
145
150%
14612 14934
734
734 ,.*7%
9
10
1012
10%
1014
*
512
6
5%
6
*44
48ig ,*44 4 46
41
42l2
4214 1 437g
1134
12
*1134 £13
1*4
17g M 1%
L%
Lowest
Abboit Laboratories—-No par
Abraham & Straus
No par
40
Range for Previous
100-Share Lots
EXCHANGE
66
8
14l2
6i2
►
9
*6
Bid and asked prices; no sales on
this day.
20
8
*5i2
*5i2
14
203g
*19
814
1
9i2
15i4
1534
6i2
6i2
155i2 156
*185g
3634
7%
18i2
8%
1
7i2
*11
8
*20
1
Us
87g
834
39
8i2
19%
1938
2
39i2
32
*37
8
1
8i2
834
*22
U8
8i4
8%
lis
934
*7
32
93g
1
9i2
45
978
9
10
*40
9i2
1
*834
*8i4
:
3612
60
9
9
Range Since Jan. 1
On Basis of
STOCK
Shares
5178
78
78
YORK
Week
1
912
STOCKS
NEW
the
8
♦8U
*814
Sales
Thursday
*3612
8i2
9i8
51
1
Tuesday
1912
20 i8
2
8&S
*1812
20l8
*178
19
20
SHARE, NOT PER CENT
for
Saturday
Ex-rlghts.
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 2
146
SALE
HIGH
PRICES—PER
SHARE,
NOT PER
Sales
CENT
STOCKS
NEW
for
Saturday
Mar.
Monday
19
Mar
% per share
*31
*115
21
Mar.
$ per share
33%
120
Tuesday
31
32%
13%
*72
92
*72
92
103
103
*101
103
100
100
*33
14
13%
92
25
~*6~
*11%
*
7
"~6%
11%
11
*5
40
*33
40
13
14%
♦
25
""6%
6%
12
12
11
9
"5%
78
*5
3%
6
99
100
*
*1534
5%
17
*57%
*12%
3%
31%
*15
14%
10%
*10%
3
278
17
16%
35%
35%
17,
1078
5%
1778
178
*1534
6
17%
61
*577,
13
*127g
3%
32%
3%
11
10%
3
11
10
*76
3
6
*5
35%
*35
*15%
5%
16%
58%
1234
3%
1%
163s
*134
6
1534
35
36
178
16%
6%
1778
5978
13%
3%
10%
35
134
*15%
16
16
4%
4%
27%
27%
23
23
27%
23%
11%
*
*17%
11%
162%
1734
*
4%
2734
24%
11%
12%
162%
"17%
16%
15
17
*57
61
5634
1234
12
3%
3%
24%
27%
26%
*136
23%
139
6534
138
5
778
*50%
4%
31%
6
*27
30%
*36
15%
*101
64
64
66
66
125
25%
113%
63%
65
6478
60%
15
17%
126%
123
64
66
30%
31%
38
35
36
153s
1534
16
103
101
103
*101
*1112
3
*120
61%
6334
138
*234
*25
8~9%
*88
434
4&8
43
50
3934
50
28
*20
6%
6%
28l2
658
3i2
3l2
*3i8
85
*
3
-
-
-
7%
4
31
~
*89%
4%
~9~5%
34
3834
3934
89%
75
*30
28
26
678
6%
3
3%
2%
85
"514
578
15
*
....
32
14%
14%
100
85
GO"
------
500
200
26
"5%
4,200
6%
2%
*
85
2,400
2,000
85
4%
5%
100
2634
5%
234
2%
*
75
20
27%
6%
6%
234
200
22,200
1,500
4%
34
*30
75
*30
------
4,800
5%
*55
66
*4858
65
*50
65
*50
65
*50
65
------
*55
70
*40
69
*50
69
*50
69
*50
69
—
29
29
*293s
34
*2834
34
*2834
34
2834
28
28
80%
*7314
8018
*7314
80
*73%
73%
25%
2834
*73%
*72%
2034
*73%
~30%
2*838
80
73%
*50%
52i2
51
51
50%
5078
49
50
25%
4834
18
18U
I8I4
*5i4
1812
5i2
17%
18l2
5i2
16
17
17%
*5i4
*9
lOU
9
9
*514
*9
I
6%
11%
27
5
*8%
5%
*5
9
*8%
*73%
*72%
25%
80
-
-
-
-
26%
80
-
-
--
283,
4834
49
49
17%
15%
16%
534
4%
9
634
5
8%
20
21
20%
20%
2034
20% 20%
20% 21%
21is 21%
21
*106
106% 100% *104% 106%
106% *10534 106%
*106% 107
*10638 107
7
7
6%
7
038
634
6%
6%
638
658
65,
6%
40
39%
39%
39%,
39%
*39%
*3912 40
♦39% 40
*39i2 40
42
42
43
44
*43
3934 .41%
42% 4234
43l2
4412
43i2
110
110
115
*110
112
*110
112
112
115
115
*115
11712
6
534
*5%
6
5%
57g
5%
*5%
*5l2
578
*5%
57,
3%
3%
3%
378
334
3%
3%
334
334
*334
378
334
2
2%
2%
2%
2%
*2%
2*8
2%
2U
*2i8
*2%
278
15
15
16
16
18
16
18
*16
18
*15
16%
*1512
3
3
3
3
3
234
3%
3%
3%
338
3U
3%
100
No par
American Locomotive.-No par
Preferred...
100
—
-
-
300
-
--
-
-
-
30
16,200
1,100
preferred
50
14,000
12
25
24
24
25
1% Jan 3
9% Mar
2% Mar
13% Mar
33% Mar
15
Mar 25
5% Mar 25
14% Mar 25
56
Feb
8
Mar 25
103
3% Mar 25
984 Mar 25
Mar
2
778 Jan 11
Feb
Jan
Jan
Jan
3884 Jan
25
17
10
12
12
24
18
12
12
Jan 12
14% Feb 23
165% Jan 12
227, Jan 15
207, Jan 12
14% Jan 12
35% Jan 11
56*4 Jan 12
preferred
100
Amer Steel Foundries..No par
No par
Stores
Am Sumatra Tobacco..No par
Amer Telep & Teleg
American Tobacco
Co—.lOO
25
25
Common class B._
.100
preferred
6%
Am Type Founders Inc
10
Am Water Wks & Elec.No par
$6 1st preferred
American Woolen
I
No par
—No par
100
Preferred
1
Amer Zinc Lead & Smelt
20
Andes Copper Mining
A P W Paper Co
No par
Archer Daniels Mldl'd.No par
Jan
6
78
Mar 25
131
49% Mar 24
130
Jan 17
52
116
20
Mar 25
8
Mar 14
2478 Mar 25
108% Jan
5
14% Mar 25
120% Mar 25
60
Mar 25
62% Mar 25
137% Mar 25
4
Mar 25
334 Mar 25
76
Feb 14
378Mar 24
27
139
Jan 15
Jan 17
Jan 11
Jan 10
7234 Jan 11
139% Feb 15
778 Jan 21
13% Jan 12
Jan 20
5% Jan 12
484 Jan
3
25% Mar 25
25% Mar 25
3684 Jan 11
Mar 25
12% Jan 5
2% Mar 25
25
Mar 25
0
40
Jan 10
8
6I4
65g
7%
578
8I4
638
6%
678
53,
7%
8
8%
7%
734
6%
7
7%
7%
5%
7
5%
6%
75s
578
77,
5%
634
5
5%
6%
7
25,400
32,100
5,100
30
600
*29U
31
*30
31
30
30
30
30
*30
*92
95
*92
95
95
95
*93
95
93
15%
1534
15
1434
*92
93
16
30
31
15%
1534
*6?8
28%
13i8
*1058
♦111
*15
1534
1534
7%
*6%
29
133,
*283s
13%
1138
*105g
115
*111
29i2
*166"
104
283s
1278
135s
11%
111
*15
*166"
104
111
*15
16
97i8
29%
♦
1512
97%
29%
*9234
♦
*166"
27%
12%
10%
29%
13%
105s
10%
115
5
6I4
6%
30
*9434
15l2
*9434 1001,
*
678
14%
7
7
7
7
14%
♦9234
*
7
7734
7734
*77%
80%
llSg
11%
1134
*7758
1034
17%
80%
105s
17%
*32
*17
1712
33
5512
31i4
5478
*1414
153s
15
89%
*203,
1414
1378
8914
5458
*42t4
2714
25%
*21
13%
1414
14
14
62
28%
2514
*31
1234
10%
11%
17%
31%
15
97%
29%
10358 10358
7
*634
*7758 80%
1034
10%
5%
534
26%
1234
t
1634
17%
31
16%
30%
52%
50%
27%
255g
6%
*78
934
10%
29%
4634
17
30%
15
14%
14%
89
89
14%
87%
20
20
21
21
1234
13%
13%
15
*42%
9934 100
*6
62
*42i4
2634
2914
255g
25
15
62
28%
25
15
*42%
26%
238,
62
*12%
1238
*
14%
86%
*20%
12%
1334
11%
12%
15
62
*
3,100
10%
1034
11,500
31%
51%
14%
86%
2134
13%
12%
100
2,500
1,400
60,200
600
1,200
200
15
*42%
62
27%
*42%
2634
27%
24%
27%
25
*23
23%
20
23
------
35,300
1,900
Oct
Oct
20
Oct
9%
140
Oct
Oct
15% Oct
63% Dec
15% Dec
7% Oct
241, Dec
41
122
Nov
Dec
11
22%
Oct
7%
Dec
24
Dec
1047,
Oct
14
Oct
140
Oct
67
Dec
58%
Dec
128% May
4% Oct
8
Oct
82
Oct
3%
Oct
25% Deo
3%
Oct
Oct
24% Nov
z27%
39
Oct
Jan
18
Jan 15
10
Oct
3
96
Oct
Jan 11
7
Oct
19
3% Feb 24
30% Jan 13
121% Mar 2
100% Jan 18
21,
22
Dec
Der
116% May
4
Mar 25
Mar 25
72
67
Dec
50
Mar 19
94% Jan 31
98
Feb
Co.—No par
6
Corp..—.—No par
Preferred.
-100
Associated Dry Goods
1
26
Mar 23
39
Jan 12
30
preferred
7%
Armstrong Cork
Constable Corp
Arnold
Artloom
6% 1st preferred
100
7% 2d preferred
100
Assoc Investments Co..No par
5% pref with warrants..100
55 pref without warrants
Atch Topeka &
5%
100
Santa Fe.-lOO
100
preferred
5%
678 Jan 10
Jan 12
5% Mar 25
7% Jan 21
478
234 Mar 24
5% Jan 13
2%
4% Mar 25
8%
Oct
Oct
Oct
Oct
Oct
80
Feb
7
68% Mar
5
66
69
Jan
58
Dec
83
Nov
33
Dec
7184
Dec
Mar 25
74
Feb 15
80% Feb 24
72
Jan 22
17384 Mar 14
42
Jan 12
72
Dec
6
Jan 12
28
25% Mar 23
4834 Mar 25
Nov
6
Jan 10
68% Mar
35
12
Jna 14
70
Dec
327, Nov
06%
Dec
Oct
18
6
Oct
9
Oct
20
3
24
Mar
1
18
Oct
Feb 10
Mar 26
Feb 3
Mar 25
107
Jan
8
Jan
3
119
No par
47, Jan
Automobile..No par
3% Jan
3
6
100
25
Refining
-1
50
preferred
No par
Atlas Powder
100
6% conv preferred
Atlas Tack Corp
103%
6%
39%
3984
105
Jan
No par
2
Mar 25
No par
(The) .3
15
Mar 25
Austin Nichols
$5 prior A
Aviation Corp of Del
-
234Mar 25
13
Voting trust ctfs
7%
Jan 11
39%
48
Jan 11
38
NOV
3
101
Dec
Mar
578 Mar 25
Mar 25
100
5
100
50
100
6% Mar 23
2934 Mar 18
Jan 21
10
13% Mar 25
No par
Barker Brothers
—50
preferred
5
Oil Co..
Cigars Inc
1st preferred
Bayuk
-
No par
Bloomlngdaie Brothers.No par
Blum en thai <fe Co wef
100
Boeing Airplane
Bohn Aluminum
Co...
& Brass
6
6
Oct
2
Oct
Dec
Sept
15
Dec
7% Jan 12
4%
6% Jan 12
3% Jan 19
3%
20% Jan 26
4% Jan 10
Dec
2%
Oct
3% Sept
3
Sept
4% preferred
Bangor & Aroostook...
Conv 5% preferred
Barber Co Inc
101% Sept
978 Jan 10
43
Loco Works..No par
Baltimore & Ohio.—
5H%
4%
784 Jan 11
Corp
Barnsdall
93
14% Jan 10
4% conv pref series A...100
t Auburn
89% Mar 19
278, Jan 12
preferred
Atlantic
Jan
15% Mar 25
4% Mar 25
634 Mar 25
Blaw-Knox Co
500
0%
80%
Dec
3
31
32
7,500
20
26
No par
100
56 conv pref
2,000
100
27
8934
23%
14%
13%
13
300
93
101% 101%
6%
634
*78
80%
10r»8
10%
31
*
20
Nov
119
No par
100
Beatrice Creamery
26
55 preferred w w
No par
Beech Creek RR
50
Beech-Nut Packing Co
20
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
Bendlx Aviation
5
Beneficial Indus Loan.-No par
Beet & Co
No par
Bethlehem Steel (Del).No par
5% preferred.—.
20
7% preferred
100
Bigelow-Sanf Carp Inc. No par
Black & Decker Mfg Co No par
27
15
*2034
13%
13%
580
15,700
1,400
93
8934
14%
14i8
1,800
97%
15
23l2
30
4,600
29
*93
♦
50%
5558
534
10%
52%
14%
88%
5234
941?,
15%
25%
25%
1284
11%
10
10%
10%
*111% 115
*111% 115
16
15%
*14%
*14%
x25%
12%
90
23
15
175s
3U2
5678
28%
*111% 115
104
7
6
13%
5%
100
50
1077, Jan
Assented
81,
Oct
24», Nov
7% preferred
100
Armour&Co(Del)pf 7% gtdlOO
Armour & Co of Illinois
5
Baldwin
7%
6%
Oct
3
Oct
117% Mar 14
18% Jan 17
14934 Jan 10
86
Oct
10%
Nov
II84 Jan 18
71
53
125
3434 Jan 10
31
684 Dec
14% Oct
Mar 15
3534 Feb 23
8% Jan 10
14% Mar 25
Mar 24
Jan
Mar
46
5
32
17
225
2
Mar
Jan
100
Oot
Oct
2% Oct
17% Dec
Oct
18
23%
74%
14%
5%
3
17
Jan
5
14
3734 Jan 14
2% Feb 26
86
5
Mar 23
z25% Mar 25
11% Mar 25
10
Mar 25
110
Jan 12
6
10
Oct
30
Oct
95
Mar 22
89
Dec
19
Feb 23
10%
10% Jan 12
784
8%
Jan 19
20
16% Feb 23
1234 Jan 13
Jan 31
108
115
10
9%
13%
14% Mar 23
92% Feb 4
17«4 Jan 13
96% Jan 17
92
Mar 25
30% Mar 12
29%
4
10378 Feb 28
8% Jan 17
83
Jan 11
27
97
6%
7734
984
16%
29
Jan
Mar 25
Mar 19
Mar 25
Mar 24
Jan
3
4634 Mar 25
14% Mar 23
86% Mar 25
147, Jan 15
Jan
7
Dec
Oct
Oct
Doc
Oct
Oct
Deo
Oct
15% Mar
23% Jan 26
2u
Mar 25
Oct
Nov
15
3
42
Oct
29
3
Feb 10
Oct
Oct
41
Mar
12% Feb
14
7%
Oct
Dec
Nov
2
19
11% Jan
Mar 23
9084
82%
8%
Oct
40% Feb 28
657, Jan 11
16% Jan 12
98% Jan 20
28
Jan 12
177* Jan 11
20
Oct
10'4 Feb 23
1078 Jan 11
1384 Jan 11
34
Feb 23
30
5
14
Oct
851, Nov
22%
Dec
13% Nov
9
Oct
17»4
Jan 20
15%
Dec
50
Feb 16
50
Deo
35% Jan 17
10
Oct
Jan 17
21
Oct
an
23% Mar
30% Mar
33% Jan
99% Mar
13% Jan
175
Oct
Oct
Oct
Oct
Oct
7% Mar 25
25% Mar 24
33% Mar 25
25
Oct
784
American Seating Co—No par
Amer Ship Building Co.No par
100
Oct
2%
20%
32%
1%
Jan 13
Mar 25
Snuff
12%
Oct
43s Jan 13
26
64
Preferred
6%
8%
Jan 18
pref...
.100
American Safety Razor..18.50
6%
600
Jan
Mar 25
500
700
Apr
Aug
29
15
Atlas
2,200
112
25
4,800
180
Oct
Dec
33
Atl G & W I SS Lines..No par
1,500
150
90
20% Dec
14%
12
104% Feb
33% Aug
7
21
15
165
American
Oct
15
1984 Feb 25
Mar 25
Amer Smelting & Refg. No par
36
Jan
Oct
3'
Feb
19
conv
Feb
Feb
Oct
100
4}6%
71
Oct
29% Jan
7% Jan
40% Jan
American Rolling Mill
Jan
Oct
684
Mar 18
preferred...i
No par
Am Rad & Stand Ban'y.No par
174
Feb
11%
25% Feb 25
11% Jan 14
Mar 24
23«4 Mar 25
$5
Oct
80%
86
24
5% Mar 25
25
100
15178
15%
48s Jan 13
No par
new
Dec
2% Mar 25
3
83
No par
No par
6% conv preferred
Atlantic Coast Line RR...100
100
Jan 15
17% Jan 17
105% Mar
700
8,100
50
100% Jan
105% Mar
19% Feb
8% Feb
1334 Jan
1634 Jan
Jan 28
4,400
500
27% Jan 12
09
Oct
Feb
278 Mar 25
26% Mar 25
Amer Power & Light
8
share
160
121
Jan 22
5
177
12
J6
Feb
per
Oct
Dec
Nov
Amer Mach & Fdy Co-.No par
American News Co
167
share $
28
109
2
Amer Mach & Metais_.No par
Amer Metal Co Ltd...No par
56.50 conv preferred-No par
90
4
32
No par
6% non-eum pref
Amer Internat Corp
AnchorHockGlass Corp No par
70
29
American Ice
Anaconda W & Cable.-No par
66
*73%
preferred
..50
American Home Products...1
80
*50
"2935
6%
42% Jan 3
125% Feb 2
91% Feb 23
per
80
12
preferred
$
share
Jan 18
No par
Amer Hawaiian SS Co..—.10
American Hide & Leather
1
$6
per
434 Jan 12
6% Jan 17
177
Jan 22
2% Mar 25
15
600
234
5% Mar 25
No par
No par
1,300
25
*87%
4%
35
preferred
89,900
*120
34
6%
3%
12
No par
155 prior Copper Mining..50
25
Anaconda conv pref
100
25
2%
400
28%
*11%
2%
13%
27
*86%
4%
75
3,500
14,300
*50
*7314
♦73%
29%
$7
100
97 2d preferred A
~2~, 200
534
32
*120
26%
15,000
26
*234
89%
5
25%
25%
100
*25
5%
512
Amer Express Co..
Amer <fc For'n Power
400
6,800
29
1434
*11%
234
2584
4%
634
*
100
35%
27
6%
3%
101
3%
3%
27%
33
*14%
4%
*30
65
28%
Feb 19
75
29%
33
15
35%
434
39:
Mar 25
American Sugar Refining.. 100
Preferred
100
2,600
3,300
7
78
American
300
4
10
900
1,200
18,909
Jan
19% Feb
95
10
400
734
*62
30
28
*120
*120
434
234
17",500
Mar 25
6% 1st preferred
—100
American Encaustic Tiling.. 1
Amer European Sees ...No par
6%
61%
634
534
5%
*25%
28%
*25
60
3%
30%
3%
534
14%
*11%
900
120% 123%
75
30
26
2734
3*8
480
31
10% Mar 25
89% Feb 18
American Crystal Sugar
immm
—
734
7%
*70%
75
4
15
200
63
62%
137% 137% *137% 138
4
4%
4%
4%
64%
138
30
2734
25%
123% 124%
60%
60%
63%
64%
63%
34
*25
26
—
125
1518
*234
3%
1,400
70% Jan 3
161% Mar 23
1534 Mar 25
Mar 25
■
-
7%
*100
1~4~306
Mar 25
10
Preferred.
53,300
1,600
7%
8%
8%
25%
4%
5%
26
440
24,900
2,100
2,400
34,200
100
$
29% Mar 25
116
Lowest
Highest
5 per share
American Color type Co
10
Am Comm'l Alcohol Corp..20
100
37
39%
33%
116
120
116%
117% 117%
50
50
49%
49% *49
*136%
*136%
22
20
2134
2234
21%
8
*7
8
*7
8%
26
25
25
24%
24%
113%
112% 112% *109% 111%
16
15%
14%
15%
15%
35
*11%
1512
/
37%
4%
*61
2%
26%
3%
28%
29%
112
105% 105% *105
2334
2434
2434
24%
4
3%
3%
4%
25
25%
25% 26
19
22%
21% 22
1034
934
10%
10%
*
*
162%
162%
"16"
16%
16% "l5~
64
65
65%
65%
18
17%
17% *17%
39
15
85
~~5%
578
12%
3,200
31
101
7,100
5,400
1,000
1,900
4,000
9,900
8%
26%
29%
28
91
17
35
*120
27%
~~5%
*16
31
15
*
8
8
8
a2634 2634
113% 113%
*137% 138
*137% 138
5
5%
5%
5%
8
8%
8%
8%
878
75
75
*50%
*50% 75
4
4
4%
4%
4%
31%
31% *31% 34
31%
6
6%
6%
6%
6%
35
*27
35
28% 28%
28
♦3934
50
5%
*25
4*2
120
52
138
*11%
*234
89%
37
*136% 139
*130%
20%
22% 24%
25
*8
8
8
8%
29
27% 27% *27
*113% 116
*113% 115
*16
17% *16
17%
127
12734 125% 128%
64
5%
26%
39
26%
42%
121%
2534
45
*120
123% 124
*50
50%
50%
25
11%
162%
9%
40%
139
*
8%
27
*136
22%
9%
28
52
21%
10%
9%
45%
124
23%
12%
18%
19
10
*50
26
66%
18%
*98,
*122
25
16%
*17%
44%
4%
6534
*17%
10
*27
4
173s
19
200
12%
3%
29%
66%
18%
10
1,600
5,500
1,100
1,000
1,700
57
13%
66
67%
6
58%
"l7%
71
900
3434
134
1534
534
16%
15
12%
23%
18%
67%
*66%
*1734
33%
134
16%
134
No par
J(AllegCo)25
1,300
1,800
2%
5%
14%
5%
27
162%
35%
.No par
preferred
American Chicle
14,800
14
9%
2%
5734
4%
11%
14
35
27
*
15
100
100
Am Chain & Cable Inc.iVo par
100
9%
10%
234
25
American Car & Fdy
Preferred
5,000
12%
12%
134
*1534
184
5%
1234
3%
4%
13
100
Preferred
6
*5
15
17%
58%
"
*170% 300
2%
2%
15
15%
7
A 5%
*984
2%
13%
2%
31
32
29
30
31%
33%
*105% 110% *105% 110% *105% 110% *105% 110%
26
25
26
*25% 26
25%
2434 25
„414
13
13%
conv pref—_
American Can
Am Coal Co of N
~~~606
2%
2%
6
5% %
5%
82
234
15%
2%
16
300
7,300
10
82
234
Am Brake Shoe & Fdy.No par
i~300
*76
3%
10
103g
278
16%
4,700
4,200
1,700
10%
10
Par
300
5%
82
12%
5,100
10%
"5%
6%
10%
*5
17
*13%
16%
25
10%
*10%
*17078 300
*17078 300
*17078 300
*170% 300
*170% 300
3
3
3
3%
3%
3%
3%
2%
234
3%
15
18
15
18%
18%
*18% 20
16%
18%
15%
8
8
734
7
7
7
734
7%
7%
7%
14%
10%
278
*16%
35%
178
100
*
25
"*5%
234
6
50
92
6
*76
3%
*5
100
*72
92
1034
10%
10%
11
78
3%
*72
On Basis of 100-Share Lots
Lowest
1,500
I2934
Ranoe for Previous
Year 1937
Ranoe Since Jan. 1
STOCK
Shares
ill7
25
6%
78
3%
30%
120
*
11
1034
78
3%
*110
843s
161% 161%
1834
193,
*11
11
78%
3%
31%
120
"84*
19%
25
12
78
30
$ per share
YORK
EXCHANGE
Week
25
Mar
24
92
19%
*100% 104
*
Mar
$ per share
*72
*
120
40
13%
*72
23
f per share
the
Friday
Thursday
30
29%
2934
116
118% 116
80
80
81%
8I84
7634
81%
161% 163% *161% 164
*161% 164
18
18
17%
1534
17%
18%
31
31
*33
35
3234 34
12
13%
12%
10%
12%
13%
31%
*
19
*36
Mar
22
$ per share
83% 83% "85"
86%
*161% 164
*161% 164
19
Wednesday
1997
13%
Jan
687,
Jan
38%
Jan
New York Stock Record—Continued—Page 3
1998
LOW
AND
HIGH
SALE
PRICES—PER
SHARE.
NOT PER
CENT
Mar.
21
Mar.
19
Tuesday
Mar.
22
Mar.
$ per share
85
85%
S per share
85
85%
$ per share
Wednesday
Thursday
Range Since Jan. 1
23
Mar.
% per share
85%
*42%
45
*42%
45
*82%
42%
84%
42%
*82%
45
*10
12%
*10
11%
*10
11
z9%
984
97g
17
17%
17
17%
2234
2%
2278
2%
23%
*1534
7%
19%
20
*16
18%
*16%
7%
8%
7%
7%
17%
21%
*2%
2%
20%
20
20%
19
30
26-%
2034
*24%
32
31
31
Mar. 25
84
43
10
84%
43
700
17
]078
17
20%
2%
19
2084
10,700
2%
17%
21%
2%
16%
21%
2%
2%
900
Boston dc Maine RR
15%
1484
15
18%
15%
7
734
26
17*2
23%
31
*29%
18%
24%
147«
600
6%
7%
18%
17%
*2334
1478
18%
2384
29%
1*2
8,200
9,100
1%
1%
1%
1%
5'%
1%
1%
5'%
1*2
5%
1%
5%
5
5
5
5%
378
5%
8%
8%
9
8
8
7%
8%
7
7%
6%
7%
25%
*14%
25%
8%
2478
24
24
22%
22%
22%
14%
14%
14
14
1334
14
13%
*35%
38
35%
*35
38
7%
*7
7%
734
*79%
4%
♦36
3%
24
*17
7%
17
80%
334
2434
18
378
23%
16%
18
3%
20%
1678
16%
734
16%
2
2
2
7%
7
7
*1234
14%
*0%
*1234
*3
20%
20%
3
3%
8%
8%
*26%
*16%
33
27
18%
*19
19%
16%
20%
*48
51
8%
*48
20%
3
3%
*1514
314
*511*4
55
*25
*23% 25i2
3
278
*9834 10234
912
20%
18%
49%
48
48
1734
*47%
1034
*47%
1%
17%
17%
*47%
1%
678
11%
14%
*97
*0
7
*37
45
79
27«
78
71%
3
912
558
4
9
12%
*
24
7278
74%
106% 107
37%
3634
101% 101%
73%
106%
12
13
8
8%
5%
3%
38%
34%
6%
5%
*97
104
97
97
*97
34%
36
34
5%
20%
20
22%
*99% 100
26%
*73s
9
*7
9
7
36
3434
28l2
3612
*30
33
30
2938
30%
26
28%
24%
31%
26%
8612
*80
86%
80
80
*80
1
*l2
214
*12
*2
2
58
3
*58
6
12
*11
58
34
3i8
*178
*11
58
6
1
1
1
2%
278
978
978
278
978
*25
28
*25
*34
1
ll2
112
H8
27g
10
*138
*»4
10
*8
*13i8
414
14
*13
*31
33
4914
IH2
65%
*52
2l2
*15
4U
49%
llig
65i2
1U2
6514
56
*52
212
*1658
334
9
9%
2%
8%
*26
27%
1%
*H4
*8
26
*84
1%
1%
158
1*4
10
13
*8
13
4%
13
434
4%
*30
33
5114
4714
*11%
50i8
45
12i4
12
*30
3612
3612
878
9078
25
78
1%
1%
13s
1*4
10
*8
13
13
434
4i2
*1934
20
*69
72l2
65
240
2
2i2
72
*58-38
9058
*77
90
*83l2
21
12i2
1918
8934
*2014
IOI4
4i8
14
1358
*12
4
*4l2
8i8
612
8i8
*4i2
8
512
8ig
*6
1078
*534
1078
1534
16
15
16
15
15
1534
1534
67i8
67i8
69
69
8
*534
I434
14i2
66I4
978
54
2»8
*30
*52
*2%
32
54
2%
15
11
*150
175
*150
111
*111
111%
1414
18
*
1834
1534
14
19
72%
43
1914
20
92
8934
28
20i4
20%
12
11
12
414
8
1078
1478
14i2
4*8
4%
778
778
*534
15i2
1534
66%
10i8
107g
16
18
19%
6I4
7134
*5512
7134
7H4
*55i2
7114
*71
74i8
71
*70
58
58
*5512
58
*55
58
*55
3H2
*8878
32
3134
3134
3038
2934
30%
28%
30
93i8
*887g
93%
887g
8878
3714
38
*887S
36i2
93i8
3714
*8878
3734
29%
*887g
3478
30i2
95i8
3218
93i8
38i4
34i2
36%
36
97
97
*95
33%
99l8
*96
99%
*96
99i8
738
7
7^8
67g
7
1*4
1*4
3134
33
23%
2334
7
lU
*33
2234
714
13s
34
2312
7*8
13s
*323g
2334
1»2
33i2
24%
1*4
3258
24
678
3334
2458
*31
6
70i8
67
1034
34
65s
35
13s
Bid and asked prices; no salea on this
day.
*31
6's
*96
67
10%
34
65%
66%
10
10%
*27%
578
71
70
70
58
*55
678
7%
1*4
3134
23i2
1%
6%
95
3484
32% Feb 23
Dec
Oct
18%
103%
100
Mar
4
3%
Oct
89
5
89
1% Feb 23
334 Jan 13
2
3
2*2
2%
Mar 24
1% Mar 22
1% Mar 23
334
Mar 25
Jan
Oct
1
1% Jan 10
5.% Jan 10
1
5
3
Oct
Oct
18
14
128s Jan
Dec
84
25
Jan 27
Oct
Dec
Oct
Jan 10
Jan 12
Jan 15
32% Jan 17
1% Jan 20
27g Jan 11
2% Jan 12
1234 Jan 12
16% Feb 18
578 Jan 12
Dec
2% Dec
684 Oct
2884 Dec
84 Dec
1% Oct
1
6%
Oct
Oct
12
Oct
3
Oct
Oct
Dec
11
Oct
59
67% Feb
3
57
Dec
92
Feb
100
54
Mar 22
Feb 28
58
Dec
74
July
5
2
Mar 24
2
Oct
10% Mar
11
Mar 25
17%
Dec
48
Oct
179
Aug
Act
10284 June
113
Jan
Jan
5
60
384 Jan
7
24
Jan 12
112
Mar 12
179
106% Jan
7
15% Mar 25
75% Feb 23
19%
Dec
48% Aug
Oct
90
Feb 18
45
Feb 18
Feb
41
Feb 25
47% Mar
24% Nov
50%
33% Jan 28
41
Dec
45
Mar 25
125
Jan 17
13%
110%
9384
No par
58%
Feb 10
59
Jan 25
56%
1178 Jan 12
8%
12
111
Mar 25
Jan
3
15% Feb 17
li778 Feb 14
Dec
Dec
Oct
Jan
Oct
Dec
Dec
89% Mar 23
90
Jan
98% Nov
20% Mar 24
10% Mar 23
3'% Mar 19
29
Feb
26
20
Jan
8% Jan
11% Jan
No par
5% conv preferred..
100
Beacon Oil...No par
Colo Fuel A Iron Cor p. No par
Colonlil
100
100
7
4% 2d preferred
100
Columbia Br'd Syslnc clA 2.50
Class
B
2.50
Columbian Carbon v t
Columbia Ptct v t c
c
14% Mar 23
No par
62% Feb
No par
6% preferred series A... 100
5% preferred
100
Commercial Credit
1*4
38,000
3134
2,400
6,200
New stock,
r
6234 Feb
11284 Mar
45
11%
Oct
5%
Dec
5178 Feb
27% Mar
8
Apr
Dec
30
7%
Dec
29
Jan
16%
Dec
32
Aug
16%
Dec
65
Nov
10
Oct
2584
D^c
9% Jan
z4%
Jan
Apr
June
Jan
31% Aug
12534 Apr
39% Jan
46% Jan
2078 Jan
Feb
8
79
Jan
z68%
Oct
Oct
108
Jan
Mar
3
65
Jan
Jan
Jan
Dec
Dec
101
3834
64%
30-%
86
95
Mar
80
Dec
114
Jan
34
Dec
Jan
5
33% Mar 25
44%
93
Jan 17
99
Mar
86
Dec
6% Mar 25
1% Mar 25
par
Cash sale,
Jan
59
2584 Mar
104% Jan
Jan
Mar
15%
170%
28% Mar 25
*6 preferred series...No par
n
70
34
2978 July
13278 June
57
Commonwealth Edison Co..25
a Def. delivery,
5
9% Jan
22% Jan
21% Jan
4
Jan
68
10
pf ser *35.No
Jan
578 Mar 25
41i % conv preferred
100
Coram'I Invest Trust..No par
conv
4
978 Mar 23
30
Columbia Gas A Elec._No par
600
Mar 25
5% Mar 25
14% Mar 23
preferred-No par
39", 600
Feb
Feb
82
109%
1st preferred
Mar
Jan 27
No par
Colorado A Southern
80
135%
21%
76
20% Jan 10
18
54.25
Feb
884 Ma*"
27% Jan
22% Jan
1578 Mar
46%
95
4,800
10%
36
273s Jan
100
3% Mar
Jan 15
95% Jan
"5", 700
Feb
Aug
100
—
conv
Feb
45
Feb 23
Special guar 4%
_.50
Molybdenum ..No par
52.75
6% Mar
19%
33
13% Jan 12
Mar 25
1,600
2,900
Jan
3% Mar
7% Mar
37
Mar 12
18
800
Mar
03%
Equipment
No par
C C C A St Louis Ry Co... 100
Clev El Ilium 54.50 pi.No par
Clev Graph Bronze Co (The) 1
Clev A Pitts RR Co 7% gtd.50
4%
4
42% Mar 25
10% Mar 7
32
5
6>4% preferred..;.
City Investing Co
130
Mar
484 Mar
13% Mar
32
%
1%
100
Dec
10
1%
7g
4%
Feb
90% Mar
6878 Mar
18% Mar
12% May
5
1278
63% June
Dec
17g Jan 10
Jan
Feb
48
Oct
Jan 22
Jan 11
23%
Feb
Nov
26
Jan
86% Mar
Feb
5
Jan
115
82
31
23
14% Mar
111
z40
Mar 23
Jan
Jan
Jan
Oct
Dec
25% Nov
48% Mar 2
38% Jan 17
8
No par
1%
23%
Feb 19
46% Jan 11
83g Jan 10
Oct
Sept
Mar 23
84 Mar 14
10
25
103
3%
30% Jan 12
12% Jan 11
25
No par
Chrysler Corp..
City Ice A Fuel
Mar 23
78 Mar 25
2% Mar 25
7*2 Mar 25
100
Chile Copper Co
3
7g Mar 25
6% preferred
.100
Chicago Yellow Cab...No par
Chtckasha Cotton Oil
Chllds Co
Jan
Mar 25
•%
Commercial Sol vents..No par
Commonw 1th A Sou...No par
2278
Jan
5*2 Jan 20
10% Mar 25
preferred
No par
{Chic Rock Lsl A Pacific... 100
16,400
2378
Jan
2434
% Mar 18
conv
7%
3134
4184
Oct
1% Mar
% Jan
258 Mar
178 Mar
par
6%
{ In receivership,
Oct
4
80
100
200
30
8
Jan 10
7
100
99%
*96
Jan 10
8%
29% Mar 25
24% Mar 25
5% preferred
100
{Chicago & North West'n.100
58
99%
11
99% Mar 25
2578 Mar 10
4% preferred
100
{Chic Ind A Loulsv 4% pf.100
Chicago Mall Order Co
5
J Chic Mil St P A Pac ..No par
34
6%
39%
12%
107%
Collins A Alkman
30
634
11
June
2,200
1,700
7
32
Oct
96
Jan
8% Mar 25
87% Feb 11
534
32
115s
2
Jan 25
Colgate PalmoMve-Peet No par
6% preferred
100
14%
*28l4
11
4*2 Jan 12
20
{Chic A East III Ry Co
100
6% preferred
...100
J Chicago Great Western.. 100
preferred
Oct
28
105
5% Mar 25
5
Preferred
24
June
48% Mar
82% Jan
23% Mar 23
25
Chicago Pneumat Tool No
3
41% May
115
2% Mar 23
9978 Mar 18
No par
Preferred series A
7
6,600
160
15
Cab
Coca-Cola Co (The)
Class A
2,900
6%
13i2
34
Oct
Cluett Peabody A Co..No par
Preferred
100
4%
15
Feb
105% Aug
52
1,600
10%
6%
*1158
*2712
1534
Jan
100
Dec
Mar 15
62% Feb 26
2,400
10
7%
12984
97
103
Mar 18
No par
Chesapeake Corp
Chesapeake & Ohio Ry
19134 Aug
Dec
51
100
Common
Apr
Nov
Dec
6% prior preferred
9%
40
Dec
4
Feb
35% June
97
Dec
Climax
100
Nov
18*2 Mar
52% Jan
102
3
19%
Cham Pap A Fib Co 6% pf 100
7%
80
Jan
55% Jan 10
13
34
$3
97*2 Jan 20
109% Mar
90
JaD
95
Checker
4% Jan 12
Jan 12
3,900
28
1534
*6712
10l2
*28%
1534
69%
1,700
*12%
10%
5%
Oct
1878 Jan 12
Clark
20
*8934
7
Dec
Dec
90
25*2 Jan
..100
2,000
10
*14
4%
37%
94
City stores....
95
4
7*4 Feb 25
37*2 Jan 28
100
Preferred
43
37
35
37%
36%
12
1234
1234
12%
115
*112i4 115
►112% 115
112l2 11134 112%
10934 111%
*58
5812
58*4
58%
58%
87g
812
834
'8%
8%
90
90
*83i2
90%
*83%
20
50
72%
357g
123g
17% Mar
61% Jan
Mar 25
preferred
2,000
175
111
45
~35%
21i2
334
800
3,900
64%
834
*1358
4%
65.'%
*87
28
13
1,400
*
28
4%
100
72" 400
*
*20U
1358
12%
800
11
32
61
Nov
13
Cerro de Pasco Copper.No par
2,500
46
111%
*18%
19l2
90
28
4%
!•%
1%
8
1034
2lg
21l2
*2014
13l8
8
42%
4478
15
95
*1%
1134
175
1934
*8934
*2014
1%
1*4
9
%
200
47i2
15
95
78
1%
6,600
*11
*150
21
'
22
1
4714
11'3g
17
*91
9
1
175
95
734
400
25
11134 *111
20
1514
%
26
*52
20
15
3,600
78
38% Mar
Oct
11% Mar 25
Certain-Teed Products...... 1
800
8%
26
54
*91
734
*534
2%
7%
*52
234
58l2
400
2%
54
*58
5,300
1
54
"914
900
78
9
*111
9i8
%
78
234
56
*58
"91s
11%
%
*30
.
*87
10%
%
1
32
12l2
12i2
13
1234
1234
1314
12.3s
*11214 11778 *112i4 115
*11214 115
*11214
117
117
*11478 118
IHI4 115
11012
*58
2,800
6
8%
65
37
800
2%
234
65
35l2
%
2%
*134
9
65
~37~%
600
2%
*150
"37"
300
11%
78
28
Oct
Dec
92
Central
200
1
1
111
*1978
3,500
1
175
*
10
2
%
678
.100
Central Agulrre Assoc..No par
Central Foundry Co
1
100
*%
%
44
No par
7% prior preferred
Co...
5%
3
34% Mar 25
100% Jan 4
Celanese Corp of Amer.No par
Celotex
1,580
99%
*1%
%
6
*11
%
1
111
20
90
278
*134
65
19
21%
99%
11
45
*____
2'%
6
100
Mar 25
98% Jan
3% Mar 25
20
*70
preferred
par
7% Mar 25
4% Mar 25
300
1
65
2l2
16i2
5%
70
100
Caterpillar Tractor....No
Century Ribbon Mills..No par
23,000
134
9*2
13% Nov
278 Oct
Central VIoleta Sugar Co...19
7%
85%
Oct
Jan 11
700
6,100
9,200
25
Oct
Dec
1
18
5
Corp.____l
100
300
5%
*2134
4
10
14% Mar 25
2% Mar 25
10
35%
Jan 15
Jan
34% Mar
48% Feb
52% Sept
6% Feb
20% Jan
37% Feb
Jan 17
1,300
7%
5
3%
104
5%
478 Feb
7
37% Mar 17
111 Lt 4H% pref.-ICO
Central RR of New Jersey. 100
30%
26%
86%
134
%
6512
2l2
10
7%
*%
*150
11134
20
434
1%
*2%
1
*75
%
600
8,300
29%
24%
%
11
%
78
1
*34
7,200
7%
3
11
%
1
33
2l2
1834
175
*111
158
H2
9i2
14M
434
*30
50
*150
1
180
7,300
1,000
32%
27%
7%
31%
2534
1%
%
3
*134
11%
1
28
34
6
%
1
7
%
1%
3%
*11
1
158
H2
138
*8
*%
3
34
1
1
1
2
*184
12
*58
1
*%
2
3's
34
3i8
*178
78
2
2178
*99% 100
*2134
2534
*24
29
578
3
Jan 11
8% Jan 10
Oct
Dec
Dec
80
100
7%
4%
3%
91
24% Jan 11
49% Feb 18
2% Jan 10
10% Jan 11
15% Jan 10
19% Feb 23
Jan 31
Case (J I) Co
Preferred
6
35
*80
5%
4
1
10
3,500
3534
9
*73g
8%
5%
*3%
Oct
488 Jan 10
76%
40
5
Oct
36% Mar
9% Feb
33% Mar
30
7434
51
3%
Oct
Oct
29
Carpenter Steel Co
*48
*7
16%
2%
Carolina Clinch A Ohio Ry 100
51
5%
Feb
Feb 23
22
44
Capital Admin class A
*48
4
Feb
18% Mar
6
Jan
Oct
45%
40% Mar 24
5% Mar 18
No par
Feb
39
Canada Sou Ry Co
25
Jan
13
Oct
1634 Mar 25
100
98
Oct
12%
18%
497g
3
117% Mar
14% Jan
5%
10
24
13% Jan
Jan
Oct
19% Jan 12
3
Feb
Dec
Mar 25
Jan
Jan
24%
24*2
1%
Dec
14
Mar 11
50
0%
Oct
534
15
113s Jan 10
l38Mar 25
Oct
10%
30% Jan 11
6% Mar 25
Oct
Jan
Jan
Jan
05% Mar
45% Jan
18% July
35% Feb
U84 Jan
Mar 23
48
Deci
2% Oct
24% Dec
25
1
Canadian Pacific Ry
2%
102%
5234
8% Feb 25
10
Carriers A General
24
*23% 24
*23% 24%
234
234
2%
2%
2%
101 78
10178 *100
1017g *100
234 Mar 25
7% Mar 25
3% Jan 15
Campbell W A C Fdy._No par
Canada Dry Ginger Ale.....5
2,200
*
100
18*2 Mar 25
50
"800
105
Mar 25
0
Cop..6
100
__
50
23%
2%
preferred
5%
Cannon Mills
"l'lOO
*100
24
24%
*99% 101
26% 26%
Jan 12
234
70
12%
*
10
$3 preferred A
3034
34%
101% 10134
11%
12%
Jan 11
9% Feb 26
20% Jan 10
1178Mar 25
10
15%
105
20
4
{Bush Term Bldg gu pf ctte 100
2%
3
32% Mar
Jan 17
"14%
15%
278
7
35
11
45
75
76
5478 Jan 11
58s Jan 20
134 Mar 25
200
15
0
2414
*15"
*37
*
75
10
81% Jan 27
0% Jan 12
534 Mar 23
Calumet A Hecla Cons
10,500
8
8
100
Debentures
Callaban Zinc-Dead
5%
Feb
Mar 25
9% Jan
No par
{Bush Terminal
100
50
Mar 25
3% Mar 25
16% Mar 25
1434 Mar 25
7
12,500
2,000
25,700
15%
Mar 23
378Mar 25
10
10,100
"l3"
30
*9912 101
*2378 2712
26
76
33
1
1%
*48
104
6*2 Mar 25
Burroughs Add Mach..No par
7%
1078
30
*5%
45
2,500
16%
39
24
*9912 101
7
*5%
*37
2,500
~16~
*97
684
30
50
150
16
104
612
5%
32
*
3
*40
534
*30
15%
100
38
6i2
40%
734
~16~
9
5%
*3%
40%
5%
38%
101% 101%
25
3
278
100% 102
50
36%
1734
51%
25
26
100
106
106% 106%
38
39%
101% 101%
13
13%
51
1534
6
"15%
5212
1434
75
3%
100
15%
0%
10%
13%
11%
45
15%
1%
7%
11
6
3%
49
1%
034
12
*37
*
"15%
*15"
1%
7%
30%
314
75
48%
5%
1612
512
3734
6I4
22i2
■
18
30%
38
778
8%
5%
*97
3714
*22
*2834
57g
7
*358
104
*40
578
45
912
4
16%
*40
6
3
612
3
14
100
9l2
*5%
*3%
3
10%
80
80
80
8U2
106
*10512 10912 106
40
39
4012
3934
10178 10178 *10H4 102
1334
1334
13l2
14U
*80
100
*3518 100
*
18
I8I4
18*8
*51
3
19
16
1234
6
5% conv preierred..
30
Butte Copper A Zinc
...6
By era Co (A M).
No par
Participating preferred..100
Byron Jackson Co
No par
California Packing....No par
18%
16%
•
15i8
33s
1,300
5,900
2,700
20
16
12%
314
20%
16%
19%
12%
15%
"l6%
Butler Bros
16%
18%
79
Oct
4,700
3%
*5l8
Oct
6*2
1178
6%
25%
16%
18%
1234
16%
*37
Dec
0
634
234
7%
12%
16%
*
34
Jan 10
1234
734
1%
7
Jan 24
10
6%
3
7%
79
41
Mar 25
1278
25%
36i8
34% Mar 25
400
8
578
15% Dec
17g
26
*40
21% Jan 11
5%
20
34
Mar 25
134
60
Dec
3
13
*5%
1178
6
28
Feb
par
6
7
Jan 20
Feb
Jan
2
Co
Feb
Dec
No par
No par
Burlington Mills Corp
5978
53%
Jan
Aug
21
2
Bullard
Dec
4%
Jan 13
..No par
...
Watch
Oct
22
37
*5%
*1178
26
12%
16%
Budd Wheel
Bulova
18
30% Jan 13
Mar 25
6
1534
26
17
preferred
Feb
Mar 25
Mar 25
21
100
No par
100
preferred
7%
23%
par
2
16
25
1%
45
7%
10%
10
8%
7%
*5
7
16
7%
34
Oct
Jan
5
Budd (E G) Mfg
600
Oct
Dec
7
Jan
53
20
3
1%
*37
7%
1634
70
16,000
*2
1578
107g Jan 11
20% Jan 20
5
Dec
8,000
18,500
1,100
2,700
2,200
2,700
19%
26%
8
*
7%
1634
3%
16%
1434
8%
1%
*30
734
16%
3%
19%
26%
8%
27
734
38
4%
35%
3%
6
22% Jan 13
Mar 25
7
534
1234
6%
7%
20%
1%
*2978
80
50% Aug
15% Mar
13% Jan 13
par
2
14
778
6
33
7%
16%
684
1%
534
*76%
37g
4%
38%
*35%
3%
18%
16%
734
17
7%
*40
4
4%
3%
21%
16%
3%
2
7
7%
76%
Jan
Oct
Jan
Bucyrus-Erle Co
36
28
Dec
3
8
Bruns-Balke-Collender.No par
4%
Dec
22»4
38%
1,800
35
16
28% Jan 10
4% Jan 10
Jan
47
5,.500
4%
Apr
Aug
Oct
684
38
25
Dec
7%
37
40%
Dec
1
6
80
93
Oct
11
70%
5%
6*2
*76
Oct
39
137# Jan 13
19% Jan 12
9% Jan 13
7%
76
Highest
share $ per share
2% Jan 13
6%
80
92% Jan 12
44% Jan 12
per
1% Mar 25
No par
Brown Shoe Co
%
378 Mar 25
6% Mar 25
5
684
8
20%
200
Lowest
share
par
0*2
2%
20%
34%
28
per
par
7%
*76%
4%
434
38%
378
2434
7
34%
par
par
684
17
7
13%
Manufacturing. No
No
Bristol-Myers Co
Brooklyn A Queens Tr.No
56 preferred
...No
Bklyn-Manh Transit.-No
56 preferred series A .No
Brooklyn Union Gas...No
Brlggs
Brlggs A Stratton..
684
8
13%
13
1484
6%
16%
22%
$
M ar 24
% Jan
{Botany Cons Mills class A.50
Roller Bearing Co. .17
Bridgeport Brass Co...No par
684
2
678
23
38
*35
21
Mar 23
7
*7
13%
38
22%
13*2
1,200
2,800
2,900
11,500
1,200
1,900
Mar 25
2
7%
17
7%
17
30
*1%
19
7
7934
7934
4%
38%
378
21%
1678
4%
38%
*35
30
600
16% Mar 25
5
7%
8
7%
30
24%
5
100
Corp
Borg-Warner
Jan
40
15
Borden Co (The)
6,500
7%
7
7*2
1938
Range for Previous
Year 1937
Lots
Highest
share
Mar 25
z9% Mar 23
Bower
2
per
84
1
1678
5%
734
B
Bond Stores Inc
20%
2%
5%
25%
14%
35%
7%
Class
5
No par
-No par
Bon Ami class A
17%
20%
30
250
23
*1%
32
Lowest
Par
70
11
*10
16%
22%
29%
1%
*24%
On Basis of 100-Share
Week
Shares
42%
84%
43
26,
EXCHANGE
$ per share
$ per share
*85%
*41%
22%
2%
24
STOCKS
NEW YORK STOCK
the
Friday
Sales
JOT
Monday
Saturday
March
10
Jan
5
Oct
2
Jan
1
Oct
42%
Jan
34
Oct
30
Feb
4
22% Feb
x
3
Ex-dlv.
y
69%
80%
120
21%
4%
75%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
25% Feb
Ex-rights.
T Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 4
146
HIGH
SALE
PRICES—PER
Monday
Mar.
Mar.
19
$ per share
*6
7k
*7%
15U
*6%
*59%
9%
1534
7
64
*7%
1%
534
1%
Mar.
17%
7%
7%
*7%
8%
7%
*6
7%
7%
7%
15%
1334
7
6
6
16%
7%
*59%
64
*59%
64
*59%
79%
80
79
79
*1%
1%
6
20%
92%
1%
1%
*5%
92%
4
4
%
4%
%
2l4
2l2
534
1934
*92
334
8%
8%
*100% 102
*4
8%
1%
534
1934
92%
3%
8
8%
*9884 103
100
4
4
.4%
4
%
%
%
%
%
2%
2%
234
2%
12
12
12
12
12
*80
83
*81
83
*80%
83
*79
13
1378
13%
13%
13%
12
12%
11%
12
1134
134
1%
1%
1%
I84
*77
79i2 *76%
79%
76% 76%
40
4034
40l2
41
41%
4034
110
*10834 109%
10912 109i2 *109
7%
1
2634
7
27%
1%
27
*7
27%
27
1%
2634
12
1334
47%
' 46%
6034
60%
164% *164%
3%
3%
*12
46%
60%
164%
37g
7
7
12
*12
47%
47%
62
26
27%
25%
89%
88
24%
*23%
*7%
30%
24
23%
29%
*33
35
*33
*30
33
30
8
834
9%
9
72%
31%
31
*80
*66%
83
*66%
*80
%
♦%
6%
7
4
16%
5%
*1334
5%
4
4%
16
16%
*22%
17%
~18%
5%
5%
16
*14
*7%
*22%
18%
*5%
*7
*2134
11%
10
5%
*1%
*88%
*3%
534
134
8934
5%
*1%
*88
18%
534
5%
*14%
*7%
*105%
20%
2234
2234
21%
*10
12
11
9%
6%
12
1%
*1
87
3%
2934
*3%
3%
30%
30
15%
22%
35%
28
26%
80
80
65
16%
5%
13%
14
40%
15%
16%
5
4%
1534
334
*22%
16%
33
*22%
"Y"66
17
15%
434
32
17
4%
15%
8%
2034
53", 200
434
15%
5%
15%
*7
21%
10%
5
19
21%
10%
9%
6,000
14%
5%
1%
434
23%
3634
2234
35
35
500
6
6%
5%
6
2,300
Diamond T Motor Car Co—2
1234
11%
69%
12%
69%
5,900
DLstll Corp-Seagr's Ltd No par
11
5% pref with warrants.. 100
66
15,300
5
38%
39%
35%
3834
99%
97
98
93
*15%
20
98%
1634
*5
5%
15%
*15%
15%
8
9
8
10
109%
106
136%
136% *134
136% 136% *134
*136% 136%
*113% 113% *112% 113%
113% 113% *113% 114
27g
8%
1,700
Dunhlll
International
9%
500
Duplan
Silk
7%
*108
113
103
108
J093g
77g
7%
3
3
87g
7%
300
20
8%
Eastern Rolling Mills
Eastman Kodak (N J).No par
9,200
30%
2534
3,800
2534
2534
23
2534
2534
2434
♦%
26
20
21%
28%
25
25
26%
25
25%
32
31%
*26%
*1%
28%
31%
28%
1%
*1%
1%
*1%
1%
1%
1%
*1
1%
*2034
2134
*21%
2134
22%
20%
21%
21
*35
40%
*35
43
21%
*35%
38%
*35
21%
37%
*103
105
1
1,600
1,200
200
103
103
3%
334
334
*
105
3%
4
*....
3%
37g
*43%
45
*43%
45
*43%
45
*46
48
*46
48
*46
48
*47
50
43%
*43
47
49%
105
*
3
37g
preferred
—-No
$6 preferred—
No
Elec Storage Battery..No
Elk Horn Coal Corp newATo
$7
3%
2%
4%
4
3%
2%
2%
334
27g
27g
2%
*3%
3%
*3%
334
3%
3%
7%
7%
734
8%
7%
4%
28%
434
28%
30
¥0"
*9
10%
1
1
1
4%
434
4%
4%
27%
29%
30%
*30
*9%
30%
10%
79%
65
*60
75
*96
110
¥0%
834
31
110
*96
26
9%
t
79%
*60'
*96
29
8%
*
3
3
234
2%
234
1%
2%
1%
*
1%
*14%
16
Bid and asked prices: no sales on
3,900
25
30
29
8%
79%
*8%
*
1434
27g
234
1%
1434
*44
this day.
14%
500
471
*44
49%
100
491
100
1%
*1 lo
1%
400
%
4%
26%
78
%
4%
1,540
43g
25%
3,700
23
*93%
*27%
7%
30
9
79%
2%
2%
1%
42%
42%
*93%
61
3%
1%
1,400
7
*96
3%
17
3
6
70
*234
1%
3
7
110
*27g
*14%
3%
*96
2%
1%
1,400
*60
2%
1634
2%
4% 1st preferred
4% 2d preferred
Eureka Vacuum Cleaner
75
2%
1%
2,400
110
2%
*1434
27
*93%
*95%
3%
*1%
%
4%
1
4%
29
3%
2%
3%
1%
1
434
79%
*60_
1%
1%
3%
2%
134
2%
2%
1
*95%
*95%
»
*1%
1%
Erie Railroad-
3
6%
*1%
3,000
*47
3%
2%
3%
1
1,000
23g
634
2%
1%
23g
2
2%
1%
2
2%
47
2
2%
1
134
44
2%
3%
1%
.100
1
2%
44
2
7
13,300
5% preferred
Engineers Public Service
50
1%
49%
*47
2
33g
Corp
238
43
2%
334
2%
*17g
2%
10
—3
preferred
No
$5 34 preferred w w..No
$6 preferred
No
Equitable Office Bldg.-Ao
43
2
*1%
2%
105
61
110
2%
2%
1%
14%
»
*60 "
$5 conv
4
Feb
2
Evans Products Co
35
Oct
8% Jan 20
46% Jan 21
5
Dec
26%
112
22
Jan
%
Oct
3%
Feb
8
28
1%
Oct
8%
Jan
10
Oct
17%
Jan
Jan 27
100
Nov
122
Jan
Feb
% Jan
3% Jan
Jan
98
Nov
Oct
180%
135%
115% Mar 10
116% Mar 1
7% Jan 12
107%
109%
Oct
112
Oct
115%
Oct
17
Mar
167
5
144
Nov
198
Aug
105% Feb 16
21% Jan 15
484 Jan 12
21% Jan 12
150
Apr
164
Nov
3
Mar 10
Jan
'
10% Jan 17
4
Jan 11
8%
70
Feb
Oct
Jan
Mar
24
Oct
87
Jan
31% Mar 7
1% Mar 22
27g JaD 12
22
Oct
44%
Jan
1%
14%
Jan
Oct
8
Oct
29
Jan
Nov
00
Feb
Jan
8
33
106% Jan 18
6% Jan 14
100
Nov
115%
Jan
Jan
3
Oct
1784
49% Jan
41
Oct
78%
Jan
54
81
Feb
Nov
1% Jan 31
2% Mar 18
3% Mar 23
534 Jan
4%
Oct
884 Jan
8%
Oct
2% Mar 18
6% Jan
5
Oct
3
2% Jan
3
Mar 24
5
6
Mar 25
5% Jan
10% Jan
3
1>4 Jan
13g
Jan
% Feb 10
2
Jan
11% Jan
33% Jan
1%
0%
1%
Dec
Oct
Dec
Oct
1
Oct
7%
Oct
Oct
23%
150
Mar
33% Feb
10% Jan
26
7%
Oct
75% Feb
7284
Dec
Oct
Mar
00
Nov
96% Feb 2
2% Mar 24
96% Feb
90
Oct
4% Jan
2
Oct
4% Jan
18% Jan
2%
1%
1484
Dec
61
Mar 24
234
Y.OOO
2%
2,000
Federal Screw Works..No par
1%
2,200
Federal Water Serv A..No par
2% Mar 23
l%Mar 19
14n
1,400
Federated Dept Stores. Wo par
14% Mar 25
Cash sale,
Feb
7%
Nov
2%
1%
14%
r
16
Oct
51
"""206
New stock,
Oct
3%
6%
45
Mar 25
n
Feb
334
Jan
23
Def. delivery,
45%
62% Jan
2%
a
Dec
Jan 14
5
100
147g
Mar 23
28% Jan 28
7% Mar 25
71% Mar 14
Preferred
10
40
40% Jan
preferred...
.100
Fajardo Sug Co of Pr Rico..20
Federal Light <fe Traction.-.15
$6 preferred
100
Federal Mln & Smelting Co 100
110
37%
Dec
Oct
22% Mar 22
Fairbanks Morse & Co.No par
1,200
Dec
27
3
Mar 18
1,000
Feb
15%
234
Jan 12
3
par
Jan
43
Feb
3
2%
Jan
Nov
26%
92%
13% Jan 12
34% Jan
2% Mar 25
Jan
130
123% Feb 23
11134 Jan
40
Jan
39%
13g
4
10234 Mar 17
Jan
Oct
Jan
1% Mar 11
65
Dec
111
1% Mar 23
77%
14384 July
Dec
%
137
17
21
8%
4
Mar 25
Oct
79% Nov
3
3
6%
29
2
Jan 10
% Jan
Jan
5
Mar
12% Jan 17
Mar 25
Federal Motor Truck..No par
% In receivership,
Oct
132
43% Feb
100
preferred.,
Jan
4634 Feb
67% Dec
123g Mar
16%
103
4
8%
Feb
41%
10
25
Fairbanks Co
Mar
25
Oct
115
47
100
100
90
Oct
Jan 12
par
par
100
Oct
15
27
9% Mar 25
3
par
60%
Jan 12
113
Jan
Feb
Jan 12
22% Jan 11
60% Feb
1
Mar 25
4% Mar 25
131% Mar 25
Feb
17
4
Jan 27
15% Mar 24
6% Mar 25
% Feb 11
% Feb 28
534
May
34
Mar 25
5
Feb
Exchange Buffet Corp.No par
670
79%
*96
par
-.50
preferred
El Paso Natural Gas
Endicott-Johnson
36
*
3%
43%
50
*46
105
*35
3
Elec & Mus Ind Am shares
6%
3,000
Mar
2434 Mar 25
Electric Power & Light. No par
*29
75
8
par
36,300
*33
Mar
23
8%
29%
29
par
2%
30%
Oct
par
Electric Boat
29
10
14% Mar 25
6% Mar 25
234 Mar 17
634Mar 25
25% Mar 25
12,900
4,700
32
5
Mar 25
3
35
Jan
Mar 23
73g
634
25%
16
2
63g
83g
Apr
14
7%
3
23
157
Schild
9,600
.
Feb
Dec
4
Eltingon
15%
3
40%
100
Eaton Manufacturing Co
22
Oct
No par
Electric Auto-Lite (The)
5
6% cum preferred
"¥,000
14%
35
*35
5
3,100
4,500
1534
7%
29%
40
.No par
preferred
7%
3
8%
200
1
.100
Du P de NemouTB(EI)& Co.20
6% non-voting deb
100
$4.50 pref
No par
Duquesne Light 5% 1st pf 100
8%
lY, 600
100
100
1434
34
*26%
2%
136% 136% *134% 135%
113
113
113% 113%
16%
734
15%
30%
28%
26%
200
116% 116% *116
47g
4% ~4%
4%
434
4%
135
140%
131% 137
140% 143%
*166%
*166%
*166%
14
14% Y434
1434
147g Y534
2
2
234
23g
2%
2%
3
9%
%
*116
1634
..No par
Class B
Oct
88% Dec
Jan
30
47% Mar 18
35
JDuluth S 9 & Atlantic
6% preferred
1%
24% Maa
107g Feb
116% Jan
36% Mar 16
9% Jan 12
5
877g
500
683g Mar
Oct
76%
36%
Mar 25
No par
200
Oct
Jan 26
No par
%
Oct
5
Oct
Feb
Ltd..No par
6%
29
8
13
Mar 18
Stores
Dresser(SR)Mfg conv ANo par
Jan 12
4% Jan 24
39% Feb 28
26% Jan 20
5% Mar 25
Dow Chemical Co
2
2%
113
400
Jan
Nov
Oct
31% Jan
Douglas Aircraft
Dominion
96%
Dec
15
6%
*%
*%
10^ *10
*108
27,000
1,500
Oct
Oct
18%
Doehler Die Casting Co No par
No par
6
3134 Mar
108
14% Mar 18
Dome Mines Ltd
18% Nov
12%
29%
30
Co
A..
Oct
Nov
27
8% Feb 25
2% Jan 10
27% Mar 25
20«4 Jan 3
No par
Class
200
5
39
25
24
5
No par
Dlxle-Vortex
*97
No par
6% participating pref
300
52%
49%
Match
Dec
109
15% Jan 11
177g Jan 12
Devoe & Raynolds A ..No par
Oct
8%
54%
Oct
8% Mar 25
Diamond
Oct
Dec
2
19% Nov
10% Mar 25
320
4
20% Nov
3
21% Mar 23
4% Mar 25
1% Mar 25
2:8534 Mar 24
33g Mar 21
Oct
Jan 20
Feb
.100
Delaware Lack & Western..50
Oct
284
25% Feb 25
Diesel - Wemmer-GH bert.... 10
900
16%
107
25
Delaware & Hudson
3
Dec
9% Feb 17
..20
22 34
5234
8
No par
28%
.
Jan 10
15% Jan
new
27%
12%
7
6
Preferred...:
100
29
7
Mar 23
7
*35
5%
Feb
52% Feb 21
2284 Mar 1
24% Jan 10
15% Jan 28
434 Mar 24
Det & Mackinac Ry Co
16%
107
5% Jan 10
18% Jan 17
80
51
113
Deere & Co
5
Nov
%
50% Jan 18
3%
5134
10
3
3%
1634
*108
Davega Stores Corp
Oct
80
Dec
3
19
Oct
12
Jan
100
50%
10
No par
21
Dec
Dec
Jan
JDenv & R G West 6% pf.100
1,700
113
9
Nov
0%
70
334 Mar 25
13»4 Feb 4
48% Jan 11
Detroit Edison..
15
10
27*
Dec
3
5
400
17
*108
..1
pref..100
Jan
39
200
16
14
834
17,400
33%
16%
113
A
Cushman's Sons 7%
$8 preferred.
7
5% Jan 10
18% Jan 6
7% Jan 12
1%
1%
*84
*31%
*7
Class
1
13% Feb
87
Mar 23
13% Mar 24
8534
277g
23%
24%
35%
6%
12%
*10
27g
200
*14%
*5
par
No par
Preferred
CurtlssWrlght
Mar 23
6
3% Mar 25
65
3
8%
*3%
72
3634
Curtis
50
4
94% Jan 17
1% Jan 7
% Feb 14
3
10%
8534
Packing..!
Pub Co (The).. No
Jan
72% Jan 12
44% Jan 11
Jan 31
80
18% Feb
21%
1%
10
100
Cudahy
800
ar8534
100
6
24% Mar 25
No par
Sugar
Jan
66
102% Jan
100
12*
10ft
834
*108
8%
2%
21
12% Jan 12
13% Jan
21%
21%
*1034
9%
2%
8
Jan 11
33»4 Jan 12
Dayton Pow & Lt 4)4% pf-100
*7
2Y34
20%
2%
8
88%
3
Feb
Conv 5% pref
25
Davison Chemical Co (The).l
16
3
22% Nov
Jan 14
8% Mar 25
Cutler-Hammer Inc newNo par
33%
Ye'%
Oct
Feb 25
25
2
400
72
*166%
Oct
Apr
3
29%
6% Mar 25
3,700
1,300
*105%
*105%
¥l%
15%
8%
(The)
Preferred
17,800
55
Co
Cuban-American
900
*52
*%
2%
2%
4,400
30,200
55
%
2%
16%
7%
5%
*52
%
17%
Cuba RR 6% pref
40%
4
16%
14%
No par
100
390
200
40%
4
5
Preferred
4,100
14%
5
5%
Corp
pref
conv
Cuba
*31%
"¥
2l7g Feb
50%
153
98
Jan 81
Mar 24
Crucible Steel of Amerloa._100
180
*13
40%
37g
$5
700
65
65
ex-warrants
3%
3%
334
3%
Pref
conv
Crown Zellerbach
500
6
6
7
*6%
$2.25
%
%
%
65
14
778
24%
90
%
4
10,900
2734
26%
*80
%
*67%
*147g
147
19
87
65% Jan 17
166% Feb 21
484 Jan 12
Oct
Dec
16
5
Mar 24
25
Cream of Wheat ctfs___No par
100
33%
145
3
100
preferred
conv
58% Mar 25
16334 Mar 23
Oct
Deo
67%
*62
70
*15%
*115%
25
.100
No par
Oct
7g
57%
8%
87g
*65
%
1634
600
*67
113%
5%
500
*31%
207g
Coty Inc
Crane Co...
Jan 12
50
23
Dec
*%
2%
1634
Jan 17
Jan 12
30%
8%
%
16%
8,800
Corn Products Refining
Preferred
32
30
%
*%
16
300
5,400
6% Mar 25
No par
6%
6%
*%
3
9%
37% Dec
1067g Dec
5% Oct
400
%
Ye
Feb 23
5,200
*%
3
85
4584 Jan 12
110% Feb 2i
9
%
16
5
30
8%
*166
3
30
*%
3
6,000
69%
16%
57g
"l5%
330
33%
99%
15%
2%
5
Jan
30
8%
8%
*16534
Oct
Jan
38% Feb
107
30
29
40%
"5
65
73
$4,50 pref
No par
Continental Diamond Fibre..5
34
28
578
149%
Oct
37
%
5
5%
148% *147
Oct
1
Mar 23
113
5%
7%
33
*10
147
16% Jan 15
23g Jan 13
3
pref w w..No par
*22
99%
115% 115% *115%
Mar 25
1% Jan
100
30
434
37%
110
Oct
9
33
5%
1%
88%
3%
*1
1%
634
115%
IOS4
*29
10%
114
16% Jan 18
33
18%
11434
Mar 25
*29
*108
113
12
28% Nov
88%
3%
5%
88
41%
3
7934
10% Jan 11
397g Jan 17
18%
*2%
Oct
86% Jan 21
Mar 25
*8%
3
20
Oct
Dec
3
83% Jan
26
9
*2%
100
Oct
16
No par
21
%
preferred
Continental Can Inc
Jan 12
No par
7
5
5034
%
No par
22
Crosley Radio Corp
7
*105%
20%
21%
12
*934
10%
834
1634
%
8%
B
Mar 21
Oct
%
3
Crown Cork & Seal
15%
22%
217g
50
*%
Class
12
5% Jan 12
Oct
2%
4,500
47g
8%
17%
9
Container Corp of America.20
Continental Bak class A No par
% Mar 21
2% Mar 19
7
4
1,000
22%
17%
47g
16%
5%
16
53%
*18%
5% preferred vto
100
Consumers P Co$4.50pfAro par
7% Jan
% Jan
Dec
28
*14%
18%
4,400
55
*52
17%
*15
2% Mar 18
Oct
7
26
7%
44
37g
1634
55
497g
100
Consol RR of Cuba 6% pf.100
^Consolidated Textile..No par
Consol Coal Co (Del) v t 0..25
3%
100
28
*6%
634
6%
*534
101% Feb 21
27
65
12%
39%
4634
85
13%
100
4634
66%
40
4
17
7%
*11
8%
5
5%
52%
40%
584 Jan 15
10% Jan 10
9834 Mar 24
31
*13%
45
17
*6
33g Mar 24
734 Mar 25
No par
Oct
Dec
Nov
33
334
48%
39%
24%
7
65
17
*99% 105
No par
Consol Oil Corp
$5 preferred
92
9% Oct
4684 Nov
6%
*15%
*31%
3
16% Jan 10
1234
69%
16%
Jan 14
10% Mar 25
46
Mar 18
6%
72
Jan
4
Continental Steel Corp .No par
Corn Exch Bank Trust Co. .20
14%
33%
4%
21%
96%
Feb
600
6%
*15%
Jan 12
90
10%
4634
35%
*32
1
10%
35%
16
Jan 11
12
36%
33%
No par
Consol Edison of N Y..No par
$5 preferred
No par
Consol Laundries Corp
5
l?g
67g
25%
24
36%
*31%
Oct
1% Mar 19
434 Mar 25
1834 Mar 25
34% Jan 11
23
*15
1
22% Mar 25
23
6%
Oct
Consol Film Industries
?2 partlc pref__
5
24
13
63
Continental Oil of Del
23
*69
70
70
5%
5%
8934
30%
24%
3534
6%
12%
3534
*22%
1634
15%
8%
434
*29%
24%
4%
Mar 19
11,700
6
16%
16
80
243g
*%
7%
*13%
*52
5
Jan
22%
*80
%
16%
22%
22%
2134
80
*14
*10514
2134
22%
11%
*10%
10%
10%
*105%
30%
80
4
15%
8%
28%
4%
71
25%
1134
66%
25%
67
85
16%
100
1% Jan 15
8%
9%
32%
55
Oct
w w
Mar 19
7
80
4%
65
Mar 25
24
46
47%
60
61
60
60%
58%
60%
16334 16384 *163% 166% *163% 166%
3
3
3%
3%
3%
3%
24% 2534
23%
25%
2534 26
88
88
87
88
88%
*86%
24
24
23
23%
*23%
2334
7%
4
16%
Jan 15
1
*30
5%
68
24
31
45
2
Continental Insurance...$2.50
Continental Motors..1
1
31
5%
Oct
Dec
13,500
30
46
1,900
Oct
484
60% Mar
100
400
8
100
8,300
5,900
Ja 117
25%
1%
33
*634
77%
38% 40
108% 108%
6%
6%
8
Dec
1
34
7%
*70
10% Feb 23
19% Jan 17
Oct
Dec
7%
57g
1
*33
4%
1%
5
12
2334
*%
11
1%
1%
300
8
Jan
7
35
%
4,500
7,100
4,000
6% Jan
12% Mar 25
5% Mar 25
8
247g
28%
*66%
21,800
Mar 24
4%
1
27
70
%
2%
15%
82
7
share
per
20
7
30
834
9
11
7% preferred
6)4% prior pref
No par
$
7% Jan 14
24% Jan 22
247g
7
*65
*52
55
*52
12%
12
*7834
Consolidated Cigar
$ per share
Mar 25
1%
25%
29
80
5%
*10
Conn Ry & Ltg 4H% pref. 100
Consol Aircraft Corp
__1
share
per
5
16% Mar 23
7
4634
*65
4
2%
1,900
12%
%
2%
15%
84%
200
No par
$
25%
8%
9%
2,400
2%
12%
10%
1%
2,000
25,800
1,100
43,000
*10%
*79%
1%
1,400
3%
3%
Congress Cigar
"Y76
734
8%
*97% 100
3%
334
3%
8%
9834
4
%
*3%
%
11
31%
*%
45
48
*46
31
*7
4%
65%
65%
3%
8
98%
900
No par
24%
88
*7%
92
40
11,100
Par
Conde Nast Pub Inc
Congoleum-Nalrn Inc ..No par
Year 1937
Loxioesi
Highest
1
26
*88
29
1834
93
1%
5%
19%
92%
500
Lowest
7
48
89%
*23%
5%
19%
19%
*92
1%
434
2,700
Range for Previous
of 100-Share Lots
247g
27%
1334
2634
26%
*82
X5%
79%
*74
77%
77%
39
3934
39% 40%
108% 108% *107% 108%
60%
61%
164% 164%
3%
334
"334
5%
534
*59% ' 64
78
78%
*73
o11*
25%
*7
1%
1234
1%
27
0lls
100%
10%
7
26
2734
1%
27%
12
12%
13%
1134
1%
12%
1%
2%
15
9%
1434
6%
64
%
2%
*9
7
*7
4
100
5
17%
8%
9%
14%
7
1%
534
19%
92%
3%
334
8%
100
Shares
5
1634
*6%
1734
6%
*59%
79%
64
80
$ per share
Range Since Jan. 1
On Basis
Week
6%
17%
14
EXCHANGE
Mar. 25
24
*5
STOCKS
NEW YORK STOCK
the
CENT
Friday
,
$ per share
6%
17%
7%
7%
14%
♦6%
6%
6%
20%
834
Mar.
14%
9%
16
15
92
102
4%
*5
NOT PER
Thursday
23
$ per share
6%
18
20
4
*334
*5
18%
20%
*100
Mar.
18%
93
534
20
*92
22
$ per share
634
SHARE,
Wednesday
80
80
80
21
$ per share
634
18%
7k
*5%
18%
Tuesday
Sales
for
Saturday
1999
x Ex-dlv.
75
2
Jan
y Ex-rlghts.
Oct
Oct
T Called for redemption.
New York Stock Record—Continued—Page 5
2000
LOW
AND
HIGH
SALE PRICES—PER
SHARE, NOT PER CENT
STOCKS
Sales
Mar.
Tuesday
21
Mar. 22
Mar.
19
♦6778
73
*6778
71
28
28
28*4
15*4
♦82
87*2
♦28*2
29*2
1458
1478
21
21
2934
143s
26*8
*13*2
19*4
♦80
1934
Thursday
23
Mar.
$ per share
*65
71
♦18*2
19*2
87*2
2934
1934
27*2
♦13*2
1878
*13*2
Mar.
S per share
71
*6778
$ per share
$ per share
Wednesday
20l8
*80
♦283s
87*2
29*2
14
1434
24*2
♦13*2
18*8
*66*2
84
28*2
1312
Mar. 25
25*4
Week
$ per share
Shares
70
*18
18%
80
80
26
26
600
14
13%
14%
12
14*8
25
25
25
25
800
*16l2
1*2
*1934
*85*4
18
10l4
1%
16*4
1*2
100
*
21
30
♦25
30
*25
29
*25
2512
18
*16*2
*134
18
*16*2
1%
18
*16*2
18
2
2234
23
2112
2112
20
20
94*2
1034
90
90
857g
88
15*2
57*4
3*2
10*8
14
1478
14
57*4
35»
57
57
56
57
45
35
35
33
33
33
33
33
33
26
2478
25*2
243s
2478
24
24%
23%
2334
*21
93*2
95
16
16*2
•57
*90
16
*35
45
26
3%
3*8
37«
♦35
61
*57
05
♦3*2
20
25*4
1*4
1*2
D4
3*2
3*2
1%
22
20
20
94
85
85
15
1212
14*2
*3*4
2.300
*56
3%
61
3l4
3*4
1%
3%
1%
3%
1'2
3%
*11*8
12
1%
3%
*11%
11
13
*11%
12
*3%
*11%
*11%
12
♦11*2
12
*11*8
1%
3*2
11%
11%
90
*85
90
*88
90
*88
90
♦1%
*3%
90
534
♦434
1%
3%
12
578
5%
*5%
534
5%
5%
93
♦90
36*4
7%
♦121
90
90
30*4
36%
37%
7%
127
3*2
8
7%
♦121
3*2
8*4
17
*10
7%
127
3%
8%
3%
8%
♦15
66
25
60
*57
♦24
24
•115
18
117
*58
36%
20%
78
5
5%
5%
*90
4%
93
35
30
7%
*85
33%
7%
77g
8
*13*4
55
7
8%
17
1378
55
51
55
45
78
33%
30
*25
55*2
*54
♦120
120
120
F'k'n Slmon&CoInc 7% pf 100
33
5,200
Sulphur Co
10
H6% conv preferred
100
Fuller (G A) prior pref.Wo par
$0 2d preferred
No par
3*8
3
49*2
50
21
20*2
21%
19%
86
83
83
3%
*50
06*2
♦55
1
1'8
1
4*4
4*2
•1*2
1%
127g
14*2
4%
1*2
12%
*13%
21
60
50
16%
50
10*8
10%
8%
8%
1%
*40
*16%
40
zlO
18%
18
4
4
48
48
2
48
39
3
3
*60
70<
13%
*46%
18%
80%
14%
47%
18
3%
80*2
3%
3
55
*55
1%
1%
*1178
13%
13%
1%
11%
13%
21%
21%
10%
50
17%
41
12
22
22
11*8
17%
26%
102
1%
15
10
*85
100
1
13%
18-%
15
9
147g
10%
8%
54%
5%
1%
14%
20%
19%
10
1478
11
47'
47
1478
*36%
1%
2
3i
3
*60
12%
3%
19%
16%
13%
46%
1834
80%
79%
80
46
3
3%
61
3%
16%
16*2
♦35
♦18
4
12*8
*25%
*32%
*15%
977g
16%
977g
95
*21%
21%
10%
22%
21%
10%
16%
21%
21%
21%
10%
15%
10%
50
*40
16
16%
40
*35
21
10
*83
1%
89%
*81
88%
6
6*8
6
6*8
1%
88
*12%
89*2
147%
127g
*80%
12*4
12%
12%
54*2
*52*2
55
51
53
*129
145
16%
40
*1
*17%
18%
*16
3%
3%
3
10%
10%
10
10%
*24%
25%
25
*22
25
36
*33
36
6
"9l"
19%
124
5%
*59
1%
*807g
5%
84%
*145
117g
49*2
91
19%
124
5*4
75
1%
88%
6
84%
157g
40
8%
1%
25
15%
9778
14%
*35
8%
*1
3%
14%
3~o66
18a Jan 11
8%
33
5
$5
3
33
977g *..
977S
90%
19%
91
*121
5
*59
1%
*82%
5%
*84
124
5%
75
1%
*90%
19
*121
13
19%
124
5
5
59
88
*7934
~6
5%
88
5%
59
1%
*84
"2",400
30
1%
600
$0
200
30
$0
700
89
578
88
300
1,700
24
24
22%
23%
102
8
8%
*50%
52%
♦86
89
6%
*4178
1%
♦3%
7*8
1
8*4
*14%
*29*2
*4
7
43%
1*2
5
7*4
1*8
87g
18*2
31
6*2
♦
8%
52
*86
6%
37%
*1%
*3%
7%
23*2
8%
52
89%
7*8
42
2
5*4
7%
8
5178
*87
6%
4
4
23
100
100
102
6%
6
16
15
110
*102
51%
52
51
*20%
24
*20
*102
6%
15%
400
500
2,800
22
8
7%
52
*51%
52
*51%
52
88%
6%
*87
*87
36
*1%
3%
6%
1
1
1%
6%
35
1*8
1
8%
14
14
*28%
30
6%
7*8
*11
1%
3%
67g
1*8
7%
277s
157g
28%
4
4
5334Mar 23
5%Mar 25
No par
preferred
No par
50
—1
8%Mar 25
47
Mar 25
Jan
Jan
Jan
124
Oct
Feb
70*2
122%
Dec
Oct
2112
3*2
8*2
Jan
Feb
Feb
Jan
60*2
15*4
Oct
Oct
19
Dec
110
Feb
Mar
3
z99
Deo
538
Jan
16
Oct
65*8
Feb
90
•
Jan 18
85
Nov
Jan
2
Jan 10
1*2
Jan
1
Oct
117*2
534
4
14
Oct
487s
Jan
Jan
Jan 10
18
Oct
70*4
Feb
Oct
88
20*2 Mar
lli8 Feb 20
61
Feb 20
93$ Jan 10
58
J an 13
2
27*4 Jan 11
51% Jan 19
178Mar 23
3U Jan 10
1478Mar 25
38
Mar
1
3
Jan
3
70
Feb
3
12i2Mar25
5%
6%
8%
7
5%
30%
1%
3%
7%
6%
35
100
1,000
7,100
7,700
1
1%
6%
4
4
% In receivership,
100
tJan
3
Mar24
8
56
Oct
6*4
49*2
19*a
Dec
43
Oct
1*8
Oct
Dec
Jan
Jan
58*8
078
Oct
2
Jan 12
138
Oct
3
Mar25
6*2
178
135s
18*4
x27h
Jan 12
3
Oct
1
II2 Jan 28
1034Mar 25
Mar 24
13
10
..—20
preferred
5%
20i4Mar 18
20
Jan 3
Great Northern pref
100
10
Mar25
Great Western Sugar..No par
13%Mar 25
24i2Mar24
100
12334Mar23
Preferred....——
.
.
100
Green (H L) Co Inc
1
Greene Cananea Copper
100
Greyhound Corp (The).No par
5H%
Wo par
100
preferred
8%
40
preferred
Hackensack
-.100
Feb
8*4
Feb
0%
preferred
6%
preferred
Hat Corp of Amer class
6M% preferred
Jan
22*s
Dec
Mar
Jan 14
0
Jan 22
Oct
20*2 Dec
23*2 Oct
129
Dec
21% Jan 12
50*2 Sept
1512 Oct
45
60
Feb 16
Nov
Holland Furnace
758
?8
Dec
IU2 Mar
li8 Jan 29
5
28
Jan 12
3
Mar 25
6
Feb 16
10
Mar 25
19
Jan 12
Mar 11
1734 Jan
12
Oct
Oct
12
17*2 Mar
59*2 Mar
Dec
Jan 18
95
1234Mar 24
23*8 Dec
26*2 Apr
108
6
92
Oct
105
Jan 15
18
Oct
120i2 Feb 28
*7% Jan 19
121
Dec
Jan
5
Mar 16
l%Mar 24
86
Feb
3
5%Mar 25
8434Mar 23
140
Jan
8
07
Feb
8
234 Jan 11
95
Feb 24
778 Jan 17
Feb
8
Jan
81
Nov
5% Dec
Dec
126
166
Oct
50
Nov
125
May
12634 Jan 19
130
Feb
1
4312 Jan 26
Jan 13
80%Mar 25
93
16i2Mar25
17
Jap 31
20
2414 Mar 16
98
Jan 10
100i2 Mar 12
Mar
2
39*4
Dec
16*8
15*2
93
Nov
Jan 12
734
Dec
15i2
Oct
102
Mar 16
21%Mar
100
preferred
Houston Oil of Texas v t C—25
Howe Sound Co
5
Hudson & Manhattan
100
100
preferred
Hudson Motor Car
Wo par
7
8
Mar25
46*2 Jan
4
83*2 -'an 26
5%Mar25
30*4Mar25
li2 Feb 11
3%Mar 23
6*8Mar 25
25
Jan 12
109
Oct
x3934
Oct
21
117g Jan 12
6
52i4 Mar 22
Feb
Jan
Jan
Oct
11
stk.Wo par
6734
June
2514 Jan 12
No par
com
135*2
37
100
B
Dec
Dec
Mar 25
6588 Jan 20
Jan
Feb
64
Nov
83
Mar 25
Mar 16
Feb
395s
111
0
102
Jan
117*2 Aug
1578 Jan
Nov
Jan 11
493sMar 18
1734
11
58
Mar 19
107
Oct
86
Mar25
40
Oct
Dec
129
Jan 11
Feb
5
Feb 25
94
17
48
140
15212 Feb 17
1078Mar 25
Jan
58*2 Mar
55*4
1*2
15
Houdaille-Hershey cl A. Wo par
Feb
Nov
Jan
25
5
Jan
Feb
Feb
90
55
Feb
31
100
123*2 Jan 29
Jan
205s
Feb 18
A..1
12.50
36
Mar25
19
No par
Mining
3434
9034Mar 24
95
Jan
59
Oct
1734
2478Mar
434
Feb
Oct
3*4
2U4 Jan 15
5% conv preferred-..No par
(A)
5
Mar
8i2 Mar 19
134 Jan 10
Oct
No par
Mar
Mar
1078
434
No par
Jan
Mar
Oct
7
100
Chocolate
98
May
7*2
0
No par
28*2
5634
42*2
145i2
64*4
39*2
lU4Mar 15
Jan
$4 conv pref erred. ..Wo par
Hlnde & Dauche Paper Co. 10
5%
4758
10
Jan
25
0% cum preferred
Class
Dec
1934 Dec
7
Hercules Powder new..Wo par
Household Fin
22
34
..100
Motors
Homestake
Jan 10
Jan 24
Feb
7i2 Feb ^4
2
Preferred
Hersbey
Jan
Feb
28
Hecker Prod Corp v t c.Wo par
Helme (G W)
25
Hercules
5%
2734
48*s
3
100
w w
Hayes Body Corp..
Jan
Jan
Oct
8
100
15
Jan
Feb
Oct
Jan 19
..100
434
Mar
Dec
Mar25
Refrac.Wo par
13*2
96
13
5
A) Co $5 pf. No par
Harbison-Walk
473s Mar
141
10
32
Hamilton Watch Co ...No par
Feb
50*2 Mar
8734 Mar
Jan 11
12712 Jan
40
1*8
115
Jan 10
15i8 Jan 12
20i4 Jan 12
32
Oct
10
25
Printing
Hanna (M
23
Jan 11
55
.25
Water
7% preferred class A
Hall
Mar 21
8U Feb
Gulf Mobile & Northern.—100
0%
Jan 22
1434Mar 25
40
.10
preferred
Guantanamo Sugar
16*8 Oct
72i2 Dec
3*4 Dec
Mar 11
No par
Gt Nor Iron Ore Prop -Wo par
Dec
1
pref series.—Wo par
conv
46
Feb 21
Grand Union Co tr ct£s
53
Oct
55
Granby Consol M S & P
Granite City Steel
Grant (W T)
478 Jan 11
2
z83% Dec
1234 Dec
5
53«4 Feb
1
5
5%
18* 900
6%
25
Feb 23
Feb 28
Graham-Paige Motors
5,200
6%
*1234
24
89
3
Preferred
400
7%
1034Mar25
76
Holly Sugar Corp
7% preferred
"9" 500
Mar 25
Jan 17
19*4 Jan 15
5712 Jan 15
No par
Hollander <fe Sons
800
13%
27%
46
378 Jan 11
80
preferred..-Wo par
$5 conv
Gotham Silk Hose
180
1%
6%
4
24
preferred
900
3%
13%
27
52%
No par
.No par
Goodyear Tire & Rubb. Wo par
88%
36%
88%
6%
36%
1%
3%
6%
*87
3
No par
2,200
110
7%
Bid and asked prices; no sales on this day.
20
51%
7%
*4
22%
22
7*8
8%
17%
110
1%
3%
0%
1
30
*102
81%
16%
8*4
52%
89%
5
8
30
*15%
80%
16%
24
40*8
1*8
*14
6%
16
18
52%
*3%
9
*100
7
16
81%
51
34%
*1%
1
81%
*16%
22%
52%
7
Mar 25
Goodrich Co (B F)
10
800
*100
*21%
Mar25
Razor..Wo par
No par
Brothers
Hazel-Atlas Glass Co
"9,200
*81%
*16%
2178
517g
1
285s
111
Jan
Feb
2*8 Jan 8
20ia Jan 15
Mar 25
Feb
2834 Jan 10
Goebel Brewing Co
6
2,300
18
*22
578 Feb 24
978 Jan 11
100
5
28
uobel (Adolf)
20
18
56
5
1334Mar 25
18%Mar25
Glidden Co (The)
100
1,300
*81%
51%
38*4 Jan 15
85i2Mar 19
$5 conv preferred
130
2,300
1,300
18
*22
May
5
31*2 Jan 18
112 Jan 26
15
117
Mar
110*8 Mar
4
Mar25
Jan
Oct
122
4%Mar23
734Mar 25
102
Nov
48
No par
Gillette Safety
GImbel
800
18
53
3
24
Oct
3
Feb
—..100
1
preferred
preferred
General Refractories... No par
40
800
20%
22%
24
295s Jan
112i2 Jan
Gen Realty & Utilities
Green Bay & West RR
*18
52
4
Wo par
Gen Railway Signal...Wo par
30
110
No par
Gen Publio Service
6%
Jan
118
34
67U Jan 11
3
647b
44*4
384
64i2
6578
28*a Nov
33
30
Mar 25
50% Jan
1
Ink
preferred
50
25
........No par
Common
General Printing
60
400
*102
10
Wo par
preferred
Gen Outdoor Adv A.,.No par
500
51
110
100
General Motors Corp
3,400
"90%
19%
1,400
3,700
19,000
2,100
8%
1%
18%
5%
13%
12%
900
16,000
5%
12%
*
26,900
1,000
3,500
130
*102
Wo par
preferred
0%
500
*39
110
Oct
%Mar 21
Gold & Stock Telegraph Co 100
3,300
12,800
130
*102
152
34
No par
4H% conv preferred
51
102
1205s Mar
52i4 Jan
Dec
Gen Gas <fe Elec A
300
4,100
134
6%
Dec
2078 Feb
88*8 Feb
293$ Mar
90*4 Mar
51*2 Jan
*39
*100
Oct
22
z99
Oct
*130
7*2
60
Feb 23
4512 Jan 10
335s Jan 17
700
83
16%
Jan 24
28
Jan
40
102
72
120% Feb 11
IIOI4 Jan 13
Mar 25
50 conv pref series A. Wo par
Feb
Mar
24
130
7
05
Oct
40
*16
Oct
8
130
*100
32i2 Mar
14i2 Jan 15
83
8
Mar 25
Feb
14
Oct
10% Jan
40
16%
153
Oct
6*4
14*4
General Tire & Rubber Co. .5
134
16%
Oct
Jan 10
2%
3,200
40
*7*2
Mar 25
23
Oct
257S Jan 12
Mar 25
45
5
117
13
0i2Mar25
13
Jan 15
Mar 11
5is Jan 12
Feb
Aug
*130
8
Jan
Mar 24
Nov
437S
83
17
Mar 25
91
31*2 Nov
3334
40
♦7*2
9
123
Feb 11
45ia Jan 10
Mar 25
General Mills....
Oct
15*2 Mar
105*4 Jan
86*2 Feb
19*2 Jan
97
Mar 21
Oct
134
*10*4
5*2
Jan
Dec
40
22
Feb
13*2
9*2
♦81%
100
19*2
33
16
86%
22%
Oct
6
♦81%
100
Jan
4
Jan
9%
147% *145
147%
147% *145
12
11
11%
11%
1078
48
50
50*4
49% 49%
18
106*4
7*2 Jan 12
7*8 Jan 10
Oct
Jan 10
50
9
14
*
*40
97g
*32%
16%
95
50
9%
18
6
Nov
14
1,600
1,100
21%
21%
*10
6%
92
92
*91%
91% 91*4
20*4
19%
19%
19%
1978
♦124
125
125% *124
125*2 *124
♦5*4
5%
*5*4
5%
*5%
5%
*55
75
50
59
*50*4 75
145
3*4
36
*91*4
*19l2
1%
1*8
18
88
20
3%
1%
11%
8%
1*8
5
Jan 17
15
3
13
9%
18
7
1U2
10*8
90
85fMar 10
5f Mar 23
3
3
7
8i2Mar23
1478Mar 23
7,000
7,400
1%
10%
8%
2:39*4 June
Jan
Gen Time Instru Corp .No par
1
13
8%
1*8
18*2
4*4
12%
26%
Dec
Jan 17
1**4 Jan 20
Gen Theatre Eq Cor p.. Wo par
1
13%
8%
1*8
Dec
7*j Mar
153s July
25
30
13
8%
1%
Oct
Gen Steel Cast 50 pref.Wo par
66
13%
9*2
Jan
1*8
300
*55
12
10%
Jan
48*2
3,700
70
*40
40
Mar
73
Oct
32
38
147g
117
Oct
2ia Jan 12
Mar 25
118
Jan
Oct
Feb
90
32*4
20*2
6*2
Jan 21
145a
No par
40
42,700
3,000
5,300
1,460
6,800
*40
16%
2,100
2,500
102
Jan
Jan
9
27
Foods—
General
70
8,000
15
16
1478
13%
26
25
25
25
24%
24%
123% 123% *123% 126% *123% 126%
*35
1,300
1,100
Jan 12
Jan
83
Oct
General Electric—-—No par
800
400
6%
10*8
20%
124% 124%
50
81,600
87g
54%
3%
1%
11%
978
30
24%
4%
7%
1%
3%
1%
11%
10%
15
2
14%
49*2
19%
37g
1%
11
16%
70
13%
1%
31%
115
100
18
Feb
183s
'
3%
♦21%
6%
3
15*2
*21
9
55
16%
*35%
1%
17%
4%
*95
40
6
4
*15%
134
87g
54
39
4%
7%
102
9%
15%
107g
4%
1%
12%
16%
40
9%
1
14*2
22%
22%
11*8
18*8
1%
15%
20%
19%
*60
3*8
70
55
*15%
*129
*47%
15%
*36%
178
55
*0
89%
1078
8%
53%
57g
100
*13%
10%
1*8
20*2
*145
9*2
147g
11%
87g
65%
6%
55
6
90
1%
*14%
19%
18%
19
80
6
148
18
20*2
82%
3%
6
6*8
24
*85
1%
20%
81%
3%
26%
90
100
8*2
1478
29%
100
Wo par
preferred
7%
60
1
*12%
*25%
*32%
1%
119% 120
19%
*47
6
1%
121
15
49*2
*25%
*32%
36
*120
1*8
*4
12
*47
122
A
Jan 21
3
li2Mar
Wo par
No par
7% cum preferred
80
115
-Wo par
5
General Cigar Ino
10
500
15
Baking
58 1st preferred
400
55
1
z8%
*1*8
12
14%
1*8
General
Class
25
4%
preferred
135
Oct
Dec
4
5
$0
234
40
9'4 Jan
4i2Mar23
13,800
Dec
10
400
%
66
3%Mar 23
Cable
%
Jan 18
55s Jan 12
4012 Jan 13
33%Mar 25
5,100
Sept
54*2
22i2 Feb
No par
5
6
68,500
Apr
98
1034M ar 25
General
33%
58
Oct
Oct
05
Mar 23
Gen Arner Investors...Wo par
1,000
Oct
11*2
11
7
23%
27
80
Jan 12
Gamewell Co (The)
Bronze
116
Jan 10
A..No par
Gair Co Inc (Robert)
1
53 preferred
10
Gen Am Transportation
58i2 Feb
39*2 Mar
978 Feb
Oct
Feb 26
28
2212 Jan 3
10234 Feb 28 zl07
Gabriel Co (The) ci
1*2
90
Jan 28
1,400
54
8%
77g
778
103% *102
103%
1%
1%
1*2
1%
15*2
17%
17%
17%
*85
Free port
5
107*2 Feb
52*4 Mar
46*4 Feb
201*
SUMar 25
2,500
20
25
1*8
21%
22% *21%
11*4
11*8
17
18*4
17%
*27
27*2
27*2 27*2
♦124% 120l2 *124% 120%
-
*60
4%
8*8
%7 conv
Jan
Oct
Nov
2012 Dec
11*2 Oct
Jan 10
33*2
12i2Mar 25
Wo par
Gannet Co conv $0 pf..Wo par
Gar Wood Industries Inc...3
55
102
Dec
90
30
3l7g
115%
28%
4%
4%
15
3
4
50
55
30%
Dec
21
General
26
115
22
Feb 11
l%Mar 25
10
Francisco Sugar Co
10
32
*25
Mar 25
preferred....No par
Wo par
55
20
12
3478 Feb 11
1834 Feb 10
29% Jan 12
2,200
5,200
25
78
Mar 25
4\A% conv pref
50
*25
307g
31%
115% 115%
26
34%
26%
%
50*2
55%
70
3*4
33%
25*2
7g
%
30
122
3*8
3%
26
55%
55%
*60
34%
25%
36*8
20%
7g
45
*30
*120
34%
20
20
Mar 23
20
Dec
16*2
90
Mar 25
500
455s Jan
3934 Feb
413s Mar
Jan 11
20
2,100
10878 Mar
Oct
Jan 15
2312 Feb
share
per
Oct
22l2
25*8
85
1,300
X05
92
17%Mar 25
100
10
1,600
Highest
share $
per
Mar 25
Foster-Wheeler
100
49
23
50
12%
*52l2
*49
Jan 18
33*2 Feb 23
I
80
14
13
x79
share
20
Co. No -par
Rubber...10
X Follansbee Brothers..Wo par
Food Machinery Corp
100
120
4,500
5,400
127
per
No par
Florence Stove Co..—.No par
Florshelm Shoe class A .No par
600
35
6%
*111
15%
♦89%
51
14
5
I
share
077S Jan 4
24%Mar 25
Fllntkote Co (The)
1,900
93
3%
24
15*2
♦145
14
5
3
116
3*8
6
6%
*13
11%
90
7%
*121
3%
7%
24
15%
*84
778
7
7%
127
3
33%
*111
70
1%
7%
*121
47g
*85
24
15*4
*40*4
20*2
♦81*2
3*4
♦95
7*2
35
110
♦60
18
5
93
33%
24
33%
33%
31% 33%
115
115
♦114% 115
115% 115%
♦20
28*2 *26
28*2
28% *26
5
478
*4%
♦4%
4%
4%
8*8
87g
8%
♦8*8
8*8
8%
*103% 108
*103*2 108
*103% 105
2
1%
*1*2
1%
1%
*1*2
17%
18%
17%
17%
*17*2 18%
100
85% *85
85*2
85*2 85*2
1%
1*8
1*8
1*8
1%
1*8
16
17
♦10*4 177g ♦16% 18
21
21
20% 22%
21% 22%
19
20
19
20
19%
21%
11
9
*9*2
10*8
10*8
9%
18
18
18
*147g
*1478
*1478
11%
11%
11% 11%
11*2 11%
9
9
9%
9%
9%
9%
58
♦55*2 50% *55*2
557g
5578
6%
6*2
6*8
6*2
6%
6%
♦49
52
48*2 48*2 *46*2 48*2
17*2 18
17%
1778
17% 17%
*36% 40
*36% 40
*36% 39
2
*2
2
2
2*8
2*8
♦1*8
5
*85
5%
93
34%
,
4%
♦111
34
16%
5%
25
122
♦41
5%
*88
115
33
*40
90
*24
50%
*13%
20*4
♦21%
11*4
11
*88
1%
3%
10%
3%
10%
131
115
*55%
♦12
11
11
24%
45
3
1%
*11%
5%
127
121% 121% *121
3%
3%
3%
3%
1%
3%
♦115*2 117
36% 37%
37*4
27
20%
27%
1
%
78
♦30
♦120
5*2
*5%
1*2
3%
per
6% preferred series A... 100
First National Stores—Wo par
13,000
1
1%
4H% pf—100
Firestone Tire &
2,500
5,800
Year 1937
Lowest
Highest
Filene's (Wm) Sons
21
♦25
5
Fidel Pben Fire Ins N Y__2.50
200
30
18*2
80*2
2812
17*2
8012
283s
*
25
*16*8
1%
17«
2312
Par
Fed Dept Stores
2512
1938
Range for Previous
100-Share Lots
Lowest
68
*60*2
24%
25
18*2
Range Since Jan. 1
On Basis of
26,
EXCHANGE
the
24
$ per share
21
♦80
21
Friday
STOCK
YORK
NEW
Monday
Saturday
March
5234 Feb
120*2 Jan
3034 Mar
43*2 Jan
11434 Mar
5334 Dec
Dec
44
,
41
Jan
Oct
2778
Feb
Oct
73
Jan
Mar
Feb 24
78*2
Dec
94
87a Jan 11
533s Jan 13
434
Oct
17*2
Oct
90*2 Mar
90
238 Jan 13
7ia Jan 13
10
Jao 13
178 Jan 10
12% Feb 25
37
Jan
1*8
3*2
Oct
Oct
1578
Jan
4
Oct
23*4
Feb
1*8
Dec
578
Jan
4*4 Aug
7%
10,700
10,800
Oct
38
14%
200
0% preferred series A... 100
13%Mar 24
20
Jan 10
16
Oct
07*2 Mar
26
230
25
Mar 25
38
Jan
4
34
Dec
72
4
100
Leased lines 4%
100
RR Sec ctfs series A—1000
4
Mar 16
7«4 Feb 25
5
Dec
25*2 Mar
Hupp Motor Car Corp
Illinois Central
a Del. delivery,
n
New stock,
1
1
100
r
Cash sale,
Mar 14
0i2Mar25
x
Ex-div.
y
Ex-rlghta.
8
Mar
Jan
1 Called for redemption.
Volume
New York Stock Record—Continued—Page 6
146
HIGH
AND
Mar.
19
Mar.
17
*534
5%
17%
67
5%
1734
*64
*136l2
*136% 138
*67
66I4
68%
12
1134
12i4
4
4
4%
4%
*18%
*83
3%
9%
23s
*20
14778
62i8
*142
4%
4i2
*143
478
478
3i8
884
3
834
48U
*128
*378
49
135
634
7
27i8
8%
Mar.
NOT PER
SHARE,
Wednesday
23
Thursday
Mar.
I per share
24
$ per share
Mar.
578
1712
17i2
61
61
6
...
*83
3
93g
23s
1914
146l2
603g
7
87
3lg
10%
212
1914
146l2
6234
4l2
5
*3
812
8%
434
314
878
*83
87
278
3
8%
9%
2%
18%
145
605g
2%
18%
14334
5734
*143
*143
334
6%
16%
60%
*83
....
334
4%
3
3
7%
8%
87
4
28
3i8
2512
28l2
24%
*3U
2834
318
4
3
2534
3%
EXCHANGE
800
334
2%
7%
147% 147%
5478
59%
*144%
3%
378
4%
2
2%
2%
7%
8%
8
2434
*3%
2584
4
21%
2484
3
2%
1,400
18,300
100
Steel
3312
36l2
27
*20U
*32i2
*2118
31i2
27
33ig
*2H8
31l2
*31
31
31
16%
17
17
*55
60
16i8
60
*55i8
7i8
7i2
7U
75g
8%
7i«
73g
*20i2
734
21
1012
*119
77
*20i2
70
21
914
49
7114
7134
*49l2
77
205s
21
11
*119
~50"
72
7314
12412 124lfc
•124i2 12612
814
16%
57%
7%
7%
85g
*6514
*7l2
1078
*119
49
5714
634
67g
734
834
*6514
1078
85S
*65%
*712
16
33%
26%
31%
•
4878
31%
31
*21%
30%
32
26%
*21%
26
56%
31
30%
30%
15
15
1434
57%
15
57%
57%
6%
7
634
7%
6%
678
7%
7%
65%
7%
7%
65%
8%
*20
8
8%
48
66%
72%
124l2 124% *124%
8%
7%
77
8%
21
31%
21%
2934
147g
57%
678
28%
21%
29%
13%
55%
6%
6%
7
8%
7%
Interlake
Internat
No par
100
20
6
92
Dec
83
Mar 16
95
Int Business Macblnes-No par
Internat Harvester
No par
140
Preferred
100
29
Mar 25
18
Jan
5
Mar
9
Jan 17
164»4 Jan 21
Jan 11
70
547g Mar 25
141
Jan
4»4 Jan 12
13% Jan 12
37g Jan 17
Mar 25
2% Mar 25
100
152
Mar
3
7'4 Jan 12
3% Mar 25
Mar 25
117®. Jan 21
2
Oct
2
Oct
18%
Jan
Aug
Jan
3
Oct
178
Oct
6
Oct
37
Nov
21% Mar 25
278 Mar 25
39% Jan 12
6
Jan 21
28% Mar 25
48% Jan 21
34
100
preferred
28% Mar
9% Apr
63% Apr
162
5% conv pref
100
Internat Rys of Cent Am.. 100
5%
Jan
120
15,900
580
6
1384 Jan
64% Apr
111% July
11% Mar
189
52«4 Feb 23
.No par
July
Nov
135% Mar 1
9% Jan 12
470
Feb
143
131% Mar
33% Feb
138
3
43% Jan
132
Oct
144
127% Nov
53% Nov
Jan 19
100
Oec
6
47g Jan 11
7% Mar 23
2%
4% Mar 25
Preferred
12778 May
6% Dec
8®4 Sept
4% Sept
29% Dec
2% Oct
4% Sept
1678 Jan
15x4 Apr
18>4 Jan
733g Mar
135®4 Jan
19% Sept
18
Apr
9% Apr
68% Sept
10
Dec
834
57%
Oct
28*4
Feb
Jan
Feb
Jan
Jan
100
International Salt.
No par
20
6
22% Feb 17
19%
800
International
Shoe
No par
30
Oct
International Sliver..
29% Mar 25
13% Mar 25
3534 Jan 24
900
Jan 17
16
Oct
52
Mar
55% Mar 25
5% Feb 4
68% Jan 25
8% Feb 26
65
Oct
110
Feb
4
Oct
4
8% Feb 26
13% Jan 12
6%
Oct
180
37,700
5,700
3,500
100
7%
preferred
100
Inter Telep <fe Teleg
No par
Foreign share ctfs—.No par
Interstate Dept Stores.No par
Preferred
100
400
Intertype
""806
69
62
67
9,100
70
Jan
6
Feb
20
7% Mar 23
8%
Dec
Feb 10
75
Jan 11
70
Dec
12
Jan 18
9
Nov
1
Corp
8% Mar 23
x2Z
Mar 23
24
Jan 15
1
Island Creek Coal
46"
56%'
Oct
Jan 26
Inter Paper & Power Co
15
Class B
..No par
Class C
No par
46
55
Oct
20
17
Int Nickel of Canada..No par
54
1257g
Oct
1%
57,400
*46
*125
378
634 Jan 13
25
Jan 12
8
Prior preferred
56
1257g *125
Oct
4% Jan 19
22*266
67
68
6%
3
Mar 25
2% Mar 25
par
58'4 Nov
Mar 25
3
No par
Agricultural—No
Jan
78% Jan 12
15% Jan 11
59% Mar 25
No par
Iron
500
8%
8%
20
1
Int Hydro-Eleo Sys cl A
25
Int Mercantile Marine. No par
Internat Mining Corp
1
4,400
20
77
*67
Oct
2,700
13,400
*117%
*117%
48%
68
*66
*20
20
*117%
49%
32%
132
No par
Voting trust ctfs
32
6
6% preferred
Intercont'l Rubber
2%
61%
138
Interchemlcal Corp
2%
144
Nov
8
Feb
1,200
2%
147
72
135
9
2%
57%
Jan 18
Jan 14
100
preferred
378 Jan
20,800
4,100
144
22
86
t Interboro Rap Transit... 100
"1*600
147
Mar 25
Mar 25
Insuranshares Ctfs Ino
9%
19
15
60
Inspiration Cons Copper...20
234
87g Jan 10
Highest
share $ per share
22x4 Jan
5% Oct
15
Dec
47% Apr
per
No par
7,900
8
18
5% Mar 19
$
No par
21,100
1,200
2%
19
10
3 per share
Inland
278
9%
19
Indian Refining
Industrial Rayon
Ingersoll Rand
Lowest
Highest
$ per share
"3*206
87
*83
Par
6%
278
8%
100-Share Lots
Lowest
Shares
1,000
3,800
1,300
Range for Previous
Year 1937
Ranoe Since Jan. 1
On Basis of
Week
25
$ per share
6
6
578
578
684
15
16
16%
17
16%
60
60
70
60% *60
*136% 138
*136% 138
138
*136i2 138
♦136% 138
66
61
64
59% 62
68
6612
5934
61%
9
11
10%
1212
1134
9%
10%
978
11%
4
4
4
4
4
4
4
4
4l8
3
334
4l2
334
384
334
418
438
4%
17
17
18
1934
1812
17%
17%
17% 17%
18
STOCKS
NEW YORK STOCK
the
CENT
Friday
45
4734
48i2
4914
4634
48%
4712
4578
47%
48%
*129
135
*129
135
*128i2 135
*128i2 135
*128% 135
434
5%
5%
6%
678
714
6l4
7
558
6%
28
*314
*3
Mar. 22
$ per share
69
1934 *1812
9012
9012 *83
314
3U
314
10
10
1012
2%
2l2
234
20
2014
2ll2
*145
148
148
62l2
6312
63
...
Tuesday
21
9 per share
9 per share
67
SALE PRICES—PER
Monday
Sales
for
LOW
Saturday
2001
116% Jan 19
117
..No par
preferred...
63
No par
;
Johns-Manvllle
Preferred
62
Mar 25
122
Jan 24
55
Mar 25
1578 Feb
8% Nov
36% Jan
107% Apr
26% Jan
Oct
30
8
xll6
Sept
127
53% Mar 11
Mar 25
No par
100
Jewel Tea Inc
46
493g
49
Dec
Jan
Jan 10
86
125% Mar 14
20%
65% Nov
87%
155
Apr
Aug
Jan
Jan
Mar
126
Jan
>4% JNOV
15% Dec
136
Feb
46
Jan
115% Apr
121
Mar
29
Mar
120
*
'
5734
15
*11814
59
15%
5734
147g
*118%
"
7
V"
8
1612
60
15
"8"
57l2
1412
*11834
734
575g
14%
♦57
58%'
*12
14
57%
*12%
1478
*11834 120
6%
7
*11884 120
678
57
7
16J2
*16
19i2
*16
19%
17
*1534
*15
16
♦15
16
*15
16
15
15
*15
*1134
1314
*1134
12l2
1134
1134
1134
*1134
17%
15%
13
*60
80
*60
80
75
*65
75
*7
7&8
7%
♦412
434
45g
*85U
35i2
89i2
*85i4
*8
36
8i4
8ig
7i8
434
89i2
373g
♦60
7
4l2
*85i4
3438
8
80
7
434
*16
*66
6%
4%
89%
365g
*86
8%
2278
3234
6
6%
x8
8
22
22%
*2li4
7%
*22%
2278
2
*124
2
1%
1®4
48
*15i8
48
*1518
48
14
*12i4
1314
12
12
*15%
♦10%
1634
*12
16%
1678
17l2
*4ig
2314
I41g
8i8
17X2
4%
43g
2334
2334
14
14
12
12
*12
12l2
1934
*1834
20
*18^8
10
IOI4
*4
5
1
IOI4
*4
*1214
6
24
1414
IOI4
4%
1234
16%
17X4
*4i4
*24
14%
*12
19
IOI4
*4
1738
6
30
*4%
*23
*26
27
*84l2
88
*26
*84
27
88l2
n7'8
26
86l2
434
12
11
12
*18%
21
18%
18%
17%
18%
10%
*10%
103g
5
4
4
J'8
26%
86%
26
*83
26
86%
88
165
1514
43l8
105
105
Us
33
114
33
314
16i2
*100
314
43
*16l2
*26
1678
28lZ
*122
124
1812
1834
2734
28
*11U
12
*2414
1%
*514
2634
*1014
6
106
*H8
3314
314
15%
1612
10178 *100
16
*155s
*13714 140
*15
15X2
43
4358
H4
6i2
12i8
155g
137U
*15i4
43
1678
*2612
122
1834
27%
*1U4
*2478
1%
*514
1112
638
6I4
*10i8
III4
*10i4
158
188
578
*H2
534
'4
»4l2
12
*1
28
634
17i2
3is
30U
25i2
♦161
3612
5i2
34
678
*34
*4i2
1212
*12l2
J1*
*1
28
*27l2
7
181S
678
1778
3l8
3i8
30i2
30
26
2534
165
*161
36l2
4%
3634
19i8
19
*8312
93"
IOI4
IH4
7U
7i2
4%
19
*20
17l2
*16
26l2
38l2
15X2
25
17%
25%
37
15
41
4434
106
*105
3234
3%
16
16
15U
15%
43
40%
40%
16%
1678
28%
122
1878
28l2
1134
2634
13g
6i2
lli2
614
11
1%
578
1
5i2
13
112
2812
7»8
18i2
3I8
30i2
2584
1514
25%
*122
26
126
19%
17%
2734
26%
11%
12
11%
24%
1%
*5%
243g
1%
22%
1%
6%
5%
11
11
6
*10%
1%
5%
*34
*4%
12%
*1%
27%
678
1678
3
29%
24%
*161
36
6%
11%
1%
5%
*5%
10%
1%
5%
1
678
12%
1%
27%
7%
18
3%
34
34
3%
11%
4%
11%
1%
i26%
6%
16%
278
30
28
25%
24
*162
165
„118
26%
7
167B
3%
*83%
*1034
634
93"
*83%
"93"
9%
*65
79
93"
*65
79
*20
1834
*20
11%
7%
6
*65
32S4
3
15%
*97% 103%
15
15%
129
130
15%
32
36
14
22%
*122
16
22%
126
1%
1%
5
400
5,100
4,200
10
1,500
3,400
400
12%
7
6
3
10%
1%
9%
1%
1%
5
5%
57g
60
5%
10
720
400
%
3%
12
J1*
24
634
17
3
25%
23%
1,300
1,000
5,000
900
*5%
2%
90
5,500
20
5
1
700
15,800
2,900
3,400
1,100
190
15
6
27
23«4
2,000
7,800
150
30
630
50
400
8,500
13,300
1,500
2,000
2,000
165
162
162
10
33%
378
34
33
34
4
1,400
4,200
18
18
18
1,100
4
334
17%
*20
*20
98*
♦83%
9%
93
9%
7
*83%
7
7
1,700
6,900
70
65
65
100
9%
6%
74
1
10%
1%
10%
*83l2
11%
7l2
I884
3
15%
4078
106%
2234
1%
*162
*65
22
Dec
47%
Jan
Mar25
17% Jan 17
14
Dec
11
Mar 25
18
Jan 12
6
Oct
17% Mar 25
30
Jan 12
8
Oct
24%
277g
41%
Jan
Laclede Gas Lt Co St Louis 100
5%
100
preferred....
Lambert Co (The)
No par
No par
Bryant
5
Lerner Stores Corp
No par
Series B._
Preferred.
20
165
Jan 12
13
934 Mar 25
3% Mar 26
Mar 26
11
Jan
4
334 Mar 23
% Mar 18
Mar 25
2
z2078Mar24
7
Mar 25
22
Mar 23
28
127g Jan 10
6
Jan
8
15% Jan 12
1934 Jan 12
102
Feb
9
634 Feb 25
1% Jan 12
5% Jan 13
28% Jan 12
11
Jan 14
27% Mar
2
24
Jan
Jan
Mar
10%
Dec
5
Dec
1734 Mar
Oct
2778 Mar
51% Feb
934
14
Oct
Dec
97
203
Feb
4%
Oct
24% Mar
%
Dec
Oct
334 Jan
18% Jan
43% June
21% Feb
Oct
68%
278 Dec
2234 Dec
8
23
Jan
Liggett & Myers Tobacco..25
24
24
23% Mar 21
par
100
2234
1%
3
par
1,700
1734
234
Oct
Feb
87
1,400
165
11
28%
438
%
3034
6%
Dec
29
267g
24
35%
*105
15
%
Oct
17
24
4
*1834
■
36%
24
Mar 25
1
9% Mar
23
10%
634
16%
35% July
29% Jan
1578 Jan
Oct
27% Feb 26
2584
*2278
Dec
700
26
18%
28%
34
19lg
*80
1%
71
11
Dec
15-% Mar
11%
1%
28%
67g
17%
Dec
16% Jan 12
18% Jan 18
6
Jan 12
134
79
27%
1%
20
Oct
634
*25%
*10
3
Feb
85
634
5
1734
15
5
11%
1178
22% Mar 4
2% Jan 10
Jan 10
17%
*34
*3%
3
9
2634
*10
Jan
233s Feb
19% Jan
109% Jan
69% Mar
20% Mar
4634 Apr
43t4 Jan 10
97g Jan 12
l%Mar 24
12% Jan 7
10% Mar 24
15% Jan 3
4
28% Nov
5% Oct
Jan
Dec
14
5%
10
par
Jan 14
110
Jan
Mar
33%
32
*11
par
Feb
87
27%
Jan 11
14
*5
par
934
14%
42
29
28
36%
4%
19%
*4%
7l2
*11
18%
27
11%
23%
1%
5%
12%
6
10%
1%
5%
1
No
$5 prior preferred...No
Kresge (S S) Co..
Kresge Dept Stores....No
Kress (S H) & Co
No
Kroger Grocery & Bak.No
73
Jan
26% Mar 25
684 Mar 25
25% Jan 4
1434
126
..No par
20
Llbbey Owens Ford Gl_ No par
Llbby McNeill & Llbby No par
Life Savers Corp
5
5,100
4,800
2,200
2,100
10,900
*122
126
183s
38
IH4
♦122
2738
165
*20
80
16
1578
4l2
43g
100
138
2,300
5,400
3,400
2,000
"""166
105
6
95
16
105
Jan
4% conv preferred
100
Lehigh Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred
.--50
Lehman Corp (The)
1
Lehn & Fink Prod Corp
5
23%
1
1
1%
32% 32%
33
3
3
3
3%
1538
15%
15%
15%
*97% 103% *97% 103%
15%
15%
15%
15%
128% 138% *128% 139
15
15
15%
15%
36
36
36%
36%
15%
14%
14%
15%
24
24
*23% 25
Dec
80
120
14%
105
80
Kendall Co $6 pt pf A..No par
Kennecott Copper
No par
4,800
1,400
22%
*164
1%
32%
Oct
"4"
77g
41%
Oct
4
14% Jan 31
16
41%
Nov
7
6% Jan 10
Lehigh Portland Cement--.25
22
40
80
Jan 10
3% Mar 25
B
Lee Rubber & Tire
22%
28%
87
Mar 18
1
Class
Lane
22
86
Kelth-Albee-Orpheum pf__100
Kelsey Hayes Wh'l conv cl A.l
900
26%
88
35
Nov
900
2238
2834
165
Oct
13
400
7
7%
26%
447g
15
14% Jan 12
4
17%
15
104
21
Oct
18% Jan 12
15%
8
Oct
Mar 17
15
11%
2334
35%
*16
36
106%
2,000
3478
17%
1434
16i2
1534
*87%
35
3334
3%
138
*83
*164
15
1%
33%
3%
100
7
38
Us
139
7%
22%
28%
2178
90
10
2S"
o21*
x2078
23%
3934
934
3%
%
2%
23%
4334
10%
334
4,300
190
*3%
11
11%
11%
15%
15%
15%
101% 101% *101%
334
334
4
21%
H4
1017g
155g
*16
10
26%
88
15
500
12
*164
44
300
12
19
2,400
4
3
5
1134 Mar 18
65
Mar 25
6
Mar 25
19
27
12
11834Mar 25
934 Feb 25
5
1534 Mar 25
Kinney (GR) Co
$8 preferred..—
4
12%
19% Jan 10
8
Mar
6% Jan
Kimberly-Clark
*"""46
""jaiTlO
12% Mar 25
118
Keystone Steel & W Co No par
*23
1378
pf ser B No par
Southern
100
4% preferred
100
Kaufmann Dept Stores.512.50
Kayser (J) & Co
5
Kansas City
300
1634
13
Kan City P & L
400
434
27
14%
Jones & Laughlln St'l pref.100
Kalamazoo Stove & Furn...l0
2934 Mar 25
7% Jan 4
*4
14
90
39l2
16%
10
47,600
2,000
16%
14%
165
15
85%
3378
8%
2178
134
48
11
167g
14
*87
*38
*8334
2934
7%
143g
*164
26l2
38i2
900
2,400
*22
1634
30
87
*16
10
6%
4%
10%
165
18
65
6
3%
12
87
27
65
*11
*164
*2458
400
12
89
*16
300
1134
48
1%
200
15
*15%
1%
10
1134
48
165
*86i4
*164
♦65
J1*
85%
34%
1,800
2,400
15
*21%
*1%
*15%
1234
12l2
117g
11%
11%
11%
15
15
15i2 *1534
1534
1534
101% 10134 *101
101%
101% *101
101% *101
4
5
418
4i2
37g
4%
334
3%
%
%
*5g
*5g
%
%
J8
o68
2%
234
2%
278
2l2
2%
2%
2%
23
2238 22%
22l2 23%
21% 22
2318
9
9
8
85S
*8i2
8i2
8%
8%
22
23
23
23l2 *2334 24l2
2312 23%
30 ia
31
2934 2934
2734 29%
2912 30%
7
7
7%
7l2
7i8
15l2
6%
4%
85%
33%
22
22
2278
2i8
*4
4%
89%
34%
7%
*134
*21»4
*1S4
*15l8
<
1134
12%
14
11834 11834
6%
7
1534
1534
470"
18
—
Link Belt
102% Jan 11
9
167
Jan
16
Jan 10
x\8
Feb 28
1512
3434 Jan 12
18%
No par
$or p..No par
Co.-.j,
Mar
21% Mar 23
29
Mar 25
Mar 25
14
42% Mar
20
5
5
Jan 12
No par
627g Jan 12
106% Jan 14
No par
78 Mar 25
Lone Star Cement Corp No par
3034 Mar 25
1% Jan 17
3938 Feb 21
$6.50
Loft
I
preferred—
No par
Inc.
Inc.
Long Bell Lumber A...No par
Loose-Wiles Biscuit
25
100
10
7% preferred
100
Louisville Gas & El A.Jjfo par
preferred-(P) Co
5%
Lorlllard
Louisville & Nashville.
Ludlum
Steel
3^0
—No par
preferred
6%
-\-100
\-l
MacAndrews & Forbes
Dec
100
Mar 18
36% Mar 25
104
Mar 23
Loew's
82
Mar 18
Lily Tulip Cup Corp ...No par
Lima Locomotive Wks.No par
Liquid Carbonic
Jan 10
85
86
25
100 zl64
Mar 23
3
15% Mar 25
100
Mar 22
Mar 25
15
128% Mar 23
15
Mar 12
32
Mar 25
14
Mar 25
22% Mar 25
121% Jan 14
458 Feb 23
21
Jan 12
106
Jan 18
18
Jan 14
140% Mar 11
17% Jan 13
56% Jan 10
21% Jan 12
31
126
Jan
7
Jan 21
83%
151
33
Oct
May
Oct
Oct
Nov
14
Oct
43%
Dec
9934 Nov
1
June
32
Oct
2%
17%
Dec
101
Oct
Oct
1538
125
Dec
Oct
14%
Oct
48% Nov
13% Oct
2634 Oct
123% Nov
17% Dec
Jan
Aug
113%
Feb
114
Jan
175
Jan
23% May
83% Feb
63
Aug
2678 July
8778 Aug
110
Jan
37g Feb
75% Mar
1034 Jan
43x4 Jan
110
May
28% Feb
14734
2834
99
Jan
Jan
Mar
4134 Mar
36
Feb
132i2 Feb
62% Mar
68X4 Mar
15% Jan
Macy (R H) Co Inc
2534 Mar 25
2434 Jan 12
32% Feb 28
Madison Square
10% Jan
13% Feb 10
8%
20
4
Mar 25
3078 Jan 11
18%
Oct
63
1
Mar 18
2
Mar 15
No par
5
Mar 25
9
Jan 10
6
Dec
16%"Jan
t Manhattan Ry 7% guar. 100
Modified 5% guar
100
25
7
Mar 25
20% Jan 13
10
Oct
39
3
Mar 25
No par
Mack Trucks Inc
No par
Gard. .No par
Magma Copper...
10
Manati Sugar Co
1
Mandel
Bros
Manhattan Shirt
Maracaibo Oil
Marine
Exploration.. 1
5
Midland Corp
6% preferred
6% prior preferred
6% 2d preferred
Marlln-Rockwell Corp
1
No par
Masonlte Corp
No par
Mathleson Alkali Wks. Wo par
Martin-Parry Corp
7%
preferred
May Department
100
Stores—.10
No par
33 preferred w w
No par
33 preferred ex-warr.No par
$6 1st cum. pref
No par
McCall Corp—
No par
McCrory Stores Corp
1
6% conv preferred
100
Maytag Co-—---
Mar
Jan
4%
Oct
16i2
Jan
9%
Oct
7% Jan 11
Oct
Oct
Feb
6% Mar 21
1%
5%
29%
634
14%
9
6
7
1% Jan 31
6% Jan 13
7
Jan 28
1
Mar 18
1234 Mar 11
184 jan 13
24
Mar 25
29
% Jan
1
Oct
Jan 13
3% Feb
Co
(Glenn L.)
Dec
12% Jan 13
234 Jan 11
100
-100
100
Marshall Field & Co...No par
25
9% Mar 25
1% Mar 22
100
Market Street Ry
Martin
Mar 25
17
6% Mar 18
15
Mar 25
2% Jan 3
25% Mar 25
22% Jan 4
157
Jan 26
33
Mar 25
Jan 14
978 Jan 12
21% Jan 3
4% Jan 24
37% Jan 15
27% Mar 10
165
Feb 23
42% Jan 15
67g Jan 12
3i2 Mar
34
Dec
Oct
20
684
1%
Dec
Oct
39
3
Jan
Feb
Jan
Jan
OCt
6%
6I84
30%
29x4
1378
20
Oct
74
Feb
22
Dec
4134
Jan
142
May
24
7%
10
1«4
Dec
Dec
Oct
165
Mar
Mar
Mar
Apr
Jan
Jan
17% Mar 25
80
Jan
4
25
Jan 10
3384
Dec
66% Mar
4%
Oct
Dec
15i2
44
Jan
June
334 Mar 25
45
Jan
Nov
111
Jan
Dec
Oct
Oct
36
Jan
20%
91% Feb 10
9% Mar 25
6
Mar 23
16
Jan 18
11%
10
Jan 11
784
Mar 25
79
Jan 18
65
x6Q
Jan
24i8 Feb
IO6I4 Mar
—I
a
t
New York Stock Record—Continued—Page 7
2002
LOW
AND
HIGH
SALE PRICES—PER
CENT
NOT PER
SHARE.
STOCKS
Sales
Mar
19
Mar.
21
.
13%
13%
9
*838
38
38
18%
19
0%
32%
6%
6%
32
6%
6%
8
36%
37%
17%
38
18%
17
0%
32%
534
034
94
10
10
64
*62
64
*62
*50%
59
*50%
59
*.50%
59
*41
42%
41
4
4%
4
19
19
14
*8
37
*37
8%
*
*
92
"59%
120
♦105
5*4
*40%
*%
49
♦34
*%
*105
6
1
*8
14
*12
35
37
35
8
18
17%
21%
15%
1934
95
95
94
120
*105
53
48
48
120
5
%
*%
%
*%
*84
1
*%
1
%
%
*%
1
*%
1
13%
2%
6%
1%
1%
13%
2%
13%
13%
*%
%
13%
2
6%
*1%
5%
*40%
45%
1%
1
*34
35%
17%
0%
31%
6%
36%
16%
5%
3034
5%
%
*1%
1%
59
50
40
18%
14
5%
5%
7
14%
2034
1
94%
1834
89%
50
*48
*48
153
*153
14% Mar 25
1834 Mar 25
100
89% Mar 25
%
1
*153
154
154
153
153
*152
6,300
7,800
1,100
2,400
2,200
4,800
12
74% 7034
113% 113%
31%
28%
*26
340
%
12
13%
934
4
43%
11%
4%
4434
11%
35%
40
*38
45
8
7%
8
6%
18%
152% 152%
*12
41
"38"
39
38
*38
40%
39%
14
15
15%
14%
15%
14%
15%
13
13
12%
1234
13%
12%
13%
110
109
*108% 110
*108% 110
*108% 110
*108% 110
106
108
108
108% *106% 110
107% 107% *106% 110
5
5
5
5%
5%
5%
434
434
434
4%
4%
4%
*4%
4%
*438
434
4%
434
*4%
4%
20% 20%
20% 20%
1934
19%
19%
19%
18%
20%
*40%
15%
13%
*108% 109
*107
109
*5%
538
*4%
4%
20%
42
40%
15%
20%
15%
13%
*
-
490
m
300
400
75
40%
15%
13%
12%
*
L
2,800
2,400
8,200
6
14
-
17,300
10
18%
154
81
8,000
8%
9
*39%
*12%
100
~~
14
.*00
140
200
2,000
81
12%
5,800
100% 100%
4%
4%
*70
75
7,100
4,200
1,900
2,900
13%
9%
12%
45
39,600
29
%
4%
100
27
29
*12%
15
12%
*72%
1,400
2
6%
%
1%
1234
133s
*12%
*72%
94i2 Jan 26
49i2 Jan 28
13
600
50
100
2,000
400
8,800
No par
t Missouri Pacific
5% conv preferred.
Mohawk Carpet Mills
5
Mar 25
7gMar 25
li4 Mar 25
100
100
Mar 25
20
12
10
74i2 Mar 25
Monsanto Chemical Co
$4.50
4
25
25
2
3
21
25
25
-.100
Preferred series A
preferred
111
No par
5
Jan
Montg Ward & Co Inc No par
Morrell (J) & Co
No par
28% Mar 25
Morris A Essex
29
25
50
Mother Lode Coalition. No par
Motor Products
Motor
Corp ..No
5
Brass
Co
9% Mar 25
12% Mar 25
1
Mulllns Mfg Co class B
4
1
$7 conv preferred.—No par
Munslngwear Inc
No par ;
Corp
Mar 25
43U Mar 25
11% Feb 10
3334 Nov
Jan 11
Dec
4%
Jan 11
14
27% Jan 12
101% Jan 12
87
Jan 20
94%
Mar
67
2
10534 Feb 28
7*4 Jan 12
Jan 12
60
Oct
Oct
15
Oct/
Nov
7% Mar 25
6
Mar 25
1
No par
10
3
1734 Jan
150
-.100
Nat Bond & Invest Co.No par
Jan 17
86
Jan
1038
Feb
4734 Mar
41
Jan
72% Mar
20% Feb
35% Mar
48% Mar
22
Jan
106
Jan
120
Mar
98%
4%
Oct
Oct
124
50
Dec
108
•4 Jan 10
1% Jan 11
1% Jan 12
%
Dec
84
Dec
Oct
Mar
16% Mar
Aug
2% Jan
5% Mar
6% Jan
34
Apr
17>4 Jan 13
3% Jan 12
15
Dec
2
Oct
984 Mar
11% Jan 10
2% Jan 8
3% Jan 11
5% Oct
1% Dec
1% Oct
12% Dec
34% Mar
17
Jan 12
91%
113%
37%
30%
39%
%
21%
14
Feb 25
Mar 25
z71
Nov
105
Oct
30
Oct
Jan
109
Sept
69
Mar
21
Dec
46
Feb
30%
Dec
3
Jan 10
%
Dec
66%
3%
Feb
12%
Oct
38%
Jan
Jan
Jan 10
734 Jan 15
64% Jan 13
14% Feb 23
8% Oct
15% Dec
4%
50
Oct
Jan
20
Feb
51
Mar
15% Aug
Dec
9%
99% Mar
Dec
36%
Jan 17
3
Oct
Feb 24
44
Dec
90
71
Feb
Mar
108%
2034
Jan
Feb
Mar
Jan 10
5
Oct
Feb 18
10
Oct
Jan 11
8
Oct
24
Oct
18% Jan
33% Mar
10*4 Jan
6
6%
20% Jan 21
17
Dec
5
145
May
157
12% Mar
4078
107% Aug
Jan 17
21% Jan 10
7%
47%
12%
15%
13%
0% Mar
Jan 13
Feb 23
Feb
17% Jan 10
13
Dec
100
74
Mar 11
80
Jan 31
90
Aug
4hare Corp No par
Register
No par
38
Mar 25
43
14
12% Mar 23
93% Aug
Oct
Apr
Mar 11
Feb
Nov
102
4% Mar 25
Jan
101
91
Jan 12
41
Jan
3484 Apr
53
104
Mar 25
pref
14
Jan 17
Nov
7% Mar 22
cum
Jan 13
10%
43%
1178
22%
50
9
7%
16% Dec
35% Mar 25
5
Nat Aviation Corp
National Biscuit
1
JaD 12
Nashv Chatt <fe St Louis. .100
—
Mar
Oct
57
National
Acme
23
Dec
3
578 Jan 11
100U Mar 25
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America—10
Myers (F A E) Bros ...No par
Nash-Kelvlnator
7
Jan
Mar 25
i8 Jan 3
1134 Mar 24
par
Wheel
Mueller
x24% Jan
47% Mar
167
Mar
Jan
Jan 11
39
Mar 25
18% Jan 10
13
Oct
Products...No par
12% Mar 25
1534 Jan 12
12
Oct
7% pref class A———100
7% pref class B
100
10734 Jan 27
106%
104%
5%
Dec
3384 Jan
103% Feb
57% Aug
3878 Feb
20% Feb
112% Mar
Oct
112
Oct
24*
4
Oct
10
Jan
17
Oct
35
Mar
38
Mar
5% pref series A
5,300
12,500
100
Mo-Kan-Texas RR
Jan
4i2Mar
39% Mar
i8 Feb
34 Jan
78 Mar
12i2 Mar
134 Mar
102
7% preferred.
-—.100
4% leased line ctfa
100
Mission Corp
..No par
81
13%
14
81
Minn St Paul & SSM
200
13
%
1%
4%
*43%
*11%
200
*70
13%
pf-.l(Kf
Regu.No par
%
12%
134
1 4%
15
*12%
12%
12%
1334 *12%
13%
41
42
41
*40
41%
40%
40%
4134
4034
40%
*100
102% *98% 100% *100% 10034 *100% 10034 *100% 10034
5%
5%
5%
5%
434
4%
5%
5%
5%
4%
43
*38
45
45
*39
44
45
*38
*38
*37%
8
8
8
8%
8%
8%
7%
8%
8%
7%
10
*8%
12%
7%
734
10%
8%
9%
12%
*8%
10
11
10
10
1034
1034
934
10%
10%
10%
7
7
7
*6%
*6%
6%
7%
6%
6%
638
19
19
193s
19%
19%
19%
19%
1834
19%
1834
153
Mar 25
No par
5
48
Mar 19
Mar 25
8% cum 1st pref
1
1
50
37% Dec
Midland Steel Prod
*%
%
1
Jan 19
Jan 13
110
*%
1
01
*48
Jan
9,200
2,200
%
2
4
Mar 25
15%
,21
1%
6%
66% Dec
7
$0.50 conv preferred. No par
13%
Jan 25
14
4% conv pref series B—100
Minn Moline Pow Impl No par
5%
72
Feb 28
34
300
2
112%
Dec
5
8,900
1
19
Dec
10
5
Mid-Continent Petroleum..10
40%
43
Oct
78%
Merch A Mln Trans Co.No par
2,600
Dec
5%
Sept
Jan 12
Mesta Machine Co.—.
5%
Oct
Feb 17
Miami Copper
120
30%
18%
28% Jan
42% Jan
42% Mar
16% Mar
47% Jan
15
3% Mar 18
17% Feb 3
50
Mllw El Ry A Lt 0%
21
Dec
82
4
9,300
93
share
per
Dec
7«4
Feb 17
50
1
4%
39%
*13
45
5% conv
11
7i8 Mar 25
82
40
(The)
1st pref
Jan 12
Feb
1
Jan 12
Jan 10
10%
45%
20%
8%
Highest
share $
per
Oct
No par
Co
15
share
Mar 15
6
62
Mengel
per
28% Dec
No par
$6 pref series A——No par
$5.50 pref serBw Mr.No par
Melville Shoe
$
35% Feb 23
878 Jan 15
Jan
5i4 Mar 25
100
0% conv preferred
Mead Corp...
Mar 25
534 Mar 23
30
1
Stores
McLellan
*105
5%
50
...5
No par
preferred
5%
59%
2%
50
conv
58
13%
50
$3
15
10
McKeesport Tin Plate
McKesson & Robblns
92
5%
*12%
35i2 Mar 25
Minn-Honeywell
%
5
10
1
share
Jan 31
734
"54"
2
4%
30
600
per
Mclntyre Porcupine Mines..6
330
:
*
13
5
400
$
7% Mar 24
200
14
6%
6
McCraw Elec Co new
-
4,400
34
•
2
5%
5%
-
18%
34
8%
I.534
'fm
-
334
*8
35%
5%
13%
83%
-
3,500
40
3%
17%'
3%
*%
*%
1%
1%
12%
-
50%
41
2
*1
-
04
2%
13%
•
834
7%
*62
2
*1%
1%
1%
1%
1%
14
13
13
13
12%
12%
12%
12%
79
80
79
82%
78%
83%
83% 8334
77%
♦111
113% *111
113% *111
113%
113% *111
113% *111
31
32
32
30
30% 32%
3234
32%
3334
30%
*26
28
*26
29
*26
*26
*26
29
2734
28%
*28
32
31
32
32%
32%
31%
30%
30%
30%
%
%
%
%
%
%
%
%
%
%
*14
15
15
13
14
12%
14%
1134
14% 1434
11
11
11
10
10
10
10%
10%
*10%
10%
15
14
15
15
13
13%
13%
14%
13%
13%
1%
94
6%
1%
6
6
*83
64
11,100
1,600
4,500
6%
31
Year 1937
Lowest
Highest
McGraw-Hill Pub Co..No par
12 0
*105
512
*4014
36%
1,300
5,300
2,400
92
*59 ~
58
*105
534
5%
0%
*
93
"56%
00%
7%
16%
*
93
"58%
120
21
95
*
62
8
7%
1534
20%
884
16%
21%
*92%
23%
5%
*48
14
39
8%
92
"61%
60
*50%
*40%
334
*18%
*8
100
*92
100
3%
18%
*37
14%
17%
22%
17%
21%
17%
21%
*92
59
18%
800
8
9%
*62
41
334
13
9
10%
Par
Shares
12%
7%
15
Range for Previous
100-Share Lots
Lowest
Week
8%
94
*83
64
41
19
0
94
9%
4%
18%
39
8%
8%
*81
41
6
6%
*81
43
14
6
17%
31%
25
.
$ per share
13%
7%
35%
31%
6%
Mar
24
13
6%
31%
6
*50
37
13%
32%
.
$ per share
8
*41
21
$ per share
*13
*
3%
Mar
8%
*62
3%
*18%
23
13%
64
*62
Mar.
8%
37%
18%
10%
10%
10%
10%
22
Range Since Jan. 1
On Basis of
STOCK
1938
26,
EXCHANGE
the
Friday
Thursday
13%
94
*81
94
*81
Wednesday
1
$ per share
14%
8%
39%
19%
6%
32%
634
14%
♦8%
37%
32
Mar.
$ per share
$ per share
*17%
Tuesday
Monday
,
YORK
NEW
fOT
Saturday
March
w w
Nat Bond A
Nat
Cash
Nat Dairy
Nat Dept Stores
preferred..
Nat Distillers Prod
Jan 28
106
.No par
0%
4% Mar 25
4% Mar 25
18% Mar 25
10
No par
112% Mar
2
110
7
Mar
7*4 Jan 11
5% Feb 1
23% Feb 17
Oct
May
Mar
'
20
*14%
0%
15%
15%
0%
*158%
6%
20%
634
21
19%
21%
*130
17%
17%
6%
6%
6%
*%
%
%
133
1834
53
*26
*71%
19
1934
27%
80
*26%
*71%
*73
3%
6%
6%
6%
5%
6%
%
*%
%
%
%
51%
52%
♦%
*%
49%
%
%
20%
27%
18
19
17%
26
80
*18%
*73
74%
••
*65
38
105
*6
12
*6
12
1434
15%
15%
15%
30
29
29
~
3%
834
*18%
22
105
w*
3%
3%
*32
*29
26%
*71%
-
*05
"
133
16%
9
9
834
223g
133
15%
-
3%
*65
*130
6%
19
834
38
*3234
102% 102% *102%
5%
6%
19%
18%
25%
75
133
133
38
6
*%
%
100
50
46%
50%
18%
15%
17%
26
2434
25
5,200
11,400
1,000
71%
72%
3%
73
*73
77
3%
8%
3
8%
8%
22%
*18%
20
*17
*65
69
05
65
34
33
34
*3234
*3234
102% 102% *102%
14%
*28
13
14%
13%
29
24
25
25
2538
23
24
13%
11
12%
7
10%
15%
12%
11%
12%
11%
12
10
10
10
19%
20
18%
10%
1734
*20%
21
20%
21
*334
4%
334
9
*52
%
*52
67
1%
1%
334
3
9
%
4
1
1
1
6%
6%
*45%
48%
86%
%
67
1%
6%
*86
10
9%
*112% 114
114
113
*52%
1%
1%
4
3%
1
*1
%
67
1%
3%
104
92%
*104
92%
*80
92
938
834
9%
"8%
*27%
32%
*15%
1134
12
27
27%
9%
9%
*92% 100
6
*5%
18
18
48
7%
101
*96
634
92
*85
85
7%
*2734
2
2
*15%
12%
21%
*16%
11%
2534
21%
12%
27%
*16%
11%
21%
12
11
11%
24
25%
24%
26
8%
9
*9%
12%
28%
9%
*92% 100
5%
18
5%
1834
*43
48
9
9%
*92% 100
5%
5%
18
18%
125% 125%
8%
*44
8%
8%
31
2
9
834
*92% 100
5
5
17
18%
125
125%
734
8%
46
44
13
13
*12%
14
46
*40
46
*115
4734
8%
*115
4934
8%
47
8%
*4
4
4
4
5
13
15
16
16
15%
6%
11%
5%
*
5%
11%
"7%
834
6%
*1034
*115
48
8%
4%
45%
8
3%
11
*5%
15%
6%
11
11
10
5%
44
—
8-%
31
2
16%
*92% 100
5
16
5
16%
123% 124%
8%
7%
*43
12%
*40
44
12%
46
*115
-
46%
8%
4
48
7%
3%
14
12
5%
1034
10
Bid and asked prices: no sales on this day.
*27%
*1%
16%
5%
7%
91%
*80
92
85
31%
*40
*1034
*85
*
6%
*
""366
1,000
90
28,000
200
28,600
200
85
"7%
8%
31
*27%
1%
15%
10%
22-%
8%
1%
124
10
800
5,900
8
7,900
7%
43
300
43
200
1234
1234
*40
400
46
*115
48%
7%
434
13
5%
10
47%
t In receivership,
"3~900
7%
1,900
4
350
12
210
5%
a
220
9%
900
Def. delivery,
153
Oct
171
Jan
130
Jan
4
127
July
150
Jan
24
% Feb 10
46% Mar 25
14% Feb 3
Jan 11
Co.—
1484
Jan
2%
Jan
1
Jan
23
Feb 25
99% Aug
26% Nov
80%
Oct
75
Dec
75
Dec
4% Jan 14
10% Jan 20
3
Dec
12%
Jan
Oct
1
2
3
°0
22%
Dec
13%
57%
70
Feb 11
62
Deo
87
Mar 25
40
Jan 14
32
3
106
Jan 18
99% Nov
Mar 24
12
Jan 10
8% Jan
6
23% Jan
1878 Mar 18
Jan 11
63
33
10O
100
Oct
Feb 23
79% Mar
75
100
55
17% Dec
20% Dec
63% Dec
29% Mar
5% pref series A
t New Orl Tex A Mex
5
Oct
1
..No par
1
Jan
% Sept
3
% conv serial pref—100
Newberry Co (J J)
No par
6178
% Sept
4
4M
Dec
7
«4 Jan
Jan
Mar 23
16%
% Jan 12
6234 Jan 12
8% Jan 12
No par
National Tea Co
6
Jan
7
6%
Dec
9
Nov
Oct
Feb
Feb
Sept
6484 Mar
109
Jan
37
Mar
11% Mar 25
19% Jan 15
10%
No par
23
Mar 25
39
29
No par
N Y Chic & St Louis Co—100
11
Mar 25
19% Jan 12
15%
Oct]
7
Mar 25
22% Jan 10
38% Jan 12
14
Oct
72
Mar
30% Nov
100
Jan
Industries
1
N Y Air Brake
0% preferred series A.-.100
1434 Mar 25
NYC Omnibus Corp..No per
New York Dock
No par
19% Mar 25
5%
preferred
No par
50
N Y & Harlem
2
Jan 10
26% Feb 17
484 Jan 11
Mar 25
4184
Jan
Nov
15
Oct
98%
Feb
Oct
284
Oct
Oct
1
5
115% Feb 26
110
% Jan 10
%
Oct
2
Jan
Jan 18
54%
Dec
97
Feb
2
Oct
38 Jan
56
1134Mar
61
Jan 10
Oct
3
4%
Oct
JNY Ontario A Western.. 100
N Y Shipbldg Corp part stk—1
5
1% Jan 15
1
Oct
5% Mar 25
10% Jan 24
3
Oct
30
Oct
7%
preferred
41
Adjust 4% pref
Mar
6% Jan 10
Jan
100
Oct
Oct
272
IO684 Jan 17
102
Apr
114
1%
198
Jan
5
4
103% Mar 18
North American Co ...No par
15% Mar 25
22
6% preferred
North Amer Aviation
50
47% Mar 21
54% Jan 13
1
6% Mar 25
10% Jan 10
92
84% Mar
Northwestern
Co.—501
—
Telegraph
100
50
Co...
No par
8% Mar 25
8% preferred A
100
Oppenheim Coll A Co..No par
91
Jan 14
5
Mar 23
Otis Elevator
1334 Mar 25
0%
Otis
No par
preferred
Steel
$5.50
conv
100
122
14% Oct
48%June
3
Oct
Jan
Jan
31% Jan
30
3
Jan
22
Jan
978
1%
15
Oct
Dec
Oct
Oct
40
147s Jan
9
Oct
24
Nov
22% Apr
73
Apr
26% Feb
12% Jan
96
Mar
7«4 Jan
24%
Jan
128% Mar
Mar 25
56
Jan
6%
90
Oct
Nov
Feb
Oct
19% Mar
20%
Oct
45%
125
6%
Nov
140
Jan
Feb
Oct
24% Mar
48
Dec
97
16
Jan
1234
Dec
28
Jan 26
50
Jan
44
Dec
75
Jan
114
May
115
June
42%
Jan
3% Mar 23
5% Jan
17% Feb
No par
Pacific Finance Corp (Cal).lO
434 Mar 25
9% Mar 25
8% Jan
14% Jan
4
Oct
10%
Dec
Cash sale,
114
Jan
5%
10% Mar 25
r
36% Mar
53% Jan
6% Mar
3278 Feb
10
New stock,
Jan
104%
105
No par
n
Jan
Oct
51% Nov
z9% Dec
2% Oct
7% Oct
Coast
Jan
Feb
O t
Jan 13
100
1st preferred
2d preferred
Jan
93
12
43
5
par
Owens-Illlnols Glass Co.-12.50
Pacific Amer Fisheries Inc
5
Pacific
34%
57%
17%
1234 Mar 25
1st pref..No par
Outboard Marine A Mfg
Outlet Co
No
Jan 14
Jan 12
June
%
91
7% Mar 25
No par
73
9384 Jan
13% Jan
99
2
71
7% Mar 25
27% Mar 4
178 Jan 3
15% Mar 25
10% Mar 25
22% Mar 25
Norwalk Tire A Rubber No par
Preferred
50
Oil
Feb
63% June
Jan 11
—100
No Amer Edison $6 pf.No par
984 Mar
26% Feb
6% Feb
180
100
4
Mar 25
Northern Central Ry
Northern Pacific
Jan
Jan 13
Jan 10
88% Jan
% Mar 18
135
135
19% Feb
76% Jan
10234 May
112% May
484 Mar
62
4
85% Feb 26
100
100
Mar 18
% Jan
100
No par
284 Jan 10
l%Mar 19
No par
X Norfolk Southern
Norfolk & Western.-.-
31% Mar
12% Jan
25% Jan
7
6% Mar 25
t N Y N H A Hartford—100
Conv preferred
—100
N Y Steam $0 pref
55% Mar
109% Mar 25
IN Y Investors Inc...No par
N Y Lack A West Ry Co..100
Preferred
45%
7%
3%
10%
434
9%
Jan 20
% Feb 11
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par
17%
124%
Mar
159
Jan
Ohio
30
44
Feb
30
600
Apr
Oct
70
14,800
4,700
181
18
65
21,000
5
Oct
7
21
1534
9
1784
4%
Dec
9
40
11%
92%
25'
100
25%
92
*4%
1334
"19",000
Feb
734 Feb
2984 Jan
20
100
$7 pref series A
h
135
103% 103%
16%
15%
*47
48%
48%
7%
2
13
8%
6%
135
17%
31%
27
*%
34
150
2
46
8%
*47
92
*79
13
47%
16%
48%
7%
*40
--
102
h
16%
14
-
50
*103% 104%
46
-
280
104
*13
47
49
95
*86%
*96% 103
104
*40
*115
*38
95
*141
*47
600
4,000
45
%
15%
5,200
6
45
2
*125% 128% *125% 128%
9
834
884
8%
*43
106
%
"2*300
*86%
152
92
32%
238
21%
3%
%
48
834
3
1%
5%
48
92
3%
1
17%
*
""!%
6
%
200
67
1
1638
7%
*
820
Feb
5% Mar 25
100
preferred
1,800
534
*95
13034 Feb 7
14% Mar 25
5)4% prior preferred
0% prior preferred
670
1%
152
100
National Steel Corp
25
National Supply (The) Pa. .10
3%
1
86%
3
5% 2d preferred
20%
6%
45
10
158
New York Central
1
44%
*27%
*2
3%
100
Nat Rys of Mex 1st 4% pf.10
Na torn as
Mar 25
18
Nat Mall <fc St'l Cast Co No par
National Power A Light No par
72,600
1,800
2,500
2,500
6
86
8%
92
3%
40
5% Jan 28
—10
7% preferred A
0% preferred B
$2
Mar 25
13
1
-
Lead
Newport
1%
86
734
*80
3
National
16,000
1,000
6%
49
8
93
"l%
86
17%
47%
734
1%
-
13%
2
38
67
1%
*44%
104
20
3S
4*
14
1434
19%
334
8
8%
112% 112%
*
67
86%
16%
47%
*80
*51
*86
50
*47
19%
3%
%
*45%
6%
103
103
*96% 101
*%
%
""*%
%
*%
34
*152
*147
160
154% 155
156
*103% 106
1738
1634
%
634
48%
♦
*95
17
M
Nat Gypsum Co
8
6%
109% 111%
*%
%
1234
12
19%
20
20%
334
334
8%
S34
112% 112%
'i»
6
19%
2134
334
1,100
1,500
300
*102%
*6%
13%
11%
6
14%
12%
38
33
12
-
500
Nat Enam & StampIng.No par
Nelsner Bros Inc
*6
-
W
100
15%
-
13%
9
834
8%
834
12
*6
-
19
70
12%
19%
20%
113%
3%
*76
19
»8
9,600
%
*73
3%
1334
8%
6
5%
*%
12
113
2,000
%
19
.
40
16
%
13%
4%
133
*%
249%
1734
12
*334
200
14%
1634
*72%
*73
3
158% 159
«.
9,800
12,700
26
51
75
200
0
18
*%
"
%
25%
13
6%
19%
*18%
22
«•<■»«•<»
*32
10
13
15%
*158%
17%
*73
*3%
884
*18%
*158%
133
*13
0%
1934
17%
*%
52
15%
6%
19%
21
*130
18
*%
52
6%
*13
53
17%
*%
15%
6%
20
*158%
*158%
*130% 133
*14
45% Mar 23
7% Mar 25
x
66% Jan
11% Jan
Ex-dlv.
v
Ex-rlghts
Mar
Jan
103*4 Aug
23
15%
40
27%
32*4
Jan
Feb
Mar
Feb
Jan
1 Called for redemption
Volume
New York Stock
146
RE,
NOT PER
Record—Continued—Page
Monday
Mar.
Mar.
19
$ per share
*25%
*35
*12%
25%
35%
13
103
103
134
134
*11%
4
*7%
1
11%
418
9%
Tuesday
21
Mar.
-S per share
25i2
35
*12%
103
25i2
*3434
12ts
35
1312
103
135i2 136%
1H4
III4
4
'■
4i4
*734
9l4
1
36
*33%
38
*35
38l2
34%
91
*87
814
7%
*19
8l4
21
214
91
778
*72
8i4
100
8
85
8
83s
22
8%
18%
33
1,500
10
11%
3,800
Pacific Mills
100
100
99
99
136
136
135
4%
9%
1
4
11
28
34
35
35
33%
91
*90%
6%
91
*90%
*71
80
7%
72
1734
2l2
2%
3438
34%
2%
34%
33%
18
18
17
18
16
2
734
18%
7%
7%
%
3,600
49,200
7%
200
34
1,300
33%
33%
1,000
91
71%
8
800
22
Oct
38
Jan
40
Jan 14
i3434
Oct
5334
Jan
16% Jan 11
10%
Oct
44%
Jan
100
99
Mar 25
116
Jan 31
110
Nov
152
100
134
Jan 13
140
Jan 28
133
Apr
149
10
10
Mar 18
4
2%
2
2
12,400
34%,
34
34
4,700
16
16
45
*42
46
45
45
45
45
44%
45
68
68
67
67%
65%
1%
3%
66%
1%
62
65%
60
61%
6,800
1%
3%
1%
800
3
15
15
*14
15
14
14
600
*13
14
*13
14
13
13
300
*H2
3%
2%
3%
434
4%
*1%
2
378
16
*15
14
4%
14
15
15
3%
15%
*13
15
14
2
*1%
3%
334
17%
14
4%
4%
1%
3%
3%
4%
1%
4%
500
*8
*8
2334
*1234
10%
2334
21%
16%
10%
584
534
*
23%
*34
24%
9'
*8
23
24
28
20
20
16,
*14
16%
10%
6
6
23%
24%
35
134
*2%
%
83%
*4%
*48
35%
*34
*59
134
3
%
*134
84%
83%
134
3
%
3
%
1%
*2%
3
%
%
81%
7
*4
7
79%
*4%
*48
59
*48
59
35%
*2%
*29%
*5%
36%
2%
23
23%
23
23
52
50
50
*23
23%
*45%
52
*5%
6
*25%
27
*45%
25%
634
25%
*5%
*55%
100
434
4%
22%
22%
*22
*47
51
*47
*5
5%
2534
25
4%
*55%
4%
60
5%
*5
21%
*47
27
*4%
56
91
Jan
15
Jan
11
Oct
25
Jan
Mar 25
13%
Jan 11
9%
Oct
21% Mar
3
Oct
13% Feb
59% Mar
6
22
800
>....
173
*
173
*32%
*15
21
*15
19
*15
*30
3534
*30
3534
*30
*10%
*%
*8
1%
*55
8%
1
6%
7%
10%
*33%
10%
40
*%
18
*8
1%
*1%
*55
88
8%
6%
*10%.
1
*8
1%
*1%
9
*4%
52
1%
9
8%
Pitts Coke A Iron Corp No par
8%
7%
%
%
16%
*9%
6%
*1%
*%
18%
17
*9%
*9%
8
8
8%
1134
8%
1%
1%
2%
2%
*9%
7%
1%
*%
1
%
%
*34
1
2%
2%
2%
2%
2%
2%
6%
7
7
7%
634
634
*21%
47%
119
27%
47%
119
7%
*7
*21
47%
*%
73s
8
1
1734
1134
8%
1%
21
47
*8
1%
55
8%
%
17%
11%
47%
7%
6%
6%
45%
7
*6%
*113
26%
1034
*83
7%
*12%
534
*60
45%
2%
*19%
*12%
27%
11%
86
7%
15
5%
100
45%
3
*113
7%
4%
20
15
42
25
26%
1034
84%
11%
10%
10
10%
84%
*83%
11%
87%
*83%
85%
7%
8
7%
8
7%
*12%
15
6
*12%
5%
15
*12%
5%
*60
46
100
*60
23%
*15%
23%
17
*21
24
20
*15
20
*14%
*2%
18
45
*35
45
1
1
1
2%
*35
1
3
*5%
10
*7%
*58
7%
10%
12%
64%
*46
55
*8
12
2
2%
*5%
5%
100
*60
5%
5%
100
*60
19%
14%
23%
15%
700
*20%
22
*12%
*20%
16
16%
18
*18
20
*18
2,600
11,700
5,900
17
*16
19
*17
*35%
*1
*5%
3%
35
45
10
7
7
10
*8
12%
11%
*58
12%
64%
*58
*46
55
*46
55
2%
16%
2%
15%
2
2%
16%
2%
*47
55
52
52
*40
55
*30
50
*54
63
*53
65
*40
65
*40
65
*50
15%
11%
*20
»_
16%
1134
30
16
11%
*20
82% *_—
*15
►
16
87
6%
3634
37%
55
55
*634
34%
8%
5%
10
18%
15%
3
34%
1
1%
5%
*93s
*16
15%
*1%
*
6:
11%
14%
*-—
25%
*
82%
11%
*21%
30
80
80
*'
12%
*
15
87
6%
37%
80
14%
*
*55
*6%
5%
*9
60
8%
6
36%
*55
*7
6
5%
10
8%
6%
37%
57
8%
6
9
*17%
*15%
*1%
17%
17
3
*16%
17%
15%
*1%
35%
35%
34
15%
2%
35%
1
1
1
1%
1%
1%
Bid and asked prices
1
*1%
no
1
2
15%
10%
11
20%
20%
*
10%
*19%
78
82% *--—
14%
13%
87
6%
36%
14%
*
*
82%
*
*55
*7
5%
8%
*15%
14%
1%
32%
%
1%
Jan
25%
Oct
834
Oct
6%
84
100
No par
preferred..
Purity Bakeries
No par
60% Jan 31
4358 Mar 25
2% Mar 25
18% Mar 25
12
Mar 25
20
Mar 25
200
3
1,100
35
34%
34%
5
1
6
7%
6%
1
57
55
55
57
8%
5%
8%
17%
15%
*6%
5%
10%
5%
8%
16%
8%
16%
*55
5%
36%
*634
534
3~700
8,200
*8%
9
14%
1434
15%
*1%
15
%
%
34
2%
33%
34
1%
1%
1%
1%
30
a Def
500
1,400
1,500
200
7,900
1,500
4,100
delivery,
Jan
23% Jan 16
10% Apr
37% Aug
24% Jan 11
29% Jan 18
20
Dec
26
26
Dec
29%
22
18%
Dec
47
Mar
Jan
Jan 13
4%
41
Jan 10
Jan 21
39
3
Oct
1
1% Jan
11
3%
Jan 10
Dec
9% Jan 10
7%
Dec
22%
3
11% Jan 12
16?g Feb 25
67% Feb 24
934
Oct
10% Mar 25
63% Mar 25
8%
Oct
35% Mar
29% Mar
61% Nov
Mar 24
667a Jan 22
69
46
5
Feb
1% Mar 25
3
Jan 10
1%
12%
Dec
Oct
Oct
73
9% Mar 25
18% Mar 25
17% Jan
8
87
Jan
8
26
Dec
78
85
Jan 21
7634
Dec
Revere Copper A Brass
Class A
52
5
10
;
7% preferred
100
6k % preferred
100
Reynolds Metals Co—No par
5H% conv pref
...100
Reynolds Spring
Reynolds (R J) Tob class B. 10
Mar 21
Marie
62% Feb 24
13% Mar 23
847s Feb 18
5
Mar 25
35% Mar 25
10
Common
61%
Jan 31
6% Feb
Richfield Oil Corp
5
No par
Rltter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
Rutland RR 7%
pref
1% Mar 17
297.
10
New stock,
r
Cash sale
4
Jan
% Mar 23
{St Loul»-San Francisco—100
6% preferred
100
n
3
Mar 25
8% Mar 23
14% Mar 25
14% Mar 23
100
Lead
Jan
4% Mar
30
Mar
1278 Mar 25
Joseph
Dec
Sept
7% Dec
58% Mar 18
St.
Dec
Mar 25
Rhine Westphalia Elec A Pow.
is", 900
80
Oct
Dec
6% conv preferred
100
6% conv prior pref ser A .100
20
8%
5
1,300
Nov
Dec
2%
19%
Republic Steel Corp...No par
.
~
Jan 26
5% Mar 23
6
10
1
Reo Motor Car
100
82%
115
44
Jan
Preferred with warrants. .25
*
96% Dec
Feb 26
5% Jan 11
Jan
100
Remington-Rand
300
Jan 24
53
83
2% Mar 25
34% Mar 25
Rensselaer A Bar RR Co... 100
1834
61
Feb
4384
13%
310
78
12% Mar
Dec
200
1834
Oct
23
15,800
53,100
*__
4%
27% Jan 25
2
"4,500
18%
Mar 18
46
10%
23%
17
63%
9%
Oct
Dec
49
46
59
6%
13%
Dec
46
14%
49%
Feb
85
30
64
1%
12%
*41%
*49%
107
Jan 18
Jan 24
Jan 14
Jan 11
98%
10%
16%
7%
30% Jan 16
No par
1st preferred
100
Reliable Stores Corp-_.No par
Reliance Mfg Co
10
~8J00
72% Feb
24% Feb
Mar 22
*7%
10%
63%
11
Oct
Jan
18
Rets (Robt) A Co
200
91
103%
50
5
Preferred
1,400
6
13% Mar 22
Real Silk Hosiery
10
Jan
....50
4% 2d preferred
900
Mar 25
108
60
4% 1st preferred
140
*7g
*5%
Mar 25
7% Mar 18
13% Mar 18
17
{ In reoclvershlp,
Oct
Jan
13% Jan 11
$5 preferred B
2h
36%
ealee on this day,
Jan
86% Jan 17
17
1%
Feb
128%
Mar 25
Quaker State Oil Ref Corp. .10
Radio Corp of Amer—No par
84", 800
3
16
112%
Oct
9% Mar 25
300
34%
Oct
23
...No par
22
"~5%
1%
3314*
Jan
No par
800
14%
*15
Jan
118%
52%
Jan
100
86%
1%
34%
%
1%
Feb
120% Mar 17
35% Jan 13
98% Jan 12
65%
113%
*18
,
Feb
86
140%
162%
4,100
*13%
36
31
Oct
Sept
84%
7%
14%
6
Oct
20
43% Oct
114% Mar
303s Oct
June
Pure Oil (The)
86% *_
5
5%
36%
3534
5%
6%
16
17
11
110
Reading
82%
Jan
Feb
132
Pullman Inc
*13%
14
87
15%
31%
117
800
78
5%
Oct
Oct
Jan 14
400
25
Jan
2%
Mar 25
MarlO
10,600
5%
10%
Jan
3%
22
17
10
143
400
65
Feb
11%
Jan
Jan
Jan
Jan
Jan
Jan
123% Jan 13
15%
51
33%
1%
4%
10%
10%
31%
50%
113
12
2%
15%
Oct
Oct
Oct
3% Jan 13
Jan 12
60
1
1%
14%
*41%
Jan
112
100
20
46
3
90% Mar 25
15
64
47% Mar
297s Apr
22% Aug
103% Mar 25
115% Mar 24
133% Mar 16
6% preferred
7% preferred
8% preferred
12
46%
46%
Oct
Vs Oct
Jan
July
100
100
100
15 preferred
20
64%
*61
8%
% Jan 19
141
No par
300
200
13
11%
16% Jan 10
x97% Apr
1%
34
Mar 25
16%
11
Mar 24
Feb
7
25
22
11%
55
Jan
8%
Jan 15
Pub Serv Corp of N J..No par
700
7%
6%
28
Oct
12
6,400
18%
10
Dec
13s
8
Mar 25
Jan 21
18%
*5
8
Jan
2% Jan 11
Dec
117
19%
*6%
*7%
4
9
5% pf (ser of Feb 1 '29). 100
{3.50 conv 1st pref--No par
6
De
34 Nov
Jan 13
5
90
{Radio-Keith-Orph
No par
Raybestos Manhattan.No par
Rayonier Inc
1
$2 preferred.......
26
6%
Dec
45
Jan
Mar 25
39,600
10
Mar
30
Dec
11
Mar 25
~5~666
1
122
Dec
6
3
Jan
15
2%
1
Dec
23
30
Jan
Oct
42
44%
2%
34%
Mar
1#
4% Mar 25
4% Mar 25
6
43
2
....50
conv
Procter A Gamble
Oct
Mar
No par
600
5,100
2%
10%
12
64%
6%
1st pref.
2d pref
Inc.-l
43%
5%
6%
*7%
10
6%
conv
Co
Car
44%
2%
3%
35%
1
1%
5%
5%
Steel
19%
19%
13%
*2%
Pressed
14%
*60
19
17
'
19%
12%
2
8
20
Mar 25
1% Mar 25
% Feb 8
{Postal Tel A Cable 7% pf. 100
43%
2k
2%
6
No par
30;500
5
22
*2%
10
7%
100
*15
44%
Porto Rio-Am Tob cl A .No par
10%
*13
5%
14
18
3%
84
7%
15
2%
19%
16%
22%
2%
9
25%
9%
85%
46%
*8
2%
*13
Creek Pocahon..No par
Poor A Co class B
No par
Pond
Mar
32
12
Mar 25
Jan
20
45
% Jan 26
16
Jan 10
190
Oct
26% Jan 10
9
Mar 25
7
100
46
Jan
Dec
4%
Pub Ser EI A Gas pf $5.No par
23
10%
2%
*19%
*12%
2234
13%
22
1934
1334
7%
15
26
52
No par
16% Jan 12
1
1% Mar 23
5
*113
45
4634
3
2%
19%
14%
23%
15%
5%
24%
10%
85%
7%
25
Class B
5
87s Jan 10
Feb 25
10
100
Plymouth Oil Co
Feb
Mar 23
% Feb
Conv pref unstamped... 100
300
44%
*113
1
4,500
20
45%
27%
6% preferred.
Pittsburgh United
17s
%
2%
6%
6%
20
26
Term Coal Corp
7%
44%
28%
Mar 25
19
30
1%
%
46
28
25
100
100
20
*113
100
10%
119
*119
119% 119
119% *119
119
119% 119
30
30%
30%
28
30%
29
29% 2934
25
27% 28%
27%
93
92
*90%
90%
90%
*89%
*90
92
90%
90%
90%
90%
105% 105% *103% 109
*103% 105
*103% 105
*103% 105
103% 105
*116
119
*116
120
*115% 119
*116
120
115% 115% *115% 119
*134
*134
138
138
*134
*134
138
138
133% 134
133% 133%
*113
Mar 25
Pittsburgh A West Va
*119
100% Aug
9
Pittston Co (The)
4%
48% Dec
1
No par
100
2
14% Aug
175
440
2%
6%
2%
Dec
Apr
5,100
%
4
Mar
172
7%
%
1%
%
Jan
7% Feb 26
61
165
17%
7
17S
1
Feb
Jan
76%
Jan 25
*8
9%
7
163
Feb
18%
Oct
Mar 14
16
*%
6
56
Oct
25
166
6
9%
I"
7
7
Jan
Jan
JaD 17
35
174
30
r
Jan
Oct
Dec
4%
2
7% pref class B
5% pref class A..
2,300
52%
4
5 J4 1st scr conv prior pref 100
18
52
17
20%
36
9%
74% Jan
20% Apr
33% Jan
578 Mar 25
Pitts
1%
Oct
171% Jan 26
110
1
8%
*%
2%
*19
*8
Oct
4
Jan
July
64
100
""16
*%
1%
Dec
27
Jan
87%
No par
19%
30
1
55
17
25
l7g
234 Mar 18
Maris
8% Jan 10
35
7% Jan 17
100
Chi
A
Oct
Pittsburgh Steel Co
800
25
18
1%
88
6%
*6%
21
47%
18
2%
*6%
27%
*%
9%
*10
W
20
Nov
Jan
Feb
3%
Plttsb Screw A Bolt
7,200
♦
Ft
Oct
5%
30%
24% Jan 12
48
No par
Preferred
6%
95% Aug
50% Mar 10
200
pref
Oct
8
6
Feb
14
3
Mar 23
7%
Oct
Oct
%
Mar 25
25
Jan
Jan
Dec
7
40
Jan
54%
1«4
Mar
20% Jan
100
9
35
4% Mar 25
6% preferred....
5%
17
*
*55
*%
,
*10
1%
88
1734
30
18%
*8
%
30
33
30
100
100%
2%
1
50
9
Jan
-
4% Jan 12
6% Feb 18
50% Mar 9
42% Jan 10
Mar
100
26
Dec
87
2% Feb 19,
Mar 18
29% Mar 25
2% Mar 22
30% Jan 18
5
conv
5
65
600
$5
62
Jan
95% Feb 23
100
70
18% Nov
34% Nov
65
Mar 25
48
100
Mills
7% Mar 3
31% Jan 10
37% Jan 12
5
No par
..6
Flour
6
77
Pirelli Co of Italy "Am shares"
172
6%
10%
1% Mar 25^
2% Mar 25
% Mar 19
Pittsburgh Coal of Pa
55%
172
10
10%
*%
18%
10%
*%
1734
6%
33
18
*55
*——
6%
30
*
1
♦%
88
10%
33%
19%
35%
172
6
6%
11
33%
18
*
172
6%
10%
40
6%
9
500
Pitts
*
Jan 26
62% Mar
No par
Hosiery
Pilisbury
3
1978 Mar 25
34
No par
Pierce Oil 8% conv pref
50
Jan
5%
27
*20
56
4%
No par
Preferred
"i',900
51
5
48% Mar
Jan
Mar 23
Phoenix
500
5
Mar
9
Phillips Jones Corp
7% preferred
Phillips Petroleum
100
lV,500
3%
36
*29%
4%
5%
5%
*20
5
*2
36
17
14
9,000
59
3
*29%
25
6%
60
*5%
*55%
*2
36
Oct
Oct
{Phlla Rapid Trans Co....50
7% preferred
50
260
5
Feb
3
Dec
$6 preferred.
32%
11634
65%
9
Philip Morris A Co Ltd... 10
5
Mar
Oct
30
Phelps-Dodge Corp
__25
Philadelphia Co 6% pref...50
300
29%
63
22
30% Dec
Phila A Read C A I
*48
Jan 12
Feb
Feb
2934 Feb
50% Mar
38% Jan 15
3,300
7
33%
15
Jan
12%
76%
37% Jan 11
%
59
32%
34% Jan 12
4% Jan 12
110% Sept
Jan
6%
Mar 23
%
22%
51
5%
25%
60
*5
*48
2%
5%
6
7
59
33%
2%
9
Feb
738
64
10384 Mar
.....No par
Petroleum Corp of Am
5
Pfeiffer Brewing Co ...No par
22,800
81%
112% Feb
Jan
Mar 25
240
77
32%
2%
*29%
6% Mar 25
4
7%
10% Jan
23% Mar
18
Pet Milk
200
22%
2% Mar 23
Feb
Jan
15
1%
2%
%
83
Oct
Jan
100
2%
2%
%
81
15
Jan
100
5% prior preferred
5% preferred
3,500
2,000
35
1%
*48
36
5%
6
Pere Marquette
61%
2
59
2%
*29%
5%
19%
*30
35%
3334
36
6
60
2%
%
83%
36
2%
*1%
7
9%
5%
61%
3
%
81
23
35
♦
1%
85
*4
36
5%
21%
*30
63»4
134
7
*2%
*29%
5%
*5%
*55%
3
1%
400
14
35
Jan 11
Mar 25
14
2234
5
24% Jan 10
23
15
35
12% Feb
50
100
*14
22
No par
v t c
Peoria & Eastern
14
*
Corp
200
14
5
Maris
Oct
Nov
~2~3o6
320
5%
Mar 25
Pennsylvania RR__
320
X5 %
3
14
2%
37
57% Nov
1'4 Oot
2% Oct
Oct
18
9
par
A.. .No par
ser
47% Feb 25
73% Feb 25
2% Jan 10
Dec
20
934
No
1% Mar 24
8
5% Jan 10
Jan 18
16
984
Coke Corp... 10
Mar 25
12% Jan
112
18
66
Oct
3
6% cum pref.
..100
People's GL&C (Chic).. 100
18
24%
8
OTs Jan
13% Dec
20
36
'
Oct
27
*7
36
66
4
20
16
22%
36
66
*
29% Aug
Oct
6*4 Jan 12
Mar 23
15% Jan 11
20
6
Oct
1%
Mar 25
31
16%
5%
20% Feb 23
2% Jan 10
12
1% Mar 18
24% Jan 15
8
6
Feb
3
18
9%
4434
Mar 25
22
934
534
Oct
15% Mar 25
15
10
Jan
28
4
No par
pref
Mar
3
3%
37% Mar
23
*10
6%
conv
90
109% Mar
Feb
3
Peoples Drug Stores...iVo par
18
10
57
Oet
300
8
834
&
Penn G1 Sand
20,800
28
*14
10%
8%
3,700
3%
17%
18%
17%
18%
16%
16
17%
1634
16%
16%
1534
1634
*2434
25%
*2434
25% *2434
25%
*23
2434
2434
23
23
23%
*110i2 11634 *110% 11634 *110
11634 *110
II684 *110
112% *111
112%
*26
26%
27% 27%
25
26% 26%
25
23
25%
24%
25%
5
*2i4
5
*2%
*2%
234
5
234
*2%
234
234
Penn Coal
8%
8%
16
No par
Penn-Dixle Cement
32% Nov
Sept
z95
Oct
Mar 23
31% Jan
60
45
66
Feb 11
1278 Jan 10
97% Jan 10
Jan
May
1
2
l
4% Mar 25
41% Jan 28
10%
434
46%
10%
4%
Jan 21
94
Jan
4%
Jan 10
No par
Penney (J. C)
11%
42
17%
121
34%
Patlno Mines A EnterprNo par
Peerlees Corp
3
Penick A Ford
No par
10%
Oct
Oct
4,100
3,200
11%
Oct
18%
10%
105g
Oct
1
29
Jan
Jan 20
10
10%
7
7
Jan 15
Feb
24
17% Mar 23
Pathe Film Corp
4%
10%
4%
Feb 25
Jan
12%
26»4
Rust Proof Co.-.2.50
Parmelee Transporta'n.No par
1%
4%
lo%
Oct
Oct
5,000
1%
4%
4
Oct
1,200
1%
4%
Jan 12
Jan
2934 Apr
8
1,900
1%
434
Dec
80%
7% Mar 23
1
4%
1%
4%
1134
Jan 10
Mar 23
10
1%
1%
Jan 1(:
12%
71
100
16%
134
434
1578
6%
9%
1%
55%
2834
200%
4
1%
434
434
6% Mar 25
1%
1%
434
66
Mar 25
33% Mar 23
90% Mar 11
Parker
1®8
*42
7% Mar 25
% Mar 25
1
Parke Davis A Co
16
3
100
preferred
conv
Jan
28
No par
2
434
1012
434
share
per
28% Jan 10
Mar 25
Mar 25
34
2%
34%
16%
Highest
Mar 25
4%
6,200
18
$ per share %
10
Paramount Pictures Inc
6% 1st preferred
400
18
share
25
30
71%
7%
7%
18
per
33
6% 2d preferred
Park A Tilford Inc
Park Utah C M
18
S
25
Paraffine Co Inc
50,200
6%
share
No par
,
{Panhandle Prod A Ref No par
8% conv preferred
100
600
7%
7%
per
Lowest
Packard Motor Car ...No par
Pan-Amer Petrol A Transp__5
170
10%
$
Year 1937
Highest
No par
.
Pacific Telep & Teleg
6% preferred.
Pac Western Oil Corp
170
4%
4
4%
5,400
135%
10%
9%
7K
1814
*18
33
11
33%
343s
34
34
11
*7%
*34
214
34%
2%
33%
31%
7%
19
Par
Pacific Gas & Electric
Pacific Ltg Corp
35
71
Shares
25%
Range for Previous
Basis of 100-Sftare Lots
Lowest
25
10%
On
Week
S per share
33%
*90%
6%
91
7%
Range Since Jan. 1
25%
11
%
25
STOCKS
2003
EXCHANGE
25%
136%
*7%
Mar
$ per share
"
100
24
29
1
*72
Mar
25%
3434
12%
4
3712
34%
90%
814
85
*19
10%
4%
9i4
1
39
80
34
12%
102l2
*7i2
1
7%
25%
35
4
23
Friday
NEW YORK STOCK
the
CENT
Thursday
$ per share
135l2 135l2 *135
11
Ills
1114
39
*87
Mar.
2534
100
39
*72
22
$ per share
25i2
*37
Us
Wednesday
Sales
for
Saturday
8
1% Mar 25
*
Ex-dlv
9
94%
110
Feb
Jan
Feb
Feb
47% Mar
9%
20% Jan 15
75% JaD 15
65
Dec
124
Jan 13
60
Dec
110%
9
Oct
493
64% Jan 21
17%
87%
10%
46%
58%
8%
77s
11%
20%
23%
Jan
7
Jan 21
Jan 11
Jan 8
Jan 11
Jan 7
Jan 10
Jan 10
Jan 19
Jan 11
2% Jan 10
40% Jan 12
1% Jan 12
3
Jan 10
Ex-rlghtw
60
12%
80
Nov
Oct
Nov
.Apr
.Apt
Itpr
ApK
95>4 Jan
98
139
30%
112
Jan
Jan
5%
Deo
34%
40%
Dec
58
Oct
67
Jan
10% Nov
4% Oct
884 Dec
18% Dec
14
Feb
31% Feb
19% Deo
17%
Oct
88
1
Oct
65
26% Nov
6%
9«4
65
Jan
Jan
Oct
June
Feb
Mar
1
Oct
4% Mar
1%
Oct
1%
Feb
1 Called tor redemption.
New York Stock Record—Continued—Page 9
2004
LOW
AND
HIGH SALE PRICES—PER SHARE,
Safes
NOT PER CENT
STOCKS
NEW
for
Saturday
19
Tuesday
Monday
Mar. 21
Mar.
3%
18
1712
212
*612
*1612
♦60
72
*60
75
75
*98
99
*1218
20%
1378
20i2
7912
80
*412
>
112
22
*3i2
55i2
13i4
678
1314
a2l4
*3%
Mar. 23
Mar.
$ per «itare
*2
212
Mar.
24
*1%
25
$ per share
$ per share
2i2
the
Friday
*2%
2%
18
♦6
18
*6
18
*6
1612
16
I6I4
1534
16
15%
1534
130
65
65
66
60
60
60
60
60
70
75
70%
71
68
70
70
70
340
98
90
90
90
90
90
90%
81
81
*12l2
2034
1378
21 >4
12l2
1212
11
11%
11%
10%
20
21
1112
20
*19
*79
82
82
*76
%
%
5
*412
5
*3834
%
3918
39%
39%
n2
20%
1%
2112
*3i2
53%
1234
7%
4
56l4
13l2
7*4
3%
5234
1134
13
13
12
59
r*53
5
58
*1%
22
*3i2
4%
1»4
22
4
56ig
57
13V 1312
714
714
56
13i2
7
1334
*13i2
14
*55%
68%
3%
3%
4
*78
12
434
39
%
1®8
22i2
19%
82
*79
%
434
39
*60
*55%
3%
%
%
H2
19
7
3%
3%
*4%
39
%
%
1%
1%
19
%
1%
20%
17
2038
3%
54%
12%
7%
53
1134
12%
7%
13
12
59
4
7%
r *53%
3%
334
50%
10%
12
10%
53%
3%
58%
3%
11%
53%
100
3%
3,300
41%
25
13%
*99
6%
40
40
40
40
*39
40
*39
40
*39
40
25
25
*24
25
24
24
25
*23%
25
12%
12%
13
10
12%
*97%
99
97 |
97
13%
*99
7
2%
*17
24%
2%
25%
88%
89
*86
95
*15"
*
*15"
16
100%
7%
99%
6%
99%
16%
2%
16%
15%
234
16%
234
17
17
25%
25%
*7
3
17%
26%
89
*87
2%
*16
7
92
15
16
16
24%
21%
24
3,800
90
88
88
300
90
*87
*11%
14%
11%
*20%
12%
7%
12%
*2%
*39%
2%
*5%
*2%
*
"24"
18%
*8%
*30%
9
*16%
7
700
Snider Packing Corp ...No par
46,800
Socony Vacuum Oil Co Inc. 15
12%
10%
11%
8%
7
7%
12%
20
7%
13
11%
13%
30
*20
*2%
3
*3
*39%
43
*20
2%
*5%
*
2%
*5
7%
75
*22~
39%
2%
24
*
11%
*20
23
20
3
3
39%
2%
*39%
41%
2%
*5%
2%
7%
10%
7%
22%
19
*
"22"
19%
12
11
11
*10
12%
32%
9%
*31
32%
8%
31
56
54
8%
*56
18%
17%
7%
*92%
2
57
8%
55%
17%
7%
18
94%
2%
*93
7
2%
18%
7%
95
17%
9%
8%
16%
7
94%
2
14%
14
14
14
14
11
17%
18
18
18%
16%
17%
15
1%
*%
29%
29%
1%
30%
29%
*%
30%
*%
29%
29%
28%
30%
29%
28%
27%
7%
4%
49
8%
7%
7%
5
49
*123% 124
12%
12%
23%
23%
2%
2%
12%
12%
22
*21
*7
8%
16%
16%
23
23
6%
5%
♦6
*33
3%
7%
35%
3%
6%
*33
6%
35
5%
*33
♦5
*
22
18
9%
31.
8%
83s
55
54%
16%
16%
7
7%
95
7%
9%
*15
7
11%
10
Southern Railway
200
5
*
90
200
"400
21
18%
16%
17%
26,500
12
10
10%
900
32
*30%
7%
8%
55
53
14%
16%
7%
6%
32
50
8%
18,800
55%
200
16
7%
1,900
22,100
Standard Brands
n2
29%
28%
96
400
2
2
2
5,300
2%
5
10%
14%
6,400
1%
*%
3
.
28%
35
29%
27%
28
2734
26%
2%
6
Stone & Webster
15,700
Studebaker Corp (The)
21
*7
21
8%
12%
23
124
12%
23%
2%
11%
2%
11%
21
21
*7
7%
16
16%
23%
7
7
6%
7
5%
5%
5%
5%
5%
*6
*38
7%,
42%
23%
*6
*38
*4%
4%
*4%
5%
39%
5%
39%
39%
40
3%
3%
3%
30%
8%
778
8%
8%
5%
8
8%
3%
30%
8%
8%
8%
8%
4%
5%
21
2
9%
19%
7%
2
2%
11
22
2%
20%
1%
9%
10%
9%
19%
20%
19%
19%
22
2%
10%
19%
800
140
*7
8
16
16%
23%
24
Superior Steel
Sutherland Paper Co
Sweets Co of Amer (The)
600
5%
6%
5%
16%
24%
6%
5
6
5,700
4%
5%
4%
4%
4%
4%
3,500
6%
6
6
200
*32
38
30
7
*6
7
42%
38
38
478
5%
584
39%
3%
36
3034
29%
8%
7%
7%
8%
7%
8%
*4%
5%
3%
5
5%
37%
3%
30
*6
♦
38
"4%
5%
36%
3%
29%
7%
7%
4%
5%
♦7
4%
5
37%
34%
3%
30%
3
29
200
8
5%
37
3%
30
Swift & Co
3,000
Telautograph Corp
6,100
8%
14,800
20
*16%
19
24
*22
24
*22
24
*58
60%
*58
60%
*54%
60%
*3%
*60
3%
52
3
3%
1%
*3%
50
3
4
50
3%
*3%
*50
16%
4
70
1%
1%
1%
2%
1%
3
5
4%
4%
4
4
10%
10%
*10%
1134
*4%
10%
10%
2i
'
2%
2
2%
9%,
*8
10%
*8
16%
2
1%
2
13%
13%
13%
*7%
12%
90%
82
82
81%
10%
10%
11
40
39
39%,
38
39%
9%
10%
10
10
10
5%
5%
10%
5%
13%
*80
9%
39
*6
8
3%
♦81%
*3%
7%
3%
88
4
5%
*6%
3%
*81%
4
7%
*7%
20
20%
*27
28%
20%
*26%
3%
25
8
*1%
♦47
3%
26%
8
3%
29
3%
29%
49%
50
9%
72%
19%
67%
*73%
*21%
24%
*
29
2
9%
23%
20%
49
71%
19%
19%
10
8
9%
66%
4
*7%
1%
70%
73%
*21%
7%.
3%
88
67
73%
22%
24%
1%
9%
74%
20%
68%
75
21%
25%
978
9%
13
81%
10
15
15%
15
*21%
*54%
3%
23%
60%
3%
*21%
*54%
*3%
23%
50
*45
70
50
2%
1%
*3%
10
2%
1%
4%
10%
2
2
*8
10
12
*81%
9%
36%
9%
5
12%
82
9%
38
10
2
*7%
12
*81
9%
36
9%
9%
5
5
334
2%
15
15
22
400
*45
70
60%
3%
The Fair
600
80
2%
1%
2%
1%
4
10%
2%
10
9%
2
*6%
10%
2
8%
12%
11
12%
85
82
82
9%
9
9%
37
3434
10
9%
934
434
5
36
4,200
M
•
«.
-
•»
400
15
19
5
4
7%
7%
7%
7%
*6
10
300
18%
26
3%
17%
25%
234
18%
26
1,100
50
Twin City Rap Trans.-No par
25
3%
25%
2,500
27
6
7%
2,900
1%
45%
1%
47%
600
1,900
30
30
3%
19
18
z26
26
*25%
3%
3
3%
26%
28%
734
1%
7%
75S
7%
1%
1%
4934
1%
47%
4734
9
9
68%
69%
19%
62%
72%
21%
23%
*47
9%
69%
19%
63
73%
21%
23%
934
72%
1978
66%
73%
21%
24%
19
61
70
21%
22%
27
7%
7%
1%
4734
1%
48%
834
9%
5,400
68%
70
6434
18%
68%
21,500
434 Mar 25
5% Mar 25
234 Mar 25
80
7% Mar 23
17% Mar 25
25% Mar 25
234 Mar 25
4
10
Ulen & Co
Feb
77%
Jan
118
Aug
14% Mar 10
9
Oct
29% Jan 13
18
Oct
Jan 13
3% Jan 11
878 Feb 7
1878 Jan 10
27
Jan 12
10% Jan 11
8% Jan 11
125
Jan
Jan
20% July
61% Feb
1%
Oct
7% Mar
8
Oct
47% Mar
39% Jan
20% Jan
28% Mar
33% Mar
23% Jan
17% Jan
17% Dec
7%
Oct
5%
2%
4%
Oct
4%
Oct
Oct
Oct
8
Jan 11
4478 Jan 11
478 Jan 10
6% Dec
Oct
34
Feb
8
Mar 12
24% Mar 1
24% Feb 23
58% Feb 21
4% Jan 17
56
Jan 13
4% Jan 12
2% Jan
5% Jan
15% Jan
3% Jan
13% Jan
15% Jan
13
12
15
8
11
6
85
Jan 13
137s
48%
12%
7%
9%
4%
Jan
83
Jan
Jan
Jan
54% Mar
15% Nov
18% Dec
48
Feb
55
Oct
64
Jan
Oct
13% Mar
Nov
93% Jan
13% Feb
8% Jan
15% Mar
28% Feb
10% Jan
40% Jan
21% Feb
3%
55
2%
1%
4
10
1%
6%
13%
72
Oct
Oct
Dec
Oct
Oct
Oct
Oct
Dec
98% Aug
Oct
28%
JaD
36
Oct
79
Feb
Jan
Jan
10
Oct
17
Aug
4
Oct
Jan
Jan
6% Jan
10% Jan
24
Mar
Jan
31% Feb
8%
5% Oct
3% Dec
82
4%
Dec
Oct
7
Dec
18%
Oct
25
Nov
Feb
22% Jan
27% Jan
11% Mar
109% Jan
12
Mar
26% Mar
40% Mar
50
Mar
6
Jan
Oct
17%
44
Jan
39
Dec
94
Jan
6
Mar 25
10% Jan
2% Jan
7
Oct
25
Mar
No par
19
19%
19%
4,500
62%
70%
61
62%
4,300
Union Pacific
70
70
1% Mar 22
45% Mar 25
21
21%
2334
21
21
20%
23%
8»4 Mar 25
59% Feb
12% Jan
80
Mar
2%
1%
Oct
46% Nov
8% Dec
61% Nov
17% Oct
100
Union Tank Car
6434 Mar 25
18% Jan 3
61
Mar 23
21% Feb
88% Jan
80
Nov
.100
4% preferred
70
21
Mar 23
81
Jan
78
Oct
Mar 24
23% Jan
27% Jan
22
Nov
No par
United Aircraft Corp
New stock,
20
Oct
Mar 18
Under Elliott Fisher Co No par
Union Bag & Pap new.No par
n
3
44% Dec
1
Twin Coach Co
delivery,
Jan
25
61%
70%
1,200
1,000
54,700
Feb
17%
33%
100
Preferred
Union Carbide & Carb.iVo par
Union Oil California
25
a Def.
Jan 21
Truscon Steel
430
9
2278
3
$6 preferred
..No par
Truax Traer Coal.....iV0 par
8,300
87g
{ In receivership,
Jan
3% Mar 25
20th Cen Fox FUm CorpVo par
$1.50 preferred
No par
*17%
Mar23
58% Feb 21
9% Mar 25
"2" 200
Jan
21
16%
15%
3434 Mar 25
4
75
5% Oct
6% Dec
6% Oct
44
3
Mar 25
4
125
Mar
Oct
Jan
9
4
11% Jan 12
7% Jan 12
57% Jan 24
Mar
Oct
Oct
..10
4
Jan 13
Dec
76
48
Oct
Transamerica Corp
15,000
2
Transcont & West'n Air Inc.5
4,900
1,000 J Transue & WUllams St'l No par
Tir-Continental Corp ..No par
13,600
84%
11
43
Nov
19% Dec
53% Dec
42
Oct
Tlmken Roller Bearing. No par
4
20
28
Jan 15
Jan
2
Mar 25
Feb 16
234
*81%
19%
*25%
3%
Feb
Feb
7
5%
34%
Mar 25
Mar 25
85%
7%
50
50
Feb 15
Feb 24
27% Dec
26% Oct
30% May
Jan
15% Jan
57% Feb
8% Jan
15% Mar
65% Apr
9% Mar
78
278
3
Jan 12
Oct
11
*81%
*4%
*6%
6
Jan
% Dec
4
4
Mar 19
3%
578
Jan
72%
5% Feb 18
Mar 18
6%
3
65
Oct
Dec
2
85%
6%
Oct
14
41
9
6%
2%
6%
10
Jan 12
Jan 10
2% Mar 22
1% Mar 25
334 Mar 25
9% Mar 25
*81%
7%
5%
Feb
Jan
95% Apr
16
Nov
48% Mar
7% Oct
16% Jan
101
Oct 107%
Dec
2% Oct
12% Jan
2% Oct
14% Mar
5
Oct
32% Mar
5%
5%
1
3%
85%
5%
28%
23%
100
Tlmken Detroit Axle
4,000
4,000
Jan
Dec
8%
Jan 19
Tide Water Assoc OH.
10
$4.50 conv pref
.No par
8,300
50
Jan 18
Thompson-Starrett Co.No par
$3.50 cum pref
No par
2,400
Dec
7
Thompson (J R)
...25
Thompson Prods Inc ..No par
600
39
Aug
Jan 14
7% Jan
.100
Thermoid Co
Third Avenue Ry
1,800
4
35
3
10% Feb 21
11% Feb 10
7% Mar 25
900
Jan 19 1075
Feb 21
27
No par
Preferred
6.500
1%
414
100
Dec
47
34% Mar 25
Texas & Pacific Ry Co
100
Thatcher Mfg
No par
$3.60 conv pref
No par
800
20%
*54%
3%
5
10
23%
4
4% Mar 25
3
Jan
Oct
Mar 17
6% Jan
38
5
5%
*6%
3%
*81%
Bid and asked prices: no sales on this day.
Wl
2%
*1%
3%
15
60%
9
..50
Feb
10
Jan 13
17% Jan 10
Mar 25
Feb
94
36
1
2478 Feb 25
4% Mar 25
..25
Old
*16%
*21%
5
31
Jan 12
Jan 12
23
Mar 22
Jnri
5%
11%
22%
26%
Jan 26
7% Mar 23
16
1
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal & OH
10
Texas Pacific Land Trust.-.1
4,800
7%
7%
7
8
25
25
25
22% Mar 11
5
Tennessee Corp
Texas Corp (The)
5,700
7%
50
25
Talcott Inc (James)
5^% preferred
Mar 25
18
10
Without warrants-
5,000
8
100
Mar 25
4
Symington-Gould Corp ww__l
30,500
8%
6
48% Feb
119% Feb
ll%Mar
20% Mar
178Mar
934 Mar
Swift International Ltd
300
4%
100
Jan 24
7% Mar 25
6% Mar 25
1
No par
6% preferred
1,200
34
...10
Sunshine Mining Co
10
Superheater Co (The)..No par
Superior Oil
1
18,700
2,700
16%
*23%
7%
16
% Feb
No par
Sun OH
6,300
2,000
23%
16
*23
*4%
37%
3%
30%
21
600
49
123% 123% *120% 123%
11%
11%
12%
11%
21
Mar 25
9% Jan 10
5
3% Jan 10
59% Mar 4
11% Jan 12
12,600
4
5
10% Mar 25
14% Mar 25
21% Jan 11
107% Feb
Mar 25
6%
6
49
178Mar 19
234 Mar 25
1% Oct
35% Oct
1% Oct
5% Dec
73% Sept
19% Dec
Jan
Nov
53
4%
7%
4%
49%
Mar 18
9
Oct
49
Feb 26
1
500
6%
61
5
6%
4%
3
1478Mar 25
678 Jan 28
94
5
Sterling Products Inc
8
6%
49%
Feb
Jan
11% Jan 10
7% Mar 25
50
z39
Stokely Bros & Co Inc
54%
7%
7
124
9% Mar 23
30
Feb
4
21% Jan 17
15% Jan 10
Stewart-Warner
53
8
6%
6%
4%
4%
49% 50
123% 124
1134
12%
16% Mar 25
3,300
55
7%
*6%
5
Mar 14
2,200
55
8
7
7%
24
26
56
50%
Jan 12
Jan 17
Mar 25
7%
6%
7
Jan 12
9
18
57
4%
Jan 21
4
42% Mar 25
56%
*50
46
Feb
10
58%
8%
5%
3
Mar 25
Mar 25
Starrett Co (The) L S..No par
18
7%
60% Mar
65% Jan
11% Mar
77% Mar
9% Jan
3% Jan 10
Standard OH of New Jersey.25
44%
18
50%
*123% 124
13
12%
23
24%
2%
2%
12% 12%
Dec
Standard Oil of Kansas
34
42%
18%
7%
43% Mar
Oct
27
Jan 14
700
34
45
5
Oct
15
32
24,400
34%
50%
Oo>8 xvxuX
337*
35%
35%
54%
18%
Jan
Oct
26% Mar 25
34%
44%
Feb
17
25
18%
155
June
22% Jan 12
13% Jan 12
21% Jan 10
Standard Oil of Indiana
45
1.30
6%
42%
321*
11,600
18%
55%
7%
Mar 22
115
Oct
13* 600
43%
8%
140
Oct
17%
1
2734 Mar 25
19%
8
Jan 10
24% Jan 10
$7 cum prior pref ...No par
46%
*7
28
Oct
3
Stand Investing Cor p.. No par
Standard Oil of Calif..No par
19
7%
Oct
Mar
1%
20%
Jan
40% Feb
29% Feb
23% Aug
4
7,100
1%
28%
27%
prior pref
13
110
21
No par
cum
16% Jan 10
113% Feb 28
3% Jan 13
2
No par
$6
Oct
54%
Jan
16%
$4 preferred
44%
8%
Mar 25
15,100
2,500
22
*7
Jan 14
11%
48
68%
Mar 24
5
{Stand Gas & El Co...No par
12%
16%
6%
Dec
37
$4.50 preferred
No par
Stand Comm Tobacco
1
*%
6%
*95
2%
5%
11%
15%
3
96
2
13%
16%
10
234Mar 24
No par
*95
2%
Mar
15% Jan 15
137S Jan 15
3
9% Mar 25
20
Mar 24
Sparks Withington
.No par
Spear & Co
1
$5.50 preferred
No par
Spencer Kellogg & Sons No par
S perry Corp (The) vtc
1
Splcer Mfg Co
No par
$3 conv preferred A. .No par
Spiegel Inc
—-.2
Conv $4.50 preferred.iVo par
Square D Co class B
1
8,400
75
*19%
Mar
120
10% Mar 25
6% Mar 25
Spalding (A G) <fe Bros. iVo par
1st preferred
100
5
7%
197
100
20% Feb
100
3%
39%
2%
Feb
Oct
1% Mar 25
Mobile & Ohio Stk tr ctfs 100
*2%
39%
Oct
Apr
Nov
1178 Mar 25
No par
5% preferred..
300
Apr
June
9
100
20
Nov
60%
102%
11% Jan
25
Southern Pacific Co
4%
26
13
128
Southern Calif Edison
Mar
Feb
17% Mar
96
..100
8% preferred.
68
67
19
2
2%
41%
2%
21
142
6%
11%
75
*19%
17%
11%
*30%
*140
Feb
Jan 13
So Porto Rico Sugar...No par
47
6%
31
3
234
*39%
2%
142
34%
105%
20% Jan 10
112
*19%
16%
24%
42%
30%
3%
16%
*23%
7
*38
3%
6%
2%
7
75
18%
*30%
*140
24%
3%
6%
18%
17%
142
113s
6%
10%
75
"22%
*140
Feb
13% Mar 25
Solvay Am Corp 5J^% preflOO
South Am Gold & Platinum.1
47,800
21,200
12,600
67%
82% Jan 12
100
140
Nov
Mar 25
93% Mar 11
140
91
88
50
142
Jan
Feb
1
Sloss Sheff Steel & Iron...100
Mar
44
93
$6 preferred
No par
Smith (A O) Corp
10
Smith & Cor Typewr.__2V0 par
120
24% Dec
1478 Nov
Mar 25
20
Feb
17% Feb
42% Mar
14
88
Feb
34
65
100
3% Jan 17
22
98% Aug
Oct
26% Dec
Mar 25
27% Mar
51% Mar
98% Mar
3% Feb
23% Feb
45% Jan
2% Jan
8% Jan
54% Apr
11% Mar
Dec
3%
44
3434 Jan 10
-.25
6% preferred
»
101% Jan 27
9% Jan 11
24% Jan 11
Oct
21*2 Mar 25
2% Mar 11
16
300
—
Jan 14
6%
Jan 13
10
1,500
«,
12% Dec
5% Oct
17% Oct
2% Nov
15% Dec
Mar 25
14
3%
6%
13%
*7
3
6% Mar 25
15
No par
98
11%
57%
7%
96«4 Jan
preferred... 100
55
11
20
18% Jan 11
50
13%
47%
Mar 20
*94
12
40%
10
14%
12%
14%
20
No par
55
13
46%
2734 Jan 27
98
2%
*33
Mar 18
14%
*11%
13%
8%
13%
1%
24
55
-
Oct
3% Oct
49% Nov
Dec
*94
-
Oct
Oct
60
Skelly Oil Co
13,100
2,300
%
1%
16
Jan 14
5% Jan 10
48
conv
Oct
3% Oct
34% Nov
66
3% Mar 25
15%
«.
Feb 25
%
53% Mar 25
98
13%
10%
% Jan 3
2% Jan 13
9% Feb 17
55
13%
Jan 24
634 Mar 12
55
14%
7% Jan 11
27%
Dec
Dec
4
5% Jan 14
65% Feb 25
1634 Jan 12
*94
1%
*%
29%
29%
Mar 25
Jan
10% Mar 25
Simonds Saw & Steel. .No par
2.600
3%
7%
1% Mar 18
15
20%
7%
42
59
20%
95
♦92
4% Mar 18
3
% Jan
6
37% Jan
94
20%
9%
71
15
20%
57
*56
22
94
21
32%
6
Feb 23
1
55
20%
24
Jan
85
Jan
16
21%
75
27%
4
% Feb 10
60
20%
7
Feb
Oct
Oct
Slmms Petroleum
21%
2%
113
11
15
1,600
2%
21
43
Dec
4
19
Jan 11
Simmons Co
21
3%
z98
Jan
105
75
Silver King Coalition Mines.5
*140
30
*20
Jan
Feb 11
Mar 25
10% Mar 25
1634 Mar 25
20%
1,900
142
*140
113
Mar 18
5H%
200
22%
103
Dec
10% Mar 25
7,000
6%
16
13
13%
*11%
*11%
11%
11%
*10
10
9
9
9
*10
9%
*8%
10%
9%
14
13
13%
13%
13%
13%
12% 13
11%
13%
12%
13%
*112% 113
*112% 113% *112% 113% *112% 114
♦112% 113
*112% 113
2
2
2
2
2
2
2
2
1%
1%
1%
1%
22
19
23% 23%
22%
19% 21
*22% 23
20% 20%
19%
*11%
400
6%
16%
2%
16%
*88%
23
6%
6%
*16
Dec
86
40
Shell Union Oil
6,200
1584
*2%
16%
23%
70
Jan 18
95
60
64
*58
*
*99
17%
*17
17%
25%
13%
7
16%
*2%
7
17
17
13%
100%
Jan 20
93
No par
15 conv prer
40
13%
*23%
12%
13%
100%
81
Sharpe & Dobme...---Aro par
$3.50 conv pref rot A.No par
Sbeaffer (W A) Pen Co.No par
200
25
*40
Jan
Mar
Mar 24
No par
No par
Sharon Steel Corp
46
Mar 24
3% Mar 16
50% Mar 25
Shattuck (FG).
37% Mar
Dec
81
— —
9,700
2,900
1,700
3%
60
Seagrave Corp
No par
Sears, Roebuck <fc Co..No par
Servel Inc
—-1
7
20% Mar
Nov
18
68
100
100
100
400
67S
5% Jan 26
Oct
10
19,900
3,400
4%
Jan 12
53%
12%
270
1%
54%
*37S
500
Highest
$ per share $ per share
23%
17
300
2,400
4
share
2% Mar 19
Seaboard Oil Co of Del. No par
6,800
38%
per
15% Mar 18
9,600
1,200
%
4%
3734
$
3,400
75
%
5%
share
1%
1634
75
39
per
19%
378
19%
%
$
No par
Schenley Distillers Corp
5
SH% preferred
100
{Schulte Retail Stores
1
8% preferred
100
Scott Paper Co
No par
{Seaboard Air Line—No par
4-2% preferred
..100
80
38
%
Year 1937
Lowest
Highest
100
No par
5% preferred
6% preferred
7% preferred
Savage Arms Corp
140
11%
1834
1938
Range for Previous
J St Louis South western... 100
5% preferred
Safeway Stores
~3~66O
*90
6I4
Par
Shares
18
1G12
Lowest
Week
278
*6
Range Since Jan. 1
On Basis .of 100-Share Lots
STOCK
YORK
26,
EXCHANGE
72
59
*50
Thursday
78l2
78l2
39U
39
25«
18
17%
%
38
22
% per share
$ per share
% per share
2%
♦6%
♦16^4
Mar.
Wednesday
March
r
5
Cash sale,
20% Feb
x
Ex-dlv.
4
y
Ex-rlghts.
10%
Oct
6%
100%
Jan
Jan
Jan
18% Sept
111
28%
Feb
Feb
148% Mar
99% Jan
31% Feb
35% Mar
^ Called for redemption.
Volume
LOW
AND
New York Stock
146
HIGH
SALE PRICES—PER
Monday i
Mar.
19
S per share
678
♦8
11312
46i4
1658
2l2
*27
28j4
*71
27i8
534
6l2
534
634
77
35g
*30i8
59i2
958
*71
4
378
32
5934
3012
59i2
95s
934
*10012 10134
*3l2
*101
4
*6
6i2
*50
5i4
*7i8
63*
1
*6 a
*
1614
4&8
*55
1658
47
*42
17
163g
163g
15l2
2 34
273g
212
27ig
512
25g
27i2
584
27
6l2
612
57g
6l2
77
73
214
512
5ig
68I4
73
4lg
30l2
59l2
384
31
97g
95g
59
10134 *101
59i2
984
IOI84
4
4
6
6
*50
74
414
63g
74
*50
5
75g
7h
6l2
7l2
63 s4
61
6012
6212
16984
165
6
33 ig
*1534
1634
458
434
7
7h
434
7i2
*55
26
4%
32i4
4
64
165
6
165
6
25
25
2612
412
1412
45g
658
6S4
2514
1418
60
7934
76ig
81
7384
60
6384
60
647g
65
63i4
4914
*55
62
681
55
505g
52l4
IO2I4 10314
*3058 307g
4H2
4H2
412
45g
158
15g
*38
12l8
*20
*10
*20
53
50
50
*145
154
*143
*145
154
*33
30
30
S4
34
*5g
*20
23i2
101,900
38
2214
11012
278
lll2
22i2
109
23
22
109
110
*23g
10
27g
101
*113i2 116;
4978
*4984
218
*914
*113
53
20
2214
110
*110
23g
218
1814
*79
678
65g
3634
1818
10U
10l2
2l2
30
58
h
1,600
8,200
1,800
278
8
495g
*49
I8I4
80
79
79
7i8
37i2
37
181g
*1784
6I4
10
IOI4
27g
212
35
*33
5
45g
35
30
177g
*788s
684
578
6I4
37l2
I8I4
36l8
*1784
365g
I8I4
*1778
10
10
2l2
212
*33
38
4
478
32
*2512
258
3
214
9
9
9
*512
2
*30
lh
316g
*118
3134
*30
*73
75
*72l2
75
*73
22
178
*184
lh
*ll8
32
75
*
f
865g
*92
96
~94h
94i2
"9234
94
*75
85
*75
87
*77
87
121
121
121
121
*120
118
*115
114l2 114l2 *115
1612
1612
3l2
3l2
*3ig
35g
*5
6
*6
1
1
1
1
lh
15g
lh
134
7
21
21
2214
20Bg
21
2
84i4
*118
1212
*31
H2
875g
129
1212
3334
*16
3l2
512
1
9
112l2
130
80
123g
*31
6
8412
128
123g
3384
120
94l2
88l2
83
75
82l2
120U 12014 *11914
*3l2
6
h
3
1
*3l2
*78
116l2
16
lh
20
2018
76i4
*117
lh
203g
203g
7914
128
15g
20
20
1,600
5,700
200
44,300
360
500
900
4,600
1.700
*115
117
155g
180
I6I4
1,400
31g
314
•4,000
8,700
6,500
38,500
600
600
79
71
123
124
124
100
10
11
1,100
*31
4484 Mer 25
96l2Mar 25
30t2Mar 23
408gMar 18
.....25
4
Mar 25
18g Mar 25
..A'o par
37
3
Feb
CBgMar 25
No par
50
8% preferred
..ICO
Universal Pictures 1st pref. 100
futilities Pow & Light A
1
Yadsco Sales
..A'o par
140
30
Jan
3
Jan
6
Mar 24
BgMar 24
h Jan 3
18l» Mar 25
Preferred.
100
Vanadium Corp of Am.A'o par
Van Raalte Co Inc
......5
12t2 Mar
l658Mar
97|» Jan
32t2Mar
..100
6
A'o par
70tgMar 5
62ig Jan 26
114i2 Jan 10
3484 Mar 6
42
I-eb 24
20
Oct
68
Dec
48*2 Nov
IOOI4 Oct
42
leb26
13i2 Jan 14
60
Mar
27g
Oct
1
Oct
46
Oct
984 Dec
85
*60
75
*60
86
Jan
164
Jan
108
Jan
li4 Jan 7
lh Jan 10
26
Jan 17
84
Oct
Bg
Oct
16
Oct
914
14i4
Oct
*2384 leb 15
19
101
Jan 27
97
Oct
115
Mar
25
42
Jan 22
3584 Nov
47
May
2C»g Jan 12
Oct
5Bg Jan 21
3218 Jan 21
110i2 Mar 19
105
June
108k Jan
2Sg
18l2
Oct
Oct
Preferred
115ft Feb
42
100
JWabasb Railway
Feb
3
11714 Jan 11
100
1
100
5% pref erred A
l
Mar 21
67
Jan 10
ll8t2Mar 21
2BS jan 11
Dec
98
Feb
1 BgMar 23
2'4 Jan 6
4i8 jan 11
2t2I Oct
..100
6*2 Mar 25
388 Feb 4
8t4 Jan 17
2igf
No par
Walgreen
No par
16* Mai 25
20U Jan 10
4 Vi
% pref with warrants 100
74t2 Jan 5
58gMar25
Oct
82l2 Aug
Oct
51 Bg July
18j Mar 18
198g Feb 18
17
Oct
1978
Jan
91 Mar 25
I6I4 Jan 15
3»4 Jan 13
778
Oct
2
Oct
508s
IO84
Feb
Ward Baking class A..No par
Class B
No par
Preferred
100
2t4 Jan
...
Warner Bros Pictures
33
6
4
Mar 26
37g Mar 25
48
Jan 18
7»4 Jan 10
2612 Dec
484
Oct
Dec
convertible
Mar 25
4l2 Jan 13
7l2 Mar 25
16»4 Jan 3
13t2 Jan 13
2412 Jan 14
Oct
46
126g Mar 26
l8l2Mar 25
1712 Jan 17
1118
Oct
88I4
2984 Jan 17
20
Oct
6O84 Aug
984 Feb
214 Jan
pret..No[par
Warren Fdy & Pipe
Waukesha Motor Co
Wayne Pump Co
A'o|z>0r
6
..1
Webster Eisenlohr
.A'o par
Wells Fargo & Co
33
2Bg
9
16
Oct
Nov
6%
100
preferred
est Penn Power
6%
75
..100
7% pref. 100 fl!7
preferred
..100
2d preferred
WestiDgh'ee Air Brake.No par
WestiDgbouee El & Mfg
50
1st preferred............50
Weston Elec Instrum't.No par
Jan
3
76
Oct
1
1714
Oct
10l2
14h
2B8'
5i2
Apr
Dec
25
9
Mar
1241 Mar
10
Feb|23
Jan 10
1
28t4 Jan
27i2 Jan
1097s Jan
140
Jan'27
19l8 Mar
71
19)-
is8 jan
314 Jan
lt2 Mar
198gMar
Western Union Telegraph.100
Mar
23i8 Mar
€0>. Mar
75| Mar
800
85
10
"4" 560
73i8 Nov
Feb
4i2 Jan 10
) i2Mar
100
Oct
1
July
2314 Oct
9784
116i2Marl24
;._.100
preferred
2lg
12lt
4
23
W estern Pacific..........100
6%
Jan
lllh Jam 6
\4h Jan 28
Western Auto Supply Co.-.IO
Western Maryland
100
4%
Mar 26
Jan 24
5% conv preferred
30
Wheeling ALE Ry Co
100
5)4% c pr...
100
W heeling Bteel Corp...No par
24
I8I4
preferred
1*2 Jan 28
3578 Feb 24
75
15i2 Jan 18
23l8
15
7%
3k Jan 12
227
Mark
9
60* Man 19
90"
Jan)
4
Oct
Oct
87i8' Nov
113fck
Oct
39
IO84
27U
347«
Oct
2118 Dec
Apr
126
Aug
65
Mar
*1312
138g
13
13
16W
Jan 13
2i4
2l4
214
Z4S4
384
47g
33g
5
41
39
39
35
35
1514
1412
14h
1384
1384
39ig
14l2
40ig
158g
41
1684
40l4
1514
4078
16
3
700
15g
ll2
188
1,200
1334
llBg
1134
1,000
2,500
2,600
1,800
14,600
*35l2
42
14
14
3914
3984
153s
147g
300
Wool worth (F W) Co
10
WorthingtonPAM(Del) No par
Preferred A 7%
-.100
Prior pref 4H% eeries
10
32
*38
*36
41
*3514
3914
*31
39
*31l2
39
3434
*73
4212
7434
7484
7484
70
71
62
67
6712
*2614
*32l4
6I84
67
450
*68
70 »
67U
68
67
67
67
67
67
66
700
*24l2
261
*61l2
25
*2484
123g
*84i4
*1384
3314
*66i2
14i2
1284
*37g
26
*2458
2412
1212
2514
700
103g
1214
71,100
82
81
4l2
1314
115g
1212
6412
6684
243g
115g
88
82
85*4
81
1414
1318
1314
3084
*6214
1384
3214
13
3518
31
321g
8OI4
12lg
28l2
2412
1212
3112
78«^
L*66l2
7884
i*6612
1414
14l2
1412
1412
1284
14l2
12
I 1012
384
lll2
3l2
1214
414
1212
37g
384
3l2
Wilcox Oil & Gap
t In receivership.
12
884
0
..6
2
Wlllys-Overland[Motors.....l
6% conv preferred
Wilson & Co Inc
$6
2i4 Jan
10
Mar 24
100
preferred
35
Mar 23
....10
lligMar 26
S6fc Jan 8
12BgMar 25
66k Jan 25
30
Preferred
1,900
Zonite Products Corp
Def. delivery,
n
New stock.
Cash sale,
1914 Jan 17
I0i2
Dec
4378 Feb 23
34^ Dec
12»
Oct
Dec
20
Feb 25
66
Jan 25
5412
Oct
35h Feb 24
34W
Dec
Oct
47
Jan
112i2 Mar
4084 Dec
Jan 26
46
Jan 10
3984
Dec
64
Nov
94
Jan 10
38k,
Oct
128
Mar
69
Mar 12
58l2
Oct
76
Jan
28
Mar
2184 Dec
712 Oct
80
Jan
3
5
12ig Mar 26
28l2 Mar 26
73
100
r
Dec
7
Jan 24
8«s Jan
Youngst'wnlSteeliDoor.Nofpor
Zenith RadiotCorp
No par
preferred
Dec
48g
48g
4984
Jan
20<4 Jan 31
....100
7,600
4
2
684 Jan 6
6OI4 Jan 21
67g Jan 10
62
35
YounglSpringier Wire..No par
Youngstown S|& T.
No par
"MOO
Feb
1«4| Oct
6184 Mar 25
Yellow Truck & Coach cl B..1
2,000
20,500
3k
3
4i2Mar 25
3
Prior pf 4 y2 % conv series. 10
110
Mar 23
No par
Wright Aeronautical...A'o par
Wrigley (Wm) Jr (Del).No par
Yale & Towne Mfg Co
25
7884
1514
13i8
78h
Bid and asked prices; no sales on this day,
46is"» Jan
6i4* Jan
5t2 Bept
12 " Bept
1214 Feb
9184 Mar
1384 Dec
653g Jan
6,900
3212
1512
1384
Oct
lH2Mar 18
preferred.m.No[par
8,700
*26
78*4
684JMar
llfi
conv
I51g
33
14
Oct
2H4 Jan 24
284 Feb 25
$4
3984
125g
*27
3584
1 Bg
3834
33
137g
Jan 22
Woodward Iron Co
*30
35
3?
1,800
36
137g
Oct
ll2Mar
Ills
*30
35
Oct
8l2
13
32
137g
6
Jan21
35
*27"
34
Oct
13ig Jan 12
Ilk
3l2
3584
65
I384
14l2
Mar
2l4
*45
88
Mar
7
2l4
412
55
25«4
13
a:8i2Mar
3ig
*45
2512
White Dent'l Mfg (The 8 S)_20
White Motor Co.
..1
21
500
126i4 Aug
9084 Aug
23f2May
338g Feb
187s Jan
White Rock Min Spr ctf No par
White Sewing Mach...No par
2
412
Jan
115
Dec
Oct
9,400
Jan
Feb
Dec
Dec
7h
Jan
May
70
Nov
87g
Feb
90
19
7
170
30»8
75
884
Mar
115h Jnu
29i2 July
1184 Mar
23i2 Mar
1084' Oct
65
734
84i2
3U2 Nov
Jan 14
9
66
484 Mar
Jan* 4
478
318
Feb
IH4 Mar
83i2 Jan
6784 Mar
167Bg Jan
2784 Jan 12
5
Nov
Oct
(
69?
4
Jan
Jan
ll2* Oct
22ig Dec
1784' Oct
96W
4Vg
3V8
Jan
Jan
2
Jan 13
15* Mar
2
18
69i2
1214
3514
..No par
fWarren Bros
40
80f Mar
2
99i8 Mar
Mar 25
497gMar
2ig
2i4
Feb
21
100
2
I884 Mar
No par
pref
Preferred
28g
28g
Feb
Feb
7184 Dec
314 Oct
55 conv prior pref...No par
*2I8
214
Mar
32
100
214
23g
16
491
8i2 Feb 23
447g Jan 16
100
*12
183S Mar
19Bg
...No par
Preferred
83
18
Jan
I0i8 Mar
3384 Mar 18
No par
Walk(H)Good & W Ltd No
conv
Jan 24
Jan
par
Walworth Co
53.85
81
Oct
65g| Dec
51
llh
Feb
122i2
Oct
5% preferred B
Waldorf System...
Co
1234
2
80
lll2
Jan
12s4 Apr
743g Apr
115
60
51
14
44B8
11784
80
*1184
478 Jan
2B8 Jan
58i2 Jan
3988 Mar
26
25
55
14
Jan
May
Oct
110
IBs
Feb
21
Nov
*80
7h
Feb
Nov
*51
lSSg
914
8i8
84i2
47
55
x8h
lh
Jan
29
Jan 12
110
9ig
150
135
64
11 Bg Mar
75
1312
77g
Jan
126i2 Mar
l47Bg Mar 11
1888 Mar 25
...100
Va El & Pow J6 pref...A'o par
76s8
4
Mar 25
3
7238 Mar
MarlO
5
ih Jan 10
Westvaco Cblor Prod..No par
1212
65
*4
3
"MOO
1158
*44
4
Feb
Mar
Jan
31t2 Jan
62l2
»
118
105
63
U S Tobacco new.....A'o
par
Class A.
*50
*37g
Dec
52i2 Nov
8
..Nofpor
3334
6212
1312
43t2
Mar
17t8 Jan 15
3284 Janj 5
*50
*66l2
1514
Mar 21
71
Feb
70
6212
I3I4
81
*75
14
147g
36i2 I-eb 26
3
*51
14
78*4
3
14
3984
13
2214 Jan
45t2 Jan
50
103
Aug
123i2 Mar
100
2014
20ig
765g
9i8
1&8
Mar
Aug
198g
191g
13l2
714
112
7214 Mar
1988 Jan
5284 Mar 25
100
59
4lg
*66h
147g
Oct
110
5lg
131g
Oct
3U
435g Feb
15i8 Mar
223g Mar
109
*60
1«4
*85
Dec
24
*75
5
133g
65
Jan 17
68g Jan 10
*51
14
4
88
leb 18
32
59
5
13
66
Jan 13
1101
41g
3934
*85
Mar 25
Jan 13
Mar
Oct
2034
2OI4
17?g
3
Jan 15
70
88
76
17
Mar 26
Feb
23i2 Mar
3
*60
17&S
4
172
Jan 11
Jan
Jan
Feb
10212 Jan
250
77
75
1718
14i8 Mar 23
154i8 Nov
684 Dec
297g Dec
16ig Oct
384 Oct
6ig Oct
87g
3514
2384
65g
IOI4
Jan 12
20i2
347g
137
88l2Mar 25
92
85
1812
f
Mar 22
Oct
Nov
108
25
18l2
16( 84 leb
25
Oct
5l2
63
Oct
2,400
2412
4
84
1
J212
Jan
3
*117
12l2
2412
72
102l2 Jan
134
1214
Jan 31
Oct
8314 Mar 18
158
12
57
Nov
West Penn El class A..No par
*78
3334
Jan
70
16i8 Feb
2484 Mar
10012 Feb
3b8 Jan
27k Jan 3
*72i2 Feb 14
3
*31
11378
3t2 Oct
55g Dec
-.1
1,600
15s
3384
Oct
3
Wesson Oil & Snowdrift No par
84 conv pref erred ...No par
20
1
*31
Jan
101
Jan
67g Jan 12
88g Jan 17
Mar
Mar
6
12
17
Jan
3
*1112
Oct
Mar
318
1214
1134
9
9l2 Mar
8314
83
3l8
8634 Mar
75
28
*7212
"941~2
9412
63
Oct
Oct
lt2 Mar 26
ll8 Jan 3
*60
*lBg
I6I4
134
lh
287g
*60
93s
403g
127g
*
83
1
lh
812
J5U
83l4
16
7h
*36
75
116
98g
1378
2U
23g
29
16
97g
134
1318
23g
28g
~93h
29
*
20
22
Oct
52
Dec
25g
135
500
1812
lh
*118
I84
*7212
7412
83l4
118
884
*12l2
*218
293g
*7212
*
3
8
lh
118
17g
112
293g
16
*93g
1^4
I84
U8
178
*lh
1314
24
Dec
4,700
*241S
*60
lh
22l8
74
Jan 11
Jan 12
113
712
85
*60
75
*1312
127g
22lg
Jan 10
84
l62l2Mar 25
5ji Mar 24
Jan
2684 Apr
IO6I4 Feb
1207g Feb 26
23«
75
85
*13*2
8h
*9h
20
13
2214
Oct
37
7i2
*
191s
125g
2512
26
*75
20
13
22
6t2
Oct
2
212
9
20
43g
28
2512
26
|*51
2l4
*5l2
33
37g
Jan 10
Jan
Mar
Dec
100
21
16
8
I8I4
33
414
Oct
3
17,000
1,700
13
*60
14
212
812
37
29
5
4t2 Jan 20
63«
3634
212
Jan 12
I684 jan 11
200
10
Mar
Si2
467g
2ig Mar 22
783g
2i2
35
8i Mar 25
1,500
9
2i2
Feb
Virginia Iron Coal & Coke.100
783S
53g
3534
*1734
10
Feb
91
Oct
leb 15
United Stockyards Corp._._l
United Stores class A..No par
preferred
11784
488
..100
Cbem
Oct
3684 Dec
17i2 Dec
Oct
10
Vlck Chemical Co
Jan
110
778 Jan 12
....100
7% 1st preferred
30i4
2
Mar 23
50
pref A
Oct
H4 Jan 18
65fc Mar 25
24a Mar 25
new
Feb
15
7484 Feb 21
57g Mar 25
Corp
Jan
3114
4
class A.Aro par
Preferred
243s
Oct
26I4
8
6512 I-eb 25
113g Jan 6
106
Oct
7
Jan 12
Jan
share
63g
6% preferred
100
Virginia Ry Co 6% pref...100
Vulcan Detinning
100
17 h
1212
*60
58
4
29
*116
20Bg
*116
75
110
*33
45g
29
312
21
60
*51
212
163g
118
2l3g
26
*75
10
2l2
6I4
35
Highest
60
ICC
16
17&8
79l2
63g
36l2
I8I4
384
32i8
788
978
80i2
6
Preferred
6%
4968 Feb 23
1914 Jan 10
Mar 25
8% 1st preferred
Smelting Rcf &lMin
Va-Carollna
113l2 Mar 19
....20
conv
conv
6
IOI4 Feb 26
19i2 Jan 11
84 Mar 23
par
56
S«4 Jan
1937
$ per share $ per
4
7% preferred
..100
U S Hoffman Macb
Corp
5
conv pref
..50
U S Industrial Alcohol. ATo
par
U S Leather
A'o
7% pref.
Feb
share
No par
U S Gypsum.
U S Steel
Mar 14
388 Mar 25
514 Mar 25
per
100
Freight
Partic &
Year
Lowest
150
48
'
1334
1934
20
10
36
53
120
lh
20
I3l2
19
79U
3
*284
*6l2
*20
177g
175g
*7838
57g
3612
2
1612
1101
*2l2
*110
*118
4012
183g
110
11212
278
10
2014
8l2
4,900
4,200
116
1312
2312
178
112
3214
10
600
3i2
20l2
*9
1312
18l2
21
3334
116
2014
60
*212
10
3
10
22h
*24
*110
2i8
30
3212
116
14
*60
3i2
*9
24
*I312
2112
113
*9912
3434
33g
20l2
S
0l8 Mar 25
No par
90
7,000
*113
14
133g
3384
1412
190
h
11
18
484
*32
234
87
900
4,100
5,700
58
*3384
3i2
Corp
Conv preferred
32«
*145
123
18l2
2i2
35
47g
129
9,300
4984
4912
4912
90
49l2
118i2 118i2 *118l2 125
*11812 125
*11812 125
*11812 125
100
1
1
1
lh
lh
H4
H4
II4
*lh
112
3,300
214
2
214
214
214
214
158
I84
134
178 I 3,400
5
*1
*ih
*15g
212
*112
212
212
*138
212
7
678
67g
67g
67g
678
67g
67g
6l2
684 "moo
I8I4
16
A
84
86
69
Universal Leaf Tob
36"
33g
U S & Foreign Secur_._Aro
par
$5 first preferred
100
U S Distrib
300
36
35
100
501
154a
*49
99
384
54r Mar 25
United Gas Improvt.-.A'o par
55 preferred
No par
United Faperboard
10
Universal-Cyclops Steel Corp 1
99
35s
No par
United Fruit
800
143g
1714
334
68I4 Mar 23
3i8 Mar 25
28l8 Mar 25
10
95g
18
"3684
6
5
800
12l2
165g
334
..100
38
18
2318
178
16i2
48
147g
173g
3634
Preferred
300
21k
4
M ar 24
625g
84
*99i2
6
U S
17
I4I4
4038
84
«
2314
•
33
10
DyewoodkCorp
44,800
5,500
10l2
*13l2
22l2
28g
lh
53
Mar 25
*58l2
43g
54
5
United Electric Coal Cos
United Eng & Fdy
U
4
......6
72l4
5584
9612 100
3034
*303g
41
*3958
4
43g
138
lh
Jan
I5t8 Feb 8
2i8 Mar 26
26j4 Mar 25
No par
U S Realty & Imp.....ATo
par
U S Rubber
......No par
4484
Mar 25
Mar 23
39
par
United
$
16tg Jan 3
1108g Jan 20
United Carr Fast
Corp.A'o par
United Corp
No
S3 preferred
United Drug Inc
share
6
......No par
Range for Previous
Highest
8
100
6712
5234
3034
*53
Preferred
United Carbon
25l2
100
10l2
22
4
75
56l2
625g
493S
117g
*20
47g
2938
Transports
5
United Amer Bosch...No par
United Biscuit
No par
3,700
100
per
Un Air Lines
10,700
287g 120,600
14
10
1812
334
*18
234
*578
*31
2434
3
15
33
*1214
24
3
19
33
*118
25
5
Prior preferred
100
U S Pipe &
Foundry.......20
20
40
2014
20U
8512
55*
1734
188g
16
55
14
36
4h
60
19
80
2l2
3,400
*1012
154
1584
19
7
*35
100
16
5
*10l4
1,100
23l2
7
658
5
30
4,900
1,800
12
84
70
5
6i2
*10i2
33
1,600
5,200
*20
14i4
Par
550
61
5718
162i2 162l2
38
84
714
15
*n2
36
612
"""200
5
4l2
38
38
llg
*18l4
*99l2
2
*16
*5g
57g
40
*4
3,000
74
4
*38
12
400
1,700
384
534
4
41
15g
101
33g
514
19i2
2
*79
101
7
4034
43g
lh
95g
6,300
1,200
3,300
20,200
412
3034
412
H2
9h
I6I4
*118i2 125
lh
lh
I8I4
99
41
438
55
I
157g
*11312 123
4978
*40
54
*18i4
35g
*23g
99U 10112
31
30l2
3l2
2812
Lowest
60
75
3ig
28l8
16
~38~
22
*5812
4714
2,700
6,000
2,200
5
*6714
1518
40
*99
110
49
625g
400
56,400
5l2
19
*99
*35
56
212
5
534
*38
68
2312
15l2
18l2
7484
60
47
63U
51l2
1027g
307g 307g
41
4112
4h
45g
1*2
lh
«4
34
7H4
5712
*58l2
245g
35g
2784
7H2
334
29U
17
5
30
38
*33
«4
253g
358
1,300
27
*52
154
*145
38
h
412
*55
27U
43
10
2l8
26i4
55g
63g
75
3l2
2834
*634
60
300
*15
23g
57
*53
154
*33
2458
102
40
*1012
55
*145
378
2914
17
27
5
7*4
17
39lg
4414
*162l4 164
5
100
*16l2
*11312
17
6OS4
*1978
1414
9,500
8
34
584
63g
*7
5l2
7h
61h
7
23
1584
*55
9
34
165
584
*18
684
60
6
63g
74
5
5
3284
40
84
5
1414
4
30l2
84
65
»10l2
*52
1
*6518
lh
*38
214
267g
514
74
514
6
4l2
158
*15
5
*84
*253S
41
Shares
6
514
7l2
6I4
33is
I6I4
*438
$ per share
6I4
1512
258
275g
5l2
1
2534
4ig
3Hg
7714
41
Week
*16l2
*113i2
4478
4314
6334
513s
Mar. 25
17h
634
*165
I02l2 1031
*3012 33
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
*8
75g
63i4
STOCKS
NEW YORK STOCK
the
70
*67i4
338
384
314
2884
30i8
2834
55
256i4
57ig
57
912
95g
912
95g
*101
IOH4 102
102
3l2
384
358
4
5l2
6
5I4
5l2
4
*30ig
26
5058
2005
Friday
65s
8
*1612
*11312
...
45
46l2
63g
8
9
16i2
3114
78h
6434
4
10
S per share
$ per share
67g
*8
*113
60
26
658
IOI4
17l2
*84
71
7i«
Sales
Mar. 24
23
*514
5l4
165* 165
*25
*50
Mar.
S per share
7
*334
*6i8
74
*84
Record—Concluded—Page
CENT
Thursday
Wednesday
Mar. 22
$ per share
634
*8
10*4
17
1734
11312 *113
47
4612
17
1658
2%
2l2
5l2
612
Tuesday
21
7
*17
NOT PER
for
Saturday
Mar.
•
SHARE,
Jan 29
9
16i« Jan 21
93
Jan 11
187s Jan 10
43<4 Jan 12
75
Jan 26
1284 Mar 25
1
x
17i2 Jan 12
684Mar 7
Dec
142
46Bs
Jan
Feb
1017s Mar
115
Jan
22tt Jan 10
10f2Mar 25
284 Jan 3
68
12J2 Dec
34l2 Nov
7jPi| Oct
62l2 Jan
37h Feb
Ex-div.
y
Ei-rightB.
n7g|Dec
2ig
Oct
4384 Aug
914 Jan
^ Called for redemption.
March
2006
YORK
NEW
1938
26,
EXCHANGE
STOCK
Record,Bond
Friday, Weekly and Yearly
for Income and defaulted bonds
Cash and deferred delivery sales are disregarded in the
of the week, and when selling outside of the regular weekly range are shown in a footnote In the week
computing the range for the year.
weex s range,
NOTICE—Prices are "and interest"—except
they are the only transactions
unless
STOCK
V.
i-
S
EXCHANGE
Week's
Last
Range or
Sale
Friday's
1
Price
Week Ended Mar. 25
Bid
A
Low
Jan.
No.
Imw
Oct
STOCK
1
53
££
107.2
J
108.19
112.2
113.14
117.12 117
O
108.8
D
112.30 112.23
113.1
111.12 111.5
111.16
99
110.23111.27
108.26 108.21
108.26
105
107.18 108.30
104. J6 104.6
104.21
105.30 105.24
106.1
80
1106.1
106.7
119
105.29106.13
(107.5
107.11
29
106.30107.14
106.28
259
>M
J
S
D
S
D
J
108.2
D
1M
107.8
8
106.22 106.15
J
D
J
D
F
1107.17
O 107.28 107.25
A
>M
M
M
J
M
A
1106.17
—
—-
—
-
108.12
•
119
i
3
106.17
113
107.21
44
108.5
104
107
119
S
104.15 104. 9
104.21
S
102.16 102.16
101.15 101.14
102.24
45
101.24
126
101.3
101.15
186
101
101.8
100.22
159
103.24
117
101.20 101.13
101.23
124
101.6
104.19
14
104
39
8
17%
S
A
A
104.10
17
103
6
1 1944-
M N
104.2
103.26
104.3
57
1 19391942-1944
F
A
101.29 101.25
102.4
54
74%
154
O
63
50
66%
53
50
104
O
72
56
72
18
56
105
105
249
103
J
101.26
101.31
38
101.6
J
A
A
O
--1948
fAkershus (Dept) Ext 5s
1963
♦Antloqula (Dept) coll 7s A—-1945
100 M
100%
10034
6M
J
6)4
21
23)4
*2234
M N
J
23
23 %
-
-
-
-
34
100)4
8
16M
6
6
7M
7M
6M
7M
6
6
M
6)4
7
J
654
6X
634
7
12
634
7
72
J
1957 A
O
534
534
9
5M
7
♦External sec s f 7s 2d series. 1957 A
O
5 34
534
2
5%
♦External sec s f 7s 3d series. 1957 A
O
f 7« 1st series
1958
Argentine (National Government)—
Antwerp (City) external 5s
J
D
8 f external 4%s
1972
loan 4s Apr
1972
1955
Australia 30-year 5s
F
A
J
5
5)4
17
98
5M
7
95
,100M
92
A
O
91
93)4
103
89%
81
8534
105
80
64
80
88%
88%
10234
295
99
103)4
99)4
124
82
82
J
102 M
10034
102%
100
86
1956
1957
M N
98 %
97 %
J
J
33%
3134
34
28
28
♦Bavaria (Free State) 6%s
1945
F
A
20 M
21
13
19 %
10234
10134
109)4
105
189
100
103)4
80
100
11234
32
100%
101
21
a
1949
M
S
J
J
104%
D
1955
.
11234
Bergen (Norway) extl sf 6s—1960 M S
♦Berlin (Germany) s * 6%s
1950
1958
♦External sinking fund 6s
♦Brazil (U 8 of) external
8s
1941
♦External s f 6 Ha of 1926.—1957
♦External s f 6%s of 1927... 1957
♦7s (Central Ry)
1952
Brisbane (City) s f 5s
1957
Sinking fund'gold 5s
1958
A
D
A
*
D
J
10034
O
J
♦5)4s unstamped
♦7s unstamped
2
61
62
11
19
21%
23
30
59
20%
O
S
100
D
99
J
D
1434
♦6s part
105
105%
20
--
-
41
14
103%
34
98
106
7
19%
22
102% 108%
10
105%
100%
96
104% 108%
8
96%
96% 101
108%
105
*94%
99% 100%
24%
26%
23
26
197
24%
28%
5
22%
24%
98
23
*18
31%
O
32%
27
26
27%
24%
29
30%
26%
2
34%
26
1
26
30%
30%
26%
27
J
D
-
-
—
—
*29%
-
-
-
-----
30
.
—
-
29
32%
*22%
A
26%
*20
22
22
27
76
76
3
70
85
21%
------
21%
3
19
76
O
s
1945
1946
f g
♦7s secured s f g
A
O
J
J
A
O
J
J
J
J
*_..
-----
—
-
1961
♦Sinking fund 7)4s ser B
Hungary (Kingdom of)—
*13%
23
12%
19 %
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
19%
Italian Public Utility extl
35
12%
18
20
12M
19M
98M 102
9834
f 5s
—
18
18
J
B '47 IVI
78—1952
J
42
6
18
1
42
1
•
•
1
1
59%
114% 116%
50
74%
82
75
1
71%
80%
J
56%
60
8
56
65%
100)4
5
99
102 M
♦Leipzig (Germany)
14)4
5
14M
81
85
66 M
78%
72 M
75
77%
66
72
81
60 M
60%
61%
63
49%
37
37
37%
15
37
64%
45%
20%
22
77 M
23
1947
18%
«
76%
101M
7)48-1950
1
75
98
f 7.8.....
1
74%
28
s
1
S
D
Japanese Govt 30-yr s f 6)48—1954 F A
Extl sinking fund 5)4a
1965 IVI N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
Lower Austria (Province)
19
17
*115
F
17%
105%
18
—-
15
18
-
M N
22%
104
*_
—
z42
1951
ser
18%
15
*
-
1960 M N
14 %
105
17%
*
—
A
♦7)4s 1944 extd at 4)4s to—1979
a
17%
104%
104%
♦Hungarian Land M Inst 7 Ha. 1961 M N
57
88
-
21
102%
..1968
paid
Haiti (Republic) 8 f 6s ser A
50
1534
98
96
-
102 %
D
..1968 FA
15)4
15
*75
1964
16)4
99
1434
-
f ser 78—1964 M N
Irish Free State extl
98
1234
8
-
105%
*
102M
1234
12M
98)4
12)4
F
108
99
O
D
s
part paid
♦Sink fund secured 6a
24
1234
J
-
-----
23 M
1434
A
IVI
1958
♦7s
18%
12M
98 M
...1962
♦Greek Government
19M
15 34
26
*23%
J
1949
♦(Cons Agric Loan) 6)4a
23
8T-*
♦Budapest (City of) 6s
F
D
*
A
J
8
F
1961
1977 M
A
S
56
5534
57)4
130
55 %
79 M
70 %
F
A
5834
56 M
5834
35
56 M
70 %
59 M
58 %
59)4
10
58%
70 M
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small..
61M
61)4
61)4
44)4
14
60
72 M
♦4s of 1904
1954 J
*
53
27
31M
34 M
J
7%
7%
D
3134
♦Assenting 4s of 1904
1954 J
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
♦{Treas 6s of '13 assent(large) *33 J
.74%
J
21
6%
8%
2
2%
3%
4
2%
4%
D
47
25
-----
------
♦Medellln (Colombia) 6)4s
1954 J D
♦Mexican Irrlg assenting 4)4s.l943 M N
♦Buenos Aires (Prov) extl 6s...1961 M
♦68 stamped
1961 IVI
♦6 Kb stamped
External
s
Refunding
f 4%-4%s
s
f 4%s-4%s
s
66 M
*65
1976
External re-adj 4%s-4%s_—1976 A O
External s f 4%s-4%s
1975 M N
J
3% external s f $ bonds ....1984 J
Bulgaria (Kingdom of)—
1967 J
♦Secured slf 7s
♦Stabilization loan 7%s
'
62
German Prov & Communal Bks
4
21
1950 J
f 6s
105M
107M
107M 115%
22)4
19
A
-
s
64
58%
59
1965 J
1965
♦5)48 of 1930 stamped
♦7)4s secured
1955 J
f 6s
External 30-year s f 7s
20-year
64
55
Hungarian Cons Municipal Loan—
External g 4%» of 1928
Austrian (Govt's) s f 7s..
Belgium 25-yr extl 6%s
62
60
20
J
67
65
O
♦5)4s stamp(Canad'n Holder) '65
♦German Rep extl 7s stamped. 1949 A
106%
98% 106M
96 M 102
External 5s of 1927
166
2
62
90%
67
59
-
German Govt International—
1952
♦Hamburg (State) 6s...
1946
♦Heidelberg (German) extl 7)4s '50
Helslngfors (City) ext 8%s
1960
1957 M
S
—
62
A
96 M
81
1971 M N
8 f extl conv loan 4s Feb
5M
95
....—
-
*50
M N
7%
External
83
62
*60
O
J
98% 102
8
64%
*60%
61%
O
6)4s..-1953 M N
French Republic 7%s stamped.1941 J D
7)4s unstamped
1941
External 7s stamped
1949 J D
7s unstamped
1949
78%
106%
98% 104
160
A
7M
J
♦External s f 7s series D
23%
17%
22%
99% 102
18
1945 J
1945 J
f 7s series C
conv
62
Customs Admins 5)4* 2d aer.1961 M S
J
68
87
100
62
O
A
101
102% 106
*86
S
M
102.8
7
♦External s f 7s series B..—1945 J
8 f extl
99
99%
99 %
103 19104.15
29
s
103%
104%
M
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund'6s
1947 F
♦External
------
O
M
{♦Stamped extd to Sept 1
101.19102.14
J
3
103
103% 110%
96% 100
70
A
103.28 104.30
Govt. & Municipals—
s
101%
24
104
102
70
J
102.18103.17
103
1
90
J
FA
Apr
•eutsche Bk Am part ctf 6s.
External g 4 %s
103.22104.26
S
13
104
101%
102%
al01%
8
103%
103 M
62%
D
♦Frankfort (City of) a f
♦External
zl02
102
------
88
49%
A
103.15104.12
104.10 104.4
103
20
A
103.26 103.1
104.10
19%
19%
80
82
14
A
101.23
J
8
b
----
J
102.14 103.27
S
100.11
86
82
J
99.18100.14
103.19 103.15
99.29
50%
84
F
102.2
D
92% 101%
92% 100%
64
49 M
F
101.30102.30
M
1 1942-
♦Gtd sink fund 6s
High
J
M
Cuba (Republic) 5s of 1904.
100.26101.25
S
96
*
103.25 104.31
102.14 102.4
J
16 1942
2%s series G
Low
161
97
94
94 %
M N
101.26102.27
8
D
95%
96 %
------
Loan Corp—
May
No.
A
108.15
M N
Foreign
High
A
107.24
D
M
2%s series B__Aug.
Since
Jan. 1
F
Federal Farm Mortgage Corp—
3s series A
Range
<§<§
J
105.19106.24
107.4
M
Home Owners'
3
Ask
A
F
105.28107.4
244
102.21
D
IVI N
106.11
J
Mar.
bid
105.1
105 6
J
Jan.
Price
Low
116.22117.27
34
110
117.16
O
A
J
2%s
Friday's
High
A
1J
M
3s
Range or
Sale
r t
Mar. 25
Week Ended
Week's
Last
to
EXCHANGE
Foreign Govt. & Mun. (Com.)
19'
19'
19'
19'
19'
15
15
15
16
15
Oct.
Treasury 4s
Dec.
Treasury 3%s
Mar.
Treasury 3%s_-_June
Treasury 3%s
Y.
N.
Since
A sled
High
BONDS
Range
S'L.
U. S. Government
Treasury 4%s
Friday
s
Friday
.
BONDS
N.
In which they
No account Is taken of such sales in
occur.
1968
J
3134
3234
32 34
O
108 %
107
1952 IVI N
110%
110
.1961
1944
7-year 2%s_._.
30-year 3a
--
-
-
-
2
-
-
4
3234
32 M
35 M
Sv ^<1
138
105% .110 "1
57
109MJ113M
A
10034
99 %
J
J
101 M
99M
101)4
107
J
J
99 M
98)4
99)4
93)4
95)4
35
50
.1967 J
J
J
J
...1954
73
10854
110)4
100)4
...Aug 15 1945 F
♦Carlsbad (City) sf 8s
♦Cent Agric Bank (Ger) 7s
31 %
M N
1960 A
Canada (Dom of) 30-yr 4s
5a
■P: 10-year 2 %s
W 25-year 3%S-
*
-
66)4
1950 M 8
s f 6s--July 15 I960 J
♦Farm Loan a f 6a
Oct 15 1960 A
H*Farm";Loan
J
95 H
35
*
-
■—
—
-
40
—
30
■
♦{Small
Milan (City. Italy) extl 6)4s...1952 A
Mlnas Geraes (State)—
O
M
8
s
f 6)4s
1958
s
f 6)4s
92 M
97 M
10
35
62 M
35
28
38
32
32
29 M
32M
-
5
29
1
32)4
1952
New So Wales (State) ext! 5s..1957 F
External s f 5s
Apr 1958 A
Norway 20-year extl 6s
1943 F
1534
15
16)4
18
15
18M
16)4
1634
4
16%
18%
♦External sinking fund 6s...1963 M N
♦Chile Mtge Bank 6)48
1957 J D
15M
16M
27
15%
18M
6
13M
16
14)4
12
12 M
16
14
11
13M
16
1951 J
♦Cologne (City) Germany 5 %s„ 1950 IVI
Colombia (Republic of)—
•*--«
♦6s of 1928
♦6s extl a f
Oct 1961 A
gold
1961 J
*12)4
8
20
21
4
13
13 %
O
12
fl2
1234
O
*2234
♦81nklng fund 7s of 1926....1946 M N
♦Sinking fund 7a of 1927
1947 F A
2234
23)4
Jan
For footnotes see page 2011.
12
30
12
24
13H
----
13
*20
S
J
♦Colombia Mtge Bank 6%s.—1947 A
1434
12
D
11%
-
m
14
12
15%
22
-
21
44
-
12 H
15%
17%
23
23 M
23%
-
-
15
23)4
1
16 M
17
100%
106
1952
1953
1958
♦Nuremburg (City) extl 6s
Oriental Devel guar 6s
Extl deb 534s
Oslo (City) s f 434s
F
67%
57%
44
10%
11
99
101
76
98%
101%
79
106
34
103% 107
42
104
M
8
97% 104%
103%
98%
A
1953
IVI N
♦Pernambuco (State of) 7a
1947
M
♦Poland (Rep of) gold 6s
...
♦Stabilization loan 8 f 7s....
A
O
A
J
J
59
61
30
56
6
102
41
102%
6
1
20
51
47%
21%
62%
57%
96% 103%
100
104%
42%
46%
34
41
43%
43%
38%
39
7
7
8%
8M
8%
9%
11
8%
11%
9%
83
8%
11%
8%
30
1
7
9%
8%
47 M
9%
51
8%
11%
49%
58%
14
44%
67%
63
50
O
♦External sink fund g 8s....
99% 104%
38M
8
♦Peru (Rep of) external 7s
1959 M S
D
♦Nat Loan extl s f 6s 1st ser—1960 J
♦Nat Loan extl s f 6s 2d ser.. 1961 A O
99% 106%
100
8
102
1963 M N
..1963
131
102%
20
97%
O
D
107%
103%
54%
60
M N
J
106
•
20
A
1955
Panama (Rep) extl 6 Ms
♦Extl a t 5s ser A
♦Stamped
A
16 X
-----
19M
23)4
100 x
A
61
98% 103%
♦Extl sinking fund 6s..Sept 1961 M S
♦External sinking fund 6s...1962 M 8
1960 M
A
O
7%
38%
2
102% 102%
18M
1962 IVI N
*32
7%
2
66
15
♦Guar alnk fund 6s
38%
21
38
♦Chinese (Hukuang Ry) 5s
D
10
102%
15
♦Chilean Cons Munlc 7a
8
67
101%
15M
14
8%
7%
38%
3
57
102%
J
1334
7%
65
100%
Municipal Bank extl
O
65
102%
48
18%
D
7M
57
101%
18M
18 M
15M
1961 A
60
3%
3
-----
A
14M
15 M
45
1961 J
2%
2%
6
—
-
D
15
53
16)4
16)4
♦Sink fund 6%s of 1926
-
1963 F
f 5s...1970 J
15)4
16)4
15)4
♦Guar sink fund 6s
-
101
1534
15)4
13)4
1234
3%
1%
101%
14)4
.Jan
2
4
105%
1534
f 6s
2
2
102 %
1534
s
3
2%
102
15%
♦Ry ref extl
1%
S
A
8
24
O
1956
1965
f ext loan
3
1%
A
1944 F
a
2%
M
20-year external 6s
O
1961 F
1961 J
16
1
104%
104%
♦External sinking fund 6s... 1960 A
32 M
4
3
*
-
1959 M N
♦Extl sinking fund 6s...Feb
A Apr 16 1938 A O
♦Chile (Rep)—Extl s f 7s
1942 M N
ser
J
2%
1%
1959 M S
♦Montevideo (City) 7s
♦6s series A
5
2
J
3
1%
IX
2
♦Sec extl
-
5
------
3
71
-
3
2%
External sink fund 4)4s
External s f 4%s
♦Farm Loan 6s
J
♦Sec extl
98
-----
*
49
-
*2
*__.
J
101%
30
2934
.
£.1945 Q
1945 Q
08M 102%
97% 101
76
30
30
O
♦Mexico (US) extl 5s of 1899
72
13
60%
82%
247
55
31
42
62
Volume
146
New York Bond Record—Continued—Page 2
BONDS
N.
Y
STOCK
Last
EXCHANGE
Price
Foreign Govt. &Munle. (Concl.)
♦Porto Alegre (City of) 8a
Low
1961 J
.1966 J
♦Extl loan 7 Ma
D
J
1952 M N
Prague (Greater City) 7 Ms
1952 A
1950 M S
1946 A
A
6ka
sec
7k
Ilk
9
7k
a66M
10
74
10k
98 M
14
19
22k
19
27
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
...1946 A
♦6s extl
1968 J
f g
s
20k
3
105k
24
102 k 108 k
106 k
85
103k 109 M
28
8k
6k
"~6H
28
2
25
31
6k
10k
Big Sandy 1st 4s
Boston A Maine 1st 5s A C
1st M 5a series II
8
9M
10
8
13
7
7M
27
7
10 k
8
8M
2
8
10k
8
10M
D
*7
11
O
61
64
A
♦....I
1952 M N
♦6 ks extl secured s f
""l2
1957 IV! N
9M
7k
60
73
27
29
J
♦88 extl secured s f_.
38
15
9k
8k
1
13
8k
Ilk
7k
10k
Ilk
27k
24
25
23
47 k
24 k
Buffalo Gen Elec 4 Ms ser B
A
Buff Nlag Elec 3 Ms series C..1967 J D
Buff Roch A Pitts comoi 4 Ms. -1957 IVI N
24
26
30
24
24
A
27 k
50
21k
D
1955 F
23
27
80
53
25
z46k
A
28
102 M
99M
28
102k
2
59
20k
20k
41k
25
99 M
33 M
33 M
s f 5 Mb
1971 J
J
Tokyo City 5s loan of 1912.... 1952 M S
f 5 Ma guar
s
1961 A
54
♦External
8 f 6s
1960 M N
♦External
s
f 6s
1979 M N
1978 F A
ComoI 5s
3Mb extl readjustment...... 1984 J
Venetian Prov Mtge Bank 7s.. 1952 A
A
D
50
57
47 M
60 k
100k 104
conv
cons gu
88 k
107k 107k
29k
45 M
29 M
45
40
31k
31k
15
7k
1
41
104k
45
8
25k
7k
34
41
39
7
44
12
102 k 104 k
40
61
181
69
15
68
78 M
48
100
108 M
100
102k
102
7
65
12
63k
85
87 k
107k
111k
85
107
A
*110k
106
18
106
18
21k
8k
7k
8k
*
99 k 106 M
62
73
9
85
3
"30 k
43
36
43
43
86k
103k
86k
103k
95 k
105 k 107 k
110
111k
*"l
106
83
18
106 M
44
2
8k
1
7k
82
30 k
10
8k
85
30 k
8
3
42
43
"29
85 k
61
86 k
k 104 M
86 k
10
103
93
93
1
93
112
64 k
114
39
111
116k
109
42 k
64
Guar gold 4ks
43k
43M
42 k
53 k
42
40 k
63
44
44
44
50
40
40
42 M
77 k
24
5s equip trust ctfS
100
43
53
31
40 k
62
58 k
60
30
63 M
Canadian Pac Ry 4%
Coll trust 4 Ms
65
INDUSTRIAL
1st A
cons
g 6a ser
21
117
10
116
32
120 M
114k 118M
30
112k 115k
116
114
113k
113
28
111
121%
77%
111k
120k
114
J
122
38
120 M 125k
80
67
93 M
76 k
91
94k
87
111k
111k
113
78
93 k
deb stk perpet J
1946 M
1944 J
Coll trMt gold 5s
Collateral trMt 4 Ms
119
118k
116k
115k
J
F
M
117k
1970 F
June 15 1965
Guaranteed gold 4 Ms
1956
Guaranteed gold 4 Ms..Sept 1951
Canadian Northern deb 6 Ms
1946
24
115k
114M H7k
115k
119k
H7k
H5k
July 1969 J
Oct 1969 A
Guaranteed gold 5s
43 k
H3k
115k
1957 J
121
115k
73
89
90
103 k
111k 114k
90 M
I960
1949
98
73
92
88
92 k
39
86 k
99
40
Dec 1 1954 J
Caro Clinch A Ohio 1st 5s
AND
95k
84
60
1962
6s A
Canadian Nat gold 4 Ms
Guaranteed gold 5s
Guaranteed gold 5a
(♦Car Cent 1st guar 4s
RAILROAD
107k
33k
"68""
1960
gu
deb 5s
43
42k
60
92 k
60
40
O
1958 F
1961 J
(City) external 78
Yokohama (City) extl 6s
192
100 k 103 M
41k
1966
48 k
1952 M N
♦Warsaw
87k
40
1940
55
J
Vienna (City of) 6s
63
100
1955
(Bush Term Bldgs 5s
43 k
"43"
50
95 k
*
1952
Cal Pack
56
1964 M N
3Ji-4-4H% extl readj
4-4k*4k% extl read)
28
102k
7k
Calif-Oregon Power 4s
48
100"ai 100k
43
44 k
43 M
22 k
*
deposit
28
54
44
of
60k
104 k
*45
O
fTrondhjelm (City) 1st Ska—1957 M N
♦Uruguay (Republic) extl 8s—1946 F A
1957 M N
1950 F
1981 F
(Bush Terminal 1st 4s
Canada Sou
Taiwan Elec Pow
1950 J
Shoesfdeb3ks
♦Certificates
(Kingdom
♦Silesia (Provof) extl 7s
1958 J
♦Slleslan Landowners Assn 6S..1947 F
"46"
({♦Burl C R A Nor 1st A coll 5s 1934 A O
*20
24
9
39
"64 k
9
D
1962 M N
27
28
104
D
20
D
Sydney (City) s f 5 Ms
Debenture gold 5s..
1st Hen A ref 5s series B
10
O
sec extl
"39"
100M
Brown
1945 J
1946 J
♦7s series B
28 M
21
27
A
13
25
20 k
7k
1945 IVI N
1947 M N
16k
1940 A
External
1950 F
13k
Secured
1962 M N
27
gtd 58.1941 M N
J
1941 J
1st 58 stamped
Bklyn Union El 1st g 5s..
Bklyn Un Gas 1st cons g 5s
9k
9M
9
27M
28k
13
11
*104k
29k
29k
30
29k
M N
M N
13k
J
♦8s secured extl
J
17
1968 J
Serbs Croats A Slovenes
J
12
♦6s extl Dollar loan
„
High
26k
27
84
A
Ilk
~12~
♦Sinking fund g6ks
F
15
S
f 7s
(♦Boston A N Y Air Line 1st 4s 1955
Brooklyn City RR 1st 5s
1941
Bklyn Edison cons mtge 3ks__1966
Bklyn Manhat TraMit 4Ms—.1966
O
*7M
J
1956 M
s
1955 M N
1961 A
con
D
15
1936
1950 J
♦7s extl Water loan
♦Saxon State Mtge Inst 7s
84
12
§♦83 extl loan of 1921
♦8s external
9
Low
23
27k
102 k
94 k
94k
1967 M S
1st g4«s series JJ
1st lien A ref 6s series A
J
No.
27
i02k
1944 J
Bklyn Qu Co A Sub
29 M
San Paulo (State of)—
J
High
28
Jan. 1
25k
1952
52
Since
Asked
&
26k
27 k
26 k
1966
8M
kS
Friday's
Bid
27k
♦Debenture 6s
1955
♦Berlin Elec El A Undergr 6 Ms 1956
Beth Steel com M 4ks ser D..1960
Com mtge 3ks series E
3 Ms 8 f conv debs
Range
Range or
Sale
12
8
1967 J
Last
Price
Low
8k
7
1966 M N
3
a.
Belvidere Delaware com 3 Ms.-1943
♦Berlin City Elec Co deb 6 ks—1951
♦Deb sinking fund 6Ms
1959
1
O
♦7s extl loan of 1926.
«
^
EXCHANGE
8k
D
♦7s municipal loan
Rome (City) extl 6ks—1952 A
♦Roumanla (Kingdom of) 7s... 1959 F
♦Saarbruecken (City) 6s
1953 J
Sao Paulo (City of, Brazil)—
21
20
28
STOCK
High
4
102k
103k
Y
Week Ended Mar. 25
7k
O
1953 F
♦Extl
Low
N.
1
20 k
A
♦Rio de Janeiro (City of) 8s
No
BONDS
Since
Jan.
a65M
O
♦Rhine-Main-Danube 7s A
High
£5 03
7k
O
Queensland (State) extl s f 7s..1941 A
25-year external 6s
1947 F
Ask
7M
7M
7M
7M
a65M
♦Prussia (Free State) extl 6ks.l951 M S
♦External s f 6s
&
Range
Is
Friday't
Bid
Week's
Friday
Range or
Sale
Week Ended Mar. 25
2007
Week's
Friday
40
40
47 k
99k
1938
100
100
A.Dec 15 1952
99k
101
2
30
29
,
1
104
98k 101 M
99 M 108
COMPANIES
Carriers A Gen Corp deb 5s w w 1950 M N
Coll trust 4s of 1907
41
41
1947
40k
62 M
92
1
92
95
92
2
90
94 M
43
99
101 M
75
77
"4
100
105
100
102k
10-year deb 4ks stamped... 1946
Adriatic Elec Co extl 7s
1952
44k
92
90
({♦Abltlbl Pow A Paper 1st 58.1953 J D
Adams Express coll tr g 4s
1948 M 6
100k
21
*70
80
1943
100
100
1943
97
97
1
96
Albany Perfor Wrap Pap 6s... 1948
36
36
4
35 k
54
39
57
Ala Gt Sou 1st
A 5s
cons
1st cons 4s series B
6s with warr assented
*30
1948
Alb A Susq 1st guar 3 Mb
86
1946
conv
♦Coll A
5s
conv
90
14
59 M
76
55
22
53 M
67 M
24k
4s
29
K
1998
111
41M
24 M
38
74 k
105"
105
89
53
56
61
D
*12
26
20
76 k
26
A
*20
58
50
50
F
61
8k
M N
Cent Illinois Light 3 Ms
"*8k
"99"
99
1950
85
85
86k
11
85
92 k
84k
84k
86
21
82
87
Central of N J gen g 5s
General 4s
conv
4s
102 k
102M
105
186
104
102
109
105M
...1987
Central N Y Power 3ks
1955 M
Alpine-Montan Steel 7s
Am A Foreign Pow deb 5s
.2030
M
1953 J
American Ice s f deb 5s
8
Corp
conv
5M8---1949
J
42
42
J
35
50
1
79
*96 k
101k
102k
88
100
104
"51
87 k
D
Amer I G Chem conv 5Ms—... 1949 M N
Am Internat
35
S
90
16
35
42
95
101*
87k
90
98k
113
113
113k
A
O
101M
101k
102
150
100 k
D
101M
101k
101k
109
100k 101k
deb. 1950 J
J
1961
3Ma debentures
♦Am Type Founders
...1966
conv
Amer Wat Wks A Elec 6s ser A 1975 M N
Anaconda Cop Mln s f deb 4Mb 1950 A O
99
93 k
.
104k
104
104
94k
104 k
67
10
11
147
112k 113M
99
92
102 k
102k
107
1967
Jan
27 k
27
*32 k
(Ann Arbor 1st g 4s
1996 Q
Ark A Mem Bridge & Term 6s. 1964 M
8
Armour A Co (Del) 4s series B.1955 F
A
"92"
1957 J
J
92
1995 A
O
1st M
s
f 4s
ser
C (Del)
J
*
27k
14
39
26 M
70
91k
92 k
41
104k
91k
93 k
97 k
a97k
271
41
98
92 k
100
88
96
86k
A
A
3
"33
63
70
107
108k
2
107k
94k
105 k
40
26
"25
23 k
21
31
iok
10
102 k
104k
.1960
Central Steel 1st g s f 8s
1941 M N
Certain-teed Prod 5 Ms A
1948 IVI S
Champion Pap A Fibre deb 4ks "50 M S
Ches A Ohio 1st con g 6s
1939 IVI N
35
100
108k
46
34 k
29
105 k
5s
39
67
97 k
98 k
"43"
49 k
*60
"22
87
43" "74
62
1
115
115
58k
101k
27
30
100M 106
104k
16
104k 106
115
116
23
115
115
116M
56
67
121
90 k
93M
34
90 k
92
90 k
M
64
56k
100k
104k
56 k
100k
94
26
91k
108
97
97
106
106
112
*79k
♦
1989
1941 IVI 8
2d comoI gold 4s
Warm Spring V 1st g
72
♦
"43
{♦Cent RR A Bkg of Ga coll 5s 1937 M N
IVI N
5s extended to May 1 1942
:
94 k
70 k
71k
O
4s_.1949
Guaranteed g 6s
Craig Valley 1st 5a
May 1940
Potts Creek Branch 1st 4s—1946
RAA Div 1st con g 4s
1989
31
32
100
"9l" k
F
F
Cent Pacific 1st ref gu gold
General gold 4Ms
1992 IVI s
Ref A Imp mtge 3 Ms ser D..1996 M N
Ref A lmpt M 3Ms ser E
1996 F A
97
105
♦Anglo-Chilean Nitrate—
Sf income deb
63 k
19k
103k
103k
Through Short L 1st gu 4s—1954 A
58 M
104k
J
3Mb debentures
112
100
Amer Telep A Teleg—
20-year sinking fund 5Ms—.1943 M N
10
09
*37 k
23
20 k
1962
.
10
27
"95k
94k
108k
23
1987
12H
18k
*107k
(♦Cent New Eng 1st gu 4s—1961
1951
1952
100k
63k
63 k
"95"
1966
1942
7k
22k
10 k
*
1951
4Mb debentures
Allls-Chalrners Mfg
7
5
25
*
1941 M S
Gen mortgage 5s
1941 M S
Cent Hud G A E 1st A ref 3M8.1965 IVI
Allegb Val gen guar g 4s
5k
5k
*5
8k
8
5
1946
Allied Stores Corp deb 4 Ms
9k
*5
O
Central Foundry mtge 6s
Cent 111 Elec A Gas 1st 5s
"~3
81
61
J
A
83 k
83k
51k
D
*
A
1946
♦Mobile Div 1st g 5s
37 M
"25"
.1950
gu
83k
~6l""
F
J
♦Mid Ga A At Div pur m 5s. 1947
90
61k
.1950
5s
♦5s stamped
1981
1947
♦Cent Branch U P 1st g 4s
1948
(♦Central of Ga 1st g 5s..Nov 1945
♦Oonsol gold 5s
1945
♦Ref A gen 6 Ms series B
1959
♦Ref A gen 5a series C
1959
♦Chatt Div pur money g 4s__1951
♦Mac A Nor Div 1st g 5s
53 k
1949
;
Allegb A West 1st
"59M
59M
Alleghany Corp coll trust 5s... 1944
Coll A
39k
103 M
Cart A Adir 1st gu gold 4s
Celotex Corp deb 4 Ms w w
115
113
♦107k
Atchison Top A Santa Fe—
General
4s
...1995 Nov
Adjustment gold 4s
1995 M N
Stamped 4s
Conv gold 4s of 1909
1955 J
1955 J
1960 J
1948 J
1965 J
D
Rocky Mtn Div 1st 4s
Trans-Con Short L 1st 4s
1958 J
J
Cal-Ariz 1st A ref 4 Ma A
1962
♦
D
Conv deb 4 Ms
91
D
Conv gold 4s of 1910—-
102
91k
D
Conv 4s of 1905
102
""91k
-
com
8
"l2
95
"99k
102 k
"l24
100
99k
100
101k
16
165"
General 4s
104 k
1st A ref 4 Ms aeries
101
1st A ref 5s series A
1977
B
*102
116
80
79k
82
20
8
74
74
75
11
63
65 k
*
103 M
85
84 M
8
97
79k 104 k
72 M
94
(♦Chicago Great West 1st 4s
(♦Chic Ind A Louisv ref 6s
♦Refunding g 5s series B
♦Refunding 4s series C
100k
199
97 k
97 k
99k
146
88 k
91
20
98 k
46
1982
1959
1947
1947
10
Ilk
10k
9k
*63
IVI N
1947
88
"iok
76
88
Oct 1952 MN
J
1948 J
1948
59 k
66
76 k
Chic Ind A Sou 60-yr 4s
20
22
20
31k
Chic L 8 A East lBt 4 Ms
20
21
20
55
63 M
17k
17k
17
60
30
97k 109
88k 105
96 k
109 k
11
90 k
10
17M
16 M
9k
71M 108
151
M
S
15k
17
J
*10 k
13
12k
15
J
J
*10
12
12
13
J
J
.....
13
10k
14M
15k
*
15k
5k
3
5
4k
22 k
7 k
31
54 k
26 M
107 M.
111k
J
1st A gen 5a series A
1966 IVI N
J
♦1st A gen 6s series B__May 1966 J
77 M
75 k
15
94 k
100
90
185
70
♦
63
10-year coll tr 5s.....May 1 1945 IVI N
31
96k
100 k
98
Chicago A Erie 1st gold 5s
106 M
16
94 k
100k
90 k
8
F
1971 F
112
99 k
100
17k
94 k
J
112k
J
D
102
97
15
15
a
J
1949 J
...1958 IVI
105
J
1964 J
98 k
1949
Ms—.1949
Illinois Division 4s
108 M
D
4s July 1952
Chic Burl A Q—111 Div 3
105
1944 J
General unified 4 Ms A
Chic A Alton RR ref g 3s
103k
({♦Chicago A East III 1st 6s...1934 a
PC A E 111 Ry (new Co) gen 58.1951 IVI N
♦Certificates of deposit
1944 J
M
110M
"lk 103
89
106
*
T65""
102
100
...1946 J
Atl Knox A Nor 1st g 5s
Atl A Charl A L 1st 4 Ms A
1st 30-year 6s series B
Atl Coast Line 1st
M
J
a97~~
♦
6
40
LAN coll gold 4s
Atl A Dan 1st g 4s
Second mortgage 4s.
Atl Gulf A W I SS coll tr 5s
20
1959
17k
(♦Auburn Auto conv deb 4Mb. 1939
Austin A N W 1st gu g 58..
81
1941
Baldwin Loco Works 5s stmpd.1940 M N
99
A
O
43
43
J
D
18k
18
21
A
O
44 k
44k
49k
J
D
19k
19k
M N
37k
28k
35
/Bait A Ohio 1st g 4s
July 1948
Refund A gen 5s series A
1995
1st gold 6s
July 1948
Ref A gen 6s series C
—.1995
PLEAWVaSys ref 4s
1941
Southwest Div 1st 3 Ms-5s—1950
J
Tol A Cln Div 1st ref 4s A...1959 J
Conv
J
8
F
A
18
1951
1st A ref 5s series C
For footnotes «ee page
..I960
23
137
19k
45
38
31
35
70
5
88
17k
20
109
23
35 M
25
""62
30
20k
36
35 M
5
25
26k
8
25
357
8
3k
359
2k
14
14k
7
13 k
18
13k
14k
15
18k
18k
8
2k
2k
M N
13k
10
k
34 M
13 M
4k
69k
14
46
14k
14k
3
17k
38k
♦Stpd 4s non-p Fed Inc tax 1987
♦Gen 4k» stpd Fed inc tax.. 1987 M N
♦Gen 5a stpd Fed Inc tax. —.1987 M N
13k
30
16k
16k
2
16
22
14
34
♦4 Ms
M N
*16k
16k
18k
17
22k
98
17k
6
107k
39
U2k
22
*40
117
117"
117k
117
128k
127M
128k
126 k 128k
1
(♦Chic A No
♦General 4s
27
25
8
O
34
25k
26k
F
A
25k
28M
100 k
49 k
99k
(♦Chic Milw
♦Conv adj
E—.May 1 1989
series F
May 1 1989
9t P A Pac 5a A—1975
5s
Jan 1 2000
West gen g 3 Ms. .1987
23
20 k
25
13k
13k
14k
99k
99k
2011.
436
112
112
4
13
I
1951
1948
Bell Telep of Pa 5s series B
82M
7 M
85 k
85
112k
*15
j
98 k
Battle Creek A Stur 1st gu 3S..1989
Beech Creek ext 1st g 3 Ms
♦Gen 4k»
97 k
1951
4f stamped
41k
39 M
44
23
"20k
j
78 M
75
*110 k
D
♦Gen 4s series A
May 1 1989 J
♦Gen g 3Ms series B__May 11989 j
♦Gen 4 Ms series C
May 1 1989 j
♦Gen 4Mb series
43 k
20
*
J
Chic Milwaukee A St Paul—
98k 102
76
33
17k
85
18
30
109
1943
Con ref 4s
115
14
14k
8
64
17k
17k
1996 M
Ref A gen M 5s series F
Bangor A Aroostook 1st 5s
6
30
M
1960
4 Ms
99
28 k
J
2000
Ref A gen 5s series D
99
81k
1956 J
-1969 J
4k
97k 106
99k 108
48
99 k
48
100
119k
1987 M N
M N
1987
1936
stamped
{♦Secured 6Ms
♦1st ref g 5s.
May
IVI N
♦1st A ref 4 Ms ser
17
17
17k
"""5
1 2037 J
D
7
7
9
25
7
J
D
7k
7k
8k
27
7M
Ilk
D
7k
7k
8k
11
7k
U k
N
4
4
4k
239
stpd.May 1 2037
C.May 1 2037 J
♦Conv 4ks aeries A
1949 M
♦1st A ref 4 Ma
17M
-
4
12k
7k
New York Bond Record—Continued—Page 3
2008
March
Friday
Y.
STOCK
EXCHANGE
Sale
Week Ended March 25
Bennett 'Bros. & Johnson
Gen & ref M 4s
DIgby 4-5200
Connections
J
{♦Des M it Ft Dodge 4s ctfs
1935
{♦Des Plains Val 1st gu 4*s... 1947
Detroit Edison Co
Chicago, III.
*Private Wire
&
Low
ser
ser
Vi. V. 1-741 -<• 'Bell System Teletype •>- Cgo. 543
Since
Jan. 1
No.
High
Low
High
5*
5*
19
5*
4*
4
5
62
4
7
7
7*
31
7
J
3
1
3
3
8
7*
10*
J*
S
♦15
A
113
113*
O
108*
108*
109*
109
17
109* 110*
106
109*
106*
15
106*
21
104* 107*
M
1965 A
F__._
O
..1966 M S
1995 J
.1995 J
80
42
D
D
*30
"37"
104
"12
*30
Detroit Term & Tunnel 4*8.-1961 IVI N
Dow Chemical deb 3s.1951 J
D
Randolph 7711
Range
S
D..1961 F
Gen &ref mtge 3*s ser G
♦Detroit it Mac 1st lien g 4s
♦Second gold 4s
135 So. La Salle St.
■8
Ask
1952 A
4*s
Gen & ref 5s ser E
Tork,
Bid
Price
{♦Den & R G West gen 5s.Aug 1955 F A
♦Assented (subj
to plan).
*Ref it impt 5s ser B___Apr 1978 AO
%AlLROAD 'BONDS
On* Wall Street
Range or
Friday's
1938
Week's
Last
BONDS
N.
26,
104
103
112* 113*
107* 109
37
37
30
33
104
109
{{♦Dul Sou Shore it Atl g 5s.. 1937 J
J
104*
21*
102* 105
*15
1965 J
J
107*
108*
106
107*
106* 108
Duquesne Light 1st M 3*s
N.
Y.
STOCK
Last
EXCHANGE
Range
Sale
Week Ended March 25
or
Bid
&
Low
Jan. 1
No.
High
45
1988
♦Certificates of deposit
{♦Refunding gold 4s..
♦Certificates
1934
A
14*
♦14*
O
6
deposit
{♦Secured 4*s series A.....1952 m"s
♦Certificates of deposit
♦Conv g 4*s
1960 Ml N
Ch St L & New Orleans 5s
Low
High
16*
7*
6*
43*
14 *
14*
80
6
51
19*
18*
9 *
8*
12
5
6
6
7*
68
6
5*
5*
3*
5*
15
5*
4*
68
3*
65
65
86
86
3*
D
D
Memphis Dlv 1st g 4s
1951 J
Chic T H it So*eastern 1st 5s.-I960 J
D
Inc gu 5s
Dec 1 1960 M S
65
47
5
D
June 15 1951 J
Gold 3*s
1951 J
5
45
6
5
of
East T Va it Ga Div 1st 5s
Since
Asked
J {♦Chicago Railways 1st 5s stpd
Feb 1 1938
EastRy Minn Nor Dlv 1st 4a.. 1948 A O
Range
Friday's
ITice
25% part paid
{♦Chic R I & P Ry gen 4s
65
5
65
69 *
63
78
10
*
8*
5*
78*
52
54 *
52
67
43
43
43
43
54*
Chicago Union Station
102*
1st mtge 3*s series E...... 1963 J
314s guaranteed...........1951 M
102
Chic & West Indiana
con
104*
106*
21
16
102* 107 >4
104* 110
102
105
24
102
103
103
1
84
104*
4s—1952 J
86
"84
1st it ref M 4*8 series D....1962 M
Chllds Co deb 5s.....
...1943 A O
{♦Choc Okla
102*
104*
83*
83*
84
16
80
92*
57
57
60*
24
56
68*
& Gulf cons 5S--.1952 IVI N
Cincinnati Gas & Elec 3*8-.-. 1966 F A
1st mtge 3 Ms
1967 J D
Cin Leb it Nor 1st con gu 4s...1942 M N
14
1943 J
104"
104*
♦107*
♦101*
Cin Un Term 1st gu 5s ser C...1957 N N
1st mtge guar 3*8 series D..1971 M N
Clearfield it Mali 1st gu 5s
General 5s series B.........1993
Cleve Elec Ilium 1st M 3*s.--1965 J
Cleve & Pgh gen gu 4*a ser B.1942 A
Series B 3*8 guar
1942 A
Series A 4^s guar.........1942 J
Series C 3*a guar
J
*
1st
s
1st
s
f 5s series 13 guar..
f 4*s series C
*100
*102
Stamped
guar
s
*
1977
o
73 *
69 *
J
A
59
*
O
D
92 *
92*
*83
"9l""
J
D
107"
97*
101*
1955 A
6
36 *
39
65
34
47*
cons g 4s
conv
41
97*
107* "35
55
101
97*
101*
122
103*
7
85*
96*
112*
112*
109*
106
51
14
14
15
13
14
1953
4s series D
o
36*
21*
...1938 IVI
Ernesto Breda 7s
1954 F
falrbanks Morse deb 4s
1942
95
8
96
96
*75
84
94*
*35*
94*
1959
J
1943 J
{♦Florida East Coast 1st 4 *s.
J
1974 IVI
S
♦Certificates of deposit
104
-
Gen Amer Investors deb 5s A.. 1952 F
Gen Cable 1st s f 5 Ms A
1947 J
♦Gen Elec (Germany) 7s Jan 15 1945 J
A
-
-
<*
_
107* 107 *
107
13
105
104*
57
102*
105*
35
103* 105*
101* 103*
29
105* 108
26
96
99
15
11*
20*
175
21*
100*
15
2
96
17*
16*
U*
*11*
*11*
44
20
45*
15*
11
15*
44
54
101 *
D
102 *
D
84 *
A
100*
102*
84*
101*
105*
104*
32*
1936 J
J
48*
40
2
18
105*
104*
13
103* 104*
33*
36
42*
50*
44*
15
24
2
38*
*108*
*103*
40
23
84*
91
99* 102*
32*
106*
43
17*
2*
2*
1*
1*
1*
2
*
4*
7*
6*
1*
104
103* 103*
106
103
105
42*
93
93
11
40
49*
6
40
40
60
97
107*
107*
108
19
108*
6
100*
8
89
99*
39
2
39
45
....
40*
45
39
45
Gen Pub Serv deb 5 Ms
1939
Gen Steel Cast 5 Ms with warr.1949
89
J
{♦Ga it Ala Ry 1st cons 5s Oct 1 '45
{{♦Ga Caro it Nor 1st ext 6s..1934
J
Goodrich (B F) conv deb 6s
1st mtge
J
J
7s. .1945
O
1945
D
1956
4*s
D
Goodyear Tire it Rub 1st 5s..1957 IM N
ext
1st gu g 4*s..l94l J
1947 J
100* 102*
40
A
sec
~27
39
1951
♦Good Hope Steel & Ir
101*
*38
39
102*
101*
103*
101*
*
90
39
103*
45
103
23
97*
"43*
"43*
46*
*17
28
28
21
28*
85
85
91*
91*
103*
103*
"28
25
15
"15"
*76
e
102* 103*
101* 103*
95*
43*
97*
57*
20*
"6
6
88
89
44
93
104*
119
85
21
15
25
25*
28*
85
98
91
99*
103* 105*
76
80
96*
'106"
J
Gt Cons El Pow (Japan) 7s... 1844 F
1st & gen s f 6*s
....1950 J
106* 106*
D
A
74
73*
70*
J
General 5*s series B...
General 5s series C
J
Gen mtge 3*s series 1
J
1967
♦Green Bay & West deb ctfs A..... Feb
♦Debentures ctfs
B
74
13
65
77
70*
20
65
71*
38
101
111*
4 Ms
76
1940 M N
"65"
O
104
85*
80
20
76
99*
90*
62
76*
89*
80*
90*
272
85
86
151
81
95
72
51
69
82
54
60
"l6
103*
81
67
65
1961
Gulf States Utll 4s series C
1966
o
1946
o
1952
J
♦Harpen Mining 6s
1949
J
Hocking Val 1st cons g 4Ms.-.1999
J
Hoe (R) & Co 1st
mtge
1944 A O
{{♦Housatonic Ry cons g 5s
1937 M N
Houston Oil sink gund 5 Ms A. 1940 IVI
Hudson Coal 1st s f 5s ser A... 1962 J
Hudson Co Gas 1st g 5s
1949 M
Hudson & Manhat 1st 5s ser A.1957 F
84
103
102*
102*
*108*
27
27
115*
*54*
37
4
82
85
91
92
83
88
103*
46
100* 103*
103*
14
102
....
"27"
57*
99*
99*
100
20*
18*
22
'
115
54
""2
37
N
108
27
30
116
D
37
105
103*
108*
27
119*
60
37
38*
99* 101*
13
30*
120*
"40 M
120*
6
40*
N
A
10
81
91*
85
O
10-year deb 4*s
Ilackensack Water 1st 4s
7*
90*
J
♦Adjustment income 5s.Feb. 1957
9
J
45*
62
40*
56
18
82
15*
23*
A
O
17*
15*
Illinois Bell Tdlep 3*3 ser B..1970 A
Illinois Central 1st gold 4s
1951 J
1st gold 3 Ms
1951 J
O
107*
107*
Extended 1st gold 3*s
1st gold 3s sterling
Collateral trust gold 4s
Refunding 4s
Purchased lines 3 Ms
J
119* 120*
1951 A O
8
O
40*
40
42*
40
54
35*
35*
42
93
35*
49*
t
1953 M N
"32"
"26*
107* 108*
12
38
9
15
11*
16
11
16
1952 J
Litchfield Div 1st gold 3s... 1951 J
Louisv Div & T§rm g 3*8.-1953 J
Gold 3*s.
98
93*
1952 A
Collateral trust gold 4s
106* 108*
91*
88
1955 M N
Refunding 5s
...1955 M N
40-year 4*s
Aug 1 1966 F A
Cairo Bridge gold 4s.
1950 J
D
Omaha Div 1st gold 3s
St Louis Div it Term g 3s
106* 109
1951 IVI
52
107*
18
91
95
58*
54*
108*
91*
*85
J
41
106
91
16
"75"
O
40
105* 108
38*
171
96
*104*
1952
s f
102*
86*
7*
Gulf & S I 1st ref & ter 5s Feb 1952
Gulf States Steel
94*
Feb
...
Stamped
101
101
54*
106* 108*
103*
1
*118*
100*
39
103
107
9
105*
105*
24
11
102
3
18
107
11
68
4*
4*
101*
86
108
108
99*
102
107
J
1936 J
39
102*
27
107*
.....
51
10
J
1948 IVI N
Gen Motors Accept Corp deb 3s.'46 F A
107* 107*
25
1951 IVI N
40
86
*105"
J
1940 J
Gulf Mob & Nor 1st
5*3 B...1950 A
1st mtge 5s series C
1950
103*
101*
f 5s...1951 IVI N
95*
D
♦Sinking fund deb 6 Ms
♦20-year s f deb 6s.
Greenbrier Ry 1st gu 4s
107
*12
11*
107*
103
J
85
94*
1*
Galv Hous & Hend 1st 5Ms A. 1938 A O
Gas & El of Berg Co cons g 5s.. 1949 J D
100* 101
98*
*19
J
"5
54
10
J
"26
5*
*45
103*
1969 J
97*
40
51
69
102* 104*
101* 103*
1969 J
92*
100
4*
*1 *
J
M N
96
97
*2*
cons 2-4s....l982
{{♦Proof of claim filed by owner M N
♦Certificates of deposit..
Fort St U D Co 1st g 4 *s
J
1941 J
J
85
80
(Amended) 1st
1[FramericanInd Dev 20-yr 7 Mb 1942
Francisco Sugar coll trust 6s... 1956
42*
4*
4*
4*
4*
Fonda Johns & Glov 4*s.....l952
{{♦Proof of claim filed by owner. M N
81
11
1971 J
51
....
1
55
69
107*
"39 *
94*
J
D
81
104*
1943 IVI N
92
J
103*
Del & Hudson 1st & ref 4s
92*
95
(
Gen mtge 4s series H._..... 1946
107*
Del Power & Light 1st 4*s
95
"93*
8
92
D
{♦Fla Cent & Penin 5s
43
105
98* 102*
95
76*
107
44*
61*
60
100*
85
107
49 *
59
,
10
94*
85
105* 108*
D
101*
76*
60
D
95
J
107*
O
9
J
110* 111*
Dayton Pow & Lt 1st & ref 3 *s 1960
96
76*
110* 112
39
48*
J
5
32*
1
100
S
Flat deb 8 f 7s__..___........1946 J
.
48*
60
100
IVI
-.1954
♦1st & ref 5s series A
50
98
S
1942 IVI
30-year deb 6s series B
10
2
96
D
5s International series..-.1942 IVI
f 5s stamped
1st lien 6s stamped...
197
s
Federal Light & Traction 1st 5s 1942 IVI
s
112
13
50
48*
A
-.1956 J
13
10
RR ext 1st 4s. 1947 IVI N
♦3d mtge 4*s
21*
50
General 4Ms series D_„_..._1976
General 4*s series E
.1977
General mtge 4s series G
1946
3
J
16"
10
95*
105* 108
1951 J
"l6"
86*
108
104
80
J
17
2011.
53
13
o
J
111*
HI*
J
page
16*
28
1952
113*
D
{♦Consol gold 4Mb
70*
68
15*
-.1973
113
1942 J
Stamped as to Penna tax
{{♦Den & R G 1st cons g 4s
34*
21
Great Northern 4*s series A.. 1961
112
Cuba RR 1st 5s g.
1952
7 * s series A extended to 19V46
6s series B extended to 1946
J
1st & ref 4Ms.
39*
16*
13
104*
112
44
44
34*
16*
13
34*
98*
99* 101*
95*
102
108
A
J
J
108
12
96
97* 101*
107* 109*
102* 103*
o
♦Ref & impt 5s of 1927
1967 IVI N
♦Ref & Impt 5s of 1930
1975 A O
♦Erie & Jersey 1st s f 68....-1955 J
J
♦Genessee River 1st s f 6s. .1957 J
J
1st lien
"l2
1953
♦Series B..
♦Gen
125
1953
Grays Point Term 1st gu 5s
28
1950 M N
Crown Willamette Paper 6s
Cuba Nor Ry 1st 5*s
prior..l996
1st consol gen lien g 4s...-.1996
♦Conv 4s series A.......
GrandR & I
1943 J
♦
"99*
103*
J
99
1951 F
f deb 3 *s
Crown Cork & Seal s f 4s
s
see
{♦Erie RR 1st
70
90*
102* 103*
131* 131*
104
85*
95*
103*
J
98
1946 J
15-year deb 5s
ser
103
O
1940
3*s
Series C 3*s
88*
1966 M N
1st mtge 314s
Container Corp 1st 6s
s
1965
B...1940
•_
Erie & Pitts g gu
97*
97*
i03"
O
90
68
94*
94*
112*
107 *
May 1 1965 IVI N
1st mortgage 4 Ms
Den Gas & El 1st & ref
5s stamped•_
A
...1965 A
75
*132
1941 IVI N
1951 J D
El Paso Nat Gas 4*s ser A
El Paso & S W 1st 5s
*102*
Gotham Silk Hosiery deb 5s w w '46 IVI S
Gouv & Oswegatehle 1st 5s
1942 J D
112*
J
J
101*
59 *
112*
111*
111*
107*
1970 M N
1st mtge 3*s
1st mtge 3 Ms
For footnotes
100"
61
112
O
1960 J
104*
80* 105*
71* 102*
69*
92*
112
J
Consumers Power 3*s.May 1 1965 IVI N
Crane Co
17
103*
J
1956 J
f 5s
72
35
109*
J
s
101
22
92
*108*
*107 *
106*
103*
103*
101*
101*
105*
{♦Consol Ry non-conv deb 4s. .1954 J
♦Debenture 4s
1955 J
108
106* 108
106* 106*
110
*
1951
fc,
102 *
104* 106
110* UIH
106 *
83 *
75 *
90
D
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s... 1956 J
Consol Oil conv deb 3*s.__.--1951 J
♦Debenture 4s
106*
*100
J
1951
♦Debenture 4s
14
110*
A
Consol Edison (N Y) deb 3*8.1946
3 *s debentures
1956
Consol Gas (N Y) deb 4*s
1951
♦Consolidation Coal
*
34
34
M N
1961
3*s A
97
"68" ~78*
-
"16
look
*100
59
O
F
A
73 *
*100
1943
4*s
.
m,
105
100
,
80 %
74 *
70
f
2
.....
83 *
1956 A O
1st mtge g 4 *s series D.....1957 J
J
1st mtge g 4s series F.
1981 IVI S
1st mtge 3*s series H
1965
Conn & Passum Rlv 1st 4s
Conn Ry & L 1st & ref 4*s
68
*103*
1st mtge g 4*s series C
Conn Riv Pow
Elgin Jollet it East 1st g 5s
*70
J
J
15-year 3*s deb
*._.._
O
2*s debentures
1942 J
Commercial Invest Tr deb 3*s 1951 J
Commonwealth Edison Co—
1st mtge g 5s series A
1953
1st mtge 5s series B........1954
90*
92*
50
J
O
Columbia&H V 1st extg 4s... 1948
Columbus & Tol 1st ext 4s
1955
Columbus Ry Row & Lt 4s
1965
Commercial Credit deb 3*s...l951
2
O
O
23
108*
99
104*
110*
1973
Jan 15 1961
"13
O
Columbia G & E deb 5s...May 1962 IVI N
Debenture 5s
.Apr 15 1952 A O
5s.
65 *
92*
55
104*
*
104 *
J
Coal River Ry Istgu 4s
D
1945
Colo Fuel it Iron Co gen s f 5s.'.1943
A
♦5s income mtge
O
1970
Colo it South 4*s series A
1980 IVI N
Debenture
6
82*
"68"
1950 F. A
Gen 4*a series A..
1977
Gen it ret mtge 4 *s series B. 1981
Cleve Short Line 1st gu 4 *s
1961 A
Cleve Union Term gu 5*s
1972
66
97
97
1948 M N
Series D3^s guar.
107 * 109
104* 108 *
....
108
"so"
50
St L Div 1st coll tr g 4s-.--.1990 M N
Spr it Col Dlv 1st g 4s
1940 M S
W W Val Div 1st g 4s
J
1940 J
Cleve-CJiffs Iron 1st mtge 4*8.1950 M N
l"
75
J
102
2
106*
65*
14*
102 * 104 *
107
108*
102
109
D
J
108*
106*
D
Ref <fc irnpt 4*s series E-...1977
Cairo Div 1st gold 4s.. .....1939
Cin Wabash it M Div 1st 4s. 1991 J
104* "21
109
J
Cleve Cin Chic <fc St L gen 4s... 1993
55
109 *
102 * 105*
84
100
1956 M N
Ed El 111 Bklyn 1st cons 4s.... 1939 J
Ed El 111 (N Y) 1st cons g 5s.. 1995 J
Electric Auto Lite conv 4s
1952 F
{♦N Y & Erie
Guaranteed 4s.............1944 A
1st intge 4s series D........1963 J
20
Week's
Friday
BONDS
J
J
J
1951 F
A
1951 J
J
1951 J
Springfield Div 1st g 3MS...1951 J
Western Lines 1st g 4s
1951 F
49*
"32"
e
37
"32" "45*
50
45*
55*
"26*
32
26*
38*
*78
99
79*
79*
*63
81*
69*
"72" "72"
80
74*
J
72*
J
95
A
69*
73
75
Volume
New York Bond
146
BONDS
N.
Y.
Last
EXCHANGE
STOCK
Record—Continued—Page
Range
1?
Friday's
BONDS
N.
Since
Asked
05^
Low
Price
High
NO.
■ 30
35X
105
30
46 X
W 30
107
34
10
30
42
Bid
&
Joint 1st ref 5s series A.-.--1963
1st & ret 4Xs series
I31X
1963
C
"107"
1940
Illinois Steel deb 4Xs
Ind. Bloom & West 1st ext 4s.-1940
*
1950
*
{♦Ind & Louisville 1st gu 4s
1956
Ind Union Ry 3Xs series B--1986
107 X
100
*
Ind
III & Iowa 1st g 4s
1947
stamped
1942
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A--July 1952
♦1st 5s series B
—--—1956
Int Agric Corp 5s
Int
Merc
Marine
s
O
J
75
f 6s series A
Int Rys Cent Amer 1st
5s B—.1972
1947
1st lien & ref 6Xs
Int Telep & Teleg deb g
Conv deb 4Xs
4 Xs--1952
—-1939
14 H
14
55 X
"83 X
«M
I55X
139
81X
♦4s (Sept 1914 coupon)
♦Miag Mill Mach 1st s f 7s
1977 M
81
125
72
1 2
100
100x
13
19X
3X
14X
5X
19
3X
15
14X
14X
61X
3
14
19
78
55X
72 X
43
20
38 X
51
84 X
21
94 X
9
81X
68 X
79
83 X
82
3
82
94
65
45
59 X
82 X
140
78
90
99
50
24
2
63 X
3
60
78 X
91X
71X
85
85
J
45
45
J
J
80
78X
A
50
2X
53X
23
56
82
J
S
"
58X
♦79
A
MI
A
51X
68 X
68X
"82~"
F
150
56
A 2
2X
M
S
4s. - 1990
1st gold 3s
Jack Lans & Sag 3*4s
1st gold 3*43
Ref & impt 4*4s series
{♦Mid of N J 1st
4s
4X9---
1st 6s...
♦Karstadt (Rudolph)
92
O
«
-
•
«
Mllw El Ry &-Lt 1st 5s B
21
24
65
{♦M St P & S3 M
♦1st ref 5*4s series B
27X
65X
10
53 X
58 X
20
104 X
104X
106 X
30
104X 108 X
105X
105
105X
12
104
♦37
47 X
1943 M N
stmp (par
1943
♦Ctfs
w
w
stmp
1943 M N
*17X
24X
1943
*25
$615)-.
(par $925)-.
(par $925)-.
6s
Kentucky Central gold 4s
1946 Ml
S
1987 J
J
Kentucky <fe Ind Term 4Ms—-
1961
*
1961
*
Keith (B F) Corp 1st
Stamped—..——
Plain
82 X
*
95
O
1949 F
1954 J
J
1954 J
1941 J
*152
75
ioix
D
1951 M N
1st & ret 6 Ms
4s..
Kresge Foundation coll tr
3Xa collateral trust notes.
—
1945 J
A
& ext 5s. 1939
1953
C
1960
5 Ms series D
Laclede Gas Light ref
5
76
1
---
101
99X
92 X
29
56
54 **
58 X
56
56
57
47 X
48 X
62
100X 103X
98
100X
86 X
92 X
10
27 X
85
1942
*47 X
78
100 X
103 X
21
27X
31X
85
90 X
54X
61X
2
55
60
2
47X
53 X
89
95 U
Q5U
29
♦
3% to— 1947
80
1941
2d gold
Lautaro Nitrate Co
96 X
29H
1954
f 4 Xa A
Cons sink fund 4Xa ser C—- 1954
Lehigh C & Nav
s
13
29X
6
56
3
53
Lehigh & New Eng RR 4s A--- 1965
1945
Lehigh & N Y 1st gu g 4s
f 5s.
96 X
29
55X
1975
♦1st mtge income
—
91X
1997
Xa
Ltd—
Lake Sh & Mich So g 3
—
92
*
.
1944
93
102
---
32 X
55 X
71
1
92 X
28 X
53
65
4
53
44 X
91X
95
•
-
94**
1st A ref
f 5s
s
Leh Val Harbor Term gu
Leh Val N Y 1st gu g
Lehigh Val (Pa) cons
General cons 4 Xa
General
5s. - - -
6 J*
25
2**
3
3X
2X
10
19 X
9X
—
5**
22
3
8**
14
5X
4
5**
10X
4X
5X
9X
3X
—
9X
3
18
9**
8H
14**
6**
4
3
3**
4
65
65X
26X
~~4
69
60**
58
40
53
67
J
34
34
38X
45
34
48 X
-1962
J
J
31
30 X
34
1978
Jan 1967
J
J
A
O
26X
155
1978
♦1st & ref 5s series G
♦Certificates of deposit
♦Conv gold 5*4s
♦1st & ref g 5s series H
9
35
42 X
45
"25
14X
23 X
18X
25X
23
30 X
36
14 X
14**
15X
19
18X
19X
9
4X
18 X
18X
5X
"97
4X
19 X
113
18 X
18 X
19 X
15
18
36
18X
25X
17 X
M N
1949 Ml"
1980 A
"26** "34**
17
*
23
"~4X
18 X
deposit
of
18X
18X
N
"Tx
O
18X
4
3X
18X
"76
19 X
6X
18X
F
A
18X
20
*68**
72**
18**
23
25 X
23
88
*11
18 X
25X
18X
35
56
18
July 1938
4%
MN
{♦Mobile & Ohio gen gold 4s.-.1938 M S
♦Montgomery Div 1st g 5s—1947 F A
♦Ref & impt 4*4s
...—1977 M S
♦Secured 5% notes.--.1938 M S
4s.1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
Mohawk & Malone 1st gu g
8**
10
94 X
5
66
99 X
1965
65
161"
104
101**
102**
92**
91**
91**
D
J
9**
t
102
Montana Power 1st & ref
1955
5s.-.1947
gtd 6s ext at 5%.-1941
9
9
Ml N
1960
3*43.1966
Montreal Tram 1st & ret 5s
1941
Gen & ref s f 5s series A.—.1955
Gen & ref s f 5s series B
1955
Gen & ref s f 4*4s series C—1955
Gen & ref s f 5s series D
1955
Morris & Essex 1st gu 3Xa
2000
Constr M 5s series A
1955
8**
M S
90
99**
99 X
91
99**
O
♦72
84
O
♦72
—
—
70
-
70
16
—
21X
*64
D
M N
45
22
39X
Mut Un Tel
22
22
7
22
*31
40
40
62
Nash Chatt & St L 4s ser A
F
J
36
37
7
36
50 X
Nat Acme4*4s
14X
17X
19
52
14X
17X
30 X
Nat Dairy Prod deb
32
Nat Distillers Prod deb
18X
40
101X 104
42
89 X
94 X
38
88 X
92 X
6
99X 101
73
...
"74" "74"
74
*45"
74
74
"5
61
3
56
53
2
63
7
45
45
46**
114**
...
105
...
62
55 X
113X
National Rys of
J
J
Ml N
14 X
M N
Ml N
"26"
18X
9
19X
24
22X
1978
stpd
1951
extended to.---1946
'112**
M N
A
20
20
97
97
3*4s w w.. 1951
Ml N
96**
4*4s—-1945
Ml N
104**
Mexico1914 coup on
65
*63**
J
D
113
.....
23**
•
98
96**
104**
61
"n
68
20
5
96
99**
98
105**
17
28
X
103
106
A
O
*33 X
*1 X
A
O
115
115
8
113X 118
♦4*4s July 1914 coup on
1957
1957
J
—1965
J
*1**
7s.-.1944
A
O
129
129
1
129
J
1951 F
A
121X
124
36
121X 126
♦4*4s July 1914 coup off
1957
♦Assent warr & rets No 4 on '57
*1**
*1**
Liggett & Myers Tobacco
IX
104X
105X
38
104 X 106 X
♦4s April 1914 coupon on
2X
-----
-----
Liquid Carbonic 4s conv debs.-1947
Little Miami gen 4s series A—1962
Loews Inc s f deb 3 Xa~ -:— -1946
Lombard Elec 7s ser A
1952
Long Dock Co 3X8 ext to.---1950
Long Island gen gold 4s
Unified gold
4s
—
—
Guar ref gold 4s—
4s stamped
1938
------1949
1949
1949
J
D
121X
104*4
M N
F
A
J
D
A
O
J
"96"
D
Ml
96
97
58
58
73
l66*u
S
Ml
-
100*u
S
84
♦4s
90
96
99 X
3
58
63 X
90
---
-
1
75
100*ii 100 x
85
87
2
83
A
O
A
April 1914 coupon off
No 5 on '77
O
*1**
O
1944
A
O
1951
deb 7s
F
A
A—1969
3Xs
1966
Louisiana & Ark 1st 5s ser
Louisville Gas & Elec
4s
Nashville RR—
Louis & Jeff Bdge Co gu
Louisville &
1945
Unified gold 4s
J
J
67 X
M
S
103 X
Ml
S
2003
1st & ref 4Xs series
2003
♦Assent warr & rets No
4 on .1926
♦4s April 1914 coupon on..-.1951 A
♦4s April 1914 coupon off- —1951 A
♦Assent warr & rets
-1965
1st & ref
6
2
100 x
92
77 H
.1980
Mob & Montg 1st g 4 Xa
1945
South Ry Joint Monon 4s—1952
Atl Knox & Cin Div 4s
1955
Lower Austria Hydro E16XS--1944
101 x
94
124
6
60 X
79 X
102X 104
105
107X
100X 105
92
102
S
M
S
J
o81X
{♦New England RR guar 5s—1945
♦Consoi guar 4s
1945
Tel 5s A.-1952
1st g 4 Xa series B
1961
N J Junction RR guar 1st 48-1986
84
23
83 X
93 X
77 X
30
77
90
N O & N E 1st ref & imp
78
23
75
82
105
♦nix
J
76 X
Ml N
106X
F
*29
A
-----
76 X
1C7
105 X
1
....
1
8
90
78
107 X
80
111X 112
74 X
D
Maine Central RR 4s ser A—1945 J
Gen mtge 4Xs ser A—1960 J ,D
{{♦Manatl Sugar 1st s f 7X8..1942 A O
20-yr 4s
s
f
80
106X 111X
98
98 X
M N
A
O
deposit
2013
♦Second 4s
For footnotes see page
2011.
97 X
100
101
97 X
99X
45
49
7
44
84
"11"
*25
"21K
99X 101X
97 X
100X
80
J
D
1H
IX
F
45
55
35
45
121**
1
A
O
75
3X
lH
*42
J
J
"24** "29X
15
122X 125
6
107**
120x
122X
"l5
106 X
58
'frlX
61**
92**
11
88 X
98
91**
24
89
X
98
48
51**
13
48
76
34
28
28
31
~29**
29**
29 X
36
29**
31
32
*28
37**
358
29**
28**
30**
11
34 X
28 X
28**
31
20
28 X
37
30**
35
*24
♦Certificates of deposit
Newport & C Bdge gen gu
N Y Cent RR 4s series A
21
23 X
22
21
28 X
29**
21 X
33
21X
32 X
Ref & Impt 4*^s ser'es
19X
23 X
22 X
33
19X
31X
Ref &
10
10
12X
4
10
14
Conv secured
A
impt 5s series C—
3*£s
"110**
4 Xa 1945
10-year 3Xa sec s f
22
X
X
*23
1956
1954
♦1st 5**s series A
X
"I
34
I
O
o
1956
D
24**
91**
90**
91**
90**
49**
deposit
♦1st 5s series C
107
ilex 119X
34
J
D
104 X
"I
95
106**
106**
29
91X
3
121
Ml N
{{♦N O Tex & Mex n-c inc 5s—1935
♦1st 5s series B
— -1954
♦Certificates of
124
O
21*4
Feb 1 1957
{♦Manhat Ry (N Y) cons 4s..1990
♦Certificates of
100
2X
2X
31**
"24**
123**
A-.1952
1955
4s.-.1953
1st & ref 5s series B
♦1st 4*^3 ser'es
McCrory Stores Corp s f deb 5s. 1951 Ml N
McKesson & Robbins deb 5 Xa.1950 Ml N
•
•
65
119
D
4 *£s A 1952
New Orleans Term 1st gu
'
J
New Orl Pub Serv 1st 5s ser
a81 X
119
f
J
J
I960
1983
1st 4 *$3
Orl Great Nor 5s A
N J Pow & Light
83 X
a81X
*20
D
77
*-
Ml
•
1
t
""lX "2X
106
105
105
Ml N
New England Tel &
New
D
1954
77 X
1946
gold 3s
Newark Consoi Gas cons
J
5s—1948
{♦Naugatuck RR 1st g 4s
115X 122 X
31
-2003
3Xs series E
Paducah & Mem Div, 4s
St Louis Div 2d
126 X 129X
68 X
2**
2**
*1**
No 4 on 51
11
106
1
1
88 X
35
103X
'"83 X
2003
C
1st & ref 4s series D
67 X
t
«
lien 4*4s—
116X
103
1
1
"lX ~"§X
2
♦Assent warr & rets
127
106
100 X
1940
1st & ref 5s series B
126X
116X
1
•
*1**
1977
1977
Nat Steel 1st coil s 14s
Lorillard (P) Co
I
f
1
1
*2**
O
1
1
•
...
*ix
J
13
*1**
Nat RR of Mex prior
tt98«U
83
83
131
---
87
*
♦4 *4s Jan
----
58 X
S
Ml
59 X
98
96X 101
5s. - -1941
Lex & East 1st 50-yr 5s gu_
71X
X
40
1954
39
58
107 H
101
53
Ml N
26X
2
9
57 X
58
58
M N
2
9
.---
9
14X
14X
8X
69
o
J
116
79
o
22
—2003
Leh Val 'Perm Ry 1st gu g
23
23
1981
♦1st & ref 5s series I
8
25 X
'
3X
♦Certificates of deposit
Mo Pac 3d 7s ext at
5 J*
3
35
26X
65
D
36
2003
2003
5s
cons
2X
*
— -
20
5
J
36
1940
4Xa
g 4s
5X
2X
J
22
22
1964
—
15
50
5X
M N
Constr M 4 *4s series B
Mutual Fuel Gas 1st gu g
1954
f 5s
s
1st A ret. s f 5s
14
♦18X
J
77
60
14
55
14
F
77
60
75
+
J
Nassau Elec gu g 4s
1st & ref
98** 101**
77
*51
J
1974
Lehigh Val Coal 1st & ref s
99X
*
S
J
1st mtge 4*4.3
—
-
98 X
98 X
87J*
89**
15**
19**
99*4 102
-----
J
6s debentures..
—
Lake Erie & Western RR—
5s 1937 extended at
J
100 x
90 X
3
86
99X
99X
J
"95" I03"
♦Certificates of deposit
87X
O
155
-
39
103
47 H
A
71
96 X
----
101 x
99 X
153
-
98
87 X
S
1942
Coll tr 6s series B
---
D
{♦Mo Pac 1st & ref 5s ser A
1965 F A
♦Certificates of deposit—...
♦General 4s
1975 M~S
♦1st & ref 5s series F
1977 Ml S
♦Certificates
89
-
1959
40-year 4s series B
87
95
-
101
1990
1962
gold 4s
27
95
-
24
100
97 X
J
M-K-T RR pr lien 5s ser A
82 X
-----
24
*...
16
J
20 X
24X
.
54X
rvi
Coll & ret 5Xa series
Coll tr 6s series A
♦98
102X
J
1947 F
{♦Kreuger & Toll secured 5s
Uniform ctfs of deposit—— 1959
-----
Mo Kan & Tex 1st
6**
5**
79X
J
{1st Chicago Term s
{♦Mo-Ill Rlt 1st 5s series A
107** 109
100** 103 J*
96
J
97
98** 100
5**
*15X
J
90
84
6**
♦1**
S
Prior lien 4 *4s series D
108 X 108 X
1
108**
100**
6**
O
Ml
27
-
5
97 X
95
93 X
J
Kinney (G R) 5Xa ext to
Koppers Co 4s ser A
106X
99X
A
4s—.
71X
64X
95
♦
Kings County El L & P 6s—- 1997 A
Kings County Elev 1st g
---
83
108**
jl**
70
70
88**
99**
108**
100**
*51
J
23X
1
24 X
-----
98
J
1946 J
♦Cum adjust 5s ser A
14 X
----
86
98
J
1949
1978
f 4s—.1941
5*4a
41
40
—
-----
1961
Kings Co Lighting 1st 5s.
22
---
54 X
107
1961
4Xs unguaranteed
Coll & ref
♦25-year
65
88**
91
70
70
*93
J
High
85
S
1938 J
1938
Low
"~5
25
"76"
70
»-
1949
1962 Q
4s int gu *38
90
J
w
con g
No
80
"
*
J
Ml
5s
29 X
D
J
cons
Jan. 1
D
1939 J D
1939
{♦Mil Spar & N W 1st gu 4s_ —1947 Ml"s
J
{♦Milw & State Line 1st 3*4s—1941 J
{♦Minn & St Louis 5s ctfs
1934 M N
98 X
1980 J
1950 J
w
warr
11
♦
1st ext 4*4s
Con ext 4*4s
♦1st & ref gold 4s.
♦Ref & ext 50-yr 5s ser A
91
Ml N
^♦Mil&No 1st ext 4 *4a(1880) 1934 D
21
4
1961
1971
1st mtge 5s
90
----
28 X
♦Ctfs
♦Ctfs with
-----
28
J
S
High
M S
1940 A
ext 5s
24 X
8l"
93
-
~28~"
---1951
1952
1979
C
♦1st cons 5s gu as to int
♦1st & ref 6s series A
1960 J
Apr
Ref & impt 5s
Kansas Gas & Electric
92
O
O
60
22 X
4s.
}§»K C Ft S & M Ry ref g
♦Certificates of deposit
Kansas City Term 1st
A
1936 A
1950 A
Kanawha & Mich 1st gu g
*
D
Steel 4XsA_. 1961
Jones & Laughlin
Kan City Sou
J
1956 J
Michigan Central Detroit & Bay
City Air Line 4s.;.
1940
♦1st
4s—. 1959
James Frank & Clear 1st
S
Since
Asked
91
O
49
7
J
Ml
1977 M
5
114
1968
1950
A
11
100 x
A..-April 1940 Q
t§*Met West Side El (Chic) 4s_1938 F
47
16
3X
14X
Ml N
48
ser
Metrop Ed 1st 4*4s ser D
Metrop Wat Sew & D 5*48
♦Mex Internat 1st 4s asstd
88
76 X
13
3X
1955 F
Debenture 5s
{♦Iowa Central Ry 1st & ref 4s. 1951
75
100X
"13"
O
56 X
28
54X
1947 A
f 6s_
s
Mead Corp 1st 6s with warr.. 1945 Ml N
17
I
Marion Steam Shovel
13X
47
&
♦72
J
90
E 56
.
54X
Ml N
J
& B—1947
-1955
Internat Paper 5s ser A
Ref
A
11
47
{♦Man GB&NW 1st 3*4s...1941 J
Range
Friday's
Bid
Low
100 X
103X 106
1
53 X
53X
47
6s. -—1941
f
s
322
O
1956
1944
♦1st g 5s series C
Internat Hydro El deb 6s
#25
56
.... —
A
7% notes. .1932 M S
♦Certificates of deposit
conv
Interlake Iron conv deb 4s
106
47
•
Manila Elec RR & Lt s f 5s—1953 Ml S
Manila RR (South Lines) 4s—1939 Ml N
1st ext 4s
—1959 Ml N
12X
.
Range or
Sale
Price
Market St Ry 7s
87
----
----
105X
47
-----
Week's
Last
EXCHANGE
100 x
90
20
„
105X
_
1932
§♦ 10-year 6s—
-----
•
{Interboro Rap Tran 1st 5s—1966
♦Certificates of deposit
STOCK
Week Ended March 25
High
106X 107X
----
-----
D—-.1961
Inland Steel 3Xs series
§♦ 10-year
Low
13
---
Y.
Jan. 1
St L & N O—
111 Cent and Chic
2009
Friday
Range or
Sale
Week Ended March 25
4
Week's
Friday
If52
X
lllX
62**
67**
47
58 X
82
66
43
66
91X
49**
108
44X
65X
50
u
56
141
50
73
56**
55
60
216
55
84
A
O
A
O
"45'
A
O
Ml N
X
44**
60
-.1998
---.1946
2013
2013
110X
33
60
New York Bond Record—Continued—Page 5
2010
bonds
Last
EXCHANGE
N. Y. STOCK
Week Ended March
25
Bid
Price
&
River 334s.--1997 J
85
.1942 j
Debenture 4s
1974
--1978
3-year 6s
—--Oct 1 1938
4s collateral trust
1940
1st mtge 334s extended to—-1947
Ref 5 34»
C--.
N Y Connect 1st gu
1st guar 5s series B-----.---1953
N Y Dock 1st gold 4s
-1951
N Y & Erie—See Erie RR
N Y Gas El Lt H & Row g
Purchase money gold 4s
♦N Y & Greenwood
16
37
133
34
4534
49
34
77
Gen mtge 334s series
68
10
68
90
Consol sinking fund 434s
82
9534
44 4.
80
+
101
ioi"
104
104
F
30
22
22
22
101
103
64
80
75
93
95
9934
20
1634
a O
*15
20
16
16
2
5
1534
1234
1634
16
2
1734
1834
77
2334
534
35
18
18
19
27
18
70
6
70
79
a O
734
5
63
107"
10734
17
9534
9634
2
9634
*70
73
104
12
104
10634
104
106
J
j
""§34
24
f
F
A
10434
934
934
4
634
"16
10434
834
t
■
■
-----
a
ni N
m n
j
j
j
J
90
10534
106
10534
10534
10634
d
J
*44
10634
62
6534
67
9
434
5
106
10634
7
_92~34
"12
*10834
89
89
a
o
90
8634
f
A
1134
1034
139
102 54
10034 11134
43
72
49
88
9054
56
86
10134
8634 101H
7554
98
11554
8
70
70
11554
11554
10834
110
70
50
5
10
105
10834 11234
2
5
12
10434
65
89
11534 117
26
50
91
50
60
5
834
10434 107
10234
6
65
57
5
55
7534
5634
60
22
55
76
75
102
10734
107
110
10234
10834
6634
10534
8034
10834
2
110
110
2
110
10534
10534
2
10534 11034
*100
80
1967 ni
80
107
j
10634
1234
♦Conv deb 6s——
.-
16
1134
834
8
47 34
4034
10534 107
104 34
62
64
1234
104
115
107
"16
80
27
8234
109 34
105
9534
10734
107
60
1434
1234
62
70
634
10434 107
1334
1234
57
10 34
12
934
4
13
108
1952 ni N
Pirelli Co (Italy) conv 7s
Pitts Coke & Iron conv 434s A. 1952 ni
1940
A
O
1942
Pitts C C C & St L 4 34s A
a
o
Series C 4 349 guar
10634
20
33
4
110
11
31
2
108
109
10834
634
"§6" "8734
8734
107
10634 10834
10834 IIO34
109
M n
Series D 4s guar
434
15
100
"8734
M n
1942
-1945
Series E 3 34b guar gold-- —-1949
Series F 4s guar gold.
1953
Series G 4s guar-----------1957
—
109
109
*10534
M n
F
107" 109""
A
--1963
109
10534 10534
d
J
f
a
Series I cons 434s—
1964
A-———1970
Gen mtge 5s series B
-1975
Gen 4 34s series C
1977
Pitts Va & Char 1st 4s guar.-.1943
J
D
a
1st mtge 4 349 series
99
99
10034
j
94
M n
*
d
o
*
A
O
37
112
«
«
4
-
3
102 34
11
96
7
-
-
-
45
117
•
99
11234
10034 11234
94
10434
106
-
-i
45
37
112"
-
10334
10734
*
a
1959
1960
C
*112
o
J
Pitts & W Va 1st 4 34s ser A„-1958 J
4 34s series B
112
M N
4 349
Gen mtge 5s series
1st mtge
a
4s—..--i960
Series H cons guar
Series J cons guar
F
109"
1948 j
Pitts Y & Ash 1st 4s ser A
D
1st gen 5s series
f
42
■
14
4134
108
_
•
j
D
j
5534
5534
37
s
J
j
108
10934
D
M
1st 5s 1935 extended to 1950-
*10834
*9954
*9834
A
1st gen 5s series
B_.—--.1962
C
1974
1st 4 34s series D
1977
Port Gen Elec 1st 4 34s—
I960
48
_48~~
Porto Rican Am Tob conv 6s.-1942
4934
"4734
1634
{{♦Postal Teleg & Cable coll 5S.1953
1034
1534
Potomac Elec Pow 1st M 3349.1966
10734 10834
89
9534
99
8634
28
4
13
O
10634
434
90
1949 ni
11534 11534
193
5134
102 34
934
75"
Pressed Steel Car deb 5s—-..1951
48
48
48
115
116
115
f
A
10134
10134
102
10034 104
{♦Providence Terra 1st 4s
1956
ni
S
*10134
103
10034 104
Purity Bakeries s f deb 5s
1948
j
J
10334
101
55
161
1134
106
2
75
75
43
55
18
954
10354 106
5
75
82
S
hi
48
10234 104 J4
15
50
106
115
{♦Radio-Keith-Orph pt pd ctfs
for deb 6s & corn stk (65% pd)..
F
a
10234
96J4
8
s
10234
9634
r
115"
9734
63
11954
105
9634 10334
125
115"
{♦Providence Sec guar deb 4s.-1957 ni N
-..1941
{♦Debenture gold 6s
lis"" U654"
115
58
§134
'§134
F
5034
5034
5254
38
54
34
50
76
6834
148
63
8834
53
5734
10
55
5734
J
*934
834
J
10134
97
10234
10134
97
10134
98
a
98
11234
102
Otis Steel 1st mtge A 434s
9734
j
66 34
6634
*11134
10534
d
d
D
1955
*46
10934
10834
10534
10134
105
A
J
9434
1968
9834
1944
1949
8
1961
534s '54
A
M n
♦Rhine-Ruhr Water Service 6s. 1953 j
10034
68
"36
♦Direct mtge 6s.
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
—1952
76
74
3
7334
7134
93 34
93
89
89
75
10134
76
75
10134
76
9734
a
1952 ni
S
Richm Terra Ry 1st gen 5s
1952
J
1955
10534 11034
con
& coll trust 4s A-.--1949
Roch G & E 4 34s series D.
Gen mtge 5s series E
S
10834
S
834
o
34 10634
19
6634
♦Rut-Canadian
♦Rutland
RR
f 6s
4s stmp.
70
109
68
6134
9734
8
f deb 4s-_.-_.1947
♦{Rlv & G Div 1st
10034
13
50
41
41
32
44 34
14
20 34
108 Vi
110
834 ' 11
20H
12
2234
534
1034
1234
1
934
15
1234
46
St L Rocky Mt & P 5s stpd.._1955
J
{♦St L-San Fran pr lien 4s A. .1950
J
"934
"j
10 34
1034
734
734
854
734
854
68
74 34
8234
9234
♦Prior lien 5s series B__
45
♦Certificates of deposit..
♦Con M 4 34s series A
11834 11934
70
103
10134 10334
102 34 10334
10334 10334
98
104
86
10034
♦Certificates of deposit
♦Ctfs of deposit stamped
{St L SW 1st 4s bond ctfs
♦2d g 4s inc bond ctfs
1978 hi
~S
16
100 H
10234
3
-
-
•
106 34 109
-
j
J
14
65
934
8
734
26
....
46
64
55
62
7
1334
1834
5
6*
68
1154
127
954
141
1054
934
6
1034
23
734
9 34
73
85-4
834
40
60
9
934
15
8
1334
734
1634
1334
14
1134
50
67 34
26 14
3434
*2934
J
{♦1st terminal & unifying 5S.1952
-.1990
1334
50
1989 M n
Nov 1989
♦Gen & ref g 5s series A
5134
65
1334
8
1950 J
104
91
46
j
35
100
10654
gu 5s..-1948
5
38
10134
53 34
1
13
18
101
94
1933 ni N
4s
g
3
60
8
754
10034
1966
St Louis Iron Mtn & Southern—
8434
8934
10434
47
934
10634
10034
10034
Saguenay Pow Ltd 1st M 4 34 s. 1966
35
•98
104
-
•
10 34
68
103
2
•
-
25
10 34
♦Certificates of deposit
88
87
3134
9654
14
534
"9914 ioi"
103
8934
26 34
90
io§54 "~4
*6
1996
2
1952 IVI N
10854
834
*20 34
1947
2
d
1
25
11834 119
j
St Lawr & Adir 1st g 5s
2d gold 6s
90
d
104
j
St Jos & Grand Island 1st 4s
82
5834
*10234
9134
1949
Safeway Stores
10434
1
27
90
4 34s..-1941
con
10434 10634
100H 10234
2
3154
j
1st
10734 HO
104 34
60
20
60
103
11834
2
*11834
ni
1962 ni
97
7434
o
1948 a
46
8
a
104
1977 M s
{{♦R I Ark & Louis 1st 4 34s—1934
102 34
60
2754
1454
16
11834
9034
30
27
27
27
32
14
11134 11334
111 34 113
70
24
27 34
^
m
33
♦1st
♦Ruhr Chemical
"32
20
-
27
32
7534
-
75
8754
10134 10834
76
8834
9734 101
28 34
3554
5
j
45
97
118
28 34
♦Rio Grande West 1st gold 4s. .1939
10034
10
10034
••
«
l"57""
2734
98
10434
100
111
9934
68 34
11834
80
19
104 34
51
11234 11634
85
24
*35
113
102
119
80
*30
f 7s
1
10934
10534
7934
10434
d
s
3
55
89
-
4
40
o
Richfield Oil Corp—
4s s f conv debentures
«
110
32 34
25
HI N
a
52
9434
110
ziio"
A
68
60
"7934
60 H
J
1953 F
82 34
a
A
Purch money 1st M conv
f
Gen mtge 434s series C
-1956 ni N
Revere Cop & Br 1st mtge 4 34 9-1956 j
J
♦Rheinelbe Union s f 7s
1946 j
J
35
s
♦Paullsta Ry 1st ref s f 7s
1942
Penn Co gu 334s coll tr ser B_. 1941
Guar 334s trust ctfs C
1942
Guar 3 34s trust ctfs D
1944
1
2
1955
5834
o
1
OOl 001
83
{♦Rio Grande June 1st gu 5s.-1939
90
S
Parmelee Trans deb 6s
Gen mtge 4 34s Beries B
{♦S L Peor & N W 1st
S
57
1
65
9834 10234
104
*103
100
•
103
10334
j
1947
1963 F
20
"46
10334
a
debentures.
Paris-Orleans RR ext 534s
10134
*7134
*67
O
Ref mtge 334s ser C
1966
d
Paducah & 111 1st s f g 434s._.. 1955
j
Panhandle Eastern Pipe L 4s.. 1952 IVI 8
Paramount Broadway Corp—
S
Republic Steel Corp 4 34s ser A. 1950 M s
♦Stamped
I)
Paramount Pictures deb 6s... 1955
99 34
4
9734
B._. 1966 A
41
26
j
D
1
74
♦Rima Steel 1st
9934 104H
9934
113
F
12
36
J
d
10534
11234
1938
13
8
834
10334
10234
9734
113
1966
10
11
10834 10834
102 34
"~6
54
1
75
♦Rhine-Westphalia El Pr 7s—-1950 M n
J
1st & ref mtge 334s ser H... 1961
79
80
101J4 102
j
Pacific Coast Co 1st g 5s
1946
Pacific Gas & El 4s series G... 1961
53
52
o
cons g 5s—.1946
Guar stpd cons 5s
—
1946
Ore-Wash RR & Nav 4s
1961
1962
6254
50
63
11234
11234
10634
11234
1946 i
49J4
50
d
Ore Short Line 1st
"7954 "9354
63
j
1943 f
74
J
55
§i
•
X **
7334
Rensselaer & Saratoga 6s gu—1941 hi N
8454
J
56
"8654 "29
64
75*
A-----1997
4 34s series B
1997
Remington Hand deb 434s w w.1956 ni
65
J
J
57
8
534
6934
*
J
86
Reading Co Jersey Cent coll 4s. 1951
Gen & ref
*
934
1
Gen & ref 4 34s series
Ontario Transmission 1st 5s.-.1945 IVI N
158
97
80
A
A
-.1946
2011.
834
10
28
a O
1st mtge 354s
—.—1972
f Ohio Indiana & West 5s. Apr 1 1938 Q
Oklahoma Gas & Elec 334s
1966
page
4
434
m N
-----1967 m s
see
26
6534
M s
j
For footnotes
"46
62
1943 m s
E trust ctfs
9934
"16
1965 m n
ser
10834
9234
7434
106
♦Stamped-
Guar 4s
106
10434
Ohio Connecting Ry 1st 4s
28-year 4s
8
105
Ohio Edison 1st mtge 4s
..
1034
10434
1948
5s.
5
105
guar g 5s
1938 a
Northwestern Teleg 434s ext.-1944 i
cons
6
4
10434
?Nor Ry of Calif
Pat & Passaic G & E
18
5
ni N
M n
lief & lmpt 6s series B
2047 J
Ref & impt 5s series C_
2047 J
Ref & impt 5s series D—2047
conv
12
*9434
Oct 1 1937 incl coupons.-.1945
334s
23 34
9634
10634
North Pacific prior lien 4s
1997 Q
Gen lien ry & id g 3s Jan. —-2047 Q
Ref & lmpt 434s series A
2047 J
f g 3s loan ctfs
D
{§♦ Philippine Ry 1st s f 4s. —- 1937 J
Pillsbury Flour Mills 20-yr 6s__ 1943 A
Series B 4349 guar
6
♦{Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 & sub coupons. 1945
♦Apr 1938 and sub coupons. .1945
♦Stpd as to sale of April 1 '33 to
s
9
834
2034
1834
HI N
North Cent gen & ref 5s
-1974 hi
Gen & ref 434s series A——1974 ivi
1st M
4
24
534
O
Aug 15 1963
ser
9534
11434 12034
9434 106
23
70
11134
80
12
55
1967
—
108
21
83
11534
91
65
j
{♦Phila & Reading C & I ref 5s. 1973
sec
10834 10934
10734 114
7
72
1981
Phila Electric 1st & ref 3349-
1234
Nov 15 1969 M N
Pacific Tel & Tel 334s
D
5s series A
General 434s series
2
15
86
1943 M n
4s
9234 101
72
"57"
General 5s series B__—__-.- 1974 f
434s series C—--« 1977 J
19
1534
Deb 5s series C
1938
Phelps Dodge conv 334s deb... 1952
21
1634
2334
Deb 5 34s series B
1st & ref mtge 3 34 s ser I
80
11434
9534
10054
1956 J
1980 ivi
1534
1234
1992 M
-1955 J D
Pac RR of Mo 1st ext g 4s
2d ext gold 5s
—-
1534
1534
1534
No Am Edison deb 5s ser
4s
1st ser A 5s— 1956 J
series C
1st g 4 34s
Phila Co
12 34
J
-.1961
A—1957
con g
o
O
1934
1734
j
o
Oregon RR & Nav
1634
ni N
1996
5s
11034
10834
General g
*1234
j
109
10734
—
Phila Bait & Wash 1st g
"95"" "9654
95
*1234
4s
g
a
82
t
109
108
♦Income 4s..
April 1990 Apr
Peoria & Pekin Un 1st 534s.— 1974 F
1st 4s series B...—
97% 10434
199
90
1943 a
-------- -
Pere Marquette
77
8434
10234 104 H
1
95 34
1
Hiyh
90
122
91
{{♦Norfolk & South 1st g 5s—1941 ivi N
Ontario Power N F 1st
O
a
J
11354 11454
65
Loic
2
108
10134
a
Debenture g 4 34s
General 434s series
115
101
Since
16
8134
98
10734
9634
12434
*1534
12
4s debentures
J
1947 M
Refunding gold 5s
--—
1940 a O
Peoria & Eastern 1st cons 4s.
*60
♦Certificates of deposit
1st mtge 4s
1965
Peop Gas L & C 1st cons 6s
12454
No
103
9434
8254
10254 10454
103
10434
*100
S
4s. .1903 A
♦Og & L Cham 1st gu g 4s
4334
6054
5834
7934
Lt & Pow 3 343-1965 M n
IN Y Rys prior lieu 6s stamp-.1958 j
N Y & Richm Gas 1st 6s A
1951 ivi N
North Amer Co deb 5s
44
7
52
26
N Y Queens El
Norf & W Ry 1st cons g
4634
Hi
-
—
1970
D...——1981
Gen mtge 434s series E... —1984
Conv deb 3 34 s
-—-1952
104
M
a O
N Y Steam 6s series A
General 434 s series A
9534
F
108
10434
J
NI
a
1960
109 34
55
103 34
M N
ni N
104
38
12334
C
ivi N
1 1948
1970
3
14
66
*11434
ivi N
1943
1948
4s sterl stpd dollar May
General 5s series B.—-----1968 J
10354
48.1042 a O
1947
1st mtge 5s
——
-1951
1st mtge 5s--- ——
.-—-1956
{♦{N Y Susq & West lBt ref 5s. 1937
{♦2d gold 4 34s
1937
♦General gold 5s
1940
♦Terminal 1st gold 5s
1943
N YTelep 1st & gen s f 434s---1939
Ref mtge 334 s ser B
1967
N Y Trap Rock 1st 6s
1946
6s stamped
—-—1946
{{♦N Y Westch & Bost 1st 434s 1946
Niagara Falls Power 334s
1966
Niag Lock & O Pow 1st 5s A..1955
Niagara Share (Mo) deb 534S-1950
Nord Ry ext sink fund 634s—1950
{{♦Norfolk South 1st & ref 5s-1961
Pennsylvania RII cons g 4s
Consolid gold 4s
62
101
52
44
74
30
-
50
-.1957 HI N
N Y & Putnam 1st con gu
35
..—-1981
434s series B——
Range
Jan.
ajsc
High
8034
102 34
98
Pennsylvania P & L 1st 4 34s—1981 a
39
10354
of 1927---1967 j d
♦Harlem R & Pt Ches 1st 4s.l954 ni N
-—---------
-
10254
10554
10334
♦1st & ref 434s ser
{♦N Y Ont & West ref g 4s
•
8254
84
1938
li
Asked
j
60
7354
50
50
1973 (VI N
5348-1942
♦N Y L E & W Dock & lmpt 5s 1943
N Y & Long Branch gen 4b
1941
{♦N Y&NE (Boat Term) 4s. .1939
{♦N Y N II & II n-c deb 4s
1947
♦Non-conv debenture 3
1947
♦Non-conv debenture 334S--1954
♦Non-conv debenture 4s—1955
♦Nou-conv debenture 4s——1956
♦Conv debenture 334s---—1956
♦Conv debenture 6s-_-1948
♦Collateral trust 6s
1940
{♦N Y Providence & Boston
5
■
NYLEdtW Coal & RR
♦General 4s
41
2000 ni N
1973 IVI N
♦Debenture 4s
Pa Ohio & Det 1st & ref 434s A-1977 a
35
Lake 5s—1946 Hi N
434s series B
Penn Glass Sand 1st M 4 348—1960 J
30
5S--1948 J
1949 f
N Y & Harlem gold 334s
Penn-Dixie Cement 1st 6s A—1941 M
65 34
68
F
r
N Y Lack & West 4s ser A
94 54
9834
4434
62
44
E
1st lien & ref 334 s ser
8454
80
35
1965 A
1966 a
N Y Edison 3 34s ser D—
94
58
&
Low
3034
«
Ranye or
Friday's
Bid
Hiyh
70
*
Last
Sale
35
Low
26,
Week's
Price
No.
62
1938 a O
Serial 5% notes
Certificates of deposit
80
4434
35
fel
Week Ended March 25
*51
1953 F
4 34s A
N. Y. STOCK EXCHANGE
1
8634
8434
4934
8454
80
A
M
A
F
A
series A
Ref 434s series
bonds
SJnce
Jan.
H1gf
4534
4 34s ser A
2013 A
Lake Shore coil gold 334»—1998 f
Mich Cent coll gold 3349
1998 f
N Y Chic & St Louis—
Kef &. impt
Ranye
is
Asked
Low
N Y Cent & Hud
I.Friday
Ranye or
Friday's
Sale
•
March
Week's
Friday
1534
36
1534
17
43
1534
24 34
1034
1054
28
1034
17
Volume
New York Bond Record—Concluded—Page 6
146
Week's
Friday
jjs
BONDS
N. Y. STOCK EXCHANGE
Last
&
4s._1968
D
J
{♦St Paul E Gr Trk 1st 4?*a...l947 J
{♦St Paul & K C Sh L gu 4?*s.l941 F
Range
BONDS
Since
Asked
N. Y. STOCK EXCHANGE
Jan. 1
03
Week Ended March 25
*
Low
No.
High
*73*
63*
7
9?*
9?*
tPacific extgu 4s (large).... 1940 J
J
1972
J
J
1943
San Antonio Pub Serv 1st 6s...1952
San Diego Consol G & E 4s
1965
Santa Fe Pres & Phen 1st os... 1942
J
J
St Paul Un Dep 5s guar
S A & Ar Pass 1st gu g 4s
{♦Schulco Co guar 63*s-..~--1946
♦Stamped.
♦Guar s f 634s series B
_
J
5
J
s
110
O
1989
*110
-
O
O
A
O
-
IVI
S
25
-
-
3
-
5
114
A
3
4?*
-
Shlnyetsu El Pow 1st 6?*8
{♦Siemens & Halske s f 7s
1935 J
♦Debenture s f 6HS-.......1951 M
♦Silesia Elec Corp 6 >*3.
1946 F
Silesian-Am Corp coll tr 7s
1941 F
J
8?*
8
10?*
9?*
155
30
5
173*
3?*
75
2?*
63*
3?*
4 J*
101?*
143
703*
1
63*
6
22
........1951
Socony-Vacuum Oil 3 Ms
.1950
South & North Ala RR gu 5s... 1963
South Bell Tel <fc Tel 334s
1962
Southern Calif Gas 434a
...1961
1st rntge & ref 4s
1965
Skelly Oil deb 4s
■
*69?*
A
82?*
1043*
46
108
108
13
Southern Kraft Corp 434s..,...1946 J
Southern Natural Gas—
D
91
1980 AO
6s debentures
D
101?* 104?*
1083*
107
107?*
5
93?*
4
92
V
89?*
1073* 108?*
4s.....1955
.1955
_—1994
Devel & gen 4s series A
1956
Devel & gen 6s
1956
Devel & gen 634s
1956
Mem Div 1st g 5s...
1996
St Louis Div 1st g 4s
—1951
East Tenn reorg lien g 5S-.--1938
93?*
7
95
993*
49
49
1
49
1945
1945
1st 40-year guar 4s
F
47
53
177
47
76
36
141
36
35
17fl
141]
35
63 3*
36
36
63
55?*
55
60
105
55
83?*
80
80
80
1
90
1043*
133
63
52
563*
51
83
27
188
27
78
33
63
33
413*
124
33
64 3*
*35
A
49?*
33
A
33
J
*
79
------
J
M
S
-
— —
-
—
-
-
5
107?*
107?*
108
103 3*
1023*
1033*
F
1946
Staley (A E) Mfg 1st M 4s
Standard Oil N J deb 3s
J
J
D
♦Studebaker Corp conv
J
J
-
60?*
J
S
Ml
1065*
J
IVI
106?*
IVI
s
79
•863*
*104?*
1123*
102?*
102?*
1033*
__
763*
-
F
-
--
-
J
F
deb 334s——1...1951
gold 5a
.....1943 J
gold 5s
2000 J
Gen & ref 5s series B...
1977 A
Gen & ref 5s series C
1979 A
1053*
1093*
743*
80
-
-
-
S
1953
J
D
D
O
733*
60?*
-
-
S
*1003*
*
J
IVI N
F
A
-
-
*
.1945
74
107?*
1073*
United Drug Co (Del)
.1953 IVI
U
.1944 Ml
5s
N J RR & Canal gen 4s
{{♦United Rya St L 1st g 4s... .1934
Fdy conv deb 334s. .1946
U S Pipe &
J
110
110
*
-
-
-
89 3*
-
106.
O
106
77
76
60 3*
60
s
S
70
-
104?* 108?*
94
75
97
96
75
4
70
80
108
27
105
108
9?*
-
-
117
-
9?*
36
533*
723*
S
513*
51
53
68
51
70
J
23?*
23
233*
203*
24
52
56
29
52
753*
52
1
52
J
J
52
M
S
74
83
103?*
74
99
9
110
89
89
953*
-
—
13
90
32
1073*
773*
37
55
67
4
106
105
Cash sale; only transaction
during
current week,
x
♦
Deferred
15
22
17
1053* 1073*
69?*
77?*
60
108 3*
19?*
107
81H
109?*
27
114
Southern Ry.-Mob. &
Transactions
.1947
45
45
48
112
45
50?*
.1959
45
45
49?*
101
45
50?*
Ended
Week
J
O
under
,
.
.
,
.
and not included
22 at 61,
81
903*
:
;>Q.: •
Yearly
United
Total
Mis cell.
Municipal &
States
Bond
Shares
Bonds
For'n Bonds
Bonds
State,
Railroad
442,070
$2,269,000
Monday
542,240
Tuesday
692,780
Sales
$272,000
519,000
417,000
$1,115,000
1,172,000
1,313,000
1,488,000
$3,656,000
5,350,000
6,008,000
7,218,000
....
5,913,000
981,000
154,000
5,709,000
1,011,000
716,000
7,436,000
5,708,590
Thursday
885,360
1,677,840
Wednesday
3,659,000
4,162,000
5,313,000
4,778,000
$25,890,000
$7,080,000
$2,611,000
$35,581,000
1,468,300
......
Friday
Total
533,000
Week Ended Mar.
Sales at
Jan. 1 to
25, 1938
March 25
New York Stock
1937
1938
1937
1938
Exchange
5,708,590
7,014,400
54,381,475
154,974,966
$2,611,000
7,080,000
25,890,000
$32,651,000
5,602,000
41,098,000
$38,277,000
63,686,000
321,319,000
$161,708,000
113,702,000
735,609,000
$35,581,000
$79,351,000
$423,282,000
$1,011,019,000
Stocks—No. of shares.
Bonds
Government
-
-
-
State and foreign
Railroad And
Industrial
Total.
Stock and Bond Averages
Below
are
the
daily closing averages of representative
listed on the New York Stock Exchange
compiled by Dow, Jones & Co.:
'
Bonds
Stocks
88
10
1?*
10
20
20
Total
10
First
Second
10
30
Utili¬
70
Indus¬
Grade
Grade
40
Rail¬
Utili¬
Indus¬
"107?* "167k"
-
—
-
-
-
40
-
2
13*
108?*
"45
7
40
*
90
*...--
53?*
-
-
—
-
13*
107?*
40
-----
55
2?*
roads
ties
Slocks
trials
Ralls
Rails
ties
Bonds
trials
Date
109k
45
-----
61
Total
19.95
16.38
33.80
104.11
91.28
85.54
108.57
102.75
25
44.00
Mar.
17.31
35.96
104.35
91.54
85.92
114.64
21.99
103.02
24
44.75
Mar.
21.75
17.30
35.83
104.61
91.80
86.15
Mar.
114.38
102.86
23
45.31
22.62
17.56
36.74
104.71
92.71
47.16
102.98
86.89
22
117.11
93.07
47.49
103.10
87.14
92.15
47.01
103.15
86.79
Mar.
21
120.29
23.61
17.86
37.79
104.90
Mar.
Deferred delivery sale; only
New York Stock * Exchange,
Saturday
Mar.
/
n
maturity.
A
A
included in the yearly
Number of
1938
March 25,
M N
J
53*
bankruptcy, receivership, or reorganized
securities assumed by such companies.
No sales transacted during current week.
Ohio 4s .1938, Mar.
Stocks,
as
{♦Util Pow & Light 5 34a
{♦Debenture 5s
48......2003
current week and not
Daily, Weekly and
stocks and bonds
J
{{♦Vera Cruz & P 1st gu 434S..1934 J
J
J
{♦July coupon, off
.......
Virginia El & Pow 4s ser A
1955 M N
Va Iron Coal & Coke 1st g 5s— 1949 M S
98?*
4s 1933, Mar. 22 at 25.
the
at
87 3*
27
.........1958
973*
Republic Steel 43*s 1950, Mar. 22 at 107.
Silesia (Prov.) 7s 1956, Mar. 23 at 43.
863*
3
82?*
1st cons 5s.--.
IVI N
24 at 101?*.
Cuba 5s 1944, Mar.
793*
793*
80
Va A Southwest 1st gu
973*
5
9?*
,
78
78
81
*80
963* 100?*
105
*4?*
transacted during the current week
delivery sales
103?* 106?*
273*
333*
.1944
O
92
7?*
Hungary 73*s 1979, Mar. 21 at 403*.
Poland 8s 1950, Mar. 23 at 453*.
107?*
Utah Power & Light 1st 5s
F
143*
63*
83*
63*
6?*
105
105
----
the yearly range:
33
A
*c,y2
105
15?*
12
13
8
Bonds selling flat.
2
In
32
-.1957
11?*
---
n
Friday's bid and asked price.
27?*
5s.l94l
1955
-
{ Negotiability Impaired by
1 Companies reported as being In
273*
4s series A
107?* 1093*
-
5
12
*6?*
7 Bonds called for redemption or nearlng
4
cons g
*
105
-
Section 77 of the Bankruptcy Act, or
5
f 4s series B
4
—
12
------
during current week,
current week,
Ex-interest.
30
s
11?*
963* 1003*
75
85
32
*1083*
73*
101'u
100
-
—
923*
5
Under-the-rule sale; only transaction during
maturity,
t The price
represented Is the dollar quotation per 200 pound unit of bonds.
Accrued interest
payable at exchange rate of 84.8484.
1
transaction
30
Cons
773*
75
-
93
913*
No sales.
30
Vandalla
75
-
110?*
81?*
3
97?*
J
108
-
----
963*
963*
-
53*
------
O
-
71
100?*
53*
J
1961
29
Vanadium Corp of Am conv
A
-
843*
*92
-
J
Cash sales transacted during the
e
30
-
81?*
81?*
—-
96
113
1043*
-
109
1960 J
1st mtge a f 4s ser C
116
1093*
-
*
63
105?* 105?*
----
------
J
108 3* 1143*
1103*
_
52
D
1053* 108 3*
110
19?*
1073*
_
„
5
*1053*
J
30
C
•
Youngstown Sheet & Tube—
.1951
f 6 348 series
683*
543*
{♦Sup & Dul div & term 1st 4s '36
♦Certificates of deposit
Wisconsin Publ'c Service 4s
1961 J
♦Sink fund deb 634a ser A... .1947
.1944
Utah Lt & Trac 1st & ref 5s
s
20
533*
♦Certificates of deposit.......
3
♦Sec
21
16?*
52
5
1183*
107
108?*
104?*
J
103?*
1183* 118?*
203*
------
80
-----
100
-
108?*
J
163*
12
63?*
20
-
983*
108?*
54
J
1949
93
77 %
105
26
1053*
J
1947
74
35
84
77?*
105
16?*
J
102
-----
89
O
IVI N
U S Rubber 1st & ref 5s ser A_. .1947 J
♦Un Steel Works Corp 6 34s A.. .1951
99
99
'
493*
118?*
1,17?*
-
71
83*
733*
105?*
1053*
1083*
108
34
1
*1163*
M N
United Biscuit of Am deb 5s... .1950 A
Sts 5s... .1952 A
United Cigar-WhelaD
—
-
2
803*
..----
D
1003* 102
96
107?*
1053*
1083*
1st lien & ref 5s....—June 2008 M S
.1970 A O
34-year 334s deb
...
.1971
61?*
76
------
4s... .1947
35-year 334s debenture
6
142
9?*
June 2008 M S
1st lien & ref 4s
733*
*8 3*
.1952
debentures
5
59
*__
75
.1962
28
73
------
------
37
101?*
75
104?*
74
------
D
J
1938 J
983* 104
144
95
118?*
104?*
-
-
-
104?*
1
95?*
*65
-
-
-
-
D
J
603*
*
------
S
IVI
733*
101
101
.1945
334a
29 3*
J
{{♦Union Elev Ry (Chic) 5s...
Union Oil of Calif 6s series A... .1942
Union Pac RR 1st & Id gr
1
J
104?*
33
1942
883*
853*
983*
J
108
18
Wilmar & Sioux Falls 5s
88?*
J
5
108
1966
Atlanta & Birmingham
73
1952
120?*
109?* 1103*
106?* 1083*
102?* 104?*
55
{♦Wilkes-Barre & East gu 5s
109?* 116 3*
72
6
116
----
-----
4
743*
1937
J
-----
«---
6
5
102?*
24
119
*109?*
D
81
38
28
101
173*
1949 M S
♦
106^*
75
5
15
52
J
1083*
763*
1043*
73
28
M
102
74
J
1942
Toronto Ham & Buff 1st g 4s__1946
Trenton G & El 1st g 5s.
1949
Tri-Cont Corp 5s conv deb A..1953
Tyrol Hydro-Elec Pow 7348---1955
Guar sec s f 7s
1952
8
12
61
72
-
-
101?*
119?*
16?*
Wheeling Steel 4 3*8 series A.-.1966 F A
White Sew Machdeb 6s
^...1940 M N
114
983*
—
O
Tol W V & Ohio 4s ser C
111
73
—
-
-
—
-
A
3?* 8 1960 J
Tol St Louis & West 1st 4s
1950 A
104?* 1063*
5
J
Tol & Ohio Cent ref & imp
863*
703*
-
1103*
..I960
Jan 1960
Ujigawa Elec Power s f 7s
Union Electric (Mo) 3?*s
72?*
3
78
1053*
*
-----
GeD & ref 5s series D
Tokyo Elec Light Co Ltd—
1st 6s dollar series
---
105?*
Texas & Pac 1st
1980 J
Pac Ter 534a A—1964 M
-
1133*
-
-
-
-
104?* 105?*
1213* 123
101?*
2361
RR 1st consol 4s.
r
1003*
1193* 125
95
100
38
-
1
12
2361
Registered
102
105?* 1073*
16
86
J
A
125
100
104?*
1223*
163*
IVI N
1960 IVI
West Shore 1st 4s guar
1
1073*
--
1073* 1083*
1073* 110
2
1073*
122
77?*
s
-
104?*
104?*
30-year 5s..
S
Tex& N O con
Tide Water Asso Oil 334s
5
107
98
— —
—
-----
-
range.
14
95
*122
—
-----
--
-----
1946 IVI
A
{♦Wor & Conn East 1st 43*s._.1943
57
32
98
—
J
♦Adj income 5s...
{♦Third Ave RR 1st g 5s
60
100
-
-
--
----
91
-----
1946
ser
30
15
70
-
-----
1950
1951
101?* 105
177
953*
57
-
57
-
M N
-----
12
5
102
*80
'
IVI N
Texas Corp
Third Ave Ry 1st ref 4s
12
101?*
101?*
102
53
14
101?*
D
Staten Island Ry 1st 4?*s
1961
1943
deb 6s. 1945
Swift & Co 1st M 3?*s
1950
Tenn Coal Iron & RR gen 5s—1951
TenD Cop & Chern deb 6s B—1944
Tennessee Corp deb 6s ser C...1944
Tenn Elec Pow 1st 6s ser A....1947
Term Assn of St L 1st g 434s—1939
1st cons gold 5s.
1944
Gen refund s f g 4s
1953
Texarkana & Ft S gu 5 34s A—1950
12
------
A
-
107?*
1073*
O
{♦Wis Cent 50-yr 1st gen 4s
973*
61?*
80
1073* 1093*
101
103?*
3
D
.1964
-—---
52
62
<62
343*
*
-
-----
A
Conv deb 3Jis
973*
So'western Gas & Elec 4s ser D.1960 M N
J
♦{Spokane lnternat 1st g 5s—1955 J
So*western Bell Tel 3 34s ser B.
J
-
-
89
*.
-
-
-
30
79?*
433*
-----
♦5s assented
473*
33
33?*
403*
27
82
65
A
gold 4s....1943
{♦Western Pac 1st 5s
93
114
52
A
71
75
56
*
1961
Winston-Salem S B 1st 4s
1938 M S
Mobile & Ohio coll tr 4s
683*
64
64?*
63
37
E..1963
Western Union g 43*s
63?*
36
42?*
423*
423*
J
68
77
67?*
101?*
Wheeling & L E Ry 4s ser D
J
1st 4s stamped
Southern Ry 1st cons g 5s.
69
76
1967
1st & ref 5 3*8 series A
10
102?* 104?*
66
65
-
1939
1st mtge 4s ser H
13
6?*
6
6?*
-----
Westchester Ltg 5s stpd gtd.._1950
ser
13
----
7
49
103
63
30
2000'F A
Washington Cent 1st gold 4s...1948 Q IVI
Gen mtge 334a
West Penn Power 1st 5s
113*
-----
--
76
Warren RR 1st ref gu g 3?*s
Wash Term 1st gu 3 34s
--
8
102?*
63
s
.1941 IVI
{♦Warren Bros Co deb 6s
693*
35
J
So Pac RR 1st ref guar
13?*
73*
653*
O
1939 M S
25- year gold 5s...
100
36
O
102?*
O
1955 A
Warner Bros Pict deb 6s
Wilson & Co 1st M 4s series A. .1955 J
1950 A
San Fran Term 1st 4s
7
5
+ m
7
105
97?*
'
143*
11?*
10
----
8
6?*
Walker (Hiram) G&W deb 4>*s-1945 J
Walworth Co 1st M 4s
1955 A
West N Y & Pa gen
1203*
953*
953*
73*
74
47
O
D
S
S
N
N
J
——
9
34
7?*
*63*
-----
♦Westphalia Un El Power 6s... 1953 J
A
J
IVI
IVI
M
M
J
73*
46
----
■
1952 A O
J
1977 J
92
107?*
923*
J
73*
*63*
73*
112
2
—-
7
Western Maryland 1st 4s
96?*
80
———
-----
*63*
88
993*
1053* 108
103?*
Southern Colo Power 6s A..... 1947 J
773*
79 3*
94?*
107
S
A
-
-
23
66
16
1153*
—————
---
8
O
1966
1952
58
112
—-
-
73*
1st mtge 33*s series I....
West Va Pulp & Paper 4 3*3
23
112
IV1
-
69?*
83
105?*
F
434s—---1951
So Pac coll 4s (Cent Pac coll)-.1949
1st 4?*s (Oregon Lines) A...1977
Gold 434s
1968
Gold 4 34s
1969
Gold 434s._
...1981
10-year secured 3?*s
...1946
2
823*
943*
105?*
95?*
-
-
61?*
203*
-
-
-
-
69
66
66
-----
27
23
23
23
J
A
A
A
1st mtge pipe line
97?* 101?*
54
703*
*98 ?*
S
1952 A
Simmons Co deb 4s...
98?*
70?*
30
----
-
91?*
83*
7
Wash Water Power s f 5s
98?*
20
51
♦Certificates of deposit
6?*
*23*
1951 M S
1952 J D
8hell Union Oil deb 3?*s
—
—
50
-----
1978 A
♦Ref & gen 5s series D
43*
63*
-
-
-
20
173*
35
-----
*20
♦Certificates of deposit
73*
173*
23*
3
116
14
103*
67?*
■
----
*12
1976 FA
♦Ref & gen 43*8 series C
173*
6
6
31
45
-
-
534a A. 1975
deposit
gen
of
♦Ref & gen 5s series B
30
28
53*
♦Certificates
24
263*
*15
1941
♦Certificates of deposit
23
27
-
{♦Wabash Ry ref &
20
17
151
33*
4?*
*4?*
63*
173*
112?*
173*
-
-
-
12?*
103*
6 J*
M~S
1933 M~S
{♦Seaboard All Fla 6s A ctfs...l935 F A
110
3
30
4?*
♦Certificates of deposit
1093* 1103*
108
1103*
V
-
-
3
{♦Alt & Birm 1st gu 4s
♦Series B certificates.......1935 F
S
25
—
•
10?*
♦Certificates of deposit
6s series A......1945
1941 Ml
32
♦12
O
A
1939
♦Toledo & Chic Div g 4s
----
M N
F
♦Des Moines Div 1st g 4s
♦Omaha Div 1st g 3 348
45
13
80
81?*
-
-
--
183*
173*
*20?*
293*
A
{♦Refunding 4s
183*
173*
A
♦Adjustment 5s
1123*
*15
-
*35
22
44?*
118?*
4
-
*20
1941
9
1103*
J
A
110
J
A
553*
109?*
S
J
1954
High
1013* 1053*
83
•
1
Low
No.
1023*
49?*
45
24?*
♦Det & Chic Ext 1st 5s
Since
Jan.
High
1013*
45
55
110
...1950
Oct 1949
.1959
Tex Pac Mo
101?*
1939
102 3*
5
109?*
M
_
{♦Gold 4s stamped
cons
1939 IVI N
♦2d gold 5s
116
115
55
55
{{♦Seaboard Air Line 1st g 4s..1950
♦1st &
1966 IVI
{{♦Wabash RR 1st gold 5s
Range
Is
Asked
&
Low
100
103
*
J
1946
Scioto V & N E 1st gu 4s
*98
IV1 N
.........
.....
.
or
Friday's
Bid
♦1st lien g term 4s
A
St Paul Minn & Man—
♦Stamped
Range
Sale
Price
Virginian Ry 3?*s series A
98
9?*
6?*
23
Last
fc!
St
High
93
93
J
2011
Week's
Friday
.4
Friday's
Bid
Price
Low
St Paul & Duluth 1st con g
'
Range or
Sale
Week Ended March 25
.
19
120.43
23.68
17.96
37.88
104.84
New York Curb
2012
Exchange—Weekly and Yearly Record
26, ma
NOTICE—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 in the week in which they occur.
No account is taken of such sales in computing the range for the year.
In the following extensive list
we furnish a complete record of the transactions on the New York Curb
Exchange for the
beginning on Saturday last (.March 19, 1938) and ending the present Friday (March 25, 1938).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include
every security, whether stock or bond, in
which any dealings occurred during the week covered:
week
Friday
Sales
Last
Par
Acme wire v t
Week's Range
of I*rlces
Low
High
Week
Price
com....20
c
Aero Supply Mfg
Class B...
1
common.-5
Air Devices Corp com----l
Agfa Ansco Corp com
~~2K
Investors common..-*
Conv preferred —
27
29
Low
25
25
14%
23
200
%
1%
1%
%
300
$6
58
49
2%
2%
Class A
6%
common..*
Co
63
64
Aluminium Ltd common.*
~77~~
16
%
48
3%
88
98
9%
%
9%
Amer Box Board Co com.l
American
77
98
98
American Beverage com.
100
103%
15%
3%
American Airlines Inc..-10
American Book Co
14%
75
101
"ie%
100
15%
%
Jan
Jan
Bowman-Biltmore
49%
Jan
Feb
Jan
54%
Jan
Jan
Feb
1%
Feb
Brewster
Feb
%
Feb
Feb
9
Jan
Bridgeport Machine
*
Preferred
...——100
15
Feb
Bright Star Elec cl B
Feb
48
10%
1
48
7%
7%
8
Mar
90
106%
Jan
16
Mar
Jan
6%
Jan
1,900
67%
Jan
50
94%
9%
Feb
%
Mar
2,000
200
20
900
Mar
12%
Jan
Feb
48
Jan
7%
Jan
Mar
95%
99%
1%
Jan
10c
2
10%
Mar
%
3
Mar
%
Jan
19
Mar
57
Jan
23%
£59%
Feb
3%
*
*
Centrifugal Corp.-l
Class A with warrants.25
22
19%
1
B
Amer Cyanamld class A. 10
Class B n-v
——10
Amer Foreign Pow warr—
Amer Fork & Hoe com...*
*
Amer Gas & Elec com
*
Preferred
American General Coip 10c
-.1
1
pieferred
12.50 preferred
Amer Hard Rubber Co—50
3
19%
1 %
1%
"im
17%
23%
20%
1%
4,600
8%
Mar
12%
600
4%
Mar
3%
25%
600
3
Mar
7%
5%
25%
10%
2
3
25%
6%
25
8
81
20
Jan
Am
2
22
700
19%
Feb
1%
Mar
2,700
Laundry Mach—.20
Mar
%
%
20%
20%
107 %
3%
23%
26%
107
1
23%
108
3%
23%
24%
26%
26%
4
9
10
"15%
"15% "l6"
6%
Mar
81
1,400
%
2%
150
15%
100
2%
15%
7%
7%
2%
18%
7%
19
100
Class B
—
.
—
.....
Mar
2%
Jan
Mar
4%
27%
Jan
Mar
7%
Jan
8%
Feb
Mar
28%
Mar
19
Mar
21
19
23
700
18
2
2%
26%
3%
27%
26%
Jan
Jan
$6 preferred
*
Brown Rubber Co com—1
3%
Buckeye Pipe Line
7
7
20%
Jan
27
Feb
Feb
26%
Jan
Mar
1%
12%
Jan
Bufl Nlag & East Pr pref25
Mar
Feb
Mar
28
Feb
$5 1st preferred...
*
Bunker Hill & Sullivan 2.50
Feb
Burco Inc common
$3 convertible
23%
26%
Mar
26
Mar
Mar
27%
Jan
Mar
13
JaD
Mar
21%
15%
11%
Mar
9
"800
Mar
pref
Jan
8
Mar
22
Mar
2%
Mar
4%
Feb
7%
Feb
9
Feb
Jan
39
Jan
Cable Elec Prods
v
19%
19%
21%
95
95
95
12%
11%
12%
Jan
19%
Mar
22%
150
95
Mar
100%
Jan
23%
Mar
17
Mar
Amer Maracaibo Co
*
63%
1
Amer Meter Co
17%
% *»w
17%
21
1.200
10
Republics
Amer Seal-Kap com
2
Corp com *
%
""5%
3
Mar
2%
Feb
3%
Jan
2
Jan
3%
7n
Mar
300
*11
4
»16
*
*
66%
66%
100
American Thread pref
5
Anchor Post Fence.——*
3%
1st preferred
....
Angostura
Wupperrnan—1
9
12%
3%
3%
3%
Jan
Carman & Co class A
66%
18
Jan
Carnegie Metals
4
Feb
Mar
2%
Jan
9%
Jan
Carrier Corp
Feb
16%
Feb
103%
Jan
Carter (J W)Co common. 1
Casco Products
*
'i.
Feb
Jan
2%
5%
"5%
70%
5%
70%
5%
800
3%
3%
3%
1.700
3%
Jan
8%
8%
100
8%
Mar
4
Associated
Elec
Gas &
£1
-1
.....
Class A
$5
Mar
4%
Jan
3%
15,900
2%
Mar
4%
Jan
Castle (A M) com—— 10
Catalin Corp of Amer—1
Celanese Corp of America
5%
600
5%
Mar
7
Jan
Feb
72
Jan
Mar
7
Jan
Celluloid Corp common. 15
$7 div preferred
*
%
%
%
1
4%
4%
5%
Option wairants..
Assoc Laundries of Amer.*
V t
10
1,600
5,800
1,000
%
%
*
c common
3
Atlantic Coast Line Co..50
19
Corp warrants
*
Automatic
19
5
3%
19%
%
7%
7%
1
Products
Jan
%
Mar
%
Jan
Mar
2%
19
pref
com
Mar
Mar
30
Jan
Jan
1,700
3,400
6i«
Mar
%
Jan
Mar
7%
5%
7%
7%
900
7%
Feb
2%
8%
Mar
5%
6%
400
5%
17%
Mar
8%
Jan
Jan
Feb
21
Jan
Jan
2%
Jan
Strip Co.
Char is Corp
*
34,
14%
700
75
2%
13%
2%
13%
6%
6%
7
1
1%
1%
13,500
8%
5%
2.800
1
"i%
.....
1%
8%
5
3%
4,700
14%
250
1,100
700
50
Chic Rivet & Mach
4
Chief Consol Mining.. —.1
Childs Co preferred
100
1%
10
3%
157%
500
1,200
4
600
100|
2%
Mar
2
Mar
3%
1
Jan
Mar
1%
10%
1%
%
T,606
3%
20%
%
100
%
300
4%
17
Jan
Feb
6%
Mar
9%
Jan
1
Mar
1%
Jan
5
1%
8%
Mar
2%
Jan
5
Mar
8%
Jan
Mar
63%
Mar
Mar
10
Jan
*
15
3%
21%
20
Jan
%
2,200
40
70
68
30
65%
26%
8.000
20%
7%
19%
2%
2%
70
Mar
1%
Mar
85
Feb
80
Mar
32
5%
500
5
Mar
9%
19%
1,000
7%
Mar
15%
50
19%
Mar
25
2%
2,500
2%
Mar
50
6%
3%
16
Feb
500
3
Mar
4 %
50
16
Mar
23%
61
3
16
67
Feb
70
3%
19
11%
82
69
6%
12%
83
80
7
600
74
110
6%
70
70
1%
%
1%
%
3%
3%
11%
Mar
Mar
84
Feb
Mar
90
Jan
21%
70
Jan
8%
77%
Jan
2%
%
6%
Jan
1%
2,100
1%
Mar
*18
3,200
%
Jan
4%
225
3%
Mar
5.300
%
9%
%
9%
800
7
*
11
6
14%
2017.
6
14%
100
3%
3%
3%
3%
125
4
3%
6%
300
100
9
Jan
Mar
7%
Feb
Mar
4
Jan
3%
2,000
6
15
Jan
6
Mar
6
Mar
107
48%
6%
7i#
24%
1
•
"""50
107
48%
6%
7i«
24
50%
7ie
30
1
100
350
40
600
7
1% 147,200
21
110
Jan
6%
Mar
'»
Feb
100
350
24
Mar
1
Mar
27%
2%
30
700
26%
Feb
2%
300
2%
Jan
42%
27%
43%
75
59%
9%
"1.
39
2
40%
3%
32%
23
2,200
Feb
72
Feb
67
4
Mar
2%
4%
Feb
29
26
4%
Mar
16
1%
3
*
1%
1%
1.6
Mar
1
200
3
3
Jan
3
Mar
6
3%
29%
2%
4
33%
33%
100
30%
Feb
35%
"3%
3%
4%
500
3%
Mar
6%
1%
1%
1%
2,000
Jan
1%
Mar
Jan
Cockshutt Plow Co com..*
7
Mar
Jan
Cohn &
6
J:.n
6%
Mar
3%
4%
10
Mar
5%
Jan
Mar
Jan
%
%
9%
Mar
16
4%
Jan
1G5
Jan
119%
Feb
5%
20
Feb
Mar
Rosenberger Inc.*
Colon Development ord
6% conv pref.
£1
Colorado Fuel <fc Iron warr.
Colt's Patent Fire Arms_25
2%
2%
3%
3%
49%
Feb
2
2%
3%
3%
100
3%
Jan
3%
5%
2,300
3%
Mar
7.000
2
3%
1%
10
49%
54
1,100
49%
Mar
7%
61
50%
51
3%
50
60%
Mar
60
8,700
Columbia Gas & Elec—
1%
Jan
Mar
%
Jan
Conv 5% preferred ..100
Columbia Oil <fc Gas
1
Mar
10%
Jan
Commonwealth & Southern
Mar
30%
Mar
500
7
Mar
9
Mar
25
11
Feb
11
Feb
7
2,300
6
Mar
9%
21%
Jan
125
Jan
8%
7%
Jan
Jan
20%
6%
11
15%
Jan
Mar
2%
14%
Mar
Jan
3
Warrants
Commonw Distribut
7%
Jan
9
Feb
Mar
%
Jan
10
Mar
157%
100
Mar
Mar
6%
1%
116
5%
Feb
Feb
Jan
82
Cleveland Tractor com...*
Clinchfield Coal Corp. .100
10
118
5%
Jan
,
76
1,900
11%
82
10
Clark Controller Co
1
Claude Neon Lights Inc..l
Clayton & Lambert Mfg..*
Jan
Feb
Feb
71
5
7%
19%
Cities Serv P & L $7 pref. *
$6 preferred.
*
City Auto Stamping
City & Suburban Homes.
%
20%
20%
4%
3%
70
*
Mar
Mar
22
68
*
...'.*
30
9%
Blrdsboro Steel Foundry &
Machine Co com
*
see page
Preferred B
16%
%
5
Preferred
Jan
Feb
*
com
Feb
93
3%
%
Purchase warrants
1
20
40
157% 158
118
"""5%
1%
12%
10
1
com
Feb
Mar
Club Alum Utensil Co...*
.1
*
20
—5
Cleveland Elec Ilium
20
common
2%
13
"I
Jan
23
63%
5%
10
pref
20
...10
Cherry-Burrell com.—
5
Chesebrough Mfg....—25
Chicago Flexible Shaft Co 5
Cities Service common..-*
16%
Mar
6
Jan
15
3%
Chamberlin Metal Weather
1%
15%
1
100
Jan
Mar
lOOi
-.100
Centrifugal Pipe
Mar
1%
warr
Conv preferred...
100
Conv pref opt ser '29.100
Jan
4%
Mar
7i«
6% pref without
7% preferred
Jan
1
Conv pref
*
Berkey & Gay Furniture. 1
70
%
84
Bell Tel of Canada
100
Bell Tel of Pa 6% % pf.100
Benson & Hedges com
,*
com
Mar
7%
15
Corp com—_1
For footnotes
Jan
»ii
Cent Pow & Lt 7% pref 100
Cent & South West Util 50c
Cent States Elec com..—1
Preferred BB
com..
Beech Aircraft Corp
Blauner's
210
100
Bliss (E W) new
Bliss & Laughlin
8%
Jan
75
coro.
7% 1st pref
conv
Mar
1
Baumann (L) & Co com..*
$2.50
4%
15
Stainless Steel... 1
Blckfords Inc
Jan
75
Barlow & Seelig Mfg A...5
Bath Iron Works Corp...1
Bellanca Aircraft
1%
*
Bardstown Distill Inc
conv
Mar
2%
7% pref erred30
Baldwin Rubber Co com.l
$1.50
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
%
10
common.
Beaunit Mills Inc
1
Cent Hud G & E com
*
Cent Maine Pw 7% pref 100
Jan
19
6,400
*
Jan
1,400
Tobacco—
Purch warrants for
Mar
1st preferred
Jan
11%
1.800
Baldwin Locomotive—
Bell Aircraft
Jan
9
25
w w
Babcock & Wilcox Co
Barium
3,800
;
Axton-Fisher
4
»i•
si«
Automatic Voting Mach..*
Avery (B F)
5
Warrants..
2%
'*18
Atlas Plywood Corp
Austin Silver Mines
6% preferred
Ju
70
Atlantic Coast Fisheries..*
Class A
5%
900
Atlan Brimlngham & Coast
RR Co pref.100
Atlas
68
'•t
..—*
preferred—
"T
7% 1st partic pref. -.100
9i#
1
_.—*
Mar
Elec—
Common
—
%
2%
500
Industries
Amer deposit rets
Assoc
.
3,300
%
Jan
1%
9
1
com
Mar
3%
*98
2%
1%
50,
2%
1
Carolina P & L $7 pref—*
$6 preferred...-.
.*
Jan
2%
5%
1
Carnation Co common—*
3%
1%
%
Ashland Oil & Ref Co
2%
*
75
Jan
20%
2%
--—*
Mar
2%
.*
—
Mar
%
-.10
Class B
9
2%
Common class A
Feb
Jan
{Arcturus Radio Tube.-.l
Preferred
5
1
Jan
36
18
20
£19%
*
non-voting
Canadian Marconi
1%
Arkansas Nat Gas com...*
Arkansas P & L $7 pref...*
Art Metal Works com
5
B
Jan
9%
500
20
Jan
7%
200
13%
99
1
26%
Feb
900
10
Feb
Mar
400
99
Apex Elec Mfg Co com...*
Appalachian El Pow pref.*
63%
Mar
5%
1.400
3%
1%
1%
Jan
%
Jan
3
1,500
19,200
Preferred
23
Capital City Products
*
Carlb Syndicate...—-25c
"5% "T% ~8~, 500
3
18%
Mar
Mar
30
%
Am Superpower
Feb
17%
10,700
Amer Potash & Chemical.*
American
2,500
Jan
Feb
1%
Amer dep rets pref shs. £1
Calamba Sugar Estate. .20
Canadian Car & Fdy pfd 25
Canadian Indus Alcohol A*
12
Mar
11%
Cables & Wireless Ltd—
14%
Jan
11%
Jan
Jan
3%
700
3,100
t c—*
Mar
11%
v
Warrants..
23
25
preferred...
Mar
5
2 1
35
Burma Corp Am dep rets..
Burry Biscuit Corp—12%c
-25
6%
Jan
18 J
50
Amer Mfg Co common 100
Preferred
100
Amer Lt & Trac com
Jan
31
100
*
25
33
Mar
600
*
550
Jan
15%
300
7%
18
5
%
10%
300
Jan
Jan
900
Bruce (E L) Co com
2%
Jan
Feb
Jan
Jan
Jan
33
19
*
5
Jan
Mar
25%
Brown Fence & Wire com.l
20%
3%~
Jan
Mar
20%
Brown Forman Distillery. 1
Mar
88
Jan
Jan
Jan
*
—
{Brown Co 6% pref. —-100
400
900
Feb
26%
Jan
113%
Feb
Vs
T,2o6
British Col Power class A.*
6,500
Mar
Jan
Feb
dep rets ord reg._10s
Jan
107
Jan
28%
""% "l%
2%
15%
ord bearer£l
£1
Mar
125
Jan
3
Feb
Mar
21%
10
Mar
«i«
Amer Tobacco-
17%
ll",600
Jan
25%
...—
19
27%
"22"
4%
1%
16%
Jan
1%
1,300
88
6%
81
200
28
Jan
100
Amer Ihvest of Illinois...*
Amer
1,200
7
150
*
Class A pref
25
A
2%
2%
Am Cities Power & Lt—
12
.100
Registered
Jan
preferred
Class
9%
4%
300
Amer dep rets reg
Feb
Mar
8%
2
British Amer Oil coupon.
British
Mar
%
4%
Class A —*
Am dep rets
15.50 prior pref
Class
——
Feb
62
*
Brillo Mfg Co common...*
■
10c
$3
7% preferred
Feb
3%
300
3%
%
12
Jan
Jan
Jan
3%
%
Jan
Jan
Mar
Jan
10%
Brill Corp class B
...*
Class A
————*
Mar
100
Mar
"10%
1
-...
Jan
16%
3%
11
150
British Celanese Ltd—
common
Common class B
Amer
Aeronautical
Feb
63
Mar
Mar
Mar
4%
1%
Mar
1%
11%
10%
Bridgeport Gas Light Co.*
101
10%
34%
2,100
'11
Breeze Corp
100
100
10%
500
6%
35
1
Brazilian Tr Lt & Pow— *
2%
13
300
1
1%
39%
9%
2%
16%
4%
64
Jan
High
Mar
3%
Feb
3,300
Low
1
2,300
10
34%
4%
4%
com..*
Mar
10%
1%
Range Since Jan. 1, 1938
Shares
5Botany Consol Mills Co.*
2%
50
1
35
Bourjois Inc.————,
Capital—
Class A
Jan
Jan
7
Aluminum Goods Mfg...*
Aluminum Industries com *
6% preferred
7% 1st preferred
100
Borne Scrymser Co..—25
9%
14%
100
preference
Bohack (H C) Co com...*
Jan
Feb
45
10
25
conv com
Jan
*
*
Mar
51%
110
*
Allied Products com
Aluminum
Blumenthal (S) & Co
2
Feb
170
300
Allied Internat Invest com*
pref
Jan
1
7% 1st preferred
100
2d preferred...—.-.100
Invest com..—*
conv
Corp com—
$3 opt. conv pref
Jan
Mar
%
40%
1,400
Price
Blue Ridge
Feb
1%
%
56
47
*
Alles & Fisher Inc com..
$3
Mar
200
14
pref
preferred
Feb
1%
"ili
*
Par
4%
32%
8%
1%
Jan
6%
1.700
%
Week
17
Mar
7%
%
for
of Prices
Low
High
34
Feb
2%
6%
—
Alliance
Mar
100
6%
Warrants—
—.
Gt Southern..50
Week's Range
Sale
High
|
2.300
Alabama
Ala Power $7
Sales
Last
Range Since Jan. 1, 1938
Shares
25
rl7% rl7%
2%
3%
27
Ainsworth Mfg
Air
25
25
class A-*
*
Friday
STOCKS
{Continued)
for
Sale
STOCKS
3
Jan
%
Jan
%
%
Jan
20%
150
18%
Mar
22
250
19
•1#
18%
18%
20
20
1
Community P & L $6 pref *
Community Pub Service 25
Community Water Serv—1
4%
4.700
%
»n
»i»
200
Jan
Mar
Feb
Jan
•i«
Feb
%
Jan
22%
Mar
28
1
Jan
Jan
Volume
New York Curb
146
Friday
STOCKS
Last
CContinued)
Sale
Par
Price
Exchange—Continued—Page 2
Week's Range
of Prices
High
Low
Range Since Jan. 1, 1938
for
Week
Cities Service Co.
High
Low
Shares
Compo Shoe Mach—
V t
c ext
Common
1046
to
12
Consol Biscuit Co
12
13
1
3 94
Consol Copper Mines
5
Consol G E L P Bait com *
z4%
Z4%
60
59 X
5% pref class A
Consol Gas Utilities
3X
600
4
800
1
16,900
1,200
X
X
2X
"~2~, 500
"l'x
244
8% preferred.
100
Consol Royalty Oil
—10
Consol Steel Corp com...*
""200
3
IX
73 X
694
_....*
54 44
com
*
544
$3 prior preference
54 X
5X
"V
Copperweld Steel com..10
19
Cord Corp.............5
194
1
2
$6 preferred A
*
Cosden Petroleum com—1
Courtaulds Ltd
5X
1,200
Crowley. Milner
6%
Co
6
"I"
19
IX
20
20
IX
4X
X
.......25
X
4%
X
Mar
8%
4
Feb
6%
7i«
Mar
Am dep rets ord reg—£1
5
Jan
Ford Motor of Can cl A..*
15
Jan
9%
54%
9H
17%
Feb
Jan
7X
Jan
Ford
Mar
22 X
Jan
Mar
2X
Jan
Amer dep rets... 100 frcs
Fox (Peter) Brew Co....5
Jan
Franklin Rayon Corp
1
Froedtert Grain & Malt-
1,100
3,100
19
IX
IVs
Mar
Jan
1
Mar
6X
Mar
Jan
%
20
3X
72
Jan
Mar
1X
$3
Jan
Jan
Jan
Mar
27 X
Mar
8X
Jan
X
5%
Jan
9X
IX
10 X
Feb
IX
Mar
1%
Jan
2,000
100
16
2 X
100
he
16
7X
600
12%
200
6X
20
8X
30
700
50
20
3X
4X
600
7
10
2X
7
10X
Detroit Paper Prod..—-.1
Detroit Steel Products.~*
"2X
IX
1,500
7X
10X
IX
2X
Feb
IX
Feb
$6
200
IX
Mar
3%
Jan
Corp.
_... ._
_.—-
"2X "2X
1794
15X
4X
22%
344
6%
6%
7
200
*tt
6X
11
Jan
8%
1394
Jan
6%
18
Mar
Jan
3%
Mar
25
Mar
2
Mar
Jan
Mar
10X
19*
Jan
Jan
Mar
X
Mar
Mar
i',000
2X
Mar
500
15%
Jan
10 X
6% preferred A
Jan
22
Feb
7%
$3
144
Jan
Georgia Power $6 pref—*
$5 preferred
*
Gilbert (A C) common—*
Preferred—..———*
Jan
Gilchrist Co
2
Jan
*
ZX
ZX
Jan
Godchaux Sugars class A
Class B
Jan
ZX
Jan
58
Feb
9X
14
Jan
22
87
Feb
14
15X
50
4X
100
3 %
Mar
22%
100
22%
Mar
Feb
16
344
agreement extend.*
c
14
Feb
1144
600
1094
Feb
Mar
44
Jan
'it
Jan
Jan
144
11
400
1,600
80
85
110
144
10
Mar
Mar
14
Jan
Mar
44
Mar
80
Mar
88
144
Jan
544
Jan
""266
2644
Mar
5X
2844
4%
76
100
63 44
Mar
5%
600
444
Mar
3844
6344
4X
30
65
444
444
544
4,700
38
Mar
6
38
38
Mar
444
Mar
Jan
Mar
Mar
Jan
694
41
Jan
Feb
694
694
Jan
Jan
30
35
200
29
Jan
35
Jan
13
13
1594
700
12
Jan
1744
Feb
30
90
90
90
44
44
2
44
Mar
2
93
Jan
Jan
'ii
Jan
Feb
44
3,100
100
2
244
Feb
1744
17
17
50
1644
Feb
1944
Jan
100
1744
1544
Feb
2094
2X
400
2%
Mar
Jan
Grand National Films Inc 1
'i«
6>e
44
2,700
6i#
144
9%
Mar
13
Jan
Grand Rapids Varnish...*
5%
Mar
944
Jan
Mar
1544
Jan
Gray Telep Pay Station. 10
444
5%
444
594
10X
5%
444
100
1,000
200
444
Mar
644
Jan
Mar
49 44
12444
17
Non-vot
67
*
Jan
55
12
1544
500
144
"i'x "l'x "2.266
55
100
56
Feb
12
Mar
108
12
Jan
Gt Northern Paper
Jan
Greenfield Tap & Die—
Mar
2
Feb
Mar
55
Mar
65
Jan
•
Gulf Oil Corp....
44
44
123
123
123
-25
*
X
Jan
X
Jan
Mar
$6
400
Jan
6%
9X
Jan
844
4%
7X
Feb
Hall
8
944
4,900
8
Mar
1344
Jan
preferred.———.*
Lamp Co.————*
—5
Haloid Co
Harvard
8
8
225
Jan
11
Jan
*
144
144
IX
900
A—*
1544
15%
1644
15
15
17
3
3
com.l
Iiazeltine Corp—-——*
Hearn Dept Store com—5
6% preferred.
-50
Hecla Mining Co
25c
Helena Rubenstein—*
-Class A...
—*
Heller Co common
2
-i
^
3X
8
IX
15X
Mar
Mar
26
275
15
Mar
24
1,100
3
Jan
4
Jan
14
Mar
14
75
13
13
50
13
1144
1144
1144
500
11
44
544
44
144
3,600
544
644
39,100
—*
45 X
45%
cofn—1
2X
2%
2%
Economy Grocery Stores
-2
Corp.....1
...
Elec Bond & Share com-.5
13
$5 preferred...—
Class A._—1
*
19
19
Option warrants..
800
50
2%
2,200
2%
1,800
22%
2%
110
3
300
X
5X
Mar
Mar
1X
Jan
Jan
Jan
X
Jan
;
Jan
'Feb
144
Jan
2
2
1044 ' Jan
2%
19
2X
944
944
"ix
400
Hat Corp of Am cl B
IX
100
69
Electrol Inc vtc._
IX
IX
1,700
Elgin Nat Watch Co....15
100
hi
Feb
9,300
10
700
200
Feb
300
Mar
500
1494
Feb
4
4
15
15
1544
5
5
5X
1,100
744
744
9
4", 200
2%
2%
100
794
294
544
544
200
644
544
544
1144
1144
Jan
1
Jan
Mar
31X
28
6
Jan
13
154
Hubbell
Feb
Mln & Smelt—-*
*
Hummel-Ross Fibre Corp 5
24
Jan
Jan
52
Mar
Jan
48
Feb
30
Mar
7
Mar
744
Mar
644
Mar
2044
8
7
100
600
31
Mar
3744
40
42
300
40
Mar
42
744
7%
12%
1244
6X
Jan
744
1144
Mar
1494
300
1144
544
Mar
14 44
4
Mar
Mar.
2394
75
Feb
2144
Jan'
98*4
2344
Jan
100
994
23
23
2594
8,300
22 X
Jan
Humble Oil & Ref
5944
5994
6544
2,500
5994
Mar
3%
394
444
900
394
Mar
Inc...5
12 44
300
3,200
Hud Bay
(Harvey)
1094
33
100
preferred
5%
9
Jan
Mar
7
-*
Jan
144
1694
31
C) Co common.. 1
Mar
144
6
Mar
18
1144
—
5
30
12
Hardart..---
144
Feb
Holophane Co common..*
Holt (Henry) & Co cl A..*
&
6844
Mar
4
344
12
Jan
X
3X
Jan
Horn
Mar
94
Jan
Horn (A
944
144
4
Jan
Mar
700
35
Jan
2
1,000
Jan
2 44
80
88
MOO
Jan
7544
4244
Feb
44
4
Jan
33
Jan
%
Feb
Feb
ix
Mar
144
-.25
Preferred ww
36
%
'31"
1994
Empire Dist El 6% pf-100
3
44
44
Hewitt Rubber common..5
68
13
Electrographic Corp
Mar
IX
Heyden Chemical
10
Hires (Chas E) Co cl A—*
Hoe (R) & Co class A.— 10
Hollinger Consol G M-.-5
4
IX
68
*
$4 pref--*
—
144
44
Jan
Jan
200
..
1
Jan
Electric Shareholding—
1
vtc.-i.-l
Brewing Co
6544
644
744
144
58
68
Mar
Mar
244
Mar
Jan
Mar
494
72
Mar
40%
45%
2%
Feb
2644
81
Hartman Tobacco Co—-*
ZX
11944
900
1,700
X
36
36
25
2744
544
25
Light
Hartford Rayon
294
444
144
X
44
3844
2644
"~4%
25
Gulf States Utll $5,50 pref
100
400
8
8
44
Grocery Sts Prod com..25c
Guardian Investors.
1
5
78
100
25
1st preferred
7%
Jan
63
20 44
110
494
y*
444
*
stock
67
Mar
1X
com
Hartford Elec
$6 preferred series B._
Easy Washing Mach B — *
Mar
Great Atl & Pac Tea—
Jan
Mar
544
4
24 94
10044
11
2894
70
644
Hussman-Ligonier Co.... *
Empire Gas & Fuel Co—
6% preferred
100
644 % preferred
..100
7% preferred
-.100
8% preferred
..100
Empire Power part stock.*
Emsco Derrick & Equip. .5
Feb
49
50
28
Jan
50
Feb
100
32
Jan
52
Feb
22
Feb
22
Feb
28
—
35%
35X
35
35
35
X
*
X
-100
—3
X
9X
9%
1
2X
2%
7
7
7X
.—
—
Fairchild Aviation.
.1
Fanny Farmer Candy com 1
Fansteel Metallurgical
*
—
5
ihe
Feb
Common....——-
10%
Feb
Feb
"u
Jan
7%
Mar
13
Jan
Illinois Iowa Power
Mar
31
Jan
7% pref stamped
he
200
'ie
Mar
X
'ie
2,100
X
Mar
400
5X
Mar
12X
2%
2,800
9%
Mar
500
2%
Mar
7%
600
6%
X
44
Jan
1144
1Z%
Jan
Jan
Jan
Jan
344
844
Mar
Jan
Jan
18X
18%
18%
200
16%
Mar
2044
4X
4%
4X
200
434
Mar
6 44
Jan
5X
5
5X
500
5
Mar
844
Jan
32
Jan
32
Jan
13%
Jan
Warehouse Co com...25
17
17
13%
Flat Amer dep rights
Fisk Rubber Corp
.1
$6 preferred...... —100
800
17
Mar
23
100
13X
Mar
1444 'Mar
X
1,400
X
—1
(Phila).lO
17%
13%
50
—
—
— —
Britain
&
"244 "3"
1394
16
'u
Jan
6044
Jan
4,000
5
Mar
50
68
Jan
7%
6344
Mar
5
6
58
Jan
Class
B
Jan
4 44
Jan
Jan
Feb
1744
Mar
700
4
Mar
7
Mar
4844
Jan
Feb
Feb
894
Jan
Mar
1944
Mar
Mar
19
Mar
200
1344
Mar
1444
Feb
100
3244
Mar
Jan
3744
844
Jan
Mar
Feb
16
Mar
16
Mar
794
1744
17
17
100
1344
1344
3294
3294
7
Jan
6
1344
4994
17
1694
17
1344
Jan
1644
16%
1,900
744
400
1594
320
1594
1594
100
11
Feb
84
84
50
84
Mar
8844
Jan
144
Mar
144
Jan
144
Mar
194
Feb
%
Mar
44
Mar
Feb
844
Jan
5044
Mar
6144
Jan
1444
Non-voting class A....*
58
244
33 44
Mar
300
"l5X
Jan
X
Jan
Mar
Mar
244
844
100
Mar
70
544
1244
4%
7X
50
50
Feb
Jan
Jan
500
7
Line—
10
6% pf_100
preferred..
Jan
7 44
""466
3,100
4
Ireland....£l
144
*
144
100
694
10
Industrial Finance—
7%
c
common..
-1
7
preferred.....-.100
Insurance Co of No Am. 10
194
7X
Indpls P & L 644% pf—100
Indian Ter Ilium Oil—
V t
For footnotes see page 2017.
144
4
Indiana Service
7%
94
744
Jan
744
4 94
144
Illuminating Shares cl
Indiana Pipe
Federal Compress &
1
"~2%
Zinc.—-
6
Mar
Mar
44
100
200
2094
IX
—50
*
A..*
Imperial Chem Indus—
Am dep rets ord reg —£1
Imperial Oil (Can) coup..*
Registered.
. — -—*
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Illinois
X
6
_.
Co...*
preferred
5%
44
6
—
7% pref uastam ped
Div arrear ctfs
he
6
1
Jan
26
X
—
X
6,700
400
9
X
§Huylers of Del Inc—
.100
100
Hydro Electric Securities.*
Hygrade Food Prod. —-.5
Hygrade Sylvania Corp..*
9
10c
1
Eureka Pipe Line com.. .50
European Electric Corp—
Option warrants
Fire Association
Jan
\2X
Jan
Fidelio Brewery..
1994
10%
"2644 "27"
*
preferred
V t
Jan
Ferro Enamel Corp
Jan
Mar
1694
Gorham Mfg Co—
Jan
Feb
51
Fedders Mfg Co.
244
44
—*
31
—
Mar
100
10
10
Mines.. 1
Mar
Falstaff Brewing
900
17
144
preferred.———*
$3
Jan
9
24%
*
Mar
7% preferred
Jan
30
Mar
Ex-Cell-O Corp
1%
*
Glen Alden Coal
40
2%
Lead
Jan
Feb
8044
94
19%
100
23%
Wallower
9 94
87
17
_..*
preferred
46 X
Evans
Jan
Jan
Gen Water G & E com___l
Jan
100
.
Mar
Jan
75%
144
$3 conv preferred
*
General Tire & Rubber—
500
.
3044
Mar
9
2844
28
86
2844
Jan
600
Equity Corp com..
Esquire-Coronet..
Mar
Feb
4694
Elec Shovel Coal
18
10
25%
pref ww
Mar
Jan
Feb
244
conv
Mar
Jan
2394
Common
7
70
4694
$6
Mar
47
244
Elec P & L 2d pref A
Jan
644
Feb
2344
Elec Power Assoc
11
Feb
4644
— —
1644
65
*
$6 preferred..
844
Jan
40
494 % prior preferrd.100
6% preferred
— 100
Eastern Malleable Iron.25
Eisler Electric
"50
Mar
Mar
18
100
6%
14%
744
2X
Eagle Picher Lead...... 10
Edison Bros Stores..
Jan
300
Gen Outdoor Adv 6% pflOO
East Gas & Fuel Assoc—
$7 preferred series
Jan
200
1044
*
Eastern States Corp.
Mar
5
8
344
2X
100
Common
8
7%
344
'Vox
Durham Hosiery cl B com *
Duro-Test Corp com....l
Duval Texas Sulphur
Jan
Jan
Mar
7%
344
Jan
Jan
Dubilier Condenser Corp. 1
—
2
Gen Pub Serv $6 pref---.*
Gen Rayon Co A stock—*
General Telephone com.20
Jan
100
Duke Power Co
Feb
Mar
144
744
'•i
Gorham Inc class A
.—.10
7% preferred
x1894
Jan
29 X
..100
Driver Harris Co
1894
Mar
Mar
Mar
Dominion Textile com—*
Di aper
Mar
15
106
Jan
Doinin Tar & Chem com.*
594 % preferred
15
100
Warrants
IX
2,000
1
com
900
15%
preferred..-..-.-.-*
Goldfield Consol
Divco-Twln Truck com..l
Dominion bteel & Coal B 25
16
General Investment com.l
Jan
10
Distilled Liquors Corp—5
Distillers Co Ltd
...£1
594
15
*
10X
8
18
De Vilbiss Co com......10
Diamond Shoe Corp com. *
Jan
Mar
Jan
200
12X
5
Jan
Mar
2%
1744
444
41%
Jan
Jan
100
Amer dep rets ord reg.£l
Gen Fireproofing com....*
60
30
2
*
Jan
Jan
16
16,200
6X
1244
1
High
Mar
Gen Electric Co Ltd—
9X
3X
5,700
Gatineau Power Co com..*
Mar
29 %
20
5%
Low
30
15
4% conv preferred —.100
Gamewell Co $6 conv pf..*
Mar
Jan
102
"b%
450
*
3X
*
6% pref ww
20
Detroit Gray Iron Fdy—1
Det Mich stove Co com..l
Dobeckmun Co
preferred
conv
9
644 % preferred..... 100
Preferred
1
500
2X
1
DennLson Mfg 7% pref .100
Derby Oil & Ref Corp com*
35
4%
*
900
3
5
B
30
Conv preferred
15
Fruehauf Trailer Co
1
Fuller (Geo A) Co com—1
Feb
X
X
Dejay Stores
Range Since Jan. 1, 1938
Week
Motor of France—
Common
Jan
Jan
12
Class
Jan
2X
1394
4%
7
ox
Shares
Price
30
—
Mar
4,000
6
for
of Prices
Low
High
*
3X
16
16
*
Detroit Gasket & Mfg
Mar
Florida P & L $7 pref—
Ford Motor Co Ltd—
4%
600
Week's Range
Sale
5%
16%
6,100
Sales
Last
Par
Jan
Mar
*
—
(Continued)
""166
...10
—————
STOCKS
Jan
Jan
3X
Curtis Mfg Co (Mo). —-.5
Cusi Mexican Mining..50c
Preferred
Friday
Jan
5%
80
Mar
preferred
General Alloys Co
IX
Darby Petroleum com—5
Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*
Class A..__
......35
Teletype: N. Y. 1-1943
Jan
Jan
100
IX
com.-25c
Cuneo Press inc
Jan
3
Crown Drug
Preferred
com v t c.
Jan
Street, New York City
HA 2-5383
3
9
Cuban Tobacco
60 Wall
Jan
65
X
9
com
3X
81X
1%
Mar
1,100
23
4X
"3X
6% preferred..
Mar
WILLIAM P. LEHRER CO., INC.
Jan
Mar
100
6X
Crown Cork internat A._*
Crystal Oil Ref
64 X
54%
20
....
Crown Cent Petrol (Md).5
Co
Mar
IX
100
*
—
Jan
12
-1
<s
1
1,100
54 X
—£1
wing Co
Mar
Mar
15*. 400
Creole Petroleum
5
i Crocker Wheeler Elec——*
ore
Jan
X
Mar
100
Cramp (Wm) & Sons com. 1
Croft
Jan
115
3
X
IX
....
50
preferred
70
Jan
72
*
conv
Mar
50
"b'x "7 X """466
Copper Range Co....—*
5%
Jan
3X
X
4X
Cook Paint & Varnish...*
...
6X
BO UGHT—SOLD—Q UO TED
Feb
4X
2%
Preferred
and
Feb
4%
59%
2,100
4
72
Cont Roll & Steel Fdy
*
Continental Secur com—5
-
15
Jan
80
Cont G & E 7% prior pf 100
Continental Oil of Mex
1
.
Jan
52
1
Corroon & Reynolds—
Common
3X
100
Consol Mln & Smelt Ltd.5
$4 preferred.
Cooper Bessemer
Mar
12
113 X
5X
62
100
Consol Retail Stores
2013
Sales
5044
5044
7
5644
25
1,500
7
New York Curb
E2014
Sales
STOCKS
IjOHI
Week's Range
for
Sale
of I'rices
Ijow
High
I'rlce
International Cigar Mach
1654
Inv._*
Hydro-Elec—
50
Iriternat Holding
Intermit
1
Pref $3.50 series
A stock
16%
1
1 %
Range Since Jan. 1, 1938
Low
1654
1
1,200
934
9%
1154
34
a
300
34
Iriternat Metal Indus cl A *
1%
ia
International Petroleum._ *
2554
25%
Registered.
International
Class
Jan
334
Jan
3134
31
Mar
134
Mar
2534
Mar
Mar
-*
1
B...
*
$3.50 prior pref ------- *
Warrants series of 1940-
7
500
2934
254
Jan
3 34
Jan
454
Feb
1,500
534
Jan
Jan
34
Jan
Interstate Home Equip.. 1
7
34
8
8
26 34
26%
54
m
26%
100
*
Investors Royalty——1
Iron Fireman Mfg v t c._10
er
87 pref
Nat Bellas Hess
2534
ht
Irving Aur Chute
Nat Mfg & Stores com—*
2
2
National Oil Products..—4
234
Jan
16
16
Jan
National P & L $6 pref---*
1634
4934
334
Feb
50
354
Mar
Jan
Jan
Jan
1234
334
34
13K
1,600
Tl«
13%
15%
250
1334
9%
x9%
300
9
Mar
434
Nat Service common.
34
Jan
1534
Jan
Jan
National Sugar
300
4%
4%
5%
3,800
4%
2
2%
1,000
2
Mar
Jan
Jan
Navarro Oil Co
Jersey Central Pow & Lt
Nebel (Oscar; Co com.
534 % preferred100
6% preferred..- —-.100
61
2534
Jan
6834
Mar
73
Jan
Nehi Corp common...—*
10
77
Mar
86
Jan
Mar
3
Jan
2534
Mar
4334
Jan
Jan
10834
Feb
Jan
Kingsbury Breweries
1
Kings Co Ltg 7% pf B 100
5% preferred D
100
Kingston Products
-.1
Jan
734
Mar
Mar
1134
...1
Kirkl'd Lake G M Co Ltd 1
1%
28
10834 10834
1,000
300
80
Mar
107
2134
"5% ""634
934
9
1034
'""300
700
534
9
%
'30~~
"30"
"32"
'"""76
Jan
22J4
23%
50
2%
x3%
1%
14%
7,400
2234
154
Mar
1 54
600
334
Jan
1
14%
2,000
100
1
Mar
Mar
14%
6
Mar
Feb
*
1034
Jan
Koppers Co 6% pref.-.100
9934
Mar
common.
Lake Shores Mines Ltd.—1
Lakey Foundry & Mach.. 1
Lane Bryant 7% pref. .100
Lefcourt Realty common. 1
-..
Oil
*
.„_*
t
51 %
4534
Mar
5834
Feb
j
12%
4%
12%
%
13
1,100
8,200
8i«
500
20%
6.200
300
Mead Johnson & Co.....*
Jan
14
Feb
Jan
25
Jan
5
com
Merritt Chapman & Scott *
30
Jan
Mar
10
Jan
Jan
101
10
...
-
5
*.100
34
Jan
34
54
2
34
600
1318
1,500
31
34
450
27
Mar
Mar
H
2
Mar
2
100
19
200
1734
Mar
xl9
100
734
xl9
Mar
4
Mar
Mar
45
1734
Feb
134
1934
xl9
4
4%
1,000
634 % A preferred-..100
Mesabi Iron Co...
1
734
24
*
Common
Oil
434
-.
Midland Oil
conv pref
Midland Steel Products$2 non-cum div shs
*
*
Co.....
Mid-West Abrasive....50c
10
Midwest Piping & Sup...*
Mining Corp of Canada..*
Minnesota Mining <fc Mfg. *
Montreal Lt Ht & Pow._*
\0%
Feb
45
234
Feb
Mar
4 34
Jan
Jan
2334
Feb
7% preferred...
43
Nor Sts Pow
5434
834
934
com
....
Mar
Jan
10734
Jan
Oklahoma Nat Gas
Mar
434
Mar
6%
534
834
934
34
64
21
2
21
2
2J4
Jan
77
Jan
6
Feb
400
534
Feb
1,600
834
Mar
1434
Jan
1,200
934
Mar
1354
Jan
100
1934
Mar
Jan
25
26
Mar
Jan
2434
3454
9434
300
106
Feb
10954
Jan
26
9
2534
734
2534
28
90
90
93
834
10
11034
Jan
11234
Mar
20
9434
Jan
10154
Mar
Jan
9134
Jan
9
Mar
934
Jan
Mar
Jan
Jan
1034
31
Feb
93
100
2,000
500
'39%
Jan
19
Jan
434
Jan
Mar
2334
Mar
Mar
434
Jan
Overseas Securities....-.*
Pacific Can Co com
*
534
400
Jan
34
Jan
Pacific G & E 6% 1st pf.25
2834
2934
400
47
47
2
34
42%
150
3934
Mar
50
Jan
54
1,400
4i#
Mar
134
39%
300
Jan
Feb
Feb
Pacific Public Service
«»>•
Jan
34
Jan
Jan
%
34
"i«
3,900
34
2934
H
34
2%
234
334
634
12.300
234
Mar
600
534
Mar
534
834
600
34
Jan
34
3 34
Jan
234
Mar
34
Mar
534
34
5
Jan
234
2 34
1,000
134
54
34
3,800
4
11
""7%
11
X70
134
734
1134
72
27%
4%
Jan
Jan
Mar
£1434
175
£70
Mar
8034
Mar
Jan
200
134
Jan
134
Jan
900
7
Jan
8%
Mar
100
3%
Jan
£1134
Feb
200
134
2434
Mar
234
Feb
Feb
2934
Mar
154
2734
28
1!
200
Feb
76
Mar
Jan
107
Jan
734
8
4
4%
154
""4%
434
134
5,000
2",600
200
2834
434
100
13434
311
2834
2934
300
2334
130
2334
50
130
Jan
£834
Mar
4
Mar
634
Feb
13
"l% "l%
300
Mar
634
134
1 %
Feb
4%
Mar
130
234
Jan
2
Jan
534
Jan
Jan
140
Mar
31
Feb
22
Jan
27
Mar
Feb
3334
2834
*
33
100
145
2017
Mar
Mar
Moore Corp Ltd com
Class A 7% pref
mm
Jan
13
J.
n
145
Feb
Jan
27
34
Jan
10534
Jan
Mar
Jan
47
Mar
58
Jan
Jan
Jan
4
11
Jan
Feb
1434
200
3034
31
Parker Pen Co
Class B.__
Mar
Jan
Feb
Peninsular Telph com
Preferred
Mar
2834
"466
5
Feb
5
334
634
1734
30,200
Jan
Jan
Jan
6 34
»H
Feb
3
1734
24 34
1234
5
10
Jan
Mar
534
Jan
5
Mar
254
534
Mar
1,700
Patchogue-PlymouthMills*
Pender (D) Grocery A
*
Mar
Mar
434
13 34
....10
154
Feb
400
13
134
10
434
1334
Jan
90
27
20
27k "29""
75
""l%
"".500
27 34
104
4
5
"3%
*
Pan-Amer Airways
*
Pantepec Oil of Venez
.1
Paramount Motors Corp.l
7J4
10
"l%
2,100
102
Mar
1954
Jan
Jan
1434
1434
1434
150
1534
1,000
5
Mar
754
Feb
4
Parkersburg Rig & ReeL.l
2 Vs
7034
75
734
2134
534
134
*
Mar
$1.30 1st preferred
Pacific Tin spec stock
134
"3"
*
Mar
134
.....
534% 1st preferred...25
Pacific Ltg $6 pref......*
Pacific P & L 7% pref. 100
Mar
34
134
2934
*16
1
Jan
Feb
£8834
101
55
800
Jan
66
Feb
21
*11
Jan
Mar
Mar
Mar
100
34
54
63
Mar
__.100
Jan
40
334
pref
Jan
4
150
1434
conv
134
Mar
3*. 100
45
1
Oliver United Filters cl B_*
Mar
534
20
9
734
Oldetyme Distillers
Jan
54
934
11
20
101
...50
$3 preferred
5.5
10834 108 34
11134 11134
15
com.
34
c
54 34
63
26
20
6% 1st preferred.... 100
Oilstocks Ltd com..-....5
Mar
43
Jan
91
cl A.. 100
Engineering..*
Novadel-Agene Corp
*
Northwest
Jan
134
334
300
100
8
25
Mar
3 34
Mar
93
334
134
900
14
500
800
1,800
100
475
4
134
3 34
14
2,300
45
354
Jan
14
*
com.
954
*
Mar
14
Class B
2%
Moody Investors pref.
page
734
8
Jan
Ohio Power 6% pref
100
Ohio PS 7% 1st pref.-100
1
*
Jan
200
734
134
334
3734
Jan
...$2.50
Montana Dakota Util... 10
38 34
24
4734
Voehringer—
Monroe Loan Soc A
Mar
Mar
Feb
Miss River Power pref. 100
Missouri Pub Serv com
*
Montgomery Ward A
2934
Mar
Ohio Brass Co cl B com..*
Minnesota P & L 7% pf 100
Molybdenum Corp
1
Monarch Machine Tool..*
Monogram Pictures com. 1
8934
"l'.OOO
Mar
Ohio Edison $6 pref..
*
Ohio Oil 6% pref-.---.100
*
Midvale
Jan
29k ".3134
Nor European Oil com—.1
Jan
Jan
89 34
*2934
1
Jan
334
Feb
6 34
14
Jan
12
134
Mar
1,300
32
Feb
Mar
Jan
434
434
600
734
.*
v t c..........
434
1,300
1634
134
Jan
2,500
Mar
99
Jan
*!«
134
Mar
%
Feb
1734
5
1
k"
200
Jan
33 34
13
8
79
66
1
200
93
Feb
Jan
14
Nor Ind Pub Ser 6% pf. 100
Jan
71
Jan
32
i',200
Jan
100
Jan
834
1
Jan
734
234
Jan
14
5%
134
34
6 % prior preferred.... 50
No Am Utility Securities.*
Jan
Jan
434
32
A..*
1434
__io
Middle States Petrol—
Class A v t c.
....*
Mar
934
19
1
*——....
..
5
*
Michigan Bumper Corp.. 1
Michigan Gas & Oil.
1
Michigan Steel Tube..2.50
534
Jan
$6 preferred...■— —*'..*
North Amer Rayon cl
13
3%
8,100
Nor Amer Lt & Pow—
5
3%
734
74%
Nor Central Texas Oil...5
Mar
Jan
1
13
Metal Textile Corp com. .*
Partic preferred.*
Midwest Oil Co
Jan
Mar
4
Jan
94 34
Niagara Share—
Jan
Mar
5
554
34
Feb
334
45
200
"100
Mar
Mar
Class A opt warr...
Class B opt warr
Jan
38
8834
61
190
27
30
1234
334
Jan
8834
10
""134
934
92
4
78 34
Nipissing Mines—..--—5
Mar
40
5% 2d preferred.
100
5% 2d pref cl B__—.100
Jan
7
200
1234
554
Jan
6,600
6 54
1234
134
734
28
98
534
4
-
934
34
93
9534
8834
5
Mar
Warrants
see
Jan
634
Mar
Jan
Jan
24 34
134
32 34
Jan
Jan
Mar
100
634
Jan
1934
2734
9534
3,700
234
Mar
Jan
2,400
34 34
19
Jan
134
42
600
234
10
734
Mar
72
Mar
134
Mar
Mar
Mar
634
634
Mar
1 34
5134
100
1034
134
Mar
600
2300
654
9,700
27%
5234
134
5954
19 34
Class A pref...... —100
50
34
654
2734
654
-
Class B common ...—5
600
6,500
4
Mar
2
5
Jan
134
300
50
Mar
834
%
Participating preferred.*
For footnotes
New York Transit Co
Mar
234
50
554
57 34
Jan
1H
Nineteen Hundred Corp B1
Merchants & Mfg cl A...1
Common
.......
5% 1st pref....
Mar
19
,
Jan
134
Feb
300
1
Mar
Jan
Feb
4134
134
Niles-Bement Pond
7
Memphis P & L $7 pi ef... *
Mercantile Stores com:..*
Mock, Jud,
Founders shares
Common
2534
Jan
47
Feb
154
*
47
McCord Rad & Mfg B.__*
McWilllarns Dredging
*
Class B
$6 preferred
N Y Shipbuilding Corp—
Feb
Mar
111
Mar
154
Northern Pipe Line...--10
1
Michigan Sugar Co.
Preferred
19
com
Jan
May Hosiery Mills Inc—
$4 preferred w w
Mexico-Ohio
19
134
Jan
*
Memphis Nat Gas
5134
134
5134
7u
1734
Feb
33
Jan
5134
Jan
Jan
500
72 34
45
5134
1334
Mar
3734
Jan
Feb
2034
33
Jan
!
1734
Mar
Jan
| N Y Water Serv 6% pf-100
Niagara Hudson Power—
Jan
Feb
34
10
Feb
Feb
Jan
15
62
Jan
19
Feb
Feb
102
1034
35
Master Electric Co
1334
Mar
Feb
21
28
Massey Harris common..*
300
1334
34
1334
Jan
Feb
Mar
32 34
Marion Steam Shovel
*
Mass Util Assoc v t C--..1
Jan
Mar
Mar
2734
134
—
3
87
Mar
2734
Communica'ns ord reg £1
Margay Oil Corp.....
.*
Jan
534
8
3234
Marconi Intl Marine
134
34
45
Noma Electric .—„—l
2
3,100
1,400
534
6
...100
1
Jan
2
45
100
Jan
1034
-----
0% pref class B._
100
Loudon Packing........*
preferred
934
41H
50
134
Mapes Consol Mfg Co...*
534
Feb
110
33
600
634
27
Jan
734
7ii
9
*
Ixmg Island Lighting—
Common...
..*
conv
*1334
19
6
Lynch Corp common....5
Majestic Radio & Tel.—.1
434
M
8
634
7
100
1.500
134
1%
19
8
.1
.
5
9
Jan
134
14 34
Jan
5
8
"s"
Mar
334
2334
.....
"1% ""134 "l%
Lockheed Aircraft.,-
Stores.....
50
Feb
1834
4834
8534
5
Feb
4134
Mar
Mar
Jan
Jan
2
Mar
54
Mar
10,000
1654
1934
10234
1234
Mar
734
Mar
2
65
100
Feb
134
14
6
54
1234
334
2,000
5
4
Locke Steel Chain.......5
$5
5,700
11
2%
65
%
Louisiana Laud & Explor. 1
Lucky Tiger Comb G M 10
*14"
Mar
NYPr&Lt 7% pref. .100
Feb
2
mmmm
200
""900
Jan
Jan
Feb
32
N Y Merchandise-..---10
46
65
:
134
"14%
434
534
Mar
Mar
Feb
Mar
1754
Mangel
134
Feb
Mar
*u
Jan
Mar
Jan
39
ht
preferred
3
Jan
63
434
34
Jan
20
15
7%
2,000
Warrants
39
19%
17%
—...
Feb
Jan
Jan
4
N Y & Honduras Rosario 10
11
34
Lone Star Gas Corp.
45
N Y City Omnibus—
Jan
Feb
Mar
1934
.
550
3
2034
2,000
1534
7
%
....
Mar
""300
N Y Auction Co
4734
65
Mar
434
Jan
39
2
2
1434
Jan
4
Jan
9
Feb
5
134
1234
Jan
9
4
Newmont Mining Corp. 10
New Process Co com..*..*
50
15
Loblaw Groceterias cl A—*
Feb
"""206
Lion Oil Refining
Lipton (Thos J) class A... 1
Jan
6
7
Le Tourneau (It G) Inc-.l
Line Material Co..—
*
6% preferred
25
Lit Brothers common,...*
Jan
334
100
1134
Develop.—25
*
30
37
16
334
Jan
Mar
900
200
Jan
1134
200
ht
Jan
Mar
Jan
New Jersey Zinc.*.—..25
New Mex <fc Ariz Land_._l
7
43%
1
W
(Herman) Corp..5
6% preferred*
100
Kress (SH) & Co.... —-10
Kreuger Brewing Co
1
Lackawanna ItR (N J). 100
Mar
13
3
New England Tel & Tel 100
New Haven Clock Co—
Mar
x3%
1
7
Neptune Meter class A.—*
Jan
42
154
Klein (D Emll) Co corn..*
Knott Corp common..... 1
Nelson
Jan
1
Mar
30
Feb
x3%
22%
Mar
7
Jan
1,300
Nestle Le Mur Co cl A...*
2134
834
Mar
Nev Calif Elec 7% pf—100
New Engl Pow Assoc..-
1H
25%
Kansas G & E 7% pref. 100
Keith (G E)7% 1st pref. 100
Ken ned y's I nc-—------- 5
834
334
Mar
""466
1334
1st preferred—.......*
134
Jan
Nebraska Pow 7% pref. 100
20
77
154
Jonet <fe Laughlin Steel-100
66
68%
77
1234
13
*
63%,
preferred.—..-.100
Jonas & Naumburg—2.50
7%
Ken-Rad Tube & Lamp A *
—
Mar
Mar
4634
*
_.__.*
834
7
Nat Union Radio Corp.-.l
334
Mar
2
Jan
500
1,300
% pref. 10
%
734
Jan
Jan
734
14
12.50
Jan
10
13
Refining
Nat Tunnel & Mines
Feb
Mar
7
.1
—
34
634
7
Conv part preferred-..*
National steel Car Ltd..
Feb
34
2834
Nat Rubber Mach......*
Jan
634
National Tea 534
National Transit
%
2834
National Refining Co..-25
Jan
Jan
28
Jan
Jan
121
2834
Mar
600
434
110
100
34
3%
Jan
2834
2834
4
Feb
934
534
sH
Feb
Mar
334
Mar
200
8
Feb
3%
%
ht
8
Jan
3%
3
Jan
Feb
454
Mar
5* 500
934
54
Jacobs (F L) Co.-----Jeannette Glass Co
...*
Leonard
"334 "3%
1
com.
2
4%
"334
Jan
rets...20 Lire
Lehigh Coal & Nav
9 34
1
2534
Italian Superpower A.¬
Preferred
8 34
Mar
Isotta Fraschinl Co—
Kobacker Stores
200
$3 conv pref...——-50
National Container (Del)-l
National Fuel Gas..
*
MOO
934
~
Klrby Petroleum..
7
"834"
—
Feb
50
Jan
3%
3 34
-
-
1,700
115
9
"3%
Interstate Hosiery Mills..*
Interstate Pow
534
High'
Mar
34
£110
Mar
8
400
17,500
Mar
34
1,900
.....
"T
7
500
634
634
National Baking Co com.l
100
834
34
34
Vitamin—1
International
454
434
434
Machman-Springfilled —*
Nat Auto Fibre com..
1
654
%
7
Low
1
900
334
434
Murray Ohio Mfg Co
*
Muskegon Piston Ring.234
5
%
Range Since Jan. 1, 1938
Shares
134
Mountain Sts Tel & Tel 100 £110
Mar
4,100
High
{Mountain States Power.*
Feb
7
4,600
Low
National City Lines com.l
$1.75 preferred-
Amer dep
34
Price
Mountain City Cop com 5c
Mountain Producers....10
Mar
1938
Week
Mtge Bk of Col Am shs...
5
*
-
1734
Feb
Jan
for
of Prices
Moore (Tom; Distillery. .1
Utility—
Class A..
S
2%
29
—
Products..-*
1
Internat Radio Corp
luternat Safety Razor B.
Mar
154
Week's Range
Sale
Jan
22
7
Intermit Paper & Pow warr
International
Mar
26,
Sales
Last
Far
High
Mar
934
2,000
%
purch warrants.
STOCKS
(continued)
Shares
700
18
March
Friday
|
Week
(Friday
(Continued)
Exchange—Continued—Page 3
Jan
454
Jan
14
Feb
1434
21
15
Jan
Mar
19
Jan
Jan
23
Jan
2034
2034
50
234
234
100
24 34
Jan
2034
Mar
234
Mar
4
Jan
26
Jan
110
20 34
*
Feb
110
Feb
*
21
100
Jan
Penn Edison Co—
$2.80 preferred
Penn Mex Fuel Co
Penn Traffic Co..
24
Mar
2534
434
434
100
4
Mar
834
Feb
234
234
100
2 34
Mar
2 34
Mar
2 34
10,500
Mar
254
Jan
8434
450
Mar
9034
Jan
82
Jan
*
$5 preferred..
Penn Gas & Elec cl A
*
1
2.50
Pennroad Corp vtc
1
Pa Pr& Lt $7 pref
$6 preferred
*
*
Penn Salt Mfg Co..*.-.50
Pa Water & Power Co
*
...
Peppered Mfg Co
Perfect Circle Co
Mar
*
100
*
13
80
134
80
134
80
77%
12934
5934
12934 14034
350
Feb
129 34
Mar
14934
Jan
Mar
72 34
Jan
77
Jan
59
5934
300
59
65
67
300
6034
Feb
Volume
New York Curb
146
STOCKS
Last
(Continued)
Sale
Far
Price
1
Pharis Tire & Rubber
Week's Range
of Prices
High
Low
4*
6* " 6*
115* 115*
com
Phila Eiec Co $5 prel
"3"
Phoenix Securities—
1
Common
2
Pines
Feb
Feb
7*
Jan
112*
115*
Mar
Mar
31*
Mar
3
12
14
4,700
1*
Mar
300
14*
Mar
11*
Co
Sonotone Corp
1
Soss Mfg com
...1
South Coast Corp com
1
Southern Calif Edison—
Jan
Jan
Jan
17*
Jan
Jan
Jan
Jan
Mar
2X
3
1,900
2*
Mar
1*
3*
6
6*
4,200
5*
Jan
6*
1
Pittsburgh & Lake Erie .50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
Plough Inc
—*
Polaris Mining Co
25c
Potrero Sugar common—5
Forgings
37*
5)4
100
37*
Mar
39
2,600
4*
Mar
9*
62*
37*
4%
Mar
50
5
""266
5
Mar
3,200
61
Mar
800
6
1
Mar
Jan
*
Jan
Southland Royalty Co
5
Jan
South Penn Oil
Jan
7*
Southern Union Gas
So
3*
Mar
Mar
1*
Jan
Mar
4*
Jan
Stahl-Meyer Inc
-
13*
Mar
14*
Feb
95
95
Feb
21*
2*
Jan
*
3*
*
1
19*
2*
X
3*
19*
2
"37"
7%
3*
X
3%
400
3,500
Feb
Feb
2
200
19*
Mar
1,000
19 %
1*
Jan
90
1*
8*
Jan
Jan
Feb
100
Mar
100
7*
6*
Jan
5X
6*
4*
91*
Jan
Standard Oil (Ohio) com 25
Feb
98
Jan
29
150
22
Jan
35*
Mar
Common class B——— *
17*
180
11*
Jan
22*
Mar
Preferred.
95
98
Mar
99*
106
Feb
Standard Steel Spring.
Standard Tube cl B
Jan
Standard
78
89
Feb
89
Feb
Jan
Feb
Feb
*
34
Feb
Jan
17*
Feb
6*
Mar
7*
Jan
5*
25*
25*
28
150
25*
12
12
13*
400
12
Tim.
Co.—--—*
"bx ~~6X
Mar
Feb
1*
1*
400
1*
Mar
2
Feb
Feb
140*
Feb
"T*
"266
140
3*
3*
3*
400
3*
Mar
2*
2
2*
500
2
Mar
6*
2*
Feb
6
6
6*
36*
1,700
6
Mar
7*
Jan
34*
Jan
*
Jan
12
50c
12
12
29*
—
29*
IX
29*
1*
3%
Co
J
15
3*
200
3*
9*
16
Feb
29
Feb
30
Mar
1*
1*
300
1,500
3*
Jan
200
23*
Feb
100
3*
Mar
1,100
he
Mar
300
9*
Feb
3*
he
9*
Feb
4X
25
24
50
10*
10
Mar
Feb
2*
Mar
7
28*
4
Jan
16
18*
7*
19*
99
18*
99
300
6*
Feb
2,000
18*
Mar
25
4,600
*
Mar
*
500
*
Jan
1*
Jan
5*
1,100
4*
Mar
*
1
Jan
5*
Feb
Jan
12*
Jan
2*
Mar
4*
Jan
*
-.50
20
preferred
Inc
— — —
Mines
1
Tenn El Pow 7% 1st pf.100
2*
2*
900
3
25
26
Jan
29
Jan
200
7
Mar
7
Mar
1,400
5
Mar
4*
600
4
Mar
7*
4*
2*
1,200
2
Mar
3*
5*
Mar
8*
Jan
1*
Jan
2
Feb
8*
Mar
12
Jan
10
Mar
26
26
7
7
5
6*
4
4
2
2
5*
6
"7"
5
8*
8*
8
9*
"800
7
Jan
200
10
Mar
13*
Feb
2*
2*
5,700
Mar
3*
36*
Jan
200
3*
3*
28*
*
16*
4*
16*
3*
4*
Jan
Mar
7
Feb
3*
26*
Mar
6*
Jan
500
Feb
*
Jan
29*
*
Jan
1,100
19*
4*
7,400
1,200
Radiator—— 1
IX
1*
2,400
1*
Mar
2*
Jan
Thew Shovel Co corn
5
Mar
he
Jan
50
94*
Mar
96*
Feb
Mar
13*
IX
~2*
IX
200
2*
2*
2,200
Feb
48
Jan
Mar
102
Jan
Mar
4*
Jan
100
8
Mar
700
7*
Feb
12*
10*
Mar
Feb
5
Feb
82.50 conv
sRyan Consol
37*
*
5
5*
7X
Mar
50
Mar
1
Ryerson & Haynes com..
"~x
65
■
Gold Mines.-1
St Lawrence Corp Ltd.—
82 conv pref A
oO
com....-.5
preferred
100
St Regis Paper
Sanford Mills
Jan
Corp com 1
Feb
Mar
49
Jan
Mar
6
Jan
9*
Jar
Trans
400
2,400
68
100
35
Mar
2*
*
65
300
Feb
38
Fel
Maa
4
Jan
Mar
Mar
*
Jan
...25
Elec 86 pref—-*
Lace common..*
*
Transwestern Oil Co
Mar
47
1*
20,000
51
47
3
75
2*
500
2*
Mar
1*
Jan
Mar
47
4*
63*
Mar
3*
Jan
Jan
8*
1*
10
200
22
IX
8*
300
500
20
1*
8*
Jan
2*
Jan
"25"
"25"
"25"
"166
Brook
Service pref-—-*
Mar
15
Jan
20
Mar
29*
Jan
113
20
Jan
113
Jan
25
Feb
25
Feb
*
18*
Jan
4*
200
16*
4*
Jan
4*
Mar
7*
Jan
*
— —
*
500
»i«
Feb
1*
1*
Jan
Warrants
general—*
Securities Corp
Seeman Bros Inc.
1
Segal Lock & Hardware. .1
Seiberling Rubber com
Selby Shoe Co
700
1
Mar
35
—
1
35
100
35
Mar
1
5,100
2*
1,200
*
.*
— *
*
2
—
13*
15
200
35
Jan
Mar
Convertible
—
stock
—1
5
85.50 prior stock
-
13*
United
United Gas Corp com
Mar
17
Jan
1,400
Mar
1*
Jan
400
6
Mar
56*
200
55
Jan
8*
60*
Jan
Mar
57*
57*
100
66*
Jan
61*
Mar
*
IX
hi
700
4
4
4
2
2
4*
2*
1,000
Corp—1
6,200
1*
Mining..5
Shawinigan Wat & Pow—*
Sherwin-Williams com..25
5% cum pref ser AAA 100
Shreveport El Dorado Pipe
Line stamped
25
Silex Co common
--*
6
6
7X
3,600
6
100
Denn
•ie
he
19*
19*
19*
82
82
87
1,550
*
Feb
1*
Jan
he
Feb
Jan
Mar
Feb
2*
Mar
Mar
18*
5*
Jan
10*
Jan
20
90
Jan
107
Mar
Jan
81
110
,
Jan
Jan
*
Jan
*
Jan
Jan
6*
-
-
1*
Simplicity Pattern com___l
Jan
16*
1*
Mar
16*
Mar
Mar
2*
Jan
5*
Jan
8
Mar
3
16*
1*
16*
1 *
50
1,700
3
3
300
3
Mar
224
100
225
30
224
Jan
243
Jan
Singer Mfg Co Ltd—
Amer dep rets
1st $7
ord reg.£l
For footnotes see page
warrants
he
Jan
Jan
1*
Jan
2*
2*
2*
2,100
2*
Jan
3*
Jan
5
5
6
4,500
5
*
*
1st preferred
$3
4*
2017 i
Jan
5*
Ja
25
Mar
7*
he
Mar
*
Jan
Mar
7*
Mar
2,700
6
Mar
11*
Jan
25
35
Jan
1,000
2
2
1*
11*
5*
1*
11*
2*
5*
2*
1,100
Jan
Jan
Mar
3*
Jan
300
2*
5*
Mar
500
2
Mar
7*
2*
Feb
2
2*
Mar
2
Mar
1*
Mar
"Ii"
1*
300
1*
1,100
11*
Mar
5
Mar
6*
10
Jan
14*
Jan
2*
Mar
2*
Mar
12*
Jan
5
100
11
12
1,400
2*
Jan
12*
5
6*
2*
30
2*
50
Jan
15
2
Jan
Products.— *
Mar
4
30
Mar
34
*
*
Mar
*
4,500
Jan
*
Mar
5*
700
74
Mar
*
Mar
*
1,200
8,400
2*
2*
2*
100
15*
20*
5,300
20
750
17*
Jan
65
64
1*
*15*
20
Jan
Mar
3
20
64
Jan
100
27.700
*
1*
30
64
Mar
100
1*
77
Mar
3*
2*
Mar
15*
Mar
4*
26*
1*
Feb
'he
*
82
74
*
Jan
'
3*
3
78
Mar
2
100
2*
30
*
*
*
5*
300
1,800
5*
30
Common class B—...*
Milk
Jan
100
»n
7*
2*
5*
.....
Option warrants.
United G & E 7% pref. 100
United Lt & Pow com A.*
$6
103
7*
1
pref non-voting.*
20
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
preferred--.-...—-*
United Molasses Co—
Am
6*
dep rets ord reg...
Preferred
..
—
230
1
400
*
Feb
1
Jan
5*
5*
7
3.300
Jan
8*
Feb
1*
2,800
2*
1*
228
1
B
Preferred
...
Jun
10
United Shipyards cl A...1
Class
6*. Jan
Jan
*
*
United Profit Sharing
Jan
*
United N J RR & Canal 100
.25
1*
1
1*
Jan
58
58
65
475
58
Mar
40*
40
40*
4
5*
460
39
Jan
United Specialties com—_1
U S Foil Co class Ii
*
Simmons H'ware & Paint.*
Singer Mfg Co—
Corp
United Shoe Mach com.25
*
Simmons-Broadman Pub—
Conv preferred
*
Cigar-Whelan Sts.-lOc
Jan
lhe
£1
— —
$3 cum & part pref
Jan
56
-
Control-—1
Seversky Aircraft
Jan
Transport
Warrants
1*
7*
*
common.--*
Sentry Safety
Mar
50
paid-in
United Chemicals com...*
United
Selfridge Prov Stores—
Amer dep rets reg
Seton Leather
*
Series B pref
---*
Unexcelled Mfg Co..—10
Union Gas of Canada—.*
Union Investment com..*
Union Premier Foods Sts.l
Union Traction Co (Pa)—
Ulen & Co ser A pref
4*
6
25
Allotment certificates -
l'n
6
preferred—.-*
Mar
Selected Industries Inc—
Common
-
Mar
*
2
Jan
Jan
*
25
Un
95*
he
25
A
Aircraft
Jan
Jan
Mar
98*
1
United
56
30
*
Tung-Sol Lamp Works—1
$17.60
Jan
300
99
6
div.
44*
Feb
300
6
80c
Feb
16*
1*
he
Trunz Pork Stores Inc—*
Class
2*
Feb
'he
99
Tubize Chatillon Corp.-.l
2X
3*
*
he
Tri-Continental warrants.
Scranton Spring
Scullin Steel Co com.
10
Jan
common...*
Scovill Mfg-----
Common—.—.—-.— -1
Jan
1*
92
Jan
Screen—
Pict
Lux
550
50
47
47
Tonopah Belmont Devel.l
Tonopah Mining of Nev.l
5*
2*
2*
92
2*
dep rets def
5
3
*
1*
Savoy Oil Co....-------5
Schiff Co common
-*
reg—£1
Corp
*
Toledo Edison 6% pref. 100
7% preferred A——100
Am
Todd Shipyards
37*
50
*
65
St Anthony
Samson United
Jan
9*
he
400
15*
1*
2*
ord reg- —£1
300
1,300
35
35
2*
Lt
3*
Am dep rets
300
39*
5
5*
Petrol
Safety Car Heat &
Mar
Feb
2*
8
--*
-2*
1
Steel
pref.
Rustless Iron &
Mar
Jan
Royal Typewriter
Exports—.*
Jan
Tobacco Securities Trust—
Jan
1
International.— —
Russeks Fifth Ave
Prod
Tobacco
Jan
3*
Tishman Realty & Constr*
Tobacco Allied Stocks.-.-*
Jan
5*
8
8
he
Jan
Mar
800
pref...100
Mar
Mar
8
8
Inc———-1
500
4*
Jan
21*
50
2
12
Jan
1*
Feb
,
16*
4*
5
Texon Oil & Land Co
100
Mar
46
Texas P & L 7%
Jan
2,700
1
96*
Jan
6
Feb
11
2,200
3*
1*
5*
12
Mar
Jan
1,700
4
28*
*
1
1
Mar
94*
'
5*
Mar
4*
2*
31
11
Mar
12
Jan
300
8
31
4*
Tilo Roofing
Jan
31*
10
2*
275
Jan
11*
8
10
2*
*
94*
Jan
2*
11*
100
5
Jan
3,700
200
com—5
Roosevelt Field Inc...—-5
Root Petroleum Co
-1
81.20 conv pref
20
Jan
4*
6,800
G&E6%pfD 100
Inc.-
Feb
2*
2*
*
Roeser & Pendleton
Jan
22
Jan
2*
Rome Cable Corp
98
7*
100
preferred
1st preferred
2d
16
com—20
4X
1*
*
Feb
Jan
*
Gas Co-
2*
Feb
Jan
4*
ctfs..—-1
Jan
Mar
4*
2*
Voting trust
Jan
22*
*
4*
Rio Grande Valley
Jan
18
99*
1*
"'"*
2*
1
Mar
3
Starrett (The) Corp v t c.l
Stein (A) & Co common. _*
6*%
1,400
17
16
6*
Goods.---
Rice Stix Dry
Jan
15
18
15
Jan
Jan
Mar
*
Jan
500
Jan
2*
Teck-IIughes
Mar
*
16*
*
100
*
200
Jan
*
100
*
Mar
Mar
2*
11*
2*
200
*
Jan
1*
*
Mar
1*
1
Technicolor Inc common.*
*
*
*
4*
*u
3
Jan
Jan
*
*
200
400
he
•u
Feb
*
Pile
——
he
3*
9*
Feb
Feb
Jan
Feb
8*
Feb
10
•u
Mar
140
Mar
Feb
Mar
Feb
7*
Jan
*
he
-1
Stetson (J B) Co com
*
Stinnes (Hugo) Corp.—-5
Stroock (S) Co——*
Sullivan Machinery —.;.—*
Sunray Drug Co..-- — --*
Sunray Oil.
— 1
5*% conv pref
50
Superior Ptld Cement B._*
$3.30 class A participat. *
Swan Finch Oil Corp—-15
Taggart Corp com
1
Tampa Electric Co com..*
Tastyeast Inc class A...1
Taylor Distilling Co..—1
75
Mar
22*
6*
Sterling
Mar
39
Feb
500
Jan
15*
Mar
400
Jan
Mar
34*
21
*
7
13*
1,200
7
2*
100*
*
Prod—
—*
*
Reybarn Co Inc
Reynolds Investing
Richmond
34*
Jan
he
Feb
500
Feb
6*
Mar
14*
Mar
-5
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
8*
13*
8
*
*
Reeves (Daniel) common.*
Reiter-Foster Oil new.-50c
Reliance Elec & Eng'g—5
Shattuck
27*
25*
1
—
137
"~5*
Red Bank Oil Co.
Water
25*
24*
Mar
100
*
94
10
Ry & Light Secur com—
Railway & Util Invest A..1
Scranton
-
-
Sterchl Bros Stores.
preferred
preferred
Scranton
78
Jan
*
Quaker Oats common....
6% preferred. ..—--100
7%
400
24*
Jan
Wholesale Phosp
& Acid Works
pref—100
Pyrene Manufacturing..
...
Standard Products Co
95
103*
7% piior lien pref. -.100
Rossia
26*
24*
Standard Silver Lead.—-1
Feb
60
§Pub Util Secur 87 pt pf.
Puget Sound P & L—
Raytheon Mfg com
Jan
25*
100
preferred....
15
....
Rochester
5%
26
com..*
Common.:..
-—60
Public Service of Okla—
Reed Roller Bit
36*
Jan
ex
Standard Oil (Ky)
10
Standard Oil (Neb)----25
Pub Serv of Nor 111
83 conv preferred——
Mar
Jan
Jan
conv
95
preferred-—100
100
-
34*
Jan
6*
7% 1st preferred
B-_.-
100
18
Mar
$1.60
26
A
34*
Mar
4*
Public Service of Colorado-
Class
34*
34*
25*
14*
1,600
Jan
15
Class
Mar
6*
3*
Jan
2*
-4
14
4*
Mar
Standard Pow & Lt-——-1
preferred
Raymond Concrete
Jan
300
1,000
Feb
Jan
5X
preferred
Rainbow Luminous
1*
2*
Mar
<1*
preferred.----
Quebec Power
Mar
Mar
2*
2*
18
Jan
ex
Puget Sound Pulp &
1*
4
9*
37
Mar
*
Public Service of Indiana—
6% prior lien
1*
2,500
Mar
11*
Mar
11*
2,600
Mar
Mar
3*
preferred-.20
37
200
*i$
5*
37
13
Jan
Standard Invest $5* pref*
250
1114
37
Jan
Mar
2*
1*
1
X
Gas—
...
Common
11*
Prudential Investors—
Common
*
Standard Brewing Co
*
Standard Cap & Seal com. 1
Conv preferred
.10
Standard Dredging Corp—
*
4*
Corp—
88
4
com
11*
Amer..*
1
Prosperity Co class B
*
Pressed Metals of
86
25
%
7%
Prentice-Hall Inc
85
10
3*
1
20u
100
2.500
69 X
High
Jan
100
Mar
7% preferred
South New Engl Tel
Southern Pipe Line
2,600
Premier Gold Mining
6% 1st
Southern Colo Pow cl A.25
Liw
13
25
100
Canada.
1st preferred
Pratt & Lambert Co
86
5* % pref series C
7*
2*
61
1
5
6%
$7 prior
5% original preferred.25
6% preferred B
25
Jan
61
Range Since Jan. 1, 1938
for
Week
Shares
2*
1*
4*
2*
West Pa Pipe Line..50
Spanish & Gen Corp—
Am dep rets ord reg
£1
Am dep rets ord bearer £1
Spencer Shoe Corp
*
Powdrell & Alexander
Power Corp of
~5~"
of Prices r
High
Low
88
1
21
6*
50
Pitts Bess & L E RR
Solar Mfg.
Jan
3*
Price
Sioux City G & E 7% pf 100
Smith (H) Paper Mills...*
Feb
4
2*
*
Meter...
$6
6*
25
Mar
Postage
Pitney-Bowes
Providence
100
1
Pioneer Gold Mines Ltd-.l
Producers
4*
1
Winterfront
Pittsburgh
14 *
2*
16*
12
Pierce Governor common.*
Feb
"206
Sales
Week's Range
Sale
Par
High
3*
200
Last
(Continued)
Low
900
14*
10
Conv pref series A
1X
"3*
STOCKS
Range Since Jan. 1, 1938
for
Week
Shares
2015
4
Friday
30*
4
*
*
Phlla Elec Pow 8% pre! 25
Phillips Packing Co
*
Philadelphia Co
Exchange—Continued—Page
Sales
Friday
"4*
3*
4*
400
3*
1,700
4*
Mar
Mar
3
Feb
77*
42*
Feb
6*
Jan
6*
Jan
Jan
New York Curb
2016
Last
Sale
Par
lit pref with warr
U 8 Radiator
X
%
*
*
10
48
48
1
U 8 Stores Corp com
250
IX
200
22 X
22 X
1st pref
United Stores vtc
2
%
United
Wall
1%
2
10
-
Universal Corp v t C
Insurance
3%
X
IX
IX
11
1
Utah-Idaho Sugar
5
Utah PowALt 17 pref—*
Utah Radio Products
*
Utility Equities Corp
*
Priority stock...--—-*
Utility A Ind Corp com...6
Conv preferred.......7
lUtll Pow A Lt common.. 1
Class
B
100
Mar
Mar
Jan
94
94
96%
5
Cities Service Gas 5%s.'42
Cities
Service
Gas
Plp«
100%
Feb
Feb
Jan
7
Jan
900
3X
100
Mar
IX
32X
IX
33X
900
1%
Mar
100
32%
Mar
1%
Jan
11
Jan
♦Oommerz A Prlvat 5%s'37
Com'wealtb Subsld 5%a "48
95
92
95
4,000
70
Jan
95
Jan
102% 103
28,000
Feb
104
Jan
Mar
67
Jan
8
Mar
8
Mar
3%
Mar
8
Jan
16%
Feb
Jan
(Bait
Jan
3%s
57
%
Jan
Gen mtge 4%s
Consol Gas Utll Co—
1%
Mar
2%
Jan
06 ser A stamped
%
%
Jan
Cont'l Gas A
Mar
2
Jan
Crucible Steel 5s
Jan
1.800
300
IX
IX
600
25
700
1.600
7
2%
44
6*
Jan
Jan
Jan
Mar
Mar
Jan
40%
Jan
Jan
Delaware El Pow
73
52
99%
Feb
Denver Gas A Elec 6s. 1949 -lj
109
Jan
Det City Gas 6s ser A. 1947
Jan
2
2X
500
2
Mar
3%
6
6
500
6
Mar
83
Jan
1%
7
Mar
Jan
11%
83
5s 1st series B
♦6%s
7
Jan
%
1%
Jan
1%
6%
6%
400
6%
Feb
6%
Mar
5
100
5
Mar
6%
Jan
El Paso Elec 5s A
4
Mar
6%
Jan
Empire Dlst El 5s
1.25
2
2%
2,200
2
Feb
2%
Jan
Western Air Express
1
Western Grocery Co.—20
3
3
500
3
Jan
4%
Jan
8
Jan
8
Jan
61
Mar
75
Jan
Erie Lighting 5s.
Federal Water Serv
Western Maryland Ry—
Western Tob & Stat—
Finland
69
Residential
22%
Mar
Jan
Feb
94%
103
Jan
Mar
100
Jan
50
92%
Mar
90%
Jan
7,000
99%
Feb
Jan
Mar
Jan
Jan
55
10,000
108%
Jan
52,000
101
103%
109%
101%
Mar
105%
Mar
103
17,000
99
Feb
4%
Feb
4%
16,000
1%
11,000
1
10.000
74.000
68%
73%
107% 108
64
103
8,000
66% 125,000
103
2,000
Jan
5%
3%
Feb
5
Feb
1
Feb
1%
Jan
Jan
Jan
Jan
Jan
1%
79%
108%
Feb
71%
Jan
Mar
104%
%
07
106%
60
102%
Jan
Feb
Feb
Jan
102%
Feb
90%
12,000
11,000
Jan
89
84
Jan
90%
Mar
79%
-
101
89
.
79
81
44,000
73
Jan
83
Mar
-■
*
-
101% 101%
-
*46
105
50%
52
105
63%
Banks 6s-5s stpd...l961
Feb
9%
72
Mar
Mar
56
105%
10,000
102%
Feb
105%
65%
9,000
63%
Mar
71%
102%
63%
Mar
Mar
2%
Jan
5%
5%
100
5%
Mar
7%
Jan
Firestone Tire A Rub 5s '42
First Bohemian Glass 7s '57
Florida Power 4s ser C 1960
*
5
5
300
5
Jan
5%
Feb
102
102%
Firestone Cot Mills 5s. 1948
Feb
%
1
Florida Power A Lt 6s. 1954
8,000
Feb
Feb
102
Mar
Jan
105
Feb
Jan
Gary Electric A Gas—
9
09
'2X
2%
2%
1,200
2%
Mar
4%
Jan
ht
»ie
200
%
Jan
%
Jan
X
%
400
%
Mar
1
Jan
10
Jan
*
8
Wilson Products Inc
1
Wisconsin P A L 7% pf 100
Wolverine Portl Cement-10
Wolverine Tube com
2
2X
2%
2%
100
2%
Jan
4%
4%
5%
900
4%
Jan
Woodley
6%
6%
6%
900
6
Jan
Petroleum
__1
Woolworth (F W) Ltd—
Amer dep rets
5c
'8%
60
7
Yukon Gold Co
IX
6
60
10
Mar
9%
Mar
66%
Feb
3%
7%
6%
Jan
Jan
1,200
14%
Mar
16%
Jan
7%
8,600
6%
Mar
8%
Feb
Georgia Power ref 6s. 1967
Georgia Pow a Lt 5s. .1978
1%
2,500
1%
Mar
2%
Jan
BONDS
Abbott's Dairy 6s
1942
Alabama Power Co—
*102% 104%
1st Aref 5s
1946
91%
90%
1st A ref 5s
1951
82 X
81%
*79
1956
1st A ref 6a.
1968
1st A ref
1967
Aluminium Ltd debt 5sl948
Amer G A El debt 5S..2028
"107X
Am Pow A Lt deb 6s. .2016
Amer Radiator 4%s__1947
65%
100
Arkansas IT A Lt 5s..1956
Associated Elec 4%8..1953
101
16,000
Mar
Feb
Feb
107%
108%
81
106%
Jan
Jan
Jan
90
Jan
Feb
112
Jan
Jan
102
Feb
83.000
86
Jan
95%
Jan
32%
Feb
41%
A St Ry
Birmingham Elec 4%s 1968
Birmingham Gas 5s.-.1959
Broad River Pow 5s.. 1954
Canada Northern Pr 6s.'53
Canadian Pac Ry 6S..1942
Carolina Pr A Lt 5s... 1956
Cedar Rapids M A P 5s '53
Jan
34%
Jan
Jan
33
Jan
Mar
27%
Mar
6s series A
*33%
31
3,000
30
Jan
36%
Jan
6%8 series B
------
68
21,000
67
Mar
80%
Jan
5s series C
94%
96
6,000
99
99%
Mar
Feb
96
97%
Feb
100
Mar
90
Feb
95
*15
52
54
107%
87
8 f deb
23,000
25,000
4,000
7,000
2,000
94
89%
94
96
*87
91
68
91
99%
93
Jan
Jan
Feb
Mar
Feb
6,000
------
8,000
,57
107%
8>%
Feb
63
Jan
62%
Jan
Jan
110
Mar
100
Feb
48,000
82
Mar
91 %
Jan
72
75%
7,000
72
Mar
85%
Jan
10,000
81
49
49
49%
-
-
-
-
—
105%
50%
1952
52%
107%
52
49%
52
60
61%
105% 105%
Jan
Jan
83
Jan
89
1,000
88%
Feb
91%
Feb
5,000
71%
Feb
78
Jan
108%
Jan
------
------
75
Mar
109%
81
Jan
Mar
Jan
2,000
105%
Mar
107%
Jan
1,000
110
Mar
111%
Jan
33,000
49
Mar
49%
Mar
13.000
58
58
8,000
49%
Jan
63.000
104%
Feb
64%
106%
3.000
50%
Mar
58%
Jan
60%
Jan
Jan
Jan
Jan
50%
50%
*60%
63
-----
50%
53
8.000
107% 107%
57
51%
2.000
107
Mar
Jan
60
108%
Mar
Jan
Mar
Jan
36
36
40%
Mar
48
Jan
21
23%
57,000
17,000
36
21
21
Mar
28%
Jan
....1956
66
65%
68%
27,000
65
Feb
61
63
22,000
61
94
94
95%
12,000
93
D
Italian
Jan
Jan
5%s ex-warrant8...1954
28%
28%
32
74.000
41
Jan
37
40
42,000
46%
Jan
1,000
106%
Mar
107%
Jan
72%
Mar
93%
4,000
105% 106%
44% 45%
31,000
106%
Jan
8,000
52%
Jan
95
Jan
95
Superpower 6s.
Jacksonville Gas
5s
Stamped
73
Jan
Feb
69%
Jan
Feb
98%
Jan
95%
2,000
94%
Jan
96%
Jan
106
105% 106%
12,000
105%
Mar
106%
Feb
100%
100
8,000
98%
Jan
102%
Jan
4,000
55%
1901
Iowa Pow A Lt
4%s.. 1958
Iowa Pub Serv 5s
.1957
Isarco Hydro Elec 7s. 1952
Isotta Fraschlnl 7s... 1942
41
-
—
—
—
—
100
55%
*80
57
94
41
1903
41%
35
35%
------
30,000
Mar
63
Jan
78
Jan
85
Feb
39
Jan
46
Feb
30%
Jan
—
1942
35
9,000
32
Feb
Jersey Central Pow A Lt—
68 series B
106
Jan
105%
Jan
1947
4%s series C
Kansas Elec Pow
104%
104% 105
43,000
103%
Mar
1961
101%
101% 102
69,000
100%
Feb
5,000
97%
Jan
99
Jan
6.000
114%
98%
Jan
115
Mar
Mar
101%
Mar
98
3%s. 1966
Kansas Gas A Elec 68.2022
Kansas Power 5s
1947
115
98%
114% 115
98%
99%
2,000
69%
71
86
Kentucky Utilities Co—
1st mtge 5s
ser
6%s series D
5%s series F
5s series
2917.
23
88%
104
83%
*73
1955
Jan
Jan
90
45
Feb
82
.1957
Feb
52,000
91%
Feb
94%
105% 105%
110% 110%
1963
♦Indianapolis Gas 5s A 1952
Ind'polls P L 6s ser A. 1957
96
103,000
1940
1,000
Mar
55
91%
87
Chic Jet Ry A Union Stock
Jan
4%s series F...J...1958
Iowa-Neb LAP 5s__.1957
72%
Chicago A Illinois Midland
Ry 4Kb a
1956
Mar
85%
83%
86%
89%
89%
72%
72%
*109% 109%
1950
5s series
32
106% 106%
*106% 107%
107%
Jan
72
Debenture 6s
1952
Interstate Public Service—
71%
85%
37
Jan
70%
87
International Salt 5s.. 1951
Interstate Power 5s... 1957
29%
1901
105%
16.000
7s series E
13,000
4,000
1,000
15,000
87
7s series F
101%
"2*666
Jan
43,000
1957
6% 8 series C
6,000
33,000
89%
Jan
Mar
93%
88%
Indiana Gen Serv 6s. .1948
Indiana Hydro Elec 5s 1958
58 series B
97
88%
63
International Power Sec—
59
59%
2,000
*75
79%
101% 103% 6*9*666
100% 101% 103,000
85
83%
24,000
114% 114%
14,000
96
88%
107%
82
5%s...May 1957
Electric Corp—
Indiana Service 5s
Feb
107% 107%
89%
1st Hen A ref 5s
100%
83%
1143%
93%
Jan
25
48%
*48%
89%
Indiana
,
79
105% 105%
1st A ref 5%s ser B. 1954
1st A ref 5s ser C.. .1956
Mar
85
23
48%
1951
161%
Mar
50
------
1953
67
23
1947
30
85%
29%
For footnotes see page
107% 107%
78%
81
80
111 Northern Utll 5s...
1957
111 Pow A Lt 1st 6s ser A '53
26
"59"
Mar
87
Mar
1949
26%
76
54
107
*107%
,48%
6s series B
25,000
Cent Pow A Lt 1st 5s. 1956
Cent States Elec 5s... 1948
1927
87
Hygrade Food 6s A...1949
35,000
75
2,000
6,000
Jan
Feb
29%
27%
26%
140
56
88%
71%
Mar
27%
120%
122%
54
87
------
Jan
Feb
99%
26%
26%
122
62
9,000
Feb
105%
Jan
120
65%
33%
Jan
29
4%s series H
1981
Cent Ohio Lt A Pr 6s. .1950
Cent Power 5s ser D..1957
Cent States PAL 5%s '53
Chic Dlst Elec Gen 4%s'70
64%
Jan
Feb
Mar
Jan
1956
1968
65
33%
98
22%
Mar
Central 111 Public Service—
ser F.1967
*31%
103%
32,000
137
Jan
88%
68
1,000
26
ho"
78
Jan
Mar
98
Feb
120
Mar
78%
53%
78,000
*90
Houston It A Pow 3%s. 06
♦Hungarian Ital Bk 7%b-03
Indiana A Mich Elec 5s
Bethlehem Steel 6s—.1998
67
5,000
------
------
67
Mar
28
113
85
t
21%
83%
98%
Jan
112
69
81%
81%
5,000
22
112%
Feb
16,000
2,000
60.000
70
87
26
68
Jan
101
24
62%
75
-----
87
26
63%
68%
------
------
78
Jan
100
92%
*78
Jan
87
Jan
28,000
74
28,000
Jan
23
62
95
Jan
-
100
7,000
*88
Jan
67
—
1938
5%s
87
1947
87%
-
Heller (W E) 4s w w.,1946
Houston Gulf Gas 0s.. 1943
0%b with warrants. 1943
Jan
3%s '64
1st M 5s series B...1957
6s series C
--.I960
*74
♦Hamburg Elec 7s... 1935
♦Hamburg El Underground
Jan
Jan
Mar
46,000
58 without warrants. 1947
Baldwin Locom Works—
Feb
-
Jan
65%
92%
80
-
Jan
Feb
26%
70%
-
37%
Avery A Sons (B F)—
♦Convertible 6s
1950
Bell Telep of Canada—
1st M 5s series A
1955
69
83
Mar
92%
1,000
73
31
36%
68
Feb
6.000
90
Registered
Mar
67
32
34%
Conv deb 6%s._...197?
Mar
100
31
24%
27%
26%
Assoc T A T deb 6%s.A'55
Atlanta Gas Lt
4%*.1955
Atlantic City Elec
*..—>
Jan
101
67%
------
101%
101%
8,000
100%
*66
Feb
12,000
101
100
104%
Guardian Investors 5s. 1948
Hackensack Water 5s. 1977
Hall Print 6s stpd
1947
26
1968
101
100%
Jan
Mar
Jan
83
1950
101
------
102%
2,000
92
34%
1949
51,000
102
Jan
106%
106%
99%
103% 103%
Jan
Feb
90
Associated Gas A El Co—
Conv deb 5%s
1938
Conv deb 4%s C...1948
Debenture 5s
100
89
59
Jan
79
Jan
65
Jan
107%
83
Jan
81
"11*666
3,000
Mar
91%
80%
89
85%
53
Jan
*87
85
52%
Jan
110% 110%
87%
7,000
Jan
UOX
Jan
2,000
73
105
79
54
78
5,000
25,000
58
79
oo'ooo
82
57
15,000
44,000
80%
Jan
52%
65
69
85
Grocery Store Prod 6s. 1945
Guantanamo a West 6s. *68
Jan
lo'ooo
65%
Jan
Jan
89
103%
64,000
107% 107%
80%
99
$21,000
82
Jan
Mar
11,000
Grand Trunk West 4s. 1950
Gt Nor Pow 5s Stpd..l950
Jan
77
105% 105%
Amer Seating 6s stp—1948
Appalac Power Deb 6s 2024
Ark-Loulslana Gas 4s. 1961
Conv deb 4%s
Conv deb 6s
82%
95
Feb
102
73
70%
*106% 107
76
70 X
92
♦Gesfurel 6s
1953
Glen Alden Coal 4s... 1965
Gobel (Adolf) 4%s...l941
105%
105%
Mar
84
102%
General Bronze 6s
1940
General Pub Serv 6s.. 1953
15%
Jan
Jan
92
83
102
6%
IX
103
103
85
Gen Pub Utll 6%s A. 1956
♦General Rayon 6s A 1948
Gen Wat Wks A El 5a. 1943
Jan
4,000
10,000
------
83%
80%
Deb gold 6s. June 16 1941
Deb 6s series B
1941
Jan
60
104% 104%
104% 105
*.....
92
Registered
15%
6% preferred
£1
Wright Hargreaves Ltd—*
104%
Gatlneau Power 1st 5s. 1956
Jan
------
------
6s ex-warr stamped. 1944
*
Feb
Jan
Mtge
Jan
1,300
X
IWU-low Cafeterias Inc-.l
|*Chlc Rys 5s ctfs
65%
101
7,000
103
1967
IX
Williams OIl-O-Mat Ht-.*
Yards 5s
Jan
Feb
4%
64
5%s '54
%
*
West Texas Utl i$0 pref--*
West Va Coal A Coke
*
esserles B
65%
80%
60
1
------
Empire Oil A Ref 5%s. 1942
Ercole Marelll Elec Mfg—
0% s series A
1963
4Mb
Feb
1
1952
1st A ref
Jan
120%
4%
3%
------
1950
800
21%
Mar
3,000
109%
99
4%
3%
1952
Edison El III (Bost) 3%s '65
Elec Power A Light 5s.203U
Elmlra Wat Lt A RR 5s '50
Jan
6%
Aug 1
Aug 1 1952
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1956
Jan
400
99
♦Deb 7s
Jan
%
1%
101%
1950
♦Certificates of deposit
Jan
Mar
1%
106%
106%
122%
Detroit Internat Bridge—
Feb
Jan
1%
Jan
Mar
5,00')
101% 103
Jan
Mar
200
52
1%
6%
22
30,000
93%
93%
99% 100%
------
Feb
200
22
"1,660
136,000
72%
74
6,000
101% 102%
3.000
94%
95
Mar
3%
103%
105%
12,000
61
Mar
7%
*
60
%
7
100
105% 105%
2%
4%
6s series G
Mar
94%
5%s. 1959
5
5s series E
127%
------
Cudahy Packing 3%s. 1955
10
4
5s with warrants
Mar
60
1940
1
4%s
Feb
126%
127
Mar
70
Bros-Brower-.l
1st A ref 6s
97%
*105% 105%
122% 122%
EJ 5s._.1958
17%
2%
IX
preferred
Wilson-Jones Co
Jan
11%
Class B.——*
Conv
94%
1939
Jan
1%
26
8,500
♦
Weyenberg Shoe Mfg
Williams (R C) A Co
57
16,000
105%
Cuban Telephone 7%s 1941
Cuban Tobacco 5s
1944
X
Mar
•
Westmoreland Coal Co
33,000
96%
*126
1943
100
Vot tr ctfs com
59%
96%
1954
Jan
(The) Co common.*
7% 1st preferred
57
96%
ser N... 1971
Feb
9%
102%
Feb
Feb
Mar
Consol Gas (Bait City)—
36%
%
1
*
Went worth Mfg...
—
57
Consol Gas El Lt A Power
•
Wellington OH Co
—
Conn Light A Pow 7s A.'51
1%
43%
£
——
Community Pr A Lt 5s.'57
Community P S 5s...I960
77%
*7%
6
56%
25
%
Wayne Knitting Mills
Feb
Mar
2%
Walker Mining Co
Mar
47
Mar
X
Waltt A Bond class A
Mar
45
36,000
1%
2X
preferred
99
59,000
52
1
1
Wagner Baking v t o
8.000
52
100
pref.. 100
-
99
400
X
102%
Feb
Feb
48
1
7
Mar
45
IX
X
94
59%
59%
100
99
5%s. 195
-
IX
7
50
48
1943
5% s
1
l"l66
191,000
45
0s
Cities Serv PAL
Mar
3%
50
1949
Line
Jan
1
Venezuela Mex Oil Co.. 10
Vogt Manufacturing
Jan
2%
12%
3%
1
Welsbaum
"
Mar
30
7%
Feb
49
1%
11%
Wahl
51%
37,000
32,000
6.900
30
Waco Aircraft Co
28,000
57
2X
IX
Petroleum
Jan
57
49
1%
"ll%
Va Pub Serv 7%
00%
52%
49
Feb
1
Venezuelan
Mar
52%
196'.'
Jan
16 conv pref
6
Van Norman Mach Tool-5
1
3
.1
7% preferred
Valspar Corp com
.50
1958
%
"ix "ix
Feb
1950
IX
"iX
Feb
Debenture 5s
1%
37
Jan
91%
65
Debenture 5s
2X
37
Feb
Conv deb 5s
14%
37
Mar
54%
Jan
IX
IX
33%
15.000
Jan
Mar
150
Universal Products Co—*
88
90%
55%
87
3%
%
23
500
50
5*>%
Feb
4%
3X
Universal Pictures com—1
1VH6
High
83
87
*80
..1955
Low
S
Mar
15,500
100
—
5s
Service
*78
Range Since Jan. 1. 1938
for
Week
High
56
57%
IX
11
5%s A '52
0s series B
Cities
Jan
3%
8
Universal
Cincinnati St Ry
Jan
Feb
1%
Low
Price
Feb
2%
•u
57
Mar
Feb
300
600
1%
1%
Ra„ot
of Prices
beb
22
2%
2%
•
Feb
Week's
Sale
High
Mai-
1%
2
Verde Exten.__50c
Universal Consol Oil
48
2X
United
Paper
150
X
2%
*
*
conv
Low
Shares
50%
Last
(Continued)
200
X
bonos
Range Since Jan. 1. 1938
2
com
U 8 Rubber Reclaiming..
17
for
Week
IX
—
.
Range
of Prices
Low
High
Price
U 8 and Int'l Securities.
U 8 Lines pref
U 8 Play in# Card
Week's
1938 2
Sales
Fridat
Sales
Friday
STOCK!
(Concluded)
March
Exchange—Continued—Page 5
I
4,000
69
Mar
80%
Jan
86
1,000
85
Mar
97
Jan
1955
78
78
1
78
1,000
78
Mar
90
Jan
1969
68%
68%
70
9,000
68%
Mar
79
Jan
H...1961
69%
.1948
Volume
New York Curb
146
Friday
BONDS
Last
(Continued)
Lake Sup Dlst Pow
Week's Range
for
of Prices
334b '66
Lehigh Pow Becur 6s..2026
Low
96
90
♦Leonard Tletz
Loulfllana Pow A Lt 5e 1957
Mansfield
85
T.OOO
15,000
102
Jan
93
9734
9334
7,COO
13,000
103
90
Mar
103
25
10324 104
9224
102""
29,000
29
85
103 J4
6s... 1945
24.000
Mar
25
S
utheast PAL 6s...202
Sou Calif Edison Ltd—
Jan.
Debenture 324s
Mar
Mar
91
10134
9734
Jan
Jan
10424
Mar
Ref M
Jan
85
102 34
Ref M
100
Feb
Feb
10424
Jan
♦7b without warr'tB. 1941
*24
Marlon Ree Pow 434s.1952
98
9724
9834
9,000
97
Jan
99
60
2,000
60
Mar
83
Jan
Mar
8824
1952
Memphis P A L 5s A..1948
7534
7534
7524
31.000
8824
6734
Mengel Co
84
84
89
11,000
81
4348-1947
Metropolitan Ed 4b E.1971
*8934
conv
8034
5534
81
5534
2.000
7534
Jan
Midland Valley RR 5s_ 1943
5534
Milw Gas Light
Minn
87
4348-1967
4*4s
1978
9334
PAL
1st A ret be
1955
9434
Pow 5s
1955
1957
Miss River Pow 1st 5s. 1951
6324
75
.....
Missouri Pub Serv 6a. 1960
Dakota
Montana
59
9334
8634
94 34
62 34
1.000
53 34
Jan
63
Feb
94
36.000
88 34
Jan
9534
Jan
88
9,000
86
Feb
9224
Jan
9434
Mar
Jan
87
Jan
Jan
17,000
62
Feb
75
12,000
70
Mar
8.000
109
Jan
7,000
59
Mar
68
Jan
59
62 34
2d stamped 4s
1st
*224
91
Nat Pow A Lt 6s A...2026
B
3
i",66o
91
8934
Mar
334
9.000
"
Jan
91
Jan
95
6824
Mar
86 34
Jan
65
65
69
36,000
6434
Feb
7624
Jan
4424
4424
6,000
44
Jan
44 24
Jan
10834 10834
9,000
108
Mar
10924
11424 115
5,000
11424
116
2022
*8234
Nevada-Calif Elec 6s. 1956
71
New Amsterdam Gas 6s '48
71
86
7324
11624 H624
"47"
4,000
Jan
11534
Mar
Feb
10434
Conv deb 5s
1950
45
45
52
39,000
45
18,000
102
118
Jan
Mar
17,000
7634
Mar
85
Jan
15,000
7934
Feb
87
Jan
70
Feb
8634
Feb
91
1003410034
64
Feb
7134
Jan
4,000
98
Feb
10034
Mar
t—
NYPALCorp 1st 434s'67
N Y State E A G 4^8 1980
10624
N Y A Westch'r Ltg 4s 2004
10524
Debenture 6s
9034
7234
10624 107
9034
91
76
48,000
4,000
10524 10524
10524
90
Mar
84
10834
97 34
Jan
Mar
10324
Jan
10524
1.000
11224
5324
Jan
113
1954
113
113
62
62
2,000
76
76
4.U00
534 b series A
Northern
6s
Indiana P
series
3524
1st ref 5s series B
6s
Mar
5s series D
-.1969
434 s series E
6234
Jan
Jan
Feb
80 34
40
334s '67
'9924
N'western Elee 6s stmpd'46
N'weetem Pub Serv 5s 1957
Jan
10834
Mar
Ogden Gas 5s
1946
Ohio Power 1st 5s B..1952
1st A ref
Okla Nat
6e
conv
105
4348 ser D.1956
Gas 4348—1951
104 24
1946
*88"
debs
Okla Power A Water 5s.'48
73
Pacific Coast Power 6s.'40
West Penn Traction 6s '60
West Texas Utll 5s A 1957
9634
8,000
93
Feb
100
Jan
96
11.000
94
Feb
100
Jan
90
13,000
8834
Feb
93 34
Jan
31,000
9724
Jan
10134
Mar
West Newspaper Un 6s '44
West United G A E 5348 '55
10434
Jan
Feb
Wlsc-Mlnn Lt A Pow 6s '44
10534
Jan
Wise Pow A Lt 4s
10424 10424
98
9834
86
11,000
"f.ooo
Feb
Mar
Jan
10324
10134
Mar
107
Jan
1,000
34.000
10324
Feb
10634
Jan
96
Jan
100
Feb
95
Jan
1941
94
16.000
73
73
4,000
73
Jan
3,000
100
Mar
4,000
2,000
114J4
Mar
1.000
11334
1964
434s. 1977
5a
1st
75
1979
Penn Electric 4s F
1971
84
11334 11334
58
59 34
1938
Penn Cent LAP
11434 115
84
Pacific Ltg A Pow 5s.. 1942
Pacific Pow A Ltg 5S..1955
Park Lexington 3s
10324
Jan
"8234
J100 34 10024
*29
3134
74 34
8334
8434
82 34
8434
8324
14,000
84
11624
1950
6s series A
Deb 634s series B..1959
6s
series
8834
Mar
11324
Feb
58
Mar
67
Jan
99
Feb
101
Jan
43^8 series B
series
1968
88
Jan
♦7s stamped
90
Mar
♦734" stamped
5,000
8234
Mar
87
Jan
96
92
11.000
86
Feb
80
80
2,000
79
Mar
10034101
2.000
10034
48", 000
10624
*97
10734
10734
.
100
10624 10734
10734 10734
98
6,000
10736
Jan
9134
10724
Feb
Mar
103 34
Jan
Mar
10834
Jan
Mar
109
Jan
1.000
83
Mar-
91
Jan
84
83
85
13.000
83
Mar
9134
Feb
Mar
1034
11334
Mar
634
634
7
8.COO
634
20,000
111
Jan
,000
70
Mar
Pledm't
55
60
7,000
55
Mar
107
107
1,000
106
92
92
6,000
21
21
Hydro El 6348.'60
Pittsburgh Coal 6s... 1949
Pittsburgh Steel 6s... 1948
♦Pomeranian Elec 6s.. 1953
21
Portland Gas A Coke 5s '40
5534
Potomac Edison 5s E.1956
55
107
434s series F
11334
5524
107
52
9134
79
Jan
Feb
1,000
Mar
9934
Jan
80
8334
5,000
9034
80
Mar
8624
Jan
51,000
106
Feb
34,000
45
Mar
10824
6324
Jan
Jan
3134
Mar
3134 35
11434 11424
5534 5534
28,000
114
1,000
25
4,000
1,000
24
35
Jan
5534
Mar
Jan
47
11424
6034
Jan
Feb
Feb
25
Mar
Mar
23
Jan
28
34",606
57
Jan
7224
Jan
17,000
58
Jan
75
Jan
9824
99
12.000
9434
Feb
10034
Jan
71
73
41,000
6434
Feb
7834
Jan
55,000
3,000
96
Feb
10634
Jan
10434
10424 10534
60
85
79
5334
Jan
70
6934
7834
4,000
64
Feb
78
3,000
75
Feb
82
Jan
8634
7 9 24
10.000
83
Feb
9024
Jan
4,000
7734
Mar
85
Jan
7334
4,000
73
Mar
8434
Feb
16
1634
10434 105
10734 10724
33,000
1424
Jan
14,000
103 34
Feb
10624
Jan
10534
10724
102
103
24,000
101
Feb
106
Jan
98
7834
6234
6534
7834
84 34
77 34
73
"6534
16
104 34
102""
"9924
98
6,000
6,000
97
Feb
102
7924
Jan
Jan
9924 10134
7924
8234
36
'104
34
4,000
Jan
Jan
104 34 105
64,000
6,000
79J4
Mar
22,000
3634
Mar
104 34
107 34
Jan
Feb
10334
8924
3934
10534
10724
"~9",666
105 34
Jan
107
8834
Mar
*107 34
"loe"
106
Feb
19
9924
10634
35
Feb
8834
91
21.000
9734
65
9724
36,000
96
Feb
65
6534
8,000
65
Mar
2034
*2334
2234
2034
27
2334
2034
8,000
20
4,000
2034
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Mar
9634
10534
Jan
Feb
Jan
73
Jan
♦Prov Banks 6s B.-1951
*25
♦6 series A
Danish
19
Jan
21
Feb
Jan
5834
Feb
106
Jan
107 34
Jan
10734
Feb
10754
Jan
10034
Jan
10124
Mar
5,000
2024
Jan
2124
Jan
Mar
65
Jan
130
Jan
13734
Mar
10334
103
11024
Jan
113
Feb
6,000
105
Feb
107
Mar
105
1978
9,000
0524
103 34 11334
103 34 10434
10224 103
10534
9924 10024
6734
17,000
35,000
10534
24
Feb
27
Jan
28
Mar
*25
28
25
Jan
1955
99
100
28.000
99
Mar
10134
9934 100
39,000
9934
Mar
10034
Jan
5334
Feb
5934
Mar
1953
5s
Feb
Danzig Port A Waterways
External
*4034
2034
1962
634s
21
1924
Jan
22
Feb
1947
20
21
7,000
1924
Jan
23
Mar
1939
♦Secured 6s
♦Hanover (City) 7s
21
23
2,000
20
Jan
23
Mar
Mar
*20 34
1134
♦Hanover (Prov) 6348.1949
♦Lima
45
(City) Peru 634s.'58
♦Medellln 7s series E.1951
734
7334
22 34
1134
734
Jan
22 34
12",066
1134
Mar
17
17
1958
♦Maranhao 7s
13,000
1,000
Jan
1334
1834
724
7334
9,000
1634
734
Jan
9
Feb
28.000
64
Feb
77
Mar
6,000
21
Feb
2334
Mar
Jan
23
Jan
"2",000
14
Mar
1534
Jan
19,000
9734
Mar
102 34
Feb
19
Jan
Feb
Mtge Bk of Bogota 7s. 1947
11124 112
10534
28
Jan
1952
534b..
♦Mendoza 4s stamped. 1951
Illinois—
1956
Feb
Jan
7
Jan
48
32,000
Feb
80
10
Feb
10,000
13734
76
8034
934
70
75
Feb
2134
135
6% perpetual certificates
Feb
75
61
"5,000
2134
Mar
2134
*8
108
6,000
52
23
2334
Mar
*60
100
6324
10034 101
52
Jan
Jan
Jan
1724
*60
♦Issue of May
4,000
103
4,000
10334
Feb
10434
10434
22.000
10224
Feb
104
♦IssueofOct
10424
Feb
10634
1927
Mtge Bk of Denmark 5s '72
♦Parana (State) 7s
1958
2224
*2334
14
9734
♦Rio de Janeiro
634s..1959
Govt 634s—1919
♦634s certificates—1919
♦534s
1921
♦534b certificates
1921
♦Santa Fe 7s stamped. 1945
—1949
♦Santiago 7s
72
2334
25
14
*1134
97 34
8
724
*24
1634
18
99
834
834
3,000
8
Mar
10 34
Jan
8.000
724
Mar
24
Jan
Mar
34
Jan
1034
34
34
1
e'f.ooo
24
34
11,000
53
5534
3,000
4,000
53
1224
1224
1234
6,000
1134
3.000
1134
1
Jan
Jan
24
34
34
Jan
Jan
Mar
Mar
24
Feb
1334
1334
Mar
Jan
Jan
65
Mar
Feb
10134
6934
6534
2334
Jan
11,000
1927—
♦Mtge Bk of Chile 6s. 1931
6s stamped
—1931
♦Russian
1st A ref 434s ser F.1981
4348 series 1
1960
Jan
90 34
1952
Jan
Public Service of N J-
1980
10424
1947
Mar
2.000
16,000
*10724 10824
6s. 1954
434s series D
4348 series E
Mar
66
♦German Con Munlo 7s '47
70
Serv of Nor
Jan
94
1948
Cent Bk of German State A
Jan
Mar
70
1st A ref 5s
10034
6334
♦Cauca Valley 7s
Jan
83
6s series C„_—1966
Mar
Buenos Aires (Province)—
3424
113
Pub
84
9824
27,000
105,000
63
1947
Mar
634s.- 1972
Electric
Mar
71
-..1951
Mar
Phlla Rapid Transit 6s 1962
♦Prussian
84
53
9824
-1937
♦20-year 7a
Mar
83
1961
Potrero Sug 7s stmpd. 1947
Power Corp (Can)434sB '59
5734
5,000
6034
1966
♦Baden 7s
7434
83
|*Peoples Lt A Pr 5s. .1979
Phlla Elec Pow
Feb
13,000
5334
8634
*24
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
31
1961
4s series D
Feb
61
74
foreign government
8434
1981
B
8034
70
63
2030
*York Rys Co 5s
1,000
Peoples Gas L A Coke—
4s
Jan
Feb
6534
6034
Yadkin River Power 5s '41
I
10,000
89
80
10034
1954
D
Penn Water A Pow 6s. 1940
78
36,000
Feb
Feb
Mar
Penn Ohio Edison—
Penn Pub Serv 6s C..1947
Jan
Feb
Feb
7524
and municipalities—
114J4
Pacific Invest 5s ser A. 1948
Palmer Corp 6s
Mar
Mar
80
10424
Feb
8634
6,000
88
10034 10124
91
19,000
10634
10634
6834
25
Wheeling Elec Co 5s.. 1941
Jan
Pacific Gas A Elec Co—
1st 6s series B
3134
Wash Water Power 5s 1960
102
Mar
Feb
106 34 10734
45
51
1951
9634
95J4
9924 10034
10324 104
*
86
104 24 10424
10434 105
Mar
4624
10424
2,000
9034
94
1958
12,000
3,000
35
48
Jan
9,000
45
4624
10534 10534
10424 10534
94
"8434
1954
Wash Gas Light 5s
Wash Ry A Elec 4s
3524
3634
10724 10724
10524
Jan
Hotel—
89
9534
1970
North'n States Pow
75
64
5334
1946
Waldorf-Astoria
Mar
West Penn Elec 5s
.1966
Jan
Jan
i960
Jan
S—
C
56
39
534s A..1946
♦6s Income deb
1956
Mar
43
1944
Va Pub Serv
No Amer Lt A Pow—
Nor Cont'I Utll 5348—1948
No Indiana G A E 68.1952
4124
10,000
1973
434s
Jan
Mar
1952
Utah Pow A Lt 6s A..2022
Feb
Feb
8.000
Nippon El Pow 6348-1953
20,000
48
...1974
6s series A
New York Penn A Ohio—
♦Ext 4kb stamped.1950
4634
Jan
46
45
10534
1959
Un Lt A Rys (Del) 634® '52
United Lt A Rys (Me)—
Jan
3,000
634s
634 s
6s series A
534s 1950
Jan
Jan
United Lt A Pow 6a... 1975
82
6824
Jan
56
Feb
1956
80
6824
♦Income 6s series A. 1949
55
Mar
72 34
♦United Industrial 634s.'41
♦1st 8 f 6s
....1945
29.000
Jan
42
5434
3034
Conv 6s 4th stamp. 1950
United Elec N J 4s..-1949
United EI Serv 7s
Jan
90
44
18,000
55
Ulen Co—
Feb
Mar
46
90
7,000
47
Jan
Jan
Jan
Feb
45
Feb
47
17,000
90
44
55
Mar
2022
5734
5724
58 34
Jan
31,000
5134
1942
23,000
Mar
Mar
107
Feb
5134
10434
"e'ooo
Feb
20
1962
Jan
Jan
4834
4834
4524
34
4234
*45
4234
55
62 34
7034
Twin
10534
3834
"7134
6s series A.
Mar
43
5,000
City Rap Tr 634» '52
7534
4624
7634
8034
97
82,000
Toledo Edison 6s
93 34
47
104
1,000
49
25,000
Feb
Jan
4624
"7634
Jan
97
23
Jan
Mar
1948
3348-1961
79
45
~83~~
70
5s
Debenture 534 s
1954
New Orleans Pub Serv—
Feb
20
Tide Water Power 5s._ 1979
Tletz (L) see Leonard
83
32,606
Jan
6634
3834
1970
Texas Elec Service 5s. 1960
Texas Power A Lt 5s. .1956
Jan
Jan
5,000
20
634s._1953
Feb
95
62 34
Tenn Puolic Service 6s 1970
Ternl Hydro-El
Feb
23.000
Nelsner Bros Realty 6s.'48
5s stamped
534
7334
Nebraska Power 4348.1981
New Eng Pow Assn 5s. 1948
94
6934
i*Nat Pub Serv 5s ctfs 1978
N E Gas A El Assn 5s. 1947
9134
71
2030
6s series A
434s
Feb
3834
1946
Super Power of 111 434a.'68
Jan
85
4124
62 34
Tennessee Elec Pow 5s 1956
8934
N Y Central Elec
75
110
64
73
"i~9"666
42
Stlnnes (Hugo) Corp—
2d stamped 4s
..1940
Jan
10934 110
1944
New Eng Power
100
Mar
56J4
44
4234
♦Starrett Corp Inc 6s. 1950
13,000
10634
Mar
97
Standard Inveetg 534s 1939
I Standard Pow A Lt 681957
Power—
534s
6s series
Feb
9634
♦Munson 8S 634s ctfs.1937
Nassau A Suffolk Ltg 6s '4ft
Deb
88
Jan
47
68
4124
8034
Mar
104
10724
68
42
Jan
Mar
Mar
110
Jan
10434
9824
44
Jan
10634
10634
10634
Jan
10434
4,000
11,000
12,000
Jan
♦Certificates of deposit
Debenture 6s
1951
Debenture 6s. Dec 1 1966
10634
Mar
Jan
33,000
9534
45
Mar
Mar
Mar
6,000
46
10254
10234
7,000
Jma
107
10524
9724
1935
47.000
9534
97
97
♦Convertible 6s
..
High
Jan
92
Jan
.
Low
82
91
93
.
41,000
10424 10424
47
*30
Jan
10324
10224 103
85
21,000
Jan
102 24
Miss Power A Lt 5s
"9134
Range Since Jan. 1. 1938
%
10524 106
10534 106
10534 10534
81
10334
.....
83
Feb
834b '45
Middle States Pet
10424
|»8tand Gas A Elec 6s 1935
♦Certificates of deposit
Mar
1965
4s series G
Mississippi
92
for
Week
High
10834 10934
10534
1960
So'west Pub Serv 6s. .1945
Memphis Comml Appeal—
Deb 4 34s
324s.May 1 1960
S'western Lt A Pow 5s 1957
So'west Pow A Lt 6S..2022
Mar
60
MeCord Rad A Mfg 6s *43
8334
324s B.July 1 '60
Sou Counties Gas
434s 1968
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961
Min A Smelt—
Low
1945
1st A ref mtge 4s
Range
of Prices
Price
Mar
Sales
Wert's
Sale
High
2017
1i
Last
(Concluded)
Low
9324
90
BONDS
Range Since Jan. 1. 1938
$
9734
*23
Lexington Utilities 68.1962
Llbby McN A Llbby 68 *42
High
96
7^8..1946
Long Ialand Ltg
Friday
Week
Sale
Price
Exchange—Concluded—Page 6
Sales
Jan
Mar
Jan
Feb
1961
♦7s
12
Feb
Pub Serv of Oklahoma—
1966
4b series A
Puget Sound PAL 534s
1st A ref 5e series C. 1950
1st A ref
434s
ser
D.1950
9924
'5834
99
Feb
6134
Jan
63
65
6434
4,000
60
Feb
5834
6034
26.000
53
Jan
65
63
Jan
Jan
Jan
•
Queens Boro Gas A Elec—
534s series A
1952
Gas Corp 6348-1953
♦Ruhr Housing 6348-. 1958
J 80
*2634
♦Ruhr
Safe Harbor Water
21
85
80
Feb
93 34
Jan
40
2534
Feb
2824
Mar
21
21
Mar
24
Feb
4348-'79
10924
1024
10934 10934
1124
11
10834
I^St L Gas A Coke 6s. 1947
San Antonio P S Pi B.1958
10434
104 34 10534
102 34
Jan
*130
12834
Feb
11034
1234
10534
12834
*11124
112
Feb
112
the
♦Saxon
Falls 5s—
'52
1955
Pub Wks 6s..1937
♦Scbulte Real Est 6s..1951
*2634
26
Scripp (E W) Co 6348-1943
10134
1951
4034
Scullln Steel 3s
Servel
1948
Inc 5s
107
434s '67
1968
1st 434b series D...1970
Sheridan Wyo Coal 68.1947
102 34
Pow 5s. 1957
7234
8hawlnlgan WAP
1st 434 s series
Sou Carolina
35
26
107
107
102 34
10334
10224 104
10234 103
B
26
10034 10134
4034
4434
25
1,000
10.000
2124
100
Jan
Feb
Jan
Mar
Feb
Mar
Feb
28
♦
28
Mar
102
Jan
50
z
a
Deferred delivery sales not Included In year's range.
year'z rang®,
r Cash sales not Included
y Ex-interest.
not Included in
» Under
n
year's
Ex-d vldend.
No salee were transacted during current week.
Bonds being traded riat.
} Reported In receivership.
0
Cash salee transacted during the current week and not Included In weekly
or
yearly range:
No sales.
Mar
Jan
Mar
rule sales
* Friday's bid and asked price.
Feb
Ban Joaquin L A P 6s B
8auda
10
No par value,
range,
Jan
22,000
4034
Mar
1,000
10624
Feb
10734
Jan
38,000
10534
10524
10424
y
No sales.
Mar
10234
Mar
9,000
102
Mar
Mar
7,000
102 34
5434
5634
3.000
5434
Mar
7134
73
7,000
70
Mar
6324
7734
Mar
Mar
Jan
Jan
Under-the-rule salee transacted during the current week and not Included In
weekly or yearly range:
x
Deferred delivery tales transacted during the current week and not
Included
in weekly or yearly range*
No sales.
Abbreviations
!
.
Used
Above—**cod," certi.lcates of deposit;
-
'cons," consolidated,
"cum," cumulative: 'conv," convertible; "m." mortgage; "n-v,'* non-voting stock;
i 0," voting trusts ertifloates "w 1." when Issued;
'w w." with warrant*
"v
without warrants.
Financial
2018
Chronicle
March
26,
1938
Other Stock Exchanges
f
Sales
Friday
^"*•1
J
L. S -J
_
Molr aJI
M
—.
linl-fk f
^
C >i/tn
innn
U
«r
n
Wyt
1%
OK
Stocks (Concluded)
Par
Bid
Ask
Unlisted Bonds
Bid
Ask
Preferred
for
of Prices
Week
Price
100
Maine Central com
Unlisted Bonds
Week's Range
Sale
Estate Securities Exchange
Real
New York
Last
5%
5%
Internal Commerce Bldg—
Bldg—
1945
St
38th
78
90
29
Place
Income bonds v t e
—
6
10 East 40th St Bldg 5sl953
250 W 39th St BldgS 6s '37
Linotype..*
19%
Narragansett Racing Aas'n
Inc
1
Dodge Corp—
111
77
1
1 I II I
12
.
•
Established 1853
S. Calvert St.
59
Louisville, Ky.
779
1%
226
Jan
5%
2%
Feb
Jan
Mar
50c
2,735
37c
Mar
790
Jan
4%
70
3%
Mar
5
Jan
11
12%
227
11
Mar
50
15%
18%
765
2%
346
15%
2%
1%
Mar
2%
2%
1%
9%
9%
6%
*
—
•
------
Utah Metal 4 Tunnel
20
*
Warren (8 D) Co
*
20
7%
686
75c
18
17%
59
65
260
Mar
6%
75c
Mar
91c
Jan
Jan
2%
10%
11%
Mar
Jan
Feb
20
Jan
16%
24%
4%
Jan
9
100
410
21%
18%
Jan
Feb
Jan
Mar
27
Jan
17%
59
Mar
20%
Feb
Mar
77%
Jan
71c
90c
2,870
71c
Mar
1%
6%
7%
208
6%
Mar
8%
Jan
2%
280
2%
Mar
4%
Jan
22%
2%
22%
55
56
71c
*
Warren Brothers
61
250
59
1
Waldorf System
2
10
75c
*
.
(new)
»
Union Twist Drill Co
5
United Shoe Mach Corp.25
Members New York, Baltimore and Chicago Stock Exchanges
Chicago Board of Trade
Jan
37c
3%
Stone 4 Webster
York, Pa.
Jan
2%
37c
Torrlngton Co
Broadway
Jan
102
Mar
87%
1%
Jan
3%
Suburban Elec Secur com
NEW YORK
Hagerstown, Md.
1%
90%
1%
24%
Jan
3%
1%
200
1%
87%
87%
1%
Mar
19
605
Jan
2%
Qulncy Mining Co
25
Reece Folding Machlne.10
Rhawmut Assn TC
*
Baltimore Stock Exchange
SteinBros.&JBoyce
6
245
4%
Jan
22
Mar
100
Pennsylvania RR
BALTIMORE, MD.
19%
4
1%
9
Mar
14
100
High
Mar
5%
2.50
Butte
Pacific Mills Co.
on
10
1%
Low
100
19
National Tunnel 4 Mines. *
N Y N H 4 Hartf RR..100
Old Colony RR
Orders Executed
Range Since Jan. 1, 1938
Shares
14
1%
4
New England Tel 4 Tel 100
North
5%
14
1%
Mergenthaler
5
6%s
Park
26
Bryant Park Bldg 6%tl945
11 West 42d St 6%B—1945
High
6%
100
Mass Utilities Assoc v t c. 1
B'way
Low
_
22%
1,012
Jan
49
20
Jan
25%
Feb
$10,000
55
Mar
63%
Jan
Bonds—
New York Curb Exchange (Associate)
Eastern Mass Street Ry—
1948
Series A 4%s
Baltimore Stock
Exchange
March 19 to March 25, both inclusive, compiled from official sales lists
Last
Sale
Par
Stocks—
Price
Week's Range
of Prices
High
Low
Range Since Jan. 1,1938
for
Shares
Low
14%
15
522
"i%
%
1%
18%
152
13%
%
1%
12%
291
12%
60
60
63
540
60
36
113
Bait Transit Co com v t c. *
—*
1st pref vtc—
*
Black & Decker com
Consol Gas E L & Pow—*
113
100
6% preferred
1
Fidelity & Deposit
20
Fidelity & Guar Fire.. —10
Houston Oil pref
100
13
113%
Mar Tex Oil.
115
Feb
8%
18%
81
90
174
81
Mar
104%
Feb
35%
17%
%
Jan
32%
"l2"
73
32%
12
14
915
%
20
*
32%
12
%
6%
%
Feb
13"
4,730
x2
100
x2
Mar
13
13
50
13
Mar
2%
Mt V-Woodb Mills com .100
2
100
42
2%
Feb
2%
16%
Jan
3
Jan
2
Mar
Mar
47%
Jan
11%
1%
Jan
9%
1,001
8%
Mar
1%
400
1%
Mar
Owlngs Mills Distillery...!
•if
100
*n
3
Jan
Jan
%
Mar
60
60
64%
129
60
Mar
75
Jan
U S Fidelity & Guar
10%
10
12%
3,745
10
Mar
15%
Jan
30
30
30
12
30
Mar
33
Jan
17
16%
1975
19% $42,000
20%
24,500
19
Mar
Par
81
82%
78
Mar
99%
99%
99%
Mar
Feb
99%
99%
Week
Price
Common
*
(new)
Advance Alum Castings. .5
2%
Aetna Ball Bearing com—1
Allied Laboratories com..*
43
10
"5%
Pub Serv Co pref 100
750
40
40
Adams MIg Co (J D) com*
Adams Oil & Gas Co com.*
10%
5%
5%
2%
5%
3
500
5%
250
120
70
4
4
51%
4%
4,000
5%
%
5%
50
50%
Jan
1%
Mar
%
8%
300
%
Mar
100
8%
Mar
1%
2%
10%
Jan
10%
200
10
Mar
13
Jan
100
9
Mar
13
600
10
.3
"""%
%
8%
8%
com
10
350
10
10
9
9
5
10
10
1
6%
6%
7%
1
4
4
5
14
14
5
19%
Brach & Sons (E J) cap...*
Brown Fence 4 Wire com. 1
"7%
(New)
com..
Class A__
*
Bruce Co (E L) com
Bunte Bros com..;
Exchange
Sates
Week
Range Since Jan. 1,1938
10
10
5% conv preferred
30
Canal Constr Co conv pref*
Castle 4 Co (A M) com. 10
Cent 111 Pub Serv pref.—*
Central 111 Sec
conv
Shares
Low
32c
40c
322
32o
1%
1%
90
1%
Feb
11%
12
120% 128%
179
11%
Mar
5,297
120%
Mar
50
-.100
Boston Elevated
Boston
120 %
1
...*
.100
Herald-Traveller.*
""15%
Prior preferred
100
Class A 1st pref stpd.100
Class A 1st pref
100
Class D 1st pref std.. 100
Boston Personal Prop Tr. *
Brown-Durrell Co
Calumet <fe Hecla
com
4%
Mar
108%
Jan
Feb
124
Feb
51
346
48%
JaD
66
Jan
15%
20%
Jan
3%
Commonwealth
94
Jan
15%
Mar
2%
20
2%
Mar
8
220
5%
Mar
12
Jan
1%
1%
2%
2%
85
1%
Mar
4
Feb
225
1
Mar
2%
Feb
Compressed Ind Gases cap*
Consolidated Biscuit com.l
3
25
3
Mar
5
Jan
Mar
28%
12%
0%
Feb
13 %
200
18
Mar
750
7
Mar
7 r:
Mar
7
Mar
5%
Jan
Mar
18
18
20
650
Jan
8
22%
9%
Jan
Jan
Mar
Jan
Jan
Mar
850
Jan
m
21%
Mar
100
%
Feb
1%
Jan
19
19
19
25
Jan
45%
20%
48%
400
45%
770
45%
Mar
51%
Feb
Jan
Jan
19
150
Jan
5
Jan
%
%
100
%
Mar
6%
%
1%
4,700
1%
Mar
2%
Jan
30
1%
29%
31%
240
29%
Feb
33%
Mar
92
95
240
92
Jan
97
5
1%
5
5%
15%
Mar
Mar
2%
Jan
30
3,050
27
Mar
14
1%
27
49
50
Jan
12%
1%
Feb
5,000
3%
14
27
Mar
3
Jan
50%
3
3
Jan
1%
130
50
%
%
34
Feb
1,150
38%
Jan
59%
Feb
1
550
Mar
1%
Jan
7%
250
%
6%
6%
6%
64
64
98%
64
99
20
40
10
Jan
Jan
65
Feb
Mar
100
Jan
Mar
61%
98%
Mar
1
1%
19,200
10,850
1
2
Jan
Edison—
New
25
22%
22%
24%
17
17
18
300
600
22%
Feb
27%
17
Jan
25
Jan
4%
Feb
3%
6%
Jan
Jan
Feb
3%
3%
4%
4
4
4%
30
200
%
Feb
1
Jan
1,650
1%
13%
Mar
2%
Jan
Feb
Mar
4
Jan
10%
25
Feb
12%
Jan
V t c part shs pref
50
1%
7%
5
1%
Feb
%
%
Mar
Jan
5
1%
1%
4%
5%
735
6%
4%
Conv pt shs vtcB
Cord Corp cap stock
*
250
1%
10%
Feb
6%
Jan
7%
Jan
Cunningham Dr Stores.2%[
13%
%
1%
14%
15%
Jan
2%
Jan
Dayton Rubber Mfg com.*
2%
8%
2%
3
2%
8%
20
400
50
8
Jan
3%
10%
Jan
Jan
Decker (Alf) 4 Cohn comlO
2
2%
200
2
Mar
3%
Jan
45
Mar
9%
2%
Mar
45
48
105
45
Mar
24
24
25%
250
24
80c
30
80c
100
6
6
10
Adjustment
100
2
2
25
Eastern Steamship com..*
3
3
215
*
18%
*
see page
19%
50
100
7%
Consumers Co—
10
_*
cap
60
18
For footnotes
Common
17%
18
Gillette Safety Razor
»
Hathaway Bakeries pref..*
Isle Royal Copper Co
25
4,550
13
2,150
Convertible pref
.*
Cities Service Co com....*
Jan
Feb
Mar
51%
30%
Jan
Jan
1%
Feb
Preferred
Deep Rock Oil
*
23%
7%
Chicago Towel Co—
100
Capital Corp
19%
Jan
%
Preferred..
*
Chic Flexible Shaft com..6
JaD
68%
114%
391
85
45
..100
Employers Group
Jan
%
19%
%
Mar
345
74%
5
1st preferred.
Preferred B
Gilchrist Co..
Mar
3%
5%
18%
Curtis Lighting Inc com.
*
General
14
2%
25
East Mass St Ry—
Common-
600
1%
6%
4% % prior preferred 100
6% preferred
100
16%
6%
22%
3%
7%
20%
14%
149%
118
68%
116
85
East Gas & Fuel Assn—
Common
Mar
1,800
10%
*
25
Copper Range
4
3%
5%
"l%
3
2%
250
3%
5%
Chicago Corp common.—»
6
2%
Mar
7
Mar
2%
100
Jan
8%
8%
1%
Boston & Maine—
Common....
Jan
14%
7
94%
49%
"68%
Jan
Mar
7
*
Central States P & Lt pref *
Chain Belt Co com
*
80c
Chic 4 N-West Ry com 100
Chic Rivet 4 Mach cap
4
85
117
Jan
Mar
11
7
Feb
Mar
Blgelow-San Carp pref. 100
Boston & Albany
.100
Boston Edison Co
100
Jan
6%
1
Preferred
High
.....
pref. .*
Common.
Central S W—
Common
50
1st preferred
Amer Tel & Tel
Mar
13
*
Burd Piston Ring com...1
inclusive, compiled from official sales lists
*
non-cum pref
9%
28
Borg Warner Corp—
Amer Pneumatic Service—
6%
Feb
300
Prior lien pref
.......
Jan
7
1%
Automatic Products com.5
Butler Brothers
Common
6%
Mar
1%
Lewiston
High
Mar
5%
%
Jan
N. Y. Tel. CAnal 6-1541
Low
Jan
4
4%
350
Berghoff Brewing Co
Portland
Price
Jan
56
1%
36%
1
Belden Mfg Co com
Bendlx Aviation com
30 State St., Boston
Par
11%
Mar
JaD
Feb
Bangor
Stocks—
Mar
Mar
99%
Boston Tel. LAF 7010
for
Jan
8
50%
3%
DEPARTMENT
of Prices
7%
350
Private Wire System
Sale
Mar
4%
30
Bliss 4 Laughlln Inc cap. 5
Week's Range
4%
4
%
Blnks Mfg Co cap
Last
Mar
28
1887
Friday
Jan
Jan
2%
5%
4
New York Curb Exchange (Aseo.)
Boston Stock
Mar
7%
28
New York Stock Exchange
March 25, both
Mar
10%
Athey Truss Wheel cap...*
Member»
to
46
Jan
Jan
Associates Invest Co com .4
Jan
Townsend, Anthony and Tyson
March 19
Jan
7%
5
36%
Jan
23%
Bastlan-Bleesing Co com.*
UNLISTED TRADING
60
1,100
8
8
50%
Barlow 4 Seellg Mfg A com 5
Boston Stock Exchange
High
Abbott Laboratories-
Automate Washer
Established
Low
Shares
Feb
99%
4,000
1,000
1,000
of Prices
Low
High
Mar
85
99%
—1945
1950
5%
5%
Range Since Jan. 1, 1938
for
Sale
Stocks-
Week's Range
Aro Equipment Corp com 1
Asbestos Mfg Co com
1
27
1975
A5s flat
16%
19%
Mar
Sales
Last
Armour & Co common...6
Bonds—
B 5s flat.....
CHICAGO
compiled from official sales lists
Friday
Amer
Bait Transit Co 4s (flat) '75
St.,
Jan
Penna Wat & Pow com...*
Western National Bank .20
Salle
Chicago Stock Exchange
Jan
42
*16
2
La
March 19 to March 25, both inclusive,
Jan
57
1%
8%
%
172
8%
com
So.
Jan
2%
42%
1
No American Oil
Jan
7
Feb
xl
X2
2%
1
New Amsterdam Casualty6
10
Jan
Jan
Chicago Curb Exchange
Jan
Mar
Chicago Stock Exchange
New York Curb (Associate)
Jan
81
New York Stock Exchange
Jan
Mar
22
Preferred
Mar
Mar
6%
Mercb A Miners Transp._*
Jan
Feb
5%
6%
%
1
70
Members
Jan
Mar
Jan
14%
20
r
Jan
125
%
Common class A
?ml JLDavls & (?o.
Jan
1
2%
17%
510
5%
%
Second preferred
Feb
Mar
14
5%
t_—*
First preferred
%
1
17%
13%
25
com v
High
Mar
13 %
Eastern Sugar Assoc com.l
Preferred—.
14%
securities
Listed and Unlisted
Week
14%
Arundel Corp
Mfra Finance
chicago
Sales
Friday
8%
20
1%
2021.
17%
27%
6%
8%
18%
27%
335
6%
9%
20
20
20
1%
1%
10
Feb
Jan
6%
Jan
Dixie Vortex Co
1%
2%
Jan
2
Jan
Dodge Mfg Corp com....*
Jan
3%
Jan
Eddy Paper Corp com
15%
27
Jan
23
com
*
Jan
20
Mar
Feb
30
Jan
*
Elec Household Utll cap. 5
Elgin Nat Watch.......15
Jan
61
Feb
19%
19%
10
18%
Feb
20
Feb
21
20
21
Jan
21
Jan
4
4
100
4
Mar
6%
45
pref..*
5%
16
Jan
21
.100
conv
De Nets Inc preference...*
Dexter Co com
5
75c
200
45
10
Jan
15%
9%
15%
15%
50
15%
Jan
16%
Jan
9%
9%
350
Mar
14%
Jan
17%
2%
17%
2%
17%
Mar
21
Feb
18%
5%
6%
FitzSimms4ConD4Dcom *
17%
18
350
3
550
9%
17%
2%
250
17%
Mar
24
550
Feb
7
Mar
4%
Jan
Jan
Jan
Mar
11
Feb
Four-WheelDriveAuto cplO
5%
5%
700
5%
5%
Mar
6%
Mar
5
20
Mar
24
Feb
Fox (Peter)
8
8%
350
8
Mar
8%
Mar
445
1
Jan
1%
2
400
1%
Mar
2%
Jan
393
5%
8%
Mar
7%
1%
Mar
Brewing com. 5
Fuller Mfg Co com
.1
1%
V ohua6
Financial
144
*1^1
Sales
Friday
Range Since Jan. 1, 1938
Last
Week's Range
for
Sals
of Prices
Week
Low
Price
Par
Stocks (Concluded)
2019
Chronicle
High
Member$ Cincinnati Stock Exchange
High
Low
Shares
Markets in
Active Trading
10%
20
S3 cumul conv pref
11%
50
10%
Gardner Denver Cocom..*
50
10%
50
Mar
16
Jan
50
350
Mar
52%
Jan
Gen Finance Corp com
8%
95*
300
Jan
10%
3
3
3%
1,300
3
Mar
4%
Jan
1%
5
1
Genera, Candy clA
1%
1%
1
Mar
2%
Jan
14%
16%
14%
Mar
Mar
23%
8%
Jan
------
4,150
1,150
16
Cincinnati and Ohio Listed and Unlisted Securities
Jan
Feb
------
8%
BALLINGER & CO.
Gen Household Utll—
Common
Goidbiatt Bros Inc com..*
Goesard Co (H W) eom__*
6%
6%
75*
650
6%
Great Lakes DAD com..*
12%
12%
14%
1,010
12%
Feb
5%
Mar
Hall Printing Co com
5%
5%
100
Hamilton Mfg pref par
4%
5%
100
10
A 10
Harnlschfeger Corp com. 10
Jan
F rlday
7
Jan
Last
reek's Range
for
Jan
Sale
of Prices
ow
High
Shares
5%
6%
1,200
6%
Jan
4%
40%
8%
5%
400
Mar
40%
20
4%
39%
9%
com.5
Hubbell Harvey Inc
Hupp Motor com (new)-.l
Fen
11%
Jan
Dow Drug
8%
Jan
9%
Mar
1
9%
1
Mar
2
Jan
Eagle-Picher Lead.
150
5%
Mar
8%
Jan
Gibson Art.
102%
Mar
108
Jan
Goldsmith
18%
150
Mar
29
Jan
4%
4%
100
4%
Mar
7
Jan
Hatfield prior pref.
Hobart A
4%
Joslyn Mfg & Sup com—5
103
...
4%
20
4%
13%
Feb
Feb
Kahn
Mar
4%
15%
16
16
4%
16
50
Jan
14
14
14
13%
13%
14%
600
13%
Mar
18%
Jan
16%
16%
16%
100
16%
Mar
23%
37
37
37%
37
Mar
5%
Jan
9%
Mar
12%
25%
Jan
9%
210
24%
24
91
24
Jan
50
5
Mar
7
50
4
Mar
5
5
5
5
5%
.12
Mar
125
9%
.10
High
Low
3%
4
3%
"24"
5
5%
Jan
Jan
Jan
Jan
30
32
157
30
Mar
9
9
9
70
8
Jan
32%
9%
14
14
14
145
14
Mar
17%
Jan
45
com
3%
4
850
5%
5%
6%
450
Kroger
....
Little Miami Spl..
-
47%
38
45
Mar
49
Feb
Jan
Feb
7%
Jan
National Pumps...
Procter & Gamble.
100
9
Mar
12
Jan
21%
10
20
Mar
28%
Jan
3%
3%
150
X
1%
1,250
2%
500
2
Mar
70
16
Mar
30
Jan
4
Jan
3%
------
3%
%
Mar
Feb
5
Mar
1%
3%
Mar
72
2%
Mar
184
35
44%
Mar
2
Mar
2
2%
US Playing Card..
U S Printing.
175
21%
100
21%
Mar
22%
.10
2%
21%
22%
30
21%
Feb
Mar
2
Jan
5
Jan
Jan
50%
Jan
3%
27
Jan
23%
Feb
Jan
2
85
2
2
.....
Feb
Jan
2%
47%
2
Rapid
10
9
1%
2%
44%
Randall A
21%
9
------
.50
Moores Coney A..
Mar
40%
5%
Jan
3%
5%
150
3%
3
16
16
Jan
Leath A Co—
...*
Common
15% ;
Cumulative preference.*
Le Roi Co com
Llbby—10
15%
1,300
2%
Jan
15%
70
15%
Mar
22%
8%
Mar
10
Mar
9
2%
Mar
4
24%
Mar
30
Mar
3
2%
2%
24%
17%
17%
5
27%
27%
McCord Radiator & MfgA*
5%
55*
%
6
%
6%
6%
3
3
Manhatt-Dearborn com..*
_.*
Marshall Field com
24%
Mer A Mfrs Sec el A com.l
50
3
3
------
7
Feb
Mar
7
Jan
7%
7%
8%
7%
Mar
10
Jan
80
Jan
3
24%
Lynch Corp com..
Mar
6
Mar
25
5%
240
Jan
1,000
*
$3 %
108
6
Jan
40
100
7%
preferred
*
Lindsay Lt & Chem com 10
Lion OH Ref Co com
*
Common
5%
6
Jan
300
5%
Feb
7
8%
7
------
Co—
Lincoln Printing
5*2
6
Jan
8%
10
Llbby McN A
3%
3
—— — —
-
Preferred
Western Bank
Wurlitzer
2
2
La Salle Ext Unlv com—6
Lawbeck 6% cum pref. 100
2
20%
950
17%
Mar
30%
350
27%
Mar
34
5%
%
Mar
450
3,650
6%
Mar
3%
2,700
3
Mar
4%
Stock Exchange
Members Cleveland
JaD
7%
14%
1%
9%
Ohio Listed and Unlisted Securities
Feb
630
Jan
Mar
Jan
19%
19%
20%
180
19%
Mar
24
Jan
2%
2%
900
2%
Mar
3
Jan
5
4%
2%
4%
5%
6,200
7
Jan
%
%
%
12,700
4%
%
Jan
purchase warrants
Mar
2
%
Jan
WOOPcb
GILLIS
Jan
1
*
Preferred
Mlckelberry's Food Prod—
Common
...
....
Middle West Corp cap
Union Trust Building,
Common.
*
Conv
*
preferred A
%
%
3,150
3%
3%
250
------
------
Jan
Cleveland Stock Exchange
3
Feb
Jan
%
Jan
5
March 19 to March 25,
both inclusive, compiled from official
Monroe Chemical Co com *
--—-
Natl Battery Co
pref—-.*
—
—
.
.
Mar
Jan
21
550
520
129%
Mar
16%
16*
30
16%
Mar
16%
21
21%
90
21
Jan
22%
300
4
Mar
6%
Jan
Jan
6%
23%
Mai
Jan
4
6
5%
65t
%
15%
15%
250
18
17
%
2
6%
6%
Northwest Eng Co com... *
9%
9%
Peoples G Lt&Coke cap 100
Pictorial Pap Pkge com... 5
Rath Packing
Co
10
50c
5
com...
Raythen Mfg com
6% prefvtc
------
2%
Jan
Mar
8%
Jan
9%
Mar
9%
60
9%
12%
Mar
50
50
24%
Mar
3%
3%
%
100
3%
%
Mar
550
%
450
%
Mar
95%
190
93%
Mar
%
93%
93%
*
100
Preferred
Mar
13%
%
1
Potter Co com
Quaker Oats Co com
30
137
137
Jan
6%
24%
%
Jan
%
23%
13%
-
3%
%
1
Pines Wlnterfront com
15%
Mar
Jan
2
10
9%
-
Mar
24%
------
—
%
Mar
60
2
6%
-
Mar
17
Jan
140
1,200
200
------
Northwest Bancorp com..*
preflOO
10
3%
300
850
17
North American Car com20
Penn El Switch conv A..
1,560
Jan
Mar
137
Jan
13
Mar
11
Jan
14%
Feb
Jan
4%
1%
Jan
Jan
1%
100%
Jan
141
Feb
Mar
18%
50
16%
Jan
18%
1%
1%
150
2%
Jan
%
450
1%
%
Mar
%
Jan
1%
Feb
1%
%
"
Reliance Mfg Co—
Common
9
9
.10
10
9
%
Mar
9
750
Mar
%
Price
of Prices
High
Low
for
Week
High
Low
Shares
*
Akron Brass Mfg..
Body __._5
Amer Coach &
25
10%
620
9%
9%
10
10
Apex Electric Mfg
5H
9%
5%
5%
20
5%
Mar
95*
Mar
10
Jan
16%
15
Mar
Jan
Jan
Feb
6%
11%
16
Mar
16
250
*
11%
11%
115*
125
11
Mar
12%
Jan
100
65 %
65%
20
65%
Mar
65%
Mar
1
15%
is*;
65%
17*;
2%
270
15%
Mar
20%
585*
575
48
Jan
Jan
Jan
170
25
16
16
With proxy
City Ice & Fuel
Preferred
Clark Controller
—
_
2%
2%
Cleve Builders Realty—
48
*
100
*
48
-*
12
100
Elect Controller A Mfg... *
Federal Knitting Mills. .*
Great Lakes Towing...100
Grelf Bros Cooperage A..*
Halle Bros--.5
Halle Bros pref
100
Harbauer Co
*
Interlake Steamship
*
Kelley IslLime&Tra
*
Lamson & Sessions
*
113
113
113
66
66
70
11*;
11%
11%
266
Cleve Cliffs Iron
pref
Cleve Railway.
CI & Buffalo Transit
Cliffs Corp v t c
%
12
1,419
105*
15
105*
2%
64%
Mar
32
Jan
Feb
%
Mar
12
Mar
18%
Jan
10%
Mar
13
Jan
114
Feb
%
20
14%
%
%
10%
Colonial Finance
275*
25
25
Jan
Mar
25*
Mar
Mar
33
18%
------
Week's Range
Sale
Par
Stocks—
Range Since Jan. 1, 1938
Jan
Jan
129% 1345*
-
National Union Radio coml
Northwest Util 7%
Mar
Last
Jan
Feb
3%
5%
Noblltt-Sparks Ind com..6
Mar
20
Jan
1%
2
4%
27%
4%
100
17
10
1%
2%
3%
--
"
pref *
National Standard com
-
150
400
3%
------
Nat Pressure Cooker com 2
Natl Republlo Inv Tr
-
1%
4
20
—-
129%
Moutg Ward A Co cl A...*
Mountain States Pow pf 100
Feb
1
1%
3%
1%
* "26"
Modine Mfg com..
10
1%
1%
100
100
prior lien
7% prior lien
sales lists
Sales
Friday
Midland Utll—
Miller A Hart Inc conv pf *
Cleveland
A. T. & T. CLEV. 565 & 566
Telephone: CHerry 5050
Midland United Co—
6%
Range Since Jan. 1, 1938
Week
Jan
Katz Drug Co com
Stock
Price
Par
3%
300
30
Sales
Jan
11
50
100
Stocks (Concluded)
6%
5%
102% 103
"""5%
1
Kellogg Switch A Sup com*
Ken-Rad T A Lamp com A*
Kentucky Utll Jr cum pf 60
Kerlyn Oil Co com A
5
Kingsbury Breweries cap.l
Mar
6%
45%
10
1
25
111 North Utll pref
100
Indep Pneu Tool s t c
*
Indiana Steel Prod com—1
Interstate Power $7 pref..*
Iron Fireman Mfg v t c—*
Jarvis (W B) Co cap
1
Jefferson Electric Co com *
Illinois Brick Co
Cln. 363
Tel.
7%
60
5%
5
8%
Sys.
Mar
5%
Heln-WernerMts Pt com 3
------
6711—Bell
Jan
Heileman Brew Co G cap. 1
com25
Cherry
Mar
4%
5%
Houdaille-Herehey cl B—*
Phone
Jan
7%
6%
4%
5%
Hlbb Spenc Bartlett
CINCINNATI
UNION TRUST BLDG.
Jan
Jan
11%
Jan
1%
Dow Chemical pref
.
1
%
%
St Louis Natl Stkyds cap. *
58%
58%
62
60
58
Jan
64
Sangamo Elec Co com....*
16
18
750
16
Mar
27
Jan
McKay Machine
8
8
150
8
Mar
13%
Jan
54
50
54
Mar
Feb
45
60
Jan
70
Mar
100
11
Feb
11%
Mar
25
25
25%
100
25
Jan
29
Jan
30
30
30
10
30
Mar
35
Feb
16*;
16%
16%
15
165*
Mar
17%
30
35
30
Mar
37 %
Jan
J an
Jan
Jan
Jan
Jan
35
1
Jan
5
5
5
5
16
32
32
32
170
30%
15%
15%
15%
100
15'
6%
Mar
44%
Jan
18%
4
4
4%
180
4
Mar
65*
8
Medusa Portland
54
109
8
8
50
8
Jan
105*
18
18
18
100
18
Mar
18
14%
14%
2%
15
175
14%
Mar
132
2%
Mar
18%
3%
2
Mar
Jan
Mar
16
50
Rollins Hos Mills com
Schwitzer Cummins
cap__l
------
2%
Serrlck Corp cl B com
Slgnode Steel Strap—
1
------
2%
2%
Mar
63%
5%
9
Sears Roebuck & Co com.*
9
100
9
Mar
17%
Jan
15
450
14
17
Feb
*
Common
14%
14%
South Colo Pow A com..25
1%
1%
1%
1%
2%
9%
9%
2%
2%
5
9
Standard Dredge com
*
Convertible preferred.20
9%
Standard Gas A El com...*
2%
..10
------
.
15
Jan
Mar
1,500
1%
1%
100
9%
Mar
100
2%
Mar
5%
Jan
5
100
5
Feb
6%
Jan
9%
550
9
Mar
1%
100
Mar
Jan
2%
Jan
3%
13
Jan
13
Jan
23
16
24%
650
22%
Mar
27
Jan
16
24
25
International
Swift A Co
'
9%
Sunstrand Mach Tool com5
Swift
Jan
16%
2,050
16
Mar
18%
Jan
4
Mar
'
Thompson (J R) com
Trane Co (The) com
25
2
—
-
Util A Ind Corp com_._._5
Wahl Co com
*
Walgreen Co common
Wleboldt Stores cum pr pf *
15%
1,100
1%
1,150
%
%
200
1%
1%
650
%
1%
1
1%
250
1
175*
18%
1,150
73%
2%
74
150
3
950
4%
14%
------
1%
*
------
17%
------
2%
Williams Oil-O-Matlc cm *
Wisconsin Bank shs com.*
4%
300
4
1
1
7
pref
---
15%
Utah Radio Products com *
Conv
Metro Paving
*
Cement *
Brick
*
2*2
National Tile.—
-
-
—
-
-
3
Woodall Indust com
2
Yates-Amer Mach cap
5
------
Zenith Radio Corp com..*
10%
4%
3
3%
2
1%
10%
13%
5%
Feb
16%
%
Richman Bros
Selberllng Rubber
*
—3
Eng..5
*
*
Jan
11%
Jan
5%
4
4
4
Mar
10
10
10
35
9
Feb
11%
315*
33
190
31
Jan
36%
Jan
Jan
Jan
Mar
3%
32%
Jan
Jan
31%
25
2%
2%
2*;
60
4%
2%
18
18
29
17
Jan
1
10
10
10%
65
10
Mar
1
Upson-Walton
Van Dorn Iron
%
Mar
%
18
6
6
100
8% cum pref
S M A Corp
*
*
Works
VIchek Tool
Jan
Mar
10
100
34
Jan
Jan
3
11
Jan
Feb
35
6
6
Feb
7
2
Jan
3
Jan
5%
Mar
7
Feb
2*i
2%
25*
100
5*2
5%
5%
125
Feb
1%
Jan
1
Peerless Corp....
%
10
10
10
Mar
Jan
Mar
14%
Packer Corp
70
2
%
%
Reliance Electric A
2%
2
2
Nestle LeMur A.
9
Sou Bend Lathe Wks cap 5
Storkline Furn com.-.
50
Leland Electric—*-—--
Jan
Mar
Jan
Jan
9
Feb
1%
Jan
20%
Feb
Mar
Mar
5%
Jan
Watling, Lerchen
73%
2%
Mar
750
4%
250
3
Jan
Mar
5%
250
1%
Jan
Mar
2%
17%
New York Curb Associate
Chicago Stock Exchange
Stock Exchange
Detroit Stock
Mar
10%
New York
Exchange
JaD
2,500
& Hayes
Member*
Jan
79%
4%
17% Mar
DETROIT
Buhl Building
Jan
Randolph 5530
Telephone:
Cincinnati Stock Exchange
March 19
to
March 25, both inclusive,
Sales
Last
Slnlfi
OULIV
American Laundry
Amer Prod
Baldwin
Price
Par
Stocks—
Preferred
Churngold
------
100
-
*
Cinci Gas A Elec pref. .100
50
Cincinnati Telephone
50
Cincl Union Stock Yard..*
Cincinnati Street Ry
For footnotes see page
/*P5t
High
24
for
16%
153
3%
100
4%
83
24
101
_
8
95%
------
8
95%
4
25
100
101
11
8
96
97%
Low
91
15%
3
4%
24
101
6%
95%
4
100
4
Feb
Jan
18%
3%
Jan
Stocks-
Par
105%
Mar
Feb
9
Mar
Mar
100%
Jan
1
1
Roller....._-----5
Briggs Mfg com
*
B urroughs A dd M ach
*
Mar
5
Jan
Burry Biscuit com
Mar
Mar
31
Jan
80
165
75
Jan
81
11
11%
115
11
Mar
13
for
of Prices
Low
High
Ja n
Bower
12%
Chamb Metal Weath com
5
Chrysler Corp com
5
Week
High
Low
Jan
1,625
1,453
6
Mar
15
15%
280
15
Mar
%
95*
21%
Jan
Jan
17%
16%
195*
Jan
45c
Auto City Brew com
Baldwin Rubber com
1,1938
Range Since Jan.
Shares
Price
Feb
Mar
78%
Week's Range
Sale
5
11
Sales
Last
Mar
Mar
compiled from official sales lists
Friday
High
80
2021.
March 25, both inclusive,
WPCY
yy (x.
Shares
15%
3%
1
*
Champ Paper A Fibre
/)/
UJ JTTkC&o
Low
March 19 to
Range Since Jan. 1, 1938
4%
15%
Mach20
prior pref... ..7
8
Week's Range
Exchange
Detroit Stock
compiled from official sales list8
Friday
6%
"17%
"2%
6%
43
6
50c
7
%
Jan
941
17%
Mar
26
16%
505
J6%
Mar
2
2%
950
2
6%
6%
100
6%
Mar
205*
3%
6%
Mar
49%
1,934
Mar
62 %
Jan
43
43
Feb
Jan
Jan
Financial
2020
Chronicle
March
1938
26,
sr
(?===
Sales
Friday
Week's Range
Last
Par
Irnc
Price
Consolidated Paper com. 10
Continental Motors com. .1
—10
com
Det & Cleve Nav com...10
Detroit Edison
com
Det Gray Iron corn
Det-Mieh Stove
"85*
100
....
85*
1 *
2*
2*
12*
.5
1
"~2%
1
5
2*
com
Det Paper Prod com
Det Steel Corp com
125
14*
High
Jan
14
Mar
1 *
100
3*
11*
1 *
102
3*
Mar
100
11*
Mar
725
1*
Jan
315
85*
Mar
108
Jan
89*
1 *
2*
200
2*
1,065
1*
Jan
12*
170
10*
MEMBERS
Jan
,JK
650 SOUTH
Jan
2
3*
Jan
3*
Mar
Feb
SAN
Jan
Friday
Jan
Last
Week'smRange
Sale
of Prices
Week
502
7*
Mar
1,150
7*
200
1 *
7*
Mar
7*
Mar
10*
5
6
2,610
5
Mar
30
30
430
30
Mar
30
30
32*
38
Jan
3*
4,524
1,800
Jan
3
"36"
Jan
1.00
1,500
3*
IK
12*
Jan
3
1
1
29*
3
Mar
1
98c
98c
Mar
.10
7*
7*
9
350
7*
Mar
*
7%
7*
8
295
7*
Mar
Hudson Motor Car com..*
6*
6*
7*
1,610
6*
Mar
50c
51c
3,000
*
Jan
11*
9*
*
Graham-Paige com
......
Hoover Ball & Bear
com
HoudaiUe-llershey B
Hurd Lock
— —
Mfg com... 1
(Concluded)
Par
High
Low
1
Range Since Jan. 1, 1938
Richfield Oil Corp com...*
Shares
Warrants
Roberts Public Markets..2
5
5
5*
1*
2*
1*
2*
1*
7c
8c
2,000
Jan
Signal Oil & Gas Co A
21*
24*
400
Jan
Sontag Chain Stores Co..*
8*
8*
100
7*
So Calif Edison Co
25
21*
8*
20*
20*
21*
300
20*
25
26
26
26*
800
26
25
25
25
200
24*
10*
Mar
28
Mar
*
80c
60
80c
24
24
5
IK
Mar
3*
Jan
800
Feb
*
Jan
le*
16*
16*
545
*
16*
Jan
18*
Jan
10*
10*
14
900
300
1*
Mar
3*
19*
1*
Jan
Standard Oil Co of Calif..*
28
28
30
1,500
Jan
Sunray Oil Corp
1
Superior Oil Co (The)— 25
2*
27*
2*
2*
27*
27*
6% pref B
5*% pref C
Southern Pacific Co
25
17*
Mar
17
Mar
1
1
1
31c
33c
1,610
1,656
30c
Mar
McClanahan Ref com—. 1
75c
80c
300
*
Jan
6
6
385
6
50c
50c
100
Mar
3*
Mar
Masco Screw Prod com—1
Oil
com
Mich Steel Tube Prod-2.50
'4*
•
Mich Sugar com.....—.*
«, m *»
1
Jan
100
25*
25
Jan
6c
29
Feb
Jan
Jan
12c
Jan
20
Jan
k
Jan
25
Mar
Jan
8*
Jan
400
Feb
Jan
27*
Feb
Jan
25*
21*
Feb
33*
3*
Jan
Mar
2*
24*
Mar
Feb
Jan
Jan
100
27*
Mar
36*
3,200
9*
Mar
12*
Jan
20*
3,600
2,800
18*
6*
5*
Jan
11*
Jan
21*
11*
Mar
Jan
*
1*
7*
*
Feb
Mar
7c
80c
4,858
......
80c
24
54c
2
Jan
Samson Corp B com.....*
2*
1*
17*
Jan
Security Co units ben Int..
Sierra Trading Corp...25c
50c
*
3*
Jan
1*
1
Mar
Jan
soc¬
Lakey Fdy <fc Mach com.. 1
Mali on (It C) A pref.——*
Mar
7*
2*
60c
1,500
"T*
Kresge (88) com
High
Mar
1*
2*
700
2*
10
Kinsel Drug com
Low
5
5,300
1
—.1
Kingston Prod com
McClanahan
Price
vSales
Jan
7*
Mar
ANA
for
Jan
8*
1*
7*
General Motors com....10
Goebel Brewing com
Teletypes LA 477
SANTA
FRANCISCO
Jan
11*
5
EXCHANGE
LOS ANGELES
•
Jan
11*
7*
IK
*
SPRING STREET
16
13*
10*
1*
3
Gemmer Mfg A
&
STOCK
ANGELES
Jan
Stocks
Gar Wood Ind com
LOS
Telephone: VAndike 2201
Jan
Jan
2
2*
12*
Revel Miller
Mar
Mar
Mar
1 *
750
STOCKS
BANK
ANGELES
LOS
Feb
15*
1*
4*
12*
200
......
—*
1
1
com..
Fruehauf Trailer.
IjOW
Shares
~"i%
Ex-Cell-O Aircraft com—3
Federal Mogul com
Frankenmuth Brew
High
14*
1 *
3*
11*
1 *
Crowley Mliner com.....*
DeiseJ-Wam-Gll
Week
of Prices
Sale
Stocks (Concluded)
Range Since Jan. 1, 1938
for
Jan
.2
9*
8*
Feb
Transamerlca Corp
Union Oil of Calif.
25
18*
18*
Jan
Universal Consol Oil
10
2*
2*
1*
1 *
100
M urray Corp com...... 10
"~4 *
3%
3,055
Muskegon Piston Ring-.50
8*
8*
100
8*
Mar
10
4
360
4
Mar
5*
37*
Jan
Feb
Jan
4
5*
8*
4*
*
2*
1*
4*
10
Micromatie Hone com
"
1
—
Mid-West Abrasive com50c
Packard Motor Car com.
*
.
*
Parke Davis com
33*
34*
1,285
1,242
Mar
9
Feb
Van de Karnp's Bakers...*
5*
5*
5*
2
Jan
Wellington Oil Co of Del.l
4
4
4*
500
7*
Jan
Yosemite Ptld Cem pref. 10
2*
2*
2*
1,000
12c
12c
4*
Jan
31*
9
Jan
Feb
100
Mar
5*
Mar
4
Mar
6*
Jan
2*
Mar
3*
Jan
12c
Minind—
Pen in Metal Prod
Reo Motor
'mm
*
*
*
—
8
8
147
1*
—
2
2,175
1*
5
com.....
Rlckel (H W) com
*
"
—1
com.
1 *
IK
3*
2
2*
River Raisin Paper com..*
2*
Standard Tube B com
1
2*
2*
2*
Tlmken-Det Axle com—10
9*
9*
...100
Preferred...
Tlvoli Brewing com
Tom Moore Dlst
103
3
2*
9*
Blk Mammoth Cons MIOc
3*
800
3*
Jan
4*
Jan
3c
4*c
5,000
3c
Mar
9c
Jan
11
Mar
Mar
36*
100
14*
4*
44*
Feb
3
36*
1*
600
2*
Jan
Mar
4
Mar
Zenda Gold.,
1
Jan
Amer Red
Std Sanitary.*
Aviation Corp (Del)
3
11
Jan
Mar
107
Jan
Caterpillar Tractor Co.—*
36*
Cities Service Co————*
10
103
450
2,040
Jan
Jan
2*
2,400
3
11
100
3
100
Mar
1 *
6*
Jan
Commonwealth & Sou
Jan
Curtiss-Wright Corp
Jan
Electric Bond & Share
Jan
General Electric
Jan
International Tel & Tel..*
6*
6*
6*
Jan
Kennecott Copper Corp..*
34*
34*
34*
100
Jan
Montgomery Ward & Co.*
32*
32*
32*
100
New York Central RR.._*
96c
Mar
4*
Mar
100
3*
Mar
1*
Mar
73c
85c
73c
Mar
2
2*
757
2
Mar
25c
25c
500
14
Jan
Wolverine Tube
com
2
5
5
140
5
Jan
6*
2
2,997
11
3
4*
250
2,875
Unlisted—
Jan
3*
1
2
3*
Jan
2
1
3*
3*c
Mar
com
com..
Jan
22c
IK
Wolverine Brew
Warner Aircraft
l*c
Mar
4*
2
Wayne Screw Prod com..4
Jan
12c
4
2
*
lc
800
14
1*
*
B
4,000
12c
3
5*
3*
2*
1*
3*
*
Walker & Co B
lc
12c
Jan
96c
4*
3*
Jan
lc
12c
Mar
4*
3*
1*
1.00
22c
lc
1
9*
99c
*
Mar
10c
2*
1
*
4*
2,000
Calumet Gold
Cardinal Gold
400
103
3*
3*
15c
Jan
12
1,700
2,699
3%
com
Universal Cooler A
Mar
985
1
com
Union Investment
103
Mar
1*
1,325
3*
3
8
Jan
Consol Chollar G & S M..1
Parker Wolverine com—*
-
Feb
*
.1
5
Cfo
*
1
1
Mar
36*
1
Mar
Jan
Feb
2
Jan
1*
1*
1*
200
1*
Mar
1*
Jan
4
4
4
100
4
•Feb
5*
Jan
5*
5*
5*
100
5*
Mar
9*
Mar
45*
Jan
Feb
6*
Mar
36
36
100
36
200
36
6*
34*
29*
Jan
41
Jan
Feb
36*
Feb
Mar
Mar
Jan
Jan
11*
11*
13*
600
19*
Jan
North American Aviation. 1
6*
6*
7*
600
Mar
10*
Jan
Packard Motor Car Co
4
4
4*
200
4
Mar
5*
5*
5%
400
5*
Mar
7*
Jan
Radio-Keith-Orpheum ...*
5*
2*
3
200
2*
Mar
5*
Jan
Seaboard Oil Co of Del...*
19*
200
19*
Mar
*
Radio Corp of America...*
Wm.Cavalier&Co.
Tide Water Assoc Oil... 10
United Corp (Del)
Lot Angetea Stock
2*
2*
*
44*
44*
Warner Bros Pictures
5
4
March 19
to March
Last
Sale
Bandlnl Petroluem Co
Price
Week's
Range
High
3
3*
Barker Bros Corp cbin
*
5
5
Berkey & Gay Furn Co
1
75c
75c
27c
Bolsa-Chica Oil A
_
_
Shares
Low
3
Feb
5
200
5
75c
700
75c
27c
27c
100
27c
Mar
2
2
1,000
300
IK
62*c
4
9*
Feb
Mar
1.00
Jan
47o
Jan
2*
62*c
Mar
March 25,
to
Mar
Last
1,000
3c
Mar
5c
Jan
Sale
18*
18*
18*
300
18*
Mar
20*
Mar
14
14
Mar
18
62*c 62*c
14
15
1.45
1.45
100
1.35
Jan
1.45
49*
49*
49*
100
7*
800
49*
7*
7*
Jan
7*
7*
Mar
500
Mar
100
3*
8*
62*
8*
10*
4*
100
3*
Mar
20
3*
3*
7*
8*
3*
8*
1
v t c..
Feb
1.45
*
Preferred
3*
8*
3*
8*
3*
7*
100
Feb
com
1
General Motors
com
10
62 *c
30
*
7*
General
Paint com
Gladding-McBean & Co..*
Globe Grain & Milling..25
Goodyear T & Rubber—*
Hancock Oil A
8
7*
1
65c
.....10c
7*
4,600
400
200
8
100
4*
300
100
27*
18*
29*
65c
80c
4
;*
5c
com
Holly Development Co
Jade Oil Co
60c 67 *c
30
33
8
4
18*
27*
18*
5c
60c
30
Mar
Mar
7*
Mar
7
Jan
4
Mar
Feb
2,000
18*
25*
2,200
65c
Stocks—•
Par
Mar
Jan
American Stores
Low
High
1,871
Bankers Sec pref
50
Bell Tel Co of Pa pref.. 100
16 K
16*
117
118
200
Jan
Mar
11*
149*
Jan
18*
Mar
16*
Mar
Mar
i.Jan
„
Jan
Jan
Jan
Jan
119*
Mar
Mar
6*
5*
63*
7*
31*
41*
108*
24*
hi
95c
37*
J
Budd (E G) Mfg Co
Budd Wheel Co
*
4
3K
4*
1,035
123*
14*
16*
116*
3*
*
3*
3%
3*
425
3*
Mar
5
44*
5K
50*
1,101
44*
5*
Mar
Mar
25
27
25
Mar
Jan
CurtLs Pub Co com..
Jan
Electric Stor Battery.. 100
General Motors
...10
9
Mar
9
Feb
Horn & Hard
Jan
(N Y) com
Lehigh Valley
5
Jan
23*
30*
Mar
Mar
85c
*25"
30 K
105
95
232
30
5*
874
33*
3,348
Jan
50
3*
3K
23*
4*
215
29*
100*
21*
3*
*
5*
5*
6*
710
5*
Mar
IK
15*
2*
IK
18*
15*
134* 134*
115
115*
30*
29*
10,697
IK
15*
134*
Mar
50
(Phila) com.*
.*
23*
105
10
50
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Mar
Jan
Feb
Natl Power & Light
1,000
5c
Jan
5c
Jan
Pennroad Corp vtc
1,800
6c
Mar
He
Jan
Pennsylvania
50
14c
Mar
14c
Mar
11c
11c
11c
3,450
11c
Mar
18c
Jan
Lockheed Aircraft Corp.-l
Los Angeles Industries
2
6*
2*
6*
7*
700
6*
Mar
10*
Jan
Jan
3*
Mar
3*
2*
3*
3
Los Angeles Investment. 10
Mar
4*
Feb
1
60c
60c
60c
800
60c
Feb
75c
1
90c
85c
1.10
1,900
85c
Mar
1*
Jan
5c
Mills Alloy Inc A
Range Since Jan. 1, 1938
Shares
123* 128 K
UK
15*
9c
Mascot Oil Co...
High
7K
100
Barber Co
5c
3c
3c
3c
1,000
3c
Feb
7c
Jan
Menasco Mfg Co..
Low
for
Week
10
American Tel & Tel
14c
3*
Range
of Prices
Chrysler Corp
Mar
9c
2
Sales
Week's
Mar
14c
400
YORK
30 Broad Street
7*
9c
2,800
NEW
428
14c
Mid-Western Oil Co
& Townsend
8%
1
3*
Price
*
Knudsen Creamery of Pa_.
Lincoln Petroleum Co.. 10c
Kinner Airpl & Motor
1874
Jan
10
Jan
-
Exeter Oil Co A
Jan
both inclusive, compiled from official sales lists
3c
Creameries of Amer
4
Philadelphia Stock Exchange
March 19
3c
Consolidated Oil Corp
*
Consolidated Steel Corp..*
Jan
Friday
Mar
,
3c
Claude Neon Elec Prods..*
7*
1,200
Jan
Mar
62*c
100
Jan
Mar
4*
3
High
6,400
Buckeye Union Oil com__l
Chapman's Ice Cream...*
Chrysler Corp
5
61*
1513 Walnut Street
2
*
Mar
PHILADELPHIA
Range Since Jan. 1, 1938
for
10
Calif Packing com...
Central Investment
Mar
44*
New York Stock Exchange
Philadelphia Stock Exchange
10
com..
B common
Mar
2*
200
Member*
Week
of Prices
Low
3
_._._.
Feb
12*
200
Sales
1
Warrants
14
100
2*
Established
25, both inclusive, compiled from official sales lists
Par
Feb
12*
47
Teletype L.A. 290
Angeles Stock Exchange
Friday
Stocks—
22
San Francieco Stock Exchange
Los Angeles
DeHaven
Los
4
19*
Jan
Chicago Board of Trade
Exchange
523 W. 6th St.
12*
.*
US Steel Corp.
MEMBERS
Sew York Stock Exchange
12*
2*
19*
11*
6*
Jan
RR
PannaSalt Mfg
...50
Phila Electric of Pa $5 pf *
Phila Elec Pow pref
25
Phila Rapid Transit
50
_
7% preferred
50
Phila Traction
!
Reo Motor Car Co
115"
1
*
1.05
1.05
1.05
150
1.05
Mar
2.75
55c
55c
55c
100
55c
Mar
70c
Jan
9c
9c
11c
2,000
9c
Mar
15c
Jan
Occidental Petroleum
1
21c
Transit Invest Corp pref
21c
21c
2,000
21c
Mar
30c
Jan
Union Traction
1
95c
90c
1.00
3,200
90c
Mar
1.20
Jan
United Corp com
lc
3c
3c
3c
1,500
3c
Feb
28c
Feb
*
5*
Preferred
United Gas Improv
2*
Feb
Jan
Jan
29*
1*
1 *
1*
610
3
230
2
7
866
5*
Mar
30*
Jan
Mar
144*
116*
Mar
Feb
112
2*
5*
Jan
32*
Feb
Mar
Jan
2*
Jan
Mar
4*
Jan
Feb
Jan
2
100
15*
19
3,605
Jan
37%
39*
196
10*
37*
7*
2*
24*
Jan
42*
Jan
n«
mi
100
hi
Jan
1
1*
950
2*
3*
2*
1,824
2,017
*
1*
3*
Feb
Feb
Mar
3*
Jan
27*
320
9*
100* 102*
10,822
2
15*
37%
Tonopah-Belmont Devel.l
Oceanic Oil Co
802
6*
8*
2
Mar
Feb
Feb
Jar
Mt Diablo Oil Mng & Devi
Nordon Corp..
1
230
2*
6
*
25
"i*
50
Salt Dome Oil Corp
Scott Paper
;
3,865
Mar
Ollnda Land Co..
Pacific Clay Products
Pacific Distillers Inc
5*
6
200
5
Mar
7*
Jan
1
30c
30c
30c
700
30c
Mar
49c
Jan
10
9*
9*
Mar
14*
Jan
11*
25*
10*
11*
700
10
9*
11*
25*
28
28
Pacific Lighting Corp com*
34*
34*
Republic Petroleum com.l
3*
3*
31*
17c
Pacific Finance
Corp
com
Preferred A
Pacific Gas & Elec com..25
6%
1st
pref
25
5*% Pref
50
Rice Ranch Oil Co
For footnotes
1
see page
2021.
100
25*
100
11*
25*
200
28
100
34*
3*
31*
28*
34*
3*
31*
17c
17c
1,500
4
400
32
17c
Preferred..
Westmoreland
50
*
1%
2%
2K
27
com
..
*
9%
*
Inc
2*
100*
*
Feb
11*
Feb
27*
Jan
Mar
29*
Feb
Elec & Peoples tr ctfs 4s '45
Mar
39*
Jan
Lehigh Valley 4s
Mar
5*
Jan
37*
Jan
17c
Mar
8*
8*
378
500
Mar
9
Jan
Mar
Jan
32
Jan
Mar
99*
8*
11*
Jan
Mar
106*
9*
Jan
Mar
Jan
Mar
9
1
1*
2*
26*
Feb
Feb
Bonds—
1948
6
7
72
72
34,000
1,000
Pittsburgh Stock Exchange—See
page
Feb
7
Jan
Feb
5*
71
72
Mar
1986.
Volume
2021
Chronicle
Financial
146
Sales
Friday
Range Since Jan. 1,1938
Last
st. louis markets
Stocks (Concluded)
Meier & Frank Co.
on
;
Week's
Range
High
23
23
10
23
Mar
40
Jan
10
10
11
540
10
Mar
13%
10%
Feb
17%
6%
Jan
12
Jan
7
Jan
20
Feb
23
35%
91
34
Jan
40%
Burkart Mfg com
1
13%
15
90
13%
Mar
21
10
4%
Mar
5
Jan
32
— ..
26
Jan
*
A
34%
12%
45
27%
Jan
36
20
12%
Mar
8%
Jan
Knapp Monarch com
_
12%
90
27
Jan
328
30
Mar
36
Jan
*
National Oats Co com
com
Southwest
Mar
230
10%
Mar
Mar
15
Mar
17
4
100
Feb
102
16
4%
137
42
Jan
93
Feb
1%
1%
1%
100
56
11%
Mar
5%
2
25
Mar
13%
210
13%
Mar
17
%
3%
Jan
1%
Mar
4%
Jan
Mar
16%
24%
Mar
220
50c
Walalua Agricultural
Mar
1.23
Jan
20
40
Mar
40%
Feb
242
120
Jan
123%
Mar
120% 122%
5%
355
5
Mar
7%
.10
7%
7%
100
7%
Mar
8%
23%
24%
104
23%
Mar
116
4
20
10
10%
387
20%
10
24%
1,040
3,921
14%
17%
77
80
10%
13%
14%
Co 20
T_ 100
Western Pipe & Steel
3%
10
160
2,805
Mar
23
Jan
Mar
83
Feb
Mar
22%
%
Feb
Jan
%
200
%
1,000
%
Jan
1,913
27%
Mar
17
17
17
295
13%
Jan
%
11%
9%
%
11%
8%
%
30
12%
1,611
%
11%
Mar
33%
19%
1%
15%
10
8%
Mar
12%
19
19
20%
2%
2%
31
31
400
14%
14%
27
27
28
Jan
Jan
Mar
Jan
Jan
Jan
Feb
21%
22%
Jan
Jan
11%
Mar
Mar
4%
Jan
41%
Jan
31
Mar
30
266
Jan
1,070
Feb
Mar
125
273
17%
10
9%
6%
2%
4,121
Feb
H
,
Mar
19
1,044
2%
32%
271
273
12,956
1,525
11%
11%
Feb
10%
%
30%
9%
8%
Feb
77
%
%
Jan
Jan
27%
'
Jan
20%
14%
'
.
Jan
Jan
285
Jan
14%
Mar
22%
Jan
27
Mar
32
Jan
Feb
15
Wells Fargo Bk & U
Jan
1
3%
3%
9
50c
40
-
1:
r •:
J
10
Victor Equipment com___l
50c
13%
9%
Jan
1
_
5
25
5
Sterling Alum com
Stix Baer & Fuller com
4,091
Union Sugar Co com
7%
120%
5%
Mar
Mar
Bell Tel pf.100
Mar
%
%
4%
40
Jan
Mar
11
*
170
~
Jan
11
2,262
3%
5
5
w
29%
Mar
10
27%
—
Mar
1,735
•
Union Oil Co of Calif.
Jan
20
11%
10%
Transamerlca Corp
25
31
Super Mold Corp of Calif 10
Thomas-Allec Corp A
*
Tide Wat'r Ass'd Oil com 10
Mar
4%
Feb
Mar
11
77
_.
Jan
56%
Jan
11%
31
20%
_
1,274
54
5%
14%
14%
7%
3%
13%
4%
;
22
20
639
2%
11%
1
Universal Consol Oil
-
20
"V-
Feb
31
50
prefe rel
Mfg Co com
Jan
'
13%
3%
3
-i
56
11%
20
Mar
-
56
1
B
Jan
183
Feb
Jan
Mar
Standard Oil Co of Calif.. *
Jan
7%
5
10
Jan
Mar
So Pac Golden Gate A.
Jan
13
120
134
v.-O'-v'S
91%
1%
2
-
Jan
100
34%
130
■J*
Jan
119%
210
20
2%
*
Securities Inv com..
17%
Mar
205
20
2
Scullln Wts
Mar
450
155
*
.
Mar
15%
4%
15%
4%
15%
91%
*
St Louis Bk Bldg Eq com
Scullin Steel
10%
Feb
15
101%
5%
101%
-
,
Mar
8%
5%
r-'
•
Mar
35
Jan
18
11
15
a
«,
11
Mar
435
5
4%
-
..*
Common
Mar
55
190
10
10%
*
Rice-Stix Dry Gs 1st pf. 100
Jan
8%
9
16
-r
5
105
Southern Pacific Co.— 100
Mar
11%
10%
25
11
8%
15
_
6
130
7%
'
w
Feb
Signal Oil & Gas Co A...*
Feb
8%
*
101%
4%
Soundview Pulp Co com. .5
Preferred
.—100
Jan
8
11
Mo Portland Cem com. .25
70
104
135
Shell Union Oil common.'.*
Mar
32%
32%
31%
7%
8%
105
Schlesinger Co (B F) com.*
Preferred.....
25
Mar
30
15
Jan
91%
5% %
Jan
14%
%12:::;r
32%
Midwest Pipe & Sup com _*
Natl Candy com
5
9
9
20
_
40
35
Rheem
Feb
Laclede Steel com
Mar
135
Roos Bros common..--—1
33
Laclede-Chris CI Prod com*
33%
91%
Preferred
Jan
33
7%
998
Richfield Oil Corp com...*
Griesedieck-W Brew com.*
*
*
35
35
Republic Petroleum
Mar
Key Co com
Jan
33%
135
-
Mar
8
30
28
*
a
30%
Jan
5
10
Mar
100
-
Jan
6%
International Shoe com. .*
25%
——.100
23%
298
com.*
424
103
80
7%
Jan
2,915
26%
100
Mar
118
30%
29%
25%
15%
Mar
Mar
Mar
Jan
28%
27%
4%
.*
3%
113
Mar
33%
Jan
10
Mar
25%
Jan
Jan
27%
104
2%
113
Mar
3,057
Feb
27%
45
113
..
5%
5
Jan
'
25%
150
29
V
—
Mar
195
5
25%
25%
Feb
4
Jan
5%
Mar
16
110
5%
5
5
25%
7%
145
5%
5%
5%
*
3%
29%
7
Hyd e Park Brew com
.25
.
30%
7
Huttig S & D com
.15
.
29%
1
Hussmann-Ligonier
_.
com.
.
3%
Ely & Walker D G 1st pf 100
Falstaff Brew com
_
Jan
Pig'n Whistle pref
—*
Ry Equip & Realty 6% 100
JRayonier common
Mar
_
4
4
545
16
16
4
100
Jan
5
-
16
90
8%
■
0% preferred
Parafflne Cos com-
Mar
430
35%
i
*
70
4%
7%
7%
—;i% — »^•
—
Preferred—
22
_
10%
23
High
Low
21%
Dr Pepper com.
Mar
100
Preferred
1, 1938
Range Since Jan.
for
Shares
*
30%
8%
Pacific Tel & Tel com..100
*
5
2,582
43
6% 1st preferred
25
5%% preferred..- —.25
Pacific Lighting com
..*
6% preferred
*
Pac Pub Ser (non-v) com.*
lists
Brown Shoe com
Columbia Brew com
8%
Mar
Pacific Gas & Elec
Week
of Prices
5
Jan
8%
25%
....100
Paauhau Sugar.
Pacific Can Co.
Mo.
American Inv com
Century Electric Co.... 10
Coco-Cola Bottling com..l
7%
30
i.
Sales
Low
Jan
Mar
145
28
100
com..
Oliver United Filters A
compiled from official sales
Friday
Sale
9%
2,880
7%
3%
Mar
4
4%
25%
i
;
St. Louis Stock Exchange
Last
7%
8%
4%
25%
O 'Connor Moffatt & Co A A*
Telephone Central 3350
Price
7%
3%
*
S%% preferred
(Associate)
Chicago Board of Trade
315 North Fourth St., St. Louis,
Par
Jan
14%
3%
6% preferred
New York Curb
Chicago Stock Exchange
Stocks—
High
Mar
7%
North Amer Inv
all
MEMBERS
March 19 to March 25, both inclusive,
Low
11
351
12
11
11
Shares
High
.10
Natomas Co..
Mid-Western and Southern Securities
St. Louis Stock Exchange
Low
North Amer Oil Cons... 10
Enquiries Invited
York Stock Exchange
Week
Fibres..*
Nat Automotive
Business Established 1874
New
for
of Prices
Price
Par
Marchant Cal Mach com.5
I. M. SIMON &CO.
Week's Range
Sale
Wagner Elec com
*
«
«
27
Yellow Checker Cab A..50
40
Jan
Bonds—
St Louis Car 6s Extd—.
69
tUnited Rys 4s....
-1934
.
4,000
68
Mar
79
Jan
40%
2,000
40%
Mar
50
Jan
20
-_a.—
72
40%
68
~.
1941
tScullin Steel 3s
20%
3,000
20
Mar
28
Jan
Schwabacher Si Co.
Exchange
Members New York Stock
111
Cortlandt 7-4150
& Co.
Dean Witter
Broadway, New York
Private wire to own offices In Ban Francisco — Los Angeles —•
Santa Barbara — Del Monte — Hollywood — Beverly Hills
Private Leased Wires
municipal and CORPORATION BONDS
Members: NewYork Stock Exchange, San Francisco Stock Exchange, Chicago Board ofTradt
New York Curb Exchange
San Francisco
Portland
Tacowa
Fresno
Stockton
Sacramento
Oakland
San Francisco Curb
(AstoJ$ San Francisco Curb Exchange, Honolulu Stock Exchange
Seattle
March 19 to March 25, both inclusive,
NewYork Honolulu Los Angelas
Beverly Hill* Ppsodeno long Beach
Exchange
compiled from official sales lists
Sales
Friday
Range Since Jan. 1, 1938
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Week
Price
San Francisco Stock Exchange
both inclusive, compiled from official sales lists
March 19 to March 25,
hasty
Week's
Sale
1
Stocks—
Par
Price
Range
Week
of Prices
Low
Since'Jan. 1. 1938
Range
for
High
High
Low
5)4
Eng Co.5
5%
Bank of California N A. .80
183 %
182
5
4l 5
Atlas Imp Diesel
5
*
Bishop Oil Co
120%
,120%
127%
669
120%
Mar
55c
55c
57c
2,000
55c
Mar
70c
Anaconda Copper Mln. .50
28%
28%
30%
1,097
28%
Mar
500
25c
Mar
10%
Amer Tel & Tel
30c
1
Calif Cotton Mills com. 100
3%
8
8
Corp com..*
48%
Caterpillar Tractor com.. *
Preferred
—100
.
—
_
pflOO
Mar
636
16 ?|
Mar
19%
Jan
100
t3%J Mar
4%
Jan
130
18
Mar
12%
Jan
8
17%
17%
1,573
48%
110
52% MJan
101
^46%
30
Jan
£102%
Feb
46%: Mar
A62%
Jan
67%
164%
*3
i
20
*
526 %
*8%
T44
Ewa Plantation Co.—.20
Fireman's Fund Insur.-.25
Food Mach Corp com... 10
Klelser A pref25
Galland Merc Laundry...*
Foster and
com.---10
Paint Corp com.. *
General Motors
General
Preferred.
-----
— —
*
Gladding McBean & Co..*
Ltd
*
Hale Bros Stores Inc
*
*
*
Golden State [Co
Hanock Oil Co
Hawaiian Pineapple
Home F & M
InsjCo
10
325
Mar
rjJan
1
5%
28
"Jan
f Jan
4%
Mar
15%
Mar
19
Feb
R690
Mar
Jan
#300
■26%
Mar
225
8%
Mar
14%
34%
10%
46%
~
'
i
60
?34%
Feb
'69
"Jan
36
"Jan
76
fJan
'19% Mar
33
"15%
16
FJan
FIJan
190
115%
10
149
-.21%.
[515
H 31
9 7%
"21 %
100
Mar
Mar
V31
* Mar
7% Mar
(120
7%
$Jan
T25
Mar
7
"Jan
38
9
"28%
23 %
3%
1,105
12%
455
ML29%
648
:26%
?Jan
23% J24%
4 J 34 »
1,029
22%
FJan
29%
20
33%
*Jan
36
Jan
Shasta Water Co com
29%
pref .25
62 %
zTexas Cons OH
1
United Aircraft Corp
5
U S Petroleum
1
Warner Brothers
5
19
Jan
17%
1
1,773
<
350
¥1
4
Mar
1%
Jan
*
2%
500
92
t
Mar
2%
Mar
,*
11%
11%
111%
810
11%
Mar
14
14
114
115
12
Magna vox Co Ltd
I
Magnin"& Co com
2)4
*
15
0%
*16%
" 7%
10
%
15%
195
"Jan
[Mar
17
Jan
16%
Feb
39
Jan
;
14
*
Feb
18%
Mar
6%
Mar
10%
fJan
100
10
1,668
1
Mar
34
1,245
%
%
10
357
.34
34
6%
Jan
30c
Jan
2.05
2,300
1.65
Jan
2 35
Jan
1.95
il
2.10
1,600
1.70
Jan
1%
8,862
1%
1%
100
7%
235
3%
485
Jan
2.35
Mar
2%
Jan
1%
Jan
2%
Jan
7%
Mar
9%
Jan
3%
Mar
1
1
%
10
Jan
Mar
1%
13
Jan
Jan
5%
So Calif Edison 6%
zStearman-Ham
Jan
Mar
5%
44%
Feb
816
5%
Mar
9%
Jan
70
44
41
41
59
Jan
Mar
1.00
Mar
1.50
63c
75c
3,100
63c
Mar
82c
Jan
5%
L5%
5%
1,472
5%
Mar
6%
Jan
12c
12c
18c
1,917
12c
Mar
34c
Jan
7
7
Feb
"~27c
f 27c
63c
'
50
Feb
8%
27c
215
35c
Mar
50c
6
2,076
Jan
Jan
1.80
v: l .80
2.20
4,266
1.80
Mar
3.20
Jan
33%
_33%
36%
832
33%
Mar
39%
Feb
k.8c
8c
9c
3,170
6c
Mar
14c
Jan
>
15c
15c
200
15c
Jan
17c
Feb
"16c
15C
18c
23,300
15c
Mar
38c
Jan
4%
4%
6%
1,790
4%
Mar
9%
8
8
130
8
Mar
10%
Jan
7
7%
470
7
Mar
9%
Jan
30%
50
"7%
29%
6%
29%
6%
6%
100
29%
6%
35
Mar
Mar
8
Jan
Jan
35
Jan
>
10
1.95
2.00
17,039
1.40
Jan
2.00
35c
30C
35c
400
30c
Feb
50c
4
4
225
4
Mar
0%
10
16
16
100
16
Mar
5
1,125
5
Mar
6
6
7
310
9%
9%
35
"24%
24%
4.85
"26%
35
5%
27
4,85
16
Jan
Jan
Jan
Mar
7%
Jan
Feb
6
Mar
7%
85
9%
Mar
10%
115
24%
Mar
27
40
4.75
Mar
5%
Mar
27%
26
Jan
35
Mar
"2"66
zSherwood Swan & Co. -10
Jan
Mar
*2
15
23c
Mar
49%
Schumacher Wall Bd pref—
Jan
Feb
91
34
—
13%
1
Langendorf Utd Bak A—*
10
Leslie Salt Co—
LeTourneau (R G) Inc.-.l
Lockheed Aircraft
1
Amer
"4%
2%
Hutch Sugar Plant.
Pennsylvania RR—,—50
"Feb
15%
15%
Mar
17c
100
...
11% FJan
"3 4
10
10
Preferred
10c
700
5
Packard Motors
Feb
50%
1,400
185
.
Riverside Cement Co A
Honolulu Oil Corp---.--*
Hunt Bros com
—
Mar
10
12c
20c
1.00
—
Radio Corp of
12
28
FJan
.
Feb
870
34
Jan
.
Feb
8%
«
.
1
Preferred....
.—-1
Kennecott Copper Mln——
zKlnner Air & Mtr___
.1
Kiel ber Motors
10
M J & M & M Consol.-.-l
Mountain City Copper..05
Nash-Kelvlnator Corp...5
North Amer Aviation. —1
Oahu Sugar Co
---20
Plaa Sugar Co
---20
Onomea Sugar Co
..20
zP C Cst Agregates
10
zPacific Distillers
-1
27
25 9
**3
334
12
1.00
—
— —
|8%
25
'
Mar
23%
US
IS
Feb
34%
1,496
""12 1
Jan
Feb
T43
70%
125
Rlan
Mar
"10%
*19%
I 7)4
International Tel & Tel
20
'31
980
Jan
50%
_49%
—
Italo Petroleum
5
70)4
115 %
421 )4
131
Jan
49%
Holly Development
"Jan
*"747
J|ll
126%.431%
17%
60
3%
1
Mines.—1
zlnternational Cinema
1
z
12
3
j{17
Mar
'5%
Idaho Maryland
73
20
10%
Jan
5%
"
Mar
j
*8%
yJan
Mar
Hobbs Battery Co A
LjJan
3
15%
5%
3,197
7%
41"
8%
3%
19)4
.
Feb
t,3%
'
590
475
300
/350
PJan
Curtiss Wright Corp
Domlnguez Oil Fields
'.64)4
4,294
«
4 Mar p32
103
21%
4% 14%
*44
34)4
Fireman's Fund Indem.-lO
*
30
| 'Uan £106%
33
"Jan
28% [Mar
10
3
414% cum prefjww—50
Emsco Derrick & Equip..5
*
X'376
20
4%
250
* 105 4
164 %
15%
71.10)4
87
205
28% ^28%
105
105
Mar
,
Great West El-Chem com.
*46%
430 4
Jan
3%
4
10c
*
Electric Bond & Share—5
.101
3%
^50%
1
j Mar
jLMar
30
Mar
170
'
10
34
46 %
3
3
12%
7%
100
-100
Emporium Capwell Corp.*
1 Jan
4.25
13%
—
20
-—*
*
*
97
17
Mar
1.90
Consolidated Oil
966
Fruit com...10
Eldorado OH Works
"Jan
87
9)4
-
f|Jan
50
Mar
2.00
20c
"lie
-
37%
3%
-
24
.
Jan
12%
225
12
1
1
zCentral Eureka Mln
1
zPreferred-. i . -i-1
Cities Service Co com-.100
Claude Neon Lights—
1
_
Jan
165
2.50
zCarson Hill Cold
|87 J
*8%
L.—-
17% jMar
Mar
•'47%
"3%
zCardinal Gold Mln
C34
|3%
.
Calif Ore Pwr 6% pref .100
Jan
9%
'190
5%
8)4
.
Jan
Mar
Mar
3%
S3 pref
Doernbecher Mfg Co
Bunker Hill&Sull
Mar
5
Preferred
Feb
65
28 %
Di Gio-gio
£4
1182
*
Creameries of Amer Inc..1
Crown Zeller Corp com
Jan
75
Jan
13
l'vvs
1
2%
87
Cons. Chem Indus A
-
Bancamerica Blair.
34
101
10
Cst Cos G & E 6% 1st
Jan
490
•
5
Chrysler Corp...
Clorox Chemical Co
19
,
4fT0
Jan
Jan
2.50
2.50
Arkansas Natural Gas A—.
5%
47%
17%
i—50
Calif Water Service pref 100
Calif Packing
Preferred
Jan
15%
3)4
14%
3%
13%
Mar
"2%
*5%
30c
36
Mar
12%
Anglo National Corp.
Mar
9%
.13
1,150
1,016
186
j
1#
14 %
Byron Jackson Co Calaveras Cement Co com *
3)4
6H
2%
2%
Assoc Insur Fund Tnc--_10
*
650
14
13
13
240
Mar
100
10%
Argonaut Mining.-.-----5
GoldjMin.lO
Anglo Calif Natl B of S F20
9%
9%
9)4
Alaska Junea
High
10%
---1
10%
zAnglo American Mln
Shares
Low
450
10%
149%
Amer. Radiator & St Snty.
Amer. Toll Bridge
Sales
Friday
.
Shares
Jan
Mar
Feb
Jan
26%
260
20c
25c
1,100
20c
Mar
60c
Jan
93C
90c
500
90c
Mar
1.20
Jan
21%
21%
22%
495
21%
Mar
26%
Jan
1.00
1.00
1.05
975
1.00
Mar
1.55
Jan
4%
660
Mar
7%
Jan
25c
4%
26
4
4
Cash sale,
a A. M. Castle & Co. split Its common stock on
two-for-one basis on March 9. 1937.
ft Ex-stock dividend,
d Stock split up on a
two-for-one basis.
0 Stock dividend of 100% paid Sept. 1,1936.
r Cash sale—Not
included m range for year,
x Ex-divldend.
v Ex-rlghts.
z Listed.
tl& default.
•No par value,
c
I Company In bankruptcy,
reoelvershlp or reorganization. "
Financial
2022
March
Chronicle
26,
1938
Canadian Markets
LISTED AND
Provincial and
UNLISTED
Montreal Stock Exchange
Municipal Issues
Closing bid and asked quotations, Friday, March 25
Bid
Province of Alberta—
Province of Ontario—
Ask
Friday
Bid
1 1948
f47
49
5e
Oct
1 1942
110
Oct
1 I960
f46
49
08
Sept 16 1943
115
116
6e
May
1 1969
95*
97*
4s
June
1 1902
118* 120
105* 106*
92
94
4*s
Jan
4*S
6s
July 12 1949
4*8
Oct
1 1963
15 1906
U3
115
6s
1 1941
Aug
88
84
85
87
Dec
Apr 16 1960
Apr 16 1901
4* s.
4*s
103* 105
102* 104
108
109
1 1968
106
108
May
11961
109* 111
6s
4Mb
Sept 16 1952
106
6s
Mar
1900
113
1
2 1960
Feb
107*
...June 16 1943
73
76
Nov 16 1940
74
77
Oct
73
75
6*8
4*s
114*
1 196!
Bid
Pacific
4s perpetual
0s
4*8
5fl
ill
•
4*s
Sept
1 1940
92*
93*
6s
Deo
1 1954
96
97
1 1900
90
91
July
J
Bid
5s
Ask
Bid
Ask
Canadian Northern Ry—
113
113*
115* 110*
6*s
1 1940
July
Oct
1
1909
118
6s
Feb
1
1970
35
86
10*
107
109
94
96
117* 118*1
89
Feb
Jan
38
1,982
36
Mar
41*
38
110
38
Mar
41
Jan
34
37*
2,230
31
Mar
41*
Feb
26*
35
26*
Mar
31
Jan
51*
57*
7,100
25
26
999
80
10
33
33*
53
50
5
9*
12*
10
50
Mar
62
Feb
24*
Mar
31
Feb
80
Feb
86
Jan
33
Mar
35
Jan
50
Mar
55
Jan
9*
Mar
15
Jan
9*
Mar
16*
Jan
Jan
1,508
3,326
12
41
41
60
41
Mar
50
"l 5*
15
15*
554
14
Mar
18
5*
5
6
180
5
Mar
9*
Jan
17
17
10
15
Feb
17*
Feb
98
98
6
95
Feb
4
......100
*
*
Saguenay Power pref ...100
3
Feb
100
Feb
Jan
60
10
10
11*
2,860
1,265
10
Mar
17
Jan
St Lawrence Flour Mills..*
18
18
18
20
18
Mar
20
Feb
St Lawrence Paper pref 100
28
27
30
776
20
Mar
48
Jan
Shawlnlgan W A Pow
18
17*
Mar
13*
Jan
16
Jan
Jan
120
Mar
3*
_•
A preferred
•
18
19*
2,086
12
12
25
100
105
105
5
.*
9
9
Preferred
02
*
*
12
17
110
Mar
110
Mar
715
59
Mar
09
Jan
55
59
140
~~3H
Preferred
55
Mar
63
10
140
Mar
149
Jan
3
Mar
0
Jan
1.50
Mar
3
Jan
Mar
3
Jan
4*
1 *
15
2
2
......
1.75
7
IOC
Jan
220
1.450
3*
1 *
*
*
B_.
Jan
10*
64
*
Winnipeg Electric A
Mar
7*
Feb
21*
59
140
26
Preferred
105
5*
12
......100
United Steel Corp
Mai-
2*
25
Simon (H) & Sons
Tuckett Tobacco pref.. 100
121* 122
High
Mar
30
12
*
Viau Biscuit..
Grand Trunk Pacific Ry—
113* 114
113
4s
...Jan
1 1902
113*
3h
Jan
I 1902
115* 110*f
6s
87
50
*33 *
Power Corp. of Canada.
Steel Co. oi Canada
Canadian National Ry—
Low
Shar 61
80
*
Price Bros A Co Ltd
High
Sherwln Williams of Can 26
Dominion Government Guaranteed Bonds
..Sept 1 1961
June 15 1955
Feb
1 1960
..July
1 1957
July
1 1909
25*
ElectricRya_s_._.
Penmans
Preferred
4^8
4*8
4*s._.
4*8
"52k
*
Mines
OttawaLH4 Power.. 100
St. Lawrence Corp
Canadian Pacifio Ry—
4*8
Noranda
85
Range Since Jan. 1, 1938
for
n7M>
rr Cc*
OJ rTXCCS
26*
"34"
Niagara Wire Weaving...*
Ogllvle Flour Mills
Week's Range
TjOW
38
37*
*
26
Preferred
Bit
Ask
Ry—
77
78
debentures.
Sept 15 1942 /100* 101*
95
96*
Dec 15 1944
111
July
1 1944
112*
87
Quebec Power
Regent Knitting
Holland Paper v t
Railway Bonds
Canadian
100
...
National Breweries
Ottawa
Prov of Saskatchewan—
Province of Nova Scotia—
i
Mar
4s
86
2 1959
4*s
4*s
June 16 1964
.
Prov of New Brunswick—
Montreal Tramways
Price
National Steel Car Corp..*
Province of Quebeo—
91
Par
Stocks {Concluded)
Preferred
Province of Manitoba—
6e
Sale
111
Prov of British Columbia—
4*s
Last
Ask
Jan
6s
331
2
1.90
2
165
1.50
Mar
17
9*
Mar
7
Jan
2*
14*
Jan
60
Feb
118*
Banks—
Jan
58*
38
58
Commerce
100
163
163*
60
161
Mar
178
Montreal..
100
197
200
86
197
Mar
208
Jan
298*"
298
300
24
297
Jan
305
Feb
174
174
174
50
170
Mar
191*
Jan
Canada
Montreal Stock
Exchange
Nova Scotia..
March 19 to March 25, both inclusive, compiled from official sales lists
Last
Week's Range
for
Sale
Par
of Prices
Price
Low
High
105
Range Since Jan. 1, 1938
Shares
100
m
100
Preferred...
100
Royal
Jan
Week
*
Agnew-Surpaas Shoe
..100
Sales
Friday
Stocks—
58*
50
105
10
Low
9*
Canadian Government Municipal
High
Feb
11
110
Public
Feb
105
Jan
Alberta Pacific Grain A..*
2K
2 K
50
2
Mar
2*
13%
13%
25
12
Jan
13*
Mar
Utility and Industrial Bonds
Mar
..100
Preferred
Associated
Breweries....»
Assoc Tel & Tel pref
*
Bathurst Power A Paper A*
Bawlf (N) Grain
..*
Hell Telephone
100
Hrazllllan Tr Lt A Power.*
British Col Power Corp A. *
B
*
Bruck Silk Mills
*
Building Products A
♦
Canada Cement.
*
Preferred
....100
12
12
12
35
35
35
Preferred 7%
Class B
•
Canadian Locomotive
159*
Feb
3,632
8
Mar
12*
1,022
28
Mar
33*
260
443
158 K 160
9K
8%
28 *
3*
28
29
3*
3*
3%
3
230
43*
7
3*
Mar
166
5
8*
98
3
Mar
Mar
52*
Jan
9
1,776
Mar
12*
Jan
97
98
150
19
107
2
2*
8*
8
30
33
105
8*
Mar
17*
Mar
9%
19
21K
13
Friday
Last
Week's Range
Sale
of Ibices
Mar
19*
3*
176
7*
Mar
12
Jan
30
Mar
30
105
Mar
2,347
1,535
1,145
40
Mar
7*
Mar
11*
Jan
18*
Mar
23*
Mar
U
Mar
20
Jan
Mar
106
Mar
20
100
5
17
17
65
16*
25
103
Jan
Beauharnols Pow Corp
*
Jan
Belding-Cortl 7% cm pflOO
Brewers A Distill of Van. .6
9K
9K
2%
10*
Jan
10*
2,445
2*
Mar
4*
Jan
Brit Amer Oil Co Ltd
1%
2K
2,325
1.50
Mar
4
Jan
British Columbia
8
8
6K
5*
8
Feb
10*
Jan
Mar
5*
Mai-
415
6*
Mar
11*
Jan
5,022
49*
Mar
64*
Jan
Crown Cork A Seal Co...*
16*
16 K
17
100
Distill Corp Seagrams
Dominion Bridge
*
12
11K
13*
•
25
24
27
1,100
16%
17
450
148
10
7*
Dominion Coal pref.... 25
Dominion Glass pref
100
*
*
7,558
920
17
*63 *
Jan
8*
Low
High
Range Since Jan. 1, 1938
for
Week
Low
Shares
1.26
Jan
1.25
1.55
4,282
1
20
11
982
10
Mar
19
Jan
56
994
49
Mar
65*
Feb
2*
Mar
4*
2%
~~3~K
"6%
3 K
155
3
4
931
3
Mar
10
132
Feb
131K 131K
6 K
6%
20
18K
Jan
7*
1,511
18
Mar
21*
11
5
10
Jan
14
Mar
Canada A Dom Sugar Co.*
63
63
10
67*
Jan
68*
Feb
Canada Malting Co
18 K
687
5*
30
142
Mar
36
107
48
103
Jan
110
Feb
6
50
6
Mai-
6
Mar
27*
Mar
Jan
Jan
Cndn Dredge A Dock
16*
Mar
26
Jan
Cndn Industries B._
Feb
145
Feb
15
1.00
1.00
95
1.00
1.00
1.00
12
1.00
*
Preferred
1.10
*
16*
9*
Mar
16*
Jan
4*
Mar
10
Jan
Cndn Power A Paper In v. *
Jan
85
Jan
Jan
70
Jan
Feb
150
Feb
2,015
5
80
63H
63%
116
65
146
5
150
6
350
5% cum pref
Can
Vlckers
•
175
1.10
Mar
14*
Mar
1.65
18*
Jan
Mar
Mar
25
Jan
34
Jan
15
201
Feb
202
Mar
6
15
33
14
Jan
15
Feb
Feb
1.35
Jan
Jan
2.00
Jan
7
*
Ltd
225
1.30
17
27 K
27K
191
197
*
*
Cndn Light A Power Co 100
Cndn Marconi Co..
1
18,150
Jan
6
29%
15*
Cndn Breweries Ltd
Feb
105
-*
Can No P Corp 7%cmpfl00
Canada Starch Co
100
17*
6%
Jan
Jan
Feb
11
*
32*
12%
5*
133
Packers*
Mar
80 K
Jan
10 K
50
Mar
10%
5K
2*
10 K
11*
145
High
Mar
50
23
80 K
0
100
Dominion Textile
8%
148
Dominion Steel A Coal B 26
(New) pref
100
i*
2K
90
Price
*
55
Dom Tar A Chemical
6%cumprei..
Asbestos Corp Ltd
Bathurst PAP Ltd B
51
...25
Abltlbl Pow A Paper Co..*
2*
2*
*
new
Par
Stocks—
Sales
Feb
105*
51
Con Mln A Smelt
both inclusive, compiled from official sales lists
Jan
2
9*
26
Cockshutt Plow
March 19 to March 25,
Jan
168
100
17
110
330 Bay Street, Toronto
Montreal Curb Market
Jan
Jan
185
105%
8
12%
20
97
St., Montreal
Feb
43
4
James
Sparks St., Ottawa
Feb
115
7*
66
Jan
250
7*
St.
255
Jan
44
40
Established 1883
Jan
18
3*
40
*
Canadian Pacific Ry
Jan
IK
-.100
Canadian Indust Alcohol.*
1.75
IK
*
Rights..
Canadian Converters. .100
Jan
1*
100
Canadian Ceianeee
1.30
HANSON BROS., Inc.
Jan
Jan
1,857
*
Preferred
Canadian Car A Foundry-*
Preferred
25
12*
43*
10*
9K
50
Canadian Bronze
Jan
Jan
7K
.....
12
Mar
10
8*
Canada North Pow Corp.*
Canada Steamship (new).*
Preferred
378
Mar
4%
7
10
8
Feb
8
Feb
4%
5
560
3
Mar
8
Jan
20
65
21
Jan
30
Preferred..
100
Dryden Paper.
_»
4%
Mar
8*
Jan
Catelli Food Prods Ltd
*
3
25
Feb
1.00
50
1.00
Mar
1.25
Jan
5*
6
1.00
4%
Feb
*
*
*
2
10
2
Feb
2
Mar
75c
Celtic Knitting Co Ltd
2
75c
1
1.10
Mar
1.35
Jan
City Gas A Electric
70c
Mar
13 K
East Kootenay Power
Eastern Dairies
Electrolux Corp
1
.....
12
146
12
4
7% cum pref
..*
50c
50c
Mar
*
20c
20c
100
15c
Mar
35c
Jan
90c
1.20
1.180
90c
Mar
1.60
Feb
4
Mar
3*
Mar
4*
6*
12
Mar
15
Jan
Claude Neon Gen Adv
25
2
Feb
3
Jan
22
22
23%
300
21
Mar
21
.Mar
Voting Trust
*
Foundation Co. of Can...*
22
22
23%
11K
605
22*
Mar
23
Feb
980
8*
Mar
15*
Jan
Gatlneau
*
Preferred
100
General Steel Wares
IK
10
8K
.....
*
Rights.
10
IK
9K
9
8%
Preferred...
Puper Ltd.*
Dom Engineering Wks...*
1,024
8*
Mar
10*
371
75*
Mar
84
6*
1,360
5*
Mar
11%
5%
9K
833
9
Mar
17
Jan
Fairchlld Aircraft Ltd
25
53
Mar
56
Feb
Fleet Aircraft Ltd
8*
5
Consolidated
79%
79
Mar
Dominion Stores Ltd
*
Feb
Dounacona Paper A
B
5*
Mar
8*
Jan
3*
Mar
6*
Jan
3
Mar
6*
Jan
6
3%
4
555
3
Mar
6*
Jan
*
5
5
60
4*
Jan
Jan
150
5
Mar
7*
Jan
Ford Motor Co of Can A. *
6
255
4
Mar
8*
Jan
Fr&ser Cos Ltd
6
605
5
Mar
8*
Jan
6
12 *
12%
11*
Mar
14*
Jan
20
20
25
20
imperial Oil Ltd..
*
Imperial Tobacco of Can f>
Preferred
"l7"
20
Mar
11
12
475
11
Mar
16
Feb
96
10
93
Feb
98
Feb
18
4,530
17*
Mar
19*
Feb
Lake St John P A P
13*
14
3,770
13*
Jan
14*
Feb
7
Lake Sulphite
K
725
7*
Jan
7*
Feb
26
Mackenzie Air Service
125
26
Mar
29*
Jan
11,708
2,805
44
Jan
52*
Feb
26*
Jan
31*
Mar
3*
Mar
McColl-F OU 6% cum pflOO
Melchers Distilleries Ltd.*
*
"25""
*
45 K
45 K
49 K
Internat-Pet Co Ltd
•
26 K
26 K
29K
International Power
*
3 K
International Power pf.100
Lake of the Woods
McColl-Frontenao
Mitchell
(JS)
OU
_•
*
12
45
12
135
4
5
4
25
5
6
750
75
11*
4
4*
Feb
4*
Jan
84
Feb
16*
471
15*
Mar
12*
520
11
Mar
10*
Jan
13*
4,135
10
Mar
17*
Jan
37*
5
38
Jan
38
Jan
58
5
60
Feb
70
Jan
1.70
65c
2*
65c
365
225
1.70
65c
Mar
Feb
Jan
4*
Jan
1.00
Jan
31
Jan
3 K
4K
895
3*
Feb
12*
Jan
40c
40c
150
40c
Mar
1.00
MacLaren Pow A Paper..•
9
9*
355
9
Mar
17
Jan
Maasey-Harr 5% cum pflOO
36
36
180
36
Mar
50
Feb
'91%
91%
91*
307
86*
2
2
1
"~5K
5K
6
402
5*
9
8K
10
1,155
7*
Mar
15*
Jan
50
93*
Jan
99*
Mar
25
6*
Mar
11
Jan
24
104*
Feb
106
Jan
Preferred.
18
"3 K
*
10
Jan
Mitchell (Robtl Co Ltd..*
5
Jan
Mar
7*
Feb
6% cum 1st pref
Sarnia Bridge Co A..
18
100
16
2
Mar
Jan
Jan
92*
Feb
Jan
2*
Feb
Mar
6*
Jan
Power Corp of Canada
12
12
2,963
11
Jan
14
Feb
50
50
40
50
Mar
50
Mar
96
98 %
90
98*
Mai
106
Feb
28 K
28
29*
3,656
27*
Mar
31
Jan
•
16*
11*
58
2K
•
Feb
Mar
96
*
Montreal Cottons pref. 100
Mtl L H A P Consol-..
1
80
12
*
*
3K
80
*
Lindsay (C W)_.
Massey-Harrls
GenSteelWares7%cm pflOO
Intl Paints (Can) Ltd A..*
Internatl Utilities Corp B.l
15 K
37%
"ilK
Freiman (A J)6% cm pflOO
17
7K
25
-
*
8*
18*
11
15 K
•
13 K
__£1
Indust Accep Corp
Intl Nickel of Canada
Mar
Jan
Jan
Feb
40
6%
96
35
330
5K
12
"I2"
Feb
1,420
4%
100
30
4%
6
Preferred
50
4%
5%
Howard Smith Paper
•
5%
5K
3,320
12,488
4
"0 %
100
5K
26
75
5%
♦
Holt Renfrew
4
3 K
Hamilton Bridge
Hoi linger Gold Mines..
Voting trust ctfe
4
26
30
3K
Gypsum Lime A Alabas..*
53
4.
26
50C
.....
♦
Goodyear T pref inc *27.50
Gurd (Charles)
*
53
4
•
Mar
Jan
Commercial Alcohols Ltd. *
265
IK
Famous Players C Corp..*
Enamel A Heating Prod..*
17
...100
100
*
Sou Can Pow0% cum pf 100
•
No par value.
97*
6*
6*
104
104*
97*
Volume
Financial
146
2023
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
■
MM
|^:
fikKl
wi
,
Week's
Last
m
Sale
-A':'.
Par
Stocks (Concluded)
Shares
295
1.15
36
36
125
34
Mar
125
18
Mar
19
42c
Mar
670
Jan
9,000
lc
Mar
3Ho
Jan
Calmont
2c
1,000
l>ic
Jan
2Hc
Feb
Canada Bread
32c
Mar
3,250
Mines
19c
21c
:
25
27
Central Cadillac G M Ltd 1
■*»«-,
36
Jan
*
60
60
60
40
60
Mar
72
Jan
100
138
136
138
36
136
Mar
150
Jan
2
Mar
74
Mar
12
Mar
22
5C
Feb
80c
Mar
Mar
25
9,600
57c
13H
Jan
Feb
Canada Permanent
Feb
Jan
10c
30
1.27
Canada Steamships
Can Steamship pref
Feb
Canadian
2
Canada Wire B.
Jan
15c
Feb
Mar
43 He
Jan
Mar
*
50
Breweries
...»
2.12
Mar
3.20
80
1.65
Jan
1.71
Jan
Canadian Canners
Mar
41c
Feb
21Hc
5,700
51 *4
52*4
640
47 H
Mar
60
Feb
1
34
4H
14,900
9,100
4C
Mar
6Hc
Jan
Can Car A Foundry
1 05
Jan
1 68
MaJ
39,950
1,080
1.96
Mar
3.25
Mar
5.25
Mar
6.95
Jan
1.37
114
Jan
19
Mar
23 H
Mar
27H
Mar
35
Jan
Mar
179
Mar
Canadian Dredge
28 H
Mar
17c
Mar
27c
Feb
10
Canadian Oil
C P R
Cndn Wallpaper A
Cariboo Gold
1.14
4,700
1.00
Mar
1.50
Jan
1
50 4
845
46 4
Mar
584
Feb
Lamaque Contact Gold..*
3c
3c
100
3 He
Jan
5c
Feb
Lebel Oro Mines Ltd
7c
8c
4,300
7c
Mar
14c
Jan
Carnation pref
Castle Trethewey
2Hc
Jan
Central Canada Loan.
2c
1
2c
500
lHc
Mar
1
2.65
.100
1
~~55c
Central Patricia..
1
3.75
3.75
4.10
5,000
3.60
Mar
5.50
Jan
Mackenzie-Red
Lake....l
.*■
80c
82c
1,000
80c
Mar
1.05
Mar
Central Porcupine
Feb
■■MW
394
110
55c
73c
15,200
30Mc
Jan
80c
Mar
Mining Corp of Canada..*
1.75
1.75
100
1.75
Mar
2.25
Feb
Moffatt-Hall Mines Ltd-.l
14c
2c
8,500
lHo
Feb
3c
Jan
2,700
Mar
20c
Jan
Conlaurum
*
70c
18c
20c
Montague Gold Mines...1
■
■
1
Pamour Porcupine M Ltd *
Pandora Cad
1
38c
77c
500
75c
Mar
1.14
Jan
Cons
13,850
2.86
Mar
5.40
Jan
Consol
Cons
*
1.30
Mines
1
Smelters
25c
5
Chibougama
51H
Jan
Mar
38
Feb
Mar
2.65
Jan
Crows Nest Coal
Jan
1.77
Feb
Darkwater
4.05
.4.45
1.100
3.90
Mar
5.15
Jan
Da vies
14
14H
300
14c
Mar
17 He
Feb
Denlson Nickel Mines
1.70
Mar
4.05
-w*-
1.83
-»
1.83
300
1.70
Mar
100
15c
Mines
2.35
Feb
5,675
4 50
Jan
13c 13Hc
4.700
10c
Mar
420
Jan
Dominion Bank
4c
7,000
4c
Mar
6Hc
Feb
19c
19c
11H
14
4,495
69
70
20
49
53 H
7,981
Dominion Coal pref
4c
~50"
Dome Mines
1.10
1.40
8,511
1.10
Mar
1.78
Jan
1
2.53
13,025
2 05
Mar
Jan
1.00
1.00
*
22Hc
21c
25c
6,353
19c
Mar
44c
Jan
Sullivan Cons Mines Ltd.l
1.00
90c
1.04
17,325
80c
Mar
1.23
Mar
400
2.95
.......1
1.12
1
4.75
4.60
4.80
Thompson Cad
1
22
21
24
Wood Cad.
1
7.05
7.25
W rlght-Har greaves .......
Mar
Mar
31c
7.25
3.60
Feb
Mar
5.60
Jan
East Malartic..
Mar
38c
Jan
22,450
22c
Mar
43c
Jan
Easy Washing
Economic Investment-..25
8.10
Jan
Eldorado.
Calgary A Edmonton
....
_.
58c
Mar
2.30
1,700
1.95
Mar
3.10
Jan
Famous
41c
4,550
40c
Mar
70c
Jan
60c
80c 65He
5,000
43c
Feb
65 He
Mar
1.04
95c
1.14
10,390
95c
Mar
1.40
Jan
Firestone
1.45
1.65
2,450
1.45
Mar
2.20
Jan
Fleury-Bissell-....
Mar
47 4
Feb
40c
*
*
*
33 V\
1,955
40
36
38
Royalite Oil Co..^
1
Petroleum...25c
Friday
Range Since Jan. 1, 1938
Last
Week 8 Range
for
Sale
0] Prices
Low
High
Week
price
Par
100
1
.........
A
Low
High
•
1.15
Jan
Mar
2H
Mar
19H
Jan
7c
500
7c
Mar
10c
Feb
2c
2HC
3,500
lKc
Mar
4Ho
Mar
20c
20c
700
20c
Feb
26c
Jan
2
Jan
2H
Mar
*
2c
Alton Mines Ltd.....„..l
1
..
2H
*
1,400
840
2H
10
50
14
14
Alberta Pac Grain pref. 100
1.50
12
10
10
10H
Jan
20
Mar
*
Jan
Jan
255
64
Mar
8*4
Jan
455
4 *4
Mar
10
Mar
84
Goodyear Tire..
50
Preferred
20c
Mar
37c
14,035
430
Mar
70c
Feb
Great Lakes Paper
16Hc
Jan
27c
Mar
Preferred. —.'....
Mar
1.65
Jan
Mar
4 15
Jan
7,050
1,050
3.25
18c
20c
15,450
15c
Feb
33c
Mar
1
1
"£hc
5Hc
5Hc
2,000
Mar
10c
Jan
2*4 c
3c
8,200
6HC
2HC
Mar
4Hc
Jan
A ugtte-Porcuplne
Gold... 1
pref
100
25*40
28c
53,300
20c
Mar
Ault & Wiborg
101
101
Bagamac Mines
1
15HC
15Hc
18c
3,850
15C
Mar
27c
Jan
Bankfleld Cons
1
72c
67c
85c
53,853
62c
Jan
1.03
Feb
20
50
Mar
101
57 Ho
Jan
44c
101
60c
Feb
Mar
Feb
50
58
58
Bank of Montreal
100
201
200
202
52
195
Mar
207
Jan
Bank of Nova Scotia
100
295
300
34
295
Mar
305
Jan
100
235
235
12
234
Mar
249
Jan
6
Feb
4.5C
Feb
4H
1.15
*
10
Beatty Bros A.....
preferred........100'
4H
95
4H
Mar
28c
34c
13,450
2ttc
Jan
1.12
1.28
300
5
B
A
Mar
5H
Mar
160 H
Jan
20c
Feb
50c
Feb
15,162
35c
Mar
58c
Jan
"30"
95
9
Feb
11 4
Mar
10
110H
Mar
110*4
Mar
30 H
55
9H
30
10
Feb
30
34
Jan
*
8c
9c
6,200
7c
12c
Jan
8.30
8.75
1,640
8 00
Mar
9.15
Feb
9
—.....1
8*4
9H
5,558
8H
Mar
13
Jan
0*4
6
6H
959
74
21 H
Feb
'~8~. 75
6
3,643
20
Mar
Jan
5
17 *4
Mar
Jan
18H
..
British Dominion Oil
•
18 H
9c
9c
500
9c
Mar
15c
44c
41c
52c
56.906
39C
Feb
68 He
.1
8,020
17HC
Feb
13c
12Hc
14
He
*
*
Mines
12c
Mar
260
Mar
10,500
70,355
7C
Mar
15C
Jan
1.70
Mar
Mar
Jan
1.42
1.23
3
3
"2*20
_
Great West Saddlery
1.05
Jan
65
3 4
v.A
30
30
3
Mar
29
Jan
Feb
5
40
32
97,08f
1.97
Mar
41
2.50
2.17
5*4
5H
Jan
Jan
3.25
Mar
Feb
8
5.35
5.60
5.00
Mar
6.95
Jan
23 H
23
23 H
2
23 H
Mar
23 H
Mar
23
20
21
Mar
24
16
.
4.39C
Jan
18H
16%
194
3.19C
Mar
21*4
Jan
8c
7Hc
9c
42.80C
70
Mar
14o
Jan
14Hc
15c
3,000
13Hc
Mar
22c
-----
4
46
3
Feb
5
35
Mar
&
4
35
35
35
40
Jan
Mar
Feb
Feb
8c
8c
8c
2,500
8c
Mar
20C
15H
15H
16 H
2,415
15H
Mar
18H
Jan
16c
14c
17c
6,500
13C
Mar
21c
Feb
33c
30e
39c
24,600
27c
Mar
53c
Feb
04
Feb
10H
Feb
Jan
84
Feb
84
84
78
265
9
80
218
70
Jan
6H
237
5*4
Mar
8H
10c 12 He
35,000
10c
Jan
23c
4Hc
10,000
3 He
Mar
5c
Jan
43c
25,208
35c
Mar
68c
Jan
18c
15,275
J4C
Mar
27HC
Feb
5H
Jan
35c
1,800
aoe
Jan
43c
Jan
22c
26c
20,600
22c
Mar
40o
Feb
6Hc
5Hc
7c
10,300
5c
Mar
12o
Jan
59
59
Mar
72 4
Jan
53 H
53 H
64 H
197
52 *4
Mar
50
5c
6c
5,000
4C
Mar
9Hc
Feb
5Hc
1,049
5c
Mar
8c
Feb
7c
lie
Jan
65
63
59
Jan
8,500
60
Mar
8
82
12
23
520
44
19H
Mar
20
Mar
33
Jan
20
20
20
20
Mar
25
Mar
11
11
15
10H
Mar
12
6c
8
20
....
pf_ .50
Greening Wire..........*
54
Jan
Jan
—1
1
7c
7c
000
7C
Feb
10c
Jan
76c
70c
86c
27,648
62c
Mar
1.09
Mar
Alabaa..*
5
54
2,060
4H
Mar
84
Jan
Gypsum Lime A
5*4
1
1
2c
2c
500
2c
Feb
3c
Mar
Halcrow-Swayze
1.00
1.00
20
J.00
Mar
1.50
Grull-Wihksne...
Gunnar
Gold
Hamilton Theatres
*
1
Harding Carpets
Hard Rock
Harker.
—
1
3
1.70
3
1.55.
3
173
1.90 262,627
9C
Mar
17C
Mar
300
1 00
Mar
1.40
Feb
8C
Mar
20c
Jan
Feb
14*4
154
420
14
Jan
17H
11
Mar
14H
91 c
Mar
1.40
Jan
Mar
37C
Jan
*
5
*
11*4
11*4
124
5,400
1.01
1.00
1.13
11,075
1
-.1
Sm..*
Hunts A
*
Huron A Erie.....
100
20%-.
100
Imperial Bank.
100
Imperial Oil....
*
Imperial Tobacco....—5
Preferred ..—£1
Intl Milling pref... .^.-100
International Nickel-;
•
International Pete
-*
Intl Ftilfties A
*
Intl Utilities B.....
1
Homestead Oil
Howey Gold
19c
24c
1
Jack Wait*
•
No
par
21c
9,200
23c
25c
14,000
17HC
22He
23 *4
25*4
3,639
22H
17Mc
...
Hudson Bay Mln &
value.
Mar
5,500
Hinde A Dauch
Co
Jan
2.54
40,900
1.01
Holilnger Cons
oil
3H
Jan
1.10
94c ll*4c
15
Home
Jan
Mar
3
1.10
11c 11 He
10c
Gold.. 1.50
High wood Harcee
...*
Hedley Mascot
Jan
lie
*
Brown Oil...
Buffalo-Ankerlte.
40c
22,900
9 He
24
33c
Jan
Jan
28 H
Mar
12
Mar
8
8
5
8
Mar
59
10
59
Mar
0V2
6H
15
6H
Mar
62
195
Mar
18H
11,895
17
Mar
13 H
14H
1,290
13H
Mar
6H
6H
6H
195
195
17
17
13 H
lOi"
101
200
101
75
30
45H
45 H
49 4
18,388
25*4
25 H
29 H
8,522
75
7
"65c
7
65c
65c
100
42c
3.050
35c
99
Jan
Mar
59
-
110H 110H
10
*
100
Traction....;—
Oil
Jan
3
1
Brewers A Distillers
Jan
157H
35c
Mines
Jan
106
384
39c
Brazil
Jan
15
Mar
1,155
30c
Braloroe
1.49
Mar
52,125
30c
Bobjo Mines-
Mar
94
40c
3 H
157H
.1
50
1.09
100
3 4
34
157H 160 H
..*
Bell Tel Co of Canada. 100
Blue Ribbon pref
5,600
10
100
94
100
~
Jan
17c
8c
—
81,610
3.50
78
Jan
14Hc
1
Graham Bousquet
Granada Mines
27c
1.00
10
78
•
30
5Hc
1
1
*
Goodflsh Mining.
23c
*
78
10
15c
34 He
..........
♦
1
.50c
Gold Eagle
50c
28c
6
16c
20c
3.25
Mar
04
0*4
37c
20c
1.15
Mar
33
16H
16c
Mines
44c
3.25
34
Jan
Mar
...—1
20c
9.5c
Jan
94
3He
50c
*
25 H
3Hc
40c
1
59
285
7,370
10Hc
*
101
Mar
1
1
22c
Feb
7c
*
Amm Gold Mines
Anglo-Can Hold Dev....*
Anglo-Huronian.
*
Arntfleld Gold
1
19*4
Mar
Glllled Lake Gold..
Aldermac Copper
1.25
Feb
Mar
3HC
6
Grandoro
206
16M
78
A P Cons Oils..
2,490
Mar
196
125
100
Preferred
Gold Belt.
Feb
12H
...
•
*
God's Lake Mine
7c
1.20
1.25
10
100
.
Gatlneau Power
Go!dale
ADitibl
.
Pete..
Glenora
Shares
60
1,000
General Steel Wares
Salts
Mar
5c
4
Francoeur
both inclusive, compiled from official sales lists
47H
17 H
_.. -.
Fleury-Bissell pref.
Foundation
Toronto Stock Exchange
1
*
..1
Players vot
Fontana Gold......
Ford
Mar
33
*
Fanny Farmer
Federal-Klrkland
2.10
*
75
32
5.45
Mar
53 c
Jan
Jan
10*4
25
Famous Players....
42c
2.10
*
Davies Petroleum
..
3,600
50c
Jan
66 H
33
1.26
1
Equitable Life..
Falconbrldge.
..
Dalhousle Oil Co Ltd
East Crest Oil
Mar
19c
Oil-
46C
16
8Hc
1
4.50
Mar
Mar
73
28
100
Preferred—...
Dorval Slscoe
2,85
6.65
Mar
Mar
11
104
*
Dominion Tar
550
200
19c
Feb
54
16,487
3.05
Teck-Hughes Gold.
25c
88c
20,950
67
Jan
40
23 He
33
Dominion Stores.:
1
3.40
1.39
25
Doin Steel Coal B
2.21
v
Jan
30
Preferred...........100
1.12
•
12c
Jan
5c
Dominion Foundry.
2.40
198
20,250
178H
16H
25
1
Feb
25c
196
197
.100
—1
53c
55c
114
100
Jan
Mar
6,800
73c 196,412
*
Preferred
1.85
2.60
15c
12c
.__*
1
Petroleum
Distillers Seagrams
Feb
.
199*4
29
Mar
Preferred—
Jan
Mar
100
3c
Blltmore Hats
64 H
29
33c
Big Missouri..
Jan
Feb
29
1.48
Klrkland
50
42o
29
Jan
Beauharnola
Jan
Mar
Mar
21c
1,700
2.20
Mar
Bloodgood
16
24
Mar
1st
Mar
Mar
21c
Beattle Gold
3,564
55
1.84
19
1.03
Base Metals Mln
51
Mar
12H
3,200
26c
Jan
1.10
107
14c
—
21c
Jan
11H
130
50
.
210
14
Feb
43c
Mar
20
800
Bank of Toronto
5,480
720
Mar
180
1,500
Barkers Bread
1.35
Jan
26C
7
19
2c
Bank of Canada....
1.15
43c
180
27c
Astorla-Rouy n
8*4
395
20
100
1.37
Ashley Gold
1,200
180
Gag...
25c
Alberta Pacific Grain
30c
Consumers
1.37
__
58c
Cosmos.........
l*4c
Ajax Oil & Gas
46c
Jan
1.02
1
Acme Gas A Oil
Feb
Jan
1
6% preferred
Feb
45c
Feb
San Antonio Gd M Ltd... 1
Stocks—
150
Mar
62o
80
March 19 to March 25,
Mar
26c
2.70
1.87
Co
8Hc
1,800
9,255
4.30
3.15
Okalta Oils Ltd
11,200
Mar
Dominion Explorers
Home Oil
lie
37c
Mar
4c
.
Feb
9o
Mar
1.55
2.75
_
Feb
3.20
30c
8,100
13 He
.......
Jan
Mar
2.00
6,000
*
Brown Oil
2.10
73c
2.90
1.32
1
Sylvanlte Gold
25,910
Feb
104
170
6,725
1.87
.
2.75
2.35
Feb
23,100
1.90
1
Stadacona-Rouy n
Jan
Mar
Mar
2.25
45c
1.40
Red Crest
Sladen Mai
54c
Mar
3.45
2.75
Slscoe Gold Mines Ltd
98 H
170
10
Jan
84
12
35c
1.15
Reward Mining.
Ritchie Gd Mines Ltd
Sberrltt-Gordon.
4,525
12H
13
*
Bakeries.
1
Sbawkey
25
59c
170
Jan
16
74
46c
•
1.16
1
1
Read Authler Mine
102 H
54c
Jan
Feb
1.28
30c
Mining
1.60
1
1
Premier Gold
1.65
1,800
Mar
Mar
10
Mar
10
35c
Commonw'lth Petroleum
3.50
2.00
Placer Development Ltd.l
..
Chromium
5*4
50
2.10
Mar
10
5,536
Jan
44
2.99
Pato Consol Gd Dredging 1
Powell-Rouyn Gold
Mar
77c
;
3.05
—
20c
39
3.05
'
*
Mar
100
2.00
10c
1
Cockshutt Plow
10c
36
5
Mar
74c
6H
170
Chemical Research
McWatters Gold.
7H
29,956
12
102
170
100
.
2.35
Macassa Mines
Mclntyre-Porcuplne
Mar
10
5H
10
*
1.00
1
5H
.25
49 *4
1.00
1
2H
40
98c
2,020
8
24
*
175
25
175
2H
Jan
Perron Gold Mines Ltd.
70
28
27H
175
Cndn General Electric..5u
385
21
19
81c
Mar
Jan
Mar
7H
Mar
Jan
9
Mar
2H
5c
Feb
17H
7H
Canadian
12c
5*4
Jan
6H
Canadian Locomotive. .100
24
Jan
177
Mar
870
Canadian Ind Alcohol A..*
292
Feb
4H
870
Jan
835
Mar
9H
Feb
19,620
18H
7H
13c
25
Jan
8H
55Hc
24
•*
—
Jan
Mar
6H
Mar
8c
'm
Jan
1.70
8*A
194
25
Malartic
J&D
34
7)4
*
Preferred
Jan
Mar
17
10
17
Mar
12c
Pickle Crow Gd M Ltd
160
150
44
7c
6c
—
38
4H
17
28c
10c
Pend Oreille M & Met-
164H
161
1,500
7c
-
15
6,900
w*---•
Normetal Mining
O'Brien Gold..
295
37c
1
Lee Gold Mines
1.20
8Hc
Klrkland Gd Rand Ltd... 1
Hudson Bay Mln A Smelt *
Lake Shore Mines
935
1.25
31c
33c
Francoeur Gold M Ltd...*
Klrkland Lake Gold.
17
8Hc
Fed-Klrkland Mining Ltd 1
J-M Conaol Gold
100
17
~17~~
*
*
2.48
108
1.20
164M
Cndn Bk of Commerce. 100
1,000
5.50
290
16
112
1.25
24
8
18
7*4
18
1.25
7H
240
8*4
2
7*4
18
Preferred
2.60
2.15
Jan
13
Mar
25C
5.25
92H
Mar
1
1.27
Mar
80
25
80
30
Vv 5C
2.18
Feb
155
2,700
5.50
Jan
4H
8
Dome Mines Ltd
1
620
Mar
30
6,600
Falconbridge Nickel.....*
Mar
3H
30
9Hc
Eldorado Gold M Ltd....l
Mar
35c
15
30
Consol Cblbougamau
East Malartic Mines
1.80
6,134
*
Canadian Cannerslstpref20
2d preferred.
3%
18.475
42c
3H
*
20c
Duparquet Mining Co
Jan
2.25
35c
2.00
80
26c
24c
3.10
Jan
Canada Cement
112
2.50
2.50
1
Conlaurum Mines Ltd... 1
35c
100
Canada Malting
Canada Packers
32
7c
7c
Cartler-Malartlc G M Ltd 1
Feb
Feb
Jan
85c
23 H
Mar
Mar
502
Can Malartic Gd M Ltd..*
Mar
20
72c
35c
8c
172
Jan
33c
ȣ:; 8C
1.00
Jan
Jan
613
5,400
25,500
25 H
13
Mar
43c
6c
Mar
20c
8Hc
25 H
20
220
9*4
100
20
52 H
Mar
16c
10,000
7C
10H
Jan
Mar
130
40
3,316
10,700
68c
1,000
2,400
23c
8c
5
Central Patricia Gold
19c
72c
16c
3H
2.05
*
A..
14c
5Hc
Feb
39c
(1936)__ 1
Gold Dredging
"20"
1
Oils
46
Mar
3C
12,440
10H
16c
High
Low
Shares
3He
40
40
*
lHc
45
70c
22c
Big Missouri Mines Corp.*
Bouscadlllac Gold Mines. 1
Bulolo
»
Hill
tc
.
Beaufor Gold...........1
Brownlee
*
Bunker
2c
:
Arntfield Gd Mines Ltd.. 1
Bank Field..
Building products..
3c
3c
Burt (FN)............25
Calgary A Edmonton
*
45
*
*
Range Since Jan. 1, 1938
for
Week
*
Burlington Steel
.1
-
.
Arno Mines...
Par
(Continued)
Buffalo-Canadian
Jan
Feb
444
18
Mar
■
Alexandria Gold
Sales
of Prices
Low
High
Price
Jan
1.60
145
18
"36"
Stocks
High
Low
115
Walkerville Brewery..... *
Walker-Good A Worts (H) *
1938
Week's Range
Sale
Range Since Jan. 1,
for
Last
Week
High
Low
Price
Walker-G & W $1 cm pf._*
H Mines—
Aldermac Copper Corp
Range
of Prices
Exchange
Friday
Sales
Friday
67 4
8H
214
Jan
Jan
JaD
19H
14H
Mar
Mar
6H
Mar
Jan
102 H
Mar
Jan
Jan
524
Mar
Mar
31H
Mar
7
Mar
8H
Jan
60c
Mar
1.00
Jan
53c
Jan
43
25 H
32c
Feb
Financial
2024
Chronicle
March
26,
1938
Canadian Markets—Listed and Unlisted
Toronto Stock
Sales
La it
Jacola
M
Week
Price
25c
49c
Cons
Consolidated
6c
Kelvlnator
125*
Kerr Addison
Kirk Hud
1
1
_.
Mar
United Oils
United Steel
Jan
82c
Mar
5He
Mar
17c
Jan
Ventures
50
12H
Mar
15
Jan
Vulcan 011b
1.35
Mar
2.30
Walte Amulet...
Lamaque Contact
4,517
•
1,900
96c
Mar
1.25
Jan
1.60
29,530
1.28
Mar
2.14
Jan
35H
38H
33
Mar
44 H
Jan
18
18
18H
570
17H
Mar
1«H
Feb
12c
17,800
9Hc
Mar
18c
3H
115
3
Mar
6
108
Mar
6,300
60c
Mar
1.50
45c
Mar
1.50
Jan
Preferred—
—*
15,275
28c
Jan
59c
Mar
Wendlgo Gold
1
51H
5,468
46
Mar
58 H
Feb
Western Canada Flour...*
3
3H
4Hc
100
3
Mar
13
Jan
Western Grocers pref.. 100
108
5,600
3c
•5c
Feb
Westflank Oil
53c
67,950
37 He
74c
Mar
3H
1
3Hc
"46c
59
Cap Gold..
Oro.i.
1.00
7c
9c
Mar
Jan
Mar
57
97c
6,020
2c
8c
1
Mar
65
Feb
1.13
•
10c
9Hc
14c
Westons
9Hc
10Hc
Jan
Jan
4H
112
Mar
16c
79
9,900
12c
15,800
10 J*
9
10
•
Preferred.—.—....100
Feb
108
10Hc
West Turner Petroleum50c
3,751
4,158
9
Mar
14
Feb
10
78
Jan
84
Feb
79
1 He
Mar
9HC
8c
34c
Mar
Jan
14c
Jan
34,500
6c
Mar
15c
Jan
White Eagle..
1,000
lHc
3Hc
Mar
2HC
8,000
I He
Feb
2Hc
Jan
Whitewater
1
5c
5c
2,000
4c
Mar
8c
Jan
70c 83He
79,190
60c
Mar
1.12
Feb
W11 tsey -Coghlan
1
3Hc
3Hc
5,000
3c
Feb
4Hc
6 00
Feb
Winnipeg Electric B
*
1.60
1.00
25
1.60
Mar
2.75
24Hc 30Hc
16,204
240
Mar
43c
Jan
1
Gold
73c
Little Long Lac..
Loblaw A
15
59
97c
98c
1
Lee Gold
45c
59
Jan
1.00
57,475
48
Jan
7.40
99c
80c
49 H
Mar
Jan
6
Mar
4 65
1.28
43c
Walkers...
3
20c
34 H
1.15
Jan
High
Mar
1.28
97c
*
Lapa Cadillac
lHc
......*
Mar
Jan
4.25
4.05
Mar
19H
21 J*
785
19H
Mar
24
Jan
Wood Cadillac
1
26c
18
19
403
18
Mar
21H
Jan
Wright Hargreaves
•
7.00
6.65
7.40
18,265
6 50
Mar
8.20
Feb
3.50
Mar
6 55
Jan
Vmlr Yankee Ctrl.
..»
17c
16c
20c
9.800
15c
Mar
30c
Feb
1.30
Jan
3.90
Mar
28Ho
Jan
49c
Feb
Mar
27c
1
3.75
3.75
4.20
i
3.10
2.75
3.50 221,284
31c
31c
McDougall-Segur.
A
6,615
_.]
MacLeod CockBhutt
Madsen Red Lake
Manitoba
4.80
19
Mines,..
4.20
20 H
B
Macassa
*
Fast
"In
Massey
1
*
Harris
Preferred
11c
5H
100
McCoil Frontenac..
32
12
Preferred
100
Mclntyre
Mines
...6
McKenzle Red Lake...
1,195
19c
9,100
lHc
12
1H
McWatters Gold
*
5
460
*
68c
Mar
4c
Mar
1H
7
Mar
3
2H
Toronto Stock
Jan
Jan
Feb
.
March 19 to March 25,
3,715
4
Jan
Friday
5
Feb
Last
Week's Range
for
Jan
Mar
Sale
Mar
of Prices
Low
High
Week
%
19Ho
7H
Jan
38
775
32
Mar
50
12
1,292
II
Jan
14
Feb
86 H
Jan
93
Mar
45
Par
Stocks—
915*
36
39 J*
4,640
31,250
17c
13.900
12c
74c 203,175
15c
2,100
32c
14c
13Hc
53 c
13 He
36
72c
Mar
Beath A
*
Feb
Brett Trethewey
1
Jan
GftnAria Rnd
*
Canada Vinegars
Canadian Maroonl
*
2
4
4
8c
Jan
Consolidated Paper...
5H
4,917
Dalhouele Oil
♦
Dominion Bridge
»
*
Jan
1
28c
28c
1,000
26c
Mar
38c
Jan
25c
15c
15c
700
15c
Mar
20c
Jan
Moneta Porcupine
Moore Corp
Honey Dew pref
1
1.80
2.10
55,079
1.60
Mar
2.50
Mar
.«•
29 H
30 H
10
Mar
35 H
Jan
Mar
150H
Feb
Mar
17c
Jan
*
Hamilton Bridge
Monarch Oils
Murphy Mines
Malroblc
2o
Mar
3Hc
Jan
Mandy
5H
Mar
7H
Jan
Montreal L H A P
14c
Mar
35He
2Hc
2Hc
3c
4,000
2HC
Mar
4Hc
Feb
Jan
26c
3,900
20c
Mar
38c
Mar
2,675
1 75
Mar
2.15
Jan
Osisko Lake Mines... ...1
Feb
Pawnee-Klrkland
25c
20c
5
1.80
1.75
1.95
Mines
52 H
52 H
57 H
8,483
8c
8c
9c
1,200
1
50
Mar
62
Jan
Mar
69c
Jan
594
23
Mar
32 H
Jan
6
620
5
Mar
8H
Jan
12
90
12
Mar
14
16
16
261
15
Mar
20H
Jan
5H. Mar
9H
Jan
5H
National Steel Car.
1
1
17
29 H
34H
37H
#
W
-.
Mar
lc
12,000
12c
1,100
269
Feb
Mar
lHc
32
Mar
31
Feb
24c
Mar
28
690
76
Jan
Mar
1H
41H
Feb
3
4,000
2Hc
Mar
4Hc
Jan
8
2,000
5c
Mar
13c
Jan
1H
-
Mar
2H
-
-
1H
70
Jan
8
3
W
65
17
28
35H
..
4lc
115
29
•
.
Oil Selections
6H
71
70
1
...»
7
5,000
27
5H
*
32,400
Mar
3H
Jan
43
16
*
225
Jan
Jan
12
1
4,500
21c
1.40
4 00
lHc
5
100
Preferred
5H
....1
Nordon Oil.
4
Jan
23
6
*
Inter Metals A
15H
42
*
14c
New Golden Rose
Nlplsslng....
Humbere tone
5H
*
1
4
25H
#
17c
1
Groceries
Feb
1
Jan
Naybob Gold....
Newbec Mines.
Mar
lc
105
275
1
Jan
National
Mar
2.50
100
250
1
2.49
7C
1.00
200
105
250
4Hc
145
550
2,500
1
Mar
7
Feb
1
Mar
22,600
17H
6
1 60
145
Mar
Coast Copper
2Ho
7c 10Hc
2c
2Hc
15 H
Cobalt Contact
1,200
145
Jan
65
Jau
4,000
*9 He
9c
Mar
9,651
1
12c
Mar
Mar
7c
27H
Mar
18c
3c
Mar
4c
80c
1.90
2
6Hc
24c
7c
100
High
Mar
330
Jan
1.62
1.80
2
12,000
7
Mar
2Hc
KIrkland
Jen. 1,1938
Low
15
Mar
1.62
29 H
6H
6H
15H
.
2Hc
5c
2
Jan
*
A
Range Since
Shares
1.10
...»
Model Oils
Noranda
Price
Saus
Jan
12
Merland Oil
Mining Corp
Mlnto Gold.
Exchange—Curb Section
Mar
32
80
Jan
both inclusive, compiled from official sales lists
9c
60
33,796
75c 86He
""14c
McVlttle-Graham.....
Mercury Oil
15*
3
10c 13Hc
6
5H
90
"36"
18,650
2c
5
3
Mines
24,525
19c
2c
5
Preferred
Maraigo
37c
19c
""2c
,
Maple Leaf Gardens pf__ 10
Maple l.eaf Milling
•
Morris
4H
5.75
1
1.87 120,701
3H
4.80
14c
4,500
3,105
4.80
•
Mar
Low
3H
38Hc
9,600
7Hc
125*
Range Since Jan. 1, 1938
Shares
16c
14c
38c
3H
Laura Secord..
Lebel
40c
Price
Par
"99c
i
Lake Sulphite
Leltch
1.50
Jan
for
Week
70c
Gold
Lake Shore
Lava
15c
Stocks (Concluded)
High
of Prices
Low
High
40c
Hay
Lake
KIrkland
Lag una
1.50
Low
Sharts
Week's Range
Sale
56c 264,850
46c
1
Sales
Last
Range Since Jan. 1, 1938
21.899
24He 28Hc
Exchange
Friday
for
of Prices
Low
High
Mines
Jelilcoe
J
Par
Week's Range
Sale
Stock* (Continued)
Toronto Stock
Exchange
Friday
1H
lc
Jan
2c
Jan
1.51
Mar
2.62
2c
Feb
3c
Jan
Jan
2HC
Feb
8c
Mar
14c
Jan
Pend Oreille
1
158
151
190
1,000
30,622
2
2
2
7,000
1H
1H
5,500
3
3H
235
19J*
120
2H
85
Jan
Norgold Mines
1
2c
2c
2Hc
4,100
2c
Mar
Nor metal
3Hc
Jan
Ritchie Gold
1
*
60c
60c
75c
8,892
60c
Mar
1.14
Jan
Robb Montbray
1
55c
55c
500
50c
Mar
73c
Feb
Rogers Majestic
*
3H
•
18H
18H
12
12
12
10
12
Mar
23
Jan
31
31
10
31
Mar
31
Mar
12
13,300
9Hc
Mar
25c
Mar
42
Northern
Canada
*
Nor Canada Mines (new).*
Gold
1
Okalta Oils
♦
O Brien
Olga Oil A Gas
30c
31c
2,000
30c
Mar
31c
Mar
3.05
3.00
3.55
22,468
2.85
Mar
5.45
Jan
1.35
1.35
1.65
19,825
I
23
Mar
2 30
Jan
2Hc
3c
3,000
2Hc
Mar
5Ht
Jan
Supertest ord
Temlskamlng Mines
•
Omega Gold...
Shawlnlgan WAP
Standard Paving
2VS
Preferred
100
*
«
]
34c
39c
14,656
31c
Mar
46c
Feb
..*
Orange Crush
1.00
1.00
498
1.00
Mar
1.50
Jan
United Fuel pref
4
leb
WalkervIlleBrew
Mar
Waterloo Mfg A
*
Preferred
+
5
5
10
Oro Plata
*
76c
75c
95c
Pacalta
Oils
•
9c
9c
11c
Page Hersey
*
Pamour
Porcupine
Pandora-Cadillac
Pantepec OIL...
•
1
Partanen- M aiartlc
1
85
3".00
90
3.00
66,700
8c
15,300
85
Mar
28,319
2.90
Mar
Jan
7
7 H<"
Jan
20c
Jan
7,600
10c
Mar
22c
Mar
Mar
09c
Feb
Jan
23o
Mar
13c
Paymaster Cons.
Payore Gold
42 He
42c
48c
83,400
39c
15c 17Hc
58,200
12Hc
.40
22,350
1.02
lc
1,500
15c
1.17
1.16
I__*
He
16
16
17
l
4.05
4.00
4.50
1
2.85
2.85
]
1.60
1.50
10H
12 H
Pioneer Gold
Powell Rouyn
Power Corp
Prairie Royalties
♦
12
He
Jan
H
1.70
lHc
Government
19
33
Jan
Jan
Jan
125
250
1.25
Mar
1.50
Feb
125
125
300
1.25
Mar
1.75
Jan
3.80
Mar
5.10
Jan
3.05
5,525
2.80
Mar
3.30
Mar
1.80
57,335
1 37
Mar
2.41
Feb
15
SECURITIES
Municipal
•
Corporation
•
Royal Securities Corporation
Feb
17,680
Mar
261
Feb
4H
Private wire connection between New York, Montreal and Toronto
Jan
Mar
10
35 H
21H
Feb
Mar
He
33
Mar
125
125
CANADIAN
Feb
16
195
33
100
Mar
2H
Feb
5H
5,000
11c
Pete-Cobalt
63c
1,000
12c
Mar,
9%
18 J*
Jan
Feb
44c
30c
11
1
.
4
Mar
Feb
5H
9,400
.
3
Feb
4.30
5H
"lie
Perron Gold
17c
96
35c
5H
Paulore Gold......
.
Mar
79
3.50
8Hc
]
Photo Engravers
Pickle Grow
-
*
Jan
5H
1,45
Jan
40C
-
lHc
32c
32c
30c
Mar
35c
1.90
2.05
5,590
1 85
Mar
2 42
1
86c
•
HAnover 2-6303
Feb
Preston E Dome
New York
•
Bell System Tele. NY 1-208
Feb
]
~L95
1,455
1,500
Premier
30 Broad Street
.....
25c
Jan
81c
1.00
45,980
70c
Mar
1.34
Prospectors Airways.....*
.Feb
56c
50c
56c
2,000
50c
Mar
98c
Mar
Quebec Mining
Queraont Mines
l
45c
45c
45c
500
45c
Mar
70c
Jan
Industrial and Public Utility Bonds
*
5Hc
5 He
5Hc
Mar
10c
Jan
Closing bid and asked quotations, Friday, March 25
2.76
2.75
3.20
1,000
11,400
5Hc
]
2.60
Mar
4 55
Jan
*
14c
11c
15c
4,400
11c
Mar
45o
Jan
*
18c
18c
23c
65,400
18c
Mar
36 He
Jan
Read Authler.
Red Crest Gold
Red Lake G Shore
Reeves-Macdonald
*
Reno Gold
]
Roche Long Lac
Royal Bank....
Roy all te Oil
1
50c
13c
100
32c
500
30c
Mar
55c
Jan
50c
55c
8,250
39 He
Jan
64c
Feb
11c 15Hc
175
78,500
24c
Mar
171
17
Jan
Feb
190
Jan
"30 H
36H
40 H
2,059
34H
Mar
\
12c
llHc
13c
30,900
10c
Mar
48 H
20c
Mar
l
Shawkey Gold
Sheep Creek
1.30
1.22
1.35
8,700
1.11
Mar
1.65
Jan
1
23c
23c
25c
8,500
20c
Jan
Mar
34c
Mar
60c
1.05
99c
1.05
4,300
94c
Mar
1.21
Feb
I
1.15
1.10
1.35
38,577
1.10
Mar
1.80
Jan
315
2H
Feb
...
Sherrltt Gordon
*
....._.*
2H
14
2H
14
2H
Slscoe Gold
50
4
10
80
100
14
4
Simpsons pref
83
14
Mar
Jan
3
18
4
Mar
8
80
Mar
Mar
95
H
Jan
Jan
i
2.25
2.50
25,465
2.05
Mar
I]
3.40
Jan
95c
1.13
63,775
86C
Mar
1.38
Mar
i
Bladen Maiartlc
10c
11c
18,800
10c
Jan
24c
Jan
Slave I.ake
Spy Hill Royalties
25c
Preferred
25c
4
4
*
Steel of Canada
13c
21c
*
40
40
♦
*.
10c
»
Stadacona
Standard Chemical
Standrad Steel pref
60
64H
..II
Sullivan Cons
*
6H
40
Feb
Mar
Feb
9,500
6H0
Mar
l5Hc
Jan
Jan
5,515
2 25
Mar
3.80
1.05
6,500
2.75
3.05
14
9,910
2.60
Mar
3.60
13 H
Mar
16
Feb
3 He
Jan
6.70
Jan
1.57
Jan
9,235
1.30
1.35
7,100
70
Maple Leaf Milling—
2j*s to '38—5Hs to 49
Mas8ey-Harns Co 5s.. 1947
111H 113
1958
58
96
Canada Bread 6a
1941
Canada North Pow fie. 1963
Canadian Inter Pap 6a '49
Canadian Lt A Pow 5e 1949
Canadian Vlckere Co 6e '47
Cedar Rapids M 4 P fie '53
Coneol Pap Corp
1961
5Hb ei-stock
1961
Dom Gas A Elec
6H8-1945
97"
102 H
102
102 J*
88 H
89 H
■
_
„
99"
115H
4g
.....
East Kootenay Pow 7e 1942
Eastern Dairies 6s
1949
Fraser Co 6s...Jan 1 1950
Gatlneau Power fie
1956
Gt Lakes Pap Co 1st 5s *55
Int Pr A Pap of Nfld 5s *68
1939
value) 3s
3Hs
3Hs
65
95 H
50
49 H
1656
34 H
96
Provincial Pap Ltd 5H» *47
1
100 H 102
103
1967
99 H
100 H
102
Saguenay Power 4>*s A '66
54"
98 H
99
102 H
84
103
100
101H
H
4Hfl ser B
1966
Shawlnlgan WAP 4H» "67
Smith H Pa Mills
99H
104 H
fiHs'70
Corp of Can 4Hs '59
Dec
97
99
Montreal Tramway fie 1941
Power
50 H
101H 102 H
1973
68
-
27 H
101H 103 H
Montreal L H A P ($50
fis
1956
.
/26
Ottawa Valley Pow
•
95 H
Minn A Ont Paper 08.1945
Montreal Island Pr 5H» *67
75"
37
»
43
94 H
103 H 105
par
97 H
97
McCoil Frontenac Oil 6s '49
99 H
114 J*
33
Donnaconna Paper Co—
1Q3~~
102 H 103 H
102 H 103 H
4H« '51
United Grain Grow fis. 1948
85
12
104
2.30
Lake St John Pr A Pap Co
5Hs
1901
8s
1951
•
No
par
v»lue
87 H
51
f Flat prloe
82
85
United Secure Ltd
65
67
6Hs '52
Winnipeg Elec 6s-Oct 2 *64
r
53
n
60
,
89
Nominal
10
2,000
4.40
Mar
1.12, Mar
104
1.78
Mar
Mar
108
2.90
Jan
Jan
CURRENT
—Mabon & Co.
announce
NOTICES
that Joseph
C. Nugent and Edwin A. Clarke
have become associated with them in their Bond
Department and Louis J.
Zwahl has joined their Statistical Department.
—David A. de Lima, formerly with the First
13
85
17
Jan
73
79
35
73
Mar
85
Feb
become associated with
114
42c
68 H
ASk
95 H
60
Jan
2c
*
*73"
MacLaren-Que Pr fi.Hs '61
Manitoba Power 5Hs-105l
Calgary Power Co 5a__1960
Feb
80
14,300
Texas Canadian
Toronto Mortgage.
50
To wag mac Exploration. .1
77
Mar
4.90
Toronto Elevators
I.. ♦
Toronto General TrustslOO
Burns A Co fie
Bid
40
76
Mar
4.60
1.90
Mar
1.23
2.25
4.65
"2".05
19c
Mar
Mar
•
l
Mar
85c
1.25
Teck Hughes
1.20
10c
16.700
3c
104
55
Jan
25
200
13H
Tip Top Tailors pref... 100
Beaubarnols Pr Corp 5s '73
Bell Tell Co of Can fie. 1955
Ask
f 39
Jan
117
2Hc
114
5
114
Mar
122
Jan
40Ho
Mar
Boston Corporation, has
office.
40 He
45c
6,773
1
Mar
Mar
Mar
2Hc
.
4
40
59
2.60
93c
*
.
Jan
9Hc
60
200
1
Uchi Gold
Jan
45c
335
II.i
Toburn Gold
25c
Mar
10
12c 13Hc
1
Supersilk A
Sylvanlte Gold
Tashota
Mar
8c
59
*
Tamblyns
25
8c
19C
•
69 H
63 M
...
Sudbury Basin
Sudbury Contact
8,500
47,900
2.30
25
Straw Lake Gold
Union Gas
10c
170
*
St Anthony
San Antonio
Sllverwood<< pref
Simpsons A..
Simpsons B
32c
Bid
Abitlbl P A Pap etfs 5s '53
Alberta Pac Grain 68.1946
1.40
1.35
1.60
44,975
»
11 J*
11H
13H
1,962
12
90c
11
Mar
66c
Jan
Jan
1.90
Mar
Mar
15H
Jan
—F.
S.
announce
Smithers
&
Hession,
Maher
& Griscom in their New
York
Co., members of the New York Stock Exchange,
the removal of their offices to 30 Broad Street,
N. Y. City.
Volume
Financial
146
Quotations
New York Bank Stocks
City Bonds
Bid
•
Bid
Ask
Jan
1 1977
a3Hu
a3H*
a354«
a354*
a354*
<x3Xb
July
1 1975
May
Nov
Mar
1 1954
1 I960
104
1 1954
15 1976
Jan
104
99
105
105
1 1975
10754 10954
J
July
109
110
a4s
May
a4a
Nov
1 1958
10854 11054
a4s
1 1959
109
aia
May
May
a 4s
Oct
1957
11054
111
113
1 1980
112
11354
1 I960
11254 11454
1 1%2
11354 11454
11324 115
1 1977
a4Xt Sept
a45£s Mar
a454* Mar
1 1964...
'
Par
Ask
11554
114
1 1966
04&S Apr
a454» Apr 15 1972
a45is June 1 1974
a454s Feb 15 1978
1 1977
a45£s Jan
a454s Nov 15 1978
1 1981
a45as Mar
1 1957
a454s May
1 1957
a454* Nov
1 1963
a454s Mar
1 1965
a454s June
1 1967
a454* July
a454s Dec 15 1971
1 1979
a454* Dec
10054 10154
104 54 10554
10454 10554
9854
■■■
,
a3s
2025
Over-the-Counter Securities—Friday Mar. 25
on
New York
Chronicle
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
Bid
2054
54
Bensonhurat National...50
95
105
Chase
2754
2154
11554 117J4
116
11754
11654 118
City (National)......1254
Commercial National. .100
137
Fifth Avenue
730
11754 11854
116
11754
11554 117
13.55
100
First National of N Y..100 1645
Flatbush National
36
.100
BU
Par
Ask
1954
48
11554 11654
11554 11654
Ask
65
Kingsboro
National... 100
Merchants Bank
100
100
115
45
National Bronx Bank...50
40
National Safety Bank. 1254
13
Penn Exchange
10
10
12
143
Peoples National
50
47
55
770
Public National
25
24
2554
SterUng Nat Bank A Tr.25
22
24
Trade Bank
16
20
2854
2254
1685
46
1254
15
11654 11854
11754 119
11954
118
119
New York Trust
121
121
123
Par
Bid
Companies
Par
Ask
Bid
Ask
Banca Coram Italiana.100
96
102
Fulton
100
200
220
Bk of New York A Tr_.100
339
348
Guaranty
100
211
216
Bankers
10
Bronx County...
Brooklyn
New York State Bonds.
4054
7
554
100
Central Hanover
42 54
634
70
75
10 54
Irving
25
Lawyers
Bid
3e
3s
1974
1981
Canal
World
62.70 less
A
62.85
Highway Imp 454s Sept *63
132
Canal Imp 454s Jan 1964..
Can A High Imp 454* 1965
...
129
Canal Imp 4s JAJ '60 to
...
132
40
55
60
25
12
15
New York
Title Guarantee A Tr. ..20
54
1054
12
4554
Underwrlters
100
20
21
United States
100 1470
Gen A. ret 4b Mar 1 1975-
Bid
Gen A ret 2d
ser
Gen A ref 3d «er
Gen A ret 4th
354» '65
354* '76
ser
lw>-l
l->
3a 1976
George Washington Bridge
454s
ser
B 1940 53.M N
0 "^-*>1»■
co<n <-a0
Gen A ref 354s._—1977
10854
10554
10254
9854
Bank
Ask
Trust—33 1-3
....100
ser
tar
D
1939-1941
MAS 61.00 to 2.20%
1942-1960
MAS
10854 11054
Aetna Cas A Surety...
26
American of Newark..
Bid
100
5e
Apr
1956
10254 10354
102 54 10354
10054 102
5e
Feb
1952..
106
1941
109
11054
11554 11754
1952
B*d
Ask
10154
1959
Honolulu
63.50
5s
U S Panama 3s June 1
19611
Govt of Puerto Rico—
SAN
FRANC I <CU
Bk ol Amer
116
i
Ask
3.00
8354
3734
2334
Bankers A Shippers...
Boston
U S conversion 3s 1946
108
11054
11054
10854 111
Conversion 3s 1947
12
2354
854
2434
10
Maryland Casualty
1
954
10 54
28
Mass Bonding A Ins..1254
Merch Fire Assur com
6
23 54
Merch A Mfrs Fire New'kS
754
37 54
Merchants (Providence)-.5
4
28
National Casualty.
National Fire
26
2134
3554
2654
4%
74 54
545
534
77 54
558
New Hampshire Fire.
New Jersey..
22 54
24 54
New York Fire
102
102
1946....MAN
102
3s
1966 opt
354* 1955 opt 1945..MAN
10254
102 Vx
10254
10354 104
254
5
454
3 54
41
5
...
1954
51
6
7
95
101
8
954
24
10
20
3954
3254
2554
4154
2
14
76
2.60
North River
National. 25
25
Pacific Fire
..10
35
37
Phoenix
Ask
Fidelity A Dep of Md- ..20
80
84
Preferred Accident
Providence-Washington. 10
4s 1946 opt 1944..x—JAJ
111
11154
Flre Assn of Phlla.— ..10
4854
5054
4s 1958 opt 1938
10054 10054
Flreman's Fd of San Fran25
7254
6
1754
49
12.50
-
Northern
Northwestern
.10
5
2154
113
9454
6754
3554
1554
79
2354
117
98
6954
14
16
2654
2854
74 54
MAN
454s 1958 opt 1938..MAN
10254 10254
Firemen's of Newark. —6
6 54
Franklin Fire........ ...5
2054
734
Reinsurance Corp (N Y)_2
22
10
10
Republic (Texas)
Revere (Paul) Fire
Rhode Island
5
554
654
23
2454
1854
1954
5
7
General Reinsurance Corps
..10
2854
3054
Georgia Home
19
21
Rossia
6
4
5
Gibraltar Fire A Marine. 10
1754
18'4
St Paul Fire A Marine—25
184
192
38
Seaboard Fire A Marine..5
...5
1254
14
Globe A Rutgers Fire. -.15
-.15
2d preferred
1954
24
Seaboard Surety
10
Security New Haven
10
Springfield Fire A Mar..25
Stuyvesant
6
5
Glens Falls Fire
Globe A Republic
Joint Stock Land Bank Bonds
Bid
Atlanta 3s
Atlantic 3s
Burlington 5s
Bid
Ask
9954 10054
9954 10054
.....
Lafayette
Lincoln
Ask
9954 101
60
78
454s
82
79
83
New York 6s.
9854
9954
North Carolina 5s
9954 10014
5s
55
/45
.
854
2
New Brunswick
39
43
10
19
2154
1634
-254
40
2
1554
21
254
354
41
20
National Liberty.
National Union Fire
New Amsterdam Cas
17
22
2?4
38
10
I934
5
2
10
10
Excess
Bid
Ask
854
54
1054
10
Employers Re-Insurance 10
154
1454
61
Carolina
Camden Fire
754
Ask
5
25
,
,.100
154
13
5
.254
11054 11254
109
Importers A Exporters--.6
Bid
Knickerbocker
10
Baltimore Amer
.
Home Fire Security..—10
Homestead Fire
10
Ins Co of North Amer. ..10
25
Automobile
Federal
JAJ
38541 4054
Lincoln Fire
-254
American Surety
Eagle Fire
JAJ
530
,
Par
Ask
118
Federal Land Bank Bonds
3s 1956 Opt 1945
4 *k
1305
71
Connecticut Gen Llfe. ..10
38 1956 opt 1946
|
20
Contlnental Casualty. —5
Bid
510
NTA^A..!^'
City of New York
554* Aug
Hawaii 454* Oct 1956
00
18 54
..10
454» July 1952...
5s
July 1948
10754
Rtu
lo0| 285
Northern Trust Co...
67
Re-Insurance. 10
American
American Reserve
1946
Bid
..10
American Equitable.. —6
American Home
..10
United States Insular Bonds
454* Oct
454s July
53
177
54
3554
2254
Agricultural
American Alliance
48
51
172
79
Aetna
Aetna Life
11054 U154
Philippine Government—
185
Insurance Companies
11154 11254
MAS
45in
155
E
*er
1942-1960.-..
100
A
First National
MAS 60.75 to 2.00%
Inland Terminal
Pari
Ask
Harris Trust A Savings
100
Continental Illinois Natl
Bid
1939-1941...
90
1520
Chicago & San Francisco Banks
Authority Bonds
Atk.
534
454
80
■
Par
454*
82 54
4454
113
Holland Tunnel
48
79 54
10
A Trust..
Port of New York-
32 54
46
20
American National Bank
BU
3054
25
Preferred
mmm
110
Barge C T 454* Jan 1 1945.
Port of New York
20
20
Manufacturers
Continental Bank A Tr. 10
12354
*67
32 54
80 54
38 54
Empire
12354
42 A '46
Barge C T 4s Jan
...
—
87 54
50
Corn Exch Bk A Tr
62.00
45is April 1940 to 1949.
Highway Improvement—
4s Mar A Sept 1958 to'67
1
Highway—
58 Jan A Mar 1964 to '71
War Bonus—
20
Clinton Trust
Colonial Trust
Ask
62.65 less 1
Ask
1640
28 54
Chemical Bank A Trust. 10
Bid
1154
100 1600
Kings County
/43
48
California 5s
100
102
Centra) Illinois 5s
/27
/6
30
Chicago 454s and 5s
Oregon-Washington 5s
f45
100
101
Pacific Coast of Portland 5s
100
Pac Coast of Salt Lake 5s..
Pac Coast of San Fran 6s..
100
Pennsylvania 5s
100
101
105
2154
8
9
20
Halifax
10
Hanover
10854
2154
30
104
454
107
554
100
365
415
....100
378
388
Sun Life Assurance
Travelers
26
27 54
6254
6454
U S Fire
45
47
U S Guarantee
2254
2354
Westchester Fire
U S Fidelity A Guar
Co..2
10
1154
4754
4954
2854
107
107
73
1954
Great Amer Indemnity ...1
10
2054
101
9954 100
70
...5
Great American
8
1854
28
65
Dallas 3s
36
454s
Denver 5e
96
98
100
102
98
99
First Carolines 5e
First of Fort Wayne
454s.
-
First of Montgomery 5e
First of New Orleaos 5e
99
10054
First Texas of Houston 5e_
99
100
First Trust of
9954 101
Chicago 4 54s
Fletcher 354s...
54
10054 10254
Phoenix
4 54*
-
5s
St Louts 6a
Southern Minnesota 6s
100
102
88
Virginian
93
96
V lrglnla-Carollna
Iowa of Sioux City
454s
30
454*
Bid
5s
2-5s *53
'63
Inc—
3-6a—1963
Arundel Bond Corp
9954
10054
Debenture
Potomao
4554
77
47
Coot'! Inv Bd Corp 2-5s
1946
60
100
45
55
New York
100
40
50
North Carolina
Dallas
100
76
78
Pennsylvania
...100
Denver.
Des Moines
First Carolines.
...100
10
12
50
Atlanta
55
18
26
30
Potomac
...100
70
44
47
San Antonio
...100
44
4
7
Virginia
154
Virginia-Carolina..
.100
Lincoln
.100
54
1
.
...100
42
45
42
45
1953
42
3-6s
Potomao Maryland Deben¬
1953
85
ture
Deb
Bondholders part ctfs
series)
/25
2-5s '53
Nat Deben Corp 3-68.1953
28
73
(Central
Funding
Nat Cons Bd Corp
Realty
1953
Atlantic
.1953
A Mortgage
Corp 3-6s
154
70
47
Bond
3
42
45"
44
Unified Deben Corp 5s 1955
32
Par
Bid
83 54
Par
Ask
88
17
26
*
12
22
100
109
.100
107
Telegraph.....25
Sou New Engl Telep... 100
S'western Bell Tel pref. 100
13
114
Canada... 100
156
160
Pac A At! Telegraph
Bell Telep of Pa pref.—lOO
115
118
Peninsular Telep com
pref..100
46
Emp A Bay State Tel.. 100
Franklin Telegraph
100
Bid
Ask
52
58
32
37
87
8954
Cuban Telep 7%
Gen Telep Allied
154*
Apr
1548—May
Fir 154« ..June
F I C 1548
July
15 1938 6 .20%
16 1938 6.25%
15 1938 6 .25%
15 1938 6.30%
F I C
15 1938 6.
F I C
154s—Aug
—
-*
F I C
1548—Sept 16 1938 6.35%
1548—Oct
15 1938 6.35%
C 154s—Nov 15 1938 6 .40%
C ms—Dec 15 1938 6.45%
C 154s...Jan
16 1939 6.45%
F I C
F I
F
I
F I
Ask
25
Preferred A
Rochester
15
25
11154
Telephone—
$6.50 1st pref
...
Corp—
|6 preferred
F I C
34
11754
Bell Telep of
Federal Intermediate Credit Bank Debentures
Bid
New York Mutual Tel. 100
J) com.*
100
Am Dist Teleg (N
Ask
42
—...1953
deb 3-6a
Telephone and Telegraph Stocks
1H
80
Preferred
Bid
72
Realty
Corp 3-6a
80
100
100
Fremont
73
1953
22
.100
5
Issues) 2-5e
1953
Potomao Cons Deb Corp—
Potomao
Nat
Atlantic
72
(all
34
Ino 2-5s.
Ask
Corp
3-6s
Mortgage Bond Co of Md
Bid
Bond
Potomac Deb Corp a-60 *53
Potomac Franklin Deb Co
4354
'63
ContJ Inv DebCorp 3-6s'53
Joint Stock Land Bank Stocks
Par
Ask
5354
55
2-3s
Ask
27
Bid
1964
1954
Series B 2-5a
75
Arundel Deb Corp 8-6s
interstate Deb Corp 2-5s'55
Bid
2.60
Series A 3-6s_
83
Empire Properties Corp—
Par
4654
Nat Union Mtge Corp—
1963
All series 2-5s
Associated Mtge Cos
9954 10054
9954 101
3s..
4554
Atk
Allied Mtge Cos inc—
15
98
5s
4
10
Surety Guaranteed Mortgage Bonds and Debentures
80
10054
99
9954 10054
86
5
Home.......
77
100
Southwest 6s
Illinois Midwest 5s
-10
n3
San Antonio 3s
74
75
Greensboro 3s
-
100
/27
71
Union of Detroit
10054
9954 10054
Potomac 3s
72
Fremont 454s.
5s
Greenbrier 5e
99
Ohio-Pennsylvania 5s
7
Hartford Fire
Hartford Steamboller. —10
Int Ocean Telegraph... 100
68
73
100
108
112
Mtn States Tel A Tel..
For footnotes see page
2027.
80 A Atl
Wisconsin Telep
7% pf.100
17
132 54 136
120
116
122
—
2026
Quotations on Over-the-Counter Securities—Friday Mar. 25—Continued
Railroad Bonds
Guaranteed Railroad Stocks
36
1945
/32
/32
Augusta Union Station 1st 4s
1953
68
76
Baltimore A Ohio 4 Ms
1939
32
36
Akron Canton A Youngstown 6Ms
03_
3oscpb Walkers Sons
Members l^ew
Asked
BUt
1945
York Stock Exchange
120 Broadway
Tel. RE ctor
NEW YORK
2-6600
.
.
1957
Birmingham Terminal 1st 4s
Boston A Albany 1st 4Mb
Boston A Maine conv 5s
36
90
82
....April 1.1943
65
78
1940-1945
28
36
Buffalo Creek 1st ref 5s
1901
54
63
40
48
Chateaugay Ore A Iron 1st rel 5s
Choctaw A Memphis l8t5s
/20
1965
32
38
Cleveland Terminal A Valley 1st 4s
1995
35
40
Georgia Southern A Florida 1st 5s
(Guarantor In Parenthesis)
1949
Cincinnati Indianapolis A Western 1st 5s
Guaranteed Railroad Stocks
1942
1945
28
35
1946
35
44
86
1st 5s
Hoboken Ferry
1978
80
..1939
/9
13
1949
80
84
Kansas Oklahoma A Gulf 1st 5b
Dividend
Bid
Par tn UtHlart
35
AiJvta
Little Rock A Hot Springs Western 1st 4s..
100
6.00
55
60
(Delaware A Hudson),....100
10.60
100
115
.,,-.100
6 00
31
36
1965
84
60
100
100
I 00
26
29
Maryland A Pennsylvania 1st 4s...
1951
28
R
75
67
71
Meridian Terminal 1st 4s
1955
75
8.50
55
65
Minneapolis St Paul A Saulte Marie 2d 4s
1949
24
30
100
Carolina Cllncbfleld A Ohio common 5% stamped..100
Cleve Clnn Chicago A 8t Louis pref (N Y Central)..100
Cleveland A Pittsburgh (Pennsylvania)—
60
Betterment stock
———60
Delaware (Pennsylvania)
25
Fort Wayne A Jackson pref (N Y Central).
100
2.86
40
46
New York A Hoboken Ferry general 5s
1846
35
43
5 00
Alabama A Vlcksburg (Illinois Central)
Albany A Susquehanna
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
—
York Central)
A Providence (New Haven)
Boston A Albany (New
Boston
Canada Southern (New York Central)
Long Lsland ref mtge 4s.
Macon Terminal 1st 5s
—
90
36
------
68
72
Piedmont A Northern Ry 1st mtge 3 Ms
1966
78
84
5.00
75
80
57
60
68
72
Portland RR 1st 3 Mb
Consolidated 5s
1951
3.50
1945
83
88
Rock Island Frisco Terminal 4Mb
1957
60
2.00
40
•; 44
2.00
36
40
57
Georgia RR A Banking (LAN ACL)
100
Lackawanna RR of N J (Del Lack A Western).... 100
100
170
85
76
4.U0
38
Michigan Centra! (New York Central)..
100
60.00
60
100
60
60
.951
...1955
65
75
1955
40
48
Southern Illinois A Missouri Bridge 1st 4s
1951
70
75
1957
103
70
77
1954
43
T47
850
Morris A Essex (Del Lack A Western).
St. Clair Madison A St. Louis 1st 4s
Shreveport Bridge A Terminal 1st 6s
62 V
6 60
10 00
New York Lackawanna A Western
(D L A W)
Northern Central (Pennsylvania)
Somerset Ry 1st ref 4s
42
3.875
28
32"
Toledo Terminal RR 4Mb
5 00
52
56
Toronto Hamilton a Buffalo 4Mb
4.00
78
83
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
4 60
34
39
60
Oswego A Syracuse (Del Lack A Western)
1.60
36 M
Washington County Ry 1st 3 Ms
38M
50
3 00
7 00
150
160"
100
7 00
167
Public
73
Pittsburgh Fort Wayne A Chicago (Pennsylvania)..100
Utility Stocks
172
Preferred
Preferred
tHa
54 M
Arkansas Pr A Lt 7% pref *
68
56 M
69 H
Par
Atk
Alabama Power 17 pref—•
8 t>2
45
50
6 00
126
60
65
6.00
126
131
Associated
(Pennsylvania)..
Utlca Chenango A Susquehanna (D L A W)
100
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)... 100
10 00
220
226
Original
6.00
48
54
5.00
63
5.00
43
100
60
5.00
3.50
48
25
60
3.00
51
Bid
Ask
131
3.00
Rensselaer A Saratoga
(Delaware A Hudson)..
(Terminal RR).
St Louis Bridge 1st pref
Second preferred
......
Tunnel RR St Louis (Terminal RR)
100
.100
United New Jersey RR A Canal
Preferred..
Warren RR of N J (Del Lack A Western)
West Jersey A Seashore
100
100
100
(Pennsylvania)—'
Par
Gas
*
preferred
Mountain States Pr com..*
4X
100
15 M
§6"
Birmingham Elec $7 pref.*
54
56"
15 M
54
Buffalo NlagaraAEastern—
Nassau A Suf Ltg 7% pf 100
Nebraska Pow,7% pref.100
17M
103M 106 M
20
21M
Newark Consol Gas
123
68
71
16"
69
New EngG AE6M% Df
New Eng Pub Serv Co—
14
64 M
24 M
26
74 M
67
54 M
56
65
$7 prior lien pref
*
New Orl Pub Serv $7 pf..*
New York Power & Light—
70
73
*
100
83 M
92 M
85 M
95
62 M
65
87
88 M
preferred
100
preferred
$0 preferred
100
Cent Pr A Lt 7% pref.. 100
Consol Elec A Gas $0 pref. •
Quotationg-AppraUaU Upon Requett
110
Consol Traction (N J).100
Consumers Power $5 pref
72 X
41
6M
45
88
4M
89 M
69 M
7%
Stroud & Company Inc.
100
preferred
Dallas Pr A Lt 7% pref. 100
Derby Gas A El S7 pref..*
114
Essex Hudson
116
182
Gas
100
Federal Water Serv
Philadelphia, Pa.
67.50
6.50
67.50
6s
3 Ms Dec 1
1936-1944—.
0.50
65.50
4.50
65.50
6s
Boston A Maine 4Mb
4.50
99M
46
49 M
182
Penn Pow A Lt $7
79 X
81M
30M
32 H
16
$0
65.25
4,00
*
preferred
..100
Interstate Natural Gas.—*
Interstate Power $7 pref..*
4.25
62.50
1.75
N Y Chic A St L 4Mb
fie.
65.25
4.50
7%
4.25
2.50
5s
99
102
108 M 110M
23
20 M
Iowa Southern Utilities—
03.25
Canadian National 4Mb.—
6s
63.25
2.75
65.25
4.50
63.25
2.75
4.50
63.10
2.50
N YNH AHartf 4Mb
fis
65.50
Canadian Pacific 4Mb
Cent RR New Jersey 4Mb.
65.50
4.50
65.00
4.00
Northern Pacific 4Mb
61.75
1.20
Pennsylvania RR 4Mb
62.00
1.26
preferred
3
5
7M%
4Mb
62.75
2.00
36
38M
preferred
61.75
1.00
4s series
61.60
1.00
62.90
62.76
5.75
5.75
67.00
6.00
Pere Marquette 4Mb
63.76
67.00
6.00
Reading Co 4Mb
63.25
—50
Kings Co Ltg 7% pref..100
Long Island Ltg 6% pf.100
7% preferred
100
preferred C
100
Sioux City G A E $7 pf.100
54M
75
106
56 M
77
26
0% pref series B__
4
92 M
77 M
94
25 M
26 M
80M
South Jersey Gas A E1.100
182
108
29K
33
28 M
29M
33
34 M
Texas Pow A Lt 7%
42 M
46 M
43 M
48 M
United Gag A El (Conn)—
Tenn Elec Pow 6%
pf.100
100v
pf.100
Toledo Edison 7% pf A. 100
7%
preferred
21M
22 M
41M
43 H
41M
45
Utah Pow A Lt $7 pref..*
47 M
51
Virginian
conv
$7
preferred—
•
100
preferred
7%
92
95
97 M
.99
100
Ry
63
32 M
130
66
34
138
80
Chain Store Stocks
2.75
Par
BUt
Par
Atk
Bid
Atk
84
65.25
4.25
65.25
4.25
90
92
4MB
94
95
Borland
Shoe Stores
*
6
8
7% preferred...
100
/G Foods Inc common..*
75
65.25
4.25
B
4.25
65.25
4.25
Blckrords lnc
63.25
2.50
91
Southern Pacific 4Mb
fis
62.60
65.25
4.25
Bo hack (H C) common
65.25
4.25
Texas Pacific 4s
7% preferred
100
Diamond Shoe pref
100
Flshman (M H) Co Inc..*
Ko backer Storee
•
11M
pref
2.00
Southern Ry 4Mb
68
Kress (SH) 0%
12 M
85
St Louis Southwestern 5«_.
5 MB
87
Erie RR 5 Ms
6s
3
Rochester Gas A Eleo—
partlc pref. .50
Memphis Pr A Lt $7 pref.*
6%
2.50
65.25
5 Mb
1
Republic Natural Gas
'J. 50
62.10
Dec 1 1937-50
St Louis-San Fran 4s
Denver ARC West 4Mb—
6s
101
2Mb series G non-call
fis
Chicago RIA Paclflo—
Trustees' otto 3 Ms.....
99 M
2.00
66.75
66.75
5s
Chic MUw A St Paul 4Mb.
6s
90
112M
91M
Southern Calif Edison—
Jer Cent P A L 7% pf—100
Kan Gas A El 7% pref.100
2.00
E due
Jan A July 1937-49
Chicago A Nor West 4Mb.
100
Mississippi Power $6 pref.*
fis
6s
pref...*
preferred
0%
0%
..100
Jamaica Water Supply—
Mass Utilities Associates
Chesapeake A Ohio—
preferred..
Queens Borough G A E—
preferred
4.25
05.50
$7
20
cum
4.25
65.35
8Mb
90 M
99
Pacific Pr A Lt 7% pf.. 100
17
65.35
New Orl Tex A Mex 4 MaNew York Central 4Mb.—
88
Ohio Edison $0 pref
123
17
7%
Baltimore A Ohio 4Mb
100
97 M
15
65.35
Missouri Paclflo 4Mb
5s
(Del) 7% pref
(Minn) 5% pref
97
Idaho Power—
1.75
7% cum preferred
Northern States Power—
111
15
preferred
*
Gas A Elec of Bergen..100
Hudson County Gas
100
Atk
$0 cum preferred
*
Ohio Power 6%
$7
But
100
*
34 M
Corp—
'
preferred
pref...100
Ohio Pub Serv 0% pf
100
7% preferred
100
Okla Q A E 7% pref—100
29M
$0 cum preferred
$0.60 cum preferred...*
Equipment Jonds
7%
71M
Continental Gas A El—
62.50
17*
5M
M
120
7%
Atlantic Coast Line 4 Ms—
25
Monongahela
West
Pub Serv 7% pref
108
EQUIPMENT TRUST CERTIFICATES
■
23M
5
Central Maine Power—
Atk
4
Penn
25
3M
pref.*
Atlantic City El 6%
0%
BUI
106
Bangor Hydro-El 7% pf 100
48"
25
Carolina Pr A Lt $7 pref..*
Railroad
51
104
3M
4
$1 80 preferred
Private Wires to New York
pref.100
Pipe Line..5
2M
preferred
$0.60 preferred
$7
Miss Rlv Pow 0%
Missouri Kan
Electric
A
Mississippi P A L $0 pref.*
87
91
4Mb
87
91
5s
87
91
Great Northern 4Mb
5s
62.80
63.15
2.50
61.80
1.25
4Mb
63.15
2 50
Hooking Valley 6s
61.75
1-00
fis
62.26
1.50
61.50
65.25
4.25
65.25
4.25
Interna* Great Nor 4Mb..
65.50
4.25
Long Island 4Mb
63.50
conv
*
pref
*
*
2.75
3
6
13
20
32
100
102
1
2
Reeves (Daniel) pref...100
95
10
14
30
1M
10
United Cigar-Whelan
96
Storee
•
1.00
Illinois Central 4 Ms
6s
$2.50
Miller
(I) 8ons common..*
0M% preferred
100
Murphy (G C) $5 pref.100
1M
9M
2.15
Union
6s
63.50
2.75
Loulsv A Nash 4Mb
5s—
61.75
1.10
61.75
1.10
Maine Central 6s
64.60
3.75
5 Mb
Minn St P A S 8 M 4a
64.50
3.75
64.00
3.00
Paclflo 4Mb
fis
Virginia Ry 4Mb
fis
61.60
5 Mb
Western Maryland 4Mb
Western Pacific 5s
5 Ms
9
$5
preferred
14 M
16
17
82
Miscellaneous Bonds
80
84
Associates
80
84
80
84
80
84
63.25
2 50
65.25
4.25
65.25
4.25
Invest 3s..1940
Mountain-Hudson
River Bridge 7a
1953
95
Bid
Ask
Bear
96
4s
100
—
April 1938
July 1938
2s
2s
Doc
w
1
Apr 1
101.13
100
100.2
100.7
100.9
1940
101.26 101.29
1943
100.21 100.24
A prill
1965
104 M 105
Home Owners' Loan Corp
1M8
101.10
Atk
Henry Hudson Parkway—
2s
Federal Farm Mtge Corp—
1Mb.
Sept 1 1939
Federal Home Loan Banks
1 Mb
7
10
72
1.00
1Mb
For footnotes see page 2027.
100
1.00
61.70
preferred
1.00
«/i.70
7%
Bid
Wabash Ry 4Mb
fis
0s
-
...
Aug 15 1938
June 1 1939
100.21 100.25
101.7
101.10
Marine Parkway Bridge—
4Mb
Dec 1960
Reynolds Investing 5e 1948
Trlborough Bridge—
4s 8 f revenue 1977 AAO
104 M
104 Ji
61
108 H 109 M
4e serial revenue 1942-08 2 to3.35 less 1
Volume
2027
Chronicle
Financial
146
Quotations on Over-the-Counter Securities—Friday Mar. 25—Continued
Public
b\a
Water Bonds
Utility Bonds
8erv 08-1904
57 %
59
Amer Wat Wk A El 5a '75
82 H
102%
Alabama Wat 8erv 5s. 1937
100% 102
83 H
102 H
Green Mountain Pr 5s. 1948
Bid
Ask
Bid
Aik
Amer Utility
.-1903
1st mtge 4s
Power 3%s
Idaho
Appalachln Ejec Power—
b
Alton Water Co 5s...1950
96
Associated Electric 6b. 1901
43%
Iowa
1967
1950
Sou Utll 5%s
100% 100%
92
94%
Kan City Pub Serv 4s. 1957
23%
22%
108% 109%
92%
Keystone Telep 6%s._1955
88
23%
Missouri Pr A Lt 3 %s.l900
99
100
Mtn States Pow 1st 08.1938
73
104
New Jersey Water 5s 1960
New Rochelle Water—
99
5s series
C_
6s series
B
1957
5Hs
...1954
103
1978
22 H
Income deb 3%s
1978
22 H
23%
Income deb 4b
1978
22 H
23%
6Hs series
1954
100 H
1978
27 H
Conv deb 4b
1973
45
28%
46%
Conv
debl4%s
45
46%
Narragansett Elec 3%s *06
103% 103%
Conv
debk5s
1973
1973
49
50%
58
Newport N A Ham 5s.1944
N Y State Elec A Gas Corp
100
8-year 8s with warr.1940
55 H
83
86
8s without warrants. 1940
82
86
Calif Water Service 4s 1961
101
Chester Wat Serv 4 He '58
Citizens Wat Co (Wash)—
5s
88
1965
89%
North Boston Ltg Prop's—
Secured notes 3 %s__1947
104
1951
65
70
70
75
81H
84 H
Newport Water Co 5s 1953
103 %
98
102
71
105%
...1951
6Hs series A
1951
City of New Castle Water
5s
104% 105
100% 101
1941
City Water
Assoc Gas A Elec Co—
63
66
Ohio Valley Water 5s. 1954
Butler Water Co 6s...1957
Income deb 4%s
4s
A
1951
New York Wat Serv 6s '61
Birmingham Water Wks—
75
Income deb 3%s
1973
102
Alt
104
Muncle Water Works 5s '05
100 H
100 H
Morgantown Water 6s 1965
6s series B
Kan Pow A Lt 1st 4%s '05
Assoc Gas A Elec Corp—
Conv deb 5%s
Ashtabula Wat Wks 5s '58
Atlantic County Wat 5s '58
Bid
Ask
97
97
42 H
t debenture 4%s-._1948
96
104 H
104
101X 103 H
Ohio Water Service 5s.1958
92
96""
103
Ore-Wash Wat Serv 5s 1957
76
80
101H
Penna State Water—
Ohio Cities Water 6 Ha
104 %
1st coll trust
103
1st A ref 58
1950
1st consol 4s
1948
1954
100 H
1st consol 5s
1948
1957
104X
Prior lien
1948
(Chattanooga)
5s series
4%s-_1900
B
88
89
100
103
Peoria Water Works Co—
101
98
98
Cons ref deb 4%s__1958
Sink fund Inc 4s
1983
22
25
Ohio Pub Service 4s__1902
21
24
Old Dominion par
5s..1951
44%
47%
Sink fund Inc 4 Ha.-1983
81nk fund inc 6b
1983
22
25
23
26
Parr Shoals Power
5s._1952
81
85
5 Hs series B
1946
55
60
Pinellas Water Co 5 Ha. '69
95
93
95
6s series A__
1946
60
65
Pittsburgh Sub Wat 5s *58
101
106
107
Connellsvllle Water 5s 1939
100
25
32
Pennsylvania Elec 5s. 1962
Sink fund inc 4-6b—1986
21
24
Penn Telep Corp 1st 4s
8 f inc 4%8-5%s._.1986
22
25
Sink fund Inc 6-0a..l98fi
23
26
S f Inc
5%-8%s--_1980
25
32
Bellows Falls Hy El 6s 1958
101
Blackfltone V G A E 4a 1905
108 H
'05
1961
1st lien 3-6s
Public Serv of Colo 08.1961
Pub UtU Cons
55%
53%
104% 105
5%S—.1948
1947
4 Ha
Central G A E 5%s_._ 1946
60
62
66 H
Sioux City G A E 4s_.1960
Cent Maine Pr 4b
ser
G
00
102% 103%
Sou Cities UtU 6s A—.1958
33
55
57
Power
5s
nvs
1953
.1901
71%
69%
08 series B_
35
...1962
Consol Edison 3%s
35
100 H
1958
Consumers Power 3 Ha
36
1946
Western Pub Serv 5 Hb '00
104
101
Wisconsin G A E 3 Hs.1900
102% 102%
'67
36%
103% 103%
99
99%
Cumber I'd Co PAL 3 %s '06
Dallas Pow A Lt 3%s.l907
Federated Utll 5%s.-.1957
106 %
53
1950
96
100
Roch A L Ont Wat 6a.l938
100
103
St Joseph Wat 4s ser A..'06
104 X
1942
100 X
0s series B_
1942
1960
103%
104%
70
104%
70%
98%
99%
5s series B
1952
93
97
South Bay Cons Wat 6s '60
61
63%
Bid
Huntington
10.31
3.81
16 %
2.79
Par
6H
54 c
Corp *
'56
91
0s
1964
103 X
Terre Haute Water 5s B '56
101
5b
1902
104 H
1949
103
6e series A
Texarkana Wat 1st 6s. 1958
Bid
Union
101
103
W Va Water Serv 4s..1961
1958
80
84
1957
104
19061
Western
Bankers Nat Invest Corp ♦
Basic Industry Shares..10
2.54
12.79
2.10
Monmouth Consol W 6s '56
11.68
12.79
Series B-3
11.87
Series K-2
12.95
7.07
3.36
Monongahela Valley Water
5Hs
1950
4.66
5.11
1
16.98
18.02
10
8.89
9.71
Wide Securities 25c
2.38
2.48
97c
1.10
13.68
Bid
...1957
Alderi 1st 3s..
B way Barclay 1st 2s.. 1950
5s series B
10 %
11X
National Investors Corp.l
4.33
4.61
1
10.16
10.92
N
Chsebrougb Bldg 1st 6s '48
50
...
6.74
7.30
Colonade Constr'n 4s. 1948
7.03
7.61
2.72
2.91
Bank stock
5%
1
Commonwealth Invest
6.00
6.14
Dorset 1st & fixed 2s..
8.34
AA
6.02
6.53
100
8% preferred
Crum A Forster
Common
115
10
...100
28
25
60%
....1950
'57
110
2:22
31
C
D
1
25c
Dividend Shares
5%
7.51
8.05
Deb 5s 1952 legended...
47
50 Bway Bldg 1st 3s Inc *46
30
33
500 Fifth Avenue 6 Ha. 1949
30%
Eqult Off Bldg deb 5s. 1952
47
.«.
«■
-
1st Leasehold 3s. Jan 1'52
2.10
Film Center Bldg 1st 4s '43
2.06
40 Wall St Corp 0s
39
1
1958
.1939
1.86
42 Bway 1st 0s
26
...*
....
28
6%
*
1st 0%s
7%
%
10c
31c
1
1957
1944
Fuller Bldg deb 8s
9.84
102
16.63
Republic Invest
27 X
Fidelity Fund Inc
15.76
16.91
7.35
Representative TrustShslO
26.62
24 H
7.85
Fund-25c
21c
Management. .1
Royalties
40c
60c
8.56
Amer
8hares.2H
-
7.85
Income Shares...
-
-'•
3.32
62c
12.73
13.40
Standard Am Trust Shares
2.05
2.35
2.26
2.51
Sovereign Investors
series. 10c
2.83
3.17
Spencer
10
5.46
6.28
B
„
I rask Fund
Standard
Utilities
Inc.50c
6.82
State Street
Super Corp of Am Tr Shs A
Foundation Trust Shs A.l
3.25
3.50
Fundamental Invest Inc.2
13.22
14.29
Fundamental Tr Shares A2
3.85
4.38
Invest Corp
35c
2.55
25.55
27.45
3.81
4.15
Capital Corp
Investors
AA
mm
-
1.71
4.50
mm.
-
2.66
4.50
D..
3
Supervised Shares
-
-
-
-
-
'
-
-
8.50
1.00
Trustee Stand Invest Shs—
Agricultural shares
91c
62c
69c
95c
1.04
1.02
1.12
68c
75c
57c
64c
75c
83c
Trusteed Industry Shares.
73c
99c
Chemical
...
shares
Food shares
Investing shares
Merchandise
shares
Mining shares
Petroleum
5.72
1
4.98
Trusteed Amer Bank Shs B
55c
Series B
1.08
60 c
99c
Voting shares
84c
92c
Un N Y Bank Trust C-3. *
UnNYTr Shs
H
1
35c
65c
Investors..*
14.72
15.83
99c
1.09
1.08
1.20
ser
Bank
Group shares
Insurance
Group Shares
Insurant hares Corp (Del)l
Invest Co
of Amer com. 10
IX
31
IX
34
-
42
1961
1943
45
47
59%
/53%
61
55%
Roxy Theatre—
1957
1st 4s
46
47
Lexington
Hotel
41
25
26
units
1950
Hotel St George 4s
41
58
..1947
85
01
30
1903
Theatre Rlty Corp
60
1950
63
38
1958
36
1939
56
Ave Bldg 1st 4s 1946
53
'■'■mmm.
Textile Bldg—
40
1947
1951
(L I)
1955
87
42
56
1st 4s
(w s)
1st 5 Hs.
2 Park
65
Walbrldge Bldg (Buffalo;
Majestic Apt Inc—
4s w-s 1948 stamped
«...
55
—
..1950
3s with stock
5
17%
..
Wall A Beaver 8t Corp—
Metropolitan Cham Prop—
1948
38
Trinity Bldgs Corp—
Ludwlg Bauman—
(Bklyn)
36%
Syracuse Hotel (Syracuse)
1st 3s.
1952
1st & gen 3s w-s....
41
/24%
Broadway Bldg—
3% with stock..
.
5s
1947
3%s
010 Madison Av lst0Hs'38
...1950
1st 6s
17%
60 Park Place (Newark)
59
Lincoln Building—
income 5%s w-s...
/16 %
1st fee & leasehold
Lewis Morris Apt Bldg—
Loew's
1956
2s with stock
Manhattan Bldg
Letcourt
1950
with stock
38
Sherneth Corp—
43
39%
Ravoy Plaza Corp—
83
86
87
90
'st4%Hw-s
.
.....1951
19%
21%
Bancamerlca-Blalr
Westing ho use Bldg—
1st
fee A leasehold 4s *48
69
71
«.
61c
10%
1.43
85c
2
2%
1
12.42
class B
3%
4%
*
10
Sugar...10
Eastern Sugar Assoc
1
Preferred
1
Cuban Atlahtlc
*
No
par
/ Flat price,
30
2
10%
35
divldend.
v
value,
Bid
8%
4%
13%
Par
Ask
9%
Savannah Bug Ref com... 1
6
West Indies Sugar
Corp_.l
Bid
28 H
2
Ask
31
3
15
a
Interchangeable,
b Basis price,
n Nominal quotation,
to I Wheh issued,
Now selling on New York Curb Exchange,
f Now listed on
5
1H
d Coupon.
« Ex-rlghts.
w-s With stock,
z Exz Ex-stock dividend
New York Stock Exchange
t Quotations per
100 gold rouble bond, equivalent to
{ Ex 25% stock
12
Scboelkopf. Hutton A
Pomeroy Inc com...10c
Par
1%
Corps
First Boston Corp
Sugar Stocks
82c
11
11.25
Corp.l
1947
-
-
•
Central Nat Corp cl A...*
Institutional Securities Ltd
-
1
F.
Wellington Fund
Investm't Banking
Incorporated
-
67c
B
Guardian Inv Trust com.*
Huron Holding Corp
5%
'42
6s
1.33
U S El Lt A Pr Shares A..
90c
shares
........
Series D
89c
shares—
shares
Tobacco
Trustee Stand Oil Shs A. 1
...
39
1.88
Series C.....
54 c
shares
RR equipment
Steel
1.93
1
58
34
/40
35
Metropolitan Corp (Can)—
1
P
40
1.08
shares
1951
6s.
165 Bway Bldg 1st 6%s '61
34
0s
Automobile
4%
32
60
1st 5s
7.82
Nov 15 1939
Avenue—
mtge
5s Income
58
1st
-
Park
Prudence Co—
London Terrace Apts—
Group Securities—
Building shares
22
50%
Realty Assoc Sec Corp—
38
:
1.71
B
C
•
Trust.*
General
General
38c
73
69%
BB
3.49
B
/20
July 7 1939
38
32
1st 4s
56c
*
stock series...10c
Foreign Bd Associates Inc.
40%
65
1949
(w-s)
1st 4-5s extended to 1948
Selected
Selected
7.10
32%
/48%
/38%
103 E 57th 8t 1st 0s...1941
41*"
Graybar Bldg 5s
1940
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 0s
10
/31
F-l
5 Hs stamped
1948
atpd
1st 2H-4S
98
15.49
Fixed Trust Shares A
C-2
1st 6s..
Fox Theatre A Off Bldg—
Income 3s
37c
8.98
Inc Shares.. 10c
Quarterly
25.02
Insurance stk
6%
46%
2d
/39
1
Eqult Inv Corp (Mass)..5
Equity Corp S3 conv pref 1
Bank
/5
/44
stmp..l956
1st 6s
36
1
Eaton A Howard Manage¬
Fiscal Fund Inc—
Majestic Corp—
Oliver Cromwell (The)—
1
52d & Madison Off Bldg—
-
-
-
5.05
1.10
Y
19th A Walnut Sts (Phlla)
49
'
1.70
Plymouth Fund Inc
1.01
21%
20%
5 %s series
32%
6.51
0.50
48
iNo Amer Tr Shares 1953. *
Cias8 A
4.45
19
50
5.61
5% deb series A
ment Fund series A-l_.
6%
5.17
Class B
.
..1940
5 %s series
1400 Broadway Bldg—
2.85
3.50
/19%
Club—
4s with stock
33
7.44
Pacific Southern Inv pref.
Diversified Trustee Shares
atpd A reg '55
Athletic
N Y Title A Mtge Co—
6.93
1.36
2.42
Deposited Insur Shs Ber B1
52""
25
Series 1955
Deposited Insur Shs A...1
Y
5 %s series Q.
Hotel units.
Atk
62
5 %s series BK
Series 1956
3.75
Deposited Bank Sbs ser A1
N
52
Series 1958..
7% preferred
Cumulative Trust Shares. *
59%
62%
Railroad equipment
Steel
No Amer Bond Trust ctfs.
insurance
sharr
B
23
20
...
1st 3Ha
1945
2s
Metals.
2.09
1
10
com
104
Mortgage Certificates
1st mtge 2s
36
Oils...
2.09
1
mod
Series ACC mod
35
Eastern Ambassador
Machinery
Series
Chanln Bldg Inc 4s...1945
7.71
1.77
Crum A Forster
..1948
4-6s
5.66
Insurance stock
Accumulative series._
.1944
...
5.53
Electrical equipment
1.77
101
8 f deb 5s
Motors Bidg-
—
4H
1.78
1
Shares
Series AA
lst3s__
Broadway
—..
Building supplies
pf.100
Corporate Trust Shares. .1
Continental
1962
Bid
1
Court A Remsen St Off Bid
England Fund
Y Stocks Inc—
Agriculture
104%
Metropol Playhouses Inc—
20%
35
New
3.65
101
104
1949
Atk
N
1
hares...
20.17
1966
....1960
W'msport Water 5s..
B'way A 41st Street—
39c
3.30
100
5s BerleB C
28
/19 %
20.99
18.76
90
98H 101H
Wichita Water—
84""
101
24c
Voting
95
86
1950
Real Estate Bonds and Title Co.
1H
10c
Mutual invest Fund
91
1951
3.73
*
Mass Investors Trust
1960
12.03
Series 8-4
Major Shares Corp
Nation
N Y Water Co—
7.74
11.00
Series S-2
19.63
Century Shares T rust..
103
98 H 101
6« series A
82
Broad St Invest Co Inc..5
Canadian Inv Fund Ltd.. 1
101
mtge 6s
Westmoreland Water 5s '52
102 H 104 H
105
Middlesex Wat Co 6 Hs '57
British Type Invest A...1
Bullock Fund Ltd
100 H 102
6s series B
104
8.52
Maryland Fund Inc
1.65
93
1st
Long Island Wat 5 Ha. 1955
Ask
4%
'5H
Water Serv 6 He *61
101X 103 H
20.79
61c
4
4H
Inc...
105
Sprlngf City Wat 4s A
8.02
Series K-l
Assoc. Stand OH Shares.
Fund
103
101
19.06
7 H
Boston
103
1960
1954
1
Shares—
common
Amer A Continental Corp.
Amer Gen Equities Inc 25c
Am Insurance Stock
1955
..I960
58 series B
Keystone Cust Kd Ino B-2
3.09
Business
lst mtge 5s
6s series A
Kokomo W W Co 6s..1958
Investors Fund C
18%
Amerex Holding Corp..
New
105
110
6s series B
1977
Water—
1st mtge 5H8.
Ask
9.69
3.45
74
South Pittsburgh Water-
1st mtge 3 Hs
Investing Companies
1%
74
1967
Shenango Val 4s ser B 1901
Indianapolis W W Secure—
Par
102
98
5s
Amer
1st A ref 5s A
99
70%
Indianapolis Water—
55
AdmlnlsteredFund2ndlnc*
1958
95
Illinois Water Serv 5s A '52
107
Affiliated
Water
4 Ha
—
67
104
Co
Scranton-Spring Brook
1952
Joplln W W Co 5s
Fund Inc
Scranton
104"
Water Service 5s.l961
5%s series B..1
Wis Mich Pow 3%s..l901
Gas A
101
100 H
5sseries D...
Hackensack Wat Co 6s. *77
120
Western Mass Co 3 %s
105 H
Consol E A G 6b A...1962
Roanoke W W 6s
96
5s series A
Utica Gas A El Co 5s..l957
1%
90
91
Greenwich Water A Gas—
Texas Public Serv 5s.
Income 6%s with stk '52
85
34
Tel Bond A 8hare 5s..1958
Central Public UtilityColorado
1958
1st mtge 5s
5s series A
101% 102%
98
97%
68%
1st lien coll truBt 6s. 1946
104X
...1958
4Hs
E St L A Interurb Water—
St Joseph Ry Lt Heat A Pow
83
104"
106
Richmond W W Co 5s.l957
108"
62
60
102%
79
103 H
106
Plalnfleld Union Wat 6s '01
Consol Water of Utlca—
Peoples Light A Power
6s.
Phlla Suburb Wat 4s..1905
Community Water Service
Sink fund Inc 5%s..l983
Cent Ark Pub Serv 5b. 1948
1st 5s series C
dividend Jan 27tn.
77.4234 grams of pure gol
2028
Financial
Quotations
Chronicle
March
26, 1938
Over-the-Counter Securities—Friday Mar. 25—Concluded
on
Specializing in all
Foreign Stocks* Bonds and Coupons
REGISTERED MARKS
Inactive Exchanges
£xp>ieAA
52 Wall
HAnom
WALTER E.
New York City
Street,
A. T. & T.
2-3080
Teletype N. Y. 1-1642
62 William
BRAUNL
Tel. HAnover
St., N. Y.
2-5422
Foreign Unlisted Dollar Bonds
SYLVANIA INDUSTRIAL CORP.
Bid
Anh< 7s to
1946
Antioqula
1946
E.
UNTERBERG
1948
24
/14
17
Bavaria 634« to
/20
23
,fnnii1nrn
jVLemoers
61
1930
117
1945
/1534
1734
Bogota (Colombia) 634a '47
/13
/934
fSH
fSVs
fWs
14
Ilseder Steel 6s
1948
/25
1034
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
38
f5X
/21
734
2234
19
7s
& CO.
/ New York Security Dealers Association
j Commodity Exchange, Inc.
Teletype N.
1945
Cities 7s to
Y.
1-1600
gg
8s. 1947
7s
78
Bid
Ask
Par
254
•
2534
234
3834
10
1134
1134
90
1734
1934
Petroleum
cum
American
pref
__100
Hardware
7% pref
•
Ask
Conversion
100
1
Pilgrim Exploration
Remington Arme com
25
~34
34
Petroleum Heat A Power.*
American Hard Rubber—
8%
Bid
98
Pat be Film
American Cynamid—
5% conv pre!
1969
1940
Brandenburg Elec 6a. .1953
Brazil funding 5a.
•
American Arch
1958
68
Industrial Stocks and Bonds
Par
434
334
1
*
10
3
4
734a
12
14
55
65
Singer Mfg Ltd..
434
534
45
47
Skenandoa Rayon Corp..*
Caldas (Colombia)
5
7
Art Metal Construction. 10
1834
1934
Standard Coated Prod .10c
Call (Colombia)
134
154
234
234
334
434
5234
Callao (Peru)
3
334
Belmont
Radio
Corp
*
Beneficial Indus Loan pf.*
Bur dines Inc common
1
5134
4
Standard
Screw
634
..20
2534
Stromberg-Carlson Tel Mfg
Sylvanla Indus Corp
*
434
534
1354
Columbia Baking com
<1
cum
preferred
40
40
4
*
334
Steel common
534
Tennessee Products
*
14
Trlco Products Corp
*
34
3534
Tublze Chatlllonxum pf.10
75
85
28
32
3434
3834
100
40
_*
Federal Bake Shops
Preferred
30
Fohs Oil
Co
American
Preferred
Preferred
-
1
34
154
634
34
134
234
534
100
(Northam)—
$3 conv preferred
*
Welch Grape Julcf com..6
54
23
$3
1034
1134
534
*
1634
9634
3
34
1
1434
9334
Week Dairies Inc
32
com
Wilcox A Glbbs com
42
Great Lakes SS Co com..*
Great Northern Paper.__25
25
2734
26
1
1534
White Rock Mln Spring—
$7 1st preferred
100
Wick wire
38
34
*
434
334
viol
preferred
cum
7
100
"
108
—
6
50
Worcester Salt
734
1
.1
34
10
13
2134
634
Lawyers Mortgage Co..20
78
Lawrence Portl Cement 100
Lord A Taylor com
1st 6%
preferred
150
*
7%
preferred
2334
47
52 34
80
44
47
Chicago Stock Yds 5s. 1961
Merck A Co Inc common. 1
21
25
Cont'l Roll A Steel Fdy—
1st conv s f 6s
1940
National
Casket
434
114
preferred
New Britain Machine
Haytlan Corp 8s
43
112
334
21
*
Conv deb 6s
Martin
Norwich
Ohio
1948
24
Nat Radiator 5s
1834
39
42
—
3634
1948
Conversion
12
19
7s
••
«
/14
Panama
/20
/20
/2l
Coupons
Porto Alegre 7s
2d
834
were
many) 7s
/7
/2034
Prov Bk Westphalia 6a '33
Prov Bk Westphalia 6s *36
5s
1941
Rhine Westph Elec 7% '36
6s
1941
17
/60
/25
Rio de Janeiro 0%
1933
Rom Cath Church 634 s *46
R C Church Welfare 7s *46
25
/2134
/2134
/2054
/18
J7
/21
104
Saarbruecken M Bk 6s '47
/2034
Salvador
/99
/99
/99
/40
/15
7%.
1957
7s ctfs of deposit-1957
4s scrip
/1234
conv
/35
Income 5s—1962
8034
1948
on
88 ctfs of deposit-1948
/21
/2 2
8%
1947
Santa Fe 7s stamped. 1942
n
9
/55
58
/85
/8
/40
Sao Paulo (Brazil) 08—1943
/39
Saxon Pub Works 7s._ 1945
/3734
/30
Z3434
/33
/2534
f25 v
/2434
5s
1956
50
27
2d series 5s
1950
40
2634
Coupons—
/034
034
Oct 1932 to April 1935
/58
Jan to June 1936
Jan to June 1937
Jan to Mar
1734
«.
«
1938
Scrip
German scrip
German Dawes coupons:
634s
90
Dec 1 '34 stamped
State Mtge
2734
April 1937
2134
_
.II
1
jq
I.I.IIII_
40c
By Crockett & Co., Boston:
Stettin Pub Util 7s—1940
/2l
Stlnnes 7s unstamped-1936
/04
4a—1930
/63
12
7b unstamped
1946
/13
14
Certificates
4s—1946
/5 2
/51
to
Certificates
Toho
10934 11134
/30
1955
Electric 7s
1947
•
23
-
--
---
/6734
7034
/6
7
J86.56
91.16
Union of Soviet Soc Repub
40
1943
7% gold ruble
Unterelbe Electric 68—1953
1957
70
80
/21
23
Vesten Elec Ry 7s
/20
1953
/20
22
/20
23
1947
1945
Wurtemberg 7s to
®
2 Plymouth Cordage
Co., par $10012 Massachusetts Power &
per Share
9054
Light Associates preferred
16
1 Columbian National Life
Insurance Co., par $100
29 Rhode Island Public Service
preferred, par $27.50
3 Columbia National Life Insurance
—I
I.I.1.1..
par $100---.
76
29^4
.
24 Brockton Gas
Light Co., par $25
I.IIIIIIIIIII
4
J.
Devine
&
Co.,
NOTICES
Inc., specialists in
Government securities,
Government financing and the changing character of the demand for
Government securities during 1937.
Included in the survey is a chronology
of
events
and
are
a
pertaining to
in
Treasury,
1937.
a
A
likewise presented.
the
the
money
expenditures
of the
financing, banking and
of the
receipts
and
comparative statement of the public debt of the United States
record of United
Bonds,
Government
summary
Social
States Treasury financing prior to and since 1933
Explanatory data regarding United States Savings
Security
Act,
Government
agencies and the recent operation of United
accounts are contained in the review.
credit
corporations
Slocks
$ per Share
234
I————— ——$600
$100
lot
22
j,
I
IIIIIII
3
—H.
39
D.
Shuldiner
&
Co.
and
States Treasury investment
Price records of outstanding United
States Treasury bonds are presented and, likewise, information
obligations of United States territories and insular possessions.
By Barnes & Lofland, Philadelphia:
on
March 24 published the 1938 edition of their annual
survey of the course
of
market
Stocks
preferred, par $100
m
—
/30
834
Tolima 7s
1960-1990
»
—-
Bk Jugoslavia
1734
Great Britain A Ireland—
$ per Share
$50—
....
16 John B. Stetson Co.
preferred, par $25
92 Leeds & Lippincott Co.
7%
23
/II
June 1 *35 to June 1 '37—
Graz (Austria) 8s
1954
—C.
Imco
Co.,
/21
Saxon State Mtge 6s..1947
/2134
Siem A Halske deb 6s. 2930 /390
Oct 1935
38
8
2334
/834
Apr 15 '35 to Apr 15 '37German Young coupons:
„
1951
9
/7
/2134
mu
Dec 1934 stamped
m
...
Santa Catharina (Brazil)
Wednesday
$l00—IIII—III"
preferred, par
10
/23
f Flat price.
sold at auction
par
1334
J7
88
—
July to Deo 1935
SALES
15 Massachusetts Utilities Associates
preferred,
300 Stanley
Engineering, Inc
10 Deerfield Plywood Co.
(Ger¬
1946
/35~~
July to Dec 1934
75
10234
Stocks
par
1908
Protestant Church
/2134
/2134
CURRENT
capital,
1936-1937
Santander (Colom) 7s_1948
Guatemala 8s
1948
Hanover Harz Water Wks
56 Glen Willow Ice Mfg. Co., par $10
100 Edwards-Freeman, Inc.,
1956
Jau to June 1934
By R. L. Day & Co., Boston:
Shares
/23
/25
Poland 3s
97
140
107
1962
of the current week:
Shares
634s
5% scrip
/58
July to Dec 1936
86
1945
1st 5s
AUCTION
units
/20
1952
to-..
Panama City
17
J92
6s
7
5734
Oldenburg-Free State
Int ctfs of dep July 1 '38
German defaulted coupons:
13
page 2027.
following securities
/9734
/2034
1945
17
Office
Haiti 6s
The
/17
1940
Oberpfala Elec 7s
3154
4a.
For footnotes see
/17
1947
55
/31
Woodward Iron—
10
734
0^8
July to Dec 1937
Wltherbee Sherman 0s 1944
34
*
*
4s
1946
77 34
65
5
Ohio Match Co.....
•
N Y Shipbuilding 58-1940
1634
100
Pharmacal
1940
German Atl Cable 7s. -1945
German Building A Land-
83
130
1946
Scovlll Mfg 534s
Leather common
North German Lloyd 6s '47
7
J10134
1937
Hungary 7348
1902
National Hungarian A Ind
Mtge 78
1948
/2134
7s.'63
/96
Nat Central Savings Bk of
39
70
French Nat Mall 88 6s '52
9134
/7434
/II
(Glenn L)—
....1939
58
100
69
/30
/96
Jan to June 1935
"
98
80
Conv 6s
534
New Haven Clock—
Preferred 6 34%
Northwestern Yeast
Natl Mtge
7s to
034 s.1946-1947
0348.1948-1949
(CAD)
1534
1534
21 34
bank
89
1938
40
fl7
f'S2
/5 0
/15
m
/1534
1945
Kelsey Hayes Wheel Co—
109
100
90
/21
Nassau Land bank 634s '38
Nat Bank Panama
---
95
1937
---
934
*
5%
5534
Municipal Gas A Elec Corp
Recklinghausen 7s__1947
July to Dec 1933
Deep Rock Oil 7s
*
Farmers
Frankfurt
6s
10634
Am Wire Fabrics 7s_. 1942
-
-
7834
834
/24
/13 34
/13 34
/67 34
1953
Mortgage A In¬
129
7348
I960
734s income
1966 f.
7s.
1907
/22
78 income
1967
/22
534
*
Preferred
Nat Paper A Type com
6348
Funding 3s
American Tobacco 4s_1951
m
1945
634s '50
6s
123
434
European
German
113
Muskegon Piston Rlng.2 34
Duisburg 7% to
Electric Pr (Germ)
Bond*—
110
m
1945
Gelsenklrchen Mln 68-1934
1434
200
100
preferred
100
Mock Judson A Voehrlnger
7% preferred
100
1949
East Prussian Pow 6s. 1953
8
734
,
.100
2d 8% preferred
100
Macfadden Pub common.*
Preferred
_*
0%
5fl
Cundinamarca 634 s. -1959
Dortmund Mun Utll 6s "48
78
1234
100
100
Machinery
7% preferred
100
Young (J 8) Co com...100
34
534
V*
Costa Rica funding 5s. '51
Costa Rica Pac Ry 734 s '49
»
634
534
WJR The Goodwill Sta„5
York I of
5
1946
Cordoba 7s stamped--1937
'
81
8
vestment
29
Harrlsburg Steel Corp
KUdun Mining Corp
King Seeley Corp com
1953
Budapest 7s
Colombia 4s
17
Spenoec Steel..*
/20
634
City Savings Bank
_
17
105"
preferred
7%
2
234
4234
.100
434
134
Chilean Nitrate 5s....1968
Duesseldorf 7s to
West Va Pulp A Pap com.*
Preferred
100
1934
20
•
1934
-
334
1534
Garlock Packing com
*
Gen Fire Extinguisher...•
Corp
Graton A Knight com
*
United Merch A Mfg com *
United Piece Dye Works.•
5
50
*
Humor
com.
45
334
»
shares
United Artists Theat
8~~
/72
/20
7s to
(A A B)
-
-
-
134
Warren
*
Foundation Co For she
-
134
116
(Jos) Crucible.__100
Douglas (W L) Shoe—
Conv prior pref
Draper Corp
Good
~
34
*
Preferred
834
234
3034
Devoe A Raynolds B com *
Dixon
7
12
109
Dictaphone Corp
*
2834
*
Crowell Publishing com.. »
37 preferred
100
Dennlaon Mfg class A
10
1947
/21
1945
Central German Power
Madgeburg 6s
/2l
Munlc Bk Hessen 7s to '45
/534
17
/3
1946
7s assented
/21
Meridlonale Elec 7s...1957
48
!7
/14
1944
Chile Govt 6s assented
1948
Munich
/24
734a '46
(Brazil) 8s
oeara
Taylor Wharton iron A
5
Luneberg Power Light A
Mannheim A Palat 7s. 1941
7S...1947
734s
Cauca Valley 734s
1434
28
IM*
- ft*
Chic Burl A Qulncv ...100
Chilton Co common
10
/23
Buenos Aires scrip
/44
Burmelster A Wain 08.1940 /115
225
220
.5
Preferred
21
/21
Leipzig O'land Pr 634s '40
Leipzig Trade Fair 78.1953
/27
Corp—
1953
*
1934
/37
/—
Water 7s
1962
/46
/17
1940
034s
Scovlll
Nov 1932 to May 1935
Nov 1935 to May 1937
Koholyt 834s
Hungarian Bank
Brown Coal Ind
40
Coupons—
Land M Bk Warsaw 8s '41
/29
6s
British
334
334
334
/17
...1943
17
Bremen (Germany) 7s. 1935
11
American Mfg 5% pref.100
Andlan National Corp.. "
Bankers Indus Service A.*
/2134
/17
/18
1931-51
_
Brazil funding scrip
Manufacturing..25
Singer Manufacturing..100
Amer Maize Products
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 734s '32
Hungarian Discount A Ex¬
change Bank 7b
1945
_
Bolivia (Republic)
Alabama Mills Ino
24"'
Bavarian Palatinate Cons
BOwling Green 9-3505
Broadway, New York
Ask
Hansa 88 6s stamped. 1939
m
6s unstamped
1939 flOO
22
Barranqullla 8s'35-40-40-48
Bank of Colombia 7 %. 1947
C.
Bid
Ask
/20
/21
/22
J22
8s
announce
on
the
the removal of their offices from
Broadway to larger quarters at 40 Exchange Place, New York.
—J.
B.
Lang & Co.
ciated with them
as
announce
that John
head of their Municipal
B.
Thayer has become
Department.
asso¬
Volume
Financial
146
General
2029
Chronicle
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
OF
FILING
REGISTRATION
Akron
UNDER
STATEMENTS
SECURITIES ACT
following additional registration statements (Nos.
3626 to 3632, inclusive) have been filed with the Securities
and Exchange Commission under the Securities Act
of
The
The total involved is
1933.
Interocean Dirigible Corp.
a
(2-3626, Form A-l) of New York,
Net from
N. Y.,
—V.
Period End.
Grossrevenue
Corp. (2-3627, Form Al) of North Bergen, N. J., has filed a
registration statement covering 130,000 shares common stock, $1 par, and
warrants to subscribe to 50,000 common shares.
Of the shares registered,
80,000 shares are outstanding and will be offered for sale at market by
present stockholders.
The remaining 50,000 shares will be reserved for
Duro Test
xOper.
March 19, 1938.
Southern Oxygen Co., Inc. (2-3628,
has filed a registration statement
Va.,
•
stock. Any balance of proceeds will be used for
There will be no underwriter. R. B. Swope, is President
Filed March 19, 1938.
(2-3629, Form A2) of Burbank, Calif.,
has.filed a registration statement covering 149,484 shares capital stock, $1
par value, and warrants to subscribe to 130,818 shares.
Warrants will be issued shareholders of record as of a date 10 days after
the,effective date of the registration statement entitling them to purchase
one additional share for each two shares held at $2 each.
Any unsubscribed
for shares will be purchased by underwriters at the same price.
The com¬
pany said it is advised that the undrwwriters have no present intention of
offering to the public shareslof stock notjpurchased by warrant holders.
(*As to the remaining shares being registered,i7,666 shares willibe|offered
to employees under a stock purchase plan land (11,000 shares Twill be^offered
to executive officers and employees holding managerial positions.
(►Proceeds are to be added to working capital. The company states that a
substantial portion of the funds may be used to pay off its indebtedness to
Western
Air
Express Corp.
Lockheed {Aircraft Corp.
(•^Underwriters will be Charles Boettcher 2nd, Boettcher & Co. and James
Q. Newton Jr. Alvin P. Adams ^President of the company. Filed March
21, 1938,
Bruell Gold Mines (1936) Ltd. (2-3630, Form
Al) of Toronto, Ont., has
filed
a
registration statement covering 500.000 shares $1 par common
stock to be offered at 50 cents each. The proceeds will be lent to a subsidiary
for
Eugene Bruell, President of the company,
development.
underwriter.
Filed March 21,
is named as
Harry M. Dent is President of the company.
Filed March 23,
1938.
York, Inc. (2-3632, Form A-2),
has filed a registration statement covering $60,000,000 15-year 3lA% de¬
bentures, series due 1953.
Proceeds will be used to refund $60,000,000
Consolidated Gas Co. of New York 4)4% debentures due 1951.
R. H.
Tapscott, N. Y. City, is President.
(Further details are given on a sub¬
sequent page.)
Filed March 24, 1938.
Consolidated
The last
n our
Co.
Edison
$636,968
402,092
on
$8,477,850
4,823,220
$8,593,802
4,810,384
$234,875
195,178
$372,956
195,178
$3,654,629
2,342,138
$3,783,417
2,342,138
$39,697
pref. stock
$776,708
403,752
$177,778
$1,312,491
$1,441,279
Balance...
Alaska-Juneau Gold Mining Co.—Extra
The directors have declared
an
of
New
previous list of registration statements was given
1863.
issue of March 19, page
Allemannia Fire Insurance Co.—Extra Dividend—
The directors have declared an extra dividend of five cents per share
a regular quarterly dividend of 25 cents per share on the
stock, par $10, both payable March 30 to holders of record March
addition to
similar
dividend
extra
stock,
no
Co., Ltd.—To Create Bond Issue—
Aluminum Power
Applicationftias been made by thejicompany to the Provincial Electricity
thejProvince:of Quebecifor£authorizationstoTcreateJfirst mortgage
bonds in jan^aggregatelprincipal amount not exceeding $25,000,000 and to
issue forthwithj$20,000,000|of such bonds divided into $10,000,000 of
series A bonds, payable/as|to principaliandiinterestiin^Canadian currency,
and $10,000,OOOiof series B bonds, payable as to principal and interest in
currency *of theiUnitedjStatesiof America, the bonds of both series to be
dated Jan. 2, 1938, to mature>Jan. 2, 1968, to^bear int. at rate of 2% per
annum from Jan. 2, 1938, to/Jan. 2, 1940, and thereafter at the rate of
4% per annum andjjtojbejdelivereditOithejivendor of certain properties and
undertaking tojbe soldlancUconveyed to the Aluminm company and as part
payment of the/considerationifor such sale and conveyance.
[ Proceeds jof the/issue, it Is said, will^be usedifor*acquisition of the Alcoa
Power Co.
ThejAluminum Power Co. is ainewlyfcformed subsidiary of the
Aluminum Co. of Canada, Ltd., with^headAoffices in Montreal.
J. H.
Alger ^is^Secretary.]
American Bakeries
Corp.—Extra Class A Dividend—
25 cents per share in ad¬
dividend of 50 cents per share on the class A
March 15.—V. 146, p. 1060.
Directors have declared an extra dividend of
dition to the regular quarterly
stock, both payable April 1 to holders of record
American Beverage
Corp.—Preferred Dividend Deferred—
Directors at their meeting held March 22
of
a
1934
xl935
xl936
Gross sales, less returns,
&c
$30,798,546
Operating
$27,833,880 $20,865,439 $16,170,609
21.041,483
18,545,878
13,926,709
10,449,521
expenses....-
$9,757,063
$9,288,002
$6,938,730
$5,721,088
195,428
448,789
395,838
496,641
$9,952,491
1,270,091
1,355,565
$9,736,791
1,353,972
al,318,266
$7,334,568
1,126,671
915,031
$7,326,835
7.671,591
Operating income....
$7,064 553
6,960.781
$5,292,866
4,593,204
Other income..
Total income
Deprec.,
reserve,
&c
Federal tax
took no action on the payment
dividend ordinarily due at this time on the
7% cumulative convertible
of 8^ cents per
preferred stock, par $5.
A regular quarterly dividend
share was paid on Jan. 3, last*—V. 146, p. 1060.
Business Credit Corp.—Initial Dividend—
initial dividend of 10 cents per share on the
of record March 29,1938.
The company wrote its first business Sept. 2, 1937, and reports gross
receivables outstanding of $1,035,700 and a gross volume of business
American
Directors have declared an
common
stock class A, payable April 14 to holders
transacted of $2,133,070.—V. 145, p. 3489.
Alcohol Corp. (& Subs.)—Earns
.
$6,217,729
1.424,098
648,215
Dec. 31
"
1936 " "
1935
$34,771,036 x$35463,632 $30,781,767
$29,377,000
4,447,190
3,627,500
1937
Gross sales
Gross
profit on sales
valuat'ns
4,150,718
4,963,648
315,018
2,413,576
2,848,532
2,567,889
1,908,871
$1,737,142
170,059
$2,115,116
149,265
$1,564,283
175,277
$1,718,629
89.598
$1,907,201
Interest
296,923
Prov. for doubt, accts—
131,443
Other deductions
40,564
$2,264,381
206,441
213,442
127,270
$1,739,560
134,060
110,409
182,344
$1,808,227
73,698
119,186
148,637
$1,438,271
$1,717,227
$1,312,747
$1,466,706
133,059
325,744
308,764
295,804
264,710
60,266
178,009
31,133
y221,231
193,531
138,000
$843,117
$1,187,232
$823,412
$930,937
$930,937
ministrative expenses.
Profit
Other income—
Total income.
Profit...-
&C-Depreciation.
Divs. on 5% pref. stock
of sub. co., applicable
Inven. adjustment,
^
Net profit.
Dividends
def$344,756
Surplus..
Shares
com.
$103,772
$699,662
$408,275
2,566,191
$2.85
2,532,066
$2.79
840,822
$6.29
832.365
$4.98
outstanding
(no par)
Earns, per share on com.
x
$4,145,416
3,737,141
Including Pure Carbonic Co. of America and subsidiaries from July 1,
a Including surtax
on undistributed profits $36,447.
The net earnings of $7,326,835 for
1937 were the largest in the company's
history despite the decline of unprecedented suddenness in its volume of
sales during the last three months of the year.
The letter to stockholders states in part: "It is worthy of note that in
1929 the total taxes, local, State and Federal, of the company was $727,000,
amounting to 3.4% of net sales and 10% of profits before all taxes for that
year, whereas the total of such taxes for 1937, exclusive of sales taxes paid
on purchases, amounted to $2,118,500, representing 7% of net sales and
22% of profits for the year.
"During 1937 the company purchased in the open market 15,900 shares
of the stock of U.
per
share.
S. Industrial Alcohol Co. at an average price of $18.88
This price is considered to be substantially below the sound
company."—-V. 145, p. 3808.
value of the net current assets of that
Alabama Fuel & Iron Co.—Dividend Reduced—
r
Directors have declared
a
dividend of 20 cents per share on the common
stock, payable April 1 to holders of record March 21.
quarterly dividends of 30 cents per share were
to
1
1937
Federal taxes.
1935.
►
Previously regular
distributed.—V. 144, p. 4164.
1934
Res. for inven.
and inventory adjustSelling, general and ad¬
Inc. (& Subs.—Earnings—
xl937
Calendar Years—
Jan. 2, 1935,
145, p. 4106.
Board of
Consolidated Income Account, Years Ended
par
Air Reduction Co.,
in
capital
21. A
paid in teach of the nine preceding quarters.
was
The company paid extra dividends of 10 cents per share on
and in each of the four quarters prior to this latter date.—V.
dividend of 37 H cents per share on the com¬
value, payable April 25 to holders of record April 15.
Previously regular quarterly dividends of 75 cents per snare were distributed.
See also.—V. 144, p. 3826-
mon
per share in
the common stock,
$10, both payable May 2 to holders of record April 5. Like amounts
were paid on Feb. 1, last.
An extra of 30 cents was paid on Nov. 1, last,
and extra dividends of 15 cents per share were paid in each of the 16 pre¬
ceding quarters.—V. 146, p. 1699.
Straus, Inc.—Dividend Halved—
a
Dividend—
dividend of 15 cents
par
American Commercial
Abraham &
Directors have declared
extra
addition to the usual quarterly dividend of 15 cents on
1938.
General Plastic, Inc. (2-3631, Form A-2), North Tonawanda, N. Y.,
has filed a registration statement covering $600,000 5% first mortgage
convertible bonds, due in 1948, to be offered first to stockholders at 100 and
any unsubscribed bonds to the public through underwriters at the same
price.
The company also registered 18,000 shares (no par) common stock
to be reserved for conversion of the bonds.
Proceeds will be used for plant
construction and additions.
Fuller Cruttenden & Co. is named under¬
writer.
reserve.
x
No provision was made in 1936 for Federal surtax on undistributed
profits]as ail taxable income was distributed.
No provision was made in
1937 except fora small amount provided by a subsidiary company.
No
provision has been made for such tax in 1938.—V. 146, p. 1388.
retire 1.080 shares preferred
working capital.
350,625
144,870
96,155
1938—Month—1937
1938—12 Mos.—1937
$1,607,980
$1,684,159 $20,061,615 $19,102,639
753.322
739,825
8,870,079
8,687,587
217,690
167,625
2,713,686
1,821.250
& taxes
exp.
Net income
Divs
par
of the company.
368,730
143,821
88,841
69,504
43,705
Co.—Earnings—
28—
Gross income
Int. & other fixed chgs—
Form A2) of South Washington,
covering 7,585 shares common
value, and stock purchase warrants for 5,610 common shares.
The warrants are being issued to present common stockholders entitling
them to purchase 5,610 common shares at $20 each.
Such shareholders
may purchase the additional 1,975 shares of common at $40 per share. Any
shares not taken by common shareholders will be offered preferred stock¬
holders at $40 each.
'^'.7'.
'7;
/.■
v
77-.7
'V'];
v-^ ...7 •••;:■
Proceeds will be used to redeem outstanding 5% debentures and to
Feb.
Prov. for retire,
after
entitling them to purchase at $6 per
share, one additional share for each four shares held.
,
'
Proceeds received by companyjare to be used as follows:
$20,000 to be
paid President of company for all issupd and outstanding stocklof New
Republic Radio Corp.; $100,000 to augment company's cash position;
$50,000 to purchase new^equipment, and $126,000 for working capital.
Pistill, Wright & Co., Ltd., will underwrite the 80,000 shares being
offered publicly.
M. M.. Bilogsky is President of the company.
Filed
the effective datejof the registration
71,636
1935
$169,422
*
exercise of warrants.
stock, $25
392,863
156,800
1936
$181,558
71,206
43,221
146, p. 1699.
Alabama Power
page.
issued stockholders of record on the 91st day
239,584
26,305
def28,406
railway......
Net after rents..
stock.
N* The warrants are to be
1937
$199,086
80,347
39,147
From Jan. 1—
Gross from railway
approximately $78,512,368.
Ry.—Earnings—
1938
$115,533
13,423
Adefl3,888
Net after rents
registration statement covering 1,000,000 shares of $1 ipar value
Filed March 18, 1938.
For further details see subsequent
has filed
common
Canton & Youngstown
February—
Gross from railway
Net from railway
Surtax on
undist. profits
Profit.
Proceeds
goodwill
alcohol
sale
of
of industrial
from
.
200,000
——
$1,043,117
$1,187,232
$823,412
business
Net profit
Provision for
unrealized
profit on sales subject
to deferred delivery—
-
Cr229,200
Z>r300,000
Dr620,000
Net profit
$1,272,317
$887,232
$203,412
Dividends paid
zl.,173,980
zl,173,962
$930,937
1937 approximately 61% ($21,210,588) repre¬
sent excise taxes, stamp taxes and rectification taxes (1936, 56% or $19,981,899).
y No provision has been made for Federal surtax on undistri¬
buted profits as It is believed that the company has distributed all taxable
net income which would have been subject to surtaxes,
z $130,443 paid
in cash
(1936, $130,440) and $1,043,544 paid in 5% cum. pref. stock
(1936, $1,043,522) of American Distilling Co: (a Maryland Corporation),
a subsidiary company—104.354 shares of a par value of $10 per share.
x
Of the sales for the year
(And WhoJJy-Owned Subsidiaries]
Cash
Notes pay.—banks
747,186
and accts.
receivable-..—
4,567,446
6,180,121
4,598.289
4,828,167
1,028,609
163,054
1,365,606
5,018,943
Merch. Inventory.
5,205,106
Accounts payable.
649,267
in banks....—
Dlv.
cept,
in
Inv,
222,887
250,435
5.929,146
458,847
5,937,920
1
1
affll. cos.
b Fixed assets
Goodwill
—
.....
26,088
746,984
pref.
2,079.066
1,043,522
Has No
stock of
Dist.
Co..
stock
($20
5,218,696
5,218,696
par)
Capital surplus... 2,349,412
ICarned surp. since
Dec. 31. 1931— 1,262,731
2,348,184
$5,000,000 bank loan at its maturity in November, and the possible bor¬
rowing of $800,000 to complete construction of a $2,000,000 generating
plant being built by Madison Gas & Electric Co.
W. G. Dunnington, a member of the board of the Texas Corp., has been
elected a director, succeeding Paul Nitze, who retired.—V. 146, p. 1865.
1936.
b After depreciation reserve of $2,983,247 in 1937
$2,705,187 in 1936.—V. 146, p. 430.
and $362,812 in
and
W. IS. Bell, President, says in part:
changed during the year by the authorization
of 2,500,000 shares of new 5% cumulative convertible preferred stock (par
$10), and by increasing the authorized number of shares of class B common
stock from 3,000,000 to 3,620,000.
At the end of the year, 102,078 shares of the new preferred stock were
outstanding. These shares were issued to stockholders who elected to take
all or part of the special dividend paid Nov. 26, 1937, in such shares in¬
Sales.
Inc.
1940 were reduced by $667,000.
Consolidated Income Account for Calendar
$7,7.38,826
421,983
267,818
340,681
378,888
$5,732,718
362,001
43,199
342,372
$11,422,743
$9,786,780
$8,539,697
$6,480,290
1,013,320
Divs., int. & discount—
Profit on foreign exch—
Other income (net)
___—
Research, process & mar¬
ket development exp.
Int. & discount paid
Deprec. and depletion._
-
1,201,416
390,164
1,885,998
403,143
1,186,538
437,061
2,118,016
622,201
1.542,076
407,790
2,285,728
xl ,009,281
1,807,433
458.058
2,774,825
1,047,532
stockholders'
int. in net inc. of subs.
Surplus
86,973
113,722
103,926
$4,454,930
2,520,368
$4,062,160
1,134,166
$2,495,644
874,626
$1,235,666
Dividends
66,640
$5,268,255
y4,032,589
Net income...
$1,934,562
$2,927,994
$1,621,018
2,520,368
$2.09
2,520,368
2,520,368
2,520,370
^$1.77
$1.61
Shs. combined class A &
outstanding..
Earnings per share.....
Including^,050^Ft£r
of
sales
on
real
23,761
1,073,544
Cr32
Balance, deficit——
a
$155,978
209,406
$30,108
558,413
$453,779
838,212
$9,796
_.
1,259,063
Cr 17,772
$339,216
349,012
Net gain
Preferred dividends.
5,857
1,124,771
Cr2,717
$53,428
$528,305
$384,433
—
Including $1,300 for surtax
on
1937
1936
1937
,
A sects
$
Liabilities—
S
Mortgages (curr.).
Discount"
Deposit
on
debs.
774,512
Inv. in co.'s securs.
Other
•§
4,714,439
5,636,873
200,570
175,500
LiablLs. not
11,050.232
8,465,730
secur.
349,862
991,847
878,330
in
So.
Alkali
Corp
Inventories..—
Stock
purch.
—
542.298
273,798
270,782
Accrued interest..
63,839
154,689
236,069
Res. for pay. under
247,814
—
90,500
599,272
163,433
Insurance fund-
129,500
Accounts payable.
43,054
4,439,000
4,312,000
16,684,607 13,383,063
b Common
&C
—
Deferred
items—
debt
money
oblig
pay.,
■
v
£ | tmw
441,625
333,994
accr.
4,426,492
666,000
wages & taxes..
Notes pay. banks.
5,363,094
667,000
Accrued Interest on
169,081
111,461
85,027
Res. for conting—
2,745,212
Prov. for Fed. tax.
1,053.228
2,375,918
996,412
Deferred charges
642,254
720,686
Earned surplus
1
1
Capital surplus
funded debt
Res.
13,733,052 12,497,385
6,284,975
6,524,076
for est.
—
shares of class A common ($10 par)
and 2,454,425 shares of class B common ($10 par), excluding 157,674 shares
B stock held by subsidiary companies,
c Includes unamortized debt
in
Period End. Jan. 31—
a Subs.
Cos. Consold.
Maintenance
......
Depreciation
Taxes
Operating income
Other income.
—
Total income
Interest & other deduct's
Pref. stock dividends...
..
23.485,570 24.717,727
Total...
Blance.
Int. from subs,
Pref.
56,306,491 $74,278,820 $70,530,061
1,762,591
22,835,868
22,032,053
344,164
4,302,779
4,092,155
842,879
9,915,714
9,242,163
846,719
10,305,761
9,703,874
$2,510,137 $26,918,698 $25,459,815
Drl6,S95
172,561
432,844
$2,493,241
957,107
417,831
$27^091^259
10,822,314
5,020,475
$25,892,660
11,338,446
5,014,392
$956,000
stock
cos
divs.
$1,118,303 $11,248,469
$9,539,821
$956,000
257,256
$1,118,303
288,550
$11,248,469
3,024,528
x After
depreciation,
y Represented by 19 (875 in 1936) shares of stock,
As follows: 6% non.cum. pref. stock (par $100); authorized and issued.
140,000 shares, including scrip and 53.28 shares reserved for conversion,
$14,000,000; common authorized and issued, 560,000 shares (no par),
including 222 shares reserved for exchange of prior issued $2,800,000;
earned surplus, $2,219,803 in 1937 and $2,119,691 in 1936; total of $19,019,803 in 1937 and $18,919,691 in 1936, less 381 shares pref. and 800 shares
common stock owned by subsidiary, at cost, $25,193; balance as abeve.
b Including non-operating property (at cost), $3,793,898 in 1937 and
$3,609,679 in 1936.—V. 146, p. 1864.
Locomotive
Co.
(& Subs.)—Earnings—
Calendar Years—
1937
xl936
Gross sales, less discounts & allowances
$50,447,450 $21,381,108
Cost of goods sold, incl. admin., selling & gen. exp. 43,040,851
20,137,294
Depreciation and amortization
676,004
624,414
$6,730,595
967,808
$619,400
981,185
$7, 698,403
$1,600,585
125,399
65,961
90,825
45,608
159,171
2,084
1,916,126
67,815
1,910,050
270,776
Idle plant expense
Interest paid
Loss on retirement of plant assets
Research, developement expenses
Normal Fed eral & foreign income taxes
Surtax
on
$1,381,285
62,260
Int. and other deductions
170,853
Pref. stock divs. to public
177,811
$1,568,109 $16,256,938 $15,119,689
65,796
741,763
643,365
170,853
2,050,241
2,518,663
177,811
2,133,738
2,133,738
results of current
x As revised in accordance
standards.
a
$970,360
$1,153,648 $11,331,196
Intercompany items eliminated,
Electric
b Applicable
to
$9,823,923
American
Gas
&
Co.
with
Securities
1937
Subs.)
—V.
146,
p.
98. :«n*|a
American
...
.4..-
$461,920
$393,352
Light & Traction Co—Sale of San Antonio
Approved by SEC—
Public Service Co. Bonds Now Owned
The company has been authorized by the Securities and
mission to dispose of its holdings of $3,270,000
Exchange Com¬
5% 1st mtge. & ref. bonds,
8,eri^
*
.n Antonio Public Service Co., a subsidiary.
At the time same,
the Commission made effective a declaration filed
by both companies under
.
$1,156,658
1,055,883
def$1.75
Exchange Commission
RR. equip, etfs
$
3,839,500
3,839,500
Accounts payableLoans payable.
2,714,902
1,560,887
Sundry accrd. exps
344,903
1,818,313
Other securities...
Inventories..
1936
35,196,100
5,000
5,000
Dom. of Can. bds.
741,870
748,363
7.063,010
4,361,536
.10,408,313
6,484,304
nt—«
S
902,905
1,793,218
U. S. Treas. bonds
& accrued
1937
Preferred stock—35,196,100
Common stock..
4,634,420
1,692,806
c
—
Adv.
pay.
1,000.000
.
289,800
ree'd on
71,735
contracts
427,670
876,910
296.941
Reserve for Fed. &
406,426
388,451
State franch. tax
Res.
for
possible
loss in other sec.
investments....
2.500,000
Reserve for contin¬
2,338,500
1,486,628
&Seym'r Corp..
Earned surplus—
9,190,198
8.040,707
Capital surplus...
4.678,249
4,178,250
gencies, &c
Min.int. tn Mclnt.
1935
m
and
Liabilities—
$
35,284,371
■Earnings—3
1936
$4.75
1936
§
Cost of peroperty36,190,536
Investments
5,142,625
a
Sundry def. chges.
American Hair & Felt Co. (&
$6,113,218
2,463,727
'
Figures for periods prior to Jan. 1, 1938 restated to include an
additional charge at the rate of
$100,000 per annum for amortization of
debt discount and expense.
Figures for periods prior to Jan. 1, 1937 also
restated to conform_with new classification of accounts.—V.
146, p. 1389.
Calendar Years-—
1937
Consolidated net profit after deprec.,
obsolescence, taxes, &c.__
loss$186,960
_
20,433
100,520
28,996
159,548
3,365
Consllidated Balance Sheet Dec. 31
b Accts. & bills rec.
^Balance
year.
...
Cash
Total income..
oper.
Net profit for the year
Dividends paid on pref. stock
Earns, per share on 767,900 shares common stock..
Assets"
Expense
594,363
8,637
700,000
undistributed profits
Contings. relative to
45,457
40",000
Prov. for doubtful accounts
Cash discounts
Other secur. invests, written down
from
sub-com panies
Other income.
36,115
a
$9,539,821
3,399,041
165,247
2,782
Amer. Gas & Elec. Co.
b Bal. of subs. cos. earns
752
23,485,570 24,717,727
Total profit
1938—12 Mos.—1937
1938—Month—1937
423,907
838,476
('& Subs.)—Earnings—
$6,296,164
1,855,596
358,696
880,993
923,144
$2,273,309
893,401
685,612
props,
Equity of min.int.
Profit from operations..
;
$2,277,734
Dr4,425
revenue
8,514
losses
Other income
Operating
Operating
615,860
23.170
—
Laundry Co.,Inc
Total
discount and expenses.—V. 146, p. 1864.
American Gas & Electric Co.
_
in Knickerbocker
American
Total — ..
69,863,121 62,858,018
of'$377470,440 in 1937 and $35,404,027
^
in
—
in cinnect'n with
.69,863,121 62,858,018
After depreciation and'depletion
1936.
b Represented by 65,943
a
621,375
install.
on
sales, &c
7,666,000
1,118,996
13,000,000
1,118,997
cos
5,000,000
Total
90,956
175,008
Com¬
Wkmen's
non-oper.
48,155
Goodwill
&c.
pensation Act.&c
Defd.inc.
y
5,000,000
c
_
sales & dispos. of
Tr. accept. & pur. ^
Accts.
con¬
...
curr..
Federal taxes,
Prepd. rents, taxes,
$
License, pats., &c.
tract
10,000
73,939
768,318
1,020,780
stock.25,203,680 25,203,680
Mln.lnt.in sub,
99,873
Other Inv. & adv..
Inv.
45,500
16,750
51.840
Preferred stock...
Funded
ac¬
Cash....
Marketable
21,000
of
on acct.
sales of prop
824,589
1936
-S
Liabilities—
Land, bldgs.,&c_25,742,155 24,100,933
ceptances receiv.
—
784,306
investments
$0.99
_
1937
1936
%
Notes & trade
.
—
Consolidated Balance Sheet Dec. 31
Accts.receivable..
$
a
64,714
Inventories
1936
$
Cap. & surplus—18.994,610 18,894,499
Funded debt
2.170,000
2,370,000
I,lant,equip.,&cbl8.681,317bl9 ,682600
Cash
340,988
1,172,900
Notes & accts.rec. 1,335,651
,412,672
x
y
1937
a
18,504
1,575,572
undistributed profits.
Includes special dividend of $2,520,368
payable optionally in cash or in shares of 5% cum. conv. pref. stock.
$1,499,588 paid in cash and $1,020,780 paid in shares of preferred stock
(102,078 shares).
Assets
140,183
"
B stock
x
264,468
Consolidated Balance Sheet Dec. 31
Prov. for income tax....
Minority
1934
1935
74,171
property & demolition
buildings
Depreciation
Minority int. sh. of loss.
Years flncl. Subs.)
$8,827,967
618,132
Net operating profit—$10,141,604
Total income
Losses
of
1936
1937
58,675
.$13,281,516 $13,296,799 $12,781,143 314,365,971
Cost of mdse., operating
11,597,303
11,041,861
11,932,718
expenses, &c
11 ,556,797
Interest on bonds, &c—
150,080
213,738
243,678
257,236
Other deductions
103,116
143,870
140,204
Res. for Fed., &c., taxes
35,033
a58,000
84,000
128,162
Total
cash.
through
investments,
interest, rents, &c
To provide additional working capital and further cash reserves for future
requirements, an issue of $6,000,000 4% sinking fund debentures, due
Oct. 1, 1957, was authorized and was sold in a private transaction at par.
Bank loans which were made in 1935 and which mature in annual instal¬
ments
from
(& Subs.)—Earnings—
1937
1936
1935
1934
$13,222,841 $13,222,628 $12,516,675 $14,225,788
Calendar Years—
The authorized capital was
stead of in
Ice Co.
American
Cyanamid Co.—Annual Report—
American
They include sale of $1,000,000 of San
ings which the company faces.
Antonio Public Service Co. series B, 5% 1st mtge. & ref. bonds to a private
interest, in order to pay a bank loan of the same amount; extension of a
1,181,659
18,105.634 16,717,944
Total
Major Financing Ahead—New Director—
The company contemplates no new major financing for either itself or its
subsidiaries in the near future, Charles S. McCain, Chairman, stated at the
annual stockholders' meeting.
However, he itemized three minor borrow¬
for allowances and doubtful accounts of $355,717 in 1937
reserve
193is
571,877
..—
Am.
18,105,634 16,717,944
Total...
Less
5%
Com.
263,088
51,977
inc.
Fed.
for
taxes
Deferred charges..
a
Res.
134,144
pref.
on
pay,
stock of sub....
partially-
owned
liabs—
Accrued
Notes, trade ac¬
a
$
S
Liabilities—
$
S
hand and
on
1936
1937
1936
1937
26,
Utility Act with respect to a tightening up of certain provisions of the
mortgage securing the bonds.
The bonds are now pledged to secure bank loans.
The American company
now desires
to sell the bonds in order to reduce its bank indebtedness.
Various institutional investors are interested in the purchase of the bonds,
but conditioned their offers on changes in the mortgage provisions.
In this connection, the Commissiion said the changes wili tend to improve
the position of its bonds now outstanding with the public, as well as those
held by the parent company, and of ist preferred stock which is held by the
public.
American Light plans to sell the bonds at 105.
the
Consolidated Balance Sheet Dec. 31
Assets—
March
Chronicle
Financial
2030
Total
61,750,998 56,320,557'
Total
4,065
—61,750.993 56,320,557
a Less
depreciation of $13,139,863 in 1937 and $13,268,246 in 1936.
b After deducting $105,278 for reserves for doubtful accounts in 1937 and
$149,522 in 1936. c Represented by 767,900 no par shares.—V. 146, p. 1865.
American Meter Co.—30-Cent Dividend—
Directors have declared
a
dividend of 30 cents per share on the common
stock, payable April 15 to holders of record March 30.
A special dividend
of $1 in addition to a regular quarterly dividend of 75 cents per share was
paid on Dec. 21 last.
See also V. 145,-p. 3489.
Financial
146
/olume
American Products Co.—Accumulated Dividend—
declared a dividend of 37^ cents per share on account
accumulations on the .$1.50 cum. partlc. pref. stock, no par value,
payable April 1 to holders of record March 26.
Accruals after the current payment will amount to S1.87H per share.—
V. 146, p. 99.
The directors have
of
-
American Stores
1938—Month—1937
' 1938—2 Mos.—1937
$9,036,674 $17,063,855 $18,476,693
$8,676,260
newly created post of Vice-President
in charge of public relations at the recent organization meeting of the
board of directors.—V. 146, p. 1538.
Fred W. Johnson was elected to a
American Water Works &
Output
Electric Co., Inc.—Weekly
The Interstate Commerce Commission on March
12 authorized the
to procure the authentication and delivery of not exceeding
$1,406,000 of general unified mortgage 50-year series A, 4H% gold bonds
to reimburse tne treasury for expenditures made in retiring a like amount
of first mortgage 4% bonds of the Brunswick & Western RR.—V. 146,
p. 1539.
company
the output of 52,1937.
the last five
Comparative table of weekly output of electric energy for
years follows:
Week End.
1938
1937
1936
1935
Feb. 26
40,054,000
52,478,000
44,398,000 41,099,000
March
5...41,135,000
52,311,000
43,979,000 40,857,000
March 12._ .40,430,000
52,466,000
43,606,000
40,311,000
March 19-.40.178,000
52,373,000
44,172,000 40,548,000
—V. 146, p. 1865.
dividend of 15 cents per share on the new com¬
a
value, payable March 31 to holders of record March 21.
no par
quarterly dividend of $2 per share was paid on the old $100 par stock on
June 30, last.—V. 146, p. 432.
Telephone Co., Ltd.-—Bonds Called—
entire issue of outstanding first mortgage s. f. gold bonds 5J^%
has been called for redemption on April 14 at 103)^.
Payment
will be made at the principal office of the Canadian Bank of Commerce.
series A
•—V. 131, p. 1253, 784, 112—V. 124, p. 642,
Aviation &
„
of capital
a
approved for listing 2,246,700 shares
$1, upon official notice of issuance in substitution,
presently listed and outstanding shares of capital
$5 bearing the name of Cord Corp.—Y. 146, p. 1230.
stock,
par
share for share, for the
stock, par
Baldwin Co.—To
Pay 5-Cent Dividend—
The directors have declared
Ltd.—Accumulated Div.—
370.—Y. 115, p. 762.
Transportation Corp.—Listing Approved—
The New York Curb Exchange has
,
1934
36,323,000
35,875,000
35,441,000
36,293,000
dividend of $3.50 per share on account of
preferred stock, par $100, payable
29. A dividend of $3 was paid on
31, last, and dividends of $3.50 were paid on Sept. 30 and on June 30,
declared
stock,
This compares with a dividend of $3 paid on Dec. 20, last, and an initial
dividend of $1.20 per share paid on this issue on Sept. 30, last.
A regular
The
40,178,000 kilowatt hours, a decrease of 23.3% under
372,600 kilowatt hours for the corresponding week of
Anglo-Norwegian Holdings,
Atlantic Steel Co.—1 ly-Cent Dividend—
Directors have declared
mon
Avalon
^
:.
Output of electric energy of the electric properties of American Water
Works and Electric Co. for the week ending March 19, 1938, totaled
The directors have
Atlantic Coast Line RR.—Bonds—
Co.—Sales—New Official—
Period End. Feb. 28—
Sales.
2031
Chronicle
a
dividend of five cents per share on the
com¬
stock, payable March 25 to holders of record March 24.
This com¬
pares with 10 cents paid on Dec. 24, last; 15 cents on Sept. 25 and June 25,
last; 10 cents on March 25, 1937; 30 cents on Dec. 26, 1936; 10 cents on
mon
accumulations on the 7% cumulative
March 31 to holders of record March
July 7, 1936, and 20 cents paid on Dec. 29, 1935; this latter being the first
distribution made since October, 1929, when a dividend of 37)^ cents per
Dec.
share
145,
1937.—V.
Anheuser-Busch, Inc.—Initial Div. on New
Balitmore Transit
Stock—
initial dividend of 30 cents per share on the
new $20 par stock payable March 31 to holders of record March 24.
Company recently split its common stock on a five for one basis.—V. 146,
p. 742.
Arkansas Power &
1938—Month—1937
$895,784
$923,096
784,909
783,160
$1,862,157
1,640,219
$1,883,009
1,596,685
84,823
$139,935
87,658
$221,938
172,343
$286,324
178,083
$26,052
$52,277
875
872
$49,595
1,589
$108,241
2,543
Fixed charges
$26,927
5,458
$53,149
8,387
$51,184
10,913
$110,784
16,772
Net income
$21,469
$44,762
$40,271
$94,011
Period End. Feb. 28—
Operating revenues
Operating expenses
$739,742
359,822
91,592
$697,314
367,704
43,800
$9,013,371
4,783.764
$8,126,434
4,594,822
908.538
597,600
Net oper. revenues. __
Rent from lease of plant
$288,328
$285,810
$3,321,069
$2,934,012
7,046
Dr5,876
131.201
$288,328
1,930
$293,286
$3,315,193
8,874
$3,065,213
$290,258
151,458
7,412
$294,195
151,071
6,599
Crl,019
$3,324,067
1,813,884
$3,083,098
1,814,120
110,360
Crl6,507
Cr6,615
(net)
Other income (net)
Gross income
—
Int. on mtge. bonds
Other int. & deducts
construction
17,885
$1,416,330
applicable to preferred stocks for
period, whether paid or unpaid
Dividends
$1,195,543
949,265
$137,544
$131,804
...
series A 4% and 5% deben¬
tures.
The approximate interest for the two months, at the full stipulated
rates, is $156,830.—V. 146, p. 1390.
Bangor & Aroostook RR.—Earnings—
accumulated and unpaid to Jan. 31, 1938, amounted to
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, were paid on Jan. 3, 1938.
Dividends on these stocks are cumulative.
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended Jan. 31, 1938 and 1937.—V. 146, p. 1865.
Associated Electrical Industries, Ltd.—Final Divs.—
final dividend of 10% on the ordinary registered
on the American Depository Receipts for ordinary stock.
Divi¬
dend on the former class of stock will be paid on April 8 to holders of record
March 18 and tne dividend on the American shares will oe distributedion
April 15 to holders of record March 23.—V. 143, p. 1387.
•» *
Directors have declared a
Associated Gas & Electric Co.—Weekly Output—
March 18, Associated Gas & Electric System reports
electric output of 84,069,933 units (kwh.).
This is a decrease of
5,615,143 units, or 6.3% below the comparable week a year ago.
Gross output, including sales to other utilities, amounted to 89,885,092
units for the week under review.—V. 146, p. 1866.
For the week ended
net
Associated Gas &. Electric Corp.— Unlisted
The
New
Curb
York
Exchange
has
removed
from
Trading—
unlisted
trading
1973, and 4y2% debentures, due
1937
$740,430
317,240
246,257
152,024
54,500
99,508
37,971
$216,666
289,776
Prov. for State & Fed. income
& profits taxes
Net income..
— — -—
Earned surplus—Balances,
Dec. 31
Other additions
$506,573
Total-
preferred stock
common stock
Dividends on
Dividends
on
63,755
144,186
521
—
Other deductions
.
$298,111
Balance Dec. 31
$505,236
33,989
$409,592
20,650
$207,838
59,132
1,126
$471,247
119,596
4,106
$388,942
117,211
4,191
$147,580
$347,545
$267,540
Equipment Trust Certificates—
pany,
At
Graham Building, Bangor, Me., up to 4:30 p.m., April 4.
same time company is also inviting bids for the purchase of
Certificates are issued under the
the
$400,000 certificates, series. K, 1937.
"Philadelphia Plan," are dated June
rate of
% per annum payable June
were
paid.
The
the certificates were
of Wingate F. Cram up to April 4.—
V. 146, p. 1540.
Rouge Electric Co.—Earnings—
1938
y
1937
$1,999,720
$1,739,827
296,713
228,457
31—
Operating revenues
x Balance after operation, maintenance & taxes...
Balance for dividends and surplus
x Includes non-operating income, net.
reserve.—V. 146, p. 1540. *
y
635,773
After appropriation for retire¬
Beacon
Participations, Inc.- —Earnings—
Years Ended Dec.
31—
1935
1936
1937
$15,692
$3,633
14,142
12,322
prof $363
$14,251
$10,508
$2,146
59,285
prof28,120
profl0,574
337,473
prof$66
$349,620
15,329
Expenses.Net loss
loss on sales of
securities
Reserved
for
litigation
10,000
Comparative Balance Sheet Dec. 31
1937
1936
$660,013
$352,323
4,849,693
3.984,164
Assets—
on
in
banks
No(es
&
surr.
1936
504,393
896,100
Earned surplus
298,111
289,776
Capital surplus
30,190
26,863
to
252,308
69,997
_
88,800
1937
Assets—
Cash
Securities at cost-.
Notes & accts. rec.
Furniture & equip.
i
$584
840,833
167,157
75
$6,345
764,603
Reserve for taxes.
Reserve for losses
Res.
93
Accounts payable.
16.630
Loans payable
x
CI. A partic.
stock..
30,343
34,829
169,007
158,867
31.622
y
19,181
z
1936
$12,195
24,252
68,209
14,988
2,940
2,500
6,697
160,000
6,891
3,379
pref.
..."
583,053
653,182
499,000
1,000
359,833
499,000
1,000
571,302
CI. B partic. pref
stock...
Land & office bldg.
$8,468
164,072
litigation
payable
Suspense account-
paid Int., insur.
—deprec. value.
for
.
expense
Defd. charges—pre¬
& expense-
1937
Liabilities—
1936
Notes
22,058
86,653
receivable
($1)
prof$13,870
Comparative Balance Sheet Dec. 31
13,110
capital stock
Other notes & accts.
Repossessed autos.
$58,922
Loss for year.
416,770
1,000,000
240,310
7% pref. stk. ($25)
Common stk.
value of
life insurance
Subscriptions
1937
$3,627,000 $2,889,663
46,916
5,396
Accts. pay. & accrls
Reserves
accepts.
receiv..
Cash
Liabilities—
Notes payable
&
hand
1934
$10,175
$8,652
22,903
expenses
Cash
_
543,213
ment
Realized
$289,776
to which
equipment with respect
railroad
issued cost $659,668.
Bids will be received at the office
Interest & dividend inc_
$431,856
75,125
66,954
1, 1937, bear dividend warrants at
1 and Dec. 1, and are payable in 10
equal annual instalments of $40,000 each, beginning Dec. 1,1938 and ending
Dec. 1, 1947.
The issue authorized by the Interstate Commerce Com¬
mission was $420,000, but certificates of $20,000 matured Dec. 1, 1937 and
24
j.
Cost of borrowings
$220 823
12,985
$1,253,820
Company is inviting the submission of bids for the purchase of $1,500,000
equipment trust certificates, series L, 1938.
Certificates are to be issued
under the so-called "Philadelphia Plan,"
Old Colony Trust Co., Boston,
trustee.
Certificates will be dated April 1, 1938, will bear div. warrants at
rate of 2*4 % per annum payable April 1 and Oct. 1, and are payable in 12
equal annual instalments of $125,000 each, beginning April 1, 1939 and
ending April 1, 1950.
The issue and sale is subject to the approval of the
Interstate Commerce Commission.
The aggregate cost of the equipment
will be not less than $1,925,000.
Bids will be received at the office of Wingate F. Cram, President of com¬
$143,430
288,402
130
Operating expenses
1936
$527,165
$539,630
130,038
$152,705
-
Seeks Bids for
Baton
—
$656,539
151,303
$213,812
59,939
—
funded debt.
12 Months Ended Jan.
Years Ended Dec. 31—
714,190
$289,212
68,389
1,168
Gross income
Automobile Finance Co.—Earnings—
Income
811,113
Other deductions
Net income
stock and
354,085
$303,367
72,235
—
Operating income
Electric Co.—Interim Div.—
declared an interim dividend of 25 cents per share on
the common stock, par $10, payable April 1 to holders of record March 22.
A year-end dividend of $1.25 was paid on Dec. 20, last and a dividend of
75 cents per share was paid on Oct. 1 last, and each three months pre¬
viously.
An extra dividend of 75 cents was paid on Dec. 18, 1936, and at
the same time the regular quarterly dividend was raised from 50 cents to
75 cents per share.—V. 145, p. 3966.
$1,467,652
397,558
Other income (Dr.)
on
Mos.L-1937
$643,297
$231 132
17,320
Net rev. from opers
Interest
.1938—2
$700,925
Oper. exp. (incl. maint.
and depreciation)
The directors have
privileges 5% debentures, due June 1,
June 1, 1973—V. 146, p. 1866.
1938—Month—1937_
Period End. Feb. 28—
Gross oper. revenues
Tax accruals
Dividends
1938—2 Mos.—1937
Note—No deduction is made for interest on
$246,278
$1,265,687.
Arrow-Hart & Hegeman
Gross income
949,265
the
Balance
x
Operating income
Non-oper. income
80,050
$467,065
Net income
x
909
Cr416
$110,875
Taxes
1938—12 Mos.—1937
Operating revenues
Oper. exps. incl. taxes—
Prop, retire, res. approps
Operating income
;
Net oper. revenues
Light Co.—Earnings—
1938—Month—1937
Period End. Jan. 31
Co.—Earnings—
[Including Baltimore Coach Co., Intercompany items eliminated]
Directors have declared an
Int. chgs. to
144, p. 4167.
paid.—V.
was
4108.
p.
Common stock..
Deficit.
Furn., fixts. & co.
autos.—deprec.
value.
Total..
Total
-V. 146. p.
$5,927,518 $4,628,026
1866.
Total
--.$5,927,518 $4,628,026
$1,008,650
Represented by 30,687
by 25,000 no par shares,
z
x
.
p.
1866.
$771,041
Total.....
$1,008,650 $771,041
(34,378 in 1936) no par shares, y Represented
Represented by 25,000 no par shares.—V. 146,
2032
Financial
Bau8ch & Lomb
Chronicle
Optical Co.—Initial Common Dividend
The directors have declared
the common stock,
an initial dividend of 25 cents per share on
payable April 1 to holders of record March 21.—V. 146,
p.432.
dividend of 12 H cents per share on the com¬
stock, no par value, payable April 30 to holders of record April 6.
mon
a
of January—
Operating revenues__
Uncollectible operation
1938
$5,865,337
26,885
$5,814,270
3.658,934
$1,878,991
566,328
$1,373,046
-
—-
operating revenues
Operating taxes
—
$1,589,008
——T
Net operating income
146, p.
1938—12 Mos.—1937
of
Amort,
$7,662,291
5,717,438
$6,862,241
3,734
610,000
3,789
480,000
$1,331,119
7,676
$1,247,749
$1,248,643
549,000
50,115
$649,528
limited-term
investments.-.
311
314
Prop, retire, res.approp.
.
Net
—V.
1938—Month—1937
$654,033
$613,421
502,783
454,656
_
5il30>03
$2,155,336
505,945
approximating nine months.*
Birmingham Electric Co.—Earnings-
50,000
40,000
Net oper. revenues—
Other income (net)
'
Operating revenues
Operating expenses—
per annum for a period
Operating revenues
Oper. exps., incl. taxes.
1937
$5,826,344
12,074
$5,838,452
3,959,461
revenue
1938
1063.
Period End. Jan. 31—
Telephone Co. of Pennsylvania—Earnings—
P* Month
3^%
with interest at
—V. 146, p.
Previously regular quarterly dividends of 25 cents per share were distributed.
See V. 144, p. 1774 for detailed record of previous payments.—V. 146,
p.1231.
Bell
26,
ity holders involved," the letter states.
"Each of the Birmingham banks to which the company Is indebted has
agreed to accept 50% of its indebtedness in cash and to renew the balance
Belding Heminway Co .—Smaller Dividend—
Directors have declared
March
stock were represented, resolutions were unanimously passed
authorizing
the creation of the new $3.50 cumulative prior preferred stcck and other
matters necessary to carry out the plan when, in the opinion of the
directors,
sufficient assents to declare the plan effective are received from all the secur¬
$100,939
$118,451
365
552
$101,304
45,750
4,282
$119,003
45,750
4,166
$1,338,795
549,000
51,901
$51,272
$69,087
$737,894
Int. on mtge. bonds.
Other int. and deduct'ns
894
1540.
Net income
Beneficial Industrial Loan
Calendar Years—
Corp. (& Subs.)—Earnings
1937
1936
1935
x
Dividends applicable to preferred stocks for the
period, whether paid 011 unpaid
1934
Operating income
$22,141,456 $18,105,214 $17,124,163!$15,567,299
Oper. exp. (incl. prov.
for doubtful loans)
12,299,873
10,573,342
9,929,467
9,299,822
429,174
429,174
$308,720
Balance
$220,354
Dividends
accumulated and unpaid to Jan. 31, 1938, amounted
to
Latest dividends, amounting to $1.75 a share on $7 pref. stock
paid on Jan. 3, 1938.
Dividends
on thesejstocks
are cumulative.
Note—No provisions have been made for Federal surtax on undistributed
prof ts for the 12 months ended Jan. 31, 1938 and 1937.
x
$250,352.
$9,841,583
8,011
Income credits.—
Int.
6%
on
conv.
$7,194,695
9,648
59,721
$7,541,521
$7,254,415
x699,980
1,671,993
372,605
-
Gross income
"$77531,873
$9,849,593
Net oper. income
452",086
9^1
debs.-
Other interest
Prov. for Federal taxes.
Prov. for Fed. surtax-.-
$6,267,478
255.776
$6,523,253
255,431
419,985
835,481
949
421,374
955,143
1,225,281
33,742
and $1.50 a share on $6 pref. stock, were
Amort, of exp. for busi¬
ness
devel., deb. disct.
& exp. & commlss. &
exp.in connection with
sales of
capital stock__
47,577
Other charges
4,787
Net income
$4,710,031
753,980
3,138,761
$516,834
$1,681,537
$817,291
2,314,989
2,173,394
$2.2l
2,092,444
2,314,989
$2.74
""Bolivia Ry.—Interest Payments—
In
$2.19
c
%
Furn. A fixtures.
1936
The net
paid on)the;bondslin respect of the half-year has been provided by the
Antofagasta Ry. Co., and holders of the bonds may collect such interest
1, 1938, of the corresponding coupons
upon presentation on and|after|April
to any one of the paying|agents.
Cash
d Instal. notes
d Mlscel.
accts.
series A
7,577,809
4,862,533
rec.68,265,481 58,542,118
notes
a
31,185
15,478
Other
28,176
.
28,800
Due to affil. cos..
Unamortized disct.
A
def. charges, Ac,
Other
168,559
39,343
2,421,149
466,019
431,628
12,500
6,983,828
8,031,705
cap. stk. of sub.
Paid-in surplus
a
293,283
6,983,828
Reserve for taxes,
insurance, Ac..
Outside interests In
Earned surplus...
Total
378,108
29,244
76,827,094 64,239,1361
old first mortgageibonds who have not acceptedjthe plan of
reorganization.
An actual distribution! will! be made at the rate of 0.750%
(3s, per £20
bond), the balancejbeing carried forward for inclusion in the next distribu¬
tion.
This payment of 0.774% will be made onjand after April
1, 1938,
1,245,652
2,639,743
858,101
Deferred inc
149,532
less
reserve
Out of the net earnings for the same half-year a sum equivalent to
0.754%,
together with the amount of 0.02% carried forward on the occasion of the
last distribution, makingta totallof 0.774%, is)now available for distribution
further on account of the liabilitytof the Bolivia Ry. Co. to holders of the
upon presentation to any one of the paying agents of the old bonds for
stamping with a note of the distribution.
The paying agents above referred to are:
Banque de Paris et des Pay
Bas, at Geneva, Chemical Bank & Trust Co., at 165 Broadway, New York,
Credit Suisse, at Gneeva, Lausanne, and Zurich, Messrs. J.
Henry Schroder
& Co., at 145 Leadenhall St., London. E. C. 3.—V.
145, p. 2064.
28,497
thrift
accounts
44,479
assets,
1,822,028
llabils..
cur.
Employees'
miscell.
exp.,
$
stock..10,770,650 10,770,650
stock. 16,585,168 16,585,168
28,250,000 18,450,000
28,886
15,169
Investments
Realestate
Common
Notes payable
Federal tax
&
receivable
1936
$
b Fret. $3.50 cum.
570,146
Total
384,880
12,500
Borg-Warner Corp. (& Subs.)—Earnings—
Calendar Year—
6,631,901
>,154,581
405,744
Depreciation
$12,848,251 $12,849,053|$10,354,959
1,986,594
1,908,278
1,783,532
1,660,244
1,687,264
1,183,809
$6,560,324
1,614,391
788,913
Provision
Develop, of
Losses
1
$1,957,516
1,826,526
expenses
charges
$132,335
x30,285
Net profit
x
Net
$208,671
xl0,081
89,032
-
Deposits, Ac
3,027
Defd. charges to future opers..
Fixtures A equipment, Ac
13,631
y509,497
Goodwill
1
Accounts payable
$125,309
3.500
Notes payable
Unredeemed
value
coupons
of
meal
outstanding.-..
for
Federal
A
State
26,400
cum. pref. stock (par
Common stock
Capital
surplus,
excess of par
of
pref.
24,358
502,800
zl07,981
_
over cost
retired,
Ac.
30,591
Earned surp. (deficit)
Common treas. stock (497 shs.
at
$833,940
57,584
cost)
Dr6,892
Total
$833,940
for doubtful receivables of $519.
preciation of $813,231.
z Represented by 79,986
value of $1.35 each.—V. 146, p. 1867.
_
representing
value
stock
$100)
(net)
y
After
no par
reserve for de¬
shares at declared
Progress toward consummation of the plan" of reorganization
was
March 22 by F. W. Seymour,
President, who reports that
holders of approximately $6.800,OOOJof the secured debentures
of American
Gas & Power Co., the parent company,lbave|consented to
the amendment
of the debenture agreementfproposed under the
plan.
This is
announced
to
nearly 98%
debenturelholders, whose approval is
the settlement|of inter-company debts under the plan
With this first reorganization step essentially
completed, the consum¬
mation of the plan is now dependent on the action of stock
and note holders
of Birmingham Gas Co. who have not yet
depositedjunder the plan, accord¬
ing to a letter sent to holders of these securities. fOf the company's out¬
standing $6 first preferred stock, 21,230 shares, fori
approximately 71%.
have been deposited to date, whilefof its
$600,000fof outstanding 6% notes
$363,000 principal amount, or about 61%, have\been deposited.
"At the recent special meetingiof stockholders! of the
company, at which
$8,326,8651 $6,982,732
$3,750,576
Borg120,089
4,603,860
$2,593,070
common
Earnings
$3,602,917
$4,768,187
$2,087,482
y1,150,945
yl.150,919
Par
per
$5.
$5.89
$3.06
firstipreferred stock and all of the
common
200,376
2,014,169
224,448
1,438,645
stock out-
share.,
$3.39
$7.13
Par $10.
y
Note—Subsidiary company not inlcuded in above consolidation: Morse
Chain Co., Ltd. (92.6% owhed
subsidiary!of Morse Chain Co.) dividend
received and included above
$15,056; equity in earnings!for* the year,
converted at $4.86 per £1.
$35,580.
Consolidated Balance Sheet Dec. 31
1937
a
Prop.,
pant
equipment.
Investments
1936
$
Assets—
$
and
1937
Liabilities—
1936
$
.
Common
.15, 022,128
14,766,282
1, 610,845
1,107,925
210,429
Prepaid expenses..
Borg-Warner stock
242,868
stock...12 ,309,390
814
Scrip outstanding.
Pref.
stock
$
12,309,000
1,204
called
(current).
J.
1,262,000
.
Accts. payable and
held by subs
cl, 155,567 bl,155,567
Good-will A pats..
158,024
129,325
Cash..
...
8,,058,348
6,032,798
Fed. tax provision.
5 ,252,893
2 ,798,475
Deferred Income..
107,889
114,663
Marketable
Refrigerat'n maint
395,109
485,073
7,376
secur.
Accts. A notes
Balance
in
79,655
4 ,751,214
rec
673,591
10,157,966
closed
banks
Inventories
accrued expenses
fund
Dividends
13,986
13,032,148
562,535
870,258
15, 556,410
Deferred charges._
payable
a
47,197,594
48,150,2751
7.618,254
2.431,078
492" 2 96
Conting. res., Ac..
Apprec. surplus... 1, 021,498
Capital surplus. —10 ,274,139
10,274,139
14 ,545,092
12,092,336
Earned surplus
Total
Total...
431,513
1,123,640
47,197.594 48,150,275
After depreciation reserves?of
$14,650,862|in|1937|andl$14,076,597 in
b Represented|byi,79,925Lshares»of common stock,
c
1936.
Represented
by 159,850 shares
common
stock.—V. 146, p. 1867.
Borne-Scrymser Co.—Balance Sheet Dec. 31—
of the consents required from these
necessary to
of the
$3,753,347
2,771
69,173
333,303
1,195
x2,461,878 [yl,150,975
Shs.
Birmingham Gas Co .—Plan Nearing Completion—
than two-thirds
$6,982,732
31,553
348,012
25,319
5,755,619
in¬
come taxes
7%
more
income
3,985
73,493
Accrued liabilities
Res.
Res. for self-insurance
Total
$8,326,865
_
Preferred dividends
x
Liabilities—
reserve
secure.
Net income
Balance Sheet Dec. 31, 1937
Assets—
Cash in banks A oh hand
536,567
3,622
386,457
$8,348,089
sale of
on
$102,050
Includes approximately $4,000 for surtax on undistributed
profits.
Note—The net profit shown above is after
deducting provisions for de¬
preciation and amortization in the total amount of $103,508.
After
458,612
2,255
.345,722
46,735
prod
new
Monority divs. paid
$130,990
1,345
Net profit before provision for income taxes
Provision for Federal & State income taxes
x
undistrib¬
$8,348,089
Cost of sales
Inventories
for
uted profits tax
Interest
$3,382,971
1,425,456
-
Accounts A notes receivable.-
1934
$9,866,032
488,927
Earnings for Year Ended Dec. 31, 1937
Net sales.
Net profit from operations
Other income and credits, less other
1935
$12,362,183I$12,163,671
486,068
685,382
Federal taxes
B/G Foods, Inc.—Earnings—
Operating & administrative
1936
Other income
Represented by 2,314,989 no par shares,
b Represented by 215,413
c After depreciation,
d After reserves.—V.kl46, p. 1867.
Gross profit on sales
1937
Operating profit
76,827,094 64,239,136
par shares,
no
earningsW the company for the half-year ended Dec. 31, 1937,
to be
$1.89
1937
lAabilltles—
$
^
698,535
notice to holders of 5% mtge. & coll. trust income bonds, series
A,
5% bonds. Franklin A. Regan, Vice-President,
aresufficientlto pay interest|of 0.654% on the 5% mtge. & coll. trust income
The balance required to enable interest of 1)4 % (6s,
per £20) bond
Consolidated Balance Sheet Dec. 31
1937
Assets
a
bonds.
Includes $296,719 interest on employees' thrift accounts.
x
elected directors of this
and holders of 1st mtge.
stock
outstanding (no par).
Earnings per share.-—
t
$5,574,292
753,979
3,138,776
$1,532,514
Surplus..
common
L. Johnston and James Skinner have been
company.—V. 146, p. 1542.
22,980
$5,828,582
753,976
4,557,772
$7,105,015
942,469
4,630,032
ser. A divs_.
Common stock divs
of
(E. W.) Bliss Co.—New Directors—
O.
Pref. stock
Shares
145,262
134,083
1,830
Net inc. applic. to min.
stockh'ders of sub .cos.
Dividends—
Accumulated
The directorsjbave declared afdividend of $1.75 per share on the
$7 cum.
pref. stock, no par, and $1.50 per sharejon the $6 cum. pref. stock, no par,
both payable April 1 to holders of record March 14. Similar distributions
were made in each of the 14 preceding quarters.
Effective with the current
payments, arrears on the $7 pref. stock will amount to $3.50 per share and
on the $6 pref. stock to $3 per share.'—V.
146, p. 1702.
Assets—
1937
Plant, equip., Ac.
Merchandise
Notes A accts.
Cash
a
rec.
Treasury stock..
Other
Investments
Prepaid items
Total
a
$737,384
239,896
60,448
109,128
50,167
484,120
19,362
1936
$737,375
262,122
83.903
Liabilities—
Capital stock
Accounts payable.
Accrued expenses.
78,608
Reserves
50,164
Surplus
1937
1936
$1,000,000 $1,000,000
11,174
19,969
204
1,924
551,815
137,312
542,939
133,185
484,120
1,724
$1,700,505 $1,698,017
5,100 shares.—V. 146, p. 1542.
Total
$1,700,505 $1,698,017
Volume
Financial
146
Boston Elevated
Month
Chronicle
Brown Shoe
Ry.—Earnings—
1937
1938
"of February—
Total receipts
Total operating expenses
$2,095,044
1,531,624
148,244
$2,131,405
1,439,026
140,151
Rent for leased roads
103,259
Subway, tunnel and rapid transit line rentals
Interest on bonds
Miscellaneous items
235,593
329,373
6,627
103,259
235,005
326,188
8,185
$259,677
Excess of cost of service over receipts
list
given
2,800,802
2,652,172
$1,508,505
$1,486,211
$3,130,388
Before depreciation and amortization.—V. 146, p. 1542.
$3,059,257
1,386,531
Operating expenses
1,305,236
Net earnings
Buffalo, Niagara & Eastern Power Corp.—EarningsIncome—
From
1937
subsidiary
Divs.
on
Brewers & Distillers of
Vancouver, Ltd.—Extra Div.—
Directors have declared an extra dividend of 50 cents in addition to a
dividend of 50 cents per share on the common stock, par $5, both?payable
May 20 to holders of record
These*compare with a dividend of
April 30.
$1 paid on Nov. 15, last; an extra dividend of 10 cents and a dividend of
40 cents paid on May 20, 1937, and an initial dividend of $1 per share paid
on Feb. 1, 1937.—V. 145, p. 2688.
$147,487
5,955,800
_
Divs. on com. stocks.
Interest on advances.
Other interest
291,184
1
&c
14,646,577
11,317,052
Gross profit from oper. $2,376,7011 $2,753,255
Depreciation
185,861 •
168,697
Sell. & admin, expenses1,177,391 Bl 1,079,912
Prov. for doubtful accts.
43,283
$2,221,434
167,448
$1,857,602
179,988
1,039,091
802,454
24,595
18,671,098
$970,166
$1,504,647
$1,014,895
Net income.
First pref. dividends
dividends
Class A dividends
Preferred
114,233
71,109
36,618
23,333
Interest expense—- —
Cash discounts allowed
$1,084,399
1,828
185,390
income—Interest
& discount, ear ns.,
Gross income
_
$1,575,756
5,269
136,666
35,961
Provision for bad debts.
Other charges
Prov. for Fed. & State
inc. & cap. stock'taxes
$1,051,513
31,669
102,719
29,701
20,724
$873,898
98,133
72,935
17",375
264,156
57,500
140,082
108,816
Prov. for Federal surtax.
151,500
12,500
Net profit for year—
Dividends
$733,181
667,133
$1,076,202
758,714
$726,618
243,866
$576,636
52,099
$66,048
$317,488
739,592
$1.46
$482,752
648,304
$524,537
520,992
$1.12
Earnings
per
926.990
$0.79
share
Accts. <fc notes rec.
Inventories---—-
$488,312
1,888,118
3,019,686
$696,855
1,213,406
3,998,498
Cash
x
Accts.
rec.
Accruals &
reserve
27,795
77,859
112,893
for interest
Divs.
on
on
Reserves
545,378
195,155
104,459
40,777
511,074
51,223
507,916
auto & trks.a3,676,971
Land
340,831
203,7711 I
307,434'
468,658
$8,656,973
1,750,000
81.60 pref. dividends...
3,354.737
$8,334,131
Miscell. deductions.
Net corp. income
1st pref. div. requirem'ts
Class A dividends
Common dividends
$1,995,470
1,750,000
$2,139.295
200,597
for the year 1937'include expenditures of~$871,998
with changing customers' electric equipment to
standard frequency. In the year 1936 comparable expenditures of $538,680
were charged to earned surplus.
incurred
in
expenses
connection
Balance Sheet Dec. 31
(Parent Company Only)
1936
1937
$
$//"
Investments:
Common stks.
38.152,109
86,943,059
11,209,050
Pref. stock...
2,940,666
5,869,000
20,241
110,630
270,029
Fura.
506,191
& fixt's..
Cash
1937
Notes
&
x
After reserve'for
shs.,
$1.60
r°r)-
no
35.000,000
CI. A stk.
Includes
sub.
98,325
company
2,125
1,618
501,493
125 shs.,no par)
Adv. fr. Niagara
2,020,125
2,020,125
Hud. Pr. Corp-
1,843,305
5.168,305
17,073
146,341
126,980
rev.
$275,668
192,603
$2,422,348
1,557,131
$2,685,660
1,395,485
$150,245
15,916
$865,217
122.093
$1,290,175
147,221
$97,726
137,391
properties
$333,628
183,383
$83,065
14,661
from oper—
on oper.
$166,161
133,294
$987,310
1,089,906
$1,437,396
1,020,555
Operating income
Net non-oper. income—
Gross income
Total income deductions
7,315,354
1,645,215
Earned
101,484,857 104,775,799
Total
surplus.
Total
101,484,857 104,775,799
Consolidated Balance Sheet Dec. 31 (Including Subsidiaries)
1936
$
$
Assets—
Prop., plant, &C.230.842.423 232,598,065
913,134
Investments
552,628
40,892
69,424
Sinking funds.held
Funds
for
2,076,215
2,582,231
2,056,052
2,898,363
2,174,611
3,208,601
1,884,521
&
Prepaid
taxes,
insur,, &C-.-Def'd
charges.
.
$32,867 def$102,596
693,317
2,510,114
701,722
1,967.746
sub.
$416,841
$1,058,034
i
502,426
oper. properties
$1,401,269
$555,608
73,455
$924,648
78,143
$5,516,464
*
642,417
$7,864,242
732,551
$629,063
689,188
$1,002,791
681,186
$6,158,881
5,503,777
$8,596,793
5,279,513
def$60,125
$321,605
$655,104
$3,317,280
Net rev. from oper..
Taxes
on
Operating income
Net non-oper. income._
Gross income
Total income deductionsv
476,621
23,092,094
22,458,312
Interest
Bal. to B.-M. T. Syst.
def$60,125
$306,449
192,222
$655,104
Total
—V.
11,834
12,084
23,344,345
21,649,818
reserves
1,119,768
7,315,354
16,926,917
1,141,351
7,315,354
17,843,494
rev.
on
309.823
$1,077,237
293,238
$7,284,477
2,558,640
$9,097,215
2,445,513
$481,474
71,156
$783,999
74,659
$4,725,837
619,224
$6,651,702
919.428
$552,630
573,090
$858,658
569,920
$5,345,061
4.587,362
$7,571,130
4,441,742
def$20,460
Net
$288,738
$757,699
$791,297
properties
Operating income
Net non-oper. income_
_
Gross income
Total income deductions
Current income carried
Note—The above is without
—V. 146, p. 1543.
.
_
-
L
—
244,399,326 243,370.734
■
declared a dividend of $1.75 per share on the 7%
stock, par $100, a dividend of $1.50 per share on the
The directors have
(on account of accumulations) on April 15 to holders of record March 31.
Arrearages after these payments will total $7 on the 7 % stock and $6 per
share on the 6% stocks.
±
New President, &c.—Hance H. Cleland was
at
a
elected President and
director of this company
He succeeds Chauncey
1704.
a
meeting of the board of directors held March 21.
M. Brewer who died on
March 2nd.—V. 146,
California Water Service
p.
Co.—Earnings—
Calendar Years—
1937
zl936
Operating revenues.----$2,458,823 $2,359,888
Net income after interest and depreciation
y449,786
x430,378
x No provision for
Federal income tax necessary due to the deduction
of the amount of premium and unamortized debt discount and expense
applicable to bonds refunded during the year,
y Provision has been made
only for normal Federal income taxes as allowable deductions and credits
exceed the company's undistributed net income,
z Include the operations
of the properties acquired from Bear Gulch Water Co. from date of acquisi¬
tion, June 15, 1936.—V. 146, p. 1063.
Canadian Breweries, Ltd.—Accumulated Dividend—
The directors have declared a dividend of 50 cents per share on account of
accumulations on the $3 cumulative preferred stock, payable April 15 to
holders of record March 31 leaving arrears of $4.75 per share.*
New Director—
At the recent meeting of the board of directors,
provision for tax on undistributed profits.
^
Total
6% cumulative preferred stock, par $100, and a dividend or $1.50 per share
on the 6% cumulative preferred stock, series C of 1927, par $100, ah payable
$3,129,388
from oper
oper.
244,399,326 243,370,734
145, p. 3340.
cumulative preferred
Note—The above is without
Taxes
291,666
on
llab.
curr.
California-Oregon Power Co.—Accumulated Dividends—
$3,125,058
provision for tax on undistributed profits.
[Excluding Brooklyn & Queens Transit System]
Period End. Feb. 28—
1938—Month—1937
1938—8 Mos.—1937
Total oper. revenues
$2,208,755
$2,389,256 $19,155,588 $20,403,543
Total oper. expenses
1,417,458
1,312,019
11,871,111
11,306,328
291,666
accrued
573,538
514,211
1,260,847
1,429,821
Capital surplus.
Earned surplus.
$9,632,235 $11,705,241
4,115,771
3,840,999
15,156
5,168,306
1,672,575
1,232,461
-
of prop., &C-.
L
Accruing to minority int.
of B. & Q. T. Corp—
1,843,305
731,185
440,670
Hud. Pr.Corp.
Accts. payable-
Miscell.
2,665,433
96,230,500
Res. for retlrem't
[Including Brooklyn & Queens Transit System]
Period End. Feb. 28—
1938—Month—1937
1938—8 Mos.—1937
Total oper. revenues... $3,813,701
$4,066,702 $32,724,329 $34,163,553
2,755,667
99,529,500
Consumers' dep.
Taxes accrued..
Other
Brooklyn-Manhattan Transit System—Earnings—
expenses
2,020,125
of
debt
company
pref. stock.„
Note—The above is without provision for tax on undistributed profits.—
V. 146, p. 1392.
,
Total oper.
$
35,000,000
52,418,125
501,493
Adv. from Niag.
accts.
receivable
Mat'ls & suppl's
1936
$
35,000,000
$1.60 pref. stock 52,418,125
Class A stock
501,493
Common stock.
2,020,125
Funded
future constr.
Cash.—...—Notes
1937
Liabilities—
$5 1st pref. stk.
Divs. accrued
def$39,665
291,666
11,262
285,133
7,315,354
1,614,607
286", 157
Capital surplus-
Current inc. carried to
surplus
291,666
Miscell. reserves
1937
1938—Month—1937
1938—8 Mos.—1937
Total operating revenues $1,616,951
$1,690,013 $13,668,260 $13,863,365
Total operating expenses
1,341,283
1,356,385
11,245,912
11,177,705
22,747
on
Interest accrued
in 1937 and $3,993,1936) no par shares,
$l,300,207iforiconstruction work improgress.—V. 146, p. 1868
Period End. Feb. 28—
accr'd
pref. stock...
doubtfulfaccounts*of $57,949 in 1937 and $95,579 in
"""Brooklyn & Queens Transit System—Earnings—
Net
52,418,125
(501,-
501,493
Div.
$10,410,595 $8,206,532
Total
British Aluminium Co., Ltd.—Final Dividend—
Directors have'declaredla'finaljdividend for the year 1937 of 8^% on
the common stock making 12paididuring said year.—V. 145. p. 103.
Taxes
35,000,000
52 418.125
pref.
cum.
stk. ($25 par).
37,419 Com.stk.(2,020,-
100.858
receivable
1936.
y After reserve for depreciationfof $4,194,069
670 in 1936.
z Represented|by|926,990 (739,592 in
a
$
stock (350,000
493 shs.,no par)
accts.
Deferred charges
$10,410,595 $8,206,532
1936
$
Liabilities—
$5 cum.1st pref.
Taxes accrued
Total..
280,777
$7,243,553
1,750,000
3,354,258
$2,747,726_$3,028,807*
i^x^Operating
|476,337
$7,100,196
1,750,000
3,354,726
3,354,727
501,493
303,017
Div. receiv.from
Bldg., mach'y &
eq.
charges.$13,149,459 $13,531,871 $12,455,578f $12,886,183
4,151,653
4,729,082
4,844,177
4,885,516
2,119,022
operation
1934^
Accts. payable..
Capital stock--. 7,834,654
Earned surplus.— 1,540,161
z
Invest. & advances
*"
funded debt.
pf. stk. of subs.
Advances
397,403
413,407
5,043,684
1,700,474
19351
Gross incoin© Q/V&ilftblc
Interest
$420,617
230.946
210,866
State taxes
current)
$166,644
Res. for Federal &
(not
Def. chgs. to future
y
Accounts payable-
1936
1936
$13,144,325 $13,508,280 $12,405,616 $12,786,452
5,133
23,591
49,962
mm
99,731
Operating income
Assets—
1937
1.750,000
3,354,258
Accounf
Income
1937
Balance.
Liabilities—
1936
1937
$5,481,893
303,017
Otherincome
Balance Sheet Dec. 31
Assets—
$5,249,504
1,7,50,000
3,354,726
Operating revenues
$38,612,434 $34,953,923 $31,051,253 $30,405,734
Operating & retirement
>
expenses and taxes
25,468,109
21,445,642
18,645,6371 17,619,282
$1.11
Balance
Shares of capital stock-
$5,183,099
1,750,000
3,354,727
200,597
onsolidated
$850,564
&c.
from opers.
Net profit
Other
$5,939,856
1,750,000
3,354,737
501,493
;
Calendar Years-
$21,047,799 $17,399,833i$13,538,485
sold
65,032
169,614
219,969
$5,503,212
$5,660,396
54,585
82,891
117,435 lifctB 91,487
81,688 I' *
4,124
Interest
Gross sales, less returns,
$113,613
4,997,510
486,524
62,749
$5,707,698
119,725
150,184
254,691
Expenses
Taxes
1934 m
$386,179
4,768,260
348,203
570
$6,394,471
1934
1935
1936
1937
$589,950
4,807,222
310,526
__
Common dividends
Bridgeport Brass Co.—Earnings—
Calendar Years—
1935
1936
cos.;
pref. stocks.
Total income
Cost of goods
(1936) Ltd.—Registers with SEC—
first page of this department.
on
Income Account for Calendar Years (Parent Company Only)
Brazilian Traction, Light & Power Co., Ltd.—Earns.—
1938—Month—1937
1938—2 Mos.—1937
Gross earns, from oper__ $2,895,036
$2,791,447
$5,931,190
$5,711,429
x
Bruell Gold Mines
See
1867.
Period End. Feb. 28—
x
Co.—Wages Cut 10%—
Effective March 28, this company will cut wage rates 10% throughout
its 20 units.
Both office and factory employees numbering approxi¬
mately 10,000 will be affected.
Eugene R. McCarthy, Vice-President,
said the reduction was necessary because of competition of New
England
factories where lower wage scales are already in effect.—V. 145, p. 3968.
all
$120,410
Federal, State and municipal tax accruals
—V. 146, p.
2033
as
a
member.—V. 146, p. 1704.
Henry Borden
was
added
Financial
2034
Canadian National
Balance
.
A Q<jpf c —
1937
$3,614,905
$3,215,808
Gross revenues
—V.
146, p. 1869.
1937
Week Ended March 21
1938
Decrease.
$399,097
Cash
.
1 208,636
Mat'ls A supplies.
'
Traffic earnings
$2,414,000
Decrease
$2,585,000
$171,000
1869.
7%pref.8tock
6% pref. stock
Directors
on
March 21 declared
dividend of 40 cents per share
a
on
46,732
50,269
Underlying 6s due
993,000
993,000
serially to 1942.
of amort 2 357,023
Other deferred chg's
2,883
in proc.
92,000
M
112,000
Oth.l'g-term debt.
2,540,043
110,624
147", 126
Purch. contr. oblig
210~989
Accounts payable.
special deposits.
the
■
7,721,039
9,365,500
Series B 6^s 1951
Bond disc. A exps.
Inc.—Dividend Increased—
1936
7 ,721,039
9 ,365,500
3 ,113,800
3,114,700
lstmtge.5% 1956.32 ,117,200 32,838,700
507,934
Sink, funds A other
Carbons Consolidated,
1938
%
Common stock-
1,140,191
451,793
Prepayment
1937
1938
1937
y
798,643
Notes & accts .rec
26,
31
Liabilities—
%
52 ,503,349 51,446,960
1 ,376,115
2,294,361
Fixed capital
x
-Earnings—
Sheet Dec.
1936
$
U. S.Treas. bills.,
Pacific Ryv
Earnings for Week Ended March 21
—V. 146, p.
March
Ry.—Earnings—
Earnings of System for
Canadian
Chronicle
72,524
Invest. A advances
245,513
253,591
Current maturities
59,382
173,054
of l'g-term debt.
31,098
Interest accrued..
company's common stock, payable March 28 to holders of record March 23.
A dividend of 25 cents per share was paid on Dec. 20, last.
705,117
351,415
Taxes accrued...
.
716,320
372,869
Fed. inc.taxes....
Carpel Corp.—50-Cent Dividend—
260,538
104,880
Consumers' depos.
479,286
445,313
the
Misc. curr.liabil..
52,006
52,916
stock, no par value, payable March 31 to holders of record March
This compares with 25 cents paid on Dec. 28 last; 75 cents paid on
Custom, advs. for
The
have declared
directors
dividend of 50 cents per share
a
on
common
24.
construction
19,752
Retirement res've.
1, 622,376
697,059
cents on Jan.
Pref. div. accrued.
Contrlb. for extens
140,402
108,061
105,308
per share cUstributed each three
dividend of 50 cents was paid on
1,625.148
926,314
Sept. 29 last; 25 cents paid on July 23 last: 75 cents on April 16 last; 50
15, 1937; 50 cents on Oct. 15, 1936, and dividends of 40 cents
months previously. In addition an extra
Dec. 19, 1936.—v. 145, p. 4112.
Miscell. reserves..
Surplus
Carolina Power &
Prop, retire,
res.
Light Co.—Earnings—
1938— Monthr—1937
Period End. Jan. 31—
approp.
Net oper. revenues
Other income (net)
80,000
Gross income.
Int.
$4,878,146
28.430
$4,906,576
2,300,000
73,494
charged to construe
mortgage bonds.
Other int. & deductions.
$4,556,196
2,300,000
62,138
Crl,457
0112
Net income
$185,414
$216,902
$2,533,194
$2,195,515
1,255,237
1,255,237
Dividends applicable to preferred stocks for the
period, whether paid
or
unpaid
Balance
$1,277,957
Note—No provisions have been made for Federal surtax
on
p.
1869.
(J. W.) Carter Co .—Dividend Reduced—
12 Months Ended Feb. 28—
Cost of sales, oper. exps.,
miscel. income...
Gross profit
Depreciation.
1937
1936.
(inventory estimated)$12,664,727 $13,874,704
2,221,306
1,940,160
$9,111,361
1,809,057
$10,443,421 $11,934,544
CY489.170
C'r520,123
7,665
7,698
1,993,872
2,187,493
Interest paid
Provision for Federal taxes
Maintenance
Taxes (excluding Federal income tax)
Uncollectible accounts
x
Net profit carried to surplus
$7,302,303
CY460.224
2,615
1,307,377
$8,931,053 $10,259,476
Net income from operations
Non-oper. revenue (net)..
Before deducting provision for any amount which may become due for
on undistributed earnings.
Balance Sheet, Feb. 28
1938
$446,299
2.931
$375,639
3,340
for depreciation
$455,872
96,000
Interest—Long-term debt
196,433
$449,230
89,475
179.437
$378,980
75,000
180,000
Gross
Cash
1938
Liabilities—
$
2,396,667
1,558,638
Notes A accts. rec.
less reserves
10,249,020 13,422,047
22,102,660 15,761,571
Inventories..
Pats,, trade-mks.
and goodwill
x
1
1
buildings,
equipment, &c.20,540,122
18,798,780
...
Land,
Miscell.
properties
Prepaid Insurance,
taxes, Ac......
197,040
x
After
1937
$
Accounts payable.
Accrued payroll &
$
1,114,984
461,866
503,079
2,307,890
expenses
1,100,000
6,014,776
y Common
stock. 9,411,200
9,411,200
Capital surplus...13,733,576 13,733,577
Earned surplus... 14,709,004 15,554,247
35,518
951
Fixed charges allocated to constr'n
Net inc. avail, for surplus and divs.
244
3,980
29,472
x9,000
Cr28,365
interest
3,399
18,089
158
2,754
yl2,000
$146,584
$148,401
18.151
1,735
$101,181
Includes provision for Federal undistributed profits taxes,
y Includes
comparative purposes $9,990 additional provision for 1936 Federal
income and undistributed profits taxes charged to earned surplus
during
the year
1937.
Balance Sheet Dec. 31
Assets—
Prop.,
equip.,
b
1937
plant
Liabilities—
1936
and
Ac
1st mtge.
$7,293,226 $6,474,418
Colp Properties,
Inc.
1937
stock.
9,687
9,687
180,052
284,484
132,005
103,793
Notes payable....
Miscel. spec. deps.
Accounts receiv
121,233
Accounts payableConsumers deposits
com.
Cash
rec.—Colp
Properties,
secured
Inc.
notes..
750,000
50,000
314,038
8,232
53,902
8,383
Notes receivable
4,870
2,454
Accrued items....
128,523
120,832
a
1,471
Notes receivable
4,870
2,454
Material A supplies
Accrued int. rec..
55,038
48,790
50
187
a
1936
5% gold
bonds, series A.$3,596,000 $3,585,000
3 year 4conv.
26,281
248,539
Reserves
26,583
277,606
Deferred credit
c
6%
348
373
912,488
.....
cum.
841,448
pref.
stock
debt
—
—
.$8,264,774 $7,035,688
..
1,046,520
1,000,000
177,022
1,000,000
278,351
d
disc. A expense.
Total
1,044,900
surplus
Capital surplus
Unamortized
Common stock.
Earned
Total
98,402
278,351
$8,264,774 $7,035,688
Merchandise contracts discounted.
b 11.237H shares,
c Represented
by 11,610 no par shares in 1937 and 11,628 no par shares in 1936 after
deducting 390 shares and 372 shares, respectively, held in treasury, d Rep¬
resented by 20,000 no par shares.—V. 146, p. 273.
a
Central & South West Utilities Co.—Accum. Divs.—
Total
.....55,338,644 49,773,595
Edison, Inc. (& Subs.)—Earnings—
Calendar Years—
1938
Net profit after all charges
Net for 268.685 com. shs. after pre¬
ferred dividends
V. 145, p. 3493.
Central States
Corp.—Earnings—
3 Mos. Ended Jan. 31—
Net sales.
a meeting held on March 24 declared dividends as
pay¬
$1.75 per share on the prior lien preferred stock,
$7 dividend series, and $1.50 per share on the prior lien preferred stock, $6
dividend series, to be paid April 20 to holders of record
April 5.
See also
ments against arrears of
for depreciation of $11,258,662 in 1938 and
$10,818,793
Represented by 1,882,240 no par shares.—V. 146, p. 1869.
Celotex
on
Amort, of bond discount & expense..
Provision for Federal taxes
The directors at
50,175
reserve
y
unfunded debt
on
1,148,826
Notes payable
2,150,000
Res. for Fed. taxes 2,096,517
Pf. stk. (par $100)11,661,496
Total.........55,338,644 49,773,595
in 1936.
...
income
Provision
Prepayments
1937
$
3.349
,
$451,490
4,381
$6,452,535
surtaxes
Assets—
1935
$1,190,670
628,825
88,794
95,170
5,958
Cr3,718
Expenses allocatea to construction—
Accts.
x
1936
$1,339,915
671,678
103,321
115,266
x
.$59,428,145 $56,873,538 $38,973,427
less
46,763,418
42,998,833
29,862,066
Balance
Interest earned....
Earnings—
1937
$1,422,277
769,015
77,447
124,323
for
1938
&c.,
Light & Power Co.
Operation
Taxes assumed
Caterpillar Tractor Co.—Earnings—
Net sales
Central Ohio
Calendar Years—•
Total operating income——
Interest
Directors have declared a dividend of 15 cents per share on the common
stock, payable April 1 to holders of record March 25.
Dividends of 20
cents were paid In each of the four preceding quarters and
previously
regular quarterly distributions of 15 cents per share were made.—V.
144, p. 1269.
59,119,354 58,156,054
—V. 145, p. 2839.
$940,278
undistributed
profits for the 12 months ended Jan. 31,1938 and 1937.—Y. 146,
Total
After reserve for uncollectible notes and accounts of $204,157 in 1937
y Represented by 202,180 shares of no par value.
x
and $171,294 in 1936.
$4,525,132
31,064
$413,597
191,667
5,028
$382,899
191,667
5,818
on
5,610,072
960,000
$411,156
2,441
$382,100
799
Int.
6,195,237
1,090,000
510,182
59,119,354 58,156,0541
Total
1938—12 Mos.— 1937
$1,001,338 $12,163,383 $11,095,204
$997,963
525,863
90,000
Operating re venues
Oper. exp., incl. taxes__
89,417
100,000
1937
$1,815,543
y8,403
$2,235,268
x268,331
$1,383,818
$0.86
$0.05
1937
$412,305
1936
Nil
51,981
Includes $76,971 dividends received on invest, in South Coast
Corp.
Exclusive of Federal L ncome and undistributed profits taxes for which
claims statutory deductions.—V. 146, p. 1705, 590.
Operating
1936
30,597
49,530
30,830
$378,698
194,952
31,850
41,610
27,795
$85,321
2,527
$82,490
4,571
$87,849
2,159
50,616
$87,062
$35,074
$34,167
216.027
expenses
Maintenance..
Depreciation
Taxes (other than Federal income).
x
y
the company
Central Maine Power Co.
Period End. Dec. 31—
Operating
Operating
revenues
expenses
State & municipal taxes.
Fed. taxes (incl. income)
Net oper. income
Non-oper. income—net.
Gross income
Bond interest
Other interest—net
Other
deductions
Year-end adjustments.
_
Net income.
Pref. div. requirements.
-Earnings-
1937—Month—1936
$562,411
$628,140
217,033
208,768
59,748
66,290
29,899
Cr43,582
$255,731
5,832
$261,563
106,867
3,084
15,733
8,254
$127,625
108,099
$396,664
3,333
$399,997
107,142
5,079
88,535
$199,241
108,099
1937—12 Mos.—1936
$6,778,102
2,449,897
710,913
365,517
$6,572,172
2,328,746
685,619
113,278
Net operating income.
Non-operating income
Gross income
Interest charges of subsidiaries
Int.
on
Central States
Edison, Inc., coll. trust bds.
Net income
Consolidated Balance Sheet Dec. 31, 1937
Assets—
$3,251,775
39,436
$3,291,211
1,285,150
50,768
219,747
$1,735,546
1,297,182
$3,444,529
38,710
$3,483,239
1,366.819
78,106
388.843
$1,649,471
1,297,182
Liabilities—
Plant, property A equipment.$l. 450,342
Long-term debt
Cash
Mtge. notes pay. (due 1938)..
92,506
Notes receivable
Accts. receivable—customers.
39,893
Accounts receivable—Mlscell.
Inventories
28,848
Mdse. accounts rec. sold
Other assets
1
10,524
...
Deferred charges
272
809
3,273
4,629
Central Power & Light
Operating revenues
Oper exps. & taxes
Operating income
$8,846,669
5,531,397
1936
$7,672,804
4.864,071
$6,810,032
4,626,336
$7,169,779
4.904.241
$2,183,697
8,383
$2,265,538
$3,337,294
Int. on funded debt
1,707,650
Miscell. int., amort., &c.
187,423
$2,813,680
1,719,888
175,412
$2,192,079
1,760,770
184,459
$2,284,043
1,806,117
216,655
$1,442,220
789,829
$918,379
473,954
$246,851
210.706
$261,271
105,353
$652,391
$444,425
$36 145
$155,918
Divs.
on
pref. stock
Balance to surplus...
Accrued taxes
40
16,778
1,181
Other accrued liabilities
6,707
2,129
Mdse. accounts rec. sold
3,273
13,000
34,853
4,625
$1,631,099
319,878
Capital stock (par $1).—
Earned surplus
Central Zone Property
The
Central
114,438
95,697
Total
$1,631,099
18,505
Corp.—Earnings—
Zone
Building, which is currently about 95% occupied,
on its $1,821,500 of outstanding 6%
Income bonds, before interest, depreciation and obsolescence,
during the
final six months of 1937, as against 6.07% for the full year 1937 and
5.50%
for the year 1936,
according to an operating report compiled by Amott,
Baker & Co., Inc.
Net income of the property, before interest and de¬
preciation, in the six-month period was $67,304, compared with $110,508
earned at
4,947
Net income
Other accrued interest
1934
$2,808,733
Gross income
Acer. int. on long-term debt—
1,000
10,797
-V. 145, p. 2839.
1935
$3,315,272
22,022
Other income (net)
Ice coupons outstanding
$1,006,700
Reserves
Total.,
Co.—Earning.
1937
Accounts payable
Mortgage notes payable
Consumers' A line exten deps.
Advance for construction
Note—Preferred dividends have been paid at one-half of the
regular rate
Oct. 1, 1934, and arrearage for the
quarters ending Sept. 30, 1934,
Dec. 31, 1934, March 31, 1935, June
30, 1935, and Sept. 30, 1935, were
paid on Jan. 1, 1937, April 1, 1937, July 1, 1937, Oct.
1, 1937, and Jan. 1,
1938, respectively.—V. 146, p. 1705; V. 145, p. 4113.
since
Calendar Years—
690
52,205
the annual rate of 7.39%
for all of 1937 and $100,257 for 1936.
A plan of
reorganization of the property consummated late in 1933 after
approval by the committee and 91% of the bondholders gave each holder
of an old 1st mortgage bond a new $1,000 6% debenture bond and 10 shares
©f voting trust common stock representing about 86% of the equity in
gregate.
Non-depositing holders received their share of the foreclosure
Volume
and
price
Financial
146
funds
hand.
on
Holders
of the old general mortgage bonds
each bond.
V. 145,
received 10 shares of voting trust common stock for
1896.
p.
On Oct. 19, 1937, the ICC in Ex Parte 115, granted increases in freight
rates on certain commodities, the petition for which had been filed by the
railroads of the country on Oct. 23, 1936.
Among the increases granted
on bituminous coal ranging from three cents to ten
which increases, by order of the Commission, will expire by
Dec. 31, 1938.
Notwithstanding the increases in freight
rates which had been authorized, the railroads recognizing that there had
were
Central Vermont Public Service
Corp.—Earnings—
1938—Month—1937
$186,533
$183,905
101,625
85,318
14,151
13,558
13,573
11,591
Period End. Jan. 31—
Operating revenues
Operating expenses
State & municipal taxes.
Fed. taxes (incl. income)
2035
Chronicle
1938—12 Mos.—1937
$2,181,587
$2,013,898
1,124,727
1,253,201
149,295
164,674
42.208
105,188
increases in rates
cents per ton,
limitation
on
been a serious impairment of their financial resources and credit, resulting
from large increases in operating costs and taxes, on Nov. 5, 1937, filed
a petition with the ICC, in Ex Parte 123, for a general increase of 15%
in
freight rates and charges, with a provision for smaller increases in rates
bituminous coal, coke, anthracite coal, lumber, sugar, fruits and vege¬
tables, and an increase in passenger fares on coaches from two cents per
passenger mile to2M cents.
On March 8, 1938, the Commission made
its report, granting certain increases in rates on freight traffic, but denying
an increase in rates on bituminous coal,
which is most important from
on
Net oper. income
53
$71,521
20,417
_
Gross income
Bond interest
1,756
Other interest—net
Net
income
...
.
Pref. div. requirements.
146,
"$662,306
21,650
$701,349
279,011
1,776
69,146
$391,406
227,134
$351,416
227,160
147
1,895
$36,116
18,928
$49,062
18,930
Other deductions
—V.
$697,668
3,681
65
$59,219
20,417
930
Non-oper. inc.—net
$658,524
3,782
$71,456
$59,166
,
245,000
4,250
1234.
p.
Chicago Great Western RR.—Plan Before ICC—'
The
Interstate
Commerce
Commission on
March
23
heard arguments
plan for reorganization for the road.
H. Kirby, an examiner for the ICC, who prepared the plan,
recommended that the capitalization be reduced from $148,000,000 to
$62,000,000 and that fixed charges be reduced from $2,000,000 to $900,000.
J. C. McLester Jr., representing a first mortgage bondholders' com¬
mittee, said he regarded his committee's plan as better than Mr. Kirby's,
but would not object to the examiner's proposal because he desired to ex¬
pedite the proceeding.—V. 146, p. 1544.
the standpoint of this company.
By order dated Dec. 29, 1937, effective 30 days after its date, in Finance
Docket No. 11535, the ICC authorized the company to acquire control,
through acquisition of capital stocks, of New York Chicago & St. Louis
RR. and Erie RR. owned by Alleghany Corp. and under option to company
and the shares of those two companies held by Virginia Transportation
Corp., a wholly-owned subsidiary, the acquisition of which shares will
secure to company a numerical majority of the capital stocks and control
of the two carriers named.
On Jan. 18, 1938, the Erie RR. filed its
petition under Sec
Federal Bankruptcy Act.
on a
Securities Owned Dec. 31, 1937
Homer
No.
.
of Shs.
Stocks and Bonds—Marketable—
or Face Val.
Pere Marquette Ry.—Common stock
313,900
Par or
Face Value
Cost
Total marketable securities
Milwaukee St. Paul & Pacific RR.—Com¬
Formed for Series A Mortgage Bondholders—
Chicago
mittee
The formation of a committee to represent the 50-year 5% mortgage
gold bonds, series A, due Feb. 1, 1975, has been announced by E. Stanley
Glines of Glines & Co., New York, as Chairman.
In addition to Mr. Glines
other members
are Morton H. Fry, partner of Scholle Brothers, New York;
W. Rodman Peabody, member of the Boston law firm of Pea body, Brown,
Rowley & Storey; R. Harland Shaw, Chicago, formerly of Blake Brothers
Co., and C. Oliver Wellington, member of Scovill, Wellington & Co.,
&
accountants, and McKinsey, Wellington & Co., management consultants,
New York.
Joseph H. Moran, II, 20 Pine St., New York, is Secretary,
and Hodges, Reavis, Pantaleoni & Downey, counsel.
This
committee
chosen
was
by
a
nominating committee elected at a
general meeting of bondholders, held on Feb. 28, 1937, at which meeting
was represented over $8,600,000 of the bonds.
The committee has
there
the Interstate Commerce Commission for authority
to represent the bondholders, and has asked an adjournment of the hearing
before the Commission from March 21 to May 23 in order to prepare and
submit testimony and amendments to the plan now before the Commission.
Certain facts brought to the attention of the committee support the view
that portions of the road on which the bonds which it represents are a lien
are not granted
their real value in the institutional plan now before the
Commission, and that these bonds are entitled to more favorable treatment
than that afforded them in this plan.
It is the belief of the committee
that adequate presentation of the full facts to the Commission is most
desirable in order that their bonds will be given as favorable a position as
filed
a
petition with
possible in the reorganization of the road.
-.--a$34,619,839
Slocks, Bonds, Notes & Advances—Other—
Chesapeake & Ohio Grain Elev. Co.—
$18,660
2,090,000
3,550,000
87,500
500,000
318,500
50,000
427,550
30,900
318,500
.50,000
427,550
30,900
37,359
$110,299
3,735,900
3,757,462
110,299
110,299
72
Advances
7,200
7,200
100,000
1,111,690
10,000
650,000
1,000
107,428
$3,550,000
;
Bank
Nat.
Hearings Closed—
Chesapeake & Ohio Ry.—Operation and Construction—.
Commission
on
March 3 issued
a
certificate
875
5,000
Richmond,
Bldg.,
Common stock.
3,185
500
$427,550
_
Levisa River RR.—Common stock..
Advances
309
Lexington Union Station pref. stock.
Nicholas Fayette & Greenbrier RR.—
Common stock
Advances
Norfolk & Portsmouth Belt Line Ry.
Common stock
Norfolk Term. & Transportation
Common stock
Co.
1,000
$1,111,690
1,111,690
100
$850,000
10
Advances
100,000
10,000
650,000
Chesapeake Mineral Co. common stk.
Pere Marquette Ry. advances
Railway Express Agency, Inc., com. _
Advances
6,674
388
$23,266
$718,535
Railroad Credit Corp. advances
Silver Grove Land & Building Co.—
1,000
$15,650
3,872
$49,000
606,930
Common stock
Advances
—
Toledo Terminal RR.—Com. stock..
1st mtge. bonds
Virginia Transp'n Corp.—Com. stock
$5,375,000
Advances..:..
$3,900,000
2,500
Promissory notes
Corp.—Com. stk
Western Pocahontas
of the track, approximately 3.15 milas, and (2) construction by it of a
branch line of railroad extending from a point on the aboveAescribed track,
Western Pocahontas Fuel Co.—Com.
Van, in
a
southeasterly direction, approximately 6.6 miles, all in
Boone County, W. Va.
Report—G. D. Frooke, President,
says:
of
common
stock (par
$25) and $92 of scrip, making the total par amount
outstanding $191,441,967, of which one share (par $25) was held in treasury.
Pursuant to the report
and order of the Interstate Commerce Commission,
dated Dec. 3, 1936, company issued $14,264,800 4% non-cum. preference
stock, series A, and $1,050,548 scrip certificates, in payment of extra
dividend, payable on Jan. 11, 1937, on the common stock.
These scrip
ctfs.in sums representing one or more full shares ($100 par) 4% non-cum.
preference stock, series A, are exchangeable for said stock until Oct. 1, 1939.
During the year $946,100 of scrip certificates were converted into a like
amount of 4% non-cum. preference stock, series A,
As of Dec. 31, 1937,
there were outstanding $15,210,900 4% non-cum. preference stock, series A,
and $ 104,448 of scrip, making the total par value outstanding $15,315,348.
The number of registered holders of company's capital stock at the
close of each of the last five years was as follows;
1933, 24,614; 1934,
29,101; 1935. 32,453; 1936, 39,144, and 1937. 59.289.
There was a net decrease in funded debt in the hands of the public during
the year of $4,101 000
In addition to the regular cash dividend of $2 80 per share on common
stock paid during year, and dividend of $2 per share payable in preference
stock, series A, paid on Jan. 11, directors on Nov. 16 authorized an extra
cash dividend of $1 per share on the outstanding common stock out of
surplus earnings, payable Dec. 14, to holders of record Nov. 24, and also
declared a dividend of 75 cents per share, payable on Jan. 1, 1938, on the
outstanding common stock.
General Remarks—Company's operating revenues, compared with the
year
1936, decreased $8,191,578, or 6.04%.
It should be noted that
during 1936 company received $5,789,685 from emergency increases in
freight rates, which increased rates, by order dated Dec. 18, 1936, the
ICC declined to extend beyond Dec. 31, 1936.
For the same period,
operating
expenses
expenses
increased $2,514,670, or 3.59%.
The operating
include $1,089,688 representing increases in wages of five cents
per hour to non-operating employees, effective Ang.
1,
cents per hour to operating employees,
effective Oct.
$3,572,176, an increase of 5.62%.
There were
1,918,707 passengers carried, an increase of 23.36%.
The number carried
one mile was 171,932,490, an increase of 10.19%.
Revenue per passengermiles was 2.078 cents, a decrease of 4.15%.
Number of passengers carried
one mile per mile of road was 61,753, an increase of 10 33%.
Passengertrain mileage was 4,515,874, a decrease of 0.51 %.
Passenger revenue per
train-mile was $0,791, an increase of 6.17%; including mail and express,
it was $1,131, an increase of 4.43%.
Passenger service train revenue per
rain-mile was $1,149, an increase of 4.26%.
Passenger revenue was
t
_
,,;cC
I
vO.cc,.',
:
A''- ~Y':-
3,900,000
250,000
1,885,000
910,000
910,000
1,000,000
1,000,000
1,000,000
1,000,000
$23,635
23,635
23,635
26,000
Promissory notes.
$1,004,000
Belt Ry. of Chicago common stock..
2,400
Southern Improvement Co. 1st mtge.
$385,000
2,600,000
1,004,000
6,454,600
1,004,000
240,000
385,000
240,000
385,000
Inc.—Com..
— -
-
Miscellaneous
243,588
-- — -
.--$132,834,793
Grand total---——---------—- —
a Market or appraised value Dec.
31, 1937:
Pere Marquette common,
1,177,162.
$3,750,612; Pere Marquette pref., $415,800; Erie, $10,750; total
Securities Owned by Wholly
(1) Virginia
1937
Owned Subsidiaries Dec. 31,
No. of Shs.
Par or
or
Face Val.
Cost
Face Value
Transportation Corp.—
bonds—marketable:
Stocks and
$32,267,915
Erie RR.—Common
1st
preferred------------------
2d preferredN Y Chicago & St.
L. RR. com..
.
Preferred
-------
-
Pittston Co. common.
N. Y.
--— -
151,405
15,140,o00
60,195
25,100
6,019,500
2,510,000
131,268
64,904
381,250
13.126.800)
6,490,400]
No par
.
3,583,750
Chic. & St. L. 6% notes
Ry. gen. mtge. 5s
645,000
Chic. & East. 111.
Standard Carloading Corp. com.,.
U. S. Truck Lines. Inc., common—
Bremo Corp. demand. collateral note
Cleveland Stevedore Co., collateral
note due Oct. 8, 1939
Pittston Co., collateral note due
Sept.
1, 1938
7,028,914
2,679,715
2,069,885
8,217,520
7,687,300
3,570,369
161,043
*$63,682,663
securities
notes—Other:
Total marketable
Stocks and
1937, and
1, 1937, which
granted to employees pursuant to agreements entered into
by carriers with various labor organizations through the offices of the
National Mediation Board, and $1,611,800 representing the approximate
amount of increased costs of materials, supplies, and fuel coal.
The ratio
of operating expenses to revenues was 56.95%, compared with 51.66%
for the year 1§36, or an increase in ratio of 5.29%.
The revenue coal and coke tonnage was 59,760,263, a decrease of 2.75%;
other revenue freight tonnage was 13,470,974, an increase of 7.72%.
Total revenue tonnage was 73,231,237, a decrease of 0.98%.
Freight
revenue was $118,956,953,
a decrease of 6.58%.
Freight-train mileage
was
10,337,843, a decrease of 1.55%.
Revenue ton-miles were 20,203,850,487, a decrease of 2.96%.
Ton-mile revenue was 5.89 mills, a decrease
of 3.76%.
Revenue per freight-train mile was $11,507, a decrease of
5.10%.
Revenue tonnage per train-mile was 1,954, a decrease of 1.46%;
including company's freight, the tonnage per train-mile was 2,028, a
decrease of 1.31%.
Tonnage per locomotive-mile, including company's
freight, was 1,840, a decrease of 1.02%.
Revenue tonnage per loaded
car was 43.73, a decrease of 0.79%.
Tons of revenue freight carried one
mile per mile of road were 6,624,387, a decrease of 2.96%.
increases were
46.452
60,693,000
5,375,000
1,885,000
$1,000,000
Advances
_
Annual
100,000
15,650
60,693,000
5,375,000
3,900,000
250,000
10,000
Coupon notes..
23,266
718,535
100,000
15,650
$910,000
Promissory notes
444,900
38,800
387,200
49,000
$1,885,000
Advances..
White Sulphur Springs,
Financial—As of Dec. 31, 1937, there were outstanding 7,657,675 shares
No par
107,428
667,400
38,800
23,266
718,535
$107,428
__
Richmond-Washington Co. com. stk.
Rock Castle RR.—Common stock—
authorizing (1) operation by the company, as a branch line, of an existing
track, extending from a point of connection with its Pond Fork subdivision,
at or near West Junction, in a general northeasterly direction to the end
at or near
18,66
146,987
1,500,000
3,090,000
3,550,000
87,500
500,000
15,000
$3,090,000
Cincinnati Inter-Terminal RR. pf. stk
Cinicnnati Union Term. Co. com. stk.
First
$388,35
$469,000
18,660
$469,000
1st mtge
Advances..
Covington & Cincinnati Elevated RR.
& Transfer & Bridge Co.—Com.
1st mtge. bonds
Advances
Overruling requests of bondholders groups for a delay in reorganization
of the company, the Interstate Commerce Commission closed its record
in the proceeding and gave interested parties until May 31 to file briefs.
After the request for a year's delay had been denied, parties asked at least
90 days to file briefs, but this likewise was turned down.—Y. 146, p. 1706.
The Interstate Commerce
Preferred stock
Erie RR. ref. & impt. bonds.
$31,390,000 $33,464,792
12,600
1,260,000
1,137,620
$25,000
25,000
17,427
450
5,290 2-3
45,000 ■A: 73,993
899,413
264,533
3,900,000
3,900,000
500,000
— --
500,000
2,050,000
2,050,000
$71,106,070
Grand total
Pocahontas Corp.—
bonds—marketable:
Pere Marquette Ry. Co. pref. stock
ITior preferred stock
Pittston Co. common stock.
Ches. & Ohio Ry. common stock—
Richmond & Alleg. RR. 2d M. 4s..
(2) Western
Stocks and
Chic & East.
111. Ry. gen. mtge. os.
securities
bonds—other:
Beach wood Corp. common stock..
Lucas County RR. common stockBeachwood CJorp. 1st mtge. 6s—.
Total marketable
6,000
100
'
No par
86
618,822
$2~,66d
2,000
$175,000
175,000
1,670
57,063
~b$920,293
No par
No par
$60,000
$350,000
$350,000
350,000
$341.000
$341,000
9,000
$500
5
5s.$9,Uuu
Pere Marquette Ry. 1st mtge. 5s A~
1st mtge. 4s, B___.
--$5,000
Gen. mtge.
—
1st mtge.
a
4Mb. C___
m m
__
$65,000
51,020
3,812
41,747
65,000
c$229,892
m'm mm
c
b Market value
.31, 1937,J&10.603,841
Market value Dec. 31, 1937, $166,987.
Market value Dec.
1937, $251,294.
$130,286
3,026
70,000
5,000
—
'mm
500
$1,330,793
Grand total.
(3) Western Pocahontas Fuel Co.—
Bonds—marketable:
Chic. & East. 111. Ry. gen. mtge. 5s
TotdJi
152
—.
Stocks and
•
$240,422
2,162
$600,000
10,000
31,700
Dec. 31.
Financial
2036
March
Chronicle
Av.
61,451,897
52,076,083
12,505,745
10,123,483
$5.81
$6.12
$6.09
1,076,534
1,555,434
1,096,861
156,039,092 121,653,187 122,171,095
2.373 cts.
2.168 cts.
2.343 cts.
S5.89
from all rev. frt.(mills)
No. of pass, carried
1,918,707
No. of pass. car. 1 mile..171,932,490
Av. rev. per pass, per m_
2.078 cts.
General Income Account for Calendar
b
7,256,974
Gypsum deposits 3,500,023
at Marselles,
_
Preferred stock
3,511,528
899,103
c
1
1
111.
1,069,218
1,639,249
206,542
Inventories
2,041,481
\
passenger/
13,446,766
22,904,447
11,990,524
23,052,062
11,410,300
20,068,065
11,043,839
19,912,975
2,327,391
29,890,500
2,205,821
3,698,347
2,319,333
28,736,205
269,968
3,688.191
Transp. for invest.—C'r_
135,583
41,794
25,810,108
223,129
3,639,934
67,463
2,049,631
24,284,969
190,627
3,389,102
56,170
Total oper. expenses..
72,529,159
(56.95%)
54,817,541
12,790,285
70.014,489
(51.66%)
65,523,790
13,318,039
63,289,894
(55.5%)
50,734,793
10,680,447
60,814,971
(55.5%)
48,674,106
10,297,986
14,369
Railway oper. income. 42,027,256
Equipment rents—Net.
1,872,657
1,285,463
52,205,751
1,995,005
1,465,893
40,054,345
1,109,244
1,226,307
38,361,751
148,056
1,512,012
42,614,450
52,734,863
39,937,282
36,997,795
1,470,846
1,477,727
(650,149
1361,574
751,314
302,180
44,085,296
9,358,055
50,215
54,212,590
10,212,715
50,155
409,49,005
9,726,992
38,840
38,051,289
9,806,272
36,892
114,579
159,716
Maint. of equipment
.
Traffic.......
Transportation
Misceil. operations
General
397,290
Net operating revenues-
Railway tax accruals
Uncoil, railway revs
Jt. facil. rents—Net (Dr)
Net railway oper. inc.
Inc.from Oth. Sources—
Inc. from invest. & acc'ts)
Miscellaneous.
J
_
Gross income
Interest on debt.......
Rents for leased roads
__
Loss
C.
on
O.
&
grain
...1
elevator
14,040
131,682
3,124
1140,564
Total deductions
Net
J
/
Miscellaneous.
9,522,849
10 422,586
9,909,520
9,988,887
34,562.446
income
43,790.003
31,039,485
28,062,403
293,910
145,990
145,157
Disposition of Net Inc.—
528,177
profit and loss
Divs. on 6 H % pref. stk.
Divs.
4%
on
P« preferred
27,917,246
7,012
30,893,495
6,479
43,496,092
4,662
829,485
87,805
64,743
77,902
on
21,430,535
$5.68
$4.04
$4.37
stock ($25 par)..
Does
include
not
extra
dividend
$3.65
of
Jan.
11,
1937
$
1936
S
Liabilities—
3
1st pretence
3,000
stk.
2d pref'ence stk.
Invest, in leased
6/4% cum.conv.
pref. stock
365,300,254
Inv. in equip. 194 ,465,012 190,030,082
misceil.
physical prop.,
prop.,
&C_...
Inv. in affil.
cos.
4%
non-cum.
Common
Prem.
on
30,789,809
8,363,081
3,833,965
—
..20,295,233 20,820,676
shares of $1 par.
7,819,446
payable
Divs. mat. unpd
Oth. curr. assets
Deferred assets.
6,466,086
6,261,715
UnadJ.
2,332,900
2,507,320
wages
Other
curr.
2,301,093
203
liab.
239,602^000
3 960,766
4,682,190
5, 898,761
4, 521,723
5,363,224
7,152,758
liability...
13,628,855
Accrued deprec.
74,405,365
12 705,668
80, 844,573
Oth. unadj. cred
2 842,442
Deferred liabil-1, 560,827
Tax
2,765,320
1,566,464
Add'ns to prop'y
stockholders at their annual meeting on April 13 again will
changingthe voting rights of the company's 6% cumulative
preference stock, Walter G. Baumhogger, President, has stated in a letter
to stockholders.
This change was originally considered at a special meeting
Dec. 17 last.
Its adoption at that time, and at two adjourned meetings,
was prevented by lack of the necessary two-thirds vote of shareholders
required under the Maryland laws.
The proposed change, which affects the preference and common stocks
only in so far as the relative voting rights with respect to the election of
directors under stated conditions are concerned, was requested by the New
York Stock Exchange.
If the proposal is adopted, the voting rights of the
preference stock will arise whenever the corporation is in arrears in the pay¬
ment of six quarterly dividends on the stock, whether or not the quarterly
periods in respect of which the default occurred were consecutive.
Under
the existing charter the right of the preference stock to vote for directors
arises only after default of dividends on the preference stock for eight
successive quarterly dividend periods.
It is anticipated that by April 1. 1938 Certain-teed will be in default in
the payment of dividends on the preference stock for four quarterly divi¬
dend periods, Mr. Baumhogger stated.
Century Electric Co.—Dividend Passed—
dividend on the new com¬
A dividend of five cents was paid on Dec. 27,
Directors deferred action on the payment of a
stock at this time.
mon
last, and an initial dividend of 10 cents per share was distributed on these
shares on Sept. 30, last.
For detailed record of previous dividends see
V. 145, p. 2067.
1935
$6,014,385
4,585,382
26,082,042
Fund, debt ret'd
$5,924,668
4,417,616
563,457
564,161
582,610
501,365
$892,289
106,550
$1,032,462
135,340
$927,638
162,488
$943,595
132,882
$998,839
615,250
295,339
$1,167,803
631,364
288,770
$1,090,126
651,748
286,057
$1,076,477
$88,250
136,682
$247,669
120,236
$152,321
60,197
$184,421
21,370
$224,931
;
Interest and ground rent
Sinking fund
Balance
Net income
Dividends paid
a
1934_
1936
$6,449,255
4,834,182
Taxes
$367,905
236,110
$212,518
$205,791
283,332
on capital under ordinance,
b Less expenses,
c
operation and other investments transferred to corporate
Return
-
691,30.5
200,754
From ordi¬
surplus.
Balance Sheet Dec. 31
Road and
1937
Liabilities—
1936
f
1936
$
equip..29,702,693 30,318,283
$
Cap. stk. (150 par)23 ,761,950 23,761,950
Long-term debt
10 ,253,500 10,537,500
Notes payable
125,000
1,639,095
Cash
1,633,385
336,719
Company bonds..
1,216.325
871,004
Loans & notes rec.
440
550
33,419
50,484
Taxes payable——
Material & suppl's
206,301
169,701
Accrued interest on
Int. & divs. receiv.
6,808
659
Other curr. assets.
30,944
588,774
30,894
and
wages
324,429
payable
bonds:
312,459
174,742
Other accrd. liabil.
163,916
119,160
_
126,762
40.249
25,016
3,049
5,596
3,099
Deferred liabilities
5,459
547,396
Unadjusted credits
179,795
214,709
Reserves..
Unadjusted debits
Expendlt.for track
350,000
350,000
——
retirements 2,324,664
Sink, fund reserves
142,046
135,476
Corporate surplus.
117,284
reconstruction..
Accumulated
Accts.
565,171
Deferred assets
erty
26,091,650
surplus
Co.—Earnings—
1937
$6,353,569
4,897,118
Calendar Years—
Unamortized prop¬
through inc. &
b After
Represented by
c
consider
Accts. receivable..
2 301,093
235, 236,000
1936.
in
Rights Change—
Consider Preferred
Investments
capital stock.
Funded debt
...20,295,233 20,820,676
Total
Common
Assets—
191,441,942
543,249
—
■
1937
15 ,315,348
Audited acc'ts &
3,965,232
6,926,230
Deficit.
115,300
a After
depreciation of $7,918,933 and $7,661,614
depletion of $149,972 in 1937 and $138,581 in 1936.
nance
Gov'tal grants._
6,647,272
Mat'ls &
debits..
200
com.
27,701,004
Special deposits.
supplies
..
&
1,247,822
15,000
2,361,906
537,391
Divs.
112,188
—
1,800
stock. 191 ,441,942
646,012
Cash
169,627
14,245
tax...
payable..—
cap. stk.,
3,366,803
c
3,000
200
scrip pref. stk.
6,383,583
6,691,404
132,188,781 130,348,962
Other investm'ts
34,801
3,366,803
a
1937
1936
$
Federal
Sloane-
in
Blabon
;
b Inc. from corp. invests
General Balance Sheet
Assets—
28,239
Corp...
banks
Invest,
Gross income
Invest, in road.366 ,437,416
for
21,429,617
com-
$15,315,348 payable
1937, in preference stock, series A, to holders of common stock.
x
Prov.
payable
Capital surplus... 2,265,407
Operating income._.
Non-operating income.
602,263
29,482,045 x29,091,342
stock
Common dividends
Earned per sh.
^mon
34,034,269
non-cura.
250,000
95,089
in closed
Operating revenue..
Operating expenses
Inc. bal. transferred to
75,332
250,000
reserve....
535,946
Cincinnati Street Ry.
Inc. applic. to sinking &
other reserve funds...
51,565
& accrued exps.
deposits
Total.
„
174,609
Reserve for contin¬
Taxes due & accr.
72,127
135,538,279 114,024,687 109,489,077
Total oper. revenues..127,346,701
Operating Expenses—
Maint. of way « struct..
271,794
285,195
611,500
9,529,500
1,689,575
281,319
Exp. paid in adv..
Miscellaneous
accrued..
Accounts
investments
Statutory
debt
1,464.859
1,918,727
96,133
Balances
625",340
9,519,500
174,459
.
Funded
Other
1
marks, &c—...
Cash
Other
Common stock.
7,030,130
277,500
—
gencies
trade¬
Goodwill,
Notes & accts. rec.
1934
19.35
$
$
$
$
Freight traffic
118,956,954 127,330,561 106,794,757 102,349,723
2,850,876
2,899,327
Passenger traffic..
3,572,176
3,382,191
1,016,631
1,045,289
Transportation of mails.
1,129,630
1,102,661
422,001
336,469
Transport'n of express..
405,075
431,547
2,615,132
(2,626,569
Miscellaneous freight—I 3,283,866
3,291,319
7,367,735
rights
8
7,306,930
pf, stock.
cu.,
Interest
880,206
limits
Water power
Advances secured-
Years
1936
1937
Operating Revenues—
Lands, bldgs.,ma¬
Timber
ton per mile
rev. per
6%
chinery & equip.
%
Liabilities—
$
a
52,545,388
9,479,353
1936
1937
1936
$
Assets—
3,115
3,111
3,106
3,106
Average mileage oper—
Revenue coal and coke
carried (tons)__
59,760,263
Oth.rev.frt.car. (tons). 13,470,974
1937
1934
1935
1936
1938
Consolidated Balance Sheet Dec. 31
Traffic Statistics for Calendar Years
1937
26,
798,342
856,743
1,968,616
defi¬
196,974
ciency from oper
196,974
through inc. &
1,630,093
500,689
xl5,315,348
Approp. surplus
Prof. & loss bal. 169,134,022 166,443,656
surplus
Sinking fund
res.
2,061,286
547,845
Total
36,259,442 36,502,814
Total
36,259,442 36,502,814
-V. 146, p.1235.
-
Total....
754,467,352 752,886,0391
754,467,352 752,886,039
Total
Not specifically
invested as at Dec. 31, 1936, and consisted of extra
dividend payable Jan. 11, 1937, in preference stock, series A, to holders
x
of
common
stock.
Cinecolor
Offered—G. Brashears & Co.,
129,642 shares of common
which 104,142 shares are
of the company and 25,500 shares are for the
(Inc.)—Stock
Los Angeles, on March 22 offered
stock at par ($1.50 per share), of
for the account
account of G. Brashears & Co.
Chicago & North Western
Ryv -Delay in Plan Asked
Pending Merger Study—.
W The
common
stockholders' protective committee has filed a petition with
the Interstate Commerce Commission asking that the hearing set April 19
in connection with the reorganization be postponed pending further investi¬
gation of the proposed consolidation of Chicago Milwaukee St. Paul &
Pacific with the Chicago & North Western.
Arthur T. Gait, Chairman of the protective committee, in the petition
filed with the ICC, pointed out that none of the pending reorganization
plans filed with the Commission has attempted to consider tta? possibility
of the reorganization of the debtor by consolidation with another railroad.
k
p
Reorganization Committee—
L.
J.
Schuster
has
been
approved
tective committee for shareholders of
merce
as
an
common
additional member of a pro¬
stock by the Interstate Com¬
Commission.—V. 146, p. 1870.
Certain-teed Products
Corp. (& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1937
1936
1935
1934
a'Gross oper. profit after
repairs & maintenancex$3,530,070
Inc. from other sources.
85,343
^
Total income
Sell., admin. & gen. exp.
Federal capital stk. tax.
Net profit
After depreciation of.
And depletion of.
$3,350,346
82,909
$1,883,108
$3,025,023
3,057,274
$3,433,255
2,599,164
45,758
528,355
$1,919,807
2,230,196
12,000
529,173
_
13,868
14,100
524,120
Interest
a
$3,615,414
2,974,772
$3,006,625
18,398
524,900
$102,654 def$571,250
459,919
460,905
30,402
8,863
36,699
$259,978 def$851,563
409,225
825,963
8,594
5,899
x After maintenance and repairs of
$675,374 in 1937, $604,122 in 1936,
$528,412 in 1935 and $444,739 in 1934.
'
'
M
Company was incorporated in California, April 26, 1937.
Company has
been engaged in the business of developing negatives and printing motion
picture film in colored multiple copies for motion picture producers, both
so-called major studios and independent studios, industrial producers,
laboratories and major picture distributors.
Capacity for developing and
printing colored film is 150,000 feet of film per week without overtime.
The average operating weekly capacity for the six months prior to Dec. 31,
1937 was approximately 85% of the then maximum weekly capacity,
eliminating a period of shut down for three weeks during 1937 for changes
required to increase plant capacity.
As of Feb, 12, 1938, Cinecolor was,
and had been since Jan. 1, 1938, operating at 100% of the above mentioned
maximum
capacity.
Company has one contract which is subject to
certain contingencies with a so-called major studio calling for delivery over
a one year period prior to Aug. 31, 1938, of a minimum of 828,750 feet of
short motion pictures or travelogues in color.
This is the only contract for
printing and developing held and represents an amount of business equal
to approximately 15% of one year's business at present capacity.
Company
does not, nor does it intend to produce any pictures itself nor for others, nor
to supply financing relative to the production of pictures.
Cinecollcr, the company's predecessor, was incorporated in California
in March, 1932, and was engaged until its business was taken over by the
company, in the same type of business now being operated by the company.
Purpose of Issue—Proceeds of $124,970 from the sale of 104,142 shares
together with proceeds of $75,429 from the sale of 62,858 already sold intra¬
state to California residents without the use of the mails or inter-State
commerce and not being registered
are to be
devoted approximately as
follows:
equipment, $107,385: for research department, $28,015; water
well, $4,000; office furniture and fixtures, $2,000: deposit on lease and
option contract, $36,000; to complete payment on Hughes Industries Co..
Ltd. contract, $7,500; general working capital, $15,500; total, $200,400.
—Y. 146, p. 435.
Cities Service Co.—To Reduce Number
of Common Shares
this company#
one-for-ten split in the common stock, reduction of the
Proposals for drastic changes in the capital structure of
Involving
a reverse
Financial
146
Volume
authorized capital stock to 5,000,000 shares from
the establishment of reserves applicable to accrued
i.
these changes at the annual meeting
board's recommendations for
Del
,
in Dover,
Mr. Doherty in a letter to
,
carried
as
an
asset.
„
(B) Reduction, to the extent that may be deemed appropriate,
carrying value of investments in and advances to subsidiaries, or the
,
P.
;
of and the capital represented by the out¬
will be $37,455,670.
(2) The number of shares of common stock outstanding will be 3,745,567
The voting ratio of the holders of the common stock will be main¬
tained as at present.
The new stock, par $10, will have the equivalent
voting right of 10 snares of the stock now presently outstanding.
In addition to the foregoing, directors have deemed it advisable and recom¬
mend tnat the authorized number of shares of common stock be reduced
from 50,000,000 to 5.000,000 shares.
The board also recommends the elimination from the charter of authority
for the issuance of 1,000,000 shares of 5% non-cumulative stock wnich have
heretofore been retired.
v
In addition, the board recommends the enlargement of the expressed
charter powers in regard to engaging in the petroleum and natural gas
(3)
•
be asked to take action on
Cluett, Peabody & Co., Inc.—To Pay 15-Cent Div.—
on March 24 declared a dividend of i5 cents per share on the
stock, no par value, payable May 2 to holders of record April 21.
Previously quarterly dividends of 25 cents per share were distributed.—
V. 146, p.1235.
Directors
estimated that, for the calendar year 1937, on a consolidated
basis, after providing for all interest charges, depreciation and depletion,
all preferred dividend charges (whether paid or accrued) and $4,000,000
for contingent reserves, there was a remaining balance of earnings of ap¬
proximately $3,700,000.
This reflected earnings equal to approximately
10 cents per share on the common stock on the basis of the present capi¬
talization, or approximately $1 per share after giving effect to the proposed
changes in common stock capitalization.
>
On Feb. 24 the major public utility holding company subsidiaries of this
company registered under the Public Utility Holding Company Act of
1935 and Cities Service Co. has asked exemption under the Act.
These
steps, while taken before the final adjudication by the U. S. Supreme Court
of the constitutionality of the Public Utility Holding Company Act, are,
we believe, in the interest of the stockholders and investors and are without
prejudice to any of the constitutional rights of the company.
Directors feel that the actions recommended will be an important step
in the restoration of the company's securities to the proper appreciation of
It is now
public.—-V. 146,
p.
747.
Corp.—Asks SEC to Approve
Gas & Electric
1938 Dividend Plans—
The corporation has asked the Securities and Exchange Commission for
approval of payment during 1938. out of surplus account as designated on
Dec. 31, 1937, of regular quarterly dividends on its 5% and 6% preferred
and 5%
preference stocks and of dividends aggregating not more than
50 cents per share on its common stock.
Last year the company paid 45
cents a share on the common.
According to the application, which was filed under the Public Utility
Act, a dividend of not more than 25 cents per share would be paid on the
common stock around May 15, with the difference between 50 cents and
the aggregate of
all other 1938 common dividends to
be paid around Nov. 15 ,
$15,736,247 $13,872,389 $11,748,645
6.502.954
5,849,685
5,030,308
Deorec. and depletion-_
1,497,741
1,486,267
1,174,995
Selling, adm. & gen. exp.
2,801.149
2,364,271
2,077,738
$9,776,490
$2,407,738
$3,465,604
948,610
346,720
310,457
6.180,687
5,120,777
1,812,324
$2,718,195
684,760
210,278
188,732
254,579
47,944
x654,947
202,811
x520,693
437,500
260,000
326,787
165,857
193,232
92.249
$4,466,250
$4,021,137
$2,992,860
$2,111,367
5,045,143
4,148,277
3,633,270
Total income
Cash
discts.,
dis-
int.,
mantl. exps., rents,&c.
on aband.
of fixed
Loss
assets
Fed. income tax (est.)__
Proportion of profit ap-
plic. to minority int__
Net profit
Previous
&
earned
cap.
surplus
1.399
adjust, (net)
on
the two classes of preferred and the
preference stocks amount to $6,508,700, while dividends of 50 cents a share
the common stock will take $6,152,141, or an aggregate of $12,660,841.
cost of min. int
$8,170,813
i,626,130
$5,757,593
4,837
116,107
3.490
41,472
Prov.
of
3,489,415
3,084.198
2,356,910
1,820.833
y$5,986,383
val.
for
assoc.
$5,045,143
$7.48
$4,148,277
$3,633,270
of invest.
& other
300,000
cos-_
Dividends
Total
&
earned
cap.
surplus
Earnings
x
y
$8.31
share
per
Includes
($8,136
$33,539
1936)
in
of which $5,970,141 earned and
Columbia Pictures Corp. (&.
$16,242 capital.
$
1937
$
Dec. 25, *37
Subs.)—Earnings—
$9,234,155
$7,337,027
$6,873,172
5,993,411
4,782,515
Share to other producers
247,745
244,115
Cost of accessories
223,939
231,549
4,114,159
117,568
157,130
3,318,289
3,212,712
2,168,821
2,122,640
$466,773
$763,264
$779,349
$1,006,098
104,089
91,102
$763,264
Drl6,492J
$883,438
$1,097,200
26,835
15,517
$746,772
all7,000
$910,273
129,000
$1,112,717
183,000
3,438,920
x21.849,354 21,930,474
793,393
937,747
Capital stock
Invests., less res._
4,509,193
37,695,688
4,331,282
Cash
2,133,600
2,719,581
1,190,516
1,717,365
584,286
current.------719,917
1,625,566
1,141,757
1,717,892 Minority interest- 1,068,589
1,423,981 Depr. & depl. res.22,723,301 20,971,075
Property aecount-41,955,613
____
Notes & accts. rec.
Inventories
cost.yl,030,838
Mkt. sees, at
See
Treas.stk. at cost-
80,720
x
in assoc.
1
.
399,097
462,909
Deferred charges-.
x
oth.
&
companies
:
Total_
tax,
Res. for val. of Inv,
Goodw., trademks.
&c
income
Fed.
916,673
140,901
Other assets
&c__.
Accts. pay.,
x
$466,773
Otherincome.net
.
31,788
$498,561
a47,500
Total income
Federal taxes
x
treasury,
y
Combustion
1,260,034
1,184,382
$411,564
$739,335
47,399
79,917
39,314
tax___-—__prof$522,611 prof$46,124
$331,647
$700,021
$331,647
$703,082
6.5,821
before
Fed.
depreciation._
236,924
225,689
funded debt.
190,600
118,890
39,686
a23,407
9,443
16,715
-_._prof$31,994
$324,612
on
Other interest charges.
-
-
Net loss...
3,061
a
Federal surtax on undistributed profit.
and expenses include provision for depreciation on
Includes $12,386
Note—Costs
and
equipment in the amount of $214,145 in 1935 and
Consolidated Balance Sheet Dec. 31
10,533
$629,772
$781,273
$919,184
103,130
32,091
25,891
Com. dividends, cash.._
174,734
b244,723
113,989
86,020
2,174,518
2,559,972
21,.>35
Prepaid expenses and deferred charges
b Property, plant and equipment
Patents, trade-marks and goodwill
114,666
3,310,108
1
133,575
2,810,279
1
$10 ,334,025
$8,453,557
$1. ,135,246
41,465
111,562
$1,560,092
566,767
290,025
16,192
83,993
31,821
812,000
121,012
21,684
3,812,000
80,423
89,501
152,066
250,079
436,260
89,501
151,055
3,250,079
1,468,254
Total.
$173,196
sh.
on
x
$281,919
$635,193
$807,273
y$1.00
y$1.77
z$2.74
y$5.15
com.
.
Figures not shown separately for this period, having
Superheater Co
657,864
367,668
Acer, wages, commissions, State &
Provision for current income taxes
local taxes, &c_
Advance payments by customers
Reserve for losses on installation
ress,
contracts in prog¬
and additional costs on completed contracts
5
Reserve for
of sub¬
3
1
Earned deficit
$10,334,025 $8,453,557
a
After unearned billings on installation contracts and reserve for bad
debts and allowances,
b After reserve for depreciation of $3,461,939 in
1937 and $3,290,020 in 1936.—V. 145, p. 432.
Total
been combined
with domestic subsidiaries,
y Earnings per share based on capitalization
outstanding at end of period,
z On 273,573 shares giving effect to 50%
1935.
a No provision has been made for possible
surtax on undistributed profits,
b Includes $148,324 cash and $96,398
stock.—V. 145, p. 4113.
1936
Calendar Years—
1937
Consolidated net income
.
$16,202,437
Divs. accrued on pref. stock of subsidiaries retired
$11,289,740
894,439
959,690
1,951,902
2,495,672
or
acquired
common
to
stockholders' interest in income
(for periods prior
stocks acquired
acquisition)
of subs.—on
-
Adjusted consolidated net income.Number of shares outstanding
Earnings per share
$19,048,778 $14,745,102
7,779,815
7,779,815
$2.45 "
$1.90
—
Electricity Output for Week Ended
stock dividend Dec. 10,
-
Liabilities—
Public
per
1936
$750,659
Other assets
contingencies
Minority interest in capital stock deficit
sidiary companies consolidated herein
Capital stock (par $1)
Capital surplus
103,130
Surplus
plant
$209,605 in 1934.
1937
$511,257
3,018
2,874,825
3,508,026
12,122
Assets—
Cash...-.—
Indebtedness to parent company
$451,061
stock (no par)
1934
$1,275
prof$456,790
(less miscell.
income
in
$445,046
Not Reported
deductions)
Prov. for
shares
$848,469
__
Net loss from oper
Interest
1935
1936
1937
sales.
Sell., gen.& admin, exps.^
& prov.for doubt.accts
loss
1,014
Engineering Co., Inc. (& Subs.)- —Earns.
Gross profit on
Other inc.
15,472
5,029,671
53,140,93 7 50,910,481
by 537,406 no-par shares, excluding
Market value $992,724.—V. 145, p. 3343.
Represented
159,159
Preferred
Earns,
16,241
5,970,141
Commonwealth Edison Co. (& Subs.)—Earnings—
Exps. of newly-formed
foreign subsidiaries, &c
Net profit
dividends
-.
Total
53,140,937 50,910,481
300,000
—
Capital surplus
Earned surplus.
146,355
foreign
Balance
$
Liabilities—
Trade creditors
Dec. 26, '36 Dec. 28, '35 Dec. 29, '34
als, &c_____
_$10,250,157
Amortization of produc¬
of
1936
$
1936
Assets—
Due to the
Gross income from rent¬
profit
income.
Consolidated Balance Sheet Dec. 31
1937
—
sub. and branches
undistributed
surtax on
—
Oper.
$3.92
$5.56
Inventories
Balance.
y ------
25,999
10,366
leaseholds._
of its subsidiary companies
is a subsidiary of Columbia Gas & Electric Corp.
Another resolution to
file for an order
of the SEC declaring that neither Columbia Gas & Electric
Corp. nor any of its subsidiary companies is a subsidiary of United Corp.
also was adopted.
Neither of these applications has yet been filed.—V. 146,
p. 1871.
v.v.-
According to an exhibit accompanying the application, directors on
13, 1938 adopted resolution to file for an order of the SEC declaring
that neither American Fuel & Power Co. nor any
Expenses, incl. deprec'n
'
$9,512,163
Total surplus—
Surplus adjust, (net)
Abandoned
Jan.
_______
'
770
-
Marketable securities
a Receivables
tion costs-__.
3,646,226
'
-
Excess of book val. over
to
on
6 Mos. Ended—
942,551
1.890.558
4,172,167
proposed dividends.
1938
4,535,642
Operating profit
$4,934,402
Rentals, int.,divs., disc.,
comm., royalties, &c_
1,246,285
Prov. for Fed. inc. tax.
the application, the company had
cash of $5,977,600.
On the same date, the consolidated cash position of
the company and its subsidiaries aggregated $25,035,900.
Surplus of
company at Dec. 31, 1937, was $13,261,609.
The company expressed the belief that its cash position, in view of the
additional cash which it will receive during 1938, is such as to justify the
Dividend requirements for
1934
1935
1936
1937
Sales (net)..
Cost of sales._
Net
according to the application.
On March
10, 1938, according
Years
Consolidated Income Statement of Calendar
Calcndar Years—•
Columbia
Co.—Annual Report for 1937—
Carbon
Columbian
,
' .>■
these recommenda¬
tions at the annual meeting.
the investing
distributed/—V. 146,
1931, when 15 cents per share was
1870.
Prior years
proposed will be as follows:
(1) The aggregate par value
standing common capital stock
The stockholders will also
dividend of 10 cents per share on the common
.
of the
setting
of a reserve therefor.
(C) Setting up of a reserve against the accrued undeclared dividends on
the preferred and preference stocks of the company.
(D) Provision for other adjustments and contingencies.
The directors believe tnat it is desirable and in the interest of stockholders
that the capital structure be modified so as to permit the taking of the
actions contemplated.
The steps recommended are in line with and of the
same general character as many adjustments by other companies to com¬
ply with the modern trend in accounting procedure, rules and regulations
of the Securities and Exchange Commission affecting accounting matters,
and present day economic conditions.
The result and effect of the changes
a
common
up
businesses,
Corp.—Dividend Halved—
Directors have declared
stock, payable April 1 to holders of record March 23.
Dividends of 20
cents were paid in each of the four preceding quarters and a dividend of
75 cents was paid on Dec. 18, 1936, this latter being the first dividend paid
since March 20,
April 26.
stockholders stated in part as follows:
In addition to the election of directors and such other business as is ordi¬
narily transacted at the annual meeting, the stockholders will be asked at
the meeting on April 26, 1938, to act upon the following proposals:
(1) To change each 10 shares of outstanding common stock (no par)
into one share of common stock (par $10).
(2) To reduce the capital by reducing to $10 the capital represented by
each 10 shares of common stock now issued and outstanding, and by the
retirement of certain common stock held in the treasury.
These proposed actions nave been declared advisable by the directors,
who recommend that they be approved and adopted Dy the stockholders.
This restatement of the capital account will result in the creation of an
additional capital surplus amounting to $149,822,680.
Directors, after due consideration and consultation with the auditors,
contemplate that after the foregoing change and decrease have become
effective, appropriate charges will be made against capital surplus so as to
enable the following action to be taken:
(A) The elimination from its corporate balance sheet of the corporation s
interest in the undistributed surpluses of its subsidiary companies, now
H
Cliffs
50,000,000 shares, and
undeclared dividends of
Ereferred and President of the company. Stockholders will 22 by on the
preference stocks, were announced on March vote Henry
Doherty,
2037
Chronicle
The
sales deducted) for the week ended
March 19
Edison Co. group (inter¬
March 19,1938 was 124,648.000
electricity output of the Commonwealth
company
Financial
2038
compared with 137,596.000 kilowqtMiours
responding period last year, a decrease of 9.4%.
The following are the output and percentage comparisons
four weeks and the corresponding periods last year:
—Kilowatt-Hour Output— "
kilowatt-hours
..
,
for the last
1937
t"
26::::
1937 for the Federal surtax
estimated that taxable net income has been
9.4
10.0
6.1
s.o
137,508,000
1937
%
(no
596,244
$5
11,703
392.378
Pref.
funds and
special deposits
Corp.——Monthly Output
51.991,900
x Common stock
34,284,725
34,284,725
Funded debt...113,036,000 113,545,475
Def'd liabilities.
1,816,495
1,701,196
Accts.
1,470,880
1,746,999
payable
Accr'd taxes
2,187,435
2,494,174
Accrued interest
671,304
669,831
Misc. curr. liab.
108,924
109,550
corresponding period in 1937, an increase of 10-05%.
Total
28, 1938 was 15,412,012,500 cubic feet as
compared with 13,416,015,900 cubic feet for the year ended Feb. 28, 1937,
discount, com-
&
prepaid accts
1,780,793
1,785,349
2,230.058
9,507,823
Reserves..
2,600,000
-
Acquired surplus
Cash in banks &
hand.....
on
U. 8. Govt. sees,
y
Earned
Accts., notes <fc
receivable
5,035,964
int.
x Represented by 1,643,080 no par
tible accounts of $972,157 in 1937 and
255,150,962 251,829,408
Total
255,150,962 251,829,408
Total
312,908
9,110,847
5,155,179
3,717,865
6,829,289
Mat'is & suppl's
19,104,934
312,908
7,175,945
21,521,266
surplus.
shares,
y After reserve for uncollec¬
$874,250 in 1936.
increase of 14.88%.
an
Consolidated Income Account (Co. and
Oper.
& taxes
exps.
Prov. for retire,
res
Gross income
Listing—
Subs.)
1938—Month—1937
1938—12 Mos.—1937
$12,205,264 $12,414,883 $148968,421 .$137848,740
6,544,894
6,350,270
79,128,964 71,855,060
1,339,795
1,124,034
16,207,909
12,173,793
Period End. Feb. 28—
Gross revenue
x
3,645,074
mls'n & exp._
feet for the
output for the year ended Feb.
7,953,592
7,570,066
mium & exp..
Pref. stk. prem.,
Def'd charges
18,690,923
18,690,923
($100
stk.
par)
Debt disct., pre¬
Commonwealth & Southern
51,940,101
par)
pref.
stock
(no par)
598,441
cos.—-—
ous
Sink,
$
$4.50 pref. stock
vari¬
In
Invest.
1936
Liabilities—
capital...227,449,574 220,120,977
Fixed
$
1936
$
Assers—
—V. 146, p. 1871.
Electric—Electric output of the system for the month of February was
581,988,317 kilowatt hours as compared with 661,469,573 kilowtat hours
for February, 1937, a decrease of 12.02%.
For the two months ended
Feb. 28, 1938, the output was 1,218,401,306 kilowatt hours as compared
with 1,372,973,329 kilowatt hours for the corresponding period in 1937, a
decrease of 11.26%.
Total output for the year ended Feb 28. 1938 was
8,362,837,266 kilowatt hours as compared with 7,977,072,547 kilowatt
hours for the year ended Feb. 28,1937, an increase of 4.84%.
Gas—Gas output of the system for the month of February was 1,424,624,000 cubic feet as compared with 1,380.075,500 cubic feet for February,
1937, an increase of 3.32%. For the two months ended Feb 28, 1938, the
output was 3,077,818,000 cubic feet as compared with 2,796,814,900 cubic
Dec. 31
Balance Sheet
% Decrease
137,596,000
137,719,000
134,829,000
1938
Note—No provision has been made in 1936 or
on undistributed profits, as it is
distributed during such years.
1937
1938
-
Feb
#
124,648,000
123,937,000
126,592,000
126,491,000
Week Ended-—"
MS- 19
MS 12:::::::::::::::::::
Mar
the cor¬
in
March 26,
Chronicle
$4,940,578 $.53,631,547 $53,819,887
3,426,371
39,554,227 39,575,293
$4,320,574
3,348,532
__
Int. & other fixed chgs..
Stock Exchange has authorized the listing of $9,000,000
The New York
first mortgage bonds, 3H % series of 1937, due (Nov. 1) 1967, all of which
have been sold and are outstanding in the hands of the public.—V. 146,
1547.
p.
Corp.—No Common Dividend—
Consolidated Cigar
of
Directors took no action on the payment
dividend
a
on
the common
A dividend of 75 cents per share was paid on Jan. 14,
last, this latter being the first dividend paid since April 1, 1932 when 75
stock at this time.
Net income.
Divs.
y
on
_
$1,514,206 $14,077,320 $14,244,593
$972,041
_
749,777
749,771
8,997,369
8,997,170
$222,264
$764,435
$5,079,950
$5,247,423
pref. stock
Balance..
Includes provision for Federal surtax on
1937.
No provision has been made for
x
and
undistributed profits for 1936
such tax in 1938. y Reflects
preferred stock dividend requirement at the rate of $6
per share per annum.
Divs. were paid in full to Jan. 1, 1935, and at the
rate of $3 per share per annum since that date.—V. 146, p. 1394.
deduction for full
share was also distributed.—v. 146, p. 1707.
cents per
Continental Can Co., Inc.—New Directors, &c.—
the board.—V.
on
Continental Telephone
1936
1935
1934
$346,119
61,835
10,000
$323,151
34,268
20,000
$246,670
25,368
$248,720
125,000
Gross earnings
$104,581
stk.
cap.
out.
$223,089
$185,951
$17,406
296,200
$0.35
and taxes
Shs.
301,400
$0.74
302,900
$0.61
315,000
$0.05
(no
par)
Earnings
per
1934
1935
1936
1937
Calendar Years—
Net profit after all chgs.
share
—V. 146, p. 1871.
Directors have declared
were
an
interim dividend of 5 cents per share on the
stock payable
paid
on
Like amounts
April 30 to holders of record April 20.
Dec. 30 and on July 15, last.—V. 145, p. 937.
Consolidated
Edison
Co. of New York,
Net
earnings
$274,283
125,000
$268,882
121,597
$221,302
120,000
Inc.—Capital
9,765
income.
21 approved the
An increase in the authorized number of
by 2,000,000 sharas to an aggregate of
14,000,000.
(2) Guarantee by ConsolidatedEdison of a $10,000,000 issue
of bonds or debentures of the Yonkers Electr&%*Light & Power Co., bearing
interest at not more than 4%.
(3) Guarantee of an issue of not more than
$32,000,000 of bonds or debentures of the New York Steam Corp., bearing
interest at not more than 4%.
By a vote of 9,311,897 shares, all retiring trustees were reelected for the
ensuing year, and David C. Johnson, President of the New York Steam
Corp. and a Vice-President of Consolidated Edison, was elected to the
board of trustees to fill the vacancy caused by the recent death of James
shares
common
H.
Post.
Mr.
of
the
(1)
company
Johnson
has
been
with
the
Consolidated
Edison
9,533
9,417
$139,518
88,629
$137,752
x310,190
$91,884
22,156
88,625
20,947
dividends
Preferred
Common dividends
41,894
were paid by the issuance of
2,215.6252 shares of the company's 6M% preferred stock acquired from
Telephone Bond & Share Co. in exchange for common stock.
The divi¬
dends paid are for the three years and six months ended Dec. 31, 1935.
Dividends
of $221,562
the amount
in
The stockholders at their annual meeting held March
following three propositions:
9.765
$113,955
count and expense
x
Increase Voted—New Trustee—
funded debt.
on
Amortization of debt dis¬
Net
Coniaurum Mines Ltd.—Interim, Dividend—
common
Operation and taxes
for gen. res
Amt. approp.
Interest
Co.—Earnings—
1937
$318,686
64,966
5,000
Calendar Years—
Congress Cigar Co., Inc.—Earnings—
and F. J. O'Brien as directors
146, p. 1068.
Directors on March 23 elected F. G. Searle
to fill vacancies
Balance
$4,787,919
7%
1936
1937
Liabilities—
1936
$4 873,671
Investments
Pref. stock
31
Dec.
Sheet
1937
Assets—
partic.
cum.
pref. stock ($100
comms.
$500,000
par)
& exp. In process
of amortization.
6,003
4,003
6lA%
147,295
157,060
121,849
count & expense
Cash in banks
825,000
825,000
1,047,350
1,047,350
2,500,000
Common stock(par
236,392
484
xl.415
Special deposit
Accounts receiv.
93,312
1,819
Due from sub.
73,765
$5)
system
2,500,000
Funded debt
Due
40,272
cos.
to
subsidiary
companies
126,806
...
Accounts payable-
debentures,
series
due
1958,
which
are
52,083
3,413
Accrued taxes
Listing of 3^% Debentures, Series Due 195&—
22,276
35,000
30,000
36,783
Total...
$5,315,313
$5,229,950'
Includes working funds.—V.
x
161,268
..$5,315,313 $5,229,950
Total
145,
36,783
163,651
Earned surplus
The company filed with the Securities and Exchange Commission on
March 24 a registration statement covering issuance and sale of $60,000,000
3,099
22,339
Surplus reserved-.
Capital surplus
of $30,000,000
issued and out-
Registers $00,000,000 Issue with SEC—
49,617
2,475
52.083
Dividends payable
The New York Stock Exchange has authorized the listing
The
20-year 3M%
standing.
2,888
Accrued interest..
since 1927.
$500,000
pref.
cum.
stock (par $100)
Unamort.debt, dis¬
3814.
p.
of
15-year 3%% debentures, due April 1, 1953.
|*»Net proceeds of the debentures will be applied to the redemption of
$60,000,000 outstanding Consolidated Gas Co. of New York 4MI% gold
debenture bonds, due June 1
1951 which are to be redeemed on June 1 at
105 and accrued interest.
The company stated that $63,000,000, exclu¬
sive of accrued interest, will oe required in the
refinancing operation and
that the additional funds will be obtained from the company's current cash.
The company stated that Morgan Stanley & Co., Inc., is authorized to
represent several underwriters.
It added that the price at which the de¬
bentures are to be offered to the public, underwriting discounts or commis¬
sions, and redemption features.of the new debentures will be furnished by
an amendment to the
registration statement.—V. 146, p. 1707.
Period End. Feb. 28—
Gross revenue
* 1938—Month—1937
$3,041,164 $37,965,668 $33,567,719
1,493,050
19,714.031
16,712,674
285,500
3.976,000
3,196,000
Gross income
Int. & other fixed chgs..
$1,226,273
393,919
$1,262,614 $14,275,636
369,749
4,384,424
...
exps. & taxes...
dividend of 25 cents per share on the
for
ordinary
registered
Crescent Public Service Co.
$13,659,045
4,308,492
$832,354
$2,473,348
478,885
103,185
831,790
Purchased power
Purchased gas
126,114
249,007
$892,865
$9,891,212
$9,350,552
285,389
65,278
456,033
3,517,225
718,061
$436,832
$5,655,926
$4,988,369
$696,682
189,581
304,499
f
Calendar Years—
1937
1936
1935
Gross earnings—Electric $29,353,122 $25,533,274
$23,362,490
Total
Operation
Maintenance
General taxes
Federal income tax
Prov. for retire,
reserve.
Int.
on
7,856.828
377,802
99,158
7,022,655
381,628
114,343
6.656,683
364,510
93,610
coll. trust
Includes
1936
for
Federal
2,068
129,170
$64,463
A
6% income bonds, series B
comparative purposes
and undistributed
income
surplus during the
$37,686,911 $33,051,900 $30,477,295 $28,685,138
13,517.674
12,142,085
10,462,769
9,404,634
2,360,362
1,912,564
1,576,731
1,514,128
2,343,994
2,058,950
2,017.430
2,137,620
1,200,994
469,226
586,340
772,493
3,876,000
3,150,000
2.850,000
2,850,000
$14,387,887 $13,319,074 $12,984,023 $12,006,261
4,022,881
3,956,549
4,676,769
4,371,842
421,204
393,068
329,444
304,721
130,004
74,091
100,295
205,383
Int. charged to constr'n.
Cr212,050
Crl40,287
Crll5,895
Cr88,449
funded debt
Amort, ofdt. disc. & exp.
Miscellaneous interest..
year
$9,990, additional provision for
profits taxes, charged to earned
1937.
Consolidated Balance Sheet Dec. 31
1934
$21,669,914
6,535,384
360,360
119,478
earnings
on
---
—
coll. trust 6% bonds, series
on
1937
equip't, &c
10 656,674
Special deposits...
Investments
Special cash dep._
8,750
7,322
10,652
218,032
1,799
11,651
285,261
264,007
b Notes receivable
25,959
11,326
int.
450
receiv.
Prepayments
10L948
89,738
38,441
35,894
423,320
250,804
Cash in closed bks.
Def'd debits
co.
3,469,500
5,049,000
4,311,500
long-term
debt
50,000
Notes payable
356,947
95,938
Consumers' deps._
93,607
88,803
b Notes receiv.
25,959
Accounts payable .
rec.
Accr'd
Sub.
11,327
287,410
284,484
3,432,000
bonds series B..
,978,838
Accts. receivable.,
warr.
5,604
—_
Accrued
Deferred
credits.
_
Net
income
$10,025,848
3,801,968
stock.
3,696,930
on
pref. stock.
Divs.
on
common
x
After deducting
March 31,
$9,035,652
4,208,001
2,628,928
$7,993,409
x3,155,983
3,121,852
$7,212,764
5,241,810
2,875,390
226,250
1,731.019
225,890
1.059,080
1,878,844
—
Com.stk. ($1 par)
$1,051,971 dividends applicable to 3 months ended
1935, which were declared and charged to surplus in 1934.
a
Warrants
.12,124,702
are
10,884,997
Total
60,610
60,610
381,262
445,792
6,000
Earned deficit
Total
13,297
1,057,100
Reserves......
Unrealized profit._
a
167
257,657
13,504
items
Pref. shs. of sub
11,326
124
256,018
Unred. ice coupons
Capital surplus.—
Divs.
1936
%
.$
Liabilities—
Coll. trust 6% inc.
Cash
Notes &
$
and
plant
1937
1936
$
Assers—
Prop.,
Materials & suppl.
Net
Int.
$688,916
187,862
305,352
124,237
...
-
Balance to surplus
x No
provision was made in 1936 or 1937 for Federal surtax on undis¬
tributed profits as all taxable income was distributed.
No provision has
been made for such tax in 1938.
Heating and water...
Non-oper. revenues..
$676,039
12,877
$78,364
Depreciation and depletion
Fixed charges & divs. of subs
Fixed charges of Crescent P. S. Co.:
x
Gas
451,237
94,961
748,470
161,247
x227,641
4,362,183
$481,687
Balance...
$2,359,597
12,316
$684,366
Non-operating income—(net).
Int.
Divs. on pref. stock..
Amort, of pref. stk. exp.
payable
1936
1937
Total operating revenue
.
Net income
stock,
(& Subs.)—Earnings—
Calendar Years—
Taxes—Incl. Fed. inc. & undistrib. profits taxes—
$3,157,343
1,595,569
335,500
Oper.
Prov. for retire,
final
a
receipts
1938—12 Mos.—1937
reserve.
x
depository
March 28 to holders of record Feb. 21.—V. 144, p. 1275.
Operations
Maintenance-...-.--.----------
Consumers Power Co.—Earnings—
^
Courtaulds, Ltd.—Final Dividend—
Directors have declared
American
6,000
12,124,702 10,884,997
outstanding to purchase 12,788 and 17,322-20,000 shares
of capital stock of Crescent Public Service Co. at $10 per
Oct. 1, 1938.
b Merchandise contracts discounted.—V.
share on or before
145, p. 3650.
Volume
Financial
146
Corroon &
a dividend of $1.50 per share on account of
6% cum. pref. stock, par $100, payable April 1 to
holders of record March 24.
Similar payment was made Dec. 13, Oct. 1,
July 1 and on April 1, 1937, and a dividend of $4 was paid on Dec. 15,
1936, this latter being the first dividend paid since July 1, 1931, when a
regular quarterly payment of $1.50 per share was made.—Y. 145, p. 3650.
on
the
Cumberland County Power & Light Co.—Earnings—
(Including Cumberland Securities Corp.)
$406,814
227,016
38,493
Crl,291
1937—12 Mos.—1936
$4,399,485
$4,637,869
2,738,522
2,668,176
350,465
366,383
97,197
327,934
$133,741
Dr 1,538
$142,596
8,683
$1,275,376
52,458
$1,213,301
$151,279
32,885
0954
5,428
$1,327,834
$1,270,511
Prov. for special reserve.
$132,203
32,745
07,675
31,587
15,000
30,000
393,473
Crl3,746
118,452
60,000
504,804
2,423
201,387
60,000
Net income
Pref. div. requirements.
$60,546
24,082
$83,920
24,581
$769,655
294,465
$501,897
249,130
1935
1934
1937—Month—1936
Net oper. income
Non-oper. income—netGross income
Bondinterest
Other interest—net
Other deductions
146, p.
1548.
Cuneo Press,
Inc.—Earnings—
Calendar Years—
Net profit after charges
1937
and taxes.
per share
—V. 146, p.
1936
$906,709
178,623
Com. shares outstanding
Earnings
57,210
$*.36
$908,963
170,700
$4.54
$840,345
170,700
$4.14
$748,108
Refining
1937
Profit applic. to corp..
Charging illegal handling and waste of the corporation's funds by the
composed of Malcolm L. Bell, Frank S. Deland, Franklin King, Robert
T. S. Lowell, Wayland M. Minot and Augustus Hemenway Jr., all of
Boston.
Benjamin P. De Witt of New York, counsel for the committee,
also
director of the corporation.
a
Pointing out that at the 1937 annual meeting of the corporation it repre¬
holders of approximately one-half of the stock at that meeting,
the committee seeks new proxies sufficient to give it full control of the 1938
meeting to be held on April 13 in Jersey City.
The United States Trust
Co. of Boston has been named as agent to receive such proxies.
In a letter to stockholders, the committee reviews the material con¬
tained in its letter of April 17, 1937, which included a series of questions
regarding management practices, and states:
"Nearly a year has passed during which the former management has
retained and exercised practically unchanged control of your corporation.
It has at no time denied or
justified to the stockholders the irregularities
charged. The questions contained in the stockholders' protective committee
letter referred to have never been answered either adequately or in such
manner
as
to refute the propriety and grounds for their having been
sented
asked."
Declaring that it seeks
no
the management is an essential first step.
A divided
such as now exists, is intolerable and cannot work for
the corporation and its stockholders.
put us in full control."—V. 146, p.
Detroit
Gasket
&
board of directors,
the best interests of
In your own interest we ask that you
1873.
Manufacturing
Co.—No
Common
Directors at their meeting held March
$1,983,609
$1,017,657 loss$172,338
Dallas Power &
$359,737
Period Ended Jan. 31—
Detroit Paper Products
res.
$503,956
278,463
$6,468,491
3,311,488
$6,243,303
3,285,123
29,280
33,037
632,822
5,451
Earnings
698,915
x
share
per
After provision for undistributed
Federal taxes,
&c.—V.
146, p.
1934
1935
1936
$123,751
208,000
$0.59
After depreciation.
$119,615
208,000
$0.57
x$166,674
210,000
$0.79
x$lll,401
240,000
$0.39
earnings tax.
y
1548.
ap-
appropriations
Accident res. arpprqp
revenues
i
1938—12 Mos.—1937
1938—Month—1937
Net profit
disbursed on
Corp.—Earnings—
1937
Shs. capital stock outst g
$539,655
293,327
,
A
y
Light Co.—Earnings-
Operating revenues
Oper. exps., incl. taxes..
the quarterly
24 took no action on
dividend normally payable April 20.
regular quarterly dividend of 25 cents per share was
Jan. 20, last.—V. 145, p. 2070.
common
1934
1935
1936
Calendar Years—
,
$217,048
$192,456
$2,518,730
Detroit Toledo & Ironton
$2,259,265
3,288
60
Ill
595
$217,108
46,667
x37,762
$192,567
$2,519,325
672,333
x254,071
$2,262,553
722,500
$1,592,921
$1,484,703
507,386
507,386
i
mtge. bonds
Other int. & deductions.
on
60,208
5,543
Net income
$132,679
$126,816
Dividends applicable to preferred stocks for the
period, whether paid
or
unpaid-
55,350
1935
1937
1936
$797,036
442,675
300,747
$696,370
375,644
264,542
$1,017,452
616,421
459,589
979,378
382,333
240,034
Net after rents
Jan.
RR.—Earnings-—
1938
$416,049
132,284
74,769
February—
Gross from railway
Net from railway......
From
Int.
advantages,
concludes: "We are advised and believe that corporation
has great potentialities in the hands of the right management.
We believe
that such management is procurable.
A board of directors independent of
After deducting all charges and taxes and portion of earnings applicable
minority interests.—V. 145, p. 3193.
Net oper.
Other income
salaried positions or other special
the committee
x
Prop, retirem't
Corp.—Stockholders' Committee
Corporation's Funds—
Dividend—
Curtiss-Wright Corp. (& Subs.)—Earnings—
to
&
present management to the extent of over $2,000,000, the stockholders'
protective committee has appealed to stockholders for support in electing
a board of directors
independent of the management group.
The committee, which includes two of the eight present directors, is
170,700
$3.55
748.
Calendar Years—
x
Oil
Seeks Proxies—Charges Waste of
is
$408,792
218,234
27,908
28,909
Period End. Dec. 31—
Operating revenues
Operating expenses
State & municipal taxes.
Fed. taxes (incl. income)
—V.
Derby
Reynolds Corp.—Accumulated Dividend—
The directors have declared
accumulations
2039
Chronicle
1,604,339
904,712
614,592
1,439,823
813,360
1,824,117
1,091,165
581,572
809,497
1—
Gross from railway
Net from railway
Net after rents........
—V. 146, p. 1548.
Detroit Steel Products Co.—No
Dividend Action—
Directors at their meeting held March 16 took no action on the payment
on the no-par capital stock ordinarily due about March 31.
of the dividend
Balance..
$1,085,535
$977,317
x Includes
amount required to amortize debt discount and expense over
she life of the outstanding debt plus an additional amortization of $32,500
or current month and $194,500 for 12 months ended current month.
Note—No provision for Federal surtax on undistributed profits has been
made during the 12 months ended Jan. 31, 1938.
Includes provision
of
$28 for the 12 months ended Jan. 31, 1937.—V. 146, p. 1872.
A dividend of 50 cents was
paid
on
with 75
Dec. 22, last, and compares
Sept. 30, last; 50 cents on June 30, last; 25 cents on March 31,
on Dec. 21, 1936, and 25 cents per share paid on Sept. 30 and
on July 10, 1936, this latter being the first distribution made since Oct. 1,
1930, when a dividend of 35 cents per share was paid.—V. 145, p. 3652.
cents
paid
on
1937: $1 paid
Corp.-Seagrams, Ltd. (& Subs.)—Earnings—
Distillers
1938—3 Mos.—1937
1938—12 Mos.—1937
and
$25,267,401 $26,416,002 $85,986,905 $73,647,522
17,713,089
18,343,762
60,972,253 50,752,614
Period End. Jan. 31—
Dallas Railway & Terminal Co.—Earnings—
Period End. Jan.
31—
Operating revenues.
Oper. exps., incl. taxes..
Prop, retire, res. approp.
Net oper. revenues
Operating income
Other income
on
Net
x
$2,989,095
2,271,610
151,077
$3,035,313
2,197,428
176,921
$50,294
15,505
$566,408
186,063
Cost of sales
$34,789
$380,345
16,479
$474,901
14,167
$27,070
23,814
1,993
$35,830
23,852
2,432
$396,824
$489,068
286,192
25,113
286,230
$1,263
$9,546
$85,519
103,901
103,901
mortgage bonds.
deductions.
income..
$73,476
25,461
Dividends applicable to preferred stock for the
period, whether paid or unpaid
Balance
on
33,698
sale of invest's.
$7,588,010
3,590,596
136,836
31,902
Total income.
Expenses, &c
Interest (net)
x Depreciation
Loss
on
Loss
on
accumulated
and
Co .—Change
in
Stock
$2,767,440
option, of which 8,277 shares were subscribed and paid for under the
option on or before Oct. 31, 1936, and 2,145 shares since that date and
Oct. 1, 1937, leaving an unsubscribed balance of 4,572 shares of the
quota required to have been subscribed and paid for during the period
from Nov. 1, 1936, to Oct. 1, 1937.
The company has now notified the Exchange that it has extended and
amended the option so that the unsubscribed balance of 4,572 shares of
the quota required to have been subscribed and paid for during the period
from Nov. 1, 1936, to Oct. 1, 1937, may be subscribed and paid for at
before Oct. 31, 1936, in excess of the number then required to have been
purchased, so that if 9,729 shares (including the 6,717 share quota for tha
period) are subscribed and paid for on or before Oct. 15, 1938, then the
option shall be and remain in full force and effect, and the optionee and
assignees may subscribe and pay for 6,717 shares on or before Oct. 15,
1939, and 6,719 shares on or before Oct. 15, 1940.—V. 146, p. 1070.
Deposited Insurance Shares—Stock Dividend—
The directors have declared a semi-annual stock dividend of
% on the
payable May 2 to holders of record March 15.
Similar payments were made in preceding six months
periods.—V. 145,
series A and series B stocks,
p.2070.
$8,020,146
$7,672,555
$1.44
$4.17
$3.97
par)
of production for the three months
1938, and $756,934 for the 12 months ended Jan. 31, 1938;
$321,535 for the three months ended Jan. 31, 1937, and $538,229 for the
12 months ended Jan. 31, 1937.—V. 146, p. 1549.
Exclusive of $382,924 charged to cost
ended Jan. 31,
-Earnings1934
Total income
$2,099,975
592,367
$1,453,440
486.338
$1,162,538
421,756
$1,507,608
$967,102
$740,782
$1,834,416
Operating profit
Other income
$1,546,752
194,799
33,642
$967,102
145,300
11,153
4,603
124,810
$740,782
142,957
10,745
11,030
55,980
228,380
3,382
2,645
a447,326
Depreciation —
Prov. for doubtful accts.
Interest
Federal, &c., taxes
39.144
4,649
a337,089
wages—factory
53,524
129,875
expenses
.
Net income
Shs .com .stk .out.
(no par)
Earnings per share
82,434
"57",420
59~519
$969,285
280,426
$3.45
employees
Miscellaneous
a
.
$2,564,389
737,435
$1,826,954
7,462
profit
Selling & admin, exps...
Vacation
1935
1936
1937
Calendar Years—
$894,139
280,426
$3.19
$623,818
$460,551
164.956
$1.95
206,195
$2.39
Including $48,000 in 1937 and $69,000 in 1936, surtax on
'
undistributed
profits.
Comparative Balance Sheet Dec. 31
to
any time on or before Oct. 15, 1938, and there is applied in reduction of
such unsubscribed balance the 1,560 shares which were purchased on or
$2,701,876
$1.48
Net profit
Options—
In its listing application to the New York Curb Exchange, dated July 18,
1936, company applied for, and the Exchange granted, authority to add
to the list, among other shares, 33,587 additional common shares upon
official notice of issuance under the terms of an option granted to A. L.
Freedlander, Pres. & Gen. Mgr. of the corporation.
The option evidenced
the right to purchase the 33,587 shares at $16 per share upon certain
terms and conditions.
One of such conditions was that at least 20% of
such shares be subscribed and paid for on or before Oct. 31, 1936, and at
least 20% during each period from Nov. 1 to Oct. 1 thereafter to Oct. 1,
1940, and that in the event of failure to subscribe and pay for at least 20%
minimum during any one of such periods, the option should become void
as to the balance of shares not theretofore subscribed and paid for.
With
the consent of the company, Mr. Freedlander has assigned portions of
such option to certain directors, officers and employees.
A total of 10,422 shares have been subscribed and paid for under the
$8,129,570 $25,127,531 $23,015,081
12,417,905
13,718,825
3,793,232
657,334
381,240
221,847
141,847
124,146
25,390
240,705
534,587
240,705
62,858
92,150
46,687
217,782
1,821",877
2,038,655
1,099",832
Earns, per sh. on 1,742,645 shs. com. stk. (no
Gross
Dayton Rubber Manufacturing
$8,072,240 $25,014,652 $22,894,908
32,814
112,879
95,657
24,516
24,516
'
84,836
60,000
916,400
sale of cap.assets
sale of invest'ts.
Income and profits taxes
x
Dividends
unpaid to Jan. 31, 1938, amounted to
$441,579.
Latest dividend amounting to $1.75 a share on 7% preferred
stock.was paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
Note—No provision for Federal surtax on undistributed profits has been
made during the 12 months ended January, 1938.
Includes provision of
$31,667 for the 12 months ended January, 1937.—V. 146, p. 1872.
x
$7,554,312
Profit...
$177,377
1,041
■
Miscellaneous income
$660,964
186,063
$24,904
2,166
freight
allowances
Profit
$40,409
15,505
less
Flood loss
Gross income
Other
$233,749
183,455
def$18,382
Rent for lease of plant..
Int.
1938—12 Mos.—1937
1938—Month—1937
$243,028
201,279
1,340
Sales,
plant, eq.$3,234,461 $2,533,113
177,530
204,482
201,050
U. S. Treas. bonds
Receivables
Adv.
pay.
mat'l
i
—
Other assets—-
1936
stock.
$943,957
$943,957
Reserve for taxes.
293,902
325,574
a
Common
Accrued
wages,
expenses,
93,303
<fcc
Mtge. indebtedness
payable—400,000
Accounts payable.
458,630
Surplus3,493,973
d Treasury stock.
7>r27,600
77,481
80,000
Note3
82,574
1
-
7,134
die charges
—
37,092
45,732
7>r27,600
140,867
414,989
plant props....
542",022
3,159,653
38,008
324,950
_
expenses,
Real estate other
Total...
634,146
raw
on
Prepaid
c
910,405
796,578
—
purchase.
Patents
Gust's'
545,263
—...
Inventories--
1937
Liabilities—
1936
1937
Assets—
b Prop.,
Cash...
428,875
$5,656,164 $5,101,088
Total....
$5,656,164 $5,101,088
stated value of $3.33 1-3 per sh.
depreciation of $1,077,854 in 1937 and $984,221 in 1936.
c After
allowance for depreciation of $129,161 in 193/ and $111,523 in
1936. d 2,761 shares at cost.
a
Represented by 283,187 no par shs. at
b After deducting
Financial
2040
March
Chronicle
Smaller Dividend—
have declared a dividend of 20 cents per share on the
stock, payable April 18 to holders of record April 1. Dividends of
50 cents were paid on Dec. 24, Oct. 25, July 26, April 20, 1937, Dec. 24
and Sept. 30, 1936, this latter being the first payment made by the com¬
pany on the common stock since Feb. 1, 1925, when a similar dividend was
distributed.—V. 145, p. 3344.
The
Assets—
directors
common
1937
Co.—May Reduce Directorate—
Invest,
in stock of
y
198
parent co
2,247
capital stock, par $100, at this time.
A regular quarterly dividend of $1
per share was distributed on Dec. 23 last.
See V. 144, p. 4342, for detailed
record of previous dividend payments.—V. 145, p. 2071.
Dome
At
12,611
Customers deps—
Prepaid accounts A
deferred charges
131
1,422
Accrued taxes....
9,256
9,159
Accrued interest..
3,750
3,775
'
Due to affil. co...
Due from parent
2,924
48,857
19.847
12,018
9,152
supp'ls
1,487
1,487
stock...
894
1,111
194,968
201,324
Misc. curr. Ilabil--
receivable-...-.
Materials A
Accrd. divs. on pf.
52,550
22,671
Customers' acct3.
x
3,269
••
Reserve.
Contribs. in aid of
...
16,133
—
198,382
198,382
90,771
construction
Capital surplus
85,569
Surplus
1937
$737,991
119,513
Net
income
Common shares outstanding
Earnings
After all charges,
Dominion
1936
j
$311,319
'
96,000
$2.49
1937
Calendar Years—
1935
1934
$18,152
282,382
Nil
charges, including Federal and Provincial income taxes.—
1708.
dividends
ordinarily due at this time on the companys common and preferred stocks.
A quarterly dividend of 15 cents per share was paid on the con n on stock
on Nov. 15, last, and a regular quarterly dividend of $1.75 per share was
distributed on the preferred stock on Jan. 1, last.—V. 141, p. 4014.
taxes,
■'
Ry.—Earnings—
oper. expenses.
$541,874
328,108
Net ry. oper. revenues
$197,539
42,712
$213,766
39,322
$411,277
87.619
$466,355
79,865
$154,827
4,662
$174,444
6,084
$323,658
9,847
$386,490
13,275
$159,489
$180,528
$333,505
$399,765
51,469
103,182
54,352
102,018
103,189
209,971
108,998
212,885
$4,838
$24,158
$20,345
$77,882
.....
Net after taxes
Gross corp. income.__
on
funded deb
Interest
rents, &c
Depreciation
.....
_
_
x
Net income
x
Mfg. Co.—Pays 40-Cent Dividend—•
Company paid a dividend of 40 cents per share on the common stock,
par value, on March 18 to holders of record March 15.
Dividends
of 50 cents per share were paid on Dec. 28, Sept. 15, and on June 15 last,
and a dividend of 40 cents was paid on March 15, 1937.
In addition, an
extra dividend of 25 cents per share was paid on Sept. 15, 1937.—V. 145,
1938—2 Mos.—1937
$1,108,800
$1,141,399
697,523
675,044
1938—Month—1937
oper. revenues.
Other income..
Drug Co.—Common and Preferred Divs. Deferred—
1937
1938
Federal
$525,913
328,374
Taxes
Directors at their recent meeting decided to defer payment of
Duff-Norton
1873.
Railway
Railway
282,382
$0.06
280,014
Nil
$0.16
After all
Dow
p.
Period End. Feb. 28—
1936
280,014
Earnings per share..—
y
Eastern Massachusetts Street
loss$65,581 loss$610,341
$46,735
1937 and $1,809
Represented by 14,547 no-par shares.—V. 145, p. 3495.
After reserve for uncollectible accounts of $1,912 in
deprec. and depletion reserves, interest, & divs. .$11,272,135 $10,480,389
Net income after all charges available for divs
3,013,178
2,603,362
Note—There is no provision for surtax on undistributed profits.—V. 146,
Stores, Ltd.—Earnings—
Net profit—_
Shs. common stock.;
.$1,199,482 $1,186,797
Total
Eastern Gas & Fuel Associates—Earnings—
including income taxes.—V. 145, p. 3494.
x
V. 146, p.
x
in 1936.
Consolidated
$5.57
share
per
.$1,199,482 $1,186,797
Total
12 Months Ended Feb. 28—
income available for
Steel, Ltd.—Earnings—
Years Ended Dec. 31—
x
1,661
11,940
a
Dominion Foundries &
x
7,382
1,821
of amortiz'n.
Mines, Ltd.—To Split Stock—
special meeting to be held on April 25, next, stockholders will be
asked to approve subdivision of each of the present 1,000,000 shares of
no-par into two shares. Upon approval of stockholders and receiving supple¬
mentary letters patent granting an increase in authorized capital to 2,000,000
shares, stockholders will receive two shares of the capital stock for each
one share now held.—V. 146, p. 1708.
x
8,342
Accounts
Cash. ...i........
the payment of a dividend on company's
on
225,000
payable-
liabilities
'
(Joseph) Dixon Crucible Co.—Dividend Omitted—
action
363,675
225,000
stock.
Common
Deferred
in proc¬
1936
$85,000
363.675
$85,000
Funded debt
Debt discount and
company
no
7% pref. stock (par
$100)...
Ac..$l, 103,666 $1,086,043
franchises,
ess
Stockholders at their annual meeting on April 7 will vote on amending
company's by-laws so as to reduce the number of directors from 12 to 11.—
V. 146. p. 1873.
Directors took
1938
1937
Liabilities—
1936
Plant, prop.,rights
expense
Dixie-Vortex
26,
Balance Sheet Dec. 31
Before provision for retirement losses.—V.
....
146,
p.
1873.
no
p.
1582.
'
.
Duro Test
See list
given
Easy Washing Machine Corp,—Earnings—
Calendar Years—
x
Earnings
first
x
of this department.
page
3i, 1938
Calendar Years—
$29,734
1936
xl935
$601,328
441,131
17,675
$188,012
14,698
$160,197
9,830
$243,711
$202,710
912
15
495,880
$226,036
—
Gross income.
Int.
on
unfunded debt of subsidiaries.
$170,027
21
on
Public Service Co....
on
$242,799
90,907
$170,006
95,104
545
961
90,012
—
$202,695
91,031
148
long-term debt—_
63,250
58,000
Miscellaneous interest
Provision
ments
renewals
for
and
replace¬
(depreciation)
Provision for Federal income tax and
undistributed profits tax..
1,237
2,938
4,367
$60,494
Balance to surplus
$44,930
$11,573
Figures for 1935 have been restated to give effect to the elimination in
revenues and expenses of certain telephone properties sold as of Dec. 31,
x
1935.
11)37
1936
plant,
eq.
& franchises, Ac.$3 000,201
Liabilities—
Miscell. invest.
1937
1936
Tot.long-term debt$2,283,100 $2,260,100
$2,829,417
1,112
767
Cash............
67,396
Notes preceivable.
Accounts receiv...
49,541
58,949
Inventories
70,184
71,045
Prepayments
10,284
Total
and
current
liabilities..
221,344
73,604
Def. credits to inc.
4,984
47,704
Total
58,171
x
Unrealized profit
y
Corn.
accr.
142,396
4,308
,
420,202
reserves
397,125
10,547
stock
30,517
30,517
6,183
Capital surplus...
359,608
8,120
3,247
Earned deficit
53,968
105,544
$3,090,141
_.
x
Net
amount
cap.
by which
par
Total.._
value of East
$3,265,788 $3,090,141
.
Coast
Public
Service
securities exceeds cost of such securities to subsidiary company,
capital stock
par
value $1.—V.
Ebasco Services,
For
p.
■ .v
■,
4115.
'• ■ ..* ■
a
dividend of $1.25 per share on account
•.
of
Jan. 3, last,
Oct. 1, July 2, April 6 and Jan. 2, 1937, and prior thereto
regular quarterly dividends of $1.62^ per share were distributed.—V. 145,
3972.
Period End. Feb. 28—
Total
Ry.—Earnings—
Total oper. expend
Total deficit
—V. 146, p.
90,004
91,614
$33,964
11,552
17,000
9,332
$3,920
$17,928
4,590
$38,142
11,552
30,000
9,460
$4,976
.....
$125,578
$128,147
$20,524
5,776
15,000
4,724
Renewals
Taxes
1938—2 Mos.—1937
1938—Month—1937
$63,966
$61,284
43,441
43,355
revenue
sur$561
$12,870
...
5,776
7,000
1709, 1550.
El Paso Electric Co.
(& Subs.)—Earnings—
12 Months Ended Jan. 31—
Operating revenues
x Balance after
oper., maint. & taxes
y Balance for dividends and surplus
Includes
non-operating income,
Emerson
The
1938
$3,150,303
1,238,885
420,707
net.
y
1937
$2,947,337
1,095,926
324,017
After appropriations for re¬
Drug Co .—Smaller Dividends—
directors
a
dividend of 40 cents per share on the
stocks, payable April 1 to holders of record
with 50 cents paid in each of the three pre¬
ceding 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. 144, p. 4343.
have
declared
class A and class
B
March
compares
22.
This
common
Engineers Public Service Co. (Subs. )—Earnings—
Period End. Jan. 31—
Total...,.
:
350,690
$3 ,265,788
Deferred debits.
y
tirement reserve.—V. 146, p. 1709.
Consolidated Balance Sheet Dec. 31
Assets—
Nil
$0.55
y
p.
x
Prop.,
■
the 6^% cumulative preferred stock, par $100, payable
A similar payment was made on
Operation surplus
Fixed charges
Balance, applicable to East Coast
Interest
:
City Dairy, Ltd.—Accumulated Dividend—
Edmonton Street
Net income from operations
Non-operating revenue (net)
$1.07
•_
March 31 to holders of record March 15.
$662,854
474,841
$721,916
_
•,
The directors have declared
accumulations
Subs.)—Earnings—
1937
Operating revenue.
Operating expenses.
$0.61
1934
loss$18,247
depreciation, Federal taxes and other charges.—V. 145,
Edmonton
Net income after all changes and provision for taxes
—V. 146, p. 438.
East Coast Public Service Co. (&
After
y
Earnings for 3 Months Ended Jan.
$557,461
on
class A and B shs_.__
Corp.—Registers with SEC—
on
$317,558
share
per
1935
$284,712
1936
1937
Net profit.
145,
p.
y
Co.
Common
$52,496,457 $48,608,084
1,802,075-20,545,572
20,110,422
283,636
3,637,115
2,986,347
514,148
a6,278,423
5,677,635
$1,945,750
Dr48,004
__
$1,860,103 $22,035,345 $19,833,679
Drl5,787
Dr368,478 Crl,078,112
$1,897,746
$1,844,316 $21,666,867 $20,911,792
653,752
7,897,189
8,022,563
$4,499,510
1,712,869
286.487
Taxes
3194.
Inc.—Weekly Input—-
Net oper. revenues
week ended March 17, 1938, the kilowatt-hour system
input
operating companies which are subsidiaries of American Power &
Light Co., Electric Power & Light Corp. and National Power & Light Co.,
as compared with the
corresponding week during 1937, was as follows:
the
1938—12 Mos.—1937
1938—Month—1937
554,402
Operating revenues
Operation
Maintenance
Non-oper. inc. (net)
$4,459,963
of the
Balance.
Interest & amortization.
659,161
—•Itictccisc——
Operating Subs, of—
1938
99,132,000
48,191.000
National Pow. & Light Co. 80,156,000
American Pow. & Lt. Co...
Elec. Pow. & Lt.Corp
—
*
..
1937
Amount
109,689,000 *10,557,000
48,913,000
*722,000
78,405,000
1,751,000
%
*9.6
*1.5
2.2
Calendar Years—
1937
revenues
Operation
...
Maintenance.
_
_
_.
Prov. for retirement
res.
Taxes—State, local, &c.
Fed. & State income.
Net
earns,
.
from opers.
Other income (net)
Net earnings
Interest on funded debt.
General interest
...
$8,170,069
$7,481,261
2,785,772
1,220,737
2,664,766
1,320,788
$4,163,558
$3,495,706
29,000
14,620
b BalanceBal. of earnings applic. to Engineers Public Ser¬
vice Co. as above
$4,134,558
$3,481,086
4,134,558
3,481,086
on
preferred stocks, declared
Cum. pref. divs. eanred, but not declared
East Missouri Power Co.Operating
Balance
Dividends
$1,190,564 $13,769,679 $12,889,229
5,599,610
5,407,968
Balance
Amount applicable to minority interests
Decrease.—V. 146, p. 1874.
Power purchased
Balance
$1,238,585
Appropriations for retirement reserve
-Earnings1936
$192,216
37,773
45,377
20,161
21,591
13,983
z 4,397
$173,885
31,463
41,283
8,161
20,770
11,904
y4,506
...
1935
1934
$147,573
$139,504
67*873
65.745
8,275
20,889
11,457
1,916
5,982
20,248
11,241
xl,809
$48,932
1,786
$55,797
$39,290
411
364
607
$50,718
11,225
$56,208
12,289
$39,654
16,872
$32,957
17.926
76
112
39
21
671
1,436
4,251
4,516
Earnings from sub.
cos., incl. in charges above:
Interest
Preferred dividends, declared
Dividends on miscellaneous investment
59,888
74,690
150,714
63,002
87,671
•
44,543
$32,349
Total—.
c
232,449
$3,676,302
235,304
$4,187,401
373,214
$3,440,998
422,179
$4,419,850
Expenses, taxes and interest
Balance....
dAllowing for loss
<
Amortization of debt dis¬
count and expense
Miscell. inc. deductions.
Net income
Dividends
Dividends
on
pref. stock
on com.
stock
2,135
$36,609
5,950
25,457
$42,371
5,950
21,820
$18,491
5,964
$10,494
6,006
x Federal
only,
y Including $220 of undistributed profits tax.
provision for Federal undistributed profits tax.
Bal. applic. to stocks of Engineers Public Service Co., after allowing for loss
Pref. div. requirements of
Includes
No
$3,018,819
$2,323,537
$2,323,537
Federal income taxes of $1,035,949 of which the Federal
undistributed profits amounts to $6,321. No provision has been
made for Federal surtax on undistributed profits for 1938, since any liability
for such tax cannot be determined until tne end of the year.
a
surtax
z
Engineers P. S. Co
_
$3,814,187
on
Volume
Financial
146
2041
Chronicle
b Applicable to Engineers Public Service Co., before allowing for un¬
cumulative preferred dividends of certain subsidiary companies.
Fonda Johnstown & Gloversville
RR.—Earning
earned
Of earnings of parent and subsidiary companies
Public'Service Co. stocks, before allowing for loss.
c
applicable to Engineers
d In investment in common stocks of subsidiary companies, measured by
cumulative dividends on preferred stocks of such companies not earned
within the year, less minority interests and intercompany eliminations.
Such amounts
against Engineers Public Service Co. or its
not a claim
are
other subsidiary
Operating
Operating
revenues
expenses
Net deficit from oper.
Tax accruals
companies.
$2,308 prof$l1,847
6,722
8,008
$79
3,930
prof$6,498
3,327
$4,009
prof$3,171
734
631
$10,316
1,017
prof$5,126
1,526
$3,275
14,112
prof$3,802
13,855
$9,298
28,176
prof$6,652
27,928
$17,387
$10,052
$37,474
$21,275
Operating deficit.
May Reduce Directorate—
Other income
Stockholders at their annual meeting on April 18 will vote on
he number of the board of directors from 15 to nine.—V. 146, p.
1938—2 Mos—1937
$94,252
$76,475
82,404
78,783
1938—Month—1937
$37,467
$46,352
37,546
39,854
Period End. Feb. 28—
reducing
1396.
x
Gross deficit
Deduc's from gross inc.
Erie RR.—Earnings—
Including Chicago
Net deficit
Eric RR.
Includes interest accruals
x
1,113,310
1936
$6,665,028
1,897,056
1,308,857
1935
$5,682,180
1,477,647
899,426
on
10,230,117
1,397,235
13,512,435
3,988,645
12,884,073
3,408,327
11/642,047
per
Def286,074
2,301,323
2.227,352
Net after rents
From Jan.
&
1938
$4,724,008
314,468
Def504,008
February—
Gross from railway.
Net from railway
1937
$6,603,837
1,946,491
1—
Fruehauf Trailer Co.—Common Dividend Omitted—
Directors have decided to omit the dividend ordinarily due at this time
the
Net after rents
2,957,993
1,784.634
stock.
A dividend of 25 cents was paid on Dec. 24 last,
was paid on Oct. 1 last, and an initial dividend of 25 cents
paid on July 1, 1937.—V. 145, p. 3654.
common
of 50 cents
one
Gross from railway
Net from railway.
share
was
Fyr-Fyter Co.—Earnings—
Asks Approval as Trustee—
Calendar Years—
John A. Hadden, who seeks ratification by the Interstate Commerce
Commission of his court appointment as a trustee of the comapny on
March 23 filed with the Commission a supplemental petition for ratifica¬
outstanding funded debt.—V. 146, p. 1875.
on
1937
Net sales
Selling
$570,139
277,546
245,294
$467,586
230,218
224,605
205,765
$112,783
7,302
$82,793
5,553
$47,298
5,616
$12,762
7,880
$120,084
15,589
27,336
$88,347
12,267
20,411
$52,915
7,075
6,420
$20,641
4,660
3,641
$77,159
182,448
$55,668
134,715
$39,420
101,698
$12,339
132,862
&c
expenses,
1934
1935
1936
$576,846
322,575
171,480
$713,633
395,085
Cost of sales.
■
tion containing additional information.
The ICC will hold on March 29
hearing on his qualifications and those of Charles Denney, President of
the Erie, who is the other trustee appointed by the court.—V. 146, p. 1874.
Operating profit
a
Fall River Gas Works
Co.-—Earnings—
Total income
1938—12 Mos.—1937
1938—Month—1937
$78,046
$73,734
Period End. Feb. 28—
Other income
$887,907
$860,134
$41,565
3,556
13,671
$37,143
5,437
13,741
$495,325
59,364
152,818
$448,769
78,791
152,890
$19,253
40
$17,412
$180,398
123
Balance
Retire, res. accruals
$19,294
5,000
$17,412
5,000
$180,521
60,000
$179,912
60,000
Gross income
$14,294
1,109
$12,412
1,004
$120,521
12,723
$119,912
11,138
$13,185
$11,408
Earned surplus—beginning of period
$107,798
587,161
$108,774
$584,276
Total..
Dividends declared..
$694,960
105,889
Federal taxes
$179,683
Non-oper. inc.—net
Miscell. deductions
$693,051
105,889
Operating
revenues
Operation...
Maintenance
Taxes
Net oper. revenues...
Interest charges...
Net income..
229
surplus—end of period.
—V. 146, p. 1550.
$589,070
$587,161
1938—Month—1937
$648,740
$568,031
92,097
81,680
Sales.
xProfit....
After depreciation, but before Federal income
Federal Mining &
.
1938—2 Mos.—1937
$1,039,600
$928,461
111,063
108,505
taxes.—V. 146,
p.
Net income before provision
taxes and depreciation..
^
Balance
Other income
1934
$8,136,386
6,186,369
Cost, royalty, &c
1935
$5,751,261
4,701,727
$4,323,492
3,811,547
$3,308,821
3,092,983
$1,950,017
235,662
$1,049,534
26,947
$511,945
77,659
$215,838
44,954
$2,185,679
Gen. exp.,incl. taxes,&c.
451,581
Depreciation
135,651
$1,076,481
207,827
130,783
$589,604
172,025
136,351
$260,791
134,541
70,795
z$737,871
$281,228
$55,455
Total income
$1,598,447
earnings...
z After
deducting Federal surtax on undistributed profits in amount of
$10,000.—V. 145, p. 3653.
Ferro Enamel Corp.
(& Subs.)—Earnings—
Years Ended Dec. 31—
'
A-share on capital stock
yl937
$62.5,520
Earns, per
$3.26
Florida Power &
Period End. Jan. 31—
Div.
Res. for contin., &c
Int.
on
on
debentures.
Other int. & deductions-
x
Divs.
1938—12 Mos.—1937
$1,346,382 $13,981,276 $12,650,056
647,035
7,571,951
6,699,129
66,667
816,667
633,333
x
and
Dividends
on
15,559
$4,812,469
$4,316,323
$3,606,382
1,022,122
917,492
891,316
848,925
14,834
$6,253,405
431,676
$5,729,962
divs..
160,000
$5,207,639
276,408
40,000
$4,470,141
132,712
22,500
1,125
1,500
profit for
Net
year
on
15-yr. 6% debs
Class A com. stk.
Divs,
on
pref. stock of
$1,515,741
Currents assets
1,153,008
$362,733
in litigation for which a reserve has been provided by ap¬
propriations from surplus in amount of $611,850 for the 12 months, ended
Jan. 31, 1938, and of $667,865 for the 12 months ended Jan. 31, 1937.
Includes provision of $67,882 for Federal surtax on undistributed profits
for the 12 months ended Jan. 31, 1938.
No provision has been made for
the 12 months eneded Jan. 31, 1937.—V. 146, p. 1875.
Cos., Ltd. (& Subs.)—Earnings—
$94,974
$2.05
$0.27
1935
1936
Froedtert Grain & Malting
a
$5,523,901
—
Consolidated
during
1936;
$5,225,486
$4,647,649
carried
previously
as
a
$4,313,429
subsidiary not
consolidated.
Consolidated Balance Sheet Dec. 31
1937
$
2,429,831
1,571,790
1,930,468
101,533
Real estate at cost
-
-
Mach'y and equip.
held for sale
Other
invest,
2,635,016
1,442,015
1,858,670
102,700
$ '
1936
$6 cum.
pf. stk.
5,111,040
J5j
4,911,040
y
Class A com.stk.
733,282
733,282
5% cum. pref, stk.
of sub.
in hands
of public.-----Deferred income.-
122,922
ness
590,451
Z270.000
89,357
114,684
1,464,400
1,822,400
L'g-term indebted¬
and
long-term notes.
Liabilities—
x
----;
_
1937
1936
S
A qp/J/Q-—
627,694
of subs
Current
llabilitles.
833,019
713,801
Assoc. Press, mem¬
Mtges. payable...
131,500
206,500
berships, circula.
Earned surplus...
5,523,901
5,225,486
goodwill & fran¬
7,348,482
chise?, &c
Deferred charges..
Total---
61,024
6,999,476
61,622
—14,156,500 13,727,193
Total....
14,156,500 13,727,193
Represented by 72,996 shares in 1937 and 70,996 shares in 1936 of
no par value,
y Represented by 80,000 no par shares,
z No dividend
has been declared on this stock, and dividends accrue from July 1, 1937,
the date of issue.—V. 145, p. 3008.
x
1934
loss$84,288 Joss$371,842
Nil
Nil
Co., Inc.—Earnings—
1938
231,057
Consol. earned surplus
(Robert) Gair Co., Inc. (& Subs.)—Annual Report—
Donaldson, President, says in part:
$2,000,000 bank credit arranged in February, 1937, which was not
funded, has been rearranged on a basis whereby $475,000 matures in 1938
and the balance during the first quarter of 1939.
Company has acquired, for $800,000, an interest in the North Carolina
Pulp Co., which, erected during 1937 a mill at Plymouth, N. C., for the pro¬
duction of sulphate pulp.
The interest is reprasented by $800,000 10-year
4% notes, convertible at the option of the North Carolina Pulp Co. into
its 4% preferred stock.
As a result of this investment, the company ha
E. Victor
The
12 Months Ended Jan. 31—
11,400
22,073
115,754
Inv. in controll.cos
1,153,008
424,476
80,000
subs, companies
Adj. of taxes for pr. yrs.
Other deductions------
$1,955,632
these stocks are cumulative.
1937
depreciation, interest, Federal and
State income taxes, &c
:—
$786;870
$1,020,793
Earns, per sh. on 420,000
—V. 145, p. 2391.
shs. com. stk. (par 81)..
$i.47
$2.03
(as
above)
Disct.
Cr727
Cr7,568
$5,231,283
$291,983
the period,
Notes—Income account includes full revenues without consideration of
Net profit after
Cr5,797
Land,bidgs.,equip.
' 1937
$759,551
1934
$3,589,718
2,894
$5,740,572
2,600,000
1,320,000
304,831
rate reduction
Fraser
1935
$4,313,429
38,170
$6,130,468
2,600,000
1,320,000
254,836
and unpaid to Jan. 31, 1938, amounted to
dividends, amounting to $1.75 a share on $7 pref.
$6 pref. stock, were paid on Dec. 21,1937.
Calendar Years—
1936
379
accts., prior years
Miscellaneous
$642,392
216,667
100,000
23,742
for
of
$4,647,649
conting. to earned sur.
$5,320,244
420,328
share on
Net profit.
Earns, per sh. on cap.stk.
—V. 145, p. 3496.
162,129
Adj. of res. for doubtful
$5,595,308
535,160
accumulated
a
187,214
77,771
$632,901
9,491
$802,624
Latest
$1.50
108,657
41,312
$5,317,594
2,650
i
Dividends
100,963
Inc. at Dec. 31, 1935-
$5,592,658
2,650
applic. to pref. stocks
paid or unpaid
$5,572,872.
stock
$848,925
Adj. of taxes, prev. years
Adj. of res. for deprec.,
applic. for prior years.
Transf. of bal. of res. for
$632,680
221
whether
Balance
3,828
$891,316
Equity in earned surp.
AC-----
Net income
4,092
$917,492
1937
$5,225,486
Previous surplus
$321,174
mortgage bonds.
3,717
12,993
a
Including provision for undistributed profits taxes in an amount
$94,400 in 1937 and $86,600 in 1936.
Consolidated Earned Surplus Dec. 31
$667,262
216,667
110,000
19,421
Gross income.
29,354
Equity of Gannett Co.,
Inc., in undistributed
profits of control'd cos.
Dec. 31-
Int.
a280,510
$1,022,122
$656,628
10,634
Operating income
Other income (net)
$1,334,793
354,797
127,244
—.
Net profits
$656,407
221
Net oper. revenues...
Rent from lease of plant.
,258,328
253,943
108,977
$1,508,542
95,073
a331,992
30,000
interest
Miscell. deductions..
Total surplus
Light Co.—Earnings—
Operating revenues
$1,407,649
Oper. exps., incl. taxes..
667,909
Prop, retire, res. approps
83,333
.
—
a
1938—Month—1937
$994,561
94,890
245,343
$1,346,839
132,125
391,764
Preferred dividends....
(Ore.)—Accum.
dividend of 25 cents per share on account
of accumulations on the $2 cum. and partic. class A stock, no par va.ue,
payable April 15 to holders of record March 25. Similar dividends have been
paid in each of the 22 preceding quarters, prior to which regular quarterly
dividends of 50 cents per share were distributed.—V. 145, p. 4117.
The directors have declared
145,735
$885,891
141,832
230,605
$881,676
98,840
366,323
of Elmira Star-Gazette
zl936
$536,123
$2.79
x After
depreciation, interest, Federal and foreign income taxes, loss on
foreign exchange and other charges,
y Including only 10 months
for the
Canadian company,
z Including only 10 months'
earnings of the Holland
company.—V. 146, p. 750.
.
First National Corp. of Portland
1934
$5,750,861
4,614,062
142,238
5,834,933
147,268
103,683
Total income
a
Net income
1935
$5,842,675
4.811,049
1936
$6,863,878
$1,013,095
Reserve for taxes
Minority
Wholly-Owned Subsidiaries]
6,035,125
153,843
fr. contr. cos.
rec.
$290,768
$162,258
profits.—V. 145, p. 4il7.
1937
$7,202,063
revenues
Net oper. revenue
Other income
Divs.
$264,024
101,766
Inc.—Earnings—
[Including
Interest & amortization.
1936
$425,503
134,735
__
Net income
Gross
$211,905
52,119
for Federal income
Note—No deduction for surtax on undistributed
Gannett Co.,
1937
1938
$383,598
41,905
Provision for Federal income taxes and deprec
1550.
Smelting Co.—-Earnings—
1937
Calendar Years—
Value of production
x
Co.—Earnings-
9 Months Ended Feb. 28—
Net operating profit
Miscellaneous income
Expenses
Depreciation..
Fanny Farmer Candy Shops, Inc.-—Earnings—Period End. Feb. 28—
Net
Gamewell
_
Calendar Years—
Earned
x
Net income
Profit and loss surplus.
been able to enter into a contract
Pulp Co. by which
purchase of 15,000 tons
believed to be favorable.
the annual
terms
of unbleached sulphate pulp per annum, on
April,
Sales of General Motors cars and trucks to
the container manufacturing equip¬
dispose of the board mill, retaining
business.
,
,
,,
n[J
^
on Feb. 28,
large extent
dependent on the other.
The first of these agreements provides for the
sale of the company's Thames River division, except the container manufac¬
turing equipment, to St. Joe Paper Co., on June 1, 1938, for a consideration
of $2,000,000, of which $275,000 is payable on delivery of deeds and the
balance, secured by a purchase money mortgage, is payable, subject to the
company's performance of the second agreement, in approximately equal
Negotiations begun in 1937 were concluded by two contracts
1938, with St. Joe Paper Co., of Florida, each of which is to a
Income
1937
1936
1935
sales totaled 369,213 units—
volume in the 12 months ended Feb. 28, 1937.
products of the corporation's American, Cana¬
dian, English, and German factories sold outside of the United States and
Canada—V. 146, p. 1710.
increase of 13.3% over the
These figures include the
General Public Utilities, Inc. (&
$5,444,757
2,290,558
14,625
1 8,183
222,072
Depreciation
45,049
43,605
530,721
529,499
General taxes
1934
45,277
6,856
40,491
6,310
512,687
81,545
452,929
71,095
Federal normal inc. tax-
Not reported
surtax
$1,861,797
$1,953,388
86,388
$1,910,244
...
for depreciation-Int. on bonds of subs
for
Prov.
loss
mitments for
raw
Loss
"$162,018
625,896
23,700
85,808
39,000
139,542
163,992
128,412
196,814
$821,726
$820,448
x574,163
$0.46
x.574,163
$0.66
$
31
accts.¬esrec.
1 ,450,627
1,529,182
Market, securities.
5,937
10,100
3 ,396,489
3,076,418
427,709
439,145
119,207
149,711
Accts.
%
incl.
payroll..
951,131
1,161,952
Bank loans pay.
secured
-
-
-
38,910
$56,298
$49,081
$565,659
$409,615
61,414
(not
.current)
Oblig.of No.Caro.
194,766
472,000
173,575
9,750
9,750
30,508
66,068
103,900
55,000
pay.
84,598
Funded
due
debt
1938 (sub. co.)_
214,010
230,677
Accts.
payable
affiliated
with
1,900
trustee...
for
Res.
x
88,061
46,969
Capital assets...13, 937.455 12,529,446
pur.
to
49,541
cos...
loss
on
$594,888
$3.20
32,625
x
Net
Jan. 1, '38
Res .for lease rental
Fund. dt. of subs.
1,593,100
1,717.500
Shares
3,297,350
2,983,438
Earnings
650,000'
650,000
1,855,920
574,613
1,855,920
574,613
Capital surplus... 6.836.394
1.681.395
6,451,105
2,083,908
Georgia
x
co..
of sub,
x
owned
Common stock..
common
share
per
After
income
330,071
stock
y
After
&
Total .........20,959,059
18,468,548
Represented by 574,613 shares of
reserve
no
for depreciation of
146, p.
Gatineau Power
20,959,059 18,468.548
Total
par value,
y 185,592 no par
$8,420,4S4 in 1937 and $7,703,-
1551.
Florida
conditions
of
both
the
security and foreign
exchange markets, the company has postponed the refunding of its $68,500,000 first 5% bonds, due 1956, for six months at least.
Plans for refund¬
ing $13,600,000 of 6% debentures as a separate operation, however, are
RR.—Earnings—
consideration.
on
no
action
on
the class A stock.
Jan. 3 last.—V.
145,
p.
Subs.)
Earnings
x
p.
per
share.
After deducting $15,116 for surtax
on
1937
x$303,030
1,442,596
,$o.21
General Electric
undistributed profits.—V.
145,
Co.—Lamp Prices Reduced—
List prices of popular types of incandescent lamps ranging from 75 to
being reduced an average of 17.3%, effective April 1,
Gerard Swope, President of this company, announced.
Increased public demand for these lamps, the result of a
growing trend
toward the use of more light for better sight, has made it
possible to effect
manufacturing economies which are being shared with the public, Mr.
Swope stated.
The price reduction effective April 1, is the 19th since 1921
and brings average net prices of large mazda
lamps approximately 70%
those
4%
more
Furthermore, the
light than those of 1921.
average
on
No
200,000
$844,268
553,681
13,766,142
1,856,250
$1,048,980 $11,138,600 $11,517,861
555,007
6,538,892
6,321,413
provision
was
$290,586
255,862
$493,973
$4,599,708
245,862
2,950,350
$5,196,447
2,949,804
$44,724
pref. stock....
Balance
x
230,000
15,047,372
2,730,000
$248,110
$1,649,358
$2,246,644
made in 1936 or 1937 for Federal surtax on undis¬
No provision has
tributed profits as all taxable income was distributed.
been made for such tax in 1938.—V. 146, p. 1399.
at their meeting held
dividend ordinarily
Deferred—
March 16 took
no
action
on
the
common
declared at this time.
Regular dividends of 25 cents per share were paid each three months from
Dec. 24,1936 to and including Dec. 24,1937. In addition, a special dividend
of 25 cents was paid on Dec. 24, 1936. The Dec. 24, 1936 distributions were
the first cash dividends paid since July 31, 1929.—V. 145, p. 1259.
Glen
of all lamps todav give
Alden
Coal
Co.—Dividend Halved—
The directors have declared
a
dividend of 12 lA
cents
per
stock, no par value, payable April 20 to holders of
This compares with 25 cents paid on Dec. 28, last; 12}4 cents
and on July 20, last; a special dividend of 50 cents paid on
and a regular dividend of 25 cents paid on Oct. 20, 1936,
common
share
on
In addition, extra dividends of 25 cents per share
paid in each of the four quarters of 1935.—V. 146, p. 1552.
Goebel Brewing
Net
Shares
1937
profit
common
Earnings
x
After
liable
for
per
stock
were
Co.—Earnings—
Calendar Years—
x
the
record April 6.
paid On Oct. 20
Dec. 23, 1936,
and each three
months previously.
are
of 1921.
res..
1938—12 Mos.—1937
1,202,116
1936
$225,700
1,273,655
$0.17
3973.
500 watts in size
14
1937
$274,839
$2,451,097 $28,915,972 $27,140,253
1,251,787
Gilchrist Co.—Dividend
-Earnings-
Years Ended Dec. 31—
Net profit after deprec., depl., int., Fed. inc. taxes.
Shares capital stock.
& taxes
Net income
Directors
the payment of a dividend ordinarily due at
A quarterly dividend of 75 cents was paid
3973.
General Box Co. (&
1938—Month—1937
$2,326,055
_
exps
& other fixed chges
Divs.
Gemmer Mfg. Co.—No Class A Dividend—
on
1 to Mar.
1938
$203,038
'
Gross income...
Int.
with the
refunding
bonds.
Since the 5% bonds are callable only on June 1 and Dec. 1, the
decision to postpone call of these bonds on June 1, next means that the
refunding will not be undertaken until later this year, at the soonest.
The
6% debentures, however, are callable at any time on 30 days' notice.
It had been planned to do the financing through a group of underwriters
in both the United States and Canada, where the securities are widely held.
—V. 146, p. 1709.
revenue
Operating
Prov. for retirem't
company had planned to file a registration statement
Securities and Exchange Commission soon covering $82,000,000
Directors took
Jan.
1937
$33,625*
,
Period End. Feb. 28—
Gross
x
The
this time
1877.
Canadian
profits.—
Georgia Power Co.—Earnings—
Co.—Postpones Refunding of 5% Bonds
unsettled
$3.63
Week End. March 14
$22,400
revenues
p.
$3.29
depreciation, Federal and
for surtax on undistributed
patents,
provision
—
Operating
—V. 146,
327,789
'
of
amortization
taxes,
1938
under
Dec. 28,'35
$852,000
251,434
$2.24
V. 146, p. 1552.
stk.
Surplus
the
$0.98
Subs.)—Earnings
Jan. 2, '37
y$l,315,743 y$l,420,357
income.
1
yPf.stk. (no par),
of
$217,464
General Time Instruments Corp..(&
Years Ended—
123,969
132,085
not
Because
$102,360
$3.36
123,758
179,560
472,407
219,647
126,589
General Theatres Equipment Corp.—-2O-Cent Dividend
23,700
of raw mat'l
Due to affil. co...
Cap.
After
$444,605
227,141
per
Fund, debt of
z
$1,578,773
1,476,413
124,487
Revised.—V. 145, p. 2846.
1
1936.—V.
$1,594,556
27,990
480,682
55,364
438,045
$2,948,386
25,578
184,848
134,429
477,1.34
175,929
371,695
.$1,503,450
908,562
168,489
Goodwill
x
$1,459,589
The directors have declared a dividend of 25 cents per share on the
capital stocK, payable April 11 to holders of record April 1. This compares
with 50 cents paid on Dec. 23, last; dividends of 25 cents paid on Sept. 28,
June 28 and March 31, 1937; 90 cents paid on Dec. 15, 1936, and an initial
distribution of $1.10 per share paid on Dec. 10, 1936.—V. 145, p. 3817.
commitments for
40-year 6% income
170 in
134,967
$2,981,170
44,736
334,405
surplus
share
Balance,
Earnings
6%
on
(sub. co.)
800,000
posits and notes
shares,
xl935
1936
280,282
income....
Net income.
Acer. int. on debs.
funded by 10-yr.
Deferred charges.-
x
$2,668,104
312,914
Corporate, municipal and income tax.
Interest on bond and floating debt
Depreciation and depletion
Extraordinary items
Federal income tax (estimated)
249,706
Accrued taxes.—-
be
notes.
1937
$2,668,256
Net earnings from operations,
Dividends
pref. stk. (sub.)
receivable
Co.—Earnings-—
160,716
Notes &oblig. pay.
Div.
4% notes rec...
Miscell. accts., de¬
Refractories
General
Calendar Years—
207,677
income notes—
Res. for Govt. tax.
cos...
stock & surplus
2,400.000
-
Res. for int. on 6%
Inv. in & advs. to
z
1936
$
pay.,
accr'd
Trade and miscell.
depos.
38,910
com¬
Bond discount and expense..
1937
281,818
Cash
3,242
Public
undistributed profits taxes other than
Total
Liabilities—
:
392,165
...
to
$448,525
Miscellaneous income
1936
$
Co.
$604,569
the above statement for Federal
reflecting the accruals for the calendar
years 1937 and 1936 in the figures for the 12 months ended Jan. 31, 1938
and 1937, respectively.—V. 146, p. 108.
$935,423
556,776
X574.613
$0.47
Consolidated Balance Sheet Dec.
Pulp
$52,323
3,242
Gen.
on
mon
160,716
140,175
1937
Notes recelv.
862,791
$59,-540
value.
par
Assets—
affiliated
856,238
Utilities, Inc. $5 pref.
$557,128
417,582
574,613
Nil
pref. stock
.stk. (par $1).
Earnings per share
Inventories
71,353
Note—No provision has been made in
com
Cash
373,940
71,353
trust■61A% bonds
Divs.
23,700
no
$1,685,256
373,806
stock
39,029
182,193
236,906
on
Shares of
$1,834,614
31,158
Net income
purch. of
Profit for year
x
$154,834
31,124
1st mtge. and
$1 910,244
676,014
22,800
39,000
sale & retirement
Prov. for Govt. inc. tax.
Shs.of
$1,861,797
on
Balance avail, for
of capital assets
Prov. for int. on inc.notes
Divs.
$1,643,266
41,990
com¬
on
materials
on
23,405
$1,803,091
31,522
Charges of subs
Interest
$2,039,776
792,351
$2,107,134
842,301
102,668
Divs. on pref. stk. of sub.
39,000
Int. on notes pay., &c_.
84,210
Total income
4,080
$153,576
1,258
___
income
Non-oper. income
coll.
Prov.
______
$160,785
1,233
_
Net oper.
Gross income
Other income
254,818
;
undistri¬
on
profits
119,726
$1,936,520
170,614
$5,065,347
2,090,333
176,988
expenses
Maintenance
buted
Trading profit---.
1938—12 Mos.—1937
188,221
Operating
Fed.
Idle plant expenses
Subs.)—Earnings-—
1938—Month—1937
$460,814
$439,154
Period End. Jan. 31—
Gross oper. revenues
Finished goods produced
for customers, at net
selling prices..
$21,654,806)
Cost of production.
17,386,806c
Admin., sell. & gen. exp_
2,211,754
Sales—
dealers in the overseas markets
For the 12 months through February, 1938,
Years
Calendar
Account for
temporary
a
two months of 1937.
an
annual instalments over a period of six years.
The second agreement
provides for the purchase, over the same period, from the St. Joe Paper Co.,
of a substantial tonnage of Kraft paperboard, subject to the performance
by St. Joe Paper Co. of the first agreement.
Consolidated
granted
during February totaled 30,335 units, the highest February volume on
record, and were 10.3% greater than sales in February of last year.
In the first two months of 1938, sales of 60,190 units were also at a record
volume level and represented an increase of 10.5% over sales in the first
iver plant at New London, Conn.
gjtitive conditions surrounding the container board an opportunity arose
Late in the year mill at the Thames
to
has
Commission
General Motors Corp.—Overseas
sidiary itself out of its earnings supplemented by a bank loan of $400,000.
During the past year directors have given much consideration to the com-
ment and
1938
exemption from the Public Utility Holding Company Act to the company
and two subsidiaries.
The exemption will run until Dec. 31, 1939, by which
time the Commission expects the company to reduce its holdings in the
New England Public Service Co.
General Electric Co. and the subsidiaries, the Electrical Securities Corp.
and G. E. Employees Securities Corp., own about 33% of the voting stock
in the New England company.
They also own stock in about 85 other
utility corporations, but these securities do not amount to control of any of
the companies.
Most of the utility securities owned by General Electric, it was explained,
were acquired in payment for electrical equipment.—V. 146, p. 1876.
v
1937. the properties of the Canadian Paperboard Co., Ltd.,
which had been under lease by the company since 1934, were acquired by
the Canadian subsidiary, as was also the adjacent power plant formerly
owned by Toronto Paperboard Co.
To accomplish this, an additional
investment was made by the company in the Canadian subsidiary, for
which $625,000 of company's income notes were issued and $7o,000 in
dx&hi
j)8tid
The Toronto operation has been completely rehabilitated and modern¬
ized and the concentration and rearrangement of production thus made
possible will, it is believed, materially contribute to the profitable operation
of the Canadian subsidiary.
All improvements were financed J?y the sub¬
In
Exchange
and
Securities
The
26,
Exemption—
SEC Grants Temporary
with North Carolina
the company has committed itself for
March
Chronicle
Financial
2042
(par $1)
share
depreciation,
1935
z$960,211
1,335.160
$0.72
$1,344,885
1,305.320
$1.03
Federal income taxes, &c.
y Company
is not
profits surtax,
z After
deducting $12,182 for
profits.—"V. 145, p. 3656.
undistributed
urtax on undistributed
1936
y$534,446
1,359,560
$0.39
Greif Bros. Cooperage
Co.—Smaller Dividend—
Goodman Mfg.
of 25 cents per share on the
common stock, par $50, payable March 31 to holders of record same
day.
This compares with 75 cents paid on Dec. 21, last and previously regular
quarterly dividends of 50 cents per share were distributed.
In addition,
an extra dividend of 25 cts was paid on Dec. 21, 1936.—V. 145, p. 3973.
Ltd.—Smaller Dividend—
Gorton-Pew Fisheries Co.,
$356,571
x$315,341
sales
$58,493
6,000
$144,922
1.485,483
$78,811
995,107
$52,493
701,678
$1,630,405
!$1,073,918
$754,171
51,200
179,200
16,000
16,000
$273,509
49,178
$665,652
27,706
$738,170
x After deducting matls. used, labor, mfg. expenses & depletion,
y Divs.
and interest. zNo provision is considered necessary for surtax on undivided
360,000
$243,516
profits for the period covered by this statement.
Consolidated Balance Sheet Jan. 31
$406,759
$272,167
153,873
misc.
364,376
notes
Federal taxes prior years
$1,248,275
$993,283
$2.42
$1.01
Note—No provision for
$
$
Common
b
Land, bldg., ma¬
2,255,906
501,190
Notes payable....
10,419
tion claims.....
122,423
Accrued
82.414
212,052
Prop.,
560,000
16,840
Net from
174,388
10,706
180,886
115,251
26,454
34,473
From
notes
term
175,133
2,298,128
Earned
1,276,141
Reserves
1936
1935
ment
1934
$845,284
x 199,254
108,102
$824,342
$757,076
x206,073
119,932
161,874
150,153
Net oper.
income
Non-operating income..
$537,938
$537,928
$498,337
43,215
36,099
12,677
$445,049
11,749
Gross income
$581,153
$574,028
$511,014
280,625
147,751
194,210
14,879
88,000
1937
on
General interest
27,427
Misc. int. & other deduc.
Int
291,349
See
x
dividends.
Common dividends
Preferred
$35,415
Balance
Bond disc.
in
Liabilities—
x
y
rights
&C..11 570,281
11,215,468
Invest. & fund acc.
Gash........
Working funds
2,050,000
6,250,000
6,250,000
180,591
and
341,497
sion depos. &c_.
Due to affil. co
354
507
78,390
93,541
77,046
7,907
Accounts payable.
Rec. from assoc cos
2,354
Accrued
Accounts receiv.
86,194
y90,918
Customers deposits
96
365
Pref. divs. payable
13,125
Com. dlv.
Prepaid accts. and
Accrued
taxes....
58",204
6,548
Misc. current liabll
8,389
11,524
16,181
1,808,097
1,701",464
Deferred
&
credit
Retirement reserve
611
invest!, charges.
Contribu.
of construct
Total
x
After
1936.
in
1,040,070
ing shares
additional
V.
$5,855,819
396,464
293,264
$5,114,591
$4,679,409
$6,252,283
$6,025,041
misc-
profits
admustment. z3,974,498
1.201",062
876",789
$5,051,220
14,333,787
$5,148,252
12,687,226
373,757
$17,072,808 $19,936,216 $19,758,764 $17,835,478
Total surplus
178,000
1,269,220
2.105,247
148,000
1.268.620
2,085,072
31-$13,734,341 $16,140,699 $16,206,297
$14,333,786
prior yrs.
pref. stock divs._
Common dividends
Earned surp. Dec.
x949,490
$3,729,919
16,206,297
31- 16,140,700
Conv.
Shares
145, p. 2227.
207,984
profits
Prov. for taxes
approved for listing 468,060 outstand¬
of common stock, par value $1, with authority to add 40,000
common shares upon official notice of issuance.—V. 146, p. 754.
com.
1,269,220
2,069,247
1,269,220
2,526,296
stock out-
685,749
701,749
701,749
701,749
Earnings per share
Nil
$3.50
$o.38
$5.53
x Includes
$180 surtax on undistributed profits,
y Profit from scrap
and creamery products, discounts and other miscellaneous income amounting
to $476,644, less interest charges ($138,519) and loss on retirement of fixed
assets ($49,126).
z Adjustment to reduce inventory from cost to lower of
cost or market at Dec. 31, 1937 ($3,869,921) and provision for market
decline in purchase commitments ($104,577).—V. 146, p. 109.
standing (no par)....
.
$5,731,777
$932,109
Fed. inc. tax..
Adjust, of res. for deprec.
of plant & equip, as of
Jan. 1, 1935
The directors have
to
1936
1935
1934
$9,782,028 $10,582,034 $10,041,406
5.458,311
4,726,215
4,309,628
355,691
Net
Corp.—Listing Ap¬
Guilfort Realty Co.—Accumulated Dividend—
declared a dividend of 75 cents per share on account
the 6% cumulative preferred stock payable March 31
holders of record March 21.
Like amount was paid on Sept. 30, last.—
$64,436
58,968
$4,323,717
Total
York Curb Exchange has
of accumulations on
$43,313
49,140
y288,999
Prov. for
proved—
The New
$4,994
1937
Earned surp. at Dec,
Engineering
$67,282
2,846
$4,825,592
Inventory
Total
Great Lakes Steamship Co.—Dividend Reduced—
Directors have declared a dividend of 50 cents per share on the common
stock, no par value, payable March 30 to holders of record March 21.
Previously regular quarterly dividends of 75 cents per share were distributed.
In addition, a special dividend of $1.50 was paid on Dec. 24, last, and a
special dividend of 75 cents was paid on Sept. 20, last.—V. 145, p. 4117.
Aircraft
$45,510
2,197
$3,226
cellaneous charges
shares;;—V. 145, p. 3009.
Grumman
192
Net profit from oper..
12,386,633 12,140,888
reserve for uncollectible accounts of $6,994 in 1937 and $7,194
y Includes notes receivable,
z Represented by 30,000 no par
12,386,633 12,140,8881
$5,187
47
$9,896,769
5,071,177
Other income, less
1,060
1,261,530
$102,282
35,000
profit on sales.-.Ship., sell. & adm. exp_.
in aid
Earned surplus
$80,510
35,000
1400.
Gross
9,200
Conting. reserve..
$8,103
2,916
201
Calendar Years—
33,350
11,362
$102,235
$80,4^3
Hershey Chocolate Corp. (& Subs.)—Earnings—-
13.125
4,634
def. charges
survey
—V. 146, p.
90,00„0
payable
1,837
Mat'ls & supplies.
Preli'm.
94,502
$557,337
349,683
23,116
82,302
$3,427
accruals
Net income
Dividends declared-..-.
2,416
Interest receivable
interest-.
$571,291
373,397
29,854
87,606
$8,103
charges..
Interest
1938—12 Mos.
$6,344
2,916
Gross income..—...-
15,444
$1.99
$2.75
On 386,585 shares common
23
(net).
Balance
Retire, res.
line-exten¬
1937—12 Mos.—1936
$1,265,998
$974,241
—Earnings—
$6,320
Net oper. revenues—
Non-oper. income
$
$
y
1938—Month—1937
$46,348
$47,498
29,198
31,700
1,820
2,022
7,227
7,455
Taxes
secur.
300,866
200
Federal taxes, &c.
Maintenance
193.6
2,050,000
Consumers'
273,981
160,229
...
$0.84
$432,027
$0.99
par;.—V. 146, p. 914.
Operating revenues. . __ .
Operation..... ....... _.
$4,667
Common stock..
Funded debt
Notes receivable..
After depreciation,
Period End. Feb. 28—
750,000
271,578
proc.of amort.
profit.
Earnings per share—
Haverhill Gas Light Co
$57,167
52,500
750,000
z
$373,321
Net
x
-
$7 pref. stock. ....
<fc exp.
1937—3 Mos.—1936
31
1937
$
$
Plant, prop.,
franchises,
Dec.
1936
1937
Assets—
Sheet
Subs.)—Earnings—
Hamilton Watch Co. (&
Includes Dominion and Provincial income taxes.
x
Co.—Earnings-
1937
1936
$132,699
$89,436
stock
$0.87
$0.29
including provision for Federal and State income
Period End. Dec. 31—
8,319
x
$131,665
96,250
$74,687
$221,460
Surplus
See
x
$217,187
52,500
90,000
$273,960
52,500
charges
all
After
stock (no
See
income tax
Net income
After appropriation for retire-
taxes.—V. 145, p. 3657.
1,169
••
2,973,274
1,249,163
y
1937
$5,895,679
2,762,844
882,108
Earnings per share on common
294,462
,
CY859
.charged to construe n
for Dominion
Provision
and taxes.
$6,513,886
Years Ended Dec. HI—
$456,798
95,680
, ,
-
reserve.—V. 146, p. 1711.
Net income
x
x
funded debt
1938
Hamilton Manufacturing
$913,119
x267,152
108,029
Int.
817,769
155,283
13,752
Utilities Co.—Earnings—
tes
Includes non-operating income, net
x
Co., Ltd.—Earnings—
Operating revenues
Oper. exps., maint. & tax
Retirement appropria'n.
Years Ended. Dec. 31—
311,204
133,615
12 Months Ended Jan. 31—
Operating revenues
x Balance after operation, maintenance
y Balance for dividends and surplus.
Total...
14,356,420
Great Lakes Power
1,049,167
373,035
151,376
51,738
146, p. 1553.
Gulf St
14,839,614 14,356,420
a After reserve for depreciation of $7,983,099 in 1937 and $7,734,661 in
1936.
b Represented by 382,488 no par shares,
c Consolidated figures,
d Company only figures.—V. 146, p. 1711.
14,839,614
1935
$400,273
85,149
14,983
148,937
61,643
254,804
2,298,128
surplus... 1,100,069
1936
$508,113
1,148,734
1,060,175
261,030
-
after rents-......-
—V.
1,618,131
Capital surplus
1937
$592,096
202,509
89,408
:
Gross from railway
Net from railway.
Net
payable
1—
Jan.
RR.—-Earnings—
17,574
after rents
Net
896
&c., taxes.
railway.-'.'—.'
c Represented
and 54,000 shares of
stock (no par)
taxes only.—V. 146, p. 1877.
1938
$509,637
121,815
February—
...J56,789,919 $5,301,859
Total
b After depreciation,
After allowance for depletion,
Gross from railway.
Wages and comm.
interest..
Long
62,215
Gulf Mobile & Northern
1,141,677
Federal inc. taxes.
Total..
1,135,320
1
86,773
by 64,000 shares class A cum. comon
B stock (no par),
d Accrued
Accrued compensa¬
867,266
.....
Deferred charges..
1,473,152
8,483.821
12,282
74,266
1,451,205
surplus
346,388
class
8,483,821
99,737
760,000
stock.
Accounts payable-
2,729,385
Cash...
902,063
U. S. Treas. notes.
10,419
Notes & accts. rec.
537,460
Investments
146,905
Inventories......
2,491,113
1,744,322
56,789,919 $5,301,859
$
equip.10,430,968 10,387,165
chinery &
2,491,113
capital
stock........._
Earned
b Permanent.
dl936
C1937
Liabilities—
100,000
258,068
21,911
Timber property
a
dl936
100,000
Common
c
252,617
...
profits in 1937.
Federal surtax on undistributed
cl937
Assets—
21,911
266,263
578,172
.
Deferred charges..
Comparative Balance Sheet Dec. 31
404
309,587
26,599
Goodwill..
Consolidated figures,
a
$1,356,649
$0.75
b Company only figures.
$0.66
an
sub..
Contingency res've
66,777
in
& ad vs.
Invest.
in¬
Insurance reserve.
119,903
30,237
M iscel 1. securities
254,992
to
pay.
unconsol.
receivable
affiliated cos
$1,276,141
$1,276,141
$1,100,070
31
Earned surp., Dec.
192,152
Accts.
Cash surr. value of
a
Earns, per share on cap.
stock outstanding
600,000
d237,807
taxes,
terest, &c
and
life insurance
430,296
paid
$1,611,641
254,992
$1,645,336
350,614
18,582
$1,530,366
Total surplus
Dividends
1,800,000
2,082,350
Officers, employ. &
accts.
Earnedsurp. bal. Jan. 1.
Res. prov. in prior years
no longer rec'd (net)..,
$209,321
Accrued
778,237
2,987,925
$258,761
625,138
$618,358
993,283
$288,687
1,356,649
$106,688
Notes payable—.
675,708
receivable
accts.
&c___
expenses,
Customers' notes &
13,406
1937
Accts.pay. tor pur.
$375,571
143,113
Cash.'.......
1938
Liabilities—
1937
1938
Assets-
28,650
$693,358
75,000
$322,687
34,000
$254,225
1,276,141
$1,057,918
$1,451,205
$1,744,322
Balance, Jan. 31....-
4,585,273
360,000
11,500
$279,225
25,000
Net profit.
x
16,000
1,841,171
Marketable secur.
a
$94,810
z35,000
loss$45,649
$5,188,790
7,045,920
Total income.
1,096
■j
b!934
bl935
$8,083,072
9,464,028
360,000
20.374
Pro v. for Fed. income tax
y21,763
$179,922
Dividends paid on class
A common stock..
$226,442
52,783
Operating income
Miscellaneous income
334
$31,562
1,736
z5.500
$284,621
undistributed
457,777
43,709
12,506,513
and admin, expenses._
Depreciation
Interest paid
$93,714
loss$40,149
Prov. for est'd Fed. taxesi
I
of sales, sell., gen.
Cost
$158,159
4,958
•
2,320
"2~, 187
$184,429
$9,000 for Federal surtax on
al937
bl936
.$13,234,442 $10,117,911
Calendar Years—.
Net
113,739
4,560
25,196
marketable securities.
Other income (net)
Steel Co. (& Sub.)—Earnings-
Granite City
118,707
reserve on
income.—V. 146, p. 914.
net
48,935
136,321
1,943
7,142
loss$51,847
y9,511
Interest earned
Elimination of
52 Weeks Ended
Dec. 28 '35 Dec. 29 '34
Jan. 2 '37
After deducting provision of
x
43,351
$1,795,522
*38
1
Jan.
Net income after deprec.
and other charges....
$199,528
$262,652
.
of record March 25.
Pre¬
share were distributed.—
52 Wks.End. 53 Wks.End.
,
.
1935
1936
1937
$354,087
50,523
$154,315
63,427
135,184
7,552
Subs.)—Esrnings—
Grand Union Co. (&
Period—
Manufacturing profit.
Depreciation
Sell., gen. & adm. exps..
Interest on gold notes...
Sundry deducts, (net)-.
x
dividend of 75 cents per share on the common
Directors have declared a
no par value, payable April 5 to holders
viously regular quarterly dividends of $1 per
V. 145, p. 114.
stock,
Corp. (& Subs.)—Earnings—
1938
3 Mns. End. Jan. 31—
dividend
V The directors have declared a
2043
Chronicle
Financial
146
Volume
2044
fM.
Financial
Extra
no
dividend of 12 Vz cents per share on the common
31 to holders of record March 22.
addition to regular quarterly dividends of
a
payable March
value,
par
dividends of 35 cents in
25 cents per share were distributed in each of the four quarters of 1937.
—V.
146,
1553.
p.
Harford Pure
The real estate
March
26,
1938
of record that the six holders of the company's first mortgage sinking fund
A.) Hanna Co.—Dividend Halved—
Directors have declared
stock,
Chronicle
Rye Distillers, Inc.— Trustees' Sale-—
plapt and equipment will be offered at trustee's sale
ojx
March 29 at Havre De Grace, Md., free and clear of all liens by order of
the U. S. District Court.
James II. Boumel, Belair, Md., is trustee.
f;old bonds had bought the obligations with intent to qualify as petitioners
reorganization.
r*n
or
Attorneys for the company moved for dismissal of the petition.
They
argued that the jobs of 12,000 miners were at stake, and C. P. O'Malley
said the workers in the district had as a slogan, "Of all companies, the
Delaware & Hudson has not missed a payroll for 69 years."
J. Julius Levy of Scranton, chief counsel for the petitioners, said he
did not expect work to be disturbed.
He charged that the company had
lent $19,000,000 to insolvent subsidiaries in New York State and contended
that
trustee was needed to conserve assets.
He also charged that the com¬
had paid more than $1,600,000 to its parent holding company, the
& Hudson Co.,
making the latter a preferred creditor.—V.
144, p. 3839; V. 146, p. 1712.
a
pany
Hewitt Rubber
Corp. (& Subs.)—Earnings-
Year Ended Dec. 31—
Net profit after all charges, incl. deprec., Federal
income tax, and surtax on undistributed profits
Shares of common stock outstanding
Earnings
Par $5.
a
1937
b Par $10—V.
146,
p.
1936
Hudson & Manhattan
$270,423
$255,449
b58,094
$4.65
al68,188
$1.60
share
per
Delaware
1401.
Hibbard, Spencer, Bartlett & Co .—Smaller Corn. Div.—
Directors
each
have declared three monthly dividends of 15 cents per share
the common stock, par $25, payable April 29, May 27 and June 24
to holders of record April 19, May 17 and June 14, respectively.
Period End. Feb. 28—
Hudson River
Hightstown Rug Co.—Tenders—*
Guy George Gabrielson, 70 Pine St., N. Y. City, general counsel of this
company, will until 2 p. m. April 1 receive bids for the sale to him of suffi¬
cient 1.5-year 6lA% sinking fund gold debentures (with stock purchase
for
warrants
exceeding
stock) to exhaust the sum of $25,000 at prices not
of principal plus accrued interest.—V. 141, p. 600.
comn on
63XA%
%%)
should be detached and presented for jtayment on that date to
Fanners Trust Co., trustee, 22 William St., New York City.
(Amended)—Coupon No. 4 of the 7%
notes
City Bank
(amended)
Holly Development Co.—Earnings1937
1936
1935
1934
$87,543
and taxes
$32,108
36.000
$51,059
36,000
Balance
Earned per sh.on 900,000
$51,543
._
shs. cap.
—V.
146,
stk. ($1 par)
599.
$0.10
Honolulu Rapid Transit
Net
rev.
Net
$0.03
$8,726
$0.06
1938—Month—1937
$101,469
$79,959
70,168
59,360
expenses
rev.
from
transp'n
Rev. other than transp'n
1938—2 Mas.—1937
$210,770
144,717
$167,021
119,015
$31,300
1,932
$66,054
3,639
$48,005
8,411
$33,232
11,471
from.oper.._
Taxes assign, tory. oper.
$20,598
4,030
$24,629
8,231
$69,693
$56,417
16,477
Interest
22,008
3,333
33,942
1,668
Depreciation
16,971
12,359
p.
GY129
Replacements
Net
304
revenue
883
$2,819
$4,038
$9,524
Idaho
Power
Co.—Earnings—
1937—Month—1936
1937—12 Mos.—1936
Operating revenues
Oper. exps., incl. taxes__
Prop, retire, res. approp.
$535,800
253,552
10,000
$403,932
Net oper. revenues..
Other income (net)
$4,749,840
2,417,244
38,000
$5,399,182
2,710,110
417,500
$272,248
1,293
$152,308
$2,271,572
889
Dr91
$1,862,596
'L>r 1,457
$273,541
65,431
10,831
$153,197
54,167
8,574
$2,271,481
678,911
103,174
$1,861,139
650,000
70,347
$90,456
$1,534,648
Dividends applicable to preferred stocks for the
period, whether piad or unpaid
414,342
414,342
$1,120,306
$726,450
struction—Credit
Net
$15,334
213,624
705
income..
45,252
$197,984
Balance
470,000
_
$1,140,792
Note—Includes a credit adjustment of $19,200 made during the month
of December, 1937, of the
provision for Federal surtax on undistributed
profits in 1937 and provision of $7,000 made during the month of December,
1936, for Federal surtax on undistributed profits also includes provisions
of
$1,400 and $17,600 for Federal surtax on undistributed profits for the
12 months ended Dec. 31, 1937 and 1936,
respectively.—V. 146, p. 279.
Illinois Zinc
Co.—Listing Approved—
The New York Curb Exchange has
approved for listing 30,000 additional
shares of capital stock, no par upon official notice of issuance.—V.
146,
p. 442.
;
-
Imperial
Chemical Industries, Ltd.—Final Dividend—
Directors have declared
a final dividend of
blA on the ordinary registered
American depository receipts for ordinary registered
shares, the former being payable June 1 to holders of record April 21 and
the American dividend
being payable on June 8 to holders of record April 21.
—V. 145. p. 3011.
shares
and
on
the
Dividend Raised—
The directors have declared
mon
dividend of 10 cents per share on the
stock, par $20, payable March 31 to holders of record March 23.
a
com¬
This
compares with 40 cents paid on Nov. 30, last; 35 cents paid on Sept. 30,
last; 30 cents on June 30, last; 15 cents paid on March 31, 1937; 40 cents
on
on
Nov. 30, 1936; 30 cents paid Sept. 30, 1936 and 20 cents
per share paid
June 30 and March 31, 1936 —V. 146,
p. 1554.
Hotel
Governor Clinton
Co., Inc.—Earnings—
like
three months
$188,695 for the
operating study released by
of
1936, according to an
Amott, Baker & Co., Inc.
Due to increased house expenses, the esti¬
mated net profit, after first
mortgage interest but before bond interest and
depreciation, for the 1937 three months was $35,867, against $40,117 for
the 1936 period.
Gross operating income for the 12 months ended
July 31, 1937 was
$722,580, against $660,727 for the year ended July 31, 1936.
Governor Clinton Co., Inc., was reorganized under a
plan consummated
in September, 1937, each holder of an old
$1,000 first mortgage series A
bond receiving a new $1,000 registered
15-year fixed and income mortgage
bond and two shares of yoting trust
capital stock aggregating 100% of
the present equity.
Holders of the old series B bonds, the stockqmd junior
claims received
no
consideration under the plan.
The real estate taxes
assessed
for
last
paid through 1937 on this property,(which was
$5,150,000, and which is currently reported in
excellent physical condition.—V.
146, p. 279.
x
1937
Net profit.
Earnings
x
per
share
on
class B stock._
$2.14
1935
$2,202,040
$2.25
$2,456,196
$2.57
debentures
purchase
due
April
warrants
1,
1943.
1938.—V. 141, p. 278.
Houston
the class B
regular quarterly dividend of
paid on Dec. 15, last.—V. 145, p. 2848.
Houston Gulf Gas Co.—Warrants
The stock
Natural
Excess
oper.
of
Corp.—Initial Dividend
on
New
Directors have declared
common
$371,877
914
853
$1,522,824
4,910
$1,811,951
5,494
$376,872
revs,
$372,731
$1,527,734
$1,817,446
over
expenses
Indianapolis
Union Ry.— Balance Sheet Dec. 31—
1937
Inv.
in
road
Improv.
on
1936
$
Assets—
S
a
9,873,152
Grants
2,795,283
2,745,479
Gen
leased
496,288
65,836
65,836
406
559
232,243
211,217
1,910
280,855
15,744
18,173
&
car-ser.
rec.
^2
A Federal court
initial dividend of 20 cents
per share
now
outstanding payable March
on
31
B
581
3,659,000
Ref. & impt. mtge.
bonds, series B.
Non-negot. debs..
Traffic
&
car
7,832,,000
1,030
4,714,000
ser.
bai. payable
4,531
5,399
8,385
25,787
78,000
161,710
91,373
54,997
Funded debt mat.
unpaid
1,120
239,604
79,166
_
995
59,144
wages payable..
86,557
Other current liab.
2,340
1,373
Int. mat. unpaid..
Deferred liabilities
910
85,745
85,745
245,857
262,953
"2", 192
assets-
Deferred assets.1.
351
314
1,260
2,333
214,068
214,008
Rents&ins.prems.
XJnmat. int.
Aud.
accr._
accts.
and
Tax liability
paid in advance.
Other
unadjusted
Prem.
on
74,069
92,953
funded
debt--...
20,890
Accr.depr.—equip
89,538
149,011
134,375
unadjusted
41,788
the
inc. & surplus..
85,225
830,009
872,126
1,380,961
1,380,961
608,900
640,320
528,600
Add. to prop, thru
to
Funded
debt
red.
thru inc.&surp_
Pinking fund res..
was Paid on
Profit and loss
Co.—Hearing Adjourned—
hearing at Lewisburg, Pa., March 19, on a petition
by
s^ub°x^°i ,rs for reorganization of the company was adjourned by Judge
Albert W. Johnson after he had reached an
understanding with counsel for
both sides that he would
pass later upon preliminary
questions of law
raised in the argement.
Discussion about the
legality of the petition oc¬
cupied most of the session.
Counsel was told to submit briefs
by March 23.
£?d,?e
°cT March 24 rejected the plan of the six bondholders,
i_T wfur
Scran ton, one of counsel for the company, exclaimed
that
they bought their way into court" when it was admitted for
x
581
mtge.
series
credits
an
V^ 146 5p Cf878 PlUS E St0Ck dividend of 50 %
Hudson Coal
of
155,198
Int. & divs. rec
debits
ref.
1,436.375
4,474
Mat'l & supplies.
curr
aid
Misc. accts. pay._
from
agents & cond's.
Misc. accts. rec
&
bonds,
S
1,436,375
construction
106,756
Special deposits
In
1936
S
Capital stock
9,874,154
ry. property
Traffic
1937
Liabilities—
and
Other
stock
holders of record March 24.
Dec
$6,885,706
5,073,754
$375,958
Common Shares—
larger amount of
1937—6 Mos.—1936
$8,658,586
7,135,761
-V. 146, p. 1244.
Other
Expire March 31—
attached to the 6^% sinking fund gold
expire and become void after March 31,
Gas
Inc. from ry. oper
Net bai.
on
1937-^Month—1936
$1,640,551
$1,296,819
1,264,592
924,942
Non-oper. income
Cash
Dividend Deferred—
was
expenses
bai. rec
Directors at their meeting held March 16
deferred action
dividend ordinarily payable at this time.
A
37cents per share
revenues
Inv. inaffil.cos-..
After deprec., Federal taxes, &c.
Class B
Independent (Subway) System of N. Y. City—Earnings
Operating
Operating
and securities..
Misc. phys. prop..
1936
-$2,117,442
------
145, p.3974.
Sinking fund—cash
I
Houdaille-Hershey Corp. (& Subs.)—EarningsCalendar Years—
a dividend of 25 cents per share on the no
par
shares payable March 31 to holders of record March 22.
Previously
regular quarterly dividends of 62y2 cents per share were distributed.—V.
equipment
are
at
year
Independent Pneumatic Tool Co.—To Pay 25-Cent Div.
Directors have declared
common
Period End. Dec. 31—
The Governor Clinton Hotel reported
gross operating income for the three
months ended Oct. 31, 1937, of
$193,483, compared with
purposes
.
were recently paid up on this issue.
See V.
115 for detailed record of previous payments.—V. 145, p. 2550.
Period End. Dec. 31—
16
24,718
Profit and loss
$111,527
1878.
Dividend accumulations
145,
$0.06
Co., Ltd.—Earnings—
p.
Navigation Corp.—Filing of Claims—
21.
45.000
$15,059
$235,863
Huttig Sash & Door Co.—Smaller Preferred Dividend—
p.
Period End. Feb. 28—
Gross, rev. from transp't
Operating
def$3,892
$63,871
adj. income bonds at 5%.—V. 146,
Directors have declared a dividend of $1.25 per share on the
7% cumula¬
tive preferred stock, par $100, payable March 30 to holders of record March
$53,726
36,000
$474,473
586,003
Gross income
Int. on mortgage bonds.
Other int. & deductions.
Interest charged to con¬
paid by check and notation of payment endorsed thereon.
If coupons dated Dec. 31, 1936 (No. 2) or Dec. 31, 1937 (No.
3) are still
attached to the bonds or notes (amended) they should also be presented.—*
—V. 146, p.1878.
Dividends.
$340,822
576,685
Judge Goddard has ordered creditors, secured and unsecured,
on or before
April 14
or they will not be permitted to
participate in any plan of reorganization
for the corporation.
The debtor was directed to file a list of claims, to¬
gether with any objections to them, with the Court before April 24.—V.
144, p. 2483.
should
Calendar Years—
Net profit after charges
$229,077
292,948
Federal
(2M%)
be detached and presented for payment on that date to Grace
National Bank of New York, trustee, 7 Hanover Square, New York.
New Notes—Commencing April 1, 1938, holders of new notes (which do
not carry coupons) should present them at Grace National
Bank, New
York, at which time interest of 2lA% of the face amount thereof will be
23,846
$449,921
24,556
of the corporation to file their claims with the debtor
(R.) Hoe & Co., Inc.—Interest—
The first fixed interest coupons appurtenant to the first mortgage bonds
and notes (amended) of the company will become due on April 1, 1938.
First Mor tg aye Bonds—Coupon No. 4 on the first mortgage bonds (2
Notes
on
827,751
$316,976
$111,236
Deficit
Income interest
912,178
$216,813
12,264
$176,212
287,448
Income charges
x
406,339
$164,363
11,848
Gross income.
x
$623,152
421,179
,
Operating income
Non-oper. income
Previously regular monthly dividends of 20 cents per share were dis¬
tributed,
In addition, an extra dividend of 50 cents was paid on Dec. 28,
last, and special dividends of 30 cents were paid on Nov. 26 and on Oct. 29,
last —V. 146, p. 755.
1938—2 Mos.—1937
$1,229,153
$1,277,672
$585,542
Open. exps.&taxes.....
on
RR.—-Earnings—
1938—Month—1937
Gross oper. revenue
Total
a
13,545,565 14,213,9301
Total
549,536
13,545,565 14,213,930
Represented by five "certificates of ownership" designated
stock which are held by the Pittsburgh Cincinnati Chicago
RR. and Cleveland Cincinnati Chicago & St. Louis
&
as
capital
St.
Ry., through
Louis
owner¬
ship 60% and 40%, respectively.—Y. 144, p. 3504.
Indiana
Pipe Line Co.—30-Cent Dividend—
The directors have declared a dividend of 30 cents
per share on the
capital stock, par $10, payable May 14 to holders of record -April 22.
This
compares
Financial
146
Volume
with 50 cents paid on Nov.
15, last; 30 cents paid on
1937, and a dividend of 20 cents paid on Dec. 17, 1936.
Semi-annual dividends of 20 cents per share were paid
May 15, 1936, prior to
on
were
an
extra of
of 10 cents
14 and
of 15 cents per share
which semi-annual dividends
,
^
,
dividend of 20 cents was paid on Nov. 14,
5 cents on Nov. 15, 1935, and on Nov. 15, 1934, and an
per share was distributed on Nov. 15, 1933.—V. 146, p.
an
extra
Operating revenues
extra
Co.—February Earnings—
Interborough Rapid Transit
Taxes
Jr., receiver, in his monthly report states:
Traffic—The Subway Division during the month of February
61,184,670 passengers, a decrease of 3,522,122, or approximately
as compared with February,
1937. All lines on the division
traffic than in the corresponding month of last year, with losses ranging
from 4.52% on the Lexington Avenue Line to 6.55% on the Brooklyn
|» The Manhattan Division during the month of February
carried
5.44%,
reported less
Balance.
traffic than
month of last year.
The number of passengers
carried on the entire system in February
75,900,760, a decrease of 4,630,697, or approximately 5.75%, as
with February, 1937.
Subway Division Operations
was
$1,509,017
181,011
operation $1,056,552
218,707
$1,328,006
218.707
Balance.
$837,845
$1,109,298
$6,588,100
.
_
Cr29.572
Crl2,391
Dr23,285
$867,417
$1,121,690
$6,564,815
Gross Inc. from oper.
$867,417
823,998
_
$1,121,690
876,554
April 1, to
P.
1938—Month—1937
14,126
$1,807,823
$68,352 def$262,692
def$60,728
Net oper. revenue
lines:
4,054
6,069
Line
Other rent items
30,832
27,852
51,874
29 ,617
51 ,518
$150,135
$519,699
$152,869
1555.
Intercontinental Rubber Co.:—To Change Meeting Date
annual meeting on April 4 will' vote on amending
company's by-laws so as to change the date of the annual meeting from the
first Monday in April to the second Thursday in April of each year.—
Stockholders at their
Dirigible Corp.——Registers with
SEC—-
corporation on March 18 filed with the SEC a registration
(No. 2-3626, Form A-l) under the Securities Act of
shares of ($1 par) common stock.
The company states that it
The
1933 covering 1,000,000
intends to
lease, and repair all types of aircraft, particularly
lighter-than-air craft, and to develop an airport and airship facilities neces¬
sary to the operation of both lighter-than-air craft and heavier-than-air
craft.
registration statement, the net proceeds from the sale
of the stock are to be used as follows:
$50,328 for payment of preliminary organization expenses.
$50,000 to Clifford Clark Jones for certain license rights granted to the
According to the
purchase of land at
used by
buildings.
Sandston, Virginia, to be
for the construction of a dock, hangar, and necessary
$750,000 for the construction of an airship dock.
$1,765,000 for the construction of Model P-l metal-clad
$346,640 for the development and construction of an airport.
$384,477 for the construction of a terminal building, a
and office building, a club house and restaurant, two hangars, a bath house,
and an enclosed swimming pool.
$27,769 to care for maintenance/sanitation, water supply, power
station incidental to the company's business.
The balance of the proceeds are to be used for working capital.
Interocean Securities Inc., of N. Y. City, the principal underwriter,
offer the shares in 10 blocks of 100,000 shares each at prices ranging
a share for the first block to $27.50 a share for the tenth block.
The
is to be sold to the underwriters at a discount of 35% , it is stated, and
addition the underwriter is to receive a bonus of one share of stock for
five shares sold to the public.
The company states that it has given to
Interocean Securit ies Inc. 50,000shs. of stock for preorganizatipnaP ** 'enses.
David Burnet, of Lakeland, Fla., is President of the company.
the company
dirigible.
combined shop
lines and
will
from $5
stock
in
each
Ltd.—Accumulated Dividend—
Investment Foundation,
75 cents per share and a
further dividend of $1.25 per share
on account of arrears of preferred dividends accrued (or a total of $2 per
share) have been declared on the 6% cumulative convertible preferred
stock par $50, both payable April 15 to holders of record March 31.
See
A dividend of
also V. 145, p.
Co.—Accumulated Dividends—
dividend
account
and a
pref.. stock,
larch 15.
Similar payments be paid on March
28, holders July 20,
Sar $100. Both dividends will were made on Dec.31 to Oct. 20, of record
April 20, and Jan. 20, 1937; Oct. 10 and July 10, 1936.—V. 145, p. 4119.
Island Creek Coal Co.—February Output—
In February, this company mined 297,010 tons and in January, 307,599
tons, compared with 367,388 and#31,594 tons respectively in corresponding
months
a
year
ago.—V. 145,
(F. L.) Jacobs
Directors have
of 40% on the common
stock,
April 15. Dividend will be
shares held.
% notes, was distribute on
Dec. 6 last; a cash dividend of 50 cents was paid on June 25 last, and divi¬
dends of 25 cents per share were paid on Dec. 26, Oct. 1 and July 15, 1936.
Listing Approved—
The New York Curb Exchange has approved for listing 138,070 additional
shares of common stock, par $1, upon official notice or issuance.
|
L. C. Keenan and E. C. Brendtke,
board.—V. 146, p. 1880.
Two new directors,
Brothers—Dividends Deferred—
both of Detroit,
^
of
of
last.—V.
their recent meeting took no action on the payment
dividends on the non-voting common and founder shares. Quarterly divs.
25 cents and $1 per share, respectively, were paid on Dec. 24,
144, p. 1964.
at
Due affiliated cos.
581,571
37,620
606,242
21,675
2 012,843
1,053,055
60,000
60,000
39,071
Deprec'n reserve—16 ,894.808
Reserve for in¬
15,914,392
Accounts
Dep. for paym't of
payable.
pref. stock divs.
60,000
60,000
Accrued accounts.
71,960
848,983
63,177
Pref. stk. div. pay.
788,910
Misc. current liab.
2,937,735
3,024,824
charges.
Deferred
Unamort.
financ
ing expenses
262,686
269,134
4,106,466
Total
.92,949,948 88,891,181
shares, b Represented by 525,000 shares
92,949,948 88,891,181
Total
Represented by 40,000 no par
no par value.
a
of
31,303
6 ,242,908
juries, &c
Surplus
!
12 Months Ended Jan. 31
Earnings for Month and
.
1938—12 Mos.—1937
$17,726,571 $16,857,840
31— 1938—Month—1937
Gross earns, (all sources) $1,518,836
$1,491,072
Oper. exps. (incl. maint.,
gen. & property tax)._
674,588
662,392
Period End. Jan.
8,576,535
8,066,543
earnings.
Net
$844,248
$828,680
$9,150,036
charges
118,024
8,540
191,571
119,108
8,496
186,930
1,383,840
102,219
2,254,524
$8,791,297
1,542,849
106,909
2,216,854
1,209
31,278
67,813
928,032
2,091
71,589
150,966
Interest
Amort, of discts. & prem.
Miscell. income deduc'ns
5,101
Fed. & State inc. taxes._
70,000
2,091
6,432
78,003
$449,803
$427,618
Net
profit
$4,382,328 $4,700,038
Earns, per sh. common,
after income tax
$0,82
$0.78
$7.89
Note—No deduction is made in the foregoing statement for
if any, imposed on undistributed profits.—V. 146, p. 111.
$8.60
the surtax
Public Service Oo,—Earnings-—
1938—Month—1937
1938—12 Mos.—1937
Kansas City
Period End.
Feb. 28—
operating expenses
$528,602
433,402
$548,511
429,222
$6,741,152 $6,708,709
5,365,807
5,167,269
$95,200
22,690
$119,289
24,802
$1,375,345
$1,541,440
Net oper. revenue
General taxes.n_._.....
10,010
7,158
267,841
98,557
293,040
39,995
$62,499
1,128
$87,329
$1,008,946
793
21,309
$63,628
40,481
5,477
71,089
$88,122
41,333
6,243
70,641
$1,030,255
$1,217,591
490,932
77,422
862,629
398,597
75,614
854,463
$53,420
$30,096
$400,729
$111,083
Total operating revenues
Total
Social security taxes
Operating income
Non-operating income.
_
Gross income
funded, debt;
Other fixed charges
Total depreciation
Interest on
Net loss
—V.
Kansas Gas
31—
Oper. exps., incl. taxes._
Am ortiz. of limited-term
investments
Prop, retire, res.
Other income
approps
bondsi.
Int. on debenture bonds.
Other int. & deductions.
on
1938—Month
$542,520
290,998
mortgage
charged to constr—
$528,834
281,577
$5,865,108
3,022,852
$6,208,373
3,321,940
93
981
95
50,000
610,000
600,000
$191,415
$197,164
1,275
$2,275,452
1$2,242,161
15,086
$198,439
60,000
$2,293,517
_
910
$192,325
60,000
15,000
9,004
18,065
:$2,257,247
720,000
180,000
91,147
720,000
180,000
108,160
15,000
7,574
Cr2,807
01,875
$1,288,164
$1,267,975
520,784
520,784
0862
$109,183
$115,865
for the period,
Net income
Divs.
applic. to
whether paid or
1928—12 Mos.—1937
-1937
107
60,000
(net)
Gross income
Int.
$1,208,404
9,187
& ElectricCo.- -Earnings—
Operating revenues
Int.
i
146, p. 1403.
Period End. Jan.
pref. stocks
unpaid
-
$767,380,
Kaufmann
1713.
Department Stores,
Inc.—To Retire Some
Preferred Shares—
At the annual stockholders' meeting held March 21,
for
of 750 shares of preferred
stated business for January and
retirement
President,
factory
$747,191
have been made for Federal surtax on undistributed
12 months ended Jan. 31, 1938 and 1937.—V. 146, p.
Note—No provisions
profits for the
approval was given
Kaufmann,
fairly satis¬
stock. Edgar J.
February was at a
level.
Smaller Dividend—
have declared a dividend of 25 cents per
New Directors—
Jenkins
615.454
2,273,824
Balance
Co.—40% Stock Dividend—
$1, payable April 30 to holders of record
paid at the rate of two new shares for each five
A dividend of $1.50 per share, payable in 5%
Directors
643,991
Cash
p.itll9.
declared a stock dividend
added to the
stock..24 ,380,000 24,380,000
Funded debt
38, 000,000 38,000,000
433,914
423,441
Consumers' depos.
1,667,721
4 143,594
Unbilled revenues.
par
were
1 811,348
4,015,000
stock....—4 015,000
b Common
_
Accts. & notes rec.
pref.
a$6 cum, 1st
Plant, prop. & eq.80 407,925 78,531,407
1,327,067
Inventory
l 481,332
538,797
543,080
Investments
Net oper. revenues—
have declared a dividend of 43 M cents per share on
accumulations on the 7% cum. class A pref. stock, par $100,
of 40% cents per share on the 6%% cum. class B
The directors
of
Liabilities—
3975.
Iowa Electric
1936
1937
1936
investments
statement
design, manufacture,
company.
31
Comparative Balance Sheet Dec.
Depreciation
Amort, of limited term
p.1423.
$87,000 for the
subsequent pages.
$39,575
6.767,222
$50,032 def$415,561
def$79.812
Bal. of net oper. rev..
,384
31 ,348
$18,319
$19,084
sheet as of Dec. 31,
and Documents" on
parative income account and balance
1937, will be found under "Reports
$669,834
$4,904
3,797
3,495
6,121
$5,019
3,941
gueensboro Line—__
exington Ave. Line—
$7,437,056
789,814
853,867
Operating expenses
Interocean
Porter, together with a com¬
Affiliated cos. rec.
$7,130,250
7,392.943
$858,166
$793,138
Gross oper. revenue
Co.—Annual Report—The
City Power & Light
Kansas
Mos.—1937
8
1938
1, last;
4119.
remarks of President Joseph F.
$1,793,697
$245,913 def$171,214
Operations
$44,200
...
the 8% cum.
Oct. 1, 1936. Accumula¬
$16 per share.—V. 145,
Manhattan Division
V. 145,
dividend of $2 per share on
Oct. 1, July 1, April 1 and Jan. 2, 1937, and on
tions after the current dividend will amount to
58.772,513
6,978,815
$6,564,815
6,743,239
$245,135 def$178,423
777
7,209
781
Period End. Feb. 28—
—V. 146, p.
Co.—Accumulated Dividends—
pref. stock, par $100, payable on account of accumulations on
holders of record, March 22.
Like payment was made on Jan.
-
$43,418
Net inc. from oper
White Plains Rd.
31,479
21,993
73,126
21,993
78,751
1937
Non-op er. income
Rental of jointly oper.
$153,766
31,479
Assess—
Fixed charges ........ .
Balance
$184,550
The directors have declared a
$8,772,513
Bal.—City & co
Pay. to city under Con¬
tract No. 3
t
$16,502
declared:
S.,Ltd—capital.
—V. 146, p. 1245.
Drl36,226
Used for purch.
$257,253
103,487
$21,384
.....
$289,718
105,168
Pref. B
$8,908,740
of assets
of enterprise...
Income from
Current rent deductions-
$347,253
90,000
J. P.
$8,337,761 $10,658,401
1,749,660
1,749,660
..... .
90,000
J.P.S.Co.,Ltd.(pref.)_
$9,834,365 $11,954,739
1.496,604 ; 1,296,338
Net oper. revenue
Taxes.
$379,718
7,500
1
$25,026
8,524
Johnson Publishing
$1,249,372
192,819
Operating expenses
;
Net income, *
Dividends
1938—8 Mos.~—1937
$27,752,113 $28,714,120
17,917,747 16,759.380
Gross oper. revenue
$338,929
8,324
$30,101
8,717
Gross income.
compared
1938—Month—1937
$3,351,007
$3,554,222
2,101,634
2,045,205
Period End. Feb. 28—
$37,601
7,500
'
1
_
Interest & amortization.
Line.
carried 14,716,090
compared
in the corresponding
$370,736
8,981
$32,526
505
Retireinent accruals
approximately 7.01%, as
passengers, a decrease of 1,108,575, or
with February, 1937. All lines showed less
83,411
32,921
$31,329
1,197
$37,096
Net oper. revenues
Non-oper. income (net).
Thomas E. Murray
404,991
84,741
33,969
5,902
3,000
Maintenance
1244.
2,869
33,621
7,625
34,234
Operation
1936;
Ltd. (& Subs.)—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$867,993
$894,438
$75,446
$80,234
412,730
Jan. 31—
Period End.
distributed.
In addition,
Jamaica Pubiic Service
May 15,
on Nov.
2045
Chronicle
Directors
stock, no par value, payable April
viously regular quarterly dividends
share on the common
28 to holders of record April 9. Pre¬
of 40 cents per share were distributed.
New Officers—
Kaufmann Jr., has been elected Secretary
former Secretary, has been elected Treasurer of this
Edgar
P.
1713.
_'
and E. R. Clarkson,
company.—V. 146,
2046
Financial
Chronicle
Kelley Island Lime & Transport Co.—25-Cent Div.—
Laclede
have declared a dividend of 25 cents per share on the
stock, no par value, payable April 1 to holders of record March 20.
with 40 cents paid on Dec. 15, Sept. 30 and on June 30, last;
30 cents paid on March 31.1937; an extra of 25 cents and a regular quarterly
dividend of 25 cents paid on Dec. 15, 1936; an extra of 5 cents and a quart¬
The
directors
March
Steel
26,
1938
Co.—Dividend Reduced—
The directors have declared
a dividend of 15 cents
per share on the com¬
stock, par $20 payable March 31 to holders of record, March 20. This
with a dividend of $1.25 paid on Dec. 27, last; dividends of
25 cents paid on Sept. 30, June 30. and March 30, 1937; 45 cents
paid on
Dec. 26, 1936, and dividends of 15 cents per share paid each three months
common
mon
This compares
compares
erly of 25 cents paid on Sept. 30, 1936; dividends of 20 cents per share
paid in each of the four preceding quarters; 15 cents paid each three
months from April 1, 1934, to July 1, 1935, incl. none from April 1, 1933
to Jan. 2, 1934, and 25 cents each quarter from Jan. 1, 1932, to and incl.
Jan. 2, 1933.—V. 145, p. 1744.
previously.—V. 145,
3975.
p.
were
Lake
Superior District Power Co.- -Earnings-
Calendar Years—
1937
1936
1935
1934
Operating revenues.
Oper. expenses & taxes._
$1,999,420
1,418,218
$1,770,969
1,004,913
$1,574,906
929,026
$1,505,492
Net operating income.
$581,203
$766,056
$645,881
Non-operating income..
$597,525
41,268
38,859
25,122
21,643
$804,916
311,220
$b71,003
.322.937
$619,168
325,679
$493,695
236.717
$348,066
$293,489
236.735
53,548
$120,677
$256,978
$111,349
$3,206
y30,599
$4.60
y30,599
X30.599
$3.64
X30.599
_ _
Kelsey-Hayes Wheel Co. (& Subs.)1937
Calendar Years—
Net profit after deprec.,
int., Fed. taxes, &c._
Earns. per sh. on 290,285
Earnings—
1935
1936
1934
$982,969 y$l,030,252 x$l,242,773
$326,393
Gross income
$3.39
class A shares—-—
$3.54
$4.28
during 1935 a non-recurring profit on
of $474,125 after provision for Federal
taxes on same.
Including this item, the total net profit for year 1935
amounted to $1,716,898.
y Including non-recurring income of $453,075.
Nolo—No provision for surtax on undistributed profits required.—V.
Preferred
participating dividend of 34 cents per share in
Corp. ( & Subs.)
$100 par.
x
1937
1934
53,592.874
4,839,627
6,514,983
Total
inch
and
mining,
73,188,996
106,269,983
148,550,442
oper. revenue
of metal products,
58,432,501
41,065,680
5,988,886
4,897,197
4,170,250
66,119,607
38,721,540
22,013,443
13,196,570
1,387,890
652,584
\ 520,030
67,507,497
9,859,621
6,473,883
39,374,124
22,533,473
4,151,877
4,161,389
x
20,137
7,308,706
34,472
295,757
-
Market, securities-
Other receipts—Divs.,
interest & miscell
5,600,000
36,882
193,935
102,595
debt
come
37,079
taxes
Accrued Interest..
Accrued
421,955
divs.
preferred
186,623
Misc.
curr.
Cust'ers
Depreciation
4,978,976
liabils.
ad vs.
Misc.
667,52|.
of subsidiaries.
-
300,220
437",339
186,857
363,078
48.775
59,059
Total
,
in
Directors
5,719,854
4,841,498
7,133,984
78,311,320
6,163,037
71.177,336
10,773,485
$1.22
10,769,379
$0.53
$150,577,605, and "operating costsafter adjustment for inventories" for "metals and metal
products and manu¬
facturing" of $86,836,190, but with the same "net operating income" of
$66,119,007 as is shown above.
Liabilities—
payable.
Treatment, refg.
& deliv,
2,002,698
1,472,047
9,009,927
583,443
7,241,618
842,903
Def. accts.
4,113,792
4,276,524
Insur.
Prov.
b
30,283,262
432,432
1,011,766
—
2,242,754
1,723,856
11,318,246
pay.
73,172
95,823
1,702,465
deple'n-
Total
90,150,586
78,311,320
354,497,255 335,459,401
Partly owned and allied and affiliated companies,
b Less depreciation
$99,473,594 in 1937 and $104,362,128 in 1936.
c
Represented by
0,821,652 no par shares in 1937 and 10,821,686 in 1936.—V. 146,
a
p.
1246^
Keystone Steel & Wire Co.—To Pay lo-Cent Com. Div.—
Directors
on
March 16 declared
a
dividend of 15 cents per share on the
stock, no par value, payable April 15 to holders of record March
A dividend of 25 cents was
paid on Nov. 1 last; 15 cents paid on Aug. 2,
May 1 and on Feb. 1, 1937, and dividends of 50 cents
per share were paid
on this class of stock on
Nov. 1 and on
25.
Aug. 1, 1936.—V. 146,
|). 756.
Key West Electric Co.—Earnings—
12 Months Ended Jan. 31—
Operating
Includes non-operating income, net.
ment reserve.—V. 146, p. 1246.
y
$414,031
$2,425,255
87,281
$2,117,705
$2,304,517
30.680
81,607
$2,337,974
1,281,014
$2,087,025
933.468
$2,222,910
1,168,940
$1,607,766
$3,618,988
$3,020,493
$3,391,850
847,500
920,316
997.336
1,089,017
229,665
245,181
2,725
104,808
222,133
270,091
12 TOO
38,600
on
other oper
Total inc. from oper..
Total income.
Interest on funded
unfunded debt
Prem.
coal land
on
and
(net)..
on
re¬
...
bonds purch..
"
Prov. for Fed. inc. taxes
Prov.
for
surtax
011
6~606
$153,311
69,757
24,884
15,900
in
inc.
net
34,260
of
subs
Cr2,170
1,449,124
1.417,411
10,661
1,316,511
12,773
1,237,830
loss$938,854
$824,919
$461,751
$709,279
Depletion & depreciation
Net income.
_
...
10.302
Consolidated Balance Sheet Dec. 31
Assets—
1936
.$
Cash
1,565,873
accounts
Liabilities—
1,914,386
inventory...
1,776,751
1,987,414
Material & suppls.
445,652
437,122
assets..._934,744
1,069,977
Inv. in property23,616,550
23,649,750
Inv. In Burns Bros
Invest, in retail dis-
Workmen's
insurance
1,532,271
Federal taxes, &c.
Accrued State and
21,988
Advanced royalties 1,542,107
Sinking fund assets
487,760
funded debt, &c.
Coll. notes payable
159,008
2,149,014
525,551
local taxes
Mortgage
Deferred
payable
liabilities
debt
Reserves..
Minority
6%
b
128,784
144,104
11,370,450
interests
Laclede-Christy Clay Products Co.—No Dividend Actioq
was paid on Oct. 1 last.
9,412,052
Surp. at organiz.
Deficit
1936
$50,312
a
After
34,729,429 36,338,477
depletion
and
epreciation
43,391
323,744
pref. stock...11,370,450
c
Total
1937
441,966
1,500,000
200,116
205,119
194,000
194,500
575,362
595,128
14,576,000 15,449,500
147,017
156,578
Common stock.
d Treas. stock
wo.iv*
225,902
315,427
1,500,000
62,235
155,041
Other curr. liabils.
353,610
agents..
454,633
366,063
on
tribut'g facilities 1,476,848
231,012
Deferred charges..
Deps. with coupon
403,267
437,756
200,065
Interest accrued
994,501
1937
§93 192
856,775
comp.
819,501
paying
$
764,408
sinking fund
obligations.....
Wages payable.
Other
a
1936
$
Accounts payable.
Acer,
receivable...... 2,104,434
Coal
1937
S
1,272,082
&
$143,777
64,774
18,450
Directors took no action on the payment of a
dividend on the common
shares at this time.
A special dividend of 25
cents was paid on Dec
28
93,325
Equity of minority stock¬
Kobe, Inc.—Earnings—
la8y Y45 a Telii9 quarterly dividend of 25 cents
.
un¬
After appropriation for retire-
Years Ended Dec. 31—
Net income before Federal taxes
—V. 145, p. 3349.
738.297
Funded
1938
revenues.
Balance after operation, maintenance & taxes
y Balance for dividends and surplus
x
x
$509,303
95,273
$2,977,843
673,326
1937
of
common
98.681
$2,841,435
723,730
selling coal.
Loss
Notes
354,497,255 335,459,401
$3,262,232
insurance tax
Earned surp. be¬
fore
$1,596,770
787,442
Income from mining &
1,553,065
RR.equity,&c218,773,693 216,532,342
1934
$18,842,281 $18,521,914 $19,517,083
15,580,049
15,680,479
16,539,240
300,024
.
& adm. exp.
unemploy.
53,199,684
190,915,309
—
the new
An initial
on
1,193,735
gen.
holders
Stated capital. 53,199,636
Capital surplus. 190,914,877
.
Kaske, Comp¬
$17,845,422
16,248,652
Gross profit
Sell.,
5,517,815
c
Mining props.,
Total
President, &c.—
Smith
1880.
distributed profit
Miscell. deductions
other
&
reserve
1,108,679
4,142,529
taxes
accrued
Stripping & min¬
Misc. def. accts.
for
$
4,895,519
chgs.j
not due..---.
21,419,503
Ore & concentr's
1936
S
Accts.
Mat'Is & suppl's
Def. accts. rec._
ing developm't 29,451,636
Prepd, Insurance
439,381
H.
State & Fed.
serve
1937
$
p.
Carrying charges
Consolidated Balance Sheet Dec. 31
1936
146,
Cost of sales
sales from the mines to the fabricating
plants.
Statements of prior years
had been presented without such elimination
except to the extent of the
securs.
R.
Consolidated Income Account
for Calendar Years
1937
1936
1935
sales of products in inventories at the end of the
year.
The statement for
1937 presented on tne same basis as the statements for prior years would
have shown total "sales of metal
production and metal products and charges
for manufacturing" in the amount of
Invest,
elected
Calendar Years—
Sales of coal
minority shareholders of Utah Copper Co. during year up to the time that
company was liquidated and its assets acquired by Kennecott.
d The
deduction for taxes includes a charge for Federal undistributed profits tax
of $1,400 ($1,313 in
1936), which is the estimated amount of such tax as to
certain minor subsidiary companies.
For Kennecott Copper Corp. and all
its major subsidiaries no such tax is beiieved to be due.
Note—Trie 1937 statement is presented after elimination of intercompany
a
have
accounts of $86,533
Lehigh Valley Coal Corp.—Earnings—
The amount of net income applicable to Kennecott stock is
stated after deduction of the amount of dividends which were paid to the
8,923,062
10,433,214
....13,478,985 12,948,455
After reserve for uncollectible
The directors have declared a dividend of 25 cents
per share
stock, payable April 1 to holders of record March 26.
dividend of $1.50 was paid on Dec. 23, last.—V.
146, p. 112.
b Includes income from properties in Utah for
32,590,727
Total
36,611
106,029
common
entire year.
$
12,948,455
26,516
81,233
226,706
Lane Co.—Smaller Dividend—
a Includes the income of
Kennecott Wire & Cable Co. (formerly American
Electrical Works) from Oct. 1,1935, the date as of which Kennecott Copper
35,633,479
Market, securs. 14,180,218
Accts. receivable
8,491,049
Metals
30,709,259
reserves
was
troller.—V.
878,356
63,937,591
10,821,686
$2.36
11,947,106
surplus..
90,150,586
capital stock
outstanding (no par). 10,821,652
Earned per share
$4.60
Assets—
y
972,977
26,516
President, succeeding George S.
elected Chairman of the Board, filling the
vacancy left by
Jennings.
J. F. Donahue and I, L. Jennings were elected
Vice-Presidents, H. W. Winterberg, Secretary and H. H.
of
Cash
.
1,191,966
for
prop.
1937 and $71,569 in 1936.—V. 146, p. 917.
Lamson & Sessions Co.—New
84,727
13,164.571
7,001,534
25,490,765
18,356,780
37,875,288
1937
,$75.
13,337
the late J. E.
Earned
Corp. acquired its stock,
13,478,985
*£ar
Case, who
Net income applicable
to Kennecott stock
before depletion
49,822,394
Shares
329,080
490",922
510,843
750,000
840,873
173,025
434,075
250,000
Sundry charges
Minority int. in income
Dividends paid
to
19,726
14,044
29,597
...
Contributions
extern®.
57,843
for
Surplus
ating costs
Reserve for contingencies
Shut-down expense
94,372
on
construction
Gen. admin. & corporate
exps., not incl. in oper¬
37,705
162,196
59,003
stock.
Retirement res'vas
6,570,584
60,917
Federal & State in¬
1,862
451,845
178,062
&c__
Mat'is & supplies.
rec.,
depos.
local, &c
Oust, accts. and
notes
2,294,925
5,600,000
1,002,600
2,294,925
pref. stk.
Accounts payableAccr'd taxes, State,
13,454
Special deposits. —
y
2.522.300
1,002,600
Common stock..
23,451
charges
13,859,808
3,234,495
3,720,094
61,559,557
2,522,300
Funded
536,675
663.237
75,122,128
par).....
par).....
cum.
Customers'
498,717
-
Cash...
'
RR., steamship & wnarf
operating costs
Net oper. revenue
319,755
Prepaid accts. and
deferred
46,278,355
($100
($100
in process of
exp.
1936
pref. stk.
cum.
6%
193,711
Bond discount and
treatm't
delivery.
1937
10,957,073
-
66,674,013
$1.86
31
Liabilities—
7%
expenses.168,304
Investments
301,273
amortization
Cost
$
Pref. stock comrn's
Sales of metals & metal
Dec.
1936
$
Assets—
and
products
138,863,544 b98,442,134
RK'S, steamship & wharf 9,686,898
7,827,849
$8.40
$75 par.
y
Plant, prop, r'tr,
franchises, &C..11,824,311
$
236.717
out¬
Balance Sheet
Earningsal935
1936
$
year.
common
Earns, per share on com.
quarterly dividend of $1.50 per share on the cum.
participating preferred class A stock, both payable June 1 to holders of
record May 10. A participating dividend of 89 cents per share was paid on
June 1, last.—V. 145, p. 2228.
1937
of
236,717
20,000
—
_
standing
addition to the regular
Calendar Years—
dividends
Surplus for
Shares
Kennecott Copper
$377,394
Common dividends.
Co.—Participating Preferred Dividend—
a
245,077
Net income
145, p. 2850.
Directors have declared
$622,471
Int. & miscell. deduc'ns.
$1.12
x In
addition, company realized
the purchase of its own debentures
Kendall
907,968
Total..
reserve:
9,412,052
4,004,018
3,996,475
9,558,185
9,239,519
Drl58,385
Drl58,385
34,729,429 36,338,477
1936,
$34,346,972;
1937,
$48,5/0,751; also after deducting surplus arising from revaluation of
propi§36» $9,621,836; 1937, $9,633,526. b Represented by no par shares;
1936 and 1937,
1,205,437. c Consisting of $2,642,319 declared by directors
as
initial
surplus of parent company, together with $1,361,699
representing
of subsidiary companies at Jan.
1, 1929, over statutory
declaration of value of parent
company's capital stock issued in exchange
for capital stock of
subsidiaries, incl. stock
excess of net assets
preferred and 5,000
acquired by purchase,
common
shares.—V. 145,
p.
2851.
d 750 3-5
Inc.—Initial CI. A DlV.—
Langendorf United Bakeries,
declared an initial quarterly dividend of 50 cents
the $2 class A stock, payable April 15 to holders of record
146, p.1715.
•
Directors have
on
V.
per share
March 31.—
Libbey-Owens-Ford Glass Co.—Earnings—
•
1937
1936
1935
$17,917,462 $17,632,970 $13,853,351
Deprec. on mfg. props..
2.124,960
2,451,898
2,830,225
on
stock.—V. 146, p. 1557.
Co.—Listing—
Lehigh Valley Coal
authorized the listing of $2,476,000
secured 6% notes class A, extended to Jan, 1, 1943, upon official notice of
delivery of the extended notes in exchange for certificates of deposit or of
Exchange has
The New York Stock
old
notes.—V. 146, p. 281; V.
Lehigh Valley Coal
1937
1936
$16,382,223 $17,183,562
15,409,694
16,002,668
Years End. Dec. 31—
sales
Net
Cost of sales.
$1,180,893
333,337
$1,114,069
320,008
341,113
: $1,294,964
1,086,488
$1,514,230
1,065,632
$1,434,077
1,025,755
:$1,488,236
$448,598
20,728
$408,322
Yardage & dock, credits.
from
Sell., gen. & other exp..
Inc. from selling
$208,476
27,218
coal.
Other income
Res.
inc.. Fed.
of
out
1,011,581
$412,959
133,570
147,033
$279,389
$335,386
Dec. 31
1,703,844
1,372,708
28,880
Accts. pay. to
1,893,096
7,586
9,717
Supplies
accts.
Fed.
Stock
taxes
867,460
11,827
11,780
67,500
owned.....
$2,494
993,833
Prepaid insurance,
taxes, &c—
8,725
18,239
$8,167,420
$3,161,832
Dec. 31
Balance Sheet
stock. .15, 677,375 15,644,800
1,213,710
Accts. pay., &c.._ 1, 713,237
3,267,613
Accrued taxes, &c. 2, 808,284
b Common
888,705
7,743,102
937,385
.
6 ,146,036
.
items..
for
con¬
tingencies,
&c-_
1,530,319
Reserve
839,955
8 972,381
837,592
5,305,175
Earned
placement fund- 8 ,989,382
1 ,110,063
Other assets
1 025,757
9,730,000
1,174,149
1,202,588
U. S. Govt, secur.
......
receivable
surplus
Paid-in surplus...
612,633
33,739
72,850
429,296
49,728
4,900,718
342,099
.....
45,281,3181
Total
-.47,080,108 45,281,318
depreciation,
b Represented by 2,508,380 no par shares in 1937
2,503,168 no par shares in 1936.—V. 146, p. 1246.
47,080,108
Total
and
Chemical Co.—Earnings-
Lindsay Light &
Selling,
—V. 144, p.
$6,064,992 $6,593,046
Total
Inc.
(R. G.) Le Tourneau,
Sales, less returns,
$89,707
$112,705
50,173
47,506
43,782
administrative and shipping
—
42
sales..
$929,860
$2,064,897
$889,683
88,578
4,021
129,719
5,144
dividends
$92,599
$134,864
53,292
4
53,337
$81,527
$39,307
$7,539
Including
9,915
$136,464
64,951
$71,512
$374,686
$714,358
16,130
$1,615,534
$521,467
146,781
$697,713
16,644
488,669
599,858
$1,495,302
Balance
$971,210
273,497
$2,104,204
$2,095,159
Total
Sell., adm. & gen. exp._
$223,302
600,000
18,891
26,215
94,634
600,000
marks & patents
Accts. receivable..
$385,353
10,667
270,800
2,800
111,850
$1,364,393
1,346,135
$586,377
$324,887
44,864
112,500
13,200
1936
Cost of sales,
Stock
1936
1937
Assets—
653
stock.
Accts. rec. (officers
i
$100,000
Note payable..--Accts. pay., trade.
107,054
1,255
1,465
1,263,421
expenses.......
Used equip., at
65,535
cost
1,119,120
Capital assets
Deferred charges.
_
36,714
.—$4,160,389 $2,953,336
Total
81,951
Customers' deps..
Fed. taxes accrued
260,653
806,399 Notes pay. Uong22,610
term)
1,293,000
Cap. stk. ($1 par).
450,000
Capital surplus...
835,867
Earned surplus
1,031,864
18,660
130,227
20,114
_____
70,699
450,000
835,867
887,079
$4,160,389 $2,953,336
Total
Lexington Utilities
Co. (& Subs.)
-Earnings-
Net earns, from oper.
Other income
earnings
Int. on funded
debt—:-
General interest
Amort.of bd.disc.& exp.
Prem. on
Co. bonds
1935
1934
$1,821,453
1,274,970
$1,694,951
1,108,003
$1,696,229
1,183,741
$492,605
45,017
$546,483
$586,948
40,430
$512,488
40,495
$537,623
221,487
7,368
29,517
$591,126
$627,378
231,450
4,673
29,531
$552,983
235,230
7,530
44,644.
224.285
7,537
29,532
dividends..
p. 602.
1,074
*
7,413
29,532
.
7,413
3,089
$321,286
$353,331
326,504
42,292
33,666
$964,541
$974,414
1934
1935
$14,093,272 $10,378 024
12,913,751
9 561 664
$2,788,653
161,063
x406,213
$1,453,367
$2,221,376
213,099
1,688,932
$816,360
290,589
$1,092,360
223,647
263,863
x821,171
$3,232,373
211,838
2,026,719
273,846
193,372
167,635
$1,106,949
145,945
809,438
91,631
$869,373
237,458
269,598
$319,345
$59,275
$362,317
com.stk
$4.47
$2.97
$1.28
$0.93
$113,000 ($13,677 in 1936) provision for Federal surtax on
$993,816
undistributed profits.— v.
145, p. 3659.
,
Inc.—Files Under 77-B—
17 which
continue operation of
until a conference
corporation petitioned
the court March 16 for permission to reorganize under Section 77B of the
Bankruptcy Act.
Liabilities are listed at $1,589,689 and assets at $850,923, including
mailing lists containing 4,000,000 names valued at $250,000 and sub¬
scription accounts receivable totaling $214,306.
The Literary Digest,
which had a circulation of 425,000 copies weekly, suspended temporarily
Feb. 23, 1938.
The corporation, in its petition, requested permission
sell the mailing lists and says that efforts are being made to obtain
working capital so that publication may be resumed.
Federal
Judge
Robert P. Patterson
signed an order March
permits the present management of the company, to
the magazine corporation, located at 233 Fourth Avenue,
of creditors and stockholders is held April 16.
The
on
new
Lockheed Aircraft
1557.
Loft, Inc. (&
Years Ended
------
Subs.)—Earnings-
Dec. 31—
1937
1936
interest, deprec., amort, of
leaseholds and other deductions
$972,704
$870,514
x Exclusive of profit and loss debits (net) of $563,088, ($565,420 in 1936)
including $322,790 loss on sale of property, which were carried to
dated deficit account.—V. 146, p. 1880.
x
$280,692
Corp,—Orders.-—
corporation announced on March 22 receipt of an order
unannounced foreign airline for five model "14's."
The amount of
the order is said to be approximately $400,000.
Company officials an¬
nounced that this order was included in the backlog figure of $6,200,000
reported in the annual statement as of March 21, last.—V. 146, p.
Officials of the
from an
5,302
11,244
$260,592
266,777
75,000
to
repurchased
income
146,
1936
Lexington Ry.
through sinking fundAmort.
of pref.
stock
commission & expense
Misc. income deduc'ns..
Preferred
1937
$1,753,534
1,260,928
Calendar Years—
X14.339
70,000
$4,317,407
Literary Digest,
112.
p.
Includes
x
xl.3,593
payable
Mortgage
$1,179,521
Surplus..
Earns, per sh. on
5,500
301,485
5,000
Fed. tax.
Res. for
$2,490,863
297,790
dividends
195", 675
Accrued payroll &
2,057,050
employees).
Inventories..
5,000
313.250
Preferred dividends
Common
15,000
5,918
"G~526
Mtge. pay. curr__
$4,004,157
Netprofit
$207,030
company
subscrips.
146,
1937
Liabilities—
dation (parent
373,934
584,661
Notes & accts. rec.
i
Dec. 31
600,000
Bank loans
1937
1936
$26,643,840 $20,789,475
22,639,683 18,298,612
Operating profit
$335,9681 LeTourneau Foun-
$275,939
.
Net
mcl. depr.
Total income
Balance Sheet of
Net
Sales
$225,490
Accounts payable.
Bur plus
Sundry debits
Federal taxes
12,453
1936
1937
$227,130
600,000
Subs.)—Earnings—
Link-Belt Co. (&
Calendar Years—
1,122,459
Dec. 31
Liabilities—
7% pref. stock
Common stock...
5,678
Otherincome
profits
profit
Dividends—Cash
Includes
x
48,013
$0.63
$974,4141 Total.
accruals.—V. 145, p. 1263.
235,000
12,000
6,215
$0.18
$964,541
Total
28,674
profits
Net
Investments
$0.24
24,271
120,698
1,382
1,499
Unexpired insur..
$1,644,208
taxes
Surtax on u ndist.
1936
$222,384
trade¬
Goodwill,
$1,262,541
charges.
Normal & excess
to capital
15,880
6,000
Balance Sheet
$1,529,574
20,033
Total income
9,270
$52,089
14,444
24,000
-L
1 OR 7
A
34,272
Otherincome
3,592
$26,809
15,663
12,000
undistributed profits tax.
Inventories
Uncoil;
x4,984
60,000 shares
Earnings per share on
common stock
Cash
Net.
Other
_
and
profit for year
Real estate &bldg.
$19,999
12,460
Total
Rental & trucking exps.
479,906
$68,293
6,934
$30,291
$449,954
126,549
18,868
1,131
Gross profit on
$52,267
16,991
Preferred dividends
x
$2,087,620
of eqpt.
$2,004,595
1,114,912
$4,392,402
2,327,505
$5,674,305
3,586,685
Trucking revenue
Net
1934
1935
1936
630
$42,159
11,757
expense
Net profit from operations
Non-operating expense (net)
Provision
for
Federal income
Common
allow¬
ances & disccfhnts
Cost of goods sold
Rev. from rental
-Earnings
1937
1935
1936
1937
$102,439
capital stock tax
2307.
Calendar Years—
3,657,020
4, 573,459
15, 253,199 14,694,218
6,803,957
7, 054,554
Plant improv. & re¬
expense
Bad debts
...$6,064,992 $6,593,046
Total
$
$
Liabilities—
$
Land, bldgs., &cl8 ,493,708 15,960,019
Gas properties
1936
1937
1936
$
Assets—
unapplied
suspense
2,943,680
$558,982 $1,800,190 $5,248,726
$218,152
Earned per share
$4.19
$4.14
$3.26
$1.24
a
After deducting materials used, labor, manufacturing expenses and
adjustments of inventories,
b Includes provision of $150,000 in 1937 and
$350,000 in 1936, for estimated surtax on undistributed profits,
c Includ¬
ing subsidiary's loss on sale and demolition of capital assets of $155,764.
Balance, surplus
37,624
4,900,718
Capital stock
Profit and loss
2,918,694
8,579,348
9,959,936
297,034
22,560
*
Miscell.
—V.
$10,518,918 $10,379,538
Netprofit
Dividend
174,990
14,286
-V.
475",066
Calendar Years—
R'l est., bldgs., &c.
and
1,400", 000
141,044
390,450'
67,500
1,035,121
Cash
258,823
b2,500,000
500,000
b2,200,000
Deferred assets...
Cap. stock ot subs.
owned
25,822
150",606
78,570
Empl. stk. subscr.
29,500
33,193
accrued
Other liabilities...
135,960
current
45,000
300",666
626,453
38,620
23,260
56,466
•
accrued
not
141,832
968,981
State & local taxes
and
rec.,
advs.
1,899,179
2,581,494
2,975,910
76,532
aflil.
companies
579,500
Inv. in Burns Bros.
Notes,
*5,711,833
2,005,246
Selling, adv., administr.,
general, &c., expenses
Federal capital stock tax
Patent acquis'ns charged
off, &c
Loss on disposal of equip.
General contingencies..
Investments
Misc. accts. pay..
22,375
1,690,225
$11,917,666
419,687
Accts. receivable..
hand
6,845
$16,579,534 $16,384,928
Total income
165,971
Audited accts. pay.
30,520
on
1936
124,635
lossl,581
$2,258
136,185
payable...
Wages
8,061
Net
Inventories
1937
Liabilities—•
1936
995
Miscell. accts. rec.
earned
profit of whollyowned subsidiaries
clossl87,387
Discounts
Notes, accept, and
Notes receivable..
Coal
152,157
211,637
14,047
76,551
accts.
Balance Sheet
Cash..
239.235
310,954
6,078
143,677
Cash..........
97,992
1937
361,020
168,149
282,895
142,174
a
143,286
$822,250 $1,241,549
391,768
216,344
Otherincome
1937
$186,188
Assets—
110,565
84,306
Scrap
sales,
royalties,
&c., income
Gas properties income..
5,763
$326,041
Dividends.
101,038
103,770
$482,419
49,507
&c
taxes,
131,671
119,529
$476,655
4.637
$469,326
$235,695
Gross income
Interest earned.
117,391
99,162
1935
$1,147,123
$5,062,569
$15,792,502 $15,181,072 $11,023,126
mfg. profit
Dividends received
Federal income taxes—
1934
$16,949,419 $17,834,926
15,835,350 16,687,802
$7,447,383
2,384,814
Manufacturing profits
Empl's' stk subscrip'ns.
$972,528
322,436
Gross profit
Total gross profit
coal sold.
145, p. 4120.
Sales Co.—Earnings—
1934
Calendar Years—
a
Net
Co.—To Pay 25-Cent Div.—
The directors have declared a dividend of 25 cents per share on the
common stock, par $25, payable May 2 to holders of record April 14.
Like amount was paid on Feb. 1 last.
Four quarterly dividends of 37H
cents per share were paid during 1937.
A special dividend of $1 was Jmid
Dec. 21, 1936; a quarterly dividend of 25 cents in addition to an extra
of 50 cents per share was paid on Nov. 2, 1936, and a quarterly dividend of
25 cents per share was paid on Aug. 1, 1936, this latter being the first pay¬
ment made on the $25 par stock.
The last previous distribution on the
common stock was the 25 cent dividend paid on May 1, 1931, on the $50
Lehigh Portland Cement
par
2047
Financial Chronicle
146
Volume
Net loss after taxes,
consoli¬
Financial
2048
London
Chronicle
d After
Deep Mines Co.—SEC Seeks Injunction Against
Promoters—Fraud
Chai
[Including Magma Arizona RR. Co.]
has represented that Its mining properties were being operated,
ceased on Sept. 15,
Other
Period End. Jan. 31—
Operating revenues
Oper. exps., incl. taxes.
Prop, retire, res. approp.
Net oper. revenues...
372,899
55,500
$2,061,753
$168,593
$147,909
Com. shs. out.
$3.57
a
875,672
56,287
1937
Net income
$73,609
$91,976
applicable to preferred stock for the
period, whether paid or unpaid
$1,153,568
356,532
$797,036
profits
for the
respectively.—V. 146,
12 Months Ended
2,518,135
2,367,582
Earned surplus
1,240,155
905,823
securs.
10,200
*938,
$2,687,511
$8,753,299
—
1937
683,335
Freight
if the contemplated merger of the two
„
1936
Total ry. oper. rev._.$12,499,154
Maint. of way & struc..
Maint. of equipment
x$454,698
$3.36
x$642,294
$4.76
Net profit
Earnings per share
4,457,574
8,900
Deferred—
quarterly dividend of 15 cents per share was paid on Jan. 14 last.
145, p. 2082, for detailed record of previous payments.—V. 146,
1558.
586
$8,000,144
2,930,922
573,466
oper.
164,007
361,339
599,256
8,241
and
impts.
Net profit for the period
Shares common stock
a
227,717
$1,226,376
180,000
(par $1)
150,000
733,195
$1.43
733,205
$1.37
Mdse.
1938
hand,
on
1937
lnven.
rec.,
3,349,172 d3,219,921
54,619
19,385
Res.
Other
61,511
Reserve
and
rec.
23,000
for
7,844
7,555
value)
1
pay.
Reserve for contlng
164,066
27,256
1
459
3,625
226,188
132,904
Prepaid rents
6% cum.conv.pf
stock (par $100)12,999,500
bCom.stk.(par$l)
suppl., &c.
434,937
347,689
cos.. 7,374,869
investments 3.329,976
7,225,631
3,329,977
857,157
1,072,776
121,223
263,102
Inv. in affil.
Cash
Special deposits...
Traffic &
735
rec..
car serv.
449,534
547,820
1,281,650
1,258,983
56,334
57,744
113
410
1,020
1,570
Other def'd assets.
63,429
69,710
Securities Issued
12,576
276,955
5,659
137,961
302,297
679,933
590,033
153,639
or
assum., unpldgd
3,000,000
733,187
523,921
«
1,466,659
Total
63,548,158 65,078,040
S7,641,262 $6,940,953
908,000
33
Common stock.12,000,000
12,000,000
3,000,000
33
_
Grants
In
aid
of
construction
37,356
Funded debt
Loans & bills pay.
Traffic & car serv.
balance
31,254,936 30,059,600
750,000
1,000,000
185,874
240,743
832,073
806,771
56,363
210,701
161,365
payable
179,983
Audited accts. and
Misc. accts. pay..
Interest
matured,
unpaid
Fupded
debt ma¬
tured unpaid...
7,000
93,889
95,248
38,041
39,899
Other curr.llabll-.
92,175
Deferred liabilities
1,923,394
92,337
2,062,656
Unmat'd int.
accr.
Unmat'd rents
accr
21,000
59,271
11,416
6.000
7,238,777
equipment
Oth. unadj. credits
124,069
Approp. surplus
2,983,847
Profit and loss
1,790,274
8,068,951
liability
Ins. & cas'ty res
Accrued
deprec.—
Total....
$7,641,262 $6,940,953
a The outstanding preferred stock is shown upon the"basis"of treating as
though issued 242 shares (302{sharesfin 1937) of
Total
Earnings for February and Year
Period End. Feb. 28—
Operating revenues
Operating expenses
1938—Month—1937
_
Total
908,000
103,128
2,983,184
3,199,802
733,195
Capital surplus
a 763,000
Earned surp. since
Jan. 1,1935
2,005,950
$
3,000,000
Prior pref. stock..
Prior pref. scrip.
Tax
advance
Other unadj. debs.
Disc, on fund, debt
1936
Preferred stock...
wages payable..
Ins. prems. paid in
1,289,853
store
628,221
Working fund adv.
1
Prepaid Ins., taxes,
484,227
16,000
Leasehold valuat's
849,263
railway property
Misc. phys. prop..
10,500
9,445
1,077,723
leased
10,000
ff 44,000
a
on
101,608
10,000
21,050
lease¬
Improv.
121,228
Mat'l & supplies..
Int. & divs. receiv.
Other curr. assets.
current)
35,251
1937
LiabilUies—
977
22,000
in
^
■
917
Res. for Insurance-
hold lmprov'ts..
*5
u
Inv. In road & eqp.47,595,516 48,916,468
Deposits In lieu of
97,811
185,250
Invest,
1936
121,830
172,995
1,401.477
e
1,265,499
116,194
8,219
79,029
Furniture & flxt.
Real estate.
1,274,825
185,950
215,179
"$2,839,142
174,806
(non-
115,653
352,204
750,580
8,692
6,922
7,992
agts. & conduc's
Misc. accts. receiv.
(non-current)
Accts.
$2,874,394
268,836
143,939
351,363
703,185
8,003
6,064
$2,950,157
134,541
bals. receivableNet bal. rec. from
Mortgages payable
reserve
Securities (nominal
$3,084,701
340,653
172,084
424,967
598,746
8,309
7,063
1,243,526
141,584
29,345
8,676
281,576
tort
$2,892,341
$2,974,957
def 82,615
399,797
scrip, re¬
$2,356,015
518,379
28,471
11,099
367,582
claims
less
23,500
1,441
$2,430,968
653,733
.
$2,812,228
473,547
^'64,648
tirement
co
notes
accts.
for
$401,002
$2,186,031
706,310
Condensed General Balance Sheet Dec. 31
Loans & bills
.
income tax
reserve
1937
$455,403
mort¬
Accrued expenses
Reserve
for
Fed.
less
Claims with fire In¬
surance
and
gages payable..
Miscell. notes and
accts.
Notes
and
mdse. In transit.
1938
Accounts payable.
7,010
440,172
on
Total deductions
Net income
Other
Liabilities—
in
lntrans.§l,289,729cSl,236,821
discount
mtgd. prop. sold.
Comparative Balance Sheet Jan. 31
Assets—
of
Miscell. income charges.
ssctS'
696,475
Note—No provision has been made in the years ending Jan. 31, 1938 or
Jan. 31, 1937 for surtax on undistributed profits as the company has
allowable deductions in excess of the undistributed net profit
banks &
Amort,
1937
Including $109,042, social security taxes.
Cash
6,767
1,326,230
90,578
funded debt
unfunded debt..
.,176,757
4,337
62,881
$1,131,318
179,985
439,878
733,188
$1.30
share
per
on
on
funded debt
266,472
15,635
11*963
156,576
294,828
_
Preferred dividends
Common dividends
Earnings
Int.
and fixtures
amort, of invest, in leasehold
Prov. for deprec. and onsol. of invent
$2,614,959
670,817
Joint facility rents.....
Rent for leased roads
Miscellaneous rents
Int.
Miscellaneous other charges
Provision for Federal income taxes..
9,681
«...
income.
Miscell. tax accruals
$1,677,022 ^.$1,554,474
1,737,545
123,207
4,027,012
$1,665,784
$8,406,899
3,023,607
592,639
Rent for equipment
$1,493,364
1,918,534
138,856
$9,251,713
2,970,403
784,372
Gross income..
$3,285,776
Hire of freight cars, debit
balance
216,240
Co.—Earnings—
19,446,889
$1,628,147
2,048,348
140,237
4,545,628
917
Railway
See V.
20,315,284
$2,037,549
340
Total non-oper. income.
A
$22,615,287 $21,992,306
$12,222,116 $11,430,506 $10,931,066
Uncollectible ry. revs...
Directors at their recent meeting decided to defer consideration of divi¬
on the common shares until their April meeting.
Cost of sales, selling and administra¬
tive exps., int., &c., less other inc__a21,121,923
143,366
104,874
470,608
Total ry. oper. exp—
Net rev. from ry. oper__
dend action
Jan. 1 ,'35 to
Jan. 31, '36
$21,001,363
1934
$8,932,794
920,585
829,447
446,001
5,467
.... _ _
Transp. for invest.—Cr.
provision of $12,000
($7,000 in 1936) for Federal surtax on
profits,
y After interest, depreciation, and Federal taxes,
146, p. 1246.
Feb. 1 ,'37 to Feb. 1 ,*36 to
Jan. 31, *38 Jan. 31, *37
Years
1935
$9,338,699
982,711
840,575
156,120
112,400
$9,173,103
3,326,050
Railway tax accruals—
711,091
$2.85
On 134,977 shares of capital stock.—V.
McGraw Hill Publishing Co.—Dividend
1934
4,257,776
7,138
457,362
-
Miscell. operations
General expenses.
$384,710
undistributed
of bldgs.
$1,919,951
2,196,059
150,084
Transport i
1935
1
value.—V.
Operating Expenses—
„
April 4.—V. 146, p. 1558.
1937
1936
revenue
Traffic....
Calendar Years—
Gross income.
1935
(rail)...$10,365,537 $10,049,520
Passenger revenue (rail).
1,068,080
1,020,845
Mail, express, &c
861,834
875,996
Incidental
15,919
129,833
Joint facility—
187,784
145,922
Lynch Corp.—Earnings—
Deprec.
1936
1937
,T
par
RR.—Earnings—-
Comparative Income Account for Calendar
The Commission has set the matter for hearing
Net sales
$8,753,299 $8,366,412
Average miles operated.
1,010
1,043
1,052
1,049
Revenue pass, carried..
604,766
510,763
408,279
386,565
Rev. pass, carried 1 mile 49,251,657
43,725,849
35,039,703
31,416,367
Rev. per pass, per mile..
2.169cts.
2.33 cts.
2.80 cts.
2.93 cts.
Rev. ton freight carried.
5,843,116
5,417,990
5,044,856
4,910,304
Rev. ton frt. carr. 1 mile 665,548,676 622,560,550 576,672,211 553,608,786
Rev. per ton per mile
1.557 cts.
1.614 cts.
1.619 cts.
1.614 cts.
$1,000,000 Notes—
Period
Total....
Traffic Statistics for Calendar Years
Includes non-operating income, net.
to assume the notes
$8,366,4121
b Represented by shares of $10
depreciation,
1246.
Maine Central
$2,498,198
729,779
Jar\. 31—
McLeilan Stores
798,645
After
p.
reserve..
10,200
881,223
..
Total...
Generating Corp.—Earnings—
companies is effected.
p.
113,162
2,922,601
$31,860 for Federal surtax on
31, 1938 and 1937,
Balance after operation, maintenance & taxes..
After
102,108
2,922,601
146,
Corporation, subsidiary of Engineers Public Service Co., a registered
holding company, has filed a declaration (File 43-108) covering the issuance
of $1,000,000 of 3% unsecured notes payable Nov. 19, 1940, to Engineers
Public Service Co., as evidence of loans for declarant's construction
requirements.
Gulf States Utilities Co. has joined in the declaration and states that
z
99,671
111,926
Capital surplus
months ended Jan.
12
Operating revenues
x
Fed'l tax
373,153
Investments
1881.
p.
Louisiana Steam
z
1,289,643
1936
1,487,863
a
—
Note—Includes provisions of $18,920 and
y
620,449
1937
Capital stock.__S4,080,000 $4,080,000
298,945
242,718
1,170,386
$682,673
Balance.....
proposes
tax—
1,269,527
...
.
.
Deferred charges
Dividends
it
b
Accts. pay., &c
Accrued taxes
&c.$2,283,378 $2,039,326
....
Ma^Kptable
$1,039,205
356,532
mortgage bonds.
To Issue
1936 undistributed profits
LiabilUies—
1936
railroad,
Mines,
Cash....
875,000
49,876
x
1937 and $500 in
Accts. receivable-.
$1,964,081
$150,980
72,963
4,408
Other int. & deductions.
x
($2.00)
Consolidated Balance Sheet Dec. 31
$1,946,836
17,245
$2,085,527
undistributed
($2.00)
$277,989 def$150,303 def$168,819
408,000
408,000
408,000
$3.18
$1.63
$1.58
408,000
$1,947,557
$169,309
72,917
4,416
Gross income...
on
43.766
Inventories.
Other income (net)
Int.
O 6*893
railroad.
Dr721
$2,062,135
23,392
$168,211
1,098
$647,181
816,000
(par $10)
Including $693 in
y
Assets—
$147,909
3,071
$665,697
816,000
$334,332
equipment,
Operating income.
$1,297,989
1,020,000
($2.50)
Earns, per share on com.
$7,290,814
4,637,757
705,500
382
382
(net)
98,822
096,290
07,148
yll3,162
85.359
074,176
77,626
02,703
38.315
1,122,000
($2.75)
...
Surplus
$7,781,600
5,038,347
681,500
$596,992
$o75,752
368,843
59,000
81,627
0315,469
08,039
ylll,926
Kate
1938—12 Mos.—1937
1938—Month—1937
86,247
$1,456,332
Dividends..
Co.—-Earning8—
1934
$2,275,037
1,588,451
CV178.381
Net income
Court ordered the defendants to appear March 29 to show cause
preliminary injunction should not issue.—V. 142, p. 3681.
1935
$2,699,049
1,908,930
deductions
Railway oper.. inc. (net).
Res. for Federal taxes—
^
1936
$2,958,403
1,788,242
admin.
General, selling,
expenses, taxes, &c
Int. and other income..
1938, discussed the effect of a possible repeal or modification of the excess
profits tax on the company's financing, whereas at that time the company
had realized only $82.47 from operations.
Louisiana Power & Light
1937
$4,224,485
2,756,399
Calendar Years—
1937.
One shaft, called the First National, has been permitted to become
flooded and the electric power was completely shut ofr on Jan. 10, 1938.
The bill said that some of the company's literature issued in January,
a
obsolescence of $164,450 in 1937.
for depreciation, plus subsequent additions at cost,.—V.
reserve
Sales of copper
Cost of sales, &c
whereas in truth and in fact underground operations
The
1938
Magma Copper Co.— Earnings—
fraud provisions of the Securities Act of 1933 in the sale of the company's
stock.
The bill alleged, among other things, that since Oct. 4, 1937, the
why
for depreciation and
reserve
26,
146, P. 1716.
The Securities and Exchange Commission reported March 23 that it had
filed a suit in equity before the U. S. District Court at Denver, Colo.,
charging that London Deep Mines Co. and its two principal executive
officers, Robert D. Elder and nis father, George R. Elder, had violated the
company
Less
«
ged—
March
63,548,158 65,078,040
to Date
1938—2 Mos.—1937
$948,823
763,709
$1,059,230
736,050
$2,021,338
1,578,940
$2,124,551
1,499,398
$185,114
76,363
40,823
24,168
$323,180
69,144
60,005
28,395
$442,398
113,837
79,102
54,579
$625,153
138,252
102,082
54,326
$43,760
29,755
$165,636
32,312
$194,880
63,412
$330,493
i 65,277
$73,515
$197,948
$258,192
$395,770
171,058
169.447
383,064
340,123
$97,543
prof$28,501
_
newJpreferred
stock for
24l $?res (302 shares in 1937)7of oldyseries
b The
A 6% preferred stock.
outstanding common stock is shown upon "the basis fof treating as
though issued 316 shares (646 shares in 1937) tof
newjcommon stock for
316 shares (646 shares in 1937) of old class
verted; six
AVcommon?stock,|not?yet
SnUE8
be issued
in
connection
with the conversion tof 242
1937) of old sen?s A
Soo
c
pref-
returnable to McLeilan Stores Co.
Net ry. oper. income-
Other income
shares
(302
stock andU7fsharest(19Ishares in
.stock to be issued in connection with"the conversion
(37 in 1937) scrip certificates.
Exclusive of $163,077 withheld by
Irving Trust Co., trustee, for'possible
additional fees and contingencies of the
bankrupt estate, any excess being
of 33
Joint fac. rents—Dr
con¬
1937) shares of new common* stock Ifor »six Jshares'iof old
class B common stock; and 363 shares
(453 shares in<1937)*of newlcommon
stock to
(in
Net oper. revenues
Taxes
Equipment rents—Dr..
Gross income
Deducts,
(rentals,
&c.)
Net deficit
—V. 146, p. 1405.
*
int.,
$124,872 prof$55,647
2049
Financial Chronicle
146
Volume
Quebec Power Co.— To Vote on Contract—
been called for April 12 to approve
and the Hydro-Electric Power
Commission of Ontario and to modify sinking fund provisions of the bonds.
Under the new contract entered into in December last, the Ontario
Hydro will increase its purchases of power from the company to 100,000
h.p. by 1944.
At present 40,000 h.p. is being delivered.
An additional
20,000 h.p. will be delivered on Nov. 1, 1938; Nov. 1, 1940: and Nov. 1,
1944, respectively.
Deliveries under the new agreement will continue to
Oct. 31, 1970, and the price is $12.50 per h.p.
Under the original agreement the Ontario Hydro was to take 125,000
h.p. at $15 per h.p. after Nov. 1, 1936, the contract to expire in 1946.
As a result of cancellation of its original contract this company did not
meet the sinking fund payments on its 5H % first mortgage bonds, series A,
due Feb. 1, 1936, 1937 and 1938.
Bondholders are now being asked to
waive default of these payments and to release the company from its
obligation to make sinking fund payments on these bonds for a further
four years.
It is now proposed that sinking fund payments should com¬
Mar-Tex Oil
Co.—Earnings—
MacLaren
6 Mos. End.
A special meeting of bondholders has
the new contract between the company
$263,706
Total income
Exps.
gen.
58,996
& int..
& administrative,
$204,710
77,515
4,046
Operating profit
Depletion
Depreciation
Miscellaneous deductions
Provision for Federal income taxes—
$102,444
1936
$56,765
15,183
Notes receivable..
Other assets......
2,495
1,188
sufficient to retire 50%
At present there are
$12,000,000 of series A bonds outstanding.
V v
v
The trust deed provides for commencement of sinking fund payments
the series B bonds in 1939.
It proposed that commencement of payments
on this series should be postponed until 1946, with annual payments then
to be sxifficient to retire 50% of the $6,000,000 outstanding by maturity
in 1942 and that annual payments should be
of the principal amount of bonds by maturity.
Lease invest.—net 2,381,034
680,781
.
7,951
3,277
.
2.582
Permanent—net
-
_
Deferred charges.
$473,076
92,141
9,502
10,530
4,063
169,657
13,549
16,862
18,435
$152,129
$254,573
170,297
1936
1937
Liabilities—
1937
$34,524
43,119
79,117
.
$294,863
accounts..
Non-cur. notes pay
125,350
147,000
Capital stock
555,000
300,000
Capital surplus
38,805
$830,065
357,722
82,850
32,991
398,184
17,452
Earned surplus
Cash
A ccts. receivable
$643,373
$268,367
31
Balance Sheet Dec.
Assets—
$379,667
111,301
6,332
14,372
Net profit.
mence
End." Year Ended
31 '37 Dec. 31 '37
6 Mos.
June 30 '37 Dec.
Period—
168,661
12,312
Notes payable
Purchase contract.
Accounts payable.
Accr'd
11,435
12,937
on
Manati Sugar Co.—Listing
York Curb Exchange has
Approved,—
purchase 185,000 shares
146, p.1079.
of common stock, par
The New
to
warrants
V.
option
value $1.*—
approved for listing 10-year
Ry.—Company Demands its Lines—Counsel
A uthorize Him to Ask for Return by I. R. T.
Manhattan
notified Federal Judge
holding a majority of the
company's stock had authorized him to demand the return of the lines by
the Interborough for alleged breach of the lease contract.
The chief breach, Mr. Franklin said, was the Interborough's failure since
it went into Federal receivership in 1932 to pay to the city more than $9,000,000 in taxes due on Manhattan properties and franchises.
Judge Paterson, who is presiding in the Interborough and Manhattan
receiverships. Indicated that a formal demand in writing for the return of
the properties would receive serious consideration.
No such demand was
made, however.
It was withheld pending consultation by Assistant Cor¬
poration Counsel William G. Mulligan Jr. with Mayor La Guardia and other
city officials regarding a possible adjustment of the city's tax claim.
The city has already prepared to advertise on April 15 the sale of a transfer
tax lien of the Manhattan properties on account of $9,722,000 in back taxes
accruing during the past 5H years.
The advertisement and sale could be
averted if arrears for the past three years, totaling $3,800,000, were paid
before April 15.
Once the sale is advertised, the entire $9,722,000 comes
Franklin,
counsel for the company,
March 24 that the directors
Robert P. Paterson on
the city might agree to accept
advertising of the lien sale.
of the Manhattan, in a statement
issued after the hearing declared that the Manhattan would ask the Tran¬
sit Commission for a fare rise on the elevated lines should they be returned
recently suggested that
Judge Paterson
a
part payment and hold up the
Theodore S. Watson, Vice-President
Interborough in response to a demand filed by Mr. Franklin.
indicated its belief that the Interborough's failure to pay
Manhattan taxes as required by the lease of the elevated lines constituted
a sound basis for demanding a return of the leased property.
by the
The
Court
such
Manhattan bondholders held that a demand for
return, to be effective, must be approved by the bondholders.
It was
indicated that the bondholders might not join in such a demand.
Speaking for the Transit Commission, Winfield F. Palmer,
special counsel, called attention to the fact that the
would be required for the return of the properties.
In view of the fact that the Interborough receiver, Thomas E. Murray
Jr., has applied to the court for leave to disaffirm the Manhattan
surrender the elevated lines to the Manhattan, the intimation that
Manhattan,
which has heretofore strenuously opposed disaffirmance,
might demand return of the lines, came as a surprise in some quarters.
Franklin intimated that the Manhattan might ask, along with the return
of the lines, the payment by the Interborough receiver of $250,000 as an
initial fund for their operation.—V. 146, p. 1080.
Counsel for the
associate
Commission's consent
lease and
the
Mr.
Calculating Machine Co.—2b-Cent Div.—
The directors have declared a dividend of 25 cents per share on the
common stock, par $5, payable April 15 to holders of record April 1.
This
compares with $1 paid on Dec. 20 last; $1.15 paid on Oct. 15 last; 50 cents
Marchant
Dec. 21,1936, and
latter being the first
year three divi¬
paid.'—V. 146, p. 1717.
1937; $1.50
paid on July 15 last; 35 cents on April 10,
on
50 cents paid on Oct. 10 and on Aug. 15, 1936, this
distribution to be made since 1930.
During this latter
dends of 40 cents per
share each were
Railway—1-Cent Fair is Asked—
The company, a subsidiary of the Standard Gas & Electric Co., has filed
an application with the California Railroad Commission for a seven-cent
fare in San Francisco.
The company asked authority of the Commission
in the spring of 1937 to institute a fare of seven cents with tokens to be sold
at four for 25 cents.
The Commission denied this application, but author¬
ized the retention of a five-cent fare with an extra charge of two cents for
transfer, made effective on July 6, 1937.
This failed to increase the
company's revenues and the new application is designed to bring more
revenues.
The competing municipal street railway system charges five
Market St.
a
cents
with no charge
To Reduce
Stockholders
Articles of
for transfers.
April 1.—V. 137, p. 2471.
(Glenn L.)
Consolidation,
the
company, so as
will consider amending
Amalgamation and Incorporation
the number of directors from
Earnings for Year Ended Jan. 31
to reduce
[Company
1938
<
Operating revenues.
Operating expenses, maintenance
Net
operating revenue.
other income
Appropriation for retirement reserve.
$1,239,769
500,000
500,000
$793,010
operating revenue &
._-_ —
$293,010
454,692
22,760
4,406
$739,769
480,828
24,542
.loss$188,848
$230,311
Gross income
Interest charges
„
Amortization of debt discount
Other income
& expense
deductions
,
Net income..
—V. 146,
Co.]
1937
$7,207,374 $7,463,101
6,421,885 6,230,337
$785,488 $1,232,763
7,521
7,006
and taxes
Other income
Net
of the
nine to eight.
Francisco Railroad & Power
and South San
Martin Co.—Arotes Called—
five-year 6% convertible notes due Nov. 1, 1939,
redemption on May 23 at par and interest.
Payment
the Baltimore National Bank, Baltimore, Md.—V.I 146,
All of the outstanding
have been called for
will be made at
p
603; V. 145, p. 2553.
Investors
Massachusetts
The trustees have
declared
Master Electric
Co. (&
less discts.,
and allowances
4,087
returns
$4,604,919
2,605,317
goods sold..
473,030
58,969
Maintenance
Depreciation and amort.
Taxes (other than income
taxes)
Rents and royalties
Selling, general and adm.
Calendar Years—
from op.cos
Gross
Other income
_r_._
Other expenses
& deduc.
Federal taxes
Net
profit
...
dividends._
...
.
Surplus
x
Earnings
xl934
$2,761,942
78,745
537,259
$2,443,899
140,604
471,840
$1,791,674
125,218
414,606
$1,123,606
171,225
374,431
123,560
$1,831,454
128,172
$1,251,850
93,506
$577,950
58,607
$636,558
$1,959,626
$1,345,356
14,878
354,000
18,825
306,690
41,170
192,000
98",300
$1,900,620
1,611,414
$1,634,111
1,356,980
$1,112,186
1,102,546
$538,258
753,326
$277,131
339,245
339,245
$5.60
$4.81
of former corporation Marlin-Rockwell
Shs.com.stk.out.(par $1)
Earned per share
—V. 146, p.
1935
1936,
$289,207
Total income
Common
1937
$2,269,499
profits
1882.
47,964
53,351
101,997
52,470
15,350
15,256
22,447
450
450
450
609,017
518,231
368,412
303,530
$543,180
42,938
$250,130
18,061
$292,697
13,952
$801,394
17,126
$586,118
9,580
$268,191
26,077
$306,649
125,748
134,350
Other income
Gross income
Income deductions
89,877
34,312
24,619
$207,802
$156,282
204,350
$1.01
204,350
Federal income & excess
profits taxes
Surtax
undistributed
on
48,150
Net income
Dividends
Shares
capital stock
57,623
$601,768
272,975
210,000
profits...
$429,038
197,700
204,350
$2.10
$2.87
Earnings per share
—V.
$9,640 def$215,067
364,145
364,145
$3.05
$1.48
Corp. and subsidiaries.
817,268
$774,122
27,272
Net profit from opers.
1405.
146, P.
Corp.—Sales—
Melville Shoe
1938—4 Weeks—1937
$1,928,472 $2,227,330
Period End. Mar. 12—
Sales
1938—12 Weeks—1937
$7,032,504
$6,578,208
—V. 146, p. 1559.
Memphis Power &
$268,333
4,310
$243,338
$272,643
61,448
3,048
Net oper. revenues
1938—12 Mos.—1937
$8,839,554
5,584,510
726,575
$7,911,131
5,103,403
700,589
$2,528,469
(net)
$2,107,139
Gross income
—
bonds.
deductions.
Int. on mortgage
Net income
Dividends applicable to
42,054
40,956
$243,338
$2,570,523
$2,148,095
61,448
737,375
39,055
737,375
42,184
$1,794,093
$1,368,536
394,876
394,876
$1,399,217
Other income
Other int. &
Light Co.—Earnings—
1938—Month—1937
$905,239
$803,570
576,540
503,940
60,366
56,292
Period End. Jan. 31—
Operating revenues
Oper. exp., incl. taxes..
Prop, retire, res. approp.
$973,660
surtax on
and 1937,
3,022
$208,147
$178,868
preferred stocks for the
period, whether paid or
unpaid
Note—Includes provisions of $82,500 and $46,199 for Federal
undistributed profits for the 12 months ended Jan. 31, 1938
respectively.—-v. 146, p.
Mengel Co. (&
1717.
Subs.)-—Earnings—
1937
Calendar Years—
1935
1934
x$6,656,482 z$5,854,043
6,139,156
5,283,371
8,141,406
340,134
378,051
432,712
1936
..y$9,782,542 a$9,141,882
Net sales
8,617,791
Cost of sales
Deprec. and depletion..
(net)
Interest
accts.written off
Miscell. deductions
Reduct. in book value of
cap. stk. in affil. cos..
Amort, of bond discount
464,941
137,165
170,928
191,626
26.080
32,463
Notes &
expenses
Mengel Mahogany
Logging Co.
Prov. for loss on assets of
sub. in liquidation...
Flood Joss.
Proport. of
State
profit
Earn, per share on com.
Net
28,583
prof 667
50,950
18,752
125,612
loss applic to
minority interest
for Federal &
192,219
46.778
16,676
45,862
17,907
Loss
Corp.—Earnings—
$2,145,939
Depreciation
Selling and admin, exps.
$1 ,583,761
3,802
income taxes.
Gross earns,
1934
$2,074,400
1,204,859
174,752
1936
80,663
expenses
Prov
p.1881.
Marlin-Rockwell
1935
53,218,704
1,759,315
334,307
sales
Cost of
dividend
Subs.)-—Earnings—
1937
Years End. Dec. 31—
Gross
Trust—16-Cent Dividend—
thevcom¬
dividend of 16 cents per share on
to holders of record March 31. A
last.—V. 146, p. 758.
a
pany's stock, payable April 20
of 17 cents was paid on Jan. 20
Balance
Directorate—
at their annual meeting on April 27
(Bait.)—Initial
■
"-rV.
The directors have declared an initial semi-annual dividend of $3.50 per
share on the 7% preferred stock, payable April 15 to holders of record
>
due.
Bankers, Inc.
Maryland Commercial
Preferred Dividend—
Declares Directors
Charles
..$2,550,823
Total
-V. 146, p.113.
1964.—V. 142, p. 1646.
in
..$2,550,823^ $796,001
Total
$796,001
Cr90
b4 0,000
c40.000
$360,374
$0.56
$279,805 Ioss$84,815 loss$98,825
$0.15
Nil
Nil
sale of investments of $31,815, prof t on joiDt ventures
of $7,199, and interest income of $9,048.
y Includes profit on joint
of $20,934; profit on sale of timberlands, stumpage, fixed assets, &c.,
$18,356, and rentals and other income, &c. (net), $15,051.
z
rent received of $13,735, profit on joint ventures of $3,692 and
laneous
income of $2 807.
a Includes recovery of account
applicable to pror years $29 808 profit on joint venture of
other income of $20,136.
b No provision for surtax on undistributed
c Includes $5,000 Federal surtax on undistributed profits.
x
Includes profit on
venture
of
Includes
miscel¬
receivable
$23,403 and
profits,
Year Ended Dec. 31, 1937
reduction in capital amount of common
31, 1936, $7,680,471; discount on
655 shares of 7% cumulative preferred treasury stock retired and canceled,
$38,139; excess of principal amount of 1st mtge. 43^% convertible sinking
fund bonds over par value of common stock issued upon conversion thereof,
Consolidated Surplus Accounts for
Capital surplus
stock less charges
(arising from
thereto); Balance Dec.
$865; total,
earned surplus:
discount and expense applicable to bonds converted,
$7,719,476; less charges pursuant to plan of recapitalization:
less
2050
Financial
Chronicle
March
26,
1938
deficit at March
1, 1937, $4,070,913; common stock issued in connection
with exchange of 7% cum.
pref. stock (96,837 shares of $1 par
value),
$96,837; recapitalization expenses,
$75,577;
balance
Dec,
31,
1937,
$3,476,149.
Earned surplus accumulated since March
1, 1937: Balance Dec. 31, 1936
(deficit), $4,012,141; bond extension expense applicable to bonds retired
on March 1, 1937,
$51,188; total, $4,063,329; net profit for year,
$360,374;
deficit at March 1, 1937, charged to
capital surplus, as above, $4,070,913;
surplus arising after March 1, 1937, before deduction of
dividends, $367,957;
dividends paid on 5% convertible cum. first
pref. stock since April 1, 1937
($1.87H per share), $123,556; balance Dec. 31, 1937, $244,402.
plan whereunder the maturity date of the series A and
series B bonds be
extended from April 1, 1953, to
April 1, 1963, and the company be auth¬
orized by the holders to
extend, amend or refund the
company's first
mortgage bonds now maturing on April 1, 1943.
The plan provides for the cancelation
of
$1,960,000 of series A and
$1,121,000 of series B bonds now held in the
treasury of the company,
thus reducing the total
originally authorized issue from $5,512,500 to
$2,431,500, and for the limiting to $10,000,000 to
possible total issuance
under the present first
mortgage or under any mortgage issued to refund
the present first mortgage in contradistinction to
the
contained in the first mortgage.—V.
$15,000,000
limit
now
146, p. 1559.
Consolidated Balance Sheet Dec. 31
1937
1936
$
$
Assets—
1937
on
a
hand.
Receivables
Inventories
r
Ju vestments
other
751,508
610,823
864,955
2.754,624
2,899,345
347,233
356,533
....
-
other fund,
Pur.-mon.
Properties not used
timber
518,214
State inc. taxes.
Funded debt
mach. Ac equip..
924,311
4,913,349
and
exps.
deferred
275,721
cost,
Land, buildings,
Prepaid
199,173
293,105
charges
40,954
672,759
2.672,000
Reserves........w
327,477
4,992,420 Deferred income..
69,664
5% con v. cum. 1st
260.568
pf. stk. (par $50) 3.227.900
7% euro. pref. stk.
($100
66,900
par).
Com. stk. ($1
1,679,452
$329,297 loss$243,436
102,369
115,802
Total income.
Ih^terest
which
3,360,300
3,476,149
_
Interest
which
is
29,116
143,888
131,774
503,722
209,960
528,205
being
accrued but not paid.
for Nat.
Pole &
2,516,897
2,457,901
2,487,300
2,419,649
Dr 176,806
Crl2,299
Dr684,943
$3,295,180
$2,398,004
$3,940,096
Prov.
Treating Co. min. stk.
244,402def4012,141
$430,844 loss$175,523
57,732
_
net.—.
7.680,472
—
...
Dr27,361
......
$2,370,820
..11,113,167 11,158,625
(
227,857
_
since
1, 1937...
$319,044 loss$297,887
111,800
122,363
$431,666 loss$127,634
is
being
accrued and paid..
Other profit & loss items,
320,041
Treasury stock...
Total .........11,113,167
11,158,625
Balance Sheet Dec. 31, 1937
After reserve for doubtful accounts and
notes, &c., of $48,341 in 1937
and $35,869 in 1936.
b After reserves for depreciation
accumulations
since 1921 of $4,461,876 in 1937 and
$4,478,888 in 1936 —V. 146, p. 1882.
a
Merck &
$1,381,565
1,889,292
66.875
Earned surplus ac¬
...
$2,208,336
1,532,260
Other income, net.
380,041
Capital surplus...
Total
$1,288,823
1,740,957
Net profit....
2,437,900
416.958
Mar.
$2,070,254
Sell., admin., gen., &c.,
exp., incl. deprec
40,000
par)
cumulated
...
Gross profit
Prov. for led. and
less depletion...
b
Accrued expenses.
620,422
361,778
and
at
...
25,000
196,591
Consolidated, Including
(including rail¬
road revenue)
$15,702,680 $13,167,421 $17,417,597
$14,385,589
Cost of sales.
13,632,425
11,878,598
15.209,261
13,004,024
175,000
1 yr.
Accounts payable.
in operations—
Timberlands
Calendar Years—
Net sales
ma¬
obligs.
due within
Paper Co.—Earnings—
Consolidated. Excluding
Nat. Pole & Treating Co. Nat.
Pole & Treating Co.
1937
1936
1937
1936
250,000
turities due, cur.
and
assets....
$
Notes pay., banks.
Bond s. f. pay. &
491,621
Minnesota & Ontario
1936
S
Liabilities—
Cash in banks and
b
a..„.
A
•
c/1 / o
8C
Cash
Co., Inc.—Common Dividend Passed—
Liabilities—
rec.
1,616,946
3,282,090
1,924,356
Accounts payable.
Accrued taxes
4,359.662
Acer.
inv.
821,600
855,375
Inventories
Uncompleted
Other assets
643,444
692,005
2,983,867
not consolidated
Acc'ts
rec.,
Great
Other..........
6,545,414
165,982
6,545,414
months.
Miscell. investm'ts
23,795
Property,
..58,051,561
58,587,170
plant
1,265,617
497,640
508,325
obligations
Other curr. liabils.
Due to Nat. Pole &
......
6,699
106,288
106,288
Treat. Co., curr.
54,455
Company made the following statement;
"A dividend of $1 per share
having been paid on the common stock in December, 1937, directors deemed
it unwise to declare any dividend on the common
stock at this time because
of the present uncertainties in the business
1,202,633
sub.
on
Other liabilities
Lakes Paper Co.
equipment
int.
co.'s
1,550,195
165,982
...
Inv. & adv. to subs
x
$
1,503,492
Notes & ace'ts
Directors at their recent meeting took no action on
the payment of a
dividend on the common stock ordinarily due to be declared.
An additional dividend of 75 cents and a dividend
of 25 cents per share
(or a total of $1 per share) were distributed on Dec. 23
last; dividends
of 25 cents were paid on Oct. 1,
July 1 and on April 1,1937; an extra dividend
of 20 cents in addition to a
quarterly dividend of 20 cents was paid on
Dec. 15, 1936; a dividend of 20 cents
paid on Oct. 1, 1936, and regular
dividends of 10 cents per share were
previously distributed each three
a
JE
1,400,878
—
108
2,585,093
2,182,691
Liabil. of Minn. &
v
Ont.
Paper
deferred
&
Co.
by
re¬
ceivership
23,735,179 20,326,621
27,900,000 29,194,810
Funded debt
Reserves....
1,021,353
703,743
4,036,000
4,036,000
Common stock.. .10,092,000
Sur., Incl. apprec.
10,092,000
Min. stkhldrs.' int.
situation."—V. 145, p. 4120.
in cap. stk. & sur
Metal Textile
Corp.—Listing Approved—
ofN. P. &T. Co
The New York Curb Exchange has
approved for listing 16,766 shares of
participating preference stock, par $15, upon official notice of
issuance, in
6%
substitution for a like number of
presently listed and outstanding shares of
participating preference stock, without par.
Authority was ajso granted
the company to list 165.000 shares of common
stock, par 25c, upon official
notice of issuance in substitution for a like
number of present.y listed and
outstanding shares of
common
stock,
Mexican Light & Power
exps.
& deprec...
Net
-V.
par.—V.
earnings...
146, p. 444/
144,
p.
and
$185,095
1937—12 Mos.—1936
$8,965,981
$7,979,972
6,540,800
5,891,767
$152,591
$2,425,181
Minnesota Power & Light
Period End. Jan. 81—
$2,088,205
Amortix. of limited-term
investments
Operating
1938
Operating
1937
$3,356,872
14,719
revenues
Uncollectible operating revenue
$3,233,213
8,687
Prop, retire,
$3,342,153
2,184,738
$3,224,526
1,897,355
$1,157,415
$736,850
$896,211
Net operating income
—V.
146, p.
1247.
Midwest Oil
x
x
1937
__
1936
$944,545
450,000
$237,326
$3,183,862
$2,963,182
p.
Miller & Lux,
$798,520
3502.
Inc.—Balance Sheet Dec.-31, 1937—
(And Wholly Owned Subsidiary
Companies)
to
1,328
$2,964,510
1,648,480
6,297
CY38
or
4,044
6,089
$3,187,906
1,635,755
71,999
CT5.982
$1,486,134
$1,252,301
137,004
086
$88,960
$94,364
pref. stocks for the
unpaid
65,155
Crl,426
990,763
990,678
$495,371
$261,623
Dividends accumulated and unpaid to Jan.
31, 1938, amounted to
$309,660.
Latest dividends, aggregating $2.34 a share on
7% preferred
stock, $2 a share on 6% preferred stock and $2 a share on
$6 pref. stock,
were paid on Jan.
3, 1938. Dividends on these stocks are cumulative.
Note—No provisions have been made for Federal
surtax on undistributed
profits for the 12 months ended Jan. 31, 1938
and 1937.—V. 146, p. 1717.
x
Liabilities—
Capital assets
$6,991,004
122,480
1,970,944
Land sales contracts recetv'le
5,622,676
Cash in banks and on hand..
374,601
Sink, fd. cash held by trustee.
Investments & advances
U. 8. Govt, securities
Notes & accts. rec., less res..
579,108
69,141
172,872
287,528
3,282,838
1,864,016
Inventories
Deferred charges
Advances to stockholders
Deficit
Total....
$21,337,215
Mississippi Power & Light Co.—Earnings—
Capital
stock
$15,000,000
1st mtge. 6% gold bonds 1945
3,498,000
Secured 7% gold notes.
Int. accrued &
delinquent
—..
1,467,000
on
funded debt
1,090,490
131,901
Accounts payable
Accrued taxes. &c
Period End. Jan. 31—
35,266
1938—Month—1937
$679,934
$595,416
448,143
385,836
60,000
33,300
Net oper. revenues...
for lease of plant
Rent
$6,031,626
4,151,618
381,633
$171,791
revenues.
Oper. exps., incl. taxes.
Prop, retire, res. approp.
$6,965,948
4,768,374
601,533
$176,280
$1,596,041
$1,498,375
212
Operating
114,556
Deferred rental income...
2,015
Cr 1,157
$176,068
$1,594,026
1,928
$1,499,532
$1,595,954
;$1,501,687
817,700
82,195
817,700
75,720
$696,059
$608,267
(net)
Operating income
Other income (net)
Total
$171,791
Dr31
140
$171,760
$176,208
68,142
5,807
$21,337,215
The loss for year ended Dec.
31, 1937, after deducting credit of
$25,174
arising from acquisition and retirement of the
bonds and notes of Miller &
was
applicable
45
$237,371
Balance....
1935
$334,297
After depreciation, depletion, Federal
income taxes and other charges
on storage oil
contract.—V. 145,
Assets—
Dividends
period, whether paid
and after loss
Lux, Inc.,
7,290
507,917
$231,436
136,217
on
Net income
Co.—Earnings—
Calendar Years—
Net income.
x
33,750
139
mtge. bonds
Other int. dt deductions.
Int. chgd. to construct'n
430.960
1938—12 Mos.—1937
$6,800,977
,455,101
3,101,908
3,041,919
$231,297
Gross income
$1,327,171
420.565
6,425,833
Co.—Earnings-
561
Net oper. revenues
Int.
Operating taxes
4,359,285
41,667
res. approp.
Other income
revenues.
stock.
paid-in
1938—Month—1937
$552,189
$573,959
278,664
302,883
Operating revenues.
Oper. exps., incl. taxes..
Michigan Bell Telephone Co.- -EarningsMonth of January—
1,389,481
cumul.
Total——75,535,581 76,238,110
Total
75,535,581 76.238,110
a
Consolidated, excluding National Pole & Treating Co.
b Consolidated,
including National Pole & Treating Co.
x Amount
representing 52,073 2-3
shares of common and 17,033 1-3 shares of
preferred stock of Minnesota
& Ontario Paper Co. and a
72.5569% interest in undistributed assets of
Backus-Brooks Co., in liquidation.—V. 145,
p. 3502.
3181.
Co., Ltd.—Earnings—
(Canadian Currency);
1937—Month—1936
$785,678
$723,156
600,583
570,565
Period End. Dec. 31—
Gross earns, from oper._
Oper.
no
partic.
preferred
$617,666.—V. 146, p. 759.
Minneapolis Brewing Co.—Earnings—
Earnings for Two Months Ended Feb. 28, 1938
from operations
Selling, delivery, administrative and general
expenses""
Doubtful accounts charged off and
provided for.
Interest paid
Gross profit
_
_
x
"II
68,142
6,001
Net income
$97,617
$102,259
Dividends applicable to preferred
stock for the
period, whether paid
or
unpaid
403,608
119,132
7,459
4,732
403,608
$292,451
586 146
3b35
Balance..
$204,659
x Dividends
accumulated and unpaid to Jan. 31, 1938, amounted to
$622,229, after giving effect to a dividend of $1.50 a share on $6 pref. stock
declared for payment on Feb.
1, 1938.
Divs. on this stock are cumulative.
Note—No provisions have been made for Federal surtax on
undistributed
profits for the 12 months ended Jan. 31, 1938 and 1937.—V.
146, p. 1882.
Profit
Provision for depreciation
Provision for normal income
"
taxes—estimated..111111111111!
Net profit from operations
$89,181
30,123
14,313
$44,745
Note—Provision for income taxes is for
normal Federal and State
income
taxes; no provision has been made for surtax
on undistributed
net Income
under the Revenue Act of
1936, liability for which will
depend upon divi¬
dends, if any, paid during the year.—V.
146, p. 1717.
Midland Valley RR .—Bond
Extension—
C. Jared Ingersoll, chairman of
the board in a letter dated
March 12 has
requested the holders of series A and series B
adjustment bonds to assent,
through deposit with the Girard Trust
Co., Philadelphia, depository, to a
2,155
$217,468
Profit
Miscellaneous income—net
Interest on mtge. bonds.
Other int. & deductions.
1938—12 Mos.—1937
Missouri Gas & Electric Service
Co.—Earnings—
Income Account for the Period
from March 1, 1937
to Dec. 31. 1937
Total operating revenues
x
Operating
(Date of Reorganization)
$526,770
expenses and taxes
415,001
Net operating income
Interest
on
long-term debt.
General interest
—
—
—
Net income
Dividend on common stock
x
No provision for Federal undistributed profits tax made.
$111,768
48,097
1,316
$62,355
25,161
Volume
Financial
146
Balance Sheet Dec. 31,
Property not used or useful.
Miscellaneous
$2,748,064
43,675
investments
2,787
Special deposits
Cash...
3,000
120,138
Deposit for paym't of bond int.
b Accts. & notes receivable
6,131
92,882
Materials and supplies..
20,120
Prepayments
746
Deferred charges.....
86
Common stock
.......
Accounts payable.
....
...
-
Earned surplus
61,313
—
$3,037,632
Total
$3,037,632
_
-
1st mtge. bonds, series A
d
Total
a
is estimated at more than $1,000,000.
Freight revenues for 1937 were 2.86%, $744,873, more than in 1936.
This improvement took place despite the severe decline in general business
during the last several months of the year.
In addition, the company was
denied the benefits from the emergency freight
charges which the Interstate
Commerce Commission canceled on Dec. 31,1936. Approximately $790,000
in revenue was derived from the
charges during 1936.
Agricultural conditions in the territory served by company were much
improved and wheat, cotton and livestock moved in increased volume.
The
cotton crop was substantially greater than in the preceding year, but the
movement was retarded by a low price market * and the storage of a large
amount
of cotton pledged under Government loans.
Oil tonnage was
slightly lass than in 1936, and freight movement of automobiles was sharply
curtailed during the c.osing months of the year.
Passenger revenues for 1937 were 2.27%, $55,602, less than in 1936.
Mai, and express revenues were 1.63%, $30,239, more than in 1936.
The property has been maintained in a condition to meet service require¬
ments.
Train operations, both freight and passenger, were satisfactorily
maintained during the year.
$873,041
1,404,910
33,437
Customers' deposits..
27,743
Accrued State, local, &c., taxes
21,643
Federal & State income taxes.
11,057
Accrued interest........
22,613
Miscell. accrued liabilities....
2,399
Reserves
577,421
Contrib. in aid of construction
2,052
c
b After reserve of $6,629 for uncollectible
25,375 no par shares,
d Since March 1.
146, p. 1248-
At estimated salvage value,
accounts,
Represented
c
by
1937, date of reorganization.—V.
Missouri Edison
increased
$264,412
126,229
$226,346
$197,406
$180,132
107,993
96,071
85,940
6,945
7,311
5,942
P»*ov. for retirem't res've
19,459
19.450
20,229
19.029
Taxes—State, local, &c.
Fed. & State income.
15.515
y6,698
13.337
14,823
1,586
12,034
Operating
Operation
revenues.
....
Maintenance
_
Net
$58,754
23
47
$58,802
$54,267
35.750
General
interest
...
35,750
3,182
3.288
count and expense.—
3,448
3,419
.
Net income
Dividends
x
on
Federal
tributed
only,
tax
y
$16,344
6,973
4.831
provision
Includes
undis~
Federal
for
Dec.
$1,257,370
y
Common stock.
Funded
33,909
37,329
Notes
32,120,316
31,307,599
27,422,354
26,329,387
4,150,369
5,134,758
1,477,580
11,634,387
3,765,629
5,101,705
1,388.702
10,702,055
3,830,845
4,827,755
1,331,996
9,965,854
3,211,475
4,761,778
1,319,245
9,389,429
213,313
1,496,693
211.745
1,491,865
185,764
1,374,434
1.715,558
5,134
43,561
expenses.
24,107,100
22.661 701
21,516,648
20,592,843
8,013,216
5,050,518
8,645,898
4.322,658
5,905,706
3,984,863
5,736,544
4,027,837
2.962,698
381.858
4,323,240
510,749
1,920,843
593,476
1,708,707
421,209
3,344,556
4,970,033
4,833,989
4,972,198
2,514.319
4,963,397
2.129,916
4,920,552
1,625,477
138,209
2,449,078
2,790.636
240,000
liabilities
»'
payable
Transportation
Misc.
'
expenses
and transp.
General expenses
to
47,000
15,112
3.719
depos.
Total
6,230
5,068
interest..
2,979
6,555
2,979
35,511
32,472
Accrued
Mat'Ls Ac supplies.
19,815
16.407
Income taxes
Taxes, rents, &c
5,972
1,110
Net ry. oper. income-
2,281
83.911
8.5,168
Misc. accrued liab.
Reserves
oper.
--
taxes
notes receivable.
Other income
Contrib's in aid of
construction
121,018
x
After
in 1936.
reserve
y
Total
Int. & other inc. charges
121,018
43,321
Surplus
$1,407,088 $1,392,273
Gross income
643
—
Capital surplus—
Total
30,484
Balance, deficit
Note—Federal income tax and surtax on undistributed profits not
$1,407,088 $1,392,273
for uncollectible accounts of $2,559 in
able to years
1937 and $2,753
RR.—Files Data with SEC
Contracts—
on
Consolidated Balance Sheet Dec. 31
1
""
equip..248,478,934 247,232,722
Misc. phy. prop.
3,206,478
Invest,
2,091,895
Cash...
129,779
4,350,013
Mat'l & supplies
2,467,116
Oth.
to its stockholders.
2,377,254
curr.
Deferred
of the transactions contained in the report to the SEC dis¬
<fc
closed that the raiiroad entered into the deal on Dec. 31, 1930, approxim¬
assets
1,997,167
115,586
5,841,518
2,182,619
1,989,416
unadj.debits
503,877
557,819
66,672,953
Common stock
66,672,748
66,672,748
35,226
47,520
x
liab.
negotiations were
of the Alieghany
in the Van Sweringen holding system and majority
for
conversion
Gov't
grants
in
316,452
aid of constr.
Funded
Curr.
debt... 110,420,746
&
106,671,747
5,142,229
4,824,348
16,054,384
15,073,589
113,531
1,835,215
115.216
liabilities.
liabils.
unadjusted
credits
ately a year after tne stock market crash of 1929.
The
carried out through Terminal Shares, Inc., a subsidiary
„
Addi'ns to prop¬
through
inc. & surplus
erty
Corp., top company
stockholder in the Missouri Pacific.
1930," the statement to the SEC relates, "the registrant
(Missouri Pacific) entered into four contracts with Terminal Shares, Inc.,
a
wholly owned subsidiary of the Alleghany Corp., which, in turn, is a
substantial stockholder of the registrant."
The statement then refers to four exhibits, which bear on four aspects
of the deal.
These were the proposed acquisition by the Missouri Pacific
of the St. Joseph Belt Ry., of Union Terminal Ry„ both of St. Louis, and
of the North Kansas City Bridge & RR., and North Kansas City Develop¬
ment Co. and certain other property in and about Kansas City and tne
terms of payment for these acquisitions.
"In substance," the statement continued, "by these contracts Terminal
Shares, Inc., agrees to sell
to the registrant on or before Jan. 1,
1936, and the registrant agrees that, when as and if authorized by the
Interstate Commerce Commision to acquire control of the companies in
question, it will purchase the securities for $15,965,201, plus interest at
5H% on said sum from Dec. 1, 1930, until day of payment and, in ad¬
dition, agrees to pay an added sum of 50% of the proceeds of the sale of
certain land in and about North Kansas City, but not in excess of the
sum of $4,369,062 plus interest thereon at 5M% from Dec.
1, 1930, until
date of payment."
The agreement further provided that if the Missouri Pacific failed to
meet instalments on the deal, the Alleghany's subsidiary might sell the
properties and charge the railroad with any deficiency.
However, the statement notes that, although the road made only eight
quarterly payments, "Terminal Shares, Inc., has not given the three
months' notice of intention to shorten the period within which the registrant
has the right to purchase the securities in question and after which period
the Terminal Shares, Inc., has the right to seil the properties and charge
the registrant with any deficiency."
66,685,246
Deferred
assets
1936
$
$
Preferred stock.
Stock
affil.
in
companies
Other investm'ts
liabilities—
Ǥ
^
Road &
the Securities and Exchange Com¬
by O. P. and M. J. Van Sweringen,
whereby the road was to acquire certain real estate and terminal properties
from a Van Sweringen holding company for about $20,000,000.
Although
the transaction is now the subject of litigation brought by the trustee in
bankruptcy for the Missouri Pacific, the road never has disclosed its terms
1937
1936
1937
Terminal
,
The company disclosed March 18 to
mission the terms of the deal sponsored
A summary
applic¬
1936 and 1937 due to failure to earn a taxable net income.
Represented by 2,400 no par shares.—V. 145, p. 3661.
Missouri Pacific
195,357
47,000
16,800
Customers'
Accrued
Cust'ers" accts. &
oper.
for investment
3,389
co....
affiliated
566
32,362
charges
21,535,321
1,919,212
2,874,854
650,000
240,000
650,000
Accounts payable-
Prepaid accts. and
deferred
1.960,451
2,956,220
Traffic expenses
$183,800
$183,800
.
debt.....
Deferred
of
Cash.
22,505,683
Total oper. revenue..
1936
1937
$7 pref. cum. stk_.
r'ts,
franchise, &C--$1,284,923
amortization...
26,017,454
2.446,813
2,843.332
Maint. of way & struc-Maint. of equipment
31
Liabilities—
1936
Debt discount and
exp. In process
1934
3,293.93
$
Operating Expenses—
1937
prop.,
1935
3,293.91
3,293.91
Net oper. revenue....
$11,650
8.577
profits tax.
Assets—
x
3,419
3,419
$30,697
Balance Sheet
Plant,
Average mileage oper...
3,293.91
Operating Revenues—
$
Freight
26,762,327
Passenger
2,391,212
Mail, express, &c_-----2,966.777
(Incl. Controlled Companies)
1936
1937
3,419
on
manufacturing and processing piants, the year was particularly
Consolidated Income Account for Calendar Years
v
$48,218
35,381
pref. stock
income
,
610
industries were located
favorable.
Amortization of debt dis¬
Miscell. income dedut'ns
new
existing industries undertook expansions.
33 removals, the lowest number for the past six years.
The
year's net record of industrial development surpasses that of any previous
year for which there are comparable figures.
In the establishment of
92
$73,049
35.750
follows:
were
permanent
Total net earnings
Interest on funded debt.
as
Industrial Development—A total of 239
$54,175
$73,026
revenues
during
out in taxes.
There
$91,053
35,750
3.056
Other income (net)
taxes
rails served by company, and 60
xl.857
$89,566
1.487
from oper.
earns,
y5.227
7,096
6.38%,
is accounted for
increase
1934
1935
1936
1937
Taxes—While operating
increased 2.60% and operating expenses
1937 increased 33.53%, $597,383.
This
$408,039 for the pension tax which
became effective Jan. 1, 1937; $170,930 for unemployment compensation
tax; $18,414 for advalorem, sales and miscellaneous taxes.
Out of every $100 of revenue received during the year $7.40 was paid
.
Co.—Earnings—
Calendar Years—
2051
wages as a result of these negotiations
Liabilities—
Assets—
Utility plant
a
Chronicle
1937
Profit and
"As of Dec. 31,
Total263,605,349
x
259,916,8471
loss df
Total,
161.269
.263,605,349 259,916,847
Represented by 808,939 no par shares.
Period End. Feb. 28—
Earnings for
February
1938—Month—1937
Operating revenues-$1,941,839
Operating expenses.
1,798,390
Inc. avail, for fixed chgs_def$147,664
Fixed
354,615
charges
$2,206,254
1,793,409
$150,691
350,722
1938—2 Mos.—1937
$4,239,811
3.684,836
def$44.127
710,205
$4,572,011
3,607,818
$419,380
700,136
...
Delisting Hearing Adjourned—
Hearings before the SEC in the delisting proceedings have been adjourned
March 31.
The Commission instituted the proceeding to determine
registration of the road's common and preferred stocks on the
New York Stock Exchange should be suspended or withdrawn for alleged
failure to disclose certain pertinent data in statements filed with the SEC.—
V. 146, p. 1559.
to
whether
Missouri-Kansas-Texas RR.—Annual
Report—
Mathew F. Sloan, President says in part:
Financial—There
was no change in the amount of preferred or common
in the hands of the public during the year.
During the year company issued $3,750,000 of 2M% equipment trust
certificates, series 1937, maturing in equal annual instalments over a period
of 15 years from Feb. 15, 1937.
Proceeds are being applied to the payment
of not exceeding 80% of the cost of new equipment.
The cost of the new
equipment, is estimated to be approximately $4,820,000.
Two coupons, one of which was due April 1 and the other Oct. 1, 1935,
which together represents one year's interest on the company's adjustment
mortgage bonds were paid on April 1, 1937.
Coupons which were due on
these bonds April 1 and Oct. 1, 1936 and April 1 and Oct. 1 and Oct. 1.
1937, have not been paid.
Operation—Total operating revenues increased 2.60% for the year,
$812,717 more than in 1936.
Operating expenses increased 6.38%, $1,445,399 more than in 1936.
stock outstanding
Approximately 28% of the increase in operating expenses, $404,000, is
to
wage
increases granted to employees, resulting from
demands made by the five operating brotherhoods and the non-operating
unions, which were settled by mediation.
The increase to the five operat¬
ing brotherhoods became effective Oct. 1, 1937 and the other increases
were made effective Aug. 1, 1937.
On a 12 months' basis the increase in
attributable
Inc. after fixed
-V.
146, p.
chgs.:def$502,279 def$200,031 def$754,333 def$280,757
1559.
Montour RR.-
Earnings
1938
$105,092
18,233
February—
railway..
Net from railway
Net after rents
From
Jan.
railway
Net after rents
—V. 146,
:
1935
1936
$169,069
54,376
52,542
$167,604
65,556
67,201
$142,743
55,235
56,669
237,324
5.4,834
76,015
332,961
113,806
107,392
344,963
138,708
136,064
275,038
106,199
114,803
1—
Gross from railway
Net from
1937
30,040
Gross from
—
p.1406.
Morris Plan Corp. of America—Accumulated Dividend—
The directors have declared a dividend of 15 cents per share on account
of accumulations on the series 1931 6% preferred stock payable April 1
to holders of record March 21.
A dividend of 45 cents was paid on Dec. 27
last; dividends of 15 cents were paid on Oct. 1, July 1 and on April 1,
1937, and a dividend of 30 cents was paid on Dec. 26,1936.—V. 145, p. 3977.
Monongahela Ry.- -Earnings—
Calendar Years—
Freight revenues
Passenger revenues--—
1937
1936
$4,421,576
10,792
$4,676,597
36,170
Allother
10,740
29,053
1934
1935
,810,952
8,924
$3,784,584
24,926
9,564
26,436
1,018,584
49,397
$4,716,390
804,769
974,051
43,228
$3,844,803
685,132
812,997
46,482
$3,820,584
730,529
780,594
60,152
from ry. oper
$2,571,427
$2,894,341
365,615
441.628
$2,300,191
192,970
$2,249,308
Railway tax accruals—
Uncollec. ry. revenues
Railway oper. income $2,205,812
Non-oper. income.
17,508
$2,452,713
12.763
13,956
$2,223,320
975,620
33,059
472,240
$2,465,476
950,683
31,492
$2,121,172
476.907
554,176
174,226
173,649
174,464
172,003
$568,173
$832,745
$399,688
Sinking & other res. fds.
120,000
Dividends
624,500
120,000
811,850
121,371
312,250
$233,203
32,899
250,000
$4,468,538
829,129
Total
Maintenance,
—
Transportation
All other oper. exps
Net
rev.
_
Gross income
equip.—Dr
rents—Dr.
Int. on funded debt....
Miscel. deductions from
Hire of
Joint facility
gross
income
Net income
229.411
5
141
$2,107,216
$2,019,756
12,617
961.041
31.804
$2,032,373
923,478
29.735
673,954
Financial
2052
1936
Assets—*
Inv. inrd. &
Impts.
on
10
phys. prop.
bal.
520
939,374
943,814
Sinking funds
Misc.
6,245,000
Cap. stk. (par $50) 6,245,000
Fund, debtunmat.il,767,000 11,884,000
Traffic «fc car serv.
238.281
234,699
wages
22,768
437,183
Time drafts & dep.
150,000
178,962
76,949
131,576
_
;
8,183
Misc. accts. pay..
100,515
employees
150,000
94,579
unpaid.
920
780
int. accr.
78,446
79,226
Unmat. rents accr.
2,406
2,404
Int. rnat'd
Traffic & car serv.
434,290 Unmat'd
57,477
bals. receivableNet bal. rec. from
10,639
13,471
Other def'dliabil-.
207,940
168,197
suppl's
905
Other curr.liabll..
18,516
11,941
agts. & conduct.
Miscell. accts. rec.
Material
payable.
RR. retire, taxes—
30,357
476,081
Advances
161,372
payable...
Audited accts. and
Inv. in affil. cos.:
Cash............
f
%
Liabilities—
eq.-.25,536,176 25,526,297
leased
railway prop...
1936
1937
I
%
S
Tax liability
552
1,754
35,894
249,003
.
327,742
Other curr. assets.
71
19
Railroad retire, tax
8,183
34,622
Other def'd assets.
61,383
95,718
Unempl. Ins. tax;.
1,830
Net operating income of the Munson Building, before interest and
depreciation, for the six-month period ended Oct. 31, 1937, totaled $47,146,
as compared with $72,773 for the 10-month period ended April 30, 1937 a
$72,448 for the year ended June 30, 1936, according to an operating and
statistical study prepared by Amott, Baker & Co., Inc.
The property
earned at the annual rate of 3.11% on its outstanding $3,030,500 of first
mortgage 4H% income certificates, in the six-month period, against 2.64%
for the 10-month period and 2.36% for the year ended on June 30, 1936.
Reorganization of the Munson Building was consummated early in
1937, holders of the old bonds receiving a new $1,000 4J^i% income bond and
two shares of voting trust class A common stock representing a minimum of
about 50% of the equity.
The reorganization plan authorized issuance of
8,561 shares of class A common and 3,500 shares of class B common stock.
The class B stock has no voting rights.
Real estate taxes are paid through 1937 on the property, which is assessed
for 1938 at $3,425,000. The building is reported about 80% occupied. The
ratio of current assets to current liabilities is approximately 2 to 1.—Y.
143, p. 3640.
11,990
1,329,409
Insur.
prem.
1,380,172
Other unadj. cred's
14,131
Accr. deprec.—eq.
paid
2,007
3,727
39.831
39,383
In advance
Other unad]. debits
Mutual
15,546
Add'ns to property
1.780,289
thru.Inc.& surp 1,780,289
Fund, debt retired
814,523
Sinking fund res._
120,010
Profit and loss.... 4,946,679
5,122,791
surp
y
1937
$
1938
Years Ended Jan. 31—
S
'
income taxas
385,737,300 332.914,247 273,158,396
258,518
273,248
3,038,908
301,836
24,786,889
24,910,472
3,199,092
265,975
171,120
11,017
22,467
25,110,029
income taxes..
4,250,000
25,198,914
profit
Int. earned on mtges. & land contracts
& rental income on homes held for
Net
taxes
Prov. for Fed. & State
Federal
for
surtax
Auth.
Auth.
to Date
56%
59%
45%
45%
50%
Net
AE series
-
Total
surplus
Profit and loss deductions—
x
Excess
on
20,198,914
1,058,159
18,260,016
7,377,366
28,012,674
880,739
27,131,935
11,058,273
16,374,449
28,012,674
27,432,722
27,131,934
4,565,004
$4.12
$2.65
stock
S. L.
share), in accordance with an option agree¬
Current assets:
18,515,251
..."
17,130,892
reserves
Due customers
Accrued
57,353,769
...
77,361,847
..
6,318,298
6,975,587
330,198
Investments
A
E
&c_.
6,412,777
46,896,602
5,912,666
44,851,570
213,188,743 206,682,130
z
24%
36%
56%
46%
4%
35%
52%
57%
40%
45%
CTA
ser
3%
31%
32%
KY-2
ser
5%
22%
27%
48%
55%
series
C
Investors Mtge.—
A
series
5%
series
6%
59%
7%
CA series
42%
48%
41%
46%
55%
51%
6%
5%
CB series
55%
Southern Securities—
Meline—
series
5%
19%
series
27%
40%
45%
6%
36%
42%
series
B
34%
series
7%
5%
A
24%
series
series
28,012,674
Dt-252,677
66%
67%
44%
49%
National Cash Register
Sales
Co. (& Subs.)—Earnings—
Total
..213,188,743 206,682,130
Co., Ltd.—Common Dividend
Directors passed the dividend usually due on
A quarterly dividend of 25 cents was
time.
Deferred—
the common shares at this
paid on Dec. 24 last.—
V. 145, p. 2232.
(incl. foreign subs.
$51,439,862 $42,977,337 $35,119,128
and branches)
Profit and
income from
2,900,303
1,226,652
931.079
1,012,849
Profits from oper
Miscellaneous income...
$5,819,064
$4,798,698
$1,969,224
$1,726,505
....
60.333
72,460
14,340
$5,930,291
$4,859,032
$2,041,684
$1,740,845
239,476
yl,512,601
Total
y820,729
69,788
60.059
111.227
deductions
for
foreign exch. valua'ns.
Special
Income deductions
Provision for taxes
Minority int. in profit of
foreign subsidiaries
of
German
$131,365
121,409
$9,955
56
$5,928
Net profit for
$10,018
14,571
Balance
Income deductions.
29.146
$19,128
$8,643
Net loss
610,558
tax
Steamship Line (& Subs.)—Earnings—
(Exclusive of Certain Subsidiaries)
Earnings for 6 Months Ended Dec. 31,
1937
$1,885,667
Balance
Previous surplus
Profit on miscellaneous operations
12,147
$184,046
Total profit
7,755
7,771
Other interest charges
Balance carried to earned
by mort¬
surplus (deficit) account
$168,520
$35,988 on voyages not completed as of June 30, 1937,
in respect of uncollected mail revenue arising from disputed claims against
the U. S. Maritime Commission, but including uncollected mail revenue
of $91,167, which has been withheld by the U. S. Maritime Commission
pending the adjustment and settlement of the company's mail contract
covering the New York-South American Route.
The company's mail
ont racts were canceled by operation of law on June 30, 1937.
Drl80,314
-
$2,843,624 $2,637,293
1,628.000
1,628,000
$0.93
$0.68
x Including results of foreign operation of $1,961,829 in 1937 and $817,108
in 1936 after foreign exchange conversion adjustments,
y Including es¬
timated undistributed profits tax of $241,999 in 1937 and $4,373 in 1936z Of
German subsidiary at Jan. 1, 1934, arising through acquisition of
$3,877,406
$5 763.073
1,628,000
$2.40
Krupp company.
1,628,000
$1.76
Consolidated Balance Sheet Dec.
Assets—
a
Land,
and
1937
$
b
equipment.] 0 090,947
Investments
Cash
Agts.' bal.s & misc
Prepayments
8,107,469
1
1
10 330,398
9,422,750
2,024,427
13,806,849
7,946,731
690,238
234,421
1 878,672
Acc'ts receivable. .13 992,448
Inventories
Total
9 882,696
681,529
173,628
47,030,320 42,232,887
After depreciation of $6,730,304 in
resented by 1,628,000 no par common
a
1936
$
S
Capital stock
24,420,000 24,420,000
3,877,406
Earned surplus— 5,763,073
Capital surplus
5,662,066 5,662,066
Liabilities—
buildings
Pat'ts & goodwill.
31
1936
1937
After deducting
$505,073
2.312,535
$206,330
2,637,293
$1,033,782
2,843,624
Surplus at Dec. 31
Shs. com. stk. outst'g—
Earnings per share
3,435,162
$164,583
7,317
:Non-operating income—
San Jose property
3,877,406
— _
Adj. of earned surplus.
x$3,599,745
t
charges on long-term indebtedness secured
500,000
minority interest by the
all revenue, income and expense allocable
Beach Motor Transit Co. and Beach Bus
Operating revenues, steamships
—
Operating and admin, and general expenses, steamships
x
$1,115,631
814,079
year...x$3,920.667 x$2,865,341
2,035,000
1.831,559
—_
gages on
$1,520,409
234,591
claims of prior years._
z
Interest
291,963
140.814
187,759
__
Prov. for disallowed
62
Income
Profit
521.275
Divs.decl.on com.A stk.
$5,872
Munson
737.496
subs.
written off
2 Mas.
$65,220
59,348
Operating revenue.
Expense
333,251
credited to gen. res'ves
in Spanish subs,
Month
operations of subsidiaries,
Line, Inc.—V. 146, p. 1560.
2,739.355
6,025,350
1,363,635
sources
Invest,
Period Ended Feb. 28—
to
$30,024,326
7,182,699
all
Profit
Motor Transit Co.—r Earning s-
Note—Above figures Include
1934
1935
1936
1937
Years Ended Dec. 31—
Prov. for depreciation._
x After
depreciation of $22,412,32^n 1938 and $20,008,210 in 1937.
Represented by 205,000 no par shares of $7 class A and 6,000,000 (5173,611 in 1937) no par shares of common stock,
z Represented by 3,446
shares of class A stocks—V. 146, p. 1718.
r
52%
64%
3%
3%
5%
H series
49%
46%
58%
49%
63%
3%
AN series
G series
3%
series
3%
4%
Union Mtge
Mortgage Bond—
E
'
National Reserve—
60%
65%
55%
B
series
y
Morrison Bond
35%
—V. 145, p. 3503.
485.040
35,390,040
Treasury stock Dr252,676
5%
10%
2,202,050
Amounts rec. on
subscr.
18%
National Mtge.—
13,889,481
and taxes.. 15,745,600
1,004,359
1,087,137
Capital stock.149,288,340 147,546,900
instal.
25%
Mlch-3
49%
F
exps.
Earned surplus.
spring
Total
series
46%
53%
5%
5%
series
D series
13,794,302
3%
series
series
3%
3%
series
B
Reserve
232,973
Fixed assets..
catalog,
x
44,355,143
87,174,188
y
1st Mtg. notes &
land contracts
Prepaid
E
72%
65%
7%
3%
Mich-2
C
9,568,265
2,362,037
Accts. payable
49,110
Recelv'les, less
Inventories
BB series
$
Current liabtl.:
36%
29%
54%
Investment Securities—
1937
9
Liabilities—
$
46%
29%
51%
B
1938
1937
60%
41%
26%
3%
A
$
55%
41%
3%
series
C
which 48,000 shares of treasury common
which they were sold to
1938
47%
D series
B
C
x.300,788
28,012,674
5,173,611
38%
42%
3%
34%
Instalment Mtge.-
35,390,040
5,217,147
36%
35%
series
31%
series
47%
22%
15%
33%
series
3%
the books over the price at
Assets—
series
48%
Mortgage Security—
series
B
44%
43%
44%
5%
5%
5%
AH series
26%
23%
.55%
39%
5%
3%
AG series
3%
series
63%
52%
5%
3%
ADseries
B
Consolidated Balance Sheet Jan. 31
Other securs..
5%
45%
45%
Empire Bond-
13,527,310
2,469,037
$3.41
par)
Avery in June, 1935 ($11 per
ment dated Nov. 27, 1931.
Cash
5%
D series
-
of amount at
carried
5%
series
56%
7%
3%
5%
series
AI
Earnings per share
were
series
C
series
A
AA
5%
Guaranty Title—
.......
Total......
Shares common stock (no
series
C
35,390,040
........
surplus
Mortgage Guarantee—
3%
400,000
1,410,878
10,421,784
Surplus
Previous
4,600,000
19,210,029
profit
to Date
AC series
50%
Auth.
Auth.
AB series
50%
50%
Previously
Auth.
Series—
AF series
16,837,310
3,310.000
1,650,000
Class A dividends.....
Common dividends.
Amount
Previously
B
i 122,973
undis¬
on
Corp.—Distributions—
Central Funding—
on
tributed profits
On
account
Auth.
A
profit before Federal and State
income
Prov.
profit
on
Amount
Series—
D series
on securities,
sold. &c
earned
securs.,
y
above figures for Federal surtax.
of principal have been authorized on the
indicated. Distributions will be payable on or
before April 16, to holders of participation certificates of record as of the
close of business March 31. Transfer books will be closed for a period not
exceeding 15 days, beginning April 1,1938.
A series
thereto
Int.
Bondholders
Amortization Mtge.—
resale, less direct expense applicable
$0.06
&c.
taxes,
following series at the rates
16,543.217
312,123
Net operating
National
Distributions
3,307,837
income
—V. 145, p. 3202.
1936
$ j
Cost pf goods
Depreciation of fixed properties
Federal
and
340,000 shares common stock (no par).
Note—No provision was made in the
414,090,544 361.297,059 293.042,357
Amortization of leasehold impts__
1934
$19,928
def$0.61
$0.14
$0.65
depreciation
charges,
After
x
Montgomery Ward & Co., Inc. (& Sub.) —-Earnings—
$220,345
Net
profitEarnings per share
—V. 146, p. 1560.
Sold, selling and general
including taxes other than
A dividend of 20
1936
1935
$47,363 loss$208,167
1937
Calendar Years—
27,758,275 28,089,899
Total
27,758,275 28,089,899
expenses,
Dividend—
Fund—10-Cent
dividend of 10 cents per share on the common
(Conde) Nast Publications, Inc. (& Subs.)—Earnings
120,520
x
Net sales
Investment
Directors have declared a
stock, payable April 15 to holders of record March 31.
cents was paid on Dec. 28, last.-—V. 146, p. 920.
694,013
thru.inc.
Total
1938
26,
Munson Building—Earnings—
General Balance Sheet Dec. 31
1937
March
Chronicle
Notes
pay.
(non-
current)
Reserves
..
3,000,000
1,533,526
407,000
2,335,000
Acc'ts pay., &c
943,004
Agents'bals., &C-. 1,624,586
Accrued taxes
1,201,524
Customers' depos.
140,541
Dividends payable
Notes payable
986,422
407,000
3,250,000
1,125,093
1,630,304
704,059
170,536
Total.
47,030,320 42,232,887
1937 and $6,322,189 in 1936. b Rep¬
shares.—V. 146, p. 1560.
Volume
Financial
146
Co., Inc.—Dividend Reduced—
National Casket
March 30.
paid during 1936; $1 paid each three months from April 2,
including Jan. 2, 1935, and 80 cents paid on Jan. 10, 1934.—Y.
92".
1937;
p.
stock, no par value, payable May
A dividend of $2 was paid on Nov.
regular semi-annual
145, p. 2084.
(& Subs.)—Earnings—
ownership only—Minority interests omitted)
1937
1936
1935
1934
$15,887,288 $17,094,745 $15,750,559 $15,797,486
National Fuel Gas Co.
(National Fuel
Calendar Years—
Total earnings.
none
to and
dividend of $1.50 per share on
15 to holders of record
15, last, and previously
dividends of $1.50 per share were distributed.—V.
The directors have declared a semi-annual
the common
2053
Chronicle
Nevada-California Electric Corp.
11,294,453
1,257,107
1,431,136
1,229,670
$3,660,299
Dividends paid
3,810,183
Shs.com.stk.out.(nopar)
3,810.183
Earnings per share.
$0.96
$4,543,185
3,810,183
3,810,183
$1.19
$3,811,636
4,762,728
3,810,183
$1.00
54,783,354
3,810,183
3,810,183
$1.25
1937—12 Mos.—x 1936
Operating revenues
Oper. rev. deductions...
Depreciation...
$446,079
243,633
48,670
$383,712
214,313
50,759
$5,705,748
3.041,912
572,946
$5,683,885
2,851,354
606,251
Net oper. revenues...
$153,775
$118,639
$2,090,889
$2,226,280
Gross income..
$176,343
116,737
$149,801
111,308
$2,186,850
1,354,140
$2,316,151
1,345,871
6,997
7,107
84,621
91,188
585
214
15,112
12,268
$52,024
$31,172
$732,977
Dr109
Dr386
Cr68,672
Drl5,431
Drll,582
Cr747
Crl4,753
Drl9,496
$40,332
$31,533
^
Other income....
9,784,462
10,507,787
Exp., taxes & gas purch. 10,892,029
Reserve for depr., depl.,
amort., p. & 1. adjust.
1,334,959
146,
(& Subs.)—Earnings
1937—Month—x1936
Period End. Dec. 31—
1934
31,161
22,568
Interest
89,871
95,961
Amort, of debt discount
Net earnings
....
Profits
Fixed
1937
on retirement of
bonds and debentures
Other miscel. debits and
Securities owned.. 3,933,977
Cash
2,436,356
Time deposits....
5,446,320
1,753,399
Accts. receivable..
Dividends
Accounts
Consumers dep
1,572,219
Deferred credits.
35
35
Int. & rents accr..
47,453
1,496,329
53,794
_.
deprec. &
112,983
112,935
977
amort.22,292,454 21,653,378
115,565
123.407
Prem
Prep'd & def.debits
256,481
411,121
x
94,948,812 95,162,879
—V. 144, p. 4015.
National Funding Corp.—Extra
The directors have
Dividends—
an extra dividend of 2 K cents per share in
dividend of 17 H cents per share on the
all payable April 20 to holders of record March 31.
declared
addition to the regular quarterly
class A and class B shares
Like amounts were
146, p. 115.
paid on Dec. 20 and on Oct. 20, last.—V.
National Oil Products Co., Inc.—20-Cent
Directors have declared an interim
the
An optional
30 cents was
paid on Sept. 30 last; 50 cents on June 30 last and semi-annual dividends
of 30 cents paid on March 31, 1937, and on Sept. 20, 1936.
In addition,
an extra dividend of $2 was paid on Dec. 18, 1936, and an extra of 20 cents
National
Pressure
England Telephone & Telegraph Co.—Earnings—
Month of January—
Operating revenues
Uncollectible operating
Operating revenues.
Operating expenses
Net operating
Operating taxes
1408.
—V.
146, p.
New
Jersey & New York RR.—Earnings—
National Public Service Corp.—Adjournment of Sale—
The sale at public auction by the New York Trust Co., as trustee under
the indenture dated Feb. 1, 1928, of 712,411 shares of the common stock of
Jersey Central Power & Light Co., originally advertised for Sept. 10, 1936,
at the auction block of Adrian H. Muller & Son, auctioneers, at 75 Mont¬
gomery St., Jersey City, N. J., has been adjourned until May 4, 1938,
place.—V. 146, p. 760.
j
Gross
profit—$1,045,346
Selling expenses. _
Administrative expenses)
Advertising
2,478,443
j$3,377,452
$899,009
527,753
160,140
68,336
$720,638
440,997
162,446
28,294
$1,409,457
\
168,029
76,982
$1
Other income..
68,565
$217,273
$433,097
25,269
$142,779
24,749
$30,402
17,487
$458,366
$167,528
46",647
42,656
New Orleans Public Service
Operating revenues....
Oper. exps., incl. taxes.
Prop, retire, res. approp.
debentures
Reductions, &c
18,760
33,191
277,573
247,349
246,430
50,000
50,000
—
...
278,056
717
$371,722
1,617
$3,716,958
17,501
$3,256,881
17,095
$374,861
201,884
33,880
$373,339
205,400
18,013
$3,734,459
2,448,812
$3,273,976
2,507,037
Other int. and deduct'ns
261,862
220,694
Int. charged to constr..
Cr3,656
—
216,975
216,975
216,925
$810,345
Nebraska Power
Co.—Earnings—
Period End. Jan. 31—
1938— fonth—-1937
$7,613,958
4,181,519
$7,029,584
3,900,519
48,333
41,667
27,629
549,166
504,167
$279,988
9,803
$255,007
5,363
$2,855,644
31,276
$2,624,898
228,311
$2,886,920
742,500
210,000
107,149
Cr41,908
$2,853,209
742,500
210,000
91,262
Crl5,301
Net income...
$203,687
$175,920
applicable to preferred stocks for the
period, whether paid or unpaid
...
$1,869,179
$1,824,748"
499,100
499,100
Balance
$1,370,079
$1,3257648
investments
Prop, retire, res. approp.
Net oper. revenues
Other income
$689,415
359,039
2,055
$289,791
$260,370
mortgage bonds.
61,875
61,875
Int. on debenture bonds
17,500
8,531
17,500
9,477
Cr4,402
Gross income
Int.
on
Other int. & deductions.
Int.
charged to construe.
Crl ,802
Dividends
Note—No provisions have been made for Federal surtax on
profits for the 12 months^ended Jan. 31, 1938 and 1937.—V.
undistributed
146, p. 1720.
Naumkeag Steam Cotton Co.—oO-Cent Dividend—
Directors have declared a dividend of 50 cents per
stock, payable April 8 to holders of record
$2 paid on Oct. 7, and on July 1, last; $1
......
$1,035,214
$546,245
544,586
544,586
$490,628
$142,753
$149,926
Dividends applicable to preferred stock for the
period, whether paid or unpaid
...
Net income
x
Crl 1,429
$1,659
...
Balance.
31, 1938, amounted to
$2,700,239.
Latest dividend, amounting to 87V?, cents a share on $7
pref. stock, was paid April 1, 1933. Dividends on this stock are cumulative.
Note—Includes provisions of $419,400 and $396,700 for Federal surtax
on undistributed profits for the 12 months ended Jan. 31, 1938 and
1937
respectively.—V. 146, p. 1884.
Dividends accumulated and unpaid to Jan.
New York Chicago &
St. Louis RR,—Earninrs—
1937
$3,641,720
1,366,318
800,066
1936
$3,174,339
1,080,858
632,363
1935
$2,655,034
873,485
498,722
7,350,333
2,639,696
1,504,841
February—
1938
railway..... $2,684,274
Net from railway
606,878
Net after rents
145,263
6,314,283
2,124,8.59
1,276,032
5,468,387
1,777,918
1,002,890
From Jan. 1—
5,550,392
1,200,029
262,701
Gross from railway
railway
rents..
~
V. 146,
p.1560.
Omnibus Corp.—Earnings—
(Incl. Madison Avenue Coach Co.,
Calendar Years—
Operating revenue
x Net profit
Inc. and Eighth Avenue Coach Corp.)
1937
1936
$8,674,539
1,295,698
$11,552,020
y2.024,951
...
—
depreciation, interest on equipment obligations and bonds
assumed from New York Railways Corp., Federal income taxes, amortiza¬
tion on basis of recapture contract, &c.
y Equal to $4.42 a share on 457,496
no par shares of capital stock.—V. 146, p. 1884.
x
After
New York Dock Co.—Time for Deposits Extended—
meeting March 23 extended the time for deposit of
the company's modified plan of recapitalization to March 30,
1938.
The maturity date of the issue is April 1, 1938.
Deposits now ag¬
The directors at a
1938—12 Mos.—1937
$621,811
325,137
Operating revenues
mtge. bonds____
New York City
National Tea Co.—New Directors—
John McKinlay, recently elected Chairman and "Chief Executive officer
of the company, and Judson Stone were elected directors\at the annual
meeting of stockholders held March 21, succeeding Thorvald Rasmussen
and B. J. Dickens, Treasurer and Secretary, respectively.—V. 146, p. 1719.
Oper. exps., incl. taxes.
Amort,
of limited-term
on
Net after
$166,932
$375,716
$490,346
x Reduction in carrying value of investments in and advances to whollyowned subsidiaries representing losses for the year 1937.—V. 145, p. 2856.
Loss
$374,144
Net oper. revenues...
Other income (net)
Net from
5,118
225,210
40,288
Inc.—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$1,721,352
$1,574,974 $18,341,784 $17,078,499
1,170,208
1,026,252
12,500,826
11,697,618
177,000
177,000
2,124,000
2,124,000
Gross from
Allowance for deprec.
income
paid
Period End. Jan. 31—
599
57,199
financing instalm. rec.
of
operating properties
Non-oper. properties.
Loss on sale of cap. assets
Prov. for accrued int. on
Sept. 20 and on June 21 last, and dividends of
three months previously.
In addition, an
on Dec. 21,1936.—V. 146, p. 116.
share distributed each
$47,889
29", 898
—
—
Total income-—
Prop. exps., less rent inc.
Idle plant expense —. _ _ _
Flood damage & expense
Int.
&
net
expense
of
x
per
extra dividend of $2 was
x
Oper. profit bef. depr Joss$217,273
& Warehouse Co., Ltd.—
Company paid a dividend of $1 per share on the common stock, par $100,
March 21 to holders of record March 1.
This compares with $4 paid on
Dec. 20 last; $1.50 paid on
58,498
Other exps.,
on
Def76,276
on
.
Allow, for uncoil, accts._
incl. interest
loans (net>———
132,314
Def36,022
Def47,885
1560.
Gross income
$2,825,011
2,104,373
(731,348
1,194,054
134,376
Def8,344
Def60,043
New Orleans Cold Storage
Int.
1934
1935
1936
Not reported
after rents
Pays $1 Dividend—
National Radiator Corp.—Earnings-
\
119,474
Defl7,712
Def58,903
railway
—V. 146, p.
Cost of sales, excl. deprec
1935
$63,426
Def 19,465
Def38,851
$58,122
Def9,050
Def29,254
114,396
Defl5,714
Gross from railway
Net from
annual meeting held March 16 they were advised
salaries were eliminated and reduced to the extent of
around $30,000 in comparison with previous years.
In addition, it was announced that other economies would bring the total
savings to around $50,000 annully. The aluminum were division is increasing
its production and a more aggressive promotion of this line will be made.
For some time the management has been devoting its efforts to the de¬
velopment of an electric pressure cooker.
This item is now practically
completed and is expected to be marketed shortly.
G.
Allen
Rutherford was elected a new director to fill an existing
vacancy.—V. 145, p. 2084.
At the stockholders
Net sales
1936
$67,902
Defl,666
Def21,168
1937
1938
$53,157
Def7,934
Def28,367
Net after rents
that the management
-
$1,154,710
income..
1409.
7,257
From Jan. 1—
Cut—New
Co.—Salaries
Cooker
1937
-
$1,850,619
695,909
$984,319
-
$6,028,730
4,178,111
$1,616,809
632,490
revenues..
1937
$6,035,987
$6,084,182
4,467,373
-....
....
February—
Net
Calendar Years—
1938
$6,100,164
15,982
°
revenues
Gross from railway
Net from railway
Director—
at the same
$816,403
$831,897
revised to conform with Federal
Net operating
Dividend—
dividend of 20 cents per share on
stock, payable April 15 to holders of record April 5.
dividend of $1 was paid on Dec. 10 last; an interim dividend of
common
paid on Sept. 30,1936.—V. 146, p.
New
.
Total
'
x 1936
figures (as to major items) are
Power Commission Classification, effective Jan. 1, 1937.
y Available for
redemption of bonds, dividends, &c.
Note—The statement properly omits extraordinary debits to surplus
arising from amortization of pension funds, &c.—V. 146, p. 760.
360,120
on cap. stk.
360,120
Cap. acct. & sur.69,085,527 69,230,492
Other assets
.94,948,812 95,162,879
942,985
Earned surplus
y
,
$866,824
<
credits to surplus (net)
952,546
579,321
1,330,125
deptet.,
for
Res.
952,546
573,305
907,450
663,803
618
_
Res. Casualty liab.
1,434,629
Total.
payable
payable-
Int. & taxes pay
3,639,791
903,893
Notes receivable..
Mat'ls & supplies.
$
Liabilities—
79,462.894 78,150,623
8,873,367
capital
1936
$
1936
§
A. SSCtB
Net income
„
Consolidated Balance Sheet Dec. 31
1937
and expenses
Miscellaneous deductions
share on the common
March 28.
Tnis compares with
paid on April 26 and on Jan. 1.
notes under
gregate approximately 74%.
The company is concerned that this situation may have resulted from cur¬
rent reports that it would be able to arrange for paying off non-assenting
holders rather than resort to voluntary bankruptcy.
Announcement is made, therefore, that the company is in position to
make the cash payments
provided for in the plan, including
the April 1,
1938 interest, if the plan is declared effective as a voluntary one but,
alternatively, is prepared and intends, if sufficient additional deposits are
not received, to effectuate the plan as an involuntary one under Section
77B of the National Bankruptcy Act.
holders provide that they may be used in
The assents of depositing note¬
support of the plan in
proceedings and are in hand in sufficient amount
V.146, p.1720.
tion
New
York
New
Haven & Hartford
Oppose Plan—Their Rights Not Recognized,
—Acts of Management Criticized—
RR.—Bondholders
Committee Charges
management for the road
is charged in a statement
& ref. bonds,
of 1957 and Providence Securities Co. 4% debentures of
of reorganization proposed by the
recognize the rights or bondholders, it
The plan
fails to
reorganiza¬
for that purpose.—
issued by a committee
headed by James J. Kann for the 1st
4% debentures
1957.
"The plan of reorganization proposed by the New Haven management,"
read the statement, "fails to recognize your rights as holders of the com¬
pany's bonds and debentures.
Although under its plan you would be re-
Financial
2054
quired to make sqbstantial sacrifices, the present stockholders would receive
all the common stock of the reorganized company.
In effect, this places
the entire burden of reorganization on the bondholders, while the stock¬
holders reap the fruits of such sacrifices.
Furthermore, the plan would
tend to perpetuate the present management.
"From July 1, 1913, to Oct. 23, 1935, investments made by the manage¬
ment in numerous corporations, many of which had no direct relation to
the primary business of operating a railroad, resulted in losses, recorded,
potential and constructive, amounting to $330,748,744.
Had it not been
for such losses, the company might have had a profit and loss credit balance
of approximately $220,000,000 on Oct. 23, 1935, instead of a profit and loss
debit balance of about $109,000,000.
"When the plan of the present management was announced in June, 1937,
we determined to enter the proceedings and to propose a plan of reorganiza¬
tion which would be fair to bondholders and debenture holders, for it was
apparent that the great body of such security holders were voiceless."
The committee states that "this is the only committee which is authorized
to solicit authorizations from the 1st & ref. xntge. bondholders, the holders
of the New Haven 4% debentures due 1957 and the holders of the Provi¬
dence Securities Co. 4% debentures due 1957."
Loan—
C. Hincks at New Haven on March 21 gave the
permission to issue equipment-trust certificates aggregating $1,640,000
subject to approval from the Interstate Commerce Commission.
The company will receive bids on April 5 for $1,640,000 of equipmenttrust certificates, to bear 3^% interest and to mature in from 1 to 10
years.—V. 146, p. 1720,
Federal Judge Carroll
road
New York Power & Light Corp.—Earnings—
1937
1936
1935
1934
oper. revenues
$25,697,385 $24,416,350 $24,547,998 $23,564,724
Operating expenses
10,673,212
9,915,410
10,307,578 10,089,835
Maintenance expenses..
1,181,675
1,100,486
1,091,041
1,240,770
Retirement provision
2,935,500
2,880,000
2,900,000
2,403,500
Taxes
3,066,035
2,899,936
2,451.909
2,667,675
Chronicle
$7,620,518
Dr6,840
$7,797,470
5,725
$7,162,944
15,182
'$7,844,557
$7,613,678
4,667,870
$7,803,195
4,762,012
$7,178,126
4,867,049
$2,945,808
576,528
1,012,473
1,269,474
$3,041,182
576,528
1,012,473
264,474
$2,311,077
576,528
1,012,473
793,421
Gross income
— .
4,631,413
Deduc'ns from gross inc.
Net
income
$3,213,143
576,528
—
Divs.
on
$6 pref. stock._
Dibs,
on
7% pref. stock.
Divs.
on common
1,012,473
stock.
1,586,842
Balance Sheet
1937
39,174
b
35,192
Special deposits.
Investments
Cash
—
Mat'ls & suppl's
647,902
Prepayments
Deferred charges
9,608,800
stock
7% pref. stock 14,463,900
3,855,431
1,245,150
$
9,608,800
$6 pref.
8,937,107
288,558 c Common stock
66,970,500
2,009,245 Funded debt
2,115,536 Advs. from affil.
companies
20,550,000
729,567
1,260,314 Long-term liab.
relating to Sa4.007,104
3,353,424
candaga Reser
275,489
1,415,831
2,141,370
1936
S
Liabilities—
a
Acc'ts receivable
31
1937
$
136,131,424 133,982.182
Fixed assets
Dec.
1936
$
Asset 8—
14,463,900
8,937,107
66,973,500
20,870,000
deducted from the amount of the claims; and that the Court of Appeals
Northern Indiana Public Service Co.—Accum. Divs.—
The directors
3,471,088
2,216,562
693,459
1,565,659
1,553,604
10,293,074
8,299,092
for
retlre't
of fixed assets
950,117
1,095,799
6,216,284
&
loss—
surplus
-145,747,791 144,431,682"
Total
a
145,747,791 144,431,682
Total
dividend of $1.75 per share on the 7%
dividend of $1.50 per share on the
Northern States Power Co.
(Del.)—Weekly Output—
Power Co. system for the week
1938, totaled 24,341,712 kilowatt-hours, an increase of
0.3% compared with the Corresponding week last year.—V. 146, p. 1886.
Electric output of the Northern States
ended March
19,
Northwestern Electric Co.—Accumulated Dividends—
declared a dividend of $1.75 per share on account of
The directors have
accumulations on the 7% cum. 1st pref. stock, par $100, payable April 1
to holders of record March 18.
A similar payment was made on Dec. 24,
Oct. 1, July 1, and on April 1, 1937, and on Dec. 24, 1936, as against
$5.25 paid on Oct. 1, 1936, this latter being the first dividend paid since
Jan. 3. 1933, when 88 cents per share was distributed; prior to Jan. 3, 1933,
regular quarterly payments of $1.75 per share were made.—V. 146, p. 1886.
Northwestern Yeast
Co.—Liquidating Dividends—
Directors have declared three
liquidating dividends of $2
per
share each,
payable June 15, Sept. 15 and Dec. 15., next.—V. 140, p. 2015.
Nova Scotia Steel &
Coal Co., Ltd.—Reorganization Plan
of reorganization of the capital structure of the company has been
prepared and has been approved by the receivers, the liquidators and the
protective committees.
It will therefore be submitted to meetings of the
holders of 1st mtge. bonds, the 6% debenture stock, and the preference
shareholders to be held at Halifax, N. S., on April 14 and 12, respectively.
The fixed assets have been operated by the receivers since Jan. 19, 1933,
and it is apparent that they are not able to provide a revenue for any
payment of interest on the debenture stock.
The plan of reorganization
is therefore regarded as favorable to the debenture stockholders.
Capitalization—Company's outstanding share and loan capital as at
Dec. 31, 1937, is as follows:
A plan
$1,000,000
8% preferred stock ($100 par)
a
15,000,000
1st mtge. bonds—In dollar denominations
In sterling denominations, £326,540 equal at $4.86 2-3 to—
6% debenture stock—In dollar denominations
In sterling denominations, £199,500 equal at $4,86 2-3 to—
c
Represented by 96,088 no par shares,
b Represented by shares of
c
Represented by 1,057,895 no par shares.-—V. 145, p.
$100 par value.
3353.
2,792,600
1,589,161
4,007,600
970,899 '
declared or paid on the 8% pref. shares since
b No interest has been paid on the bonds since July 1, 1932.
been paid on the debenture stock since Jan. 1, 1932.
d The company's outstanding common stock is all owned by the Dominion
Steel & Coal Corp., Ltd.
a
No dividends have been
Jan. 1, 1924.
c No interest
6,251,050
Other reserves..
Profit
a
6% cumulative preferred stock, par $100, and a dividend of $1.37J4 per
share on the 5H% cumulative preferred stock, par $100, all payable on
account of accumulations on April 15 to holders Of record March 31.
Arrearages after the current payments will amount to the full dividend
for seven and one-half quarters.—V. 146, p. 1886.
691,181
Accrued liabil—
Res.
have declared
cumulative preferred stock, par $100, a
b 5%
2,145,465
with the
The
that it believes that if principles which it deems sound
are adopted in valuing the mortgages which are deductions in the case of
every claimant, and if these principles are applied in the way the committee
contends they should be applied, there should be an excess of assets re¬
maining for stockholders.
A rehearing of test claims as ordered by the Court of Appeals is shortly
to be held in the Supreme Court, according to the letter, and the committee
feels that the interests of stockholders require active participation on their
behalf in such hearings, in the subsequent proceedings for allowance of other
claims, and in any proceedings concerning reorganization and urges that
stockholders unite in this work for their mutual protection.—V. 146, p. 1721.
committee states
d Common stock ($100 par)
Acc'ts payable..
Consumers' dep.
1938
also held that stockholders were entitled to be heard in connection
Calendar Years—
-
26,
allowance of the creditors' claims and the valuation of their security.
Total
Operating income
$7,840,963
Non-oper. income, net—
3,594
March
has
Proposals in Regard to Old Bonds of the Scotia Company
Reduction in Amount—The Dominion company shall procure retirement
a sufficient principal amount of old
bonds of the Scotia company to
reduce the outstanding principal amount thereof to an amount not ex¬
of
ceeding $4,000,OuO (sterling for this purpose to
of exchange of $4.86 2-3 to £1).
be taken at the fixed rate
holder of outstanding old bonds (reduced
in aggregate principal amount to not exceeding $4,000,000 as aforesaid)
upon surrender of such bonds for cancellation with coupons due on and
after Jan. 1, 1933, appertaining thereto, will receive for each $100 thereof
in Canadian dollar denominations or in sterling denominations (sterling
for this purpose to be taken at the fixed rate of exchange of $4.86 2-3 to
£1):
(a) $100 of new bonds of the Scotia company; and (b) one fully
paid Dosco B share (class B shares ($25 par) of Dominion Steel & Coal
Exchange of Old Bonds—Each
New York
Shipbuilding Corp.—Earnings—
1937
1936
$l,372,038prof$397,737
Calendar Years—
Net loss after all charges
—V. 146, p. 1884.
New
Corp.—Delisting of Stocks—
York Steam
The New
Stock Exchange has made application to the Securities
York
A cumulative preferred
stock of the corporation
the Exchange in view of the small amount
trading.
The application is now pending
before the Commission and no indication has been given the Exchange as
to when the application to strike, if granted, will cecome effective.
The
Consolidated Edison Co. of New York, Inc. has offered to exchange its
$5 cumulative preferred stock for the preferred stock of the New York
and Exchange Commission to strike the $7 series
stock and $6 dividend series cumulative preferred
from listing and registration on
of stock remaining available l'or
Steam Corp. upon the following ratios:
One share of $5 cumulative preferred
of New York, Inc. for each
of New York Steam Corp.
Nine-tenths of
snare
a
stock of Consolidated Edison Co.
share of $7 series A cumulative preferred stock
of $5 cumulative preferred stock of Consolidated
Edison for each share of $6 dividend series cumulative preferred stock of
New York Steam.
exchange offer will expire
been informed of any intention
31, 1938.—V. 146, p. 1410.
The Stock Exchange has been notified that the
at 3 p. m. on March 31, 1938 and has not
to extend the exchange offer beyond March
New York
Susquehanna & Western RR.—Earnings—
Net after
1936
1935
$371,113
132,645
87,167
$310,012
26,943
555,496
191,689
68,456
700,893
237,642
145,923
658,247
181,131
60,703
1938
$229,590
67,667
534,724
195,947
45,091
rents
1937
$270,900
92,319
Deft,795
February—•
Gross from railway.
Net from railway
Gross from railway
—V. 146, p.
New
77,793
15,176
1561.
York
Title
mittee Formed to
&
Co.—Stockholders''
Reorganization—
Mortgage
Protect Interest in
Cow-
organized at the request of holders
New York Title &
Mortgage Corp. and is communicating with stockholders requesting them
to cooperate in an effort to preserve and protect their interests and rights
A committee of stockholders has been
of
a
substantial amount of stock of the company and of
in that company.
Rodney Hitt, director of Rossia Insurance Co. of America, is chairman
of the committee and the other members are F. S. Bancroft, Vice-Pres.
of
Pease & Elliman, Inc., Jeremiah D. Maguire, Pres. of Federation Bank &
Trust Co.; Lawson Purdy, former comptroller of Trinity Corp., and Herbert
S.
Swan, municipal consultant.
Barber, Fackenthal & Giddings, 120
Broadway, New York, are counsel for the committee and M. C. Dietrick,
Room 4600, 20'Exchange Place, New York, is secretary.
Deposits of stock are not requested at this time but stockholders are
asked to authorize the committee to represent them and to contribute to
the funds of the committee 10c for each share of stock held, such payments
to be made to Federation Bank & Trust Co., New York
depositary.
In a letter mailed to stockholders March 23, the committee points out
that a referree appointed by the New York Supreme Court has recommended
to the court a plan of reorganization of New York Title and Mortgage Co.,
which excludes stockholders from any participation in the reorganized
company.
The committee states that it believes this plan to be unsound,
unfair and contrary to law and that stockholders should resist it in the courts.
The committee asserts that the book value of the assets of New York
Title Mortgage Co. are about $54,000,000, and that while the actual value
is less than that amount it is nevertheless very,.substantial, and that the
amount of claims to be
is
now
the subject of
paid out of such assets has not been determined and
litigation.
The committee also states that all mortgage
guaranty claimants against the company hold mortgage security, the value
of which must be deducted from the face amount of claims; that a recent
Court
of Appeals
decision sustained the contention of counsel for stock¬
the mortgages was a
holders that the value of the real property underlying
primary factor in determining the value of such mortgages which was to be
adjustment of differences between principal amounts
Canadian currency denominations and principal amounts in
In order to facilitate
in
of bonds in sterling denominations, provision is made
certificates for new bonds and Dosco B shares.
for payment of principal and interest
of the new bonds of the Scotia company the Dominion company will enter
into a long term contract or lease with the Scotia company for a term
beginning from Jan. 1, 1938, and expiring not before the maturity date
of the new bonds of the Scotia company, under which contract or lease
the Dominion company shall pay to the Scotia company in each year at
least the sum of $225,000, payable in two equal instalments semi-annually
on June 30 and Dec. 31, in consideration of which the Dominion company
will be entitled to mine and take annually not more than 450,000 tons
of iron ore from the Wabana Mines of the Scotia company, and shall have
Canadian
currency
for the issue of fractional
Wabana Lease—In order to provide
the right to mine and take additional ore in any year or years subject to
payment at the rate of 25c. a ton for each ton in excess of 450,000 tons
taken in such year or years respectively.
Proposals in Regard to Debenture Stock of the Scotia Company
debenture stock of the Scotia company (including
will be exchanged for Dosco B shares on the basis of three
Dosco B shares for each $100 of outstanding 6% debenture stock (sterling
for this purpose to be taken at the fixed rate of exchange of $4.86 2-3
to £1), provided however that all debenture stock in sterling denominations
must, in order to entitle the holder thereof to exchange the same for Dosco
B shares as aforesaid, be surrendered in principal amounts aggregating
£20 or some multiple of £20.
In order to facilitate adjustment of differences between debenture stock
in Canadian currency denominations and
debenture stock in sterling
denominations, provision is made for the issue of fractional certificates
The outstanding 6%
accrued interest)
From Jan. 1—
Net from railway
Net after rents..
Corp., Ltd.).
of bonds
for Dosco B shares.
Proposals in Regard to 8% Preferred Stock of the Scotia Company
Arrangement—Subject to confirmation under appropriate statutory pro¬
as an arrangement between the Scotia company and holders of its
8% preferred stock and as a reduction of capital, the capital of the Scotia
company shall be reduced by cancellation of its presently authorized and
outstanding 10,000 shares of 8% preferred stock in consideration of the
issue to holders thereof (other than the Dominion company) of one fully
paid Dosco B share for each outstanding share of 8% preferred stock.
Alternative Proposal—If so agreed by the Scotia company and the Do¬
minion company, the above mentioned proposal for reduction of capital
by cancellation of 8% preferred stock of the Scotia company shall not
be proceeded with, and in that event and also in the event that such pro¬
posal for reduction of capital shall not be approved or shall not be con¬
firmed, then holders of 8% preferred stock of the Scotia company (other
than the Dominion company) shall be offered the right or option exercisable
by individual holders as they respectively deem fit, not later than Aug. 31,
1938, or such later date or dates and upon such terms and conditions as
the directors of the Dominion company shall approve, to exchange their
visions,
8% preferred stock of the Scotia company
share.
with the Dominion company
for Dosco B shares, share for
Ordinary Creditors
unsecured creditors of
by the plan.—Y. 146, p. 1723.
The claims of ordinary
not to be affected
Ohio
Wax Paper
the Scotia company are
Co.—Extra Dividend—
dividend of 25 cents per share In
quarterly dividend of 25 cents per share on the
common stock, no par value,
both payable April 1 to holders of record
March 19.
An extra of $3.25 was paid on Dec. 17 last.
Extra dividends
of 25 cents were paid on Oct. 1, July 1, and April 1, 1937.
An extra
dividend of $1.50 was paid on Dec. 10, 1936, and an extra of 25 cents in
addition to the regular quarterly dividend of 25 cents was distributed on
Oct. 1, 1936.—V. 145, p. 4123.
The directors have declared an extra
addition
to
the regular
'
Volume
Financial
146
Ohio Bell
Chronicle
Telephone Co.—Earnings—
Month of January—
Operating revenues
13,838
1937
$3,412,122
5,394
$3,423,043
2,288,763
$1,134,280
476,281
$1,376,273
489,600
$657,999
Operating revenues.
Operating expenses
$886,673
or
$1.37H
Per share on the $5.50 preferred stock, both payable April
holders of record March 15. See also V. 145, p. 4123.
Net operating income.
_
_.
-V. 146, p. 1562.
Gross income.....
Int. & other fixed charges
1938—Month—1937
$486,038
$526,703
289,855
$5,731,388
3,208,115
57",708
57",708
692,500
692,500
$164,063
17,368
$179,140
17,441
$1,830,642
$1,810,225
207.066
$181,431
$196,581
$2,017,291
378
137
$2,037,526
3,360
$181,809
85,417
$196,718
85,417
18,451
$2,040,886
1,025,000
231,302
$2,017,808
1,025,000
231,219
Net income
$76,983
$92,850
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$784,584
$761,589
458,478
458,478
Balance....
$326,106
$303,111
limited-term
investments
$7,766,178
3,385,672
Prop, retire,
$457,396
155,577
$4,495,223
1,866,923
$4,380,504
1,866,923
131
Rent from lease of plant.
155,577
..Net
res. approp.
oper. revenues
Operating income
$188,140
$301,819
$2,628,300
$2,513,583
Other income (net)
Oklahoma Natural Gas Co. (&
No provision has
Other int. and deduct'ns
1938
i
revenues
$8,226,558
2,974,753
187,530
Operation.
Maintenance
Taxes (not incl. Fed. surtax
on
bben
800,845
undistributed prof.)
1937
$7,560,549
2,873,318
219,160
662,956
$4,263,428
24,864
$3,805,113
$4,288,293
Non-operating income—net-
$3,851,076
1,237,985
1,135,313
$3,152,979
1,493,493
$1,659,487
Dividends paid & accrued: conv. 6% prior pref. stk
133,200
Bal. available for divs. on $3 pref. stk & com
$1,526,287
for Federal surtax on undistributed profits
Prov.
45,962
$1,018,336
111,000
$907,336
a40,000
$1,486,287
$907,336
a
No provision has been made for the Federal surtax on undistributed
profits for the fiscal year beginning Dec. 1, 1937, since any liability for such
1937
end of the fiscal year.
Acquisitions—
Company acquired during 1937 the properties of several companies
operating in its service area, namely: Robinson Oil Corp., Muskogee;
J. A. S. Wright, Oklahoma City; Boynton Gas & Electric Co., Boynton,
and Independent Natural Gas Co.. operating in the Shawnee-Seminole area.
Negotiations were conducted during the year and consummated Dec. 20,
1937 for the acquisition of the Industrial Gas Co. of Oklahoma which
operated in the Oklahoma City area.
The Enid distribution system was connected with an area which includes
the Crescent Field, Marshall Field and Loveil Field by 38 mils of 8-inch
and 10-inch transmission line.
The gas reserves in this area are in excessf
of 18 billion cubic feet.
This extension, together with acquisitions oi
property already mentioned, aggregate
approximately
miles or pipe line added to the company's system.
The
of acquiring
cost
300
additiona
these properties and extending the transmission
These and other improve¬
—V.
A. P. Russell. President, in his report to stockholders outlining the present
of the company and the plans being made for its reorganization,
properties of the company continue to be operated by the trustees
of the New Haven for the account of the company and of the same three
trustees of its property, pursuant to orders of the Court.
On the basis of a formula used by the trustees of the New Haven for
persons as
segrating earnings of the New Haven system among
the several leased and
mortgaged lines, the operations of Old Colony (including the operations of
the Boston & Providence and the Providence Warren & Bristol) for the
period June 1,1936, to May 31,1937, resulted in a deficit of over $2,600,000,
before interest and lease rentals, and not including certain intra-system items.
The trustees are at present endeavoring to obtain the consent of public
authorities to certain operating economies, principally in connection with
local passenger operations in and out of Boston, in an effort to reduce the
amount of such loss.—V. 146, p. 1251.
x Dividends
accumulated and unpaid to Jan. 31, 1938, amounted to
$229,239, after giving effect to dividends of $1.75 a share on 7% preferred
$6 preferred stock, declared for payment on
Feb. 1, 1938.
Dividends on these stocks are cumulative.
Note—Includes provision of $2,038 for Federal surtax on undistributed
profits for the 12 months ended Jan. 31, 1938.
No provision has been
made for the 12 months ended Jan. 31, 1937.—V. 146, p. 1887.
Pacific Public Service CoAnnual
Calif., a wholly owned subsidiary
merged, the latter being the
surviving company.
Upon the merger becoming effective the assets of
Natural Gas Corp. of Calif., having a net book value of $1,725,568, were
acquired by Coast Counties Gas & Electric Co.; Coast Counties Gas &
Electric Co. issued to Pacific Public Service Co. 16,200 new shares of
common stock and assumed $105,418 of indebtedness of Natural Gas Corp.
of Calif.
The Pacific company received this stock as the sole owner of
Natural Gas Corp. of Calif.
All of the outstanding second preferred stock Of Coast Counties Gas &
Electric Co., which was owned by Pacific company, was converted by the
merger into common stock of the surviving company on a share-for-share
basis, thereby simplifying the capital stock structure.
At Dec. 31, 1937, company owned all of the 36,200 shares of th$ issued
and outstanding common stock and 1,932 shares of first preferred stock of
Coast Counties Gas & Electric Co.
These shares represent 51.76% of all
of the outstanding stock of that company.
Consolidated
Operating
Income
Account for Calendar
1937
$5,676,602
revenue....
2,234,936
160,338
658,151
Operation.
Maintenance and repairs.
Depreciation and amortization
Taxes (other than Federal income
Net income from
6Mos.End. Jan. SI—
_______
Profit....
After charges, but
1938
$5,416,775
136,427
1937
$5,420,320
260,810
1938—■Month—-1937
$66,462
40,596
11,296
$63,634
38,304
10,887
$14,570
1,930
Operating revenues
Oper. exps., incl. taxes.
a Depreciation
1936
$4,507,706
52,948
1935$4,282,961
lossl73,516
on
undistributed profits
on
...
pref. stock of subsidiary
Preferred dividends
$203,083 payable, Jan. 5,1938.
Includes
a
—
funded debt-
451,064
129,937
$14,443
2,407
$134,398
29,319
$157,834
32,836
$16,500
3,950
$16,850
3,950
34
71
23
$163,717
47,400
1,652
7,669
$190,670
47,400
1,698
1,452
$12,427
6,460
$12,843
6,664
$106,996
79,659
$140,120
82,436
$6,179
$27,337
—
Balance
Divs.
accr. on
pref. stock
Balance
j^xciuciiiig
uepreciaiiuu
ui
duu^#
anu
$57,684
lavjurai/ury
equipment and depreciation of non-operating property, such depreciation
being distributed among the various operating property, operating expense
or other accounts applicable.
Note—Federal income taxes included in operating expenses.—V. 146,
p.
213,186
Consolidated Balance Sheet Dec. 31, 1937
Liabilities—
Assets—
Prop., plants & equipment... $9,557,404
Franchises & other intangibles
2,354,471
Investments
-
Cash
2,358,833
800,649
220,000
468,750
36,323
213,087
Other notes & accts. rec
Inventories...--..-.
-
Prepaid and deferred Items..
1,416,090
Funded debt
$7,780,000
82,091
163,345
Accrued payables...
177,784
Acer. div. on pref. stk. of sub.
8,883
Dividend declared—.......
203,083
Trade accounts payable..—
Other accounts payable..
...
...
Consumers' deposits.
61,530
18,574
430,837
69,410
...
Unredeemed coupons
Prov. for Federal taxes...—
Consumers'dep. for extension
Reserves..
Capital stock
Surplus
85,568
3,553,100
3,665,688
1,125,712
Total......
.......$17,425,609
.
x
502,777
132,285
Other interestOther deductions.._
$1,029,268
243,685
—
Preferred stock of subsidiary.
$5,967
Operating income
Other income
—
$1,298,813
1,005,231
983
334,400
—
Net income
Total
x
-
$1,823,444
402,550
9,873
4,323
164,244
14", 950
213,186
$2,113,281
293,200
12,914
2,591
276,495
4,500
11,580
213,186
Other interest
Normal income tax
Excess-profits tax—
1938r—12 Mos.- -1937
$738,835
$769,460
52
—
on
318,666
$1,759,381
64,063
funded debt
Orange & Rockland Electric Co .—-Earnings—
Gross income.
290,533
$2,044,094
69,187
45,114
before Federal income taxes.—V. 145, p. 3354.
Period End. Jan. 31—
Interest
357,662
1,310,629
275,325
12,914
Surtax
1935
$4,779,567
1,976,008
85,109
640,403
$2,265,515
operations
----
Dividends
1936
and
....
Other income
on
Years
$5,232,828
2,079,287
158,552
660,361
$1,458,870
,655,120
profits taxes)
Deposit with trustee
Net sales
Report—
On Dec. 1, 1937, Natural Gas Corp. of
and Coast Counties Gas & Electric Co. were
Trade notes & accts. rec. (net)
Oppenheim, Collins & Co., Inc.-—Earnings—
a
517
stock and $1.50 a share on
Interest
RR.—Operates at Deficit—
status
The
-.
principally from cash in excess of other requirements
146, p. 1886.
Old Colony
—
19,409
Amortization of debt discount & exp.
system amounted to approximately $1,313,000.
ments were financed
x
$2,613,091
1,594,755
►
(for fiscal year ended Nov. 30,1937)---
tax cannot be determined until the
Gross income
Interest on mtge. bonds.
Subs.)—Earnings-
12 Months Ended Feb. 28—
Operating
x
206.884
No provision was made in 1936 or 1937 for Federal surtax on undistribu¬
ted profits as all taxable income was distributed.
made for such tax in 1938.—V. 146, p. 1411.
x
$5,332,575
2,829,850
of
$7,694,854
'3,199,631
_
1938—12 Mos.—1937
264,267
revenues.....
Oper. exps., incl. taxes__
Amort,
"$343,717
Balance..
x
Pacific Power & Light Co. (& Subs.) —Earnings—
Period End. Jan. 31—
Operating
$720,621
263,225
pref. stock
on
P1
3826.
$630,122
286,405
income.
Dividends
1938—12 Mos.—1937
$1,710,820 $19,578,458 $18,167,783
840,198
9,508,603
8,851,605
150,000
2,375,000
1,550,000
dividend of 15 cents per share on the com¬
par $5, payable April 30 to holders
of record April 15.
This
with 30 cents paid in each of the four preceding quarters and
previously regular quarterly dividends of 25 cents per share were distributed.
In addition, an extra dividend of $1 was
paid on Feb. 5, 1937—V. 145,
1938—Month—1937
$1,624,781
x Oper.
exp. and taxes..
794,659
Pro v. for retirement res.
200,000
a
stock,
compares
Co.—Earnings—
Period End. Feb. 28—
Gross revenue
Net
mon
P.
Ohio Edison
1 to
Pacific American Fisheries, Inc.—Dividend Halved—
The directors have declared
Net operating revenues
Operating taxes
(Minn.)—Accumulated Dividend—
The directors have declared a dividend of $1.50 per share on the account
accumulations on the $6 cumulative preferred stock and a dividend of
$3,406,728
2,030,455
1 1938
$3,436,881
Uncollectible operating revenue
2055
Otter Tail Power Co.
$17,425,609
-
Represented by 1st preferred stock, 406,341 no par shares; 2nd preferred
stock, 300,000 no par shares; common (nonvoting) stock, 262,057 no par
shares; and voting common stock, 200,000 no par shares.—V. 145, p. 3506.
Pacific
Telephone & Telegraph Co.—Earnings—
Month of January—
Operating revenues
Uncollectible operating revenue..
1938
$5,519,048
20,700
16,600
Operating revenues
Operating expenses
$5,498,348
4,031,940
$5,299,891
3,598,699
Net operating revenues.
Rent from lease of operating property
$1,466,408
$1,701,192
71
Net
720,655
$724,980
operating income.
71
741,499
Operating taxes
-V. 146, p.
1937
$5,316,491
$980,608
1562.
28/5.
Oregon Electric Ry.—Extension of Bonds—
for an extension of $1,951,000 1st mtge bonds from May 1,
1933 was worked out with a committee of bondholders and was approved
by the Interstate Commerce Commission last December.
The bonds are
to be extended to May 1, 1958 to bear int. from May 1, 1937 at the rate
of 3 % per annum.
The Irving Trust Co. has attached endorsements and
coupons for the purpose of the extenston to such of the bonds as had been
deposited with the bondholders' committee.
At the time the extension was arranged, Spokane Portland & Seattle
The plan
Ry. (a subsidiary of Great Northern Ry. and Northern Pacific Ry.) which
practically all of the stock of the Oregon Electric Co., offered to
purchase Oregon Electric bonds at 50 cents on the dollar.
Approximately 92% of the bonds have been extended pursuant to this
arrangement.
It should be understood, however, that a very large part
of the issue is now held by Spokane Portland & Seattle
Ry.—V. 145,
p. 3664.
holds
Pan
American
Match
Co.—Initial Dividend—
Directors have declared an initial dividend of 50 cents per share on the
common
stock, payable March 29 to holders of record March 23.
Park & Tilford,
Inc.—Initial Preferred Dividend—
Directors have declared an
initial dividend of 75 cents per share on the
20 to
cumulative convertible 6% preferred stock, par $50, payable March
holders of record March 1.—V. 145, p. 3506.
Pennsylvania Glass Sand Corp. (& Subs.)1937
Calendar Years—
Net
income,
int.,
1936
Earnings—
1935
1934
&c.
charges, incl. taxes—
Preferred dividends.
Common dividends
—V. 145. p. 3506.
$734,423
$504,799
$420,782
182,704
321,420
238,394
381,430
156,673
$249,329
238,394
Financial
2056
Net rev. fromry. oper. $4,998,541
Railway taxes
1,929,200
405,544
Unemployment ins.taxes
Railroad retire't taxes..
359,931
Equipment rents (Dr.)..
570,873
Joint facil. rents (Dr.)..
155,203
^
o
1938—2 Mos.—1937
$54,107,598 $74,119,368
43,649.639 57,o7b,792
$8,256,023 $10,457,959 $16,542,576
1 818.334
3,829.000
3,609,051
354,877
859,583
720,439
478,044
770,459
975,308
140,917
1,098,432
321,543
154,345
286.055
419,055
$1,577,790
Earnings of Company
...
Net
from ry. oper.
Railroad retire't taxes._
$5.011,568
1,924,363
405,455
359,290
Equipment rents (Dr.)..
569,360
Joint facility rents
155,536
rev.
Railway taxes
Unemployment ins.taxes
(Dr.)
Pet Milk Co.
$8,275,336 $10,485,516 $16,578,908
1,813,496
3.818,131
3,598,160
354.537
859,398
719,716
477.184
769,130
973,523
139,584
1,095,387
318,945
154.652
286,719
419,669
(& Subs.)—Earnings—
Consolidated Income Account for
Net
$5,309,506 $3,614,430 $10,497,180
Only
Period End. Feb. 28—
1938—Month—1937
1938—2 Mos.—1937
Railway oper. re venues .$25,519,900 $36,167,731 $53,985,522 $73,991,849
Ry. oper. expenses
20,608 332
27,892,395
4«j,oo0,006 57,412,941
Net ry. oper. income.
requested Natural Gas Pipeline Co. of America (from which Chicago
Pipeline Co. purchases natural gas for resale) to supply it with
as
to
that company's property investment and
earnings.
Natural Gas Pipeline Co. of America applied to the Federal Court for an
injunction restraining the Commission from requiring such informatoon
upon the ground that it was not under the latter's jurisdiction.
On Dec. 6,
1937, the U. 8. Supreme Court denied the injunction asked.
Following
this decision, the Commission has set for further hearing the case against
Chicago District Pipeline Co.—V. 146, p. 1412.
information
[Excludes L. I. RR. and B. & E. RR.]
1938—Month—1937^
Cost of goods sold
3,736,439
642,499
—...
3,199,703
631,431
2,883,063
703,408
3,061,597
686,878
$874,283
135,080
Sell., gen. & adm. exp..
Depreciation
$1,276,032
97,320
$662,343
y280,728
$675,528
120,545
$1,373,352
$943^070
$796,073
25,230
24,085
46,283
2,236
17,531
209,060
1.890
1,804
129,174
100,719
Operating income..
Dividends received.
_.
Total income
Reduction
$1,009,364
value
in
Net ry. oper. income.
$1,597,564
$5,335,883
$3,656,751 $10,548,895
of
capital assets
Proportion applicable to
minority int. in subs..
Interest paid
Pro v.
for surtax
Calendar Years
1937
1936
1935
*934
—.$29,702,594 $25,105,479 $23,093,138 $19,420,411
24,449,373
19,998,312
18,844,325
14,996,408
sales
,
2,176
62,053
140,518
Federal taxes
—V. 146.p. 1887.
1938
District
Earnings of System
Period End. Feb. 28—
26,
mission
Pennsylvania]RR. Regional System—Earnings—
Ry. operating revenues_$25,578,264 $36,226,692
Ry. operating expenses. 20,579,723
27,970,669
March
Chronicle
on
un¬
distributed profits....
for
income
tax,
45,000
43,000
prior years
Loss on disposal of capi¬
44,506
36,550
15,955
92,943
35,250
$699,155
441,354
$911,553
31,662
551,693
$787,921
86,808
441,354
$647,267
87,549
441,335
$257,801
441,354
$1.58
$328,198
441,354
$1.99
$259,759
441,354
$1.58
$118,383
441,354
$1.26
,
Prov.
Peoples Drug Stores, Inc.—Earnings—
1937
1936
1935
1934
$22,383,144 $21,121,116 $19,217,063 $16,879,395
305,360
289,312
270,191
246,307
Calendar Years—•
Net sales
Other
store
income
tal assets
Goodwill of subsidiaries.
^
Total store income...$22,688,504
21,401,060
Cost, exp., income
a
$21,410,428 $19,487,254 $17,125,702
19,822,402
18,175,705
15,740,485
—
Net profits
Divs. on pref. stock
Divs.on com.stk. (cash).
Operating income.... $1,287,444
65,484
$1,588,026
56,521
$1,311,549
41,272
$1,385,217
b7,495
Balance, surplus
Total income
$1,644,547
1*1,352,821
$1,392,712
Earnings per share
43,101
245,696
27,075
44,981
186,475
197",775
Other income
Shs.com .stk.out. (no par)
$1,352,928
Miscellaneous charges.
45,613
Federal income taxes
194,642
Surtax undistrib. profit.
53,071
_
Includes interest received,
x
y
$1,059,602
59,426
613,685
Common dividends
$1,328,675
92,983
797,103
$1,121,365
125,483
427,404
$1,194,937
129,860
356,510
$386,491
$4.07
Net profit....
dividends
Preferred
$438,589
$568,478
$4.06
$708,567
$4.48
Assets—
on
a Includes
depreciation
charges.—V. 146, p. 1723.
and
$5.04
amortization,
b After
miscellaneous
Period End. Feb. 28—
1938—Month—1937
Total oper. revenues
Total oper. expenses
$1,777,765
1,773,933
$2,478,898
1,899,082
Net oper. revenue
$3,831
152,477
$579,816
184,774
Railway tax accruals
Mos.—1937
$3,699,026
$4,733,143
3,623,326
3,812,723
1938—2
$75,700
305,202
Due from
Net ry. oper. deficit..
Other income
y
$229,502 prof$549071
Drl34,462
Dr63,409
09,253
01,005
$160,815 prof$445976
19,455
17,976
Misc.
deductions
from
income.
5,985
6,092
11,862
11,927
5,818
equipment..
on
debt
5,739
271,549
14,013
547,496
13,483
543,811
273,719
Net deficit
Income applied to sink'g
$426,883 prof$180571
& other reserve funds.
Deficit
bal.
260
$832,610 prof$30,646
260
260
Def. chgs. to oper.
112,821
6,228,212
913,245
111,520
.15,579,876
$427,143 sur$180,311
profit & loss
—V. 146, p. 1412.
$832,670
sur$30,386
14,176.084
During the early part of 1937 the introduction of evidence continued
case brought by the com¬
pany for certain increases in charges for gas.
These proposed charges would
increase the monthly bill of each customer by approximately one cent per
day and provide additional net revenue of approximately $2,500,000 after
deducting increased taxes, exclusive of the Federal tax on undistributed
earnings.
As such evidence was given to the Commission, it was submitted
by agreement to the Circuit Court of Cook County in the case pending before
that court for a permanent injunction against enforcement of the present
before the Illinois Commerce Commission in the
rates.
On May 21, 1937, the Commission entered a final order denying the pro¬
posed increased rates.
In its order the Commission found that the fair
value of the property of the company used and useful in rendering gas service
in the City of Chicago (which excludes the value of Peoples Gas Building
and certain parcels of unimproved real estate) was $120,000,000.
This
amount, the order stated, included an allowance for materials, supplies
and cash working capital and also any intangible or other elements of value.
The order also found that the income of the company available for return
for the year 1936 was $7,140,195, or 5.95% of the said fair value of the
property.
In arriving at the amount of income available for return the
Commission eliminated
approximately
$2,475,000
of
the
company's
operating expenses, which, in the opinion of the company, represented
proper and allowable charges.
The order stated that such income and rate
of return were "fair, just and reasonable."
Following the Commission's order, hearings continued before the Special
Master in Chancery to whom the case was assigned by the Circuit Court.
These hearings were concluded on June 29, 1937.
The Master, on Oct. 2,
1937, filed with the Court a report, stating his conclusions and recom¬
mendations.
In his report the master found that the value of the company's property,
used and useful in the gas business, including working capital and going
value, is not less than $147,497,418; that the company is entitled to earn
upon said value a rate of return not less than 6)4% per annum; that its
present earnings from utility operatilns represent a return of approximately
3.3% upon such value; and that the present rates, which produced this
return, are confiscatory.
This report also found that the Commission's order of May 21, 1937,
the present rates, and the Public Utilities Act
extent that it authorizes the Commission's order, are
unconstitutional and void, and recommended that a permanent injunction
be issued by the Court, restraining enforcement of the present rates as asked
by the company.
The hearing in the Circuit Court on the Master's report was completed
on
Nov.
24, 1937.
company
On Feb. 4, 1938, the Circuit Court entered
a decree
master's report in all respects and granting the permanent
approving the
injunction requested by the company.
The company accordingly placed
on Feb. 5, 1938, the increased rates which were denied by the Com¬
mission's order of May 21, 1937.
The Commission has indicated its in¬
tention to appeal from the decree.
The company has voluntarily agreed to
deposit and impound in a Chicago bank the amount representing the in¬
crease in rates pending the ultimate decision on the appeal.
Illinois Commerce Commission issued an order on Nov. 17, 1936, calling
upon Chicago District Pipeline Co., a subsidiary company, to show cause
why its schedule of rates should not be reduced.
These rates had pre¬
viously been accepted by the Commission in an order dated Dec. 31, 1935.
Hearings were held during the early part of 1937, at which time the com¬
pany completed the presentation of its evidence.
Thereafter, the Com¬
in effect
195,403
Res. for insurance-
240,482
232,999
Res.
for
price
possible
adjufltrri'ts
914,109
z
150,000
150,000
4,704
3,789
7,798,534
7,798,534
3,130,658
2,872,856
...15,579,876
14,176,084
Common stock.
Earned
_
surplus._.
Total
Philadelphia Co.—-Smaller Dividend—
a dividend
of 20 cents per share on the
value, payable April 25 to holders of record April 1.
paid on Jan. 25, last; 15 cents paid on Oct. 25
last; 20 cents paid in each of the two preceding quarters; 25 cents paid
on Jan. 25, 1937; 15 cents paid on Oct. 26, 1936; 20 cents paid on July 25
and April 25, 1936, and 25 cents paid on Jan. 25, 1936.—V. 146, p. 1563.
directors
stock,
common
have declared
no par
Philadelphia Rapid Transit Co.—Company Seeks Rental
Pay Reargument—
Counsel for the company has been instructed
to seek
Peoples Gas Light & Coke Co.—Status of Ratigatione Lit
imposing upon the
of Illinois, to the
107,711
111,266
1,400,427
304,132
—
x After reserve for doubtful debts and discounts of $119,736 in 1937 and
$106,953 in 1936.
y After reserve for depreciation of $6,268,764 in 1937
and $5,867,333 in 1936.
z Represented by 441,354 no par shares,
a $2,100.000 current and $600,000 maturing $200,000 annually from 1939 to
1941.—V. 145, P. 3506.
260
transfer.
to
122,500
taxes
This compares with 25 cents
Rent for leased roads &
Interest
1,139,307
55,061
64,197
Sundry accts. pay
Notes payable.a2.700.000
Accrued
Min. int. in subs..
6,867,189
$373,218 prof$486667
113,980
113,200
$259,238 prof$599867
3,985,491
670,934
Real est., mach.
The
Total deficit
13,425
16,829
4,242,307
669,901
Total...
Acer. sals. & wages
1,106,985
66,414
Fed'l Income tax..
empl. &
and equipment.
Goodwill
$920,419
371,348
Drl2,590
CV63,523
$148,646 prof$395042
Dr66,288
CV54.119
33,459
Misc. accts. receiv.
Invest, & advs
$141,360 prof $463952
Operating deficit.
Equipment rents (net).-'
facility rents (net).
Joint
1,392 127
23,704
Misc. accts. receiv.
agents.:—_
Ry.—Earnings—
1,435,152
Customers' accts.
827,670
$
$
Accounts payable-
1,297,863
Inventories..
Pere Marquette
Liabilities-
$
hand-.
1936
1937
1936
Cash in banks and
x
Surplus
Earn, per share on com.
Includes miscellaneous income.
Consolidated Balance Sheet Dec. 31
1937
by the board of trustees
reargument before the U. S. Circuit Court of Appeals in connection
a
with the latter's decision announced
March
19, ordering a $3,000,000 use
and occupancy payment to the underliers.
This was announced by Mayor
S. Davis Wilson, as Chairman of the board of P. R. T. trustees, following
the latters meeting
March 21.
The board also adopted a resolution order¬
dividend checks to under¬
ing the treasurer of P. R. T. not to pay out any
liers until it is advised further oy the trustees.
Mayor Wilson further explained that in the event a reargument of the
dividend decree of the U. 3. Circuit Court is refused, the company planned
appeal the order to the U. S. Supreme Court.
He said that in any
the city will appeal directly to the Supreme Court and that City
a supersedeas from the Supreme Court at Wash¬
ington pending argument before that oody.—V. 146, p, 1413.
to
event
Solicitor Sharfsin will seek
Philadelphia & Reading Coal & Iron Co.—Committee
Offers Modified Plan—Reduction of $35,000,000 in Capitaliza¬
tion and Disposal of Subsidiaries Demanded—
A modified plan of reorganization drastically different from
that filed a
by the company has been submitted to the U. S. District Court
Philadelphia by the independent protective committee for the refunding
month ago
at
mortgage 5s of the company.
Whereas the company proposed to keep its present capital structure in¬
tact on a five-year moratorium predicated on "earned income," the com¬
mittee
demands
liquidation
or
to operate on
not
a
cut
of
approximately $35,000,000 in capitalization,
a
sale of several subsidiaries; the formation of a new corporation
a reduced production basis and the disposal of all properties
strictly identified with the coal business and the abandonment of sev¬
eral leases, including those of the Girard and Shaeffer estates.
The committee, of which N. E. Waldman is Chairman, asserted
in its
described as an amendment to the company's plan, that the
overcapitalized, cannot operate profitably because of that and
physical conditions in the industry, and proposed that the production be
limited to 6,000,000 tons a year.
Heretofore, the production has averaged
7,433,000 gross tons from 1932 to 1936, on which the company lost $16,214,622, or an average annual loss of $3,242,924.
The present structure is 160,000 shares of $50 par capital stock, or $8,000,000; $24,411,866 refunding bonds and $29,148,000 of 20-year convertible
6% debentures.
The changes suggested by the committee in capitalization are the issu¬
petition,
company is
ance
of
$25,000,000 of general mortgage 4%
bonds due on Jan. 1, 1977,
of which
$24,411,866 would go to the refunding holders.
Of 360,711 shares of $20 5% non-cumulative preferred, 116,592 would be
given to the debenture holders in exchange for the outstanding $29,148,000
bonds at the rate of four shares for each $1,000 bond, because, the com¬
mittee says, the total $2,331,840 for this block is the present value of com¬
pany property covered
by the debenture bonds.
The remaining 244,119 shares would be held for the payment of interest
the new general bonds up to Dec. 31, 1942, in case the company
was
unable to make the interest payments in cash, and after 1942 the general
bonds would become fixed interest bonds.
on
On
250,000 shares of $1 common stock, of which 244,119 would be issued,
because, the
it appears likely the present bonds could not be paid in full
if a liquidation was necessary.
This stock is to be held in a 10-year trust
by a board of seven to be chosen by the present holders of refunding bonds.
The committee suggests that a new corporation, to be known as the
Philadelphia & Reading Anthracite Coal Co., be formed with a capitaliza¬
the general bonds would be additional security on their rights,
committee says,
tion
as stated.
The committee leaves out of consideration the 160,000 shares of present
capital stock.
& Iron Corp.
All this stock is owned by the Philadelphia & Reading Coal
Volume
Financial
146
Proceedings in Reorganization—Hearing
Withdrawn—
The petition filed in the U. S. District Court at Philadelphia March 14
by 17 holders of 6% debentures totaling $138,000; to revoke consideration
of the company's plan for reorganization, was withdrawn March 24 and the
hearing postponed indefinitely.
No reason for the action was given.
Plan
Hearing A pril 14—
Howard Benton Lewis, Special Master, appointed by the court in the
proceedings for the reorganization of the company under Section 77-B of
the Federal Bankruptcy Act will hold the first hearing in the case at 2 p. m.
on April 14.
The company filed a plan of reorganization with the court
on
the U. S. District Court at Phil¬
adelphia on petition for order requiring the company to pay last year's
taxes on leased mines in Gilberton and Shenandoah, Schuylkill County, was
postponed indefinitely by Judge Oliver B. Dickinson at the request of
counsel.—V. 146, p. 1412.
■••y.
Phillips Petroleum Co.— To Reduce Capital—
April 26 will consider and act
resolutions for the cancellation and retirement of 286,614 shares of
capital stock owned by the company.—V. 146, p. 1888.
Stockholders at their annual meeting on
upon
Pittsfield
(Mass.) Coal Gas Co.—Note Issue Appioved—
Department of Public Utilities nas approved the
by the company of one or more 4% notes at not less than par, plus
a premium of 2%,
in the aggregate amount of $500,000.
Proceeds are
to be used for retiring and canceling $462,000 first mortgage, 5% bonds
now outstanding, and the balance for indebtedness incurred for capitalizable
purposes.
The notes are to be dated June 1, 1938, and mature in 10 years.
—V. 142, p. 2169.
Massachusetts
issuance
Pittsburgh Terminal Coal Corp. (& Subs.)Gross inc. fr. all
-Earnings
1937
1936
1935
1934
$4,870,123
$4,789,730
$3,950,617
$4,328,853
4,627,760
502,778
160,962
4,633,790
527,718
3,740,237
3,880,911
609,620
179,658
r Calendar Years—
sources
.
Oper. cost, selling & gen.
expenses and taxes—
Deple., amort. & deprec.
Interest, mortgages, &c.
570,344
172,442
151,153
Prov.
for income taxes,
due to net prof, of subs
y2,352
Includes Federal surtax
x
surtax
undistributed
on
x3,500
5,600
11,500
$423,730
Net loss
$526,432
$538,006
$352,836
y Includes Federal
credit of $114 for over-provision
undistributed earnings,
on
earnings, and
a
for prior year's taxes.
Consolidated Balance Sheet Dec. 31
y
1936
825,912
193,742
828,837
254,788
Accounts payable-
195,259
155,992
Workmen's
9,902
9,036
8
$
Liabilities—
Other assets
Securities owned..
98,035
funds
81,977
deps.
119,268
9,400
132,349
9,400
directed towards the improvement of management, the elimination of
inefficiencies in operations, and towards reorganization.
More than
years have elapsed since the inception of the proceedings.
After several months of operation by the debtor, the court, at the joint
application of the two bondholders committees, appointed trustees. Former
Governor Alfred E. Smith and General George S. Gibbs were named.
Governor Smith resigned recently.
In Sept., 1937, Raymond C. Kramer
was appointed a trustee of the debtor.
In recent
months, attention has been concentrated upon increasing the
decreasing its operating costs (such as rentals),
problems and adjusting labor relationships, to a
great measure following recommendations long ago made by us.
A con¬
Loan payable
for
60,500
66,525
28,958
98,466
Judgment
mtge. pay & ma¬
tured bond
Land, plant and
matured
pay.,
5,688,247
equipment
31.892
charges.
27,520
payable
Liability for mtge.
6,323
bonds, &C--.-_-
6,178,035
137,124
Deferred
Funded debt
6,854
2,662,000-
6,023
2,662,000
100,000
175,000
3,233,700
3,233,700
Reserves
Preferred stock...
120,000
120,000
Dr24,000
Dr24,000
Common stock
(cost)
Common
treas.
stock
siderable
management
measure
of
success
Drl.OOO
in part the delay in reorganization.
526,432
716,502
for
Pond Creek Pocahontas
This
Co.—February Output—
mined 116,530 tons
compared with 128,414 and
company
January,
Recently there has been
Preferred Dividend—
dividend of 75 cents per share on the $6
cumulative preferred stock, no par value, payable April 15 to holders of
record April 1.
A like amount was paid on Jan. 15, last, and previously
regular quarterly dividends of $1.50 per share were distributed.—V. 146,
p. 118.
Porto Rican American Tobacco
after March 31,
[Wage increases aggregating about $600,000 annu¬
March 24.—Editor]
reorganization.
For the
1938.
are to go into effect April 1, it was announced
The ultimate objective of any 77-B proceeding is
East 2 lA assets and committeethe company for the purpose of developing
has been investigating and studying the
usiness, years the affairs of
plan of reorganization.
As early as Dec., 1935, we had prepared out
draft of a plan of reorganization.
Numerous alternative plans of
a
first
reorganization have since been considered and developed and at the present
time the committee has before it a number of alternative plans of reorganiza¬
Every attempt must be made to effect a reorganization which will
not be followed by a recurrence of financial troubles.
The delay in re¬
organization is partly attributable to the difficulties of working out a plan
which protects bondholders in spite of inadequate revenue.
It would also
be desirable to find a formula which will permit flexibility in financial
tion.
through unprofitable operations.
The committee is
to bondholders
1937
hopeful that a plan may be available for submission
146, p. 1256.
within the next few months.'—V.
Operating loss
pf$108,731
77,436
pf.$68,930
79,096
$186,744
Depreciation
$16,913
76,042
$92,955 prof$31,294
213,106
375,537
$10,166
137,501
97,159
Other income
Total income
deductions
loss$89,585
26,853
$120,150
215,265
247,921
$331,702
Other
$128,063
Interest
$406,832
5,839
287,195
1,678
Prov.for inc. tax
Netloss
x
Includes
$120,000
in
$87,953 in 1937, $196,516 in
1934 dividends received from
$127,335
7,598
321,245
pf$112,119
291
717,648
$1.05
Earnings per share on 432,861 shs.com. stock (par$l) —
—V. 146, p. 1256 V. 145, p. 4126, 3208, 1433, V. 144, p. 4021,
Public Service Co. of New
$6,053,613
2,902,437
882,568
315,392
$5,450,487
2,774,110
7.76,014
95,227
$184,447
2,345
$1,953,216
42,155
:$1,805,136
$178,868
56,017
Cr2,464
8,698
_
247,924
63,156
8,640
$175,890
2,978
Other interest—net
;
1937—12 Mos.—1936
251,429
74,044
36,981
Net operating income.
Non-oper. income, net..
Other deductions.
3689.
Hamsphire—Earnings—
1937—Month—1936
$538,344
$504,167
Operating revenues
Operating expenses
State & municipal taxes.
"Fed. taxes (incl. income)
$186,792
52,605
3,185
8,723
7,800
$1,995,371
672,212
Cr22,101
107,529
:$1,843,019
$114,479
47,706
$1,237,731
624,036
Prov. for special reserve .
-V';:.;
$116,617
$50,100
Net income.
Pref. div. requirements.
37,883
618,814
■
22,482
109,409
122,000
$970,314
562,153
Note—Figures for all periods include operations of former /Wholly owned
subsidiary, Manchester Street Ry., which was merged with this company
as at Dec. 1, 1937.—V.
146, p. 1888.
$201,507
Public Service Corp. of New
1936, $370,557 in 1935 and'
Congress Cigar Co., Inc.
$20,247,913
-
Net profit after all taxes and charges
Bond interest..
1934
1935
Co., Inc. (& Subs.)—Earnings—
Earnings for Year Ended Dec. 31,1937
Gross income.
$112,776
73,968
Netloss before charges..
x
1936
from dissipation
As a result of cooperation between the
Sales
Co.—Earnings—
[Including Wholly-Owned Subsidiary]
Calendar Years—
sharp decline in gross revenues of all
Communications Commission, a favorable result on which would be helpful.
It is also hoped that the Federal Communications Commission will shortly
make an attempt to find a satisfactory solution of the wbole problem of the
communications industry.
For some time negotiations have been conducted by the trustees with
representatives of labor organizations relating principaly to
the wage
scale to be paid to land line telegraph employees.
These negotiations finally
culminated in a court hearing on Dec. 18, 1937 as a result of which the
trustees committed themselves to increase wages of land line employees
Period End. Dec. 31—
a
very
a
companies.
In the case of Postal, every effort is being
made to offset the decline so far as possible, through reduction in expenses.
An application for a rate increase has also been submitted to the Federal
in February and 121,747 tons in
132,721 tons in same months last
Portland Gas Light Co.—75-Cent
•
communications
year.—V. 145, p. 4125.
The directors have declared
introducing
States recently instituted an anti¬
against the Postal Telegraph & Cable Corp. and against the
Western Union Telegraph Co., both suits being based on alleged exclusive
contracts for use of telegraph facilities.
Based on information, which has
been afforded to us, if the Government should succeed in these suits, a
healthier condition in the industry will follow, and Postal's competitive
position will be appreciably improved.
On the other hand, should the
defendants prevail, the suits will at least have served to focus public atten¬
tion on the plight of Postal Telegraph & Cable Corp. in particular and the
telegraph industry in general, so that ultimately Postal Telegraph & Cable
Corp. and Western Union Telegraph Co. will be permitted to solve some
of their common problems created by the intense competition of the tele¬
phone and air mail.
The solution, it is hoped, will enable the communica¬
tions industry to operate on a sounder economic basis than at present.
We
are following these
proceedings carefully and will participate therein to
the extent desirable in the interests of bondholders.
Pressed Steel Car
allowances
After
in
action
6,931,087
depletion, amortization and depreciation of
$9,205,180 in 1937 and $8,716,569 in 1936.
y After allowance for doubtful
accounts of $30,281 in 1937 and $26,158 in 1936.—V. 145, p. 3208.
x
efforts
695,602
6,331,290
Total
these
The Attorney General of the United
trust
Drl.000
950,162
(par val.)_
Capital surplus
$6,331,290 $6,931,0871
attented
reflected
committees, considerable progress is being made towards reorganization.
in
Deficit.
Total
has
some of which have already been and others of which will be
shortly in operating results.
While there is some satisfaction in
the fact that recommendations urged by us were finally adopted with satis¬
factory results, it is to be regretted that some two years went by before
these recommendations were adequately followed.
To this may be ascribed
economies,
structure, and at the same time safeguard valuable assets
Pref. stk. in treas¬
ury
of the company,
adjusting
ally
com¬
Notes payable
78,732
Special
$255,103
pensation....—
88,543
Sinking
8250,101
Accrued liabilities.
Accts. receivable
Inventory
x
1936
1937
1937
Assets
Cash
2057
scrutinize the operations of the debtor and trustees and to assist in the
determination of policies.
The attention of the committee
has
been
revenues
Feb. 17.
The hearing scheduled for March 14 in
The
Chronicle
Period End. Feb. 28—
Gross earnings....
Jersey (& Subs.)—Barn's
1938—Month—1937
1938—12 Mos.—1937
$10,439,575 $10,265,244 $127410,315 $123258,877
Oper. exps., maint. dep.
7,066,034
7,558,483
& taxes
91,215,161
84,645,344
Consolidated Balance Sheet Dec. 31
1936
1937
S
S
A
c
Fixed
Cust's accts. rec._
a
495,600
95,014
b CI. C com. stk..
Scrip
108,667
6% bonds........
107,188
(other)
14,353
Inv. in own bonds.
_
9,202
——
230,670
.
Notes rec., officers
Accounts
—...
payable.
1936
$
4,648,948
10,188,400
4,854,723
2,853
3,445,000
30,532
subsidiary cos..
—V. 146. p.
4,030,000
31,730
Net inc. from oper....
Bal. for divs. & surplus.
2,861
Puget Sound Power & Light Co. (& Subs.)—Earnings
1938—12 Mos.—1937
$16,600,158 $15,278,274
$466,577
90,203
al89,277
$627,818
81,206
171,623
$5,999,749
1,219,349
a2,151,306
$6,028,467
891,953
1,906,833
$663,940
Drl7,799
$647,225
$7,229,753
$6,451,020
Non-oper. income—net.
21,406
Dr144,631
547,443
Interest & amortization.
1,293,400
$646,140
320,699
$668,632
317,321
$7,085,122
3,851,191
$6,998,464
3,809,115
$325,440
$351,310
$3,233,931
$3,189,348
Maintenance.
16,077
2,540,569
2,540,570
Cigar Co.. Inc..14,703.240
$3,199,210 $36,195,154 $38,613,533
2,131,992
23,842,993
24,910,933
Period En$.. Jan. 31—
1938—Month—1937
Operating revenues
$1,409,998
$1,527,874
Waitt
stock
$2,881,091
1,804,779
1413.
99,072
1,293,400
16,055
Accounts' payable,
2,868 Surplus
2,868
23,091
and employees..
Claim, &c
Cap.
com.
$
stk.. 10,188,400
615,308
121,580
dl09,022
Cash
rec.
Liabilities—•
CI. A
494,447
assets
Inventory
Accts.
1937
14,855,287
&
Bond.
Stock
of
Inc.—
Net oper. revenues.
Congress
Inv. in other cos..
.
1,500,000
Goodwi 1. &c
19,640,864
Total
12,747
20,484,511'
Total
Balance
19,640,864 20,484,511
c
Represented by 203,768 shares class A common (no par),
b Repre¬
sented by 200,000 shares of no par value (after deducting earned deficit
of $351,051 in 1937 and $145,277 in 1936.
c After depreciation of $1,064,952 in 1937 and $1,025,940 in 1936.
d Includes notes.-—V. 146.
p. 1888.
a
Postal
a
Prior preference
communication to the holders of the collateral trust 5% gold bonds
The letter states:
last communication to you, the committee has been instru¬
be organized a "steering committed" consisting of
representatives of various organized groups of security holders and of the
debtor and trustees.
The purpose of the steering committee has been to
Since
our
in
causing to
reserve
dividend requirements
Balance
-
Preferred dividend requirements
collateral trust 5% debenture stock, the bondholders' protective com¬
mittees outline the status of the pending reorganization proceedings of that
mental
retirement
Balance..
Telegraph & Cable Corp.—Merger with Western
Bondholders1 Groups—
and
company.
for
Balance deficit
1,487,567
1,474,509
$1,746,363
Appropriations
Union Urged by
In
_
1,500,000
24,504
Deferred charges..
_
2,500
—._
$1,714,838
550,000
550,000
$1,196,363
$1,164,838
1,583,970
1,583,970
$387,606
$419,131
Effective Jan. 1, 1937, the company adopted the new system of accounts
prescribed by the Federal Power Commission, which differs in certain
respects from the system the company previously followed, hence the above
12 months' figures are not exactly comparative.
a No provision made for any Federal surtax on undistributed profits for
1938.
c These
amounts have been appropriated to provide a reserve
against which property retirements will be charged as they occur.—V. 146,
p.
1725.
Financial
2058
Prima Co.—Stock
Chronicle
Pullman
Registry Withdrawn—
An order withdrawing the registration on the
Chicago Stock Exchange of
250,000 shares of common stock has been issued by the Securities and
Exchange Commission,
The withdrawal became effective as of March 24.
The Commission said it found that the company had failed to file certain
data in its annual report for 1935 and had failed to file any annual report
for 1936.—V. 146, p. 1086.
Period End. Dec. 31—
Bleeping
Total revenues
administrative expense of the parent company, reflects a contraction of
$242,894 from 1936 when substantial non-recurring profit was realized
from the sale of certain securities.
Absence of interest-earning on securities
sold or collected at maturity during the year, the cash proceeds of which
absorbed in other working capital accounts, was also a contributing
factor.
were
Financial Condition—Consolidated working capital amounted to $67,as at Dec. 31, 1937, as compared with $57,908,771 at the close of
1936.
The total of cash and government securities (at book value and
exclusive of those held in reserve funds) as of Dec. 31,1937, was $45,093,980.
539,191
The increase of $6,347,286 in total inventories reflects
principally the
expanded scale of operations in the manufacturing subsidiaries where the
work in process at the end of 1937 was on a
higher level than at the yearearlier date.
Manufacturing inventories are bought against orders taken,
and these materials included in the 1937 year-end
inventory will be shipped
out as
manufactured product before the close of the first half of the year.
Inventories of the sleeping car subsidiary represent Jive materials and
a
characterized by a mid-year transi¬
period of sustained recovery in traffic volume and earning to a
were
period of lagging revenue, expanding costs, and dwindling margin between
income
>
and
tions to property and equipment
similar expenditures during 1936,
Air-conditioning apparatus in
classified and compared with
account,
were
follows:
as
cars.
Routine additions and betterments to
New and rebuilt Pullman cars..
cars
Net
Less: Retirements of
cars
and other
property
1937
$2,957,410
276,653
3,823,050
107,012
1936
$6,578,944
156,888
2,557,500
_
_.
_
_
_
_
Pure
Establishing a precedent in regulation of over-the-counter security
operations, the Securities and Exchange Commission is requesting com plete
on transactions from
investment banking houses comprising
the syndicate which underwrote the recent
offering of $44,243,400 of con¬
vertible preferred stock.
The questionnaire was sent out from the office of
Smith, Barney & Co., at the request of the SEC. The Smith firm headed
the group which underwrote the securities.
The questionnaire seeks complete information on all transactions in the
stock beginning on March 10, such as price and
day of sale; whether made
as principal or as agent, or out of the underwriter's own
account; the position
at the opening and closing of each
day's business, how the stock is quoted
during the day, the high, low and last prices each day, and the names of
purchasers.
The Pure Oil syndicate carried its commitment in
preferred stock for
about five months in the hope that a better market
might develop, but
finally agreed that each member could do as he pleased beginning on
March 10.
The syndicate was approached by the SEC, which prescribed
certain restrictions during the distribution
period and prohibited members
from buying stock at more than
74]^, but allowed them to sell as low or
high as they could.—V. 146, p. 1725.
information
Pyle-National Co.—Common Dividend Passed—
Directors at their
depreciation.
administrative expenses
_
was
p.
Provision for Fed. surtax
on
$1,231,023
'
.
Balance, surplus, Dec. 31.
Shares capital stock
Earnings per share
25',260
29",207
1,880,494
1,507,436
10,505,828
243,856
5,730,596
.$41,907,828 $39,958,356
3,820,189
3,820,156
$3^7
Cash
1936
28,369,471
sec.
16,724,509
26,857,608
12,774,475
receivable
9,082,432
9,024,522
&
accounts.
7,573,779
Inventories
2,318,433
9,705,700
2,385,878
18,811,135
sec.
12,463,849
Inv. inaffil. cos.
other
3,959,628
3,990,341
Spec, depos. with
various States
under compen¬
sation Acts
Res. fund assets
Def'd
a
charges..
1938
$
$
Curr.accts. pay.
& payrolls...
Acer, taxes, not
yet
due,
238,390
5,554,675
9,547,782
Railway oper. incomeEquipment rents, net
facility rents, net..
$199,011
53,135
4,431
$1,069,841
23,751
Dr2,181
$799,256
77,681
14,951
$2,108,641
47,932
2,682
Net ry. oper. income.
$256,577
$1,091,411
$891,888
$2,159,255
Joint
Mount Carmel RR. Lease—
The Interstate Commerce Commission
Red Indian Oil Co.—Common Dividend Passed—
$1 par common shares at this time.
An extra dividend of three cents in
addition to a regular quarterly dividend of like amount was paid on Dec. 15,
last.—V. 145, p. 3666.
(C. A.) Reed Co.—Accumulated Dividend—
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $2 cumul. pref. class A stock, no
par value,
payable
April 26 to holders of record April 15.
A like payment was made on Feb. 1,
last, Nov. 1, Aug. 2, April 26 and Feb. 1, 1937, and on Nov. 1, 1936, this
latter being the first dividend paid since Feb. 1, 1935, when a
regular quar¬
terly dividend of like amount was distributed.
Arrearages after the pay¬
Calendar Years—
1937
1936
1935
1934
Net sales
b Cost of sales
a
$250447,744 $218317,399 $136164,554 $96,824,857
207,576,923 176,620,235 110,921,652
81,522,103
Sell., gen. & admin, exps 15,232,619
13,178,917
8,037,467
7,012,094
Operating profit
$27,638,201
2,159,869
$28,518,248 $17,205,434
1,259,866
1,021,190
$8,290,660
689,806
$29,798,070 $29,778,115 $18,226,624
$8,980,466
Other income
Total income
Prov. for deprec. of
mfg.
plant & exhaustion of
min. & mining equip.
10,756,486
4,731,978
10,130,485
4,815,583
8,230,200
3,421,778
7,839,465
3,120,001
439,981
501,506
339,264
532,302
and expenses
on sale of secur.
Prov. for gen. conting.
226,158
139,339
24,056
103,134
Interest
Prov.
on
_
indebtedness
for loss
on
uncol¬
Other deducts, fr. earns.
Prov. for Fed. inc. tax.
Net profit from oper.
Pref. div. paid on guar,
,746,135
8,956,164
,350,000
3,350,000
,204,229
3,193,956
Deferred credits
,087,719
3,456,468
b Capital stock. 191
,009,450 191,007,800
Capital stk. Pull¬
Min. int. in net prod, of
subs
-
6,728
41 ,907,828
525,500
734,996
8,810
39,958,356
i/
482,500
d3,300,000
1,066,987
d3,000,000
>,082,971
$9,641,715
57,415
757,267
704,163
718,628
$4,646,7621oss$3229930
221,238
229,498
38,824
Portion
of net
loss of
Newton Steel Co. ap¬
plicable to min. int
Cr2,623
Net profit
$9,044,148
Div. on 6% cum. conv.
prior pref. stock
1,693,821
Div. on 6% cum. conv.
preferred stock
Total
$2 per share.—V. 146, p. 608.
Republic Steel Corp. (& Subs.)—Earnings—
_
reserves
Surplus
March 8 authorized the lease
by the Reading Co. of the railroad properties of the Mount Carmel RR.
1415.
stock of the TrumbullCliffs Furnace Co
263,652,658 265,234,814
Total
263,652,658 265,234,814
a After
deducting ordinary retirements during year of
$12,825,223
($3,526,377 m 1936) and depreciation reserve
($204,516,871—$194,422,747
in 1936—less
charges on account of retirements during year. $8 439 682—
$2,088,627 in 1936) of $196,077,189 ($192,334,119
1936)
b-Represen;&Lby 3-820,189 in 1937 (3,820,156 in 1936) no-par shares.—V. 145,
33o6.
on
—V. 146, p.
5,755,478
Co.....
1938—2 Mos—1937
$7,573,759 $10,038,462
6,210,527
7,043,895
$2,994,567
885,926
c
7,082,524
Equip. & prop.170,619,439 178,357,559
p.
March
$1,363,232
563,976
_
8,258,045
8,854,200
582,293
445,370
from ry. oper.
incl.
profits taxes..
Pension & insur.
man
193,785
rev.
Net loss
Res. for conting.
Other reserves._
sec.
at cost
1937
Liabilities—
prov.for Fed.
inc. & undist.
other del.-pay.
on
lectible receivables
Amort, of bond discount
Consolidated Balance Sheet Dec. 31
Accounts & notes
Co.—
$1,522,798
452,957
$1>64
Includes credit of $799,774 accruing from
remission of 1936 taxes under
Railroad Retirement Act.
y On account of reduction of pension reserve,
the Pullman Co.
S
Warehouse
$492,623
293,612
x
S
&
1938—Month—1937
$3,505,056
$4,904,845
3,012,433
3,382,047
oper. revenues.
Total ry. oper. expenses.
$6,347,107
39,556,495
$55,801,587 $45,932,809
-
Dividends
1937
Storage
dividend of $3
Reading Co.—EarningsPeriod End. Feb. 28—
3 542 020
_
manufacturing properties..
Adj. of revalued property units (cars) retired..
Assets—
a
ment of the current dividend will amount to
.$12,275,950
39,958,356
adjustment
v
Cold
declared
paid
146,125
284,317
$7,830,697
1,414 319
69,272
Other credits....
;
have
Directors have decided to pass the dividend ordinarily payable on the
$15,267,729
2,655,184
undistributed profits.
336,595
Less: Abandonment of
Market
directors
per share on account of
accumulations on the 5% cumulative preferred stock, par $100, payable
March 26 holders of record March 17.
Dividends of 75 cents were paid
on Feb. 1, last and on Nov.
1, Aug. 2 and May 1,1937; $5.45
$2,747,438
$800,581
Balance of earnings carried to surplus.
Balance of surplus Jan. 1
-~a
Quincy
Accumulated Dividend—
Net
$557,687
Total earnings from all sources
Provision for Federal income tax
&
recent meeting passed the dividend on the common
ordinarily due for payment at this time.
A dividend of 50 cents
paid on Dec. 21 last, and each three months previously.
See V. 144,
2145, for detailed record of previous dividend payments.—V. 145, p. 3665.
shares
$4,282,678
Net investment income
car
Co.—SEC Asks for Data on Trading—1Complete
Is Requested from Investment
Railway tax accruals
45,251,511
38,672,860
2,503,177
1,328,035
manufacturing profit....
$9,059,115
From Security Investments—
Income from securities, profit on securities
sold,
and other miscellaneous income....
$872,757
Balances in closed banks written off, interest
paid,
and miscellaneous income deductions.
85,732
Administrative expense of Pullman Inc
229,339
Marketable
Oil
1930
72,261,847
58,890,850
2,401,095
1,910,787
for
trust
$3,454,221
Information on Transactions
Banking Houses—
3,526,377
$5,650,927
Manufacturing Business—
Net
Equip,
$4,219,117
share.—V. 146, p. 764.
$64,287,199 $58,334,826
x48,854,615
42,213,145
9,781,657
11,839,003
_
Net operating income.
U. S. Govt.
$380,666
333,141
1937
Net sales and operating revenues.
Cost of goods sold and operating expenses...
Totak
$368,256
$6,613,338
3,159,117
$9,727,833
$3,995,050 *$6,201,455
Operating revenues
Operating expenses
Provision for depreciation
T
$346,231
$7,892,987
3,673,870
$810,276
Operating income
146, p. 446.
$25,812
$649,020
268,353
26, 1937; $2.75 paid on Feb. 1, 1937, and dividends of 75 cents per share
were paid in each of the 12
preceding quarters.
y
Effective with the current payment, accruals will amount to $3.20 per
,
Consolidated Income Account for Calendar Years
Credit
$18,145
101,358
From Carrier Business—
y
$1,936,643
1,568,387
—V.
Totalry.
♦Additions.
and
$2,129,108
1,782,877
158.975
1,666,045
Net retirements
Selling
$184,787
$1,526,996
716,720
revenue
Total net revenue
Taxes accrued
The
of manufacturing subsidiaries.......
Gross additions..
Provision
$6,245,082
$8,830,172
12,825,223
Impts. at laundries, shops, district offices, &c
Impts. to plants, Pullman RR., and other proper¬
From
$7,546,756
outgo.
Equipment and Property, Additions and Retirements—During 1937 addi¬
ties
$623,208
$194,734
176,589
Total expenses
operating supplies that are consumed in the conduct of the business and
fluctuate in direct relation to the variation in car
operations, traffic volume,
and extent of the air-conditioning program.
tion from
$4,771,932 $62,112,273 $56,347,041
4,148,724
54,565,517
50,101,959
$1,508,851
business there was a stated earning of $5,650,927,
as compared
with $4,282,677 in 1936.
However, this earning for 1937
includes a non-recurring credit of $799,774 resulting from remission of
1936 tax accruals under the superseded Railroad Retirement Act of 1935,
and was further benefited to the extent of approximately $2,057,000 by the
reduction in depreciation charges hereinafter referred to.
In the manufacturing business, an earning of $9,059,115 more than
tripled
the earning of $2,747,438 in 1936, and represents the highest profit level
in this division since 1930.
The manufacturing business accounted for
nearly three-fifths (59.3%) of the total 1937 earning—as against 35.1%
during the previous year—reflecting a sustained fair level of shipped pro¬
duction throughout the year.
The earning of $557,686 from security investments, after provision for
operations in 1937
Operations]
1937—12 Mos.—1936
Auxiliary operations:
the sleeping car
car
$4,997,898
3,489,046
Total expenses
Earnings—Consolidated income account shows a net earning of $12.275.950 ($3.17 per share) in 1937 after all charges and taxes, which nearly
doubled the earning of $6,347,106 ($1.64 per share) in 1936.
The important features of operations in the three major lines of business
activity conducted by the corporation and its subsidiaries were as follows:
Bleeping
1937—Month—1936
operations:
Inc.—Annual Report—
David A. Crawford, President, says in part:
In
car
1938
26,
Co.—Earnings—
[Revenues and Expenses of Car and Auxiliary
the
Pullman
March
2,152,746
$9,586,922
e2,874,112
Cr30,210
$4,455,735df$3,459,428
513,530
fl,435,164
a After
deducting cash discount allowed customers amounting to $1,995,882 in 1937, $1,582,987 in 1936, $953,154 in 1935 and $607,705 in 1934.
b Includes repairs and maintenance
charges aggregating $21,623,425 in
1937, $18,087,751 in 1936, $11,605,764 in 1935 and $9,139,901 in 1934.
c After
discount of $10,856 in 1935 and $33,171 in 1934, and including
premium of $3,200 in 1936 on stock purchased for retirement,
d The
approximate amount of $1,200,000 ($950,000 in 1936) has been provided
for estimated surtax on undistributed
profits, this amount being included
Financial
Volume 146
provision for Federal income tax.
e $10.50 per share after adjust¬
to termination of offer under plan,
i $12 per share.—V. 146,
in the
due
ment
p.
926.
Reliable Stores Corp.
(& Subs.)—Earnings—
1937
$9,448,817
x906,479
$2.32
Net profit
Earnings per share on common
lgs
1935
1936
$9,090,786
xS82,079
$2.16
Years Ended Dec.. 31—
stock.
$8,314,448
on
Republic Petroleum Co. (& Subs.)—Earnings—-
Revere Copper
Operating profit
Otherincome
-Total
Depreciation
& Brass, Inc. (&. Subs.)—-Earnings—
yl937
1936
1935
1934
z$2,642,323
$4,596,641 $2,370,435 $3,051,870
224,237
140,798
175,146
131,121
$4,737,439
1,285,756
!,545,581
,237,994
$3,182,991
1,188,191
269,751
503,940
264,407
30,530
$2,££6,560
»1,308,592
29,847
9,810
68,000
168,000
$425,556
$1,011,101
discount on sales,
Cash
int.
Int.
w.
.
$83,111
Federal income taxes,
depreciation, depletion, abandonments,
minority interest, &c.—V. 145, p. 3829.
Calendar Years—
1934
$45,593
$114,423
$232,701
profit...—.....
After
x
paid, &c. (net)...
527,520
bonded indebt..
373,618
385,882
390,376
68,398
58,150
11,674
xl62,000
468
on
of bond, prem.,
disc't & expenses
513,900
Amorr,.
Exps. ofnon-oper. prop.
Loss
•
bonds pur¬
own
on
chased & retired
Prov. for Fed. inc. taxes
x593,000
$2,023,807
126,861
$414,759
173,544
492,682
Net income
r0 cum. pref. divs
% cum. pref. divs..^
7,544
206,255
($272 in 19<$6) provision
Includes $16,000
x
for Federal surtax on un¬
distributed profits,
y As at Jan. 1, 1937, the company
"normal stock method" for determining operating profit.
discontinued the
Operating profit
stated on the same basis as used prior to 1936.
1936 with 1937, $251,519 (the amount charged against opera¬
metal stock reserve in 1936) should be added to
operating profit and net income as reported for 1936. z 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.
Consolidated Balance Sheet Dec. 31
-<'K
and net income for 1937 are
In comparing
tions and added to the
Accts.
taxes
payable
Notes
less
to
2,500,000
Inventories
4)^%
3,329,987
45,489
1st
8,207,744
1,857,136
23,440
11,241,269
reserves
2,125,954
1 229,256
banks
Misc. accts. rec...
Res. for workmen's
mtge.
8,565,000
bonds..
comp.
Properties, plant &
insurance
9,079,000
239,014
198,148
2,834.500
343,701
188,710
224
234,376
121,278
7% pref.stock.... 2,458,700
514% cum. pf.stk. 9,411,800
Ci. A stk.(par $10) 2,335,220
Com. stk. (par $5) 2,721,495
&c., unexpired-.
Unamortized bond
260,768
218,390
zTreasury stock.
dispt. & expenses
Goodwill
967,482
I
1,035,879
Misc.inv. &advs.,
&c
_
Cash in bd. sk. fd.
Insurance,
taxes,
2,500,250
2,556,465
Z>rl94,165 Drl94,165
Surplus—Capital. 1,248,038
1,373,238
Applied against
stockintreas.
1
St. Louis Southwestern
A brief was filed in Washington
2,618,149
V. 145, p.
3019.
bonds to the plan for reorganization of the cotton
J. V. Walsh, Examiner.
The committee, which is
Sales
Cost of sales, sell.,
$6,212,420
adm.
5,332,997
6,663,194
expenses
$879,423
84,960
$418,704
98,092
20,029
37,445
Operating profit
Depreciation
Interest
Federal taxes
4,030
117,405
tributed profits
2,625,190
4.193,677
$534,588
68,348
8,456
62,945
$253,992
69,536
$394,819
116,000
$150,637
$278,839
road.
suggested modifications contained in these exceptions, the
is reduced from $75,239,610 to $40,168,556
and the total capitalization from $107,634,678 to $81,025,048 (exclusive
of guilder claim).
These reductions should be sufficient to meet fully the
changed economic conditions and satisfy the most conservative forecasts."
Specifically, the committee takes exception as follows;
(2) To the finding of the examiner that the earning power of the debtor
will permit the issuance of fixed interest bearing bonds to the extent of
only 25% of the principal amount of first terminal and unifying bonds
now outstanding.
The committee argues that with average annual income
over the past five years of $2,439,018, the road's reorganization can be
predicated on annual interest charges of at least $1,626,000, against the
examiner's figure of between $1,300,000 and $1,350,000.
(2) To the failure of the examiner to find that the first terminal and
unifying bonds should receive equivalent principal amount of new 2d mort¬
gage bonds or in any event not less than 62% of such principal in new
mortgage bonds and the balance in preferred stock.
The committee sug¬
gests modifications of its original plan, under which first terminal
unifying bondholders would have received new 2d mortgage bonds, par for
par, and $325 in preferred stock, to allow these holders to receive $620
new
2d mortgage bonds and $505 in preferred stock.
The examiner's
plan offers $250 in new 2d mortgage bonds and $875 in preferred stock.
The new modifications do not allow for preferred stock set aside for guilder
new
$219,115
217,500
Net profit
Surplus
stk. outst'g.
Earnings per share
Shs. of cap.
z145,000
$3.68
zl45,000
$1.04
Exclusive of stock
x
par.
z
$612,318
$1,615
y290,000
$322,318
y290,000
Directors at their
:
$2.11
dividend amounting to $148,566.
Shares of no par.—V.
Ritter Dental
x290,000
$0.75
y
14,500
Shares of $1
146, p. 608.
total funded debt of the debtors
2d
and
in
claims in each case.
Mfg. Co.—No Common
new
2d mortgage
2d mortgage bonds.
The committee believes the only
compensate for the loss due to reduction in the interest rate
and adequate allowance in new preferred stock.
(5) To certain characteristics of the preferred and common stocks
the new or reorganized company proposed by the exan iner.
The com¬
rate
the
on
new
is to make a fair
of
of the preferred stock which would make the
marketable and the issue more flexible and
would not hurt the common stock, but would, in the committee's opinion,
improve the position of the common, by increasing its relative voting
mittee suggests modifications
first series of preferred more
control.—V. 146, p. 1565.
San Francisco & San
meeting on March 21 took no action on the payment of a
the common shares at this tin e. Four quarterly
share each were paid during the year 1937.
dividend of $1.4165 on the preferred stock, repre¬
senting payment at 7% rate on the old 7% preferred stock for January and
at the rate of 5% for the balance of the first quarter.—V, 146, p. 608.
Directors declared a
Co.—-No Common Dividend—
Directors took no action on the payment of the dividend ordinarily due
at this time on the common shares.
A dividend of 10 cents was paid on
Jan. 20, last, and a dividend of 25 cents was paid on Oct. 20, last, and each
three months previously.
See also V. 145, p. 4127 for detailed record of
previous dividend payments.—V. 146, p. 120.
Rochester Button
Telephone Corp.—Earnings—
1938
Month of January—
$436,108
722
$435,386
308,806
Operating revenues
Operating expenses
12 Months Ended Jan.
$126,580
...
....
...
1937
$401,496
455
P.
273,929
56,286
$127,112
39,847
$70,294
$87,265
Fifth
Seagrave
Qorp.—Earnings1937
$1,731,162
paid on Jan. 15, last.
3-machine newspaper
The paper machines
are to be practically rebuilt and in order to keep production running only
one machine will be down at a time. Plans call for complete moddernization
A regular quarterly dividend of 50 cents was
Company is making in provem ents in its 200-ton
Woodland, 10 miles above Calais, Maine.
time.
of
equipment.—V. 141, p. 1782.
7
342,478
\
1,553,735
depreciation37,263
sales
$852,988
$610,561
933,937
831,063
678,860
35,849
34,944
38,792
$48,931
14,044
$13,019
16,560
$107,091
21,415
loss$34,887
2,525
$3,541
4,065
loss$85,676
5,051
$525
3,000
$90,727
selling and
admin, expenses, &c_.
Cost of sales,
Operating loss
.prof$140,164
14,272
Other income
$154,436
6,568
Balance, profit
Interest
—■—
z23,000
Fed, inc. taxes
charges..
Prov. for
Other
"""853
2,530
prof$122,338
Preferred dividends
64,000
Common dividends. -_~V
18,378
$38,266
sur$39,960
$38,266
Net loss
Deficit..
x
Including
subsidiary,
.
„
1937
1936
Land, buildings,
mach'y,eqpt.,&c
Goodwill
Stk. in foreign corp
Cash
acc'ts rec.
Inventories
notes <fc
receivable
$513,728
1
3,500
3,400
72.919
223,781
542,746
$496,398
1
4,500
3,400
39,570
183,965
417,905
35.000
$125,727
$3,525
Seagrave Fire Engines, Ltd.
operations for'a short period in"1936 of Seagrave
sidiary which discontinued its operations during
Balance Sheet Dec. 31
Assets—
xl934
xl935
yl936
$920,855
Calendar Years—
Net
y
Includes the
Fire Engines, Ltd., a sub¬
February, 1936.
1937
Liabilities—
1936
$400,000
613,500
5% cum. pf. stock
$37.5,000
Common stock..
613,500
Notes & acc'ts pay
247,328
79.805
Accrued items....
44,562
34,088
y
Prov.
for
Federal
taxes...
22.468
Capital surplus-..
98,500
98,500
surplus...
20,719
def 18,241
income
Earned
Long term
acc'ts
Deferred charges..
55,567
6,437
58,114
3,798
---$1,422,078 $1,207,653
Total
......$1,422,078
x After depreciation of $412,733 in 1937 and $388,400 in 1936.
sented by 122,700 no-par shares.—V. 146, p. 609.
Total..—..
Sharon
Paper Co.—Dividend Passed—
passed the common dividend usually due to be declared at this
St. Croix
mill at
932,989
for retire¬
Steel Co.—Interest Payments—
\The following payments in interest will be made on April 1 to holders
company mtge. bonds, 3% fixed and 3%
income, due Oct. 1, 1951:
(a) Fixed interest of $15 per $1,000 bond, upon surrender of fixed
interest coupon No. 3 maturing on April 1, 1938; and
(b) Additional interest of $30 per $1,000 bond upon surrender of income
Interest coupon No. 1 maturing on April 1, 1938.—V. 146, p. 287,
2405.•
Directors
$1,979,458
982,290
_
Scullin
$401,041
Avenue, Inc.—New Dividend Policy—
Directors on March 21 declared a dividend of 12
cents per share on the
common stock, par $2.50, payable April 1 to holders of record March 28.
Like amounts were distributed in preceding quarters.
The company announced that in the future such dividends as are declared
will be paid semi-annually instead of quarterly as heretofore.—V. 14,5.
Russeks
1937
1938
$2,183,775
and taxes.
Balance for dividends and surplus.....—351,383
x Includes non-operating income,
net.
y After appropriation
ment reserve.—V. 146, p. 1258.
r
Notes &
Net operating income
—V. 146, p. 286.
5% bonds,
Co.-—Earnings—
31—
Operating revenues __ _— ...—
x Balance after operation, maintenance
Municipal bonds..
...
Ry.—Tenders—
trustee for the 1st mtge.
at prices not exceeding 110, of sufficient
of $12,300 now available for the account
of the sinking fund.
Bids will be received at the corporate trust depart¬
ment of the Bankers Trust Co., New York, up to April 14.—'V. 144, p. 2146'
x
taxes
Joaquin Valley
The Bankers Trust Co., as successor
is calling for bids for the sale to it.
of these bonds to exhaust the sum
Dividend—
Operating revenues—
*
Uncollectible operating re venues....
large a principal amount
the examiner to allocate as
bonds to each 2d n ortgage certificate pledged under
the first terminal and unifying mortgage bonds as he allocates to the public
holders of each 2d mortgage certificate and to n ake any allocation in new
2d mortgage bonds to the holders of first terminal and unifying bonds on
account of the collateral, other than 2d mortgage certificates, pledged with
the trustee to secure the first terminal and unifying bonds.
(4) To the failure of the examiner to make any allowance to the holders
of the first terminal and unifying bonds on account of the lower interest
dividends of 25 cents per
Operating
.
To the failure of
(3)
of
Prov. for
dividend ordinarily due on
Rochester
securities of the reorganized
"Under the
$136,137
10,981
22,838
44,022
Dividends paid.
headed by E. Stanley
y
60,710
...
expenses
belt road proposed by
Co., New York, and
Savannah Electric & Power
$2,879,182
$4,728,265
Federal surtax on undis¬
Non-recurr.
Commission
committee for the
unifying mortgage
includes W. Rodman Peabody,
Boston, and J. Hambleton Ober, Baltimore, is the only committee au¬
thorized by the ICC to act in the reorganization proceedings.
"The chief disagreement with the examiner's plan," said the brief,
"results from what the committee believes to be an ultra conservative
attitude on the part of the examiner.
Agreeing that the plan should be
along conservative lines, the committee firmly believes that the railroad
can safely and properly pay, without danger of future financial difficulties,
fixed interest on funded debt of at least $1,626,000 per annum.
It will be
difficult to carry through successfully any plan which takes a lesser figure
for annual fixed interest as a base for the creation and distribution of the
1934
1935
1936
1937
$7,081,898
Ry.—Objection to Plan—
with the Interstate Commerce
March 17, containing the exceptions of the protective
holders of St. Louis Southwestern Ry. first terminal and
Reynolds Spring Co.—Earnings—
Calendar Years—^
and general
•
of principal of equipment
on
194,165
33,418,906 32,540,205
Total
33,418,906 32,540,205
194,165
2,710,383
9,000 shares; common, 20,833 shares.
Class A,
z
8,910,800
.
Earned
Total.
that the instalment
feasible way to
Metalstk.reserve.
17,485,893 16,814,937
equipment (net)
pay.
&exps. accrued.
20,500
and
rec.,
accts.
$ '
Liawtty-
$
2,511,623
1,373,485
20,500
notes
Cust'rs
N
$
Assets—
U.S. Govt. bonds.
1936
1937
1936
1937
Cash
announce
Glines of Glines &
1935
1936
1937
Years End. Dec. 31—
xNet
trustees
certificates, series DD, maturing April 1, 1938, together with interest
coupon No. 16 from all outstanding series DD certificates maturing April 1,
1938, will be purchased on and after April 1, 1938, upon tender at the office
of C. W. Michel, Eastern representative, 120 Broadway, Newr York City,
at their face value.—V. 146, p. 1565.
764,717
$1.92
undistributed profits,
y After interest, amortization,
Federal taxes and proportion of earnings of subsidiary applicable to minority
interest.—V. 146, p. 1888.
After surtax
x
Ry.—Equipment Trusts—
Louis-San Francisco
St.
The
trust
,
Net sales
y
2059
Chronicle
Steel Corp.—No Common
$1,207,653
y Repre¬
Dividend—
the payment of
quarterly dividend
1727.
Directors at their meeting held March 17 took no action on
dividend on the common stock at this time.
A regular
of 30 cents per share was paid on Dec. 31 last.—V.
p.
a
146,
Dividend—
Shasta Water Co.— To Pay Extra
have declared an extra dividend
The directors
addition to a
stock, no par
of 25 cents per share in
quarterly dividend of 50 cents per share on the common
value, both payable April 1 to holders of record March 25.
Financial
2060
Chronicle
Like amounts
was
paid
were paid 011 Jan. 3, last.
An extra dividend of 30 cents
June 23 last.
See also V. 144, p. 4360.—V. 145. p. 4128.
on
Sheller Manufacturing
Corp.—Dividend Reduced—
Simonds Saw & Steel Co.
(& Subs.)- -Earnings1936
1935
1934
$8,725,146
5,030,291
$6,942,945
4,026,748
$5,574,944
3,542,463
$3,694,854
1,223,960
$2,916,197
983,916
467,719
$2,032,481
823,067
387,149
1937
Calendar Years—
Cost of goods sold
5,942,086
Gross profit
$4,156,061
1,389,597
565,312
Selling expenses
General & adrn. expense
Bad
debts
written
off
527,891
4,596
5,244
8,873
(less recoveries)
Of the former amount approximately $1,070,000 is not available for dis¬
tribution to Standard Gas & Electric Co. in the form of dividends on common
1,937
of surplus for other pun>oses.
For the 12 months ended Jan. 31, 1937
undistributed earnings of subsidiary companies applicable to capital stocks
held by Standard Gas & Electric Co. amounted to approximately $1,542,000,
of which amount approximately $1,030,000 was restricted for the reasons
6xpl^in6(l (il)OV6
Note—For comparative purposes the above figures have been revised
to reflect certain changes in classification, due to the Uniform System of
Accounts which became effective Jan. 1, 1937, and for the 12 months ended
Jan. 31, 1937 have been further revised to reflect equalization of adjust¬
ments recorded subsequently, but which are applicable to that period.
Statement
Period End. Jan. 31—
$2,192,279
$1,937,759
$1,459,967
48,987
33,360
18,233
$820,327
43,255
Total. 4
$2,241,266
$1,971,120
$1,478,200
advances
ties—net
962
359
CV6.565
30,519
18,580
19,248
16,203
130
38,654
28,400
10,223
—
State tax
of
9,994
dian income taxes
284,379
292,580
204,194
12,000
1,000
110,956
excess-
3,000
profits tax
Prov. for Federal surtax
on undist. profits
•
56,000
$1,515,041
677,810
$1,222,146
485,650
$669,298
$749,623
Dividends paid.
111,006
$1,738,528
988,905
Consol. net income
$837,231
$736,496
$375,808
-
293,490
-V. 146, p. 1259.
Southern Acid &
Sulphur Co., Inc.—Extra Dividend—
an extra dividend of 50 cents per share in addition
regular dividend of 25 cents per share on the common stock, both
payable March 19 to holders of record March 12.—V. 138, p. 1930.
Telephone & Telegraph Co.—Earnings
Month
of January—
Operating revenues
1938
$5,304,964
Uncollectible operating revenue
$6,873,685
4,418,970
69,795
4,343
21,586
Operating revenues
Operating expenses
$1,769,562
715,299
Net operating income
—V. 146, p. 1566.
Standard Gas & Electric Co.
$1,771,627
681,741
$1,054,263
revenues
$5,067,255
3,295,628
$1,089,886
Statement
1938—Month—1937
1938—12 Mos.—1937
&
4,995,509
$4,200,854
Drl3,643
4,870,453
57,643,718
51,825,384
$4,329,022 $44,938,228 $46,097,573
Dr5,890
156,210
98,004
Net oper. rev. & other
income
$4,187,211
Approp. for retire. & de¬
pletion reserves
1,130,162
1,125,181
12,879,671
12,483,159
3,083
3,083
37,000
$166,825
$2,141,182
$2,098,413
Co.
97,255,724 kwh., a decrease of 9.2%
year.—V. 146, p. 1891.
compared
with the corresponding
week last
Standard Oil Co. of Ohio
a
(& Subs.)—Earnings—
1937
Calendar Years—
1936
1935
1934
prod..$73,575,092 $65,345,921 $57,422,353 $54,822,249
15,710,694
13,904,872
13,042,036
12,748,272
Gasoline tax
—
Gross sales, less gaso¬
line tax..
—$57,864,398 $51,441,049 $44,380,317
$42,073,977
Purch. and mfg. cost of
sales (excl. of deprec.
on mfg. plant)
Deprec. of mfg. plant—
50,743,955
1,546,396
44,453,132
1,497,504
39,217,671
1,452,154
Gross profit on sales
all products
$5,574,047
$3,710,492 def$697,162
581,222
697,605
market facil- dl,153,074
$5,490,413
625,296
280,000
747,210
$3,686,314
986,332
$3,837,907
1,348.907
$2,284,354 e$2.366,434
806,786
709,243
$4,672,646
$5,186,814
f992.500
3,091,140 c$l,657,191
267,641
cl32,851
c256,545
$4,194,314
10,930,561
£2.690,647 e$l,913,735
8,839,914
11,600.638
Other
Obsolescence
Deprec.
on
—
*
_
734,658
—
—
...
_
.
Other income—net—
_
41,444,182
1,326,957
of
deductions
Operating profit
$9,199,475 $102581,946 $97,922,957
213,506
Weekly Electric Output Decreases 9.2%—
of Consolidated Income
$9,196,363
63,001
213,672
Electric output of the public utility operating companies in the Standard
& Electric Co. system for the week ended March 19, 1938, totaled
(& Subs.)—Earnings—
(Exclusive of Deep Rock Oil Corp., debtor under Section 77-B of the
Bankruptcy Act, as amended, and Beaver Valley Traction Co.
(subsidiary of Philadelphia Co.), in receivership, and the subsidiaries of
such companies.)
Federal
73,113
17,806
&
Gas
1937
$5,087,705
20,450
$5,283,378
3,513,816
1
4,294
17,806
$170,152
disc't
—
Gross sales of all
——
$6,932,548
4,418,970
85,611
The above figures do not include divs. on Louisville Gas &
(Del.) class B common stock owned by Standard Gas &
Electric Co. for the three months December, 1936, to February, 1937, incl.
Divs. on such stock included therein are $35,323 for the month of January,
1938, $388,558 for the 12 months ended Jan. 31,1938 and $353,235 for the
12 months ended Jan. 31, 1937.
(2) Dividends on the prior preference stocks have been paid in full to
Sept. 30, 1933, and, for the 12 months ended Sept. 30, 1934, were paid at
30% of the cumulative rates, and since the latter date none has been de¬
clared or paid.
Dividends on the $4 cumulative preferred stock have been
paid in full to Feb. 28, 1933, and, since that date, none has been declared
or paid on this stoc.k
The aggregate amount of dividends in arrears at
Jan. 31, 1938 on the 368,348 shares of prior preference stock, $7 cumulative,
outstanding at that date was $10,399,692; on the 100,000 shares of prior
preference stock, $6 cumulative, outstanding at that date was $2,420,000;
and on the 757,442 shares of $4 cumulative preferred stock outstanding at
that date was $14,896,359, a total of $27,716,051.
Directors have declared
Other income—Net
$564,349
368,247
7,177
28,125
Notes—(1)
to the
Period End. Jan. 31—
Sub.P. U.Cos.—
$7,143,439
269,754
int.
on
debt
expense
Electric
16,951
Operating revenues
Oper. exps., maint.
$7,185,593
253,045
$567,906
368,247
7,358
funded debt
Net income
70,581
claims
Net operating
Operating taxes
$582,698
18,349
140,842
—
funded debt
on
on
Southern Bell
on
Amortiz.
Losses fr. flood damages
Prov, for Fed. & Cana¬
Balance
$586,728
18,822
Other interest
Fed. &
aban-
damage
Prov. for Federal
421,389
-
Gross income
Int.
to
(based
130,625
388,944
of securs,
Expenses and taxes
donm't of plant assets
Losses on sales of securi¬
average cost)
Settlement
of
red.
on
by an affiliate
43,768
or
10,885
35,692
10,885
4,398
affiliate..
on indebt. of affils..
21,012
Wappat, Inc.Losses from sale
$6,217,536
335,547
33,403
Int.
$863,583
6,609
8,408
Equity in losses (or earn¬
ings) of subs, unconsol.
on
33,403
$502,718
of
debt
Total income
Other interest
Loss
funded
on
1938—12 Mos.—1937
$6,263,973
402,051
$538,042
Divs. from others
Profit
Int., amortiz. of disc. &
redemption prem. on
on 5% debentures (re¬
tired Oct. 1, 1934).—
of Income (Company Only)
1938—Month—1937
Divs. from public utility
affiliates
Int.
Profit from operations
Other income
1938 2
stocks of certain of the subsidiary companies due principally to accumu¬
lation of dividends on preferred stocks in prior periods and to the retention
Directors have declared a dividend of 7 K cents per share on the common
stock, par $1, payable April 1 to holders of record March 22.
A quarterly
dividend of 12^ cents was paid on Dec. 22 last.—V. 144, p. 3851.
Gross sales less discounts,
returns and aliowances$10,098,148
March
_
Total profit
Federal income taxes
—
-
g722,581
Special charge.
d844.916
t>431(245
155,860
Min. int. of subs
Net profit for year.—
Previous earned surplus.
$3,362,960
12,767,395
971,667
37,000
Total surplus
——$16,130,355 $15,124,875 $11,530,561
of
_
Gross income
$3,053,966
102,289
971,007
Rents for lease of props.
Int. on funded debt
Amortiz. of debt disc't &
Other interest
______
pref. cap. stock
by sub. co
Approp. for special res'vc3
on
$3,194,868 $32,177,767 $33,675,418
102,291
1,227,505
1,228,744
970,482
11,658,799
12,433,082
common
Int. chgs. to construction
.
capital stocks
held by public.
of
inc.
753,740
Nil
69,192
500,000
69,192
500,000
properties during the year,
d Including depreciation of miscellaneous
properties,
e Loss,
f Includes
$352,500 for surtax on
undistributed
profits,
g Includes $216,757 surtax on undistributed profits and a credit
of $6,337 ior over-provision for prior year taxes, h Arising from consolidation
31,485
20,833
18,426
GY26.292
33,864
378,498
270,833
175,294
0200,039
383,937
of subsidiaries acquired
14,603
09,660
as
$1,915,779 $16,542,234 $17,570,164
1937
x
Real
est.,
-
1936
1937
Liabilities—
S
Pref.
plant
and
$
5% stock... 12,000,000
686,925
9,093,856
8,888,826
125,453
96,226
752,383
equipment-39,874,172 34,730,917
Cash..
6,442,396
8,011,667
Common
Accounts payable-
6,253,677
U. S. Govt,
764,263
sub.
Co
during 1937.
Consolidated Balance Sheet Dec. 31
61,810
075,616
Prov. for taxes...
1,558,830
112,056
sees—
Notes & acct's rec.,
less reserve.....
1,057,143
2,060,309
$896,890
$1,103,401
$7,352,152
Other inc. of S. G & E .Co
Divs. fr. non-affil. cos.
$7,928,955
33,403
Int.on indebt.of affils.
4,398
33,403
35,692
402,051
388,944
335,547
421,389
$934,691
$1,172,496
$8,143,147
18,349
253,045
S
18,843,500
5,287,362
1,781,733
3,127,986
3,395,910
Amounts
4.021,398
Pref.
pay...
....
150,000
150,000
3,127,337
2,494,068
M ortgages payab le
1,121,303
602,026
3,228,590
4,324,023
Res.
4,680,742
529,381
pay.
unconsol.
$8,685,891
18,822
(curr.)
1936
12,000,000
5,000,174
merchandise
Crude oil, &c_
stock. —18,843,500
Mtge. pay.
Refined products &
public util. cos. applic. to S. G. & E.
*
753,740
$2.77
5,766
41,667
91,515
of
$4.76
5,766
41,667
■
undistrib.
net income
Bal.
753,740
$3.66
sales to licensed dealers are tax exempt as to the first sale,
b Flood
loss,
c Representing
net loss arising from dismantlement and sale of
$1,752,668
in
753,740
Gasoline tax does not indicate total number of gallons sold inasmuch
1,369,130
134,975
on
int.
246,989
stock
outstanding (par $25)
Earnings per share
Assets—
Balance
Min.
250,000
1,364,264
191,187
int.
funded debt.
Amortiz. of flood expense>
Other income deductions
Divs,
—
1,507,480
110,565
9,511
on
on
Shares of
debits.
600,000
1,130,610
h62,338
112,080
24,037
guar,
Fed. & State tax
$8,839,914
600,000
dividends
Common dividends
a
expense.
Divs.
$9,686,903
600,000
Preferred
Miscellaneous
contractual
capital expenditures.
600,000
Balance, earned surp_$14,337.407 $12,767,395 $10,930,561
Amortiz.
$4,323,142 $45,094,438 $46,195,577
divs.
to
sub—
54,604
269,754
Other
Other
investments
for
374,902
351,337
1,556,224
1,597,581
rec.
benefits
4,110,267
Other reserves....
408,624
Other liabilities...
adv.,&c.
Deferred charges—
75,000
& death
14,337,407
12,767",395
subs.,_
418,586
Capital surplus
4,345,071
4,3~45~6n
Earned
Total
Exps. & taxes of S. G. &
E. Co—-
Inc. chgs. of S.G.&E. Co.
Int. on funded debt.
_
Other interest
Fed.
int.
&
on
Amortiz.
State
tax
x
$915,869
368,247
7,358
$1,154,147
368,247
7,177
$7,890,102
4,418,970
85,611
.63,788,924 60,987,2101
After
$8,416,137
4,418,970
79,795
surplus
Min. int. in
Total
Consol. net inc. beforei
deduct, of inc. chgs.
annuities
Total.
.63,788,924 60,987,210
depreciation.—V. 145, p. 3510.
Southern
Berkshire
Power
&
Electric
Co.—45-Cent
Dividend—
on
fund. debt..
of debt dis-
& expense.
Consol. net income
4,343
4,294
73,113
63,001
17,806
17,806
213,672
213,506
$756,623 x$3,098,736
x$3,640,865
$518,115
x For the 12 months ended Jan.
31,.1938 includes approximately $1,204,000 of undistributed earnings of certain sub. companies and
approximately
$247,000 of deficit of other sub. companies or a net amount of approximately
$957,000 applicable to capital stocks held by Standard Gas & Electric Co.
declared a dividend of 45 cents per share on the
$25, payable March 31 to holders of record March 17.
75 cents paid on Sept. 30 last; 65 cents paid on June 30
last; 50 cents on March 31, 1937; 75 cents on Dec. 26, 1936; 50 cents paid
on Sept. 30 1936; 25 cents on June 30,
1936; 50 cents on March 31, 1936;
75 cents on Dec. 31, 1935; 50 cents on Sept. 30, 1935; 25 cents on June 29,
1935; 50 cents on March 30, 1935; $1 per share on Dec. 31, 1934; 50 cents
on Sept. 29,
1934; 75 cents on June 29 and March 31, 1934; 90 cents on
Dec. 29, 1933; 50 cents on Sept. 29, 1933, and 75 cents per share paid on
June 30 and March 31. 1933.—V. 145, p. 2089.
The
directors
common
stock,
have
par
This compares with
Volume
Financial
146
Southern Bleachery & Print Works,
The directors have declared
accumulations
holders
on
of record
a
Chronicle
*
Inc.—Accum. Div.
dividend of SI.75 per share on account
Feb.
on
14, 1938
Comparative Income Statement (Parent Corporation Only)
of
the 7% cumul. pref. stock, par $100, payable April 1 to
March 19.
Like payment was made on Jan. 1, last,
2061
Transferred to trustee
12 Months Ended Dec. 31—
Revenue from subsidiaries:
July
1937
Dividends
Dec.
Interest
1, April 1 and on Jan. 1, 1937.
A dividend of $2.42 was paid on
19, 1936, and dividends of $1.75 were paid on Oct. 1, 1936, and in
each of the five preceding quarters and on March 2, 1935.—V. 145, p. 3983.
Southern Natural Gas Co.—25-Cent Class A Dividend—
Directors have declared
stock
a dividend of 25 cents per share on the class A
payable March 31 to holders of record March 23.
A quarterly divi¬
was paid on Dec. 27 last.—V. 146, p. 1260.
dend of 50 cents
Southern Oxygen
Co., Inc.—Registers with Sec—
Southern
54.900
$862,005
50,833
56,675
$1,116,052
a Other
dividends, int. and miscellaneous earnings.
516,084
Profit on sales of securities._______
8,900
$969,513
637,434
13,099
Other.
Total
Total earnings
Operating expenses
b
Taxes
c
Ry.—Earnings—
-Second
Week of March
^
earnings (est.)—
—V. 146, p. 1890.
$2,127,629
Square D Co.— To Pay 15-Cent Dividend—
Directors have declared
a
dividend of 15 cents per share on the common
stock,
par $1, payable March 31 to holders of record March 20.
This com¬
with $1.05 paid on Dec. 24, last; 35 cents paid on Sept. 30 and on
June 30, last and a dividend of 25 cents per share paid on March 31,1937.—
Staten
$836,828
_
$1,620,047
692,485
131,855
$795,707
Includes $250,311 (1936, $244,445) dividends received on Sierra Pacific
Power Co. common stock substantially all of which stock was distributed to
stockholders Dec. 27,
1937.
b Expenses include, in addition to fixed
rental payments for space
occupied, $144,764 (1936, $138,332) paid to
Stone & Webster Realty Corp. under the terms of its lease of the Boston
a
office
building owned by that corporation,
c Includes
$41,000) Federal surtax on undistributed profits.
Note—The
pares
V. 146, p. 1567.
$1,641,037
697,010
107,198
j
Net income
Jan. 1 to March 14-—
1937
1938
1937
$2,860,295 $22,145,000 $27,654,291
1938
Gross
—
_
,
See list given on first page of this department.
1936
$1,004,000
57,152
earnings
between book
as
amount and
stated
do
take
not
quoted market
account
of
$26,500
the
(1936,
difference
estimated fair value of securi¬
or
ties owned.
Island
Edison
Surplus Statement (Parent Corporation Only)
Corp.—Merger Denied—
a petition of the corporation
approval of the merger by it of the Richmond Light & RR., whicn
formerly owned and operated an electric system and an electric street
railway system on Staten Island.
The Commission found that the proposed
merger is not in the public interest.
"It appears that the only benefit or advantage which might be derived
from the proposal herein would be in the elimination of Richmond Light &
RR. as a corporate entity," says a report of the Commission.
"That such
elimination would benefit Staten Island Edison Corp. or the interest of the
Earned
*
The New York P. S. Commission has denied
Capital
Surplus
Surplus
$294,425 $51,612,190
836,828
for
{mblic served by provide ample opportunity for the elimination of a The
of this State that corporation cannot seriously be contended.
cor¬
aws
poration other than through
a merger proceeding.
to the transfer of the electric properties
Light & RR. to Staten Island Ed,son Corp. was granted
by an order made July 12, 1923.
Consent was also granted to the acquisi¬
tion by Staten Island Edison Corp. of all of the issued and outstanding
capital stock of the Richmond Light & RR.
2
The consent of the Commission
of tne Richmond
Balance, Jan. 1, 1937..
Net income for 1937
Amount transferred from
capital stock arising from
reduction of capital as authorized by the stock¬
holders at a special meeting held Dec. 16, 1937..
15,000,000
Restoration
to surplus of a part of the reserve pre¬
viously
provided
against
account
receivable
under long term stock purchase contract, such
restoration being equivalent to cash payments
on the account during 1937 and 1936-Miscellaneous credits and charges, chiefly com¬
prising recoveries during the year on assets
owned Jan. 1, 1932, and written down to their
then market
„
or
fair values and provision for
140,945
ex¬
penses incident to the distribution to stockhold-
Dec.
ers
In
1927 all of trie railway property of the Richmond Lfght & RR. was
transferred to and was acquired by Richmond Rys., Inc., pursuant to
granted by the Transit Commission.
Authority was also granted
to the issue by Richmond Rys., Inc., of its capital stock, to be applied to
the purchase of the railway properties, the stock to be acquired and held
by Richmond Light & RR.—142, p. 3694.
..
Total.
consent
27,
1937
39
_.
....
Distribution
of shares
of
stocks
common
138,455
$1,272,238 $66,750,645
________
En¬
of
gineers
Public Service Co. and Sierra Pacific
Power Co. to stockholders Dec. 27, 1937—
Strawbridge & Clothier—Accumulated Dividend—
--.
Balance—
1,272,238
Nil
declared a dividend of $1 per share on account of
the 7% cumul. pref. stock, par $100, payable April 1 to
March 16.
Like amount was paid on Jan. 29, last; a
dividend of 75 cents was paid on Jan. 3, last; $1.75 was paid on Oct. 1,
last; dividends of 75 cents were paid on July 1 and on April 1, 1937; a
dividend of $1.50 paid on Jan. 28, 1937 and dividends of 75 cents per share
paid on Dec. 31, Oct. 1, July and April 1, 1936.—V. 146, p. 610.
52,071,972
$14,678,673
Amounts written off certain assets;
Investments in shares of common stocks of En¬
Power Co. remaining after the distribution to
stockholders Dec. 27, 1937 (reduced to quoted
The directors have
accumulations
on
holders of record
Stone & Webster, Inc.—Annual
gineers Public Service Co. and Sierra Pacific
market
value of Dec.
Investments
office
Report—
assessed
The annual report for 1937, to stockholders affords the following:
For nearly 50 years the organization of Stone & Webster,
Inc., and itu
predecessors has been carrying on diversified business activities in fields
Dec.
31, 1937).
subsidiaries
1,704,067
land and
basis
of
owning
(reduced
the
on
valuations)
property
Balance,
31,
Nil
-
V
•
bution to stockholders
interest
in
on
a
pro rata
Engineers
basis of nearly all the corporation's
Service Co. and Sierra Pacific
Public
Power Co., and for the transfer to
a
trustee of the remainder of such hold¬
ings, together with shares of stock in certain other public utilities.
This plan was approved by the
stockholders, and on Dec. 27, 1937, the
corporation distributed 1,683,512.8 shares of common stock of Engineers
Pubiic Service Co. and 210,439.1 shares of common stock of Sierra Pacific
Power Co.
The distribution
former and
l-10th of
one
was on
the basis of 4-5ths of
one
share of the
tribution
Assets—
Stone & Webster Service Corp. in Oklahoma Natural Gas
Co., were trans¬
on Feb. 14, 1938, to a trustee for
purpose of sale over a period of
The trustee is vested with full voting power over these securitie..
The proceeds of all sales as well as all dividends and other
distributions
—
Total
T
i n
...
h v Id 11 P
organization has been for industrial and utility companies in which it has
had little or no investment, the
problems of Stone & Webster, Inc.. under
the Holding Company Act would have been quite different from
those of
most public utility holding
companies.
The decision to undertake the
above mentioned plan was made.because of the belief that under
existing
legislation it was in the best interests of the business and its stockholders.
Stockholders, when they approved the distribution, also voted upon a
reduction in the amount of capital of the corporation from
$20,000,000 to
$5,000,000, the amount of the reduction being transferred to existing
capital surplus.
All but $8,114,121 of the resulting capital surplus was
utilized in the distribution of the
common
stocks of Engineers Public Ser¬
vice Co. and Sierra Pacific Power Co., and in the restatement of the
carry¬
ing values of the remainder of such holdings and the write-down of the cor¬
poration's investment in the New York and Boston office buildings.
The surplus statement and balance sheet of the parent corporation (be¬
low) reflect the distribution of the common stocks of Engineers Public
Service Co. and Sierra Pacific Power Co. and adjustments in carrying values.
The investments of the corporation in Stone & Webster Realty Corp. and
Stone & Webster Building, Inc., were written down as of Dec. 31, 1937, to
reflect the assessed valuations of the plots and buildings.
30,300
45,719
16,297
42,000
30,303
Tampa Electric Co.
Eastern Utilities Associates
Jamaica Public Service Ltd.*
Oklahoma Natural Gas Co.*
Utility Equities Corp.
$73,459,087 $13,550,324
v——
:L.
...
...
_
_
_
_
.
$43,768
$43,768
94,775
27,820
255,487
14,352
....
_
—
....
—
d5,000,000
8,114,121
...
Total
a
$73,459,087 $13,550,324
Carried at written down
values
as
of Jan.
1, 1932, and cost of subse¬
quent purchases except in the case of the investments in subsidiary com¬
panies owning land and office buildings which have been written down on
the basis of assessed property valuations.
b Carried at written down values
as
of Jan.
of
1932, and cost of subsequent purchases except in the case of
stocks of Engineers Public Service Co. and Sierra Pacific
remaining after the distribution to stockholders Dec. 27, 1937,
1,
common
such remaining shares having been written down to quoted market value of
Dec. 31, 1937.
The quoted market or management's estimated fair value
of all securities carried in this account
was at Dec. 31, 1937, approximately
$3,844,000.
Included herein are certain securities which have been de¬
posited under a declaration of trust dated Feb. 14, 1938.
c The collateral
held against this account at Dec. 31, 1937, had a quoted market value of
approximately $269,000.
d At a special meeting held Dec. 16, 1937, the
stockholders authorized a reduction of $15,000,000 in the capital repre¬
sented by the outstanding shares of capital stock.
This amount was trans¬
ferred to capital surplus,
x Before
and y after recording distribution
made on Dec. 27, 1937, of shares of common stocks of Engineers Public
Service Co. and Sierra Pacific Power Co. to stockholders and write-down of
certain
assets.
Comparative Consolidated Income Statement (Co. and Subs.)
[Excludes Engineers Public Service Co. and subsidiaries and Sierra Pacific
Power Co. for both years]
$6,390,890
Operating expenses
c
Taxes.....
1936
$6,116,256
4,259,137
3,729,748
1937
12 Months Ended Dec. 31—
b Gross earnings
a
_— .....
721,932
Balance
Interest on bonds and mortgage
*
Amortization of debt discount and expense..
Other interest
...
660,796
$1,409,820
309,730
16,555
-
$1,725,712
315,106
16,724
5,866
—
2,778
213,256
213,256
$867,501
Depreciation
$1,174,759
The holdings in
Engineers Public Service Co. and Sierra Pacific Power Co. remaining after
the distribution were written down to market values of Dec.
31, 1937.
The entire amount of these adjustments was charged to capital surplus.
The remaining security holdings of the corporation in subsidiary and other
companies are carried at written down values as of Jan. 1, 1932, or cost in
the case of subsequent purchases.
On Dec. 31, 1937, the security holdings
in those companies which are not subsidiaries had a book value of
$4,210,943,
and a quoted market or estimated fair value of approximately
$3,844,000.
Included in these securities and constituting the major portion thereof were
the following common or capital stocks:
Shares
............
94,775
Sundry liabilities
....
27,820
Reserve provided for long term stock purch. acct.
255,487
Unadjusted credits...
14,352
Capital stock (auth., 2,110,000 shs. of no par value;
issued and outstanding, 2,104,391 shares)
20,000,000
Capital surplus..:
51,750,645
Earned surplus
1,272,238
Power Co.
public utility or public, utility holding company as defined in the Act.
As the major portion of the services provided
by the Stone & Webster
...
Accounts payable....
Taxes accrued
Shares
Gas Co. which, in the opinion of counsel, is at the
present time an exempt,
holding. None of the remaining subsidiaries of Stone & Webster, Inc., is a
cfe
Write-Doiim
...$62,891,526 a$4,686,830
1,347,500
1,347,500
Securities of other companies
5,915,011
b4,210,944
Cash in banks and on hand
2,907,829
2,907,829
Other notes, int. and accts. receivable, less reserve.
26,264
26,264
Account receivable from officer under long term
stock purchase contract
;
341,100
c341,100
Furniture and equipment, less allowance for deprec.
26,785
26,785
Sundry assets
3,071
3,071
years.
the shares held in trust are to be paid over to the
corporation.
Stone & Webster and Blodget, Inc., holds
temporarily for the purpose of
resale and distribution certain voting common stock of Northern
Oklahoma
tribution
subsidiary companies—
Notes receivable from subsidiary companies.
ferred
on
&
Write-Down
Investments in
share of the latter for each
outstanding share of
capital stock of Stone & Webster, Inc.
Tne remaining holdings of the corporation in the common stocks of En¬
gineers Public Service Co. and Sierra Pacific Power Co., namely, 65,635.2
shares of tne former and 4,672.5 shares of the
latter, together with the
holdings in Jamaica Public Service Ltd. and those of the corporation and
$8,114,121
x Before Rey After
Re¬
cording Dis~ cording IMs~
government,
controlling
4,860,485
....
1937..
Balance Sheet (Parent Corporation Only) Dec. 31, 1937
having to do with engineering and construction, the supervision of public
utility and industrial undertakings, the underwriting and distributing of
municipal and corporate securities, and the formation and
development of new enterprises. In 1930, it expanded its activities by ac
quiring a controlling interest in two public utility holding companies,
Engineers Public Service Co. and Sierra Pacific Electric Co. The latter
was merged into its
subsidiary, Sierra Pacific Power Co., in Nov., 1937.
As a result of the consummation of the plan (mentioned
below) the prin¬
cipal business activities of Stone & Webster, Inc., and its subsidiaries are
now in the fields in which it
operated prior to the acquisition of said con¬
trolling interest.
In the annual report for 1936 stockholders were informed that active
consideration was being given to the status of Stone &
Webster, Inc., as a
public utility holding company under the Federal Public Utility Act of
1935.
On Nov. 26, 1937, a plan was submitted to stockholders
whereby,
in the opinion of counsel, the corporation would no
longer be subject to
the obligations, duties and liabilities
imposed upon holding companies as "
defined in the Holding Company Act.
This plan provided for the distri¬
in
buildings
\ Shares
j
65,635 Engineers Public Serv. Co.*
105,000 General Public Service Corp.
18,480 The First Boston Corp.
28,160 Railway Light & Secur. Co.
4,672 Sierra Pacific Power Co.*
Balance
.
Amount applicable to
Balance
.
-
5,861
minority interest
applicable to Stone & Webster, Inc
72,626
$861,640
$1,102,132
(1936, $244,445) dividends received on Sierra Pacific
substantially all of which stock was distributed
1937.
Includes, in addition to the customary
profits and losses on security transactions of Stone & Webster and Blodget,
Inc., incident to its business, profits of $95,820 (1936, $65,392) realized on
sales of investment securities by other companies,
b See note c on con¬
solidated balance sheet,
c Includes
$186,408 (1936, $165,111) normal
Federal income taxes and $38,381 (1936, $52,515) Federal surtax on un¬
distributed profits.
Notes—The consolidated financial statements include the accounts of
all subsidiaries of Stone & Webster, Inc
at Dec. 31, 1937, other than two
small companies, the assets ar.d net income of which are relatively insiga
Includes $250,311
Power Co. common stock,
to
stockholders
Dec.
27,
,
,
2062
nificant.
Financial
Chronicle
March
Also these statements do not include, as in the past, the accounts
of (1) Engineers Pub ic Service Co. and subsidiaries, and (2) Sierra Pacific
Power Co.
In accordance with the approval of the directors and stock¬
1937
Assets—
Cash
owned by Stone & Webster, Inc., was distributed on Dec. 27. 1937. pro
to its stockholders.
The earnings as stated do not take account of
the difference between book amount and quoted market or estimated fair
value of securities owned.
Inventories
Consolidated Surplus Statement (Minority Interest Excluded)
Earned
Capital
Surplus
Surolus
def$l,159,627 852,196,613
■.
-
^
i
Balance, Jan. 1,1937
Co. included in above balance at Jan. 1,1937--defl
,874,891
Bank loans
Notes &accts.rec 3,347,978
3,481,441
Commlss.,
7,236,628
5,236,942
Deferred charges.
Non-current
re¬
593.356
509,806
ceivables, &c
Land & bldgs. not
105,760
59,165
used in operation
850,636
1,074,525
.
$741,594 $51,833,909
861,640
capital stock arising from
„
Total
Gold
Mines
Co.—Securities
Stockholders
to
of
Exempt from
Not
The
■
Securities
and
Exchange Commission reported on March 21 that
Appeals in San Francisco has held that securities
offered only to a company's stockholders were not exdhipt from the regis¬
tration requirements of the Securities Act of 1933.
This question has been
before the Commission on many occasions and the holding reversed a
decision of the U. S. District Court in the State of Washington, which had
denied an injunction sought by the Commission to prevent the sale of
unregistered securities by Sunbeam Gold Mines Co., and M. V. Fischer, its
general manager.
5,095
270,822
En-
The basis of the District Court's decision
1,749,275
Balance
51,594,935
Nil
$15,509,795
Amounts written off certain assets:
stocks of En¬
gineers Public Service Co. and Sierra Pacific
Power Co. remaining after the distribution to
stockholders Dec. 27, 1937 (reduced to quoted
market value of Dec. 31, 1937)
Office buildings and real estate, adjusted to
assessed
the stated
over
1,704,067
valuations
4,912,102
Excess of cost of stock of
a
subsidiary company
value thereof
131,911
Balance, Dec. 31, 1937
---
Nil
—
$8,761,715
Consolidated Balance Sheet Dec. 31, 1937
Assets—
Liabilities—
Office bldgs. & real estate.- $8,894,196
be Securities
7,707,705
Accounts
Cash in banks and
Interest and taxes accrued..
a
hand..
Notes receivable, less reserve-
5,151,349
13,372
Accounts & Interest receivable
e
783,895
on
Materials and supplies
fund,
739,877
473,087
.
35,975
reserves
Reserve
for
long
purchase acct-.
Securities Act
decision
and furnished
the
information
Superheater
255,487
term
stock
f
purchase
contract
341,100
Furniture
<&
Co.—Earnings—
Calendar Years—
and surplus of subsidiary.,
Capital stock (auth., 2,110,-
and expense..
....
Unadjusted debits...
...
Total
77,537
240,090
1937
Profit from operations-_
Other income
1936
1935
$1,340,987
139,709
531,019
119,956
$2,085,989
.
y2,375,246
Depreciation
8,761,715
Federal taxes, &c
64.069
Appllc. to minority int
x500,681
$228,923
502,145
119,296
247,384
74,516
$817,349
94,616
124,373
48,056
$731,068
88,990
93,471
46,361
$899,791
839,909
$550,302
437,796
$502,246
437,159
$59,882
885,655
$112,506
876,629
$0.63
874,054
$0.57
•
61,606
$23,262,4021
Total
$23,262,402
adjusted values, which (less the depreciation reserves shown
herein) represent current assessed valuations,
b Carried at written down
values as of Jan. 1, 1932, and cost of subsequent purchases
except in the
of shares of common stocks of Engineers Public Service Co. and
Sierra Pacific Power Co. remaining after the distribution to stockholders
Dec. 27, 1937, such remaining shares having been written down to quoted
market value of Dec. 31, 1937.
The quoted market or management's
case
estimated fair
value of all securities carried
in
this account
was
Dec.
at
31, 1937, approximately $6,965,000. Included herein are certain securities
which have been deposited under a declaration of trust dated Feb.
14, 1938.
c Stone &
Webster Service Corp. has a partial interest in the proceeds of
sale when realized of 20,000 shares of common stock of Oklahoma Natural
Gas Co. held by a trustee under a trust
agreement, dated Aug. 11, 1936
such interest having been acquired in connection with services rendered
and to be rendered during the three years
ending June 30, 1939. Since the
ultimate realization from this interest cannot be determined with
certainty
at this time, no part of such interest is reflected in either the consolidated
balance sheet or in the consolidated income statement for 1937 or 1936.
d See note c on parent corporation balance sheet,
e Excludes
def$289,257
Shs. of cap. stk. (no par)
Earnings
face value of bonds held by a
subsidiary company and
These bonds
together with an additional
eliminated in
con¬
solidation.
were
$77,000 of bonds
retired in Jan., 1938, through operation of the
sinking fund,
f At a
pecial meeting held Dec. 16, 1937, the stockholders authorized a reduc¬
tion of $15,000,000 in the capital reprasented
by the outstanding shares of
capital stock.
This amount was transferred to capital surplus.—V. 145,
p. 3983.
share
per
The directors have declared a dividend of 50 cents
per share on account of
accumulations on the $4 cum. 2d pref. stock, no par value,
payable April 1
to holders of record March 22.
This compares with $1.75 paid on
Dec.
29 last; 75 cents paid on Oct. 1, July 1 and April 1,
1937; a dividend of $1
was paid on Jan. 4, 1937, and dividends
of 50 cents were paid on Dec. 19,
Oct. 1, July 1, April 1 and Jan. 2, 1936, and on Oct. 1 and
p.
4129.
Sullivan
$
Cash
int.
&
._
1937
1936
$8,803,291
Net prof, after all charges
and taxes-
$6,721,553
287,130
165,805
1,217,939
Investm't (at cost)
5,202,430
6,804,663
5,093,457
72,692
Combust. Engine'g
Co.,
Inc.,
Stewart-Warner Corp. (&
1937
loss$80,1021oss$355,761
Subs.)—Earnings—
1936
1935
prepayments
Balance,
profit
Miscellaneous income.
Total
Loss
on
$5,899,948
3,183,268
$4,477,559
3,225,452
$3,402,033
$2,716,680
49,569
$1,252,107
71,470
$2,766,249
764,486
277,449
$1,323,577
707,888
43,722
37,779
profit
$3,144,849
undist. prof..
sale of capital
on
assets
$6,891,865
3,489,832
_
Prov. for deprec. & obsol.
Fed. & Can. inc. tax.,&c.
Surtax
$7,200,884
4,056,035
$3,144,849
exp__
(net)
-
$1,844,176
1,241,847
$602,329
1,241.847
$1.48
After deducting reserve of $67,000.
$3,439,812
750,820
434,028
141,730
.
for
develop.,
1 542,841
coating., &c
Capital stock...
1,523,341
5, 137,379
5,137,380
10 ,860,492
10,798,735
414,429
414,429
arising from
97,726
& cap. val. of
stk
held in Can.affil.
Minority stkhldrs.'
int.in cap.& surp
19,540
1,990,580
22,435
of Can. affiliate-
959,490.
1 ,045,245
2,566,455
.20,473,509 20,186,554
.....20,473,509 20,186,554
Total
Superior Water, Light & Power Co.—Earninqs—
Period End. Jan. 31—
1938—Month—1937
Operating revenues
$93,650
Oper. exp., incl. taxes69,336
Prop, retire, res. approp.
4,000
Net oper.
revenues
$88,725
65,804
4,000
Gross income
Int. on mortgage bondsOther interest.
Int. charged to construct
1938—12 Mos.—1937
$1,006,605
$ 975,262
753,395
707,997
48,000
48,000
$219,265
$18,921
.205,210
8
$20,314
377
366
$18,929
$205,587
5,450
100.186
$219,631
5,450
$99,951
$117,965
Other income.
$20,314
454
454
8,504
8,510
Net income
$11,356
$9,965
Dividends applicable to pref. stock for the period,
whether paid or unpaid
96.242
Cr26
35.000
35,000
$64,951
Balance
$82,965
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended Jan. 31, 1938 and 1937.—V. 146, p. 1891.
x21,832
Net profit for year...
Dividends
Surplus
Shs. cap. stock (par $5)
Earnings per share
793,965
398,811
86,068
stock
Total.
1934
Sales, less returns, &c__$30,960,718 $27,074,509 $20,479,164 $17,075,344
Cost of sales.
23,759,834
20,182,644
14,579,216
12,597,785
Gross profit
Sell., adm. & gen.
896,457
Deferred charges &
d Treasury
110,708
241,501
dif. between cost
1,137,246
82,810
rights
Res.
c
Surp.
2,000,000
226,214
617,606
come taxes
Earned surplus
note
receivable
Real est. & bldgs
b Patents & license
500,000
...
Federal & I>om. in¬
5,093,457
78,588
cos
Deferred receiv
de¬
on
pay.
500,969
mand
921,212
Invest, in ail ed
$
629,301
Divs. payable.
46,343
Inventories
accruals
Notes
accrued
1935
1934
Not Available
—v.145,p.2865.
F Calendar Years—
68,959
Royalties and int.
1936
$
Accts. payable and
2,232,447
dlvs.
accrued
1937
Liabilities—
$
58.939
Receivables
Bond
1936
1,363,706
1,421,817
2,170,161
a After
depreciation of $1,588,238 in 1937 and $1,480,524 in 1936.
b After amortization reserve,
c Represented
by 985,205 no par shares,
d 80,350 shares in 1937 and 99,550 in 1936.—V. 146, p. 1569.
Machinery Co.—Earnings—
Calendar Years—
Sales
$65,087
Consolidated Balance Sheet Dec. 31
1937
Assets—
July 1, 1935.—
145,
$1.01
x After
deducting $83,013 in 1936 and $93,511 in 1935 loss on sales of
y Dividends disbursed during the year include distribution of
capital surplus in the amount of $351,010, which was the profit derived
from sale of 19,000 reacquired shares in treasury, after deducting ($74,105)
pro rata proportion of Federal income taxes.
a
Suburban Electric Securities Co.—Accumulated Div.—
904,855
$2.30
securities,
$25,000
x
$2,876,673
.
5,000,000
104,391 shares)
Capital surplus
1934
$316,667
$764,856
x576,131
Stated at
a
V.
$1,961,554
915,119
000 shares of no par value;
issued and outstanding, 2,-
equipment, less
allowance for depreciation.
Unamortized
debt
discount
The
[Including Affiliated Canadian Company]
51,974
.
long
Commission."
the
to
unanimous, Justice Mathews and Justice Healy concurring.
was
—V. 145, p.3670.
Minority int. in capital stock
d Acct. rec. from officer under
not
required inasmuch as such an offering was not "public."
The finding of the District Court was challenged by the Commission in
its argument before the Circuit Court of Appeals on the ground that the
purpose of the Securities Act was to compel a complete disclosure of per¬
tinent facts in order that purchasers of securities might exercise an in¬
dependent judgment in determining value.
The Commission argued that
offering to stockholders was not by virtue of that fact alone an offering to
persons who were sufficiently familiar with the company's condition to
exercise this judgment.
In ruling on the case, Justice Denmansaid that the burden of proof to
establish a private offering is on the company seeking to avail itself of the
exemption.
He pointed out that in this case the company had no facts to
offer in its claim for an exemption other than that the persons to
^hom the
stock was offered were its stockholders.
He then said, "we are not required
to determine whether such an offer becomes private rather than public if
each of the 530 stockholders were shown to know everything about the
mining properties, their operation and the financial condition of the com¬
pany, which would be disclosed if the management had complied with the
was
1,154,196
Unadjusted credits
105,632
that the securities had been
was
offered to the company's stockholders only and that therefore registration
provided
term stock
representing
cash held by bond trustee..
$6,550,000
payable
Depreciation
10,179
Sinking
Bond and mortgage
Sundry liabilities
61,760
Prepayments
Corporation
Registration
the U.S. Circuit Court of
fineers Co. to stockholders Dec. 27, 1937 Pacific
'ower
Public Service Co. and Sierra
common
19,969,364 18,068,201
Total
$393,042 in 1937 and $275,976 in 1936.
b After
depreciation of $7,874,344 in 1937 and $7,510,956 in 1936.
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. 145, p. 2865.
Under SEC—
140,945
$1,749,275 $67,104,731
Investments in shares of
88,908
e300,000
6,502,910
Capital stock-.. 6,502,910
5,251,992
Capital surplus.— 5,251,992
2,546.744
Surplus—earned
3,149,073
d Treasury stock. Z>r293,675 Dr293,675
e
of
reserves
Sunbeam
——-
of
167,000
856,600
_
Pur. money obligs.
19,969,364 18,068,201
After
Offered Only
Total
stocks
100,000
1,001,711
other reserve
15,000,000
viously
provided against account
receivable
under long term stock purchase contract, such
restoration being equivalent to cash payments
on the account during 1937 and 1936
Miscellaneous credits and charges, chiefly com¬
prising recoveries during the year on assets
owned Jan. 1, 1932, and written down to their
then market or fair values, and
provision for
expenses incident to the distribution to stock¬
holders Dec. 27, 1937
common
&c...
1,548,655
1,463,591
possible
pat. claims, An¬
1
Restoration to surplus of a part of the reserve pre¬
of
for
loss on royalty &
Deferred Income.
1
def49,182
reduction of capital as authorized by the stock¬
holders at a special meeting held Dec. 16, 1937-
of shares
roy¬
alties accrued...
Res.
6,372.028
goodwill,
600,000
wages,
taxes,int.&
b Land, bidg., ma¬
411,886
def26,331
Consolidated net income for 1937-
Distribution
-
5
■
1,399,067
.
-
Amount transferred from
hand
1936
%
893,762
Accts. payable
1,334,293
a
Balance
1938
1937
Liabilities—
$
&
chinery & equip. 7,038,079
Pats., trade-marks
Elimination of surplus of Engineers Public Service
Co. and subsidiaries and Sierra Pacific Power
Elimination of surplus included in above balance
at Jan. 1, 1937, of a partially owned real estate
company, the accounts of which are no longer
included in consolidated statements
banks
796,926
on
a
in
1936
$
holders of Stone & Webster, Inc., the major portion of the shares of com¬
mon stock of Engineers Public Service Co. and Sierra Pacific Power
Co.,
rata
26,
Consolidated Balance Sheet Dec. 31
$2,113,234
1,241,847
$1,724,313
620,923
$571,968
$871,387
1,241.847
$1.70
$1,103,390
1,241,847
$571,968
1,246,847
$1.39
$0.46
Supervised Shares, Inc.—8-Cent Dividend—
Directors have declared a dividend of 8 cents per share on the common
stock, payable April 15 to holders of record March 31.
Dividend of 12
cents was paid on Jan. 15 last and dividends of 15 cents per share were paid
n
the two
preceding quarters.—V. 146, p. 769.
Volume
Financial
146
The net proceeds to be received by the company from the
bonds (estimated at $785,920, after deducting underwriting
Symington-Gould Corp. (& Subs.)—Earnings—
Months Ended Jan. 31. 1938
Consolidated Earnings Statement for the 12
Net shipments..
Cost of shipments-
$930,609
387,066
Income from operations.-mn..
Other income
.--$1,317,675
Total income..
-i...■■Other charges
Provision for Federal income taxes *
i..
-
...
-—- -
Net earnings carried to surplus- . .
Dividends paid..-— ------
109,113
.... — _ .
174,825
—
..
-
——————$1,033,737
667,039
_______
— — _____-
$366,698
$1.29
Balance, surplus
Earns, per share on 801,265 shs. cap. stock (par
*
$1)
been made for undistributed profits tax with respect
operations of the Symington-Gould Corp. for the month of January,
The estimated maximum amount of such taxes involved is $60,000.
No provision has
to the
1938.
Symington-Gould Corp. files its tax returns on a calendar year
The
basis.
Account for the 12 Months Ended Jan. 31,1938
Capital (or Paid-in) Surplus Balance—Feb. 1, 1937, $2,541,188; paid-in
surplus upon issuance of 50,037 5-6 shares of common stock upon exercise
of warrants attached to conv. income bonds and to common stock, being
Consolidated Surplus
issued,
conversion of $1,336,600 principal amount
value of shares
the difference between the warrant price and par
$200,151; paid-in surplus upon
of 111,383 1-3 shares of common
being the difference between the principal
issued therefor,
$1,225,217; credit to surplus arising through cancellation of 111,383 1-3
shares of special stock surrendered upon conversion of $1,336,600 principal
amount of conv. income bonds, being the par value of such special stock,
$11,138; credit to surplus arising through cancellation of 4,925 shares of
special stock surrendered upon redemption of $59,100 principal amount
of conv. income bonds, being the par value of such special stock, $492;
refund of Canadian income taxes for years 1933, 1934 and 1935, $2,804;
balance of reserve for reorganization expenses restored to surplus, $59,869;
transfer from miscellaneous operating reserves, $33,474; adjustment of
accrued liabilities of the Gould Coupler Co., taken over as of Sept. 1, 1936,
$539; balance of reserve for Naval submarine battery guarantees restored
to surplus upon completion of shipments of battery elements by Gould
Storage Battery Corp. in accordance with contract, $37,301; balance of
reserve for Federal income taxes for years 1930,
1931 and 1932 restored
to surplus, $12,969; total, $4,125,142.
Adjustment of claim for refund of
Federal income taxes for years 1929 and 1930, $9,383; charge to surplus for
expenses incident to proposed merger with McConway & Torley Corp.,
$23,175.
Capital (or paid-in) surplus balance, Jan. 31,1938, $4,092,583.
Earned Surplus Balance—Feb. 1, 1937, $510,736; net earnings for the
12 months ended Jan. 31, 1938, $1,033,737; refund of Canadian income
taxes for the year 1936, $798; adjustment of reserve for Federal income
taxes with respect to prior years, $3,331; total earned surplus, $1,548,602;
cash dividends paid,
$667,039; earned surplus balance Jan. 31, 1938,
of
and
bonds
income
conv.
stock
issuance
such conversion,
upon
amount of such
bonds converted and par value of stock
$881,563.
Consolidated Balance Sheet Jan. 31, 1938
$559,982
Cash
747,670
Acc'tsrec. (less reserve)
4,429
Accrued interest receivable
Accounts
...
...
assets
783,539
246,450
1,280,000
payable
Acer, royalties & other exps..
Prov. for Fed
income taxes..
$156,087
29,607
After
x
reserves
liabilities
-
■!
The $800,000 of bonds will be offered in exchange for the outstanding
$300,000 of 5% cold storage bonds and $390,000 of real estate notes,
(totaling $690,000) on a basis of parity,
434% bonds to be issued that are not
will be publicly offered for sale, at par,
sufficient amount will be deposited with
bonds and 534 % real estate notes to pay
any thereof not so exchanged.
for depreciation
$6,197,591
Total
and depletion of $4,755,437.—V. 146,
1935
1936
$625,269
$672,909
375,052
general expenses _
Add—Other income.--*
-
Total net profit-.....
—
Interest, deprec., Fed. inc. taxes, &c_
profit.
Dividends
97,790
$200,066
23,569
$196,290
29.497
$201,110
$223,635
$225,787
109,911
133,387
137,506
$91,198
60,000
Administrative and
331,478
97,501
$189,199
11,911
Deduct—Cost of sales and services—
$90,248
90,000
$88,280
60,000
381,257
98,176
Balance Sheet us at Dec. 31, 1937
Assets—
'
.
Liabilities—
.
$67,833
Notes & accts. rec
...
Inventories
-----
Life insurance
-
-
Notes payable
256,370
25,170
Cash..
Accounts
12,677
-
388
Investments
Other assets
payable—creditors.-
Past due bond interest
Accruals and reserves
623
Other liabilities
20,929
Deferred charges...
-....
Fixed liabilities
1,888,599
Fixed assets
-
Deferred storage income.
379,374
...
Trital
Syracuse Binghamton & New York RR.—Note—
authorized the
company to issue a promissory note in the face amount of not exceeding
$1,462,516, to be delivered at par to the Delaware Lackawanna & Western
RR. to evidence a like amount of indebtedness for advances from that
company for additions and betterments.
Authority was also granted to the Delaware Lackawanna & Western
to assume obligation and liability, as endorser, in respect to such note and
to pledge and repledge it from time to time to and including June 30, 1940,
as collateral security for its note in the face amount of $1,000,000, and for
any renewals thereof.—V. 103, p. 1982.
Interstate
Commerce
Commission
on
16
March
-
Surplus
.
$102,800
14,661
588
15,401
14,364
262
757,000
1,000,000
746,887
Capital stock
—
1936
$804,173
$930,465
123,818
Texas Electric Service
Dividends and interest
Net earningsInterest
------
42,903
$683,543
503,450
22,287
43,420
$138,543
15,000
$114,386
20,000
$123,543
_
_—_—
$278,751
713
330
$3,047,433
7,328
$3,072,953
1,500
$260,859
140,542
2,662
$279,081
140,542
2,378
$3,054,761
1,686,500
19,929
$3,074,453
1,686,500
$117,655
$136,161
Dividends applicable to preferred stock for the
period, whether paid or unpaid
—
$1,348,332
$1,360,393
375,678
375,678
Int.
mortgage bonds_
interest
on
Other
$94,386
81,154
$680,355
498,908
- -
debentures—
on
—
—
Amortization of debt discount and expense
Net income
Amount
appropriated for general contingencies-
Balance of income
Dividends
on
Dividends
on
108,205
328
7% 1st preferred stock.
$3 1st preferred stock..
194
Including $8,790 in 1937 and $ 5,298 in 1936 paid from prior years'
earnings.
Balance Sheet Dec. 31, 1937
x
I
Assets——-'
.$18,599,082
Unamort. debt disct. & exp._
873,430
Deferred charges
10,256
Due from sub. companies...
354,345
Cash in banks
451,721
Investments
_
-
Special dep. & working funds.
Accounts receivable
Class A
Class B
common
com.
75,549
$5,520,700
14,858
187,155
548,517
stock
stock ($1 par)..
5,157 30-year 5% gold debs,
ser.
A.
Due to sub. companies
450,000
9,959,000
236,466
69,157
Current liabilities
Reserves
Surplus reserved
115,000
1,001,613
$20,369,5421
Total
a
$972,654
-
Texas Pacific
Calendar Years—
Operating expenses
Operating
Period End. Feb. 28—
Gross revenue
Oper. exps. & taxes.__
Prov. for retire, res've..
x
Gross income
___
Int. & other fixed chgs..
769,122
105,000
$447,999
236,347
105,000
$425,123
237,681
$437,229
$1,579,269
$1,150,469
$686,658
$525,519
262,797
Lease, rentals,int., &C-Federal taxes
105,566
1.408
Depreciation,
488,992
9,507,560
8,965,196
1,260,000
1,260,000
$5,456,400
2,807,824
$5,056,822
2,718,226
3,990
413,298
Balance, surplus
com.outst.fpar $10)
Earns, per sh. on Cap. stk
Shs.
$642,329
221,722
$628,465
888,236
$1.11
$420,608
888,236
$23,640 loss$248,270
888,236
888,236
$0.02
Nil
$0.72
Consolidated Balance Sheet Dec.
1937
$
1936
$
Capital stock—.. 8,882,361
181,004
payable-
8,882,361
101,624
114,686
23,055
19,080
8,747,995
7,869,753
8,333
922,970
8,349
1,213,156
386,383
388,807
Deferred
355,992
344,410
Reserves—conting¬
Investments
Cash..
Accounts
Accrued taxes
Accrd.sal. & wages
Notes & accts. rec.
Notes
31
1936
Liabilities—
Total properties-
(less reserve)
Inventories
510,991
$983,303
354,838
income
Dividends paid
a
152,692
3,694
506,631
90,850
^,
88,291
$23,640 loss$248,270
Assets—
Co.—Earnings—
747,725
$646,026
40,631
1937
1938—Month—1937
1938—12 Mos.—1937
$1,322,121
$1,277,848 $16,223,960 $15,282,018
_
$1,122,861
27,607
-—
Gross Income
Net
.
34,050
$1,545,219
profits
Represented by no-par shares.—V. 146, p. 1730.
Tennessee Electric Power
Coal & Oil Co. (& Subs.)—•Earnings'
1937
1936
1935
1984
$3,957,975 $3,320,897 $3,010,178 &$,734,877
2,412,756
2,198,036
2,364,152
3,297,649
_
Gross earnings
.$20,369,542
Total.
27,560
$984,715
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended Jan. 31, 1938 and 1937.—V. 146, p. 1893.
Balance
2,267,073
Earned surplus
income.-----
Other income
Liabilities—
'
7% 1st pref. stock ($100 par).
a $3 1st preferred stock.
a Partic. preferred stock
a
1938—12 Mos.—1937
$8,379,261
$7,524,310
3,930,524
4,398,495
520,833
933,333
$260,146
Net oper. revenues—
Other income (net)
Net
Other interest—-
Co.—Earnings
1938—Month—1937
$714,152
$653,393
324,642
370,673
50,000
83,333
Period End. Jan. 31
Operating revenues
Oper. exps., incl. taxes._
Prop, retire, res. approp.
246,922
Calendar Years—
Operations and taxes
289.
Gross income..--
1937
.$2,651,964
82.651.964
..
—V. 146, p.
Telephone Bond & Share Co.—Earnings—
x
31
1937
$668,633
1730.
The
C
dollar for dollar. All of the new
exchanged for existing obligations
and from the proceeds thereof a
the respective trustees of the 5%
off and discharge the principal of
Earnings for Years Ended Dec.
Gross sales and income for service
Accrued inc. receivable—-
$6,197,5911
Total
p.
above referred-to plants.
Company to some extent is engaged in the trucking business, but this
activity is conducted principally for the purpose of furnishing local drayage
service for customers storing their products in the company's warehouses.
Capitalization—The capitalization and funded debt of the company as
of Dec. 31,1937, was as follows:
v':'
')•Authorized
Outstanding
$300,000
1st trust 30-year cold storage 5s, 1938
$300,000
390,000
1st trust
real estate notes, 1938
500,000
47,000
1st trust 6% real estate notes, 1939
47,000
1,000,000
Capital stock ($50 par)
1,000,000
182,325
21,351
Other assets...-..---.-^-.--
the
A predecessor of registrant,
Prov. for salary adjustments—
Deferred
as
the entire block bounded by 11th,
Net
15,483
9,200
Misc. oper. res.
Investments
29,476
x Land, buildings & equipment
801,265
2,503,113 Common stock ($1 par).;
Patents and goodwill
2 Capital (or paid-in) surplus._ 4,092,583
881,563
Prepaid exps. and def'd charges
51,054 Earned surplus
Inventories;
Deferred
company's plant No. 1) as improved and expanded covers
12th, E and F Sts., Southwest.
Terminal Refrigerating & Warehousing Co.
was incorporated in 1922 by the Washington Market Co. for the purpose
of erecting a plant and warehouse at the intersection of 4th and D Sts. and
Virginia Ave., Southwest, which property is now known as the company's
plant No. 2.
Under date of Sept. 30, 1927, the present company, Terminal
Refrigerating & Warehousing Corp., was organized in Delaware for the
purpose of taking over and operating as one consolidated company the
known
Liabilities—
Assets—
sale of the
commission
expenses) are to be used for the retirement of funded debts of
the company maturing April 1, 1938, in the total principal amount of
$690,000.
The balance of approximately $95,920 will be used by the
company in paying off existing bank loans due Second National Bank and
Bank of Washington, Washington, D. C.
The securities to be retired are practically all held by Washington, D. O.,
banks, Trust Companies and individual investors.
Corporation is the successor company to the Washington Market Co.
which was incorporated in 1870 under a special Act of Congress.
The
Washington Market Co. constructed Center Market at Seventh St. and
Pennsylvania Ave., N. W., Washington, D. C., and operated the same as
one of the principal Washington markets until 1921, in which year it was
taken over by the U. S. Government for public purposes.
In 1912 the
Washington Market Co., under a special Act of Congress, began con¬
struction of a plant at 11th and E Sts., Southwest.
This property (now
and other
$6,857,129
5,219,562
706,958
-
Engineering selling and general administrative expenses
2063
Chronicle
- --
credits
encies.----—--
receivable &
10,147
paving ctfs
205,372
7,086
5,094
10,000
94,183
632,467
Surplus..-------- 1,367,029
Indemnity dep. in
Net
Divs.
income
on
pref. stock
$211,652
129,374
$187,441
129,443
$2,648,575
1,550,815
$2,338,595
1,551,444
with
gasoline &
connection
Fed.
17,500
oil bond
Balance
$82,278
$57,998
$1,097,760
$787,151
x No provision was made in 1936 or
1937 for Federal surtax on undis¬
tributed profits as all taxable income was distributed.
No provision has
been made for such tax in 1938.—V. 146, p. 1417.
Terminal Refrigerating & Warehousing
Corp.—Bonds
Offered—Y. E. Booker & Co., Washington, D. C., are offer¬
ing $800,000 1st mtge. 4\i% bonds at par.
Bonds are dated
April 1, 1938 and are due April 1, 1948.
Deferred charges
Total
a
_
150,486
101,121
10,572,160
9,953,243
-
After reserves for
Total..-..----10,572,160
depletion, depreciation and
May Change Name—
Stockholders at their
consider extending
from Oct. 4, 1938) and to
Coal & Oil Go. to I exas
annual meeting on April 20 will
the term of the charter (not to exceed 50 years
change the name of the company from Texas Pacific
Pacific Oil Co.—V.
145, p. 2866.
9,953,243
amortization.
March
Financial Chronicle
2064
Texas Pacific Land
of bonds;
Trust—Financial Results, &c.—
common
$204,677
$333,311
$91,133
1934
$93,217
1,234,828
450,890
505,367
685,351
$1,439,505
$784,201
$596,500
$778,568
cl,313,338
a579,524
263,189
b687,435
Cash on hand Jan. 1
Receipts during year
Total
Expenses, taxes, &c
1935
1936
1937
Calendar Years—
26,
1938
150 shares of common prior to Jan. 15, 1942, and 100 shares of
prior to Jan. 15, 1943.
For each $1,000 of bonds converted
oil payment represented by a partici¬
holders will be entitled to receive an
pating certificate of interest to the extent of $200 face amount.
Mercan¬
tile National Bank at Dallas, trustee.
Proceeds of this issue of bonds are to be applied in part to the payment of
$211,000 of first lien notes, taxes of $20,000, estimated reorganization ex¬
of $25,000 and small claims, &c., of $20,000, the balance to be used
present wells, drill new wells and acquire additional prop-
penses
to recondition
'
Cash Dec. 31-
$126,167
—
$91,133
$333,311
$204,677
dividend disbursement and $26,000 paid for U. 8.
Treasury bonds,
b Includes $244,915 for Treasury notes in 1934.
c In¬
cludes $265,900 cost of 35,000 sub-share certificates of proprietary interest
purchased and retired, $448,562 paid for U. 8. Treasury bills and $335,878
dividend disbursements in 1937.
d Includes $470,200 bonuses and rentals
and $449,991 for U. 8. Treasury bills sold.
Other Statistics—
1937
1936
1935
1934
Number
of
producing
wells at Dec. 31
150
98
80
71
Aver. daily crude oil proIncludes $171,439
a
,
.-
baSa.tD.!C:.3U.'n.
Suo-share
during
4.050
3.914
3,585
46,446
39,982
35,484
retired
ctfs.
35,000
19,600
9,600
31,900
$126,167
$204,677
$333,311
U. 8. Treas. ctfs. at end
of year (par value)—
8. Treasury notes at
——
.
Ry.—Earnings—
rents
Other—net
$4,065,246
2,951,784
302,542
294,122
,9,568
1936
$1,775,556
4,397,001
30,263
1935
$1,499,756
3,867,477
38,865
$5,433,655
$6,202,821
$5,406,098
1.042,774
1,068,807
899,088
843.515
791,03 2
2,758,150
905,898
2,408,909
902,380
285,105
645,032
326,884
$2,867,440
596,070
565,601
1,516,772
370,310
241,981
$992,864prof$397,348prof$220,286
$423,296
-
3,148,382
1,040,840
351,008
$456,488
$507,230
$848,935
36,000
37,162
74,078
for yr_
assignable to oper.
Loss from oper.
75,764
Net ry. oper. income.
Other income
$4,661,027
3,202,017
350,114
244,006
Taxes
$284,652
9,129
....
—
_
$493,650
7,082
$581,308
17,331
$924,699
15,037
329,054
Total income
Miscell. deductions..
330,904
659,470
88,097
129,723
15,000
46,948
74,801
Gross loss for the year $l,163,954prof$185,101
other inc. credits.
204,117
20,024
$12,534
$545,046
31.939
25,153
$959,837prof$205,126
prof$19,404
$519,892
112,190
$959,837prof$205,126
155.784
prof$19,404
V
$407,702
638,743
$0.32
623.135
$0.03
623,135
Total
Profit
on
equip, sold, net
Net loss
Dividends
—V. 146, p.
$155,664
loss$53,531
income.
Net
loss$95,493
$248,206
1730.
;'/
stock (par $5)Earnings per share
1937
Assets—
Liabilities—
1936
Cash-..-.--..... SI,133,224
Net oper
$328,068
585
$386,489
135
revenues
Int.
on
mortgage bonds.
Int.
on
debenture bonds.
$4,665,611
177,708
10,000
14,536
2,132,500
120,000
229,910
177,708
10,000
Other int. & deductions.
$4,657,736
7,875
$328,653
$386,624
Gross income
14,319
.
$4,623,066
8,892
$4,631,958
1 2,132,500
~
120,000
164,224
$2,215,234
865,050
$1,318,151
$126,409
$2,183,201
865,050
$184,597
Net income
Balance
$1,350,184
300,933
238,504
4,847
347,930
84,564
19,096
359,951
233,836
6,324
114
8undry..
Inventories
Accrued Int. rec--
Unamort.
&
135,924
217,688
Deposit
craft
189,661
Deferred charges..
13,600
176,573
for
102,699
air¬
insurance.
Reserve
32,742
16,295
con¬
33,000
tingent expense.
Deferred
credits..
13,600
194,637
66,261
146,279
Capital stock... 4,154,230
3,193,715
Capital surplus. 2,629,740
surplus.-def850,252
organiz.
devel. exp
for
Reserve
224,237
Cash on deposit--.
sub. to
stock
script
on
contracts
2,413,276
110,891
—
ployees'
capital
6,390
y4,202,117
—
._
Property'.
preferred stocks for the
period, whether paid or unpaid
342,764
Employees
Investments
135,710
133,926
Collections on em¬
Govt—_
S.
$605,200
115,981
Accrued accounts.
60,563
Traffic & agents
U.
11936
$496,871
Traffic bal. pay
199,875
Install, notes rec..
x
Dividends applicable to
Nil
1937
Accounts payable.
$1,638,952
Marketable seeurs.
Accts. receivable:
Other income (net)
—
.
Balance Sheet Dec. 31
1938—12 Mos.—1937
$853,359 $11,150,527 $10,090,667
459,973
5,498,522
4,889,079
65,318
994,269
578,522
1938—Month—1937
$939,252
463,172
89,591
------
830,846
Nil
Shs. cap.
Texas Power & Light Co .—Earnings—
Period End. Jan. 31—
Operating revenues
Oper. exps.,inm. taxes..
Prop, retire, res. approp.
68.123
38,750
Federal income tax, est.
661,456
charges..
105.374
90,216
80,874
(other than Fed. inc.).
Total income charges—
Loss
Fixed
$939,116
1,893,080
35.242
15,955
$248,652
1934
3,674,809
41,898
Depreciation.
Conducting transport'n.
Traffic & advertising...
1938—2 Mas.—1937
1938—Month—1937
$1,946,764
$2,315,359
1,409,335
1,548,471
149,190
198,352
132,070
104,962
(net)___
7,517
7,086
Period End. Feb. 28—
Operating revenues
Operating expenses
Railway tax accruals
Equipment rentals (net)
facil.
1937
$1,716,948
Total transport'n rev—.
General & adminis.....
$150,000
Dec. 31 (par value)
—V. 146, p. 1262.
Jt.
Transcontinental & Western Air, Inc.—Earnings—
Calendar Years—
Total mail revenues--—
Total oper. rev
Maintenance
U.
Texas & Pacific
held undivided interests in oil, gas
$91,134
year
Cash at Dec. 31
Corporation was incorp. Dec. 18, 1936, in Delaware, to engage in the
As of Jan. 28, 1938, company had interests in 34 oil wells and
and mineral leases in the States of Texas,
Louisiana and Oklahoma covering approximately 43,000 acres.
As of
Dec. 1, 1936, C. B. Taylor, geologist, of Dallas, Texas, estimated the re¬
serves of recoverable oil in the company's holdings to be 18,156,577 barrels.
As of about May, 1937, Victor Lieb of Houston, Texas; George H. Burres,
of Oklahoma City, Okla., and Claude Dally of Fort Worth, Texas, geolo¬
gists, have estimated such reserves to be 19,964,000 barrels.—V. 145,
p. 2866.
••
S';"
oil business.
3.387
83,548
erties.
1,258,558
Net worth:
162,664
Earned
provisions have been made for Federal surtax on undistributed
profits for the 12 months ended Jan. 31, 1938 and 1937.—V. 146, p. 1893.
109,585
Total
..$6,969,674 $5,736,965
Note—No
Tintic Standard
The
directors
have
Mining Co.—10-Cent Dividend—
declared
a
dividend
of
10
cents
per
the
on Dec. 24, 1936; 12% cents paid on Sept. 30, 1936; 1% cents paid
June 30 and March 31, 1936; 15 cents paid on Dec. 24, 1935; 7% cents
paid
paid in each of the three preceding quarters; 22% cents paid on Dec. 24,
1934; 10 cents on Sept. 29, 1934; 7 %, cents paid on June 30 and March 31,
1934, and 5 cents pef share distributed each three months previously.
—V. 145, p. 3984.
Transamerica
Corp.—Earnings—
Consolidated Income Account Years Ended Dec. 31
[Including Consolidated Companies]
1937
Calendar Years—
1936
$7,873,809 $11,071,766
692,243
610,239
Other......
1,413,067
7,641
Securs. transacts., profit al,404,219
al,556,498
Income—dividends
Interest.
Recoveries
on
1935
1934
$8,112,775
$5,636,322
1,036,454
890,547
309,835
80,004
a2,766,575 lossbll29138
assets, pre
viously charged off &
329,084
528,348
$11,383,339 $13,246,144 $12,554,723
Interest
395,550 V 190,872
304,476
Expenses, taxes, &c_...
632,766
914,672
288,878
Trans, and regular fees..
256,817
121,739
104,289
$6,006,083
504,535
354,901
120,908
interest thereon
Total
.
.
_S6.969.674 $5,736,965
xlfter depreciation and amortization of $2,452,811 in 1937 and $2,470,-
[
share on
stock, par $1, payable March 31 to holders of record March 21.
This compares with 25 cents paid on Dec. 23 last; 15 cents paid on Sept. 30
last; 25 cents on June 30 last; 18 cents paid on March 31, 1937; 22% cents
common
on
Total......
846
in
1936.
$397,500 for advance on aircraft purchased.
y Includes
3671, 1438.
—V. 145, p.
Twentieth Century-Fox Film
Twin State Gas & Electric
(after pro v.
& irin. int.)
of
divs.
solidated
Dividends
$5,025,739
for taxes
in excess
paid
to
con¬
2,700,117
12,997,340
8,462,196
6,424,848
profits___$12,798,324 $25,016,201
_..cl2,081,813
11,576,807
$20^319,276
$11,450,587
5,902,715
cos.
Consol. net
$12,018,861 $11,857,080
.
6,484,003
Surplus
Shs. cap. stk, (par $2)..
Earns, per share..
a
$716,511 $13,439,394 $13,835,273
$5,547,872
17,200,000 d23,181,568 d23,181,568 d23,621,897
$1.14
$1.08
$0.87
$0.49
Consists of profits of $957,623 in 1937, $1,088,235 in 1936 and
$1.748,-
891 in 1935 based on written down values of securities held by TLransamerica Corp. and consolidated companies on Dec. 31, 1931 and $446,597
in 1937, $468,263 in 1936 and $1,017,684 in 1935 on sales of securities
based
on
on
cost of
written
subsequent acquisitions,
down
values
of
securities
by JLransan erica Corp. and
consolidated companies on Dec. 31, 1931 and $1,082,818 loss on sales of
securities based on
cost
of subsequent acquisitions,
c Includes
extra
dividend of 463,095 7-50ths shares of Bancan erica-Blair Corp. stock paid
Jan. 30, 1937 in the amount of $1,706,260.
d No par.—V. 146, p. 1091.
Transcontinental
Petroleum Corp.—Bonds Offered—
$500,000, 6% convertible first mortgage
sinking fund gold bonds is being made by Leach Bros., Inc.,
Johnston, Lemon & Co., Washington, D. C. and Gilbert F.
Brooks & Co., Providence, R. I. The bonds which are to be
Public offering of
issued pursuant to a plan of reorganization
approved by the
U. S. District Court for the Northern District of Texas, are
dated Feb. 1, 1938 and mature Feb. 1, 1943.
They
are
priced at 983^ and interest.
The bonds are redeemable at the option of the company in whole or in
part on 60 days' notice at 105% and accrued interest.
They are convertible
prior to Jan. 15,1940 into 200 shares ($1 par) common stock for each $1,000
$212,341
144,586
12,680
1,648
$2,478,458
1,650,206
175,326
120,101
$2,351,663
1,585,164
165,430
43.109
$37,781
34,563
$53,427
2,022
$532,825
47,212
$557,960
29,769
$55,449
11,161
10,295
4,980
$580,037
$587,729
209,123
54,456
$29,013
$303,373
249,475
Net oper. income
Non-oper. inc.—net
Gross income
$72,344
Bond interest
11,161
8,849
2,862
...
Other deductions
Net income
$49,472
20,790
Pref. div. requirements.
,
20,790
133,936
107,975
34,753
61,505
$262,645
249,475
—V. 145, p. 4130.
Ulen & Co.—To Amend
b Consists of $46,319 loss based
held
1937—12 Mos.—1936
$217,963
144,269
15,193
20,720
Operating revenues
Operating expenses
State & municipal taxes.
Fed. taxes (incl. income)
Other interest—net.
Co.—Earnings-
1937—Month-—1936
Period End. Dec. 31Net profit...'
-$10,098,207
Net profits of contr. subs
other than consol. cos.
Corp.—Revert for 1937—
Corporation on March 24 issued its annual report for the year ended
1937.
Net profit, after a.l income and surtaxes and foreign ex¬
change adjustments, was $8,617,114, compared with $7,722,954 for 1936.
In the figures for both years, dividends from National Theatres Corp. are
included in the amount of $1,134,000 for each year.
These dividends
were received in the fourth quarters of the respective years.
The profits
for the fourth quarter of 1937 were $3,718,000 compared with $3,472,275
for the fourth quarter of 1936 and $1,143,400 for the third quarter of 1937.
National Theatres Corp. and its voting controlled domestic subsidiaries
had consolidated net income of $2,988,228 for 1937 compared with $2,923,209 for 1936.
Twentieth Century-Fox Film Corp s 42% interest in National
Theatres Corp. indicates an interest in these earnings of $1,255,055.
Twentieth Century-Fox Film Corp. paid dividends on the preferred stock
in 1937 of $1.50 per share and on the common stock—$2.50 per share.
Total dividends paid amounted to $5,754,703.
During the year 1937, 84,412 shares of preferred were exchanged for
105,514 shares of common.
Outstanding capital at Dec. 25, 1937 comprises
comprises 946,882 shares of preferred and 1,741,683 shares of common.
After deducting dividends paid during the year on the preferred, the balance
of earnings for 1937 amounted to $4.11 per share on the common outstand¬
ing at December 25, 1937.—V. 146, p. 1570.
Dec. 25,
Certificate of Incorporation—
Stockholders at their annual meeting on April 7
will consider amending
the certificate of incorporation so as to provide that the directors shall not
declare and pay any dividends on any shares of the company's capital stock
if the capital shall have been diminished to an amount less than $25 for
each share of preferred stock of both series, and that the capital shall not
be reduced below $25 for each share of preferred stock without the majority
of both classes of preferred stock and of common stock.—V. 146,
vote
p.
1894.
Union Buffalo Mills Co.—Accumulated Dividend—
Directors have declared
cumulations
1
to
on
holders
a dividend of $1.75 per share on account of ac¬
the 7% cumulative preferred stock, par $100, payable April
record March 23.
Previous payments were as follows:
of
$1.75 on Jan. 3, last; $11.75 on Sept. 23; $2.50 on July 1; $2 on April 1,
1937; $8.25 paid during 1936; $1.75 on March 30, 1935, and $7 per share
during 1934.
Accumulations
share.—V.
after
the
current
payment
will
amount
to
$19.25 per
146, p. 771.
Union Investment Co.—Common Dividend Omitted—
Directors
took
due at this time
no
on
action
the
on
the
common
payment of the dividend ordinarily
shares.
An extra dividend of 25 cents
Volume
addition to
in
Financial
146
regular quarterly dividend of like amount was
a
Gross sales, less discts.,
returns and allowances$15,690,960
$11,770,787
11,258,198
20/37
93,542,216
86,480,551
87,059,191
Electric output of system (kwh.)
—V: 146, p. 1895.
xl934
yl935
yl936
zl937
Calendar Years—
Co.—Weekly Output—
Mar. 19/38 Mar. 12/38 Mar.
Week Ended—
Paper Corp.—Earnings—
Union Bag &
United Gas Improvement
paid on
1262.
Dec. 23 last.—V. 146, p.
2065
Chronicle
United States Foil Co.—Dividends Omitted—
9,504,504
$9,534,626
7,784,594
$9,257,887
6,970,330
dividend
Manufacturing profit. $4,432,762
Delivery, sell., admin. &
$2,266,284
$1,750,032
$2,287,557
cents
2,680,350
1,853,679
1,488,145
1,535,573
$1,752,412
$412,605
26,810
$261,887
10,181
$751,984
Cost of products
& gen. exps
Profit.
—
-
11,320
88,338
Miscell. income (net)
Interest paid
52,024
107,500
$387,391
457,315
$223,45(
389,913
$682,404
def$69,924 def$166,456
$98,560
Balance
50,000
(est.)
Net profit
Dividends paid--.——
Miscell.
$1,384,595
518,104
$866,491
Balance, snrplus
No. of shares of cap.
stk.
outstanding (no par).
$9,998,193
175,353
76,827
$9,321,896 $10,173,546
9,341,256
9,640,723
273,379
174,551
revenue
Expenses
Depreciation
$358,272
275,073
Total income
-___loss$68,7l6
Inc. chgs., Fed. inc. tax,
$633,345
stk
84,542
119,218
.loss$153,258
$514,127
&c
31
Comparative Balance Sheet Dec.
on
303,469
316,394
1,278,867
Accts. receivable
in process &
pur chases ...—
447,051
605,985
613,137
352,653
181,061
g278,099
stock—. 7,915,811
Treasury stock..
Dt-72,811
41,000
2,077,000
248,420
7,915,811
Dr72,810
2,530,218
1,711,266
1,835,318
1,739,118
543,521
373,313
&
169,151
127,830
(est.)
chinery & equip.14,143,430
8,400,033
chine parts)
279,106
126,935
1,044,176
125,792
leases & equip..
Deferred charges..
Res. for conting
—
5,941,824
244,893
e
Surplus
19,443,725 12,714,8851
-
Asks Waiver of Stock
will greatly facilitate the economical underwriting
company's securities which will probably be issued
retire present bank loans and equipment notes.
Alexander Calder, President of the corporation, said: "In the opinion
of the management the existence of the stockholders' right to subscribe
to newly issued securities prior to a public offering definitely hampers and
delays such offering.
Negotiation of a satisfactory underwriting contract
is made difficult and the cost of underwriting to the company is increased
because of a protracted period during which underwriters are obliged to
carry the underwriting risk.
The management feels that at the earliest
practicable opportunity present bank loans and equipment notes should be
retired out of proceeds of a sale of junior or senior securities or both."
The offering of $7,000,000 convertible debentures planned last year was
deferred due to generally unsatisfactory situation in the securities market,
'
—V. 146, p.
1,354,054
3,200,000
Accrued
60,295
60,295
estate
Mtge. notes receiv.
1,718,729
1,786,564
of
subs. In
excess
929.
1,217,681
843,910
Period End. Feb. 28—■
$7,536,228
1,005,625
Freight revenue
Passenger revenue.Mail revenue
Express revenue
other transportation
350,390
130,436
$1 ,538,950 $15,854,275 $19,732,585
997,094
2,284,833
2,239,847
366,743
746,980
759,973
150,262
219,152
245,026
.
revenue—
i.
__
300,896
..
_
319,917
172,989
698,936
371,210
642,411
119,633
-
Incidental revenue..
276,380
Railway oper. revs... $9,443,208 $11,545,955 $20,024,031 $24,047,577
2,116,505
1,342,473
628,082
1,069,393
Maint. of way and struc.
5,286,377
3,808,290
2,612,393
Maintenance of equip.
1,858,091
312.168
640,517
636,674
295,802
Traffic
9,324,021
7,776,237
4,422,410
3,608,660
Transportation
523,271
247,402
485,555
233,028
Miscell. operations
882,453
1,069,256
509,097
417,330
General expenses
20,196
goodwill.
Bals. In closed bks.
Cash
value of
sur,
15,733
life ins. policies.
x
Total
—.10,914,215 12,037,051
C'r725
Dr2
1,224,611
$5,093,074
2,459,633
$5,087,628
2,499,799
Railway oper. income $1,178,329
Equipment rents
470,638
Joint facility rents (net)
62,552
$1,131,253
407,434
82,742
52,633,441
1,094,310
125,710
$2,587,829
888,706'
136,643
$645,139
$641,077
$1 413,421
...10,914,215 12,037,051
-
Represented by 299,566 no par shares.
y After reserve for
1937 and $991,971 in 1936.—V. 146, p. 1418.
depreciation
of $1,133,895 in
United States Graphite
dividend
a
Co.—No Common Dividend—
held March 17 took no action on the payment
stock, par $10, at this time.
A regular
Directors at their meeting
of
the common
on
3uarterly of 50 cents 50 cents per share waslast. on Dec. 8 last. 3196, for
ividend dividend of
paid on June 15 paid See V. 144, p. A special
was
previous dividend record.
The company issued the following statement:
"At the meeting of our
directors, the matter of dividends for 1938 was considered.
However, in
view of the unsatisfactory volume of sales for the first two months of this
decline in general business, no dividend
due entirely to the sharp
year,
action was considered wise at
present."—V. 145, p. 2248.
& Mining Co.—~To
United States Smelting, Refining
Pay $ 1 Dividend—
■
dividend of $1 per share on the common
The directors have declared a
stock, par $50, payable April 15 to holders of record April 1.
A like amount
was paid on Jan. 15 last; a dividend of $3 was paid on Dec. 22 last, and a
regular quarterly dividend of $2 per share was paid on Oct. 15 last. See
V. 144, p. 2153, for detailed record of previous dividend payments.
Year Ended Dec. 31
x
$9,112,258
$8,189,072
$9,881,567
$8,543,461
2,458,933
2,733,796
2,790,595
2,490,493
$6,653,324
1,637,818
5,287,650
$5,455,277
1,637,818
3,701,355
$7,090,972
1,637,818
5,287,650
$6,052,968
1,637,818
4,362,311
—def$272,144
$116,104
$165,504
$52,839
$10.31
and is after Federal taxes, &e.
$8.35
Profit
Deprec. & depletion res.
Net
profit—-
Preferred
.
.
—
dividends...
Surplus..
.
.
_
_
...... .
Earns, per sh. on 528,765
com. shares (par $50).
x
1934
1935
1936
V
■
$7.20
$9.48
Includes other income
_
$2,373,092
1,241,839
636,758
Cartage contracts,
Common dividends
All
409,660
surplus...
843,910
18,061
1,367,991
116,881
1937
1938—2 Mos.—1937
7,487,838
1,449,082
Capital stock...
x
5,350
7,487,838
5,050
„
1,217,000
129,034
409,973
225,545
expenses.
Consolidated Income Account for the
1938—Month- -1937
125,000
Mtge. pay. on real
Earned
of
book value..
Deferred charges-
Pacific RR.—Earnings-
Union
1,337,040
Capital surplus...
of
secure,
Total
may issue.
This step
and prompt sale of the
during the next year to
1,309,457
2,004,139
Notes payable
3,140,000
Rights—
the company also mailed to stockholders a notice
of the annual stockholders' meeting to be held April 12.
At this meeting
action will be taken on an amendment to the
by-laws of the com¬
pany proposing that stockholders relinquish their pre-emptive rights, "ht
any time up to the close of business on Dec. 31, 1939, to subscribe, prior
to public offering, to any capital stock or obligations convertible into or
bearing warrants or rights to purchase capital stock which the company
With the annual report,
2,369,035
investments
Other
$
$
Accounts payable-
1,636,877
Fixed assets
Debenture notes..
19,443,725 12,714,885
Total
Liabilities—
$
1,069,114
Accts. receivable-.
y
1936
1937
1936
824,437
Cash
Cost
After reserve for doubtful notes
$1.01
Consolidated Balance Sheet Dec. 31
1937
and accounts, discounts and allowances
of $100,335 in 1937 and $104,601 in 1936.
b After reserve for depletion
and depreciation of $15,676 in 1937 and $2,842 in 1936.
c After depreci¬
ation of $5,170,146 in 1937 and $4,678,600 in 1936.
d Represented by
1,055,441 no par shares in 1937 and 263,860 no par shares in 1936.
e Repre¬
sented by 9,708 shares in 1937 aud 2,427 shares in 1936.
f Consolidated
figures,
g Including surtax on undistributed profits.
a
sur$3,147
$2.53
$1.71
Nil
Assets—
cap.stk.taxes
d Capital
lands,
Total
— .
Notes
cLand, bldgs., ma¬
b Timber
expenses.
Prov.for Fed.inc.
Supplies (incl. ma¬
Inv.in&advs
$302,713
299,566
$10,113 sur$383,160
$153,258
Balance, deficit
Earns, persh. on 299,566
shares stock
Acer, taxes & other
fin¬
ished goods
$757,617
374,457
524,240
1,200,000
1,352,156
Raw materials, wk.
Net profit
Dividends
Note payable to bk
Notes payable for
Accounts payable.
hand and
in banks
a
5
$
Liabilities—
$
Assets—
fl936
1937
fl936
1937
Cash
Not Available
Net oper. profit.____loss$292,738
Other income
224,022
146,074
196,074
1,045,733
261,433
$4.67
$1.14
$1.32
$1.48
x Company only,
y Consolidated,
z Including the results of operations
of wholly-owned subsidiaries now liquidated.
Earns, per sh. on cap.
$9,245,069
-
revenue
Total net
583,844
1934
1935
1936
$39,575,979 $48,702,534
30,330,910 38,704,341
Cost of frt. & cartage
Prov. for Fed. surtax on
undistrib. profits
(& Subs.)—Earnings-
1937
Calendar Years—
Freight and cartage
48,609
3984.
United States Freight Co.
„
240,800
stock taxes (est.)
on Oct. 1 and on July 1 last; 25 cents paid on April 1, 1937, and on
Dec. 24,1936, and previously dividends of 15 cents per share were paid each
three months.—V. 145, p.
37,920
Prov. for Fed. income &
cap.
Directors at their recent meeting took no action on the payment of a
on the class A and class B common shares, par $1, at this time.
Dividends of 6 cents were paid on these issues on Dec. 24, last; 12H
Estimated Consolidated Earnings 2
Months Ended February
1936
Property reserves.
1935
$895,626
229,518
1938
1937
$638,904 x$l,134,409
246,120
__237j678
Gross earnings
$719,616
207,752
$1,562,480
Transp. for invest—
»
CY725
from ry. oper.
$2,402,940
Railway tax accruals. —
Net
rev.
$896,731
272,970
$666,108"
272,970
272,970
$511,864
272,970
——.
$119,814
$623,761
$393,138
$238,894
Earns, per sh. on 528,765
shs. of com. stk. outst-
$0.22
$1.17
$0.74
Balance——
of items
—
.
.
Includes quotational gains of
146, p. 450.
Universal Gas Co.—Earnings—
-V. 146, p. 1418.
Operating Statement for Quarter Ended Dec.
United Chemicals Inc. (&
Subs.)—Earnings—
Jan. 1 '38
Year Ended—
Net profit after
Jan. 2 '37
Dec. 28 '35
Total gas sales
Total cost of sales incl.
$92,086
loss$4,694
$49,596
102,000 com.
$0.05
Nil
Nil
—V.
2248.
United Profit-Sharing Corp.—Listing
Approved—-
approved for listing 236,926 shares fo
common stock, par 25 cents, upon official notice of issuance, in substitution
for a like number of presently listed and outstanding shares of common
stock, no par.
Authority was also granted to add to the list upon official
notice of issuance, 25,457 additional common shares.—V. 146, p. 1895.
The Newlfork Curb Exchange has
United
Specialties Co. (& Subs.)—Earnings—
Earnings for Calendar Year 1937
int., Federal &c. taxes.... a$173,967
Earnings per share on 143,000 common shares (par $1).
$1.21
a After deduction of $48,261 representing income of subsidiaries between
Jan. 1, 1937 to date of acquisition by United Specialties Co.. "Subsidiaries
were dissolved Des. 31, 1937.—V. 146, p. 1731.
10,718
and other deductions
$2,728
Federal income taxes
1937
Liabilities—
Assets—
on
.
Notes payable
Accounts payable.
z
Workmen's
compensation insurance——
prepaid
(storehouse supplies;.
Corporate trustee service fund
Insurance prems.
Invent,
Prepaid interest..
Deferred charges
Gas franchises————.
$16,000
$5,415
47.323
.
prem.
31
146
Balance Sheet Dec. 31,
206
412
35
Accrued liabilities_
10-year 6% mtge. bonds
Pref. $6 cum. (no par
value)
100,000
Common (par $100)
Capital surplus..
1,148
275,000
1,000 shares-
823
111
—
19,131
12,182
—
100,000
-
2,160
—,
995
Earned surplus
1
•'
Cost
of
•.
work in progress not
allocated
Autos, trucks, etc
Pipe lines
Net income after deprec., amort.,
157
-
—
Accounts receivable
Dep.
47,377
262
—
Taxes—Capital stock
Net income before
$62,871
1,453
Taxes—Property
Taxes—Indiana gross sales
Taxes—State and Federal payroll—
Interest, depreciation
p.
—.—
—
—
United Electric Light Co., Springfield, Mass.—Merger
An application was made to the Massachusetts Department of Public
Utilities in
Septtember, 1937, for permission to consolidate Agawam
Electric Co. and Ludlow Electric Light Co. with the United Electric Light
Co. of Springfield.
On Dec. 10, 1937, the Department of Public Utilities
authorized this consolidation and it became efective on Jan. 1, 1938.
31, 1937
——
administrative expenses
Insurance
depreciation, deplet'n,
Federal, &c., taxes
Earnings per share on
shares (no par)—
—Y. 146, p. 123.
145,
$0.45
$114,800.
Note—No provision made for Federal surtax on undistributed profits.—
x
—V.
Net
"$392,784
earnings—
Net
Pref. div. requirements.
:
!.
1,113
x380
"
_y468,500
y468.500
.$525,468
Total
/ y;>
•
.
$525,468
depreciation of $301. y After reserve for depreciation
of $72,227.
z Includes contingent liability of $489 for gross sales taxes on
interstate shipments which is being contested in the courts.—V. 145, p. 2868.
x
After reserve for
Financial
2066
Utilities Power & Light Coro.—Trustee Named—
March 16 appointed Charles True
Adams as permanent trustee for the corporation under Section 77-B of the
Federal Bankruptcy Law.
He said that Mr. Adams had resigned as referee
in bankruptcy and would devote his entire time to the affairs of the company.
At the same time Judge Holly announced that Harry N. Gottlieb has
been appointed as special master in Chancery to hear various plans of re¬
organization already pending before the Court and other matters in the
involved litigation.
Mr. Gottlieb has been acting as co-trustee with Irving
Gilruth and Charles A. McDonald for the Public Utilities Securities Corp.,
a subsidiary of Utilities Power.
Judge Holly said Mr. Gilruth and Mr.
Federal Judge William H. Holly on
McDonald would remain
as
Jay Samuel Hart, who has been acting as temporary trustee for the parent
will be retained by the new trustee as a consultant engineer.
Hawley was reappointed counsel for the trustee.—V. 146, p. 1418.
company,
Melvin M.
Van
paid
cents
Vanadium Corp. of America
1937
Net sales
earns,
Total income
property retired
Prov. for loss on process
on
.
equipment
1935
1934
and surplus.
Balance for dividends
of
materials
$3,157,580
3.127,408
$758,408
54,217
$335,103
184,886
$30,172
76,979
$812,624
404,010
153,342
24,255
31,296
"$519^989
542,418
$107,152
562,244
169,619
188,216
32,839
179,297
32,852
Investments
22,011
a
Balance, surplus, Dec.
§
$
lS86tSmmmm
Funded debt
642
642
3,567,740
337,538
2,637,728
340,532
17,330
1,136
BaLs. in closed bks.
16,270
15,296
1,839
39,632
49,677
53,247
Cash
21,606
count & expense
zl937
y
$194,411
23,264
5,743
Depreciation of buildings and equipment
Amortization of patents
Federal income and excess-profits taxes
1936
$172,865
19,589
6,897
20,645
23,597
Federal surtax...
6,552
x
_________________
Consolidated figures,
dissolved Dec. 22, 1937.
y
z
1937
Including Kinaball-Krogh Pump Co.,
Cash............
c
Plant
Notes payable....
$38,480
255.010
West Ohio Gas
payable.......
119,958
"Faxes payable
Instal. on promls'y
39,124
b38,354
<fe
Patents
333,825
equip..
at
315.412
and
note
$154,114
ing (at cost)....
1,500
3,592
3,564
51,268
Deferred charges..
4,474
5,358
a
3,990
2,999
360,345
81,775
209,230
78,000
8,999
$69,555
81,180
5,003
4,503
4,503
4,503
4,503
$21,131
$6,455
Other interest—______
179,920
116,919
$1,199,703 $1,027,668
surplus._.
Total..
$1,521,287
revenues
Pref.
81,029
al9l,813
$520,739
92,508
11,445
Customers'
Demand
113.040
121,251
..$1,199,703 $1,027,668
int.
on
66,565
revenues.
21,113
Mat'Ls & supplies.
•40,237
26,091
rate
Balance
Interest & amortization.
$6,382,035
1,223,886
2,091,540
$7,368,608
Dr201,952
Total.........
in
aid
construction
After
by 78,600
reserve
no par
Western
4,546,520
4,585,416
328,764
Total
are not
Maryland Ry.—jEarnings—
7—
1937
$398,004
Week Ended Mar.
1938
-
$271,216
-—
Total income._______
1937
$3,468,117
$5,129,374
1,936,666
—V. 146, p. 1898.
$3,371,612
1,171,614
$3,192,708
1,171,553
Directors have declared a dividend of 25 cents per share on the common
stock, par $10, payable April 15 to holders of record March 25.
An extra
dividend of 50 cents in addition to a quarterly dividend of 50 cents was paid
on Dec. 30 last.
See V. 145, p. 3833, for detailed record of previous divi¬
dend payments.—V. 146, p. 931.
reserve.
exactly comparative.—V. 146,
p.
1731.
1937
1938
$278,739
$390,101
Feb. 28 '37
Feb. 29 '36
$3,229,000
105,393
113.846
$1,807,993
102,015
Western Public Service Co.
Operating
Feb. 28 '35
$1,731,160
131,131
y
$2,192,117
12,166
461,603
"$3,334,393 1^910,008
dividends
Common dividends
350,100
$1,862,291
63,464
295,462
$2,646,456
590,910
731,768
$1,544,572
591,310
585,414
$1,503,365
591,310
585,414
$407,947
__
Preferred
29,672
658,265
$1,323,778
$367,848
$326,641
15.336
_.
Includes non-operating income, net.
146,
stock
579,200
$1.95
Wabash Ry.—Extension for
585,414
$3.51
585,414
$1.63
585,414
$1.56
Authority to issue new securities to effect reorganization of the Wabash
Ry., has been sought in an application filed with Interstate Commerce
Commission by Wabash RR.. a new corporation.
y
1937
$2,195,296
735,860
162,812
$2,157,319
751,290
170,100
After appropriation for retire¬
Westinghouse Electric & Mfg. Co.—3% Bonus—Lamp
A further
slight decline in profits of tne company is indicated by the pay
% " profit-sharing'' bonus to all workers for March. In February
disbursement, based on the company's earnings for the three
preceding months was 4%.
Last year, the extra disbursement reached as
high as 14% monthly,
Westinghouse also announced a reduction of 17.3% in prices of its stand¬
ing Mazda lamps of 75 to 500-watt capacity.
The reduction, made by the
company's lamp division, is effective on April 1.—V. 146. P. 1898.
ment of a 3
extra
(George) Weston, Ltd. (& Subs.)—Earnings1937
1936
1935
1934
$503,612
Net profit after all chgs.
and taxes.
$506,111
$478,283
$464,309
—V. 145. p. 3214.
Western Air Express
The time for filing of objections against the plan of
reorganization for the
company submitted by its receivers in the Federal Court in St. Louis has
been extended to April 15.
Reduced-—
Prices Reduced—
Corp.—Registers with SEC—
See list given on first page of this
Filings—
w
1265.
p.
Calendar Years—
Surplus
and taxes
Balance for dividends and surplus..
x
1937
$3,858,217
1938
revenues
Balance after operation, maintenance
ment reserve.—V.
1938
$2,735,176
(& Subs.)—Earnings—
12 Months Ended Jan. 31—
x
$1,718,347
586,400
724,000
______
Federal taxes._________
Mar. 7
$5,422,550
2,050,938
$2,078,270
__
to
—Week Ended Mar. 14— —-Jan. 1 to Mar. 14
the
common
Jan.
1938
$2,456,436
$493,646
$32,396,586 $34,613,517 $32,061,024 $29,555,051
29,904,976
30,974,573
29,857,681
27,480,568
413,340
409,944
395,350
343,323
Operating profit.
outstanding (no par)
Earnings per share
—V. 146, p. 1419.
b Represented
$6,894,996
1.765,621
Feb. 28 '38
Other income._________
Shares of
4,546.520
$7,166,655
1,744,104
Wesson Oil & Snowdrift Co., Inc. (&
Subs.)—Earnings
Net profit
282,478
4,585.416
$638,600
144,954
prescribed by the Federal Power Commission, which differs in certain re¬
spects from the system the company previously followed, hence the above
Interest
1,842
...
shares.—V. 146,
Gross earnings (est .)
Balance for common dividends & surplus......
$2,199,998
$2,021.154
a No
provision has been made for the Federal surtax on undistributed
c Includes $53,333 interest on funds for construction
purposes.
Effective Jan
1. 1937, the company adopted the new system of accounts
_____
552,535
of
$11,955 in 1937 and $10,451 in 1936.
p. 1419.
of
$6,775,022
cl 19,973
Profits,
Depreciation.
27,750
543,710
Reserves
Western Pipe & Steel Co .—Dividend
_____
38,096
58,171
.......
Deficit
$6,838,891
1,428,103
a2,192,086
Balance
Preferred dividend requirements..
6 Months Ended—
Net sales
Cost of sales
241,295
36.561
$471,243
__________
figures
319,295
on
—.
$616,814
145,571
...
d Appropriations for retirement
12 months
75,304
48,781
accrued
liabilities
12,563
Gross earnings (est.)-—
Balance..
int.
Miscell.
Contrib.
re¬
funds
$651,560
Drl2,959
$627,769
78,586
41,829
12.563
Accrued taxes
16,791
for
pay.
funded debt....
115,124
Unbilled
int.
Matured
795
receiv.
Accounts
1,353,000
43,692
&
Rate refunds
Co.
bonds due Jan. 1
a
notes
Accounts payable.
Del-
Gas
1,716,381
45,204
to parent co
payment
phos
1,716,381
deps..
1938—12 Mos.—1937
115,989
182,688
Drl 0,954
accrd.
141,691
120,445
for
stock.
b Common
719,600
1,353,000
Funded debt
2,145
—
Net oper. revenues.__
Non-oper. income—net.
.
92,509
funds)
$1,470,9/8 $17,827,690 $16,472,484
$583,679
118,026
Taxes..
4,056,817
charges
Dep.
$
719,600
$100)
(par
4,080,802
disct.
stock
1936
$
Liabilities—
7% cum. pref. stk.
Cash (inch working
a
Operation
Maintenance
81,180
4,987
1937
1936
$
Special deposits.
Prepd. accts. & del.
of
1938—Month—1937
$57,939
$46,285
_
1937
Virginia Electric & Power Co.—Earnings—
.
_
Assets—
Dep.
Operating
and expense
'Net loss.
208,111
$48,776 in 1937 and $25,838 in 1936.
b Consisting of conditional sales contracts due after Dec. 31,1937.
c After
allowance for depreciation of $208,057 in 1937 and $189,529 in 1936.
d Consolidated figures.-—V. 146, p. 931.
Period End. Jan. 31—
"$84,215
Amortization of debt dis¬
362,210
■
Corn, stock (par $1)
After allowance for losses
1934
$582,237
498,021
513,700
of
Total.....
1935
$35,444
78,000
10,880
and expense
Pref. stock ($5 par)
920
1936
$549,144
532,304
franchises, &c._
Earned
6,964
Guar, deposits &
other sund. assts
of Dec. 1,
Represented by shares of $1UU
$577,521
Plant, prop., rights
agree...
credits
c
$45,217
land
47,657
purch.
Deferred
___34(544,954 34,512,894
Total..
$27,028
Capital surplus...
45,541
6,500,000
6,500,000
11,794,111 11,764,980
Net earnings
Int. on funded debt
Prom, note & land
41,298(
amoritz)..
Pat. applic. pend¬
-
Balance Sheet Dec. 31
purch. agree, pay
cost
(less
Commonstock..
Surplus
$572,891
503,337
36,248
35,381
517
8,500,000
1937
138,292
321,628
_..
278
4,733
8,500,000
Co.—Earnings—
Calendar Years—
Accts & accr. exps.
con¬
5% cum. pf. stk_
Capital Transit Co. under indemnity agreement
Total gross earnings.
d 1936
314,243
423,880
rec
Inventories
tracts
1937
$45,102
contracts
c
b Includes municipal securities,
count
Liabilities—
dl936
Potomac
to
Elec. Pur. Co..
Reserves-
par.—V. 145, p. 3832.
Balance Sheet Dec. 31
Assets—
103,238
10,464
15,626
Oper. expenses & taxes.
See
Net profit transferred to surplus
$135,255
$125,735
Dividends paid
72,255
82,205
x No
provision considered necessary for Federal surtax on undistributed
Notes rec. &
Assumed by
1933.
Year Ended Dec. 31—
Profit
interest-
34,544,954 34,512,894
Total
a
Equipment Co.—Earnings—
interest accrued..
Matured
c
Unamort.bond dis¬
116,201
10,463
17,660
Sundry curr. liabTaxes accrued
___
28,405
7,573,100
33,246
7,573,100
Funded debt
Due
Dep. lor payment
of matured int__
*
$
Liabilities—
26,120,618 26,989,976
4,434,000
4,434,000
1936
1937
1936
Accts. & int. rec__
3,535
59,310
15,724
31,804
16,517
y299,237
:
Balance Sheet Dec. 31
b U. S. Govt. sees.
_.
31--__-__$ll,794,lll $11,764,980 $11,729,284
Federal surtax on un¬
1937
Net profit
$836,658
$152,193 loss$425.790 loss$861,017
x Includes $249,.-.87 discount on settlement of notes
payable,
y Includes
$72,047 surtax on undistributed profits.—V. 146, p, 611.
& accts.
11,984,578
13,183
13,242
21,o55
a Including $187 in
1937 and $3,369 in 1936 for
distributed income.
.
Dep. with trustees
100,000
_
Notes,
$2,626,523
5,356
^
...
_
a
$3,480,138
11,729,284
Additional income, taxes prior years. _
Unamortization debt disct. & expense
3,598,292
on sale of sec urities
Other charges
Prov. for Fed. inc. taxes
profits,
236,709
$15,469,111 $15,214,778 $14,624,284
425,000
425,000
425.000
3,250,000
2,990,000
2,470,000
Total surplus
Preferred dividends
Common dividends
S3,933,395
miscell.
Loss
Victor
68,190
S?
185,obo
$3,688,806
11,764,980
15,324
_
surplus.
$5,353,468
4,595,061
_
sale
on
i
—130,933
Other credits to surplus.
$2,955,153
23,730
$4,440
Provision for Federal taxes
$1,841,847
516,259
139.935
15,750
17,491
_
Deprec. and depletion..
int. on 10-year 5% debs.
Int. on notes payable
Loss
Taxes
$1,509,097
x332,750
from oper.
Other income.
(& Subs.)—Earnings—
1936
; $6,417,651
4,908,553
Cost, expenses,
Loss
8,773
53,745
March 27, 1937.—V. 145, p. 3514.
on
Calendar Years—
Net
l.lou
General expenses
Previous
$2,684,750
270,403
$3,809,590
9,669
$3,942,607
Total income
directors
1930
,
Miscellaneous
a
1938
is being: made on
Toledo & Chicago
Washington Ry. & Electric Co.—Earnings—
!
1937
$3,916-500 $3,622-000
Interest
26,107
186f460
Years Ended Dec. 31—
Income—Dividends
Camp Milk Co.—50-Cent Dividend—
have declared a dividend of 50 cents per share on the
stock payable March 25 to holders of record March 19.
This
compares with 25 cents paid on Oct. 1, last and a special dividend of 50
The
Payment of 80% of the interest due March 1, 1938,
presentation for stamping of coupons from Wabash RR.,
Division, 4% gold bonds, due 1941.—V. 146, p. 1574.
Interest
common
26,
Payment of Interest—
.
the subsidiary.
co-trustees for
March
Chronicle
Willson Products,
department.—V. 146, p. 1731.
Inc.—Earnings—
Calendar Years—
1937
Net profit after deprec..
come
taxes
Earnings per share
146, p. 1732.
—V.
on
1936
Federal and Penn. in¬
and surtax.
common.
$181,026
$1.41
$192,990
$1.50
Volume
Financial
146
$8,592,081
6,089,808
305,960
$6,913,825
4,856,906
286,450
$6,121,077
4.361,605
234.050
'34
$5,505,756
3,950,242
184,225
$2,196,313
47,730
$1,770,469
44,094
$1,525,421
33,980
$2,244,043
$1,814,563
670,594
a240,988
276,971
$1,559,401
553,875
179,192
207,991
$1,403,240
$784,744
216,000
339,362
$626,010
230,517
213,722
$618,344
153,622
113,985
$595,997
153,622
113,985
$229,382
(net)
Cost of sales
Selling & admin, exps
$181,771
$350,737
$328,390
28. '35 Dec. 29,
Jan. 2, '37Dec.
Co.—Earnings—
Feb. 28, '38 Feb. 28, '37
$2,468,082
$2,804,522
108,527
440,198
6 Months Ended—
$1,371,290
31,951
Jan. 1, '38
Sales
Wilson-Jones
(& Subs.)—Earns.
Westvaco Chlorine Products Corp.
Years Ended—
2067
Chronicle
Net sales
x
Net income
After
x
all
charges
including provision for
Feb. 29, '36 Feb. 28, *35
$2,251,607
$1,912,542
266,451
226,089
Federal income taxes.—V.
146, p. 291.
Operating profit
—
Other income
Total income
b870,190
a322,465
Depreciation.
Provision for taxes
266,645
Other deductions
Net income
Preferred dividends
Common dividends
Balance
493,660
204,653
108,931
Shs. com. stk. outstand¬
339,362
284,962
284.962
284,962
Earnings per share
$1.46
$1.47
$1.63
$1.55
a Includes
$20,500 in 1937 and $22,000 in 1936 Federal usrtax on un¬
distributed profit.,
b Includes depletion.
ing (no par)
1, '38
Jan.
and the Guaranty Trust Co. as successor trustee,
dated Jan. 28, 1938, which has been approved by
869,763
161,517
Dividend payable.
Accts. receivable..
543,472
483,229
securities
474,352
77,908
Dep. with Mutual
Insurance Cos..
48,235
32,285
664,833
Other curr. assets.
1,089,808
3,889
Deferred charges..
149,952
101,426
33,498
Market,
35,395
10,167,848
Investments
Fixed assets
x
Contr. & processes
y
no
Whitaker Paper
2,131,471
2,353,390
Earned surplus
12,674,470 10,706,697
Total
1937
1936
1935
1934
$9,660,390
$8,502,555
7,920,788
6,976,926
1,305,096
1,201,970
$7,325,538
5,946,043
1,111,254
$7,026,759
5,643,194
1,098,397
$434,505
67,698
$323,660
66,956
$268,241
102,817
Operating income
Other income
81,278
bldg. & equip
Prov. for Fed. inc. tax..
undist. profits
$390,615
41,323
33,063
24,100
2,200
xl45,899
$371,058
44,837
33,156
41,700
$366,445
55,325
41,902
36,320
$144,030
59,379
60,479
$251,364
61,246
60,504
$232,898
109,806
60,515
$119,327
on
on
~$285,167
$342,204
56,848
166,029
Totai income
Int. and fixed charges
$24,172
$129,614
30,190
$9.45
30,238
$2.80
30,261
$6.28
pref. stock..
Common dividends.
Balance
Flood loss at Pittsburgh less salvage,
x
z
Over provision
y
Includes State taxes of $2,950.
Balance Sheet Dec. 31
Savings deposit.
Accounts
$85,775
$133,797
Fed. & State taxes
278,577
1,217,887
2,347
Inven. of mdse...
1,006,364
1,063,546
27,575
24,676
Cash
rec.
policies..
Officers & employ,
806,100
807,600
Worcester Suburban Electric
Co.—To Pay $1 Dividend
$1 per share on its capital stock,
$25, payable March 31 to holders of record March 17.
This compares
with 75 cents paid on Dec. 24, last; $1.50 paid on Sept. 30, last; $1.35
paid on June 30, last; $1 paid in each of the six preceding quarters; 75 cents
paid on Sept. 30 and June 29, 1935, and $1 per share distributed each
three months previously.—Y. 145, p. 4132.
Yale
Common stock..
2,150,000
89,007
100,098
702,276
582,949
Drl5,568
Drl2,568
x
y
249
Carey Jr., President, and Walter
of the Board, together with comparative
income statement and surplus accounts and a comparative
balance sheet for the year 1937, will be found in the adver¬
tising pages of today's issue.
Other assets
Fixed assets
1,790,736
2,150,000
_
held in treasury
Deferred charges.
'
Net profit
and divs.
24,834
.
x
10,790,356
$2,333,092
rec.
$1,878,441
$880,425
287,794
268,844
231,040
260,849
$538,293
and
$2,620,886
Prov. for Fed.,
$2,147,285
$1,111,465
x685,942
x418,338
,100,000
417,828
100,000
428,440
$1,211,119
486,656
$477,665
284,134
State &
foreign income taxes..
Res. for foreign exchange
contingency
Depreciation
Net surplus
Dividends (cash)
$839,424
5,285,238
capital stock out-
„
x
$4,508,158 $4,602,481
Total
Radio Corp.—Earnings—
31—•
1938
1937
$1,418,978
$2,347,987
Profit
depreciation, excise taxes,
Federal taxes.—V. 146, p. 774.
Zonite Products Corp.
Months Ended Dec. 31, 1937
Consolidated Earnings for 3
After
666 shares
at cost of 1937 and 616 shares at cost in
Willys-Overland Motors, Inc. (& Subs.)-—Earnings—
.
........
$451,267
(& Subs.)—Earnings—
15,457
3,877
...1
Total gross profit
profit from operations.$1,996,184
Selling, gen'1& administrative expense
1,688,290
........
455,577
4,400
........
286,322
preferred stock.
48,117
_•
Balance Dec. 31, 1937.
Note—Depreciation and amortization in the amount
been charged to cost of sales and expenses.
Consolidated Balance Sheet Dec.
----$248,830
of $243,819 have
hand & demand deps.$1,188,136
$51,279
38,087
23,104
36,560
10,995
319,076
/Inventories
2,750,502
Miscell. accts. receivable
18,955
Property, plant & equip't..xl0,743,798
Deferred charges
247,369
$6,569)
-
8,817
receivables.
conv.
cum.
pref.
Capital
(par $1)
surplus
Earned
63,551
177,277
stock
surplus
b
■-
$15,276,652
After reserve for depreciation of
Total
$491,810.—V. 146, p.
Trade accept, pay.
72,736
Provision
28,636
come
38,901
38,901
443,374
chinery, &c
Pats.,
483,317
1936
$148,296
$143,266
and
for
62,500
in¬
taxes
d
non-operating..
Capital stock
a
Treasury stock..
Capital surplus
Earned surplus...
119,509 yW 95,503
845,556 *"845,556
Dr98,781 Dr126,279
642,211
644,061
33,907
def73,461
trade-marks,
goodwill, organi¬
zation exps., &c.
2,046,229
8,887,553
248,830
1
& other expenses
1
52,433
40,564
41,057
110,960
Prepaid rent, taxes
$15,276,652
1732, 1420.
Winters & Crampton Corp.—Initial Preferred Dividend—
declared an initial quarterly dividend of 18% cents per
the cumulative convertible preferred stock, payable May 16 to
holders of record April 30.—V. 146, p. 1420.
Directors have
share on
217,392
27,453
Investments
accrued expenses
19,748
Chilean accounts
267,256
252,822
Receivables
Inventories
1,307 loss$146,956
;0.12
Nil
1937
Liabilities—
1936
$331,381
Accts. payable
31.250
31
Consolidated Balance Sheet Dec.
1937
$526,947
287,962
Adv.
supplies and
prepaid advertis.
Total....
$
$142,365
$0.17
-
capital stock..
cLand, bldgs., ma¬
3,207,780
(par $10)
Common stock
165,526
58",239
47",249
33,960
244
&c_.
adj.)—
Real est. & equip.
prof.
profits taxes
Liability for workmen's com¬
pensation claims
Miscell. accts. payable, &c—
6%
Net profit
Earnings per share on
e
178,483
Federal income), &c
Prov. for Fed. inc., excess
& undistributed
$253,307
48,117
(except
47,374
6,055
50,000
1,103
33,300
and liquor division
Foreign income taxes (credit
Assets—
payable.
Accrued payroll, taxes
"6", 346
3,613
-
Cash
payable—trade
Accounts
Dividend
receivable—
trade (less res. of
x
$255,331
146
—
Federal & foreign income taxes,
31, 1937
Liabilities—
Assets—
Sundry
$40,148
11,131
—
Federal surtax
Loss on wine
accts.
$219,082
36.249
53,600
Interest
$296,947
Total
Dividend declared on
&
$113,641
73,493
$267,844
Total income
Foreign exchange losses
Provision for doubtful accounts
Sundry deductions, &c
on
$286,013
66,931
$239,694
28,150
Other income.
$10,624
profit
L
Earned surplus, balance Sept. 30, 1937.
Net
1935
$1,791,829P Unavail1,505,816/1 able
$307,894
68,200
Depreciation
...-.--."*"$470,601
—
Administrative, selling, service and parts expense.
Provision for Federal normal income tax
Drafts
1936
1937
Calendar Years—
_
Miscellaneous other income.
Cash
1936
1935
$1,015,966 Joss$90,631
Gross
5,541,126
Gross profit.
:_ _ _..
Discount on purchases ......
486,656
royalties and reserves, butlbefore
$5,992,393
Sales—net
Cost of sales.
„
—V. 145, p.3516.
Zenith
$4,508,158 $4,602,481
$59,890
284,134
486,656
486,656
486,656
$0.12
$2.72
$2.49
$0.98
$167,125 ($94,975 in 1936) for surtax on undistributed profits.
standing (par $25)
Earnings per share
9 Mos. End. Jan.
Represented by 30.853.9 no par shares,
y Represented by
1936.—V. 146, p. 774.
478,403
$193,531 def $224,244
4,580,222
4,274,942
$724,463
6,252,280
Surplus
Profit and loss surplus._
Includes
$277,444
105,359
175,000
433,863
$1,326,080
486,656
Total net earnings
x
Total
$9,894,282
9,616,838
13,424,220
miscellaneous income.
5,282
1,805,040
23,958
1934
1935
16,615,195
Cost of sales, &c
Shares
3l'
Year Ended Dec.
1936
...$18,948,287 $15,302,661 $11,670,781
Net sales
x
.
Income Account
1937
4,401
stock accounts.
Securities
Manufacturing Co.—Annual Report—
Towne
C. Allen, Chairman
stock
Common
3,325
4,123
21,668
&
The remarks of W. Gibson
20,100
stock
val. life
surr.
insur.
26,300
384,500
Capital surplus...
Earned surplus
1,153,508
3,993
& accrd. interest
par
The directors have deciared a dividend of
7% cum. prior pref.
378,976
Creditors' def. bal.
93,950
372,500
7% cum. 2d pf.stk.
notes,
Accts. & notes
20,231
Mortgage bonds..
Ctfs. of dep., U. S.
Treasury
$514,382
29,120
$289,662
payable.
Accruals
50,000
__
1936
1937
Liabilities—
1936
1937
Assets—
Co .—Extra Dividend—
& Lathrop
of 12^ cents per share in
H cents per snare on the
$10, both payable March 30 to holders of record March
25.
Previous extra distributions were made as follows1 37)4 cents on Dec.
29, last; 25 cents on Sept. 29, June 28 and on March 30, 1937; 62H cents
on Dec. 29, 1936; 37cents on Sept. 30, 1936; 12H cents per share on June
27 and March 31, 1936; 55 cents on Dec. 28, 1935, and 25 cents per share on
Sept. 27 and June 27, 1935.—V. 145, p. 4132.
stock,
common
Int.
for prior year.
Cash
Woodward
Comparative
Shares of common stock
outstanding (nopar)..
Earnings per share
are
The directors have declared an extra dividend
addition to the regular quarterly dividend of 37
30,263
$5.64
zCr271
bonds
bonds
"$62^578
$502,204
32,265
34,055
y72,250
21,700
Extraord. deduction
Net income
be forwarded to the persons who deposited
with said agent.
Holders who have not deposited their old
requested to surrender them to the Guaranty Trust Co. of New
York, trustee, at its principal office, 140 Broadway, New York, to be ex¬
changed for new bonds.—V. 146, p. 291.
old
par
Co.—Earnings—
Operating expense
on
56,182
Capital surplus...
8,386,628
56,182
Calendar Years—
Divs.
3,920,674
stock.
Common
deposited with City Bank Farmers Trust Co.
agent of the company will be turned over by said agent to the Guaranty
Co. of New York in exchange for new bonds in an equal principal
Trust
5.760,000
2,436,359
depreciation of $8,082,664 in 1937 and
Represented by 339,362 shares in 1937 and 284,962
par value.—V. 145, p. 3214.
Net sales (less discount).
Cost of merchandise
Surtax
5% pref.stock.... 5,760,000
y
issued
things
dated as of May 1, 1938, maturing May 1,
1963, with Nov. 1, 1938 and subsequent coupons attached, in exchange for
old bonds in the same principal amount accompanied by May 1, 1938 and
subsequent coupons.
for the issuance of new bonds
145
195
deducting reserve for
After
$6,425,281 in 1936.
shares in 1936, with
Deprec.
222,014
233,206
divid'd
checks
12,674,470 10,706,697
Total. j
x
......
943
72,000
Accruals & reserves
Unclaimed
Inventories
28,526
407,005
Accounts payable.
the court, supplementing
amount which new bonds will
$
$
Liabilities—
$
$
Assets—
Cash
Jan. 2, '37
1, '38
entered into an indenture
and amending the mortgage indenture under which these bonds were
and are now outstanding.
The new indenture provides among other
as
Jan.
2, '37
District Court for the
reorganization and pursuant
notifying holders of its first
mortgage 6% income bonds, due May 1, 1944, issued under mortgage in¬
denture dated as of May 1, 1932, that City Bank Farmers Trust Co. the
original trustee under this indenture, has resigned as such trustee, and that
the Guaranty Trust Co. of New York has been appointed successor trustee.
In accordance with the terms of the plan, Witherbee Sherman
Corp.
Old bonds of the company
Comparative Consolidated Balance Sheet
Jan.
Corp.—Exchange of Bonds—
Witherbee Sherman
Following approval and confirmation by the U. S.
Northern District of New York of the plan of
to the provisions of the plan, the company is
Total
$1,690,698 $1,591,144
Total
$1,690,698 $1,691,144
(reacquired) at cost in 1937 and 20,004* shares! in 1936,
of $14,896 in 1937»and $14,322iin 1936 for doubt¬
ful accounts,
c After depreciation of $535,776 in 1937* andi $482,383 in
1936.
d Represented by 845,556 shares of $1 par* valuel stock.
f At esti¬
mated realizable value based on 4 cents per Chilean peso —V. 146, p. 291.
a
19,900 shares
b After deducting reserve
2068
March
26,
1938
Reports and gnowxjettis.
PUBLISHED
AS
ADVERTISEMENTS
KANSAS CITY POWER AND LIGHT COMPANY
ANNUAL REORT FOR THE YEAR
To the Stockholders
Kansas
*
City, Missouri,
February 25, 1938.
of your
City Power & Light Company
the report
of
year
you
ended
December 31, 1937.
that you may
statement of
11992783045
have before
fiscal
Earnings—
for comparative
expenses
purposes, a
and other charges
Steam Sales
Earnings Other Utilities—
—
(Net)
Earnings
.$17,272,109 $16,401,771
Operating Expcnse$~~~~
Electric, Including Maintenance.... $5,624,243
Gas, Including Maintenance.
890,200
Steam, Including Maintenance
317,725
Other Utilities,
Including Maintenance
38.837
$4,869,339
673,437
266,167
262,070
37,102
$6,871,005
$6,411,430
$5,841,948
Gross Income Before Taxes...... .$10,401,104
Taxes, Exclusive of Income Taxes— $1,367,940
$9,990,341
$1,252,202
$9,521,675
$1,240,480
$8,738,139
$8,281,195
Operating Expenses and Mainten¬
ance
After
Taxes,
exclu¬
sive of Income Taxes
$9,033,164
of
$1,384,925
Discount
miums
and
$1,626,513
$1,747,362
Pre¬
102,176
107,528
118,570
$1,487,101
$1,734,041
$1,865,932
Surplus Available for Depreciation,
Income Taxes and Dividends— $7,546,063
$7,004,098
$6,415,263
$2,214,097
79,596
240,000
2,493,750
$2,216,658
570,737
240,000
3,150,000
$5,184,670
$5,027,443
$6,177,395
$2,361,393
$1,976,655
$237,868
—
Total Deductions
Appropriations—
Depreciation
Income Taxes
Dividends
on
First Preferred Stock..'
Dividends
on
Common Stock
Total
Appropriations
Balance
...
Transferred to Surplus...
$2,249,885
936,035
240,000
1,758,750
Additions
Withdrawals
$4,569,943
5,345,574
8,169,507
4,117,751
4,160,530
3,060,661
2,285,787
1926..
with
later in
Power
gross revenue
8.12% of
gross revenue
or
station
_•
$79,619,654
Note—Gross and net earnings for 1934,
public accountants, for the year 1937.
improvement in
your
$18,375,755
1935 and 1936
are
why rates for services have steadily declined with increased
In
May, 1927,
time
time
to
to
140,250
pany,
City Public Service Com¬
which has been modernized and its capacity increased
101,500 kilowatts.
The eight curves on the charts, included in this
report, will give you
of your
[pamphlet]
full understanding of the development
Company throughout the period from the date of
the initial
There
a
operation of
your
Northeast Power Station.
are
included (1) a curve
(2)
average
hours sold
per
on
the output of electric
residential rate and
kilowatt
average
residential customer, (3) number of meters
in service at the end of each year,
(4) increase in
gross
earnings
each year,
(5) increase in net earnings and invested capital,
(6) the average rate in cents per kilowatt hour received from
all classes of business, except energy sold to the Kansas City
Public Service Company, which is excluded in order that
comparisons for the period shown may be on the same basis.
That you may have before you a condensed statement of
the growth of your properties from January 1, 1920, to
December 31, 1937, we tabulate year by year the cost of
additions and betterments and the results of operations as
follows:
Percent Un¬
Kilowatt
accounted
Gross
Hours Sold
for
Net Earning
Available
Earnings
140,086,790
160,728,323
206,226,693
243,907,789
268,252,779
291,861,744
316,292,986
433,142,809
526,227,946
583,334.442
585,576,795
565,810,743
550,747,967
528,576,325
558,981,530
583,492,470
648,685,430
688,931,606
20.38
7,880,865,167
•
21.50
$6,122,491
6,852,530
18.59
7,949,411
15.87
15.00
9.04
8,933,103
9,576,646
10,277,524
10.877,859
12,502,404.
13,749,850
14,613,647
14,883,650
14,810,694
14,825,423
14,252,759
14,516,672
15,363,623
16,401,771
17,272,109
11.56
$223,782,166
13.93
13.38
11.26
10.00
9.58
9.62
10.18
10.55
11.46
10.83
10.60
10.07
for Return
$1,548,628
2,118,578
2,818,260
3,233,566
3,658,684
3,976,428
4,258,610
4,677,440
5,105,485
5,370,420
5,543,459
6,046,574
5,835,208
5,154,596
5,290,396
5,493,800
6,444,446
5,847.244
$82,421,822
January 1, 1920, to December 31, 1937, the total additions
to your properties amounted to
$79,619,654, and the with¬
7.14c; the
drawals due to allowance for obsolescence and
depreciation
amounted to $18,375,755.
The difference between these two
amounts added to the
the exhaust therefrom.
The other major
improvements of
electric properties made during the year consisted of the
installation of one 300,000 pounds per hour
high pressure
boiler in your Northeast Power Station, which will be used
to supply steam to a new 15,000 kilowatt
high pressure tur¬
your
and the extension
increasing
there
was
charged to operating
expenses
chased) increased 5% over 1936.
The gross revenue from
all sources increased 5.31%.
In 1920, the average residence rate
per kilowatt hour was
increased to $19,164,026 on December 31, 1919.
You will observe from the foregoing tabulations that from
$19,164,026 value as of December 31,
1919, checks with capital value of $80,407,925, Dec.31,1937.
The installation of the 20,000 kilowatt low
pressure 60
cycle unit in your Grand Avenue Power Station, which was
begun in 1936, was completed during the early part of 1937
(replacing one 15,000—25 cycle unit).
This new unit is
operated in conjunction with a high pressure unit, utilizing
year
for maintenance and appropriation for depreciation, the sum
of $2,995,336.
Kilowatt hours generated (.43% of 1% pur¬
The used and useful value of
your properties fixed by the
Public Service Commission in 1916 at $7,200,000 had been
of your distribution system to meet the constantlv
opera¬
Company acquired the Grand Avenue
your
Power Station from the Kansas
During the
investment and send-out.
year,
from
been increased
has
improved
so
The capacity of this
residential and industrial demands in the various sections of
the territory which you serve.
property and its operations for
during this
facilities,
stated to conform to grouping followed in certificate of Arthur Andersen & Co., certified
the eighteen years just past will enable
you to understand
bine which will be installed
with rehabilitated and extended
kilowatts.
8,910,699,717
1,123,501
1,379,770
1,725,681
975,241
2,140,604
1,718,295
936,644
1,193,964
1,502,257
in regular
additional 20,000 kilowatt unit in¬
one
the year,
721,326,331
757,407,101
39,312,144
42,554,150
45,154,120
46,940,103
51,164,768
57,736,354
61.848,594
66,385,362
71,664,368
78,240,303
77,180,917
76.690,229
77,271,895
78,531,407
80,407,925
placed
was
tions that net earnings were realized.
175,939,618
204,752,604
253,305,090
289,903,699
315,582,737
339,117,030
365.170.871
488,156,281
584,714,544
645,165,032
647.940.872
629,935,369
615.730,828
596,988,080
626,908,653
652,654,977
28,250,643
35,944,782
460,691
499,804
969,144
776,978
1,081,218
1,227.607
1,518,310
2,453,476
3,378,775
1936
1937..
saving
13.34% of
or
Station
transmission and distribution
Generated and
Purchased
Capital
$23,468,186
$265,783
563,117
475,368
750,389
918,524
5,193,809
7,348,564
5,235,741
5,916,538
7,004,687
7,551,176
1929...
The
$2,303,975,
Kilowatt Hours
Fixed
Year—
1935.
to
a
Total taxes for
January 1,1920, which, with two 20,000 kilowatt
on
units,
energy,
Deductions"*
Interest
Amortization
turbo
to
r
44,944
Income
which effected
approximately $715,000.
Northeast
Your
operation
$15,363,623
$5,317,780
782,539
--
Gross
year
compared with $1,331,798,
stalled
1937
1936
1935
..-.$15,505,864 $14,808,614 $13,891,006
1,008,678
888,696
773,813
458,802
437,634
444,179
69,706
75,242
68,231
229,059
191,585
186,394
Gas Sales
Miscellaneous Income
1935, 1936 and 1937,
years.
Electric Sales
Gross
you
earnings, operating
for the past three
due to the rearrangement
was
during 1936.
the years
tabulate results for
We
1937 amounted
as
the small amount of income
to
This
bond structure in that
in income taxes of
Company for the
your
for 1936.
taxes shown
of the
By direction of the Board of Directors, I submit to
herewith
Your attention is called
Kansas
■
1937
J
average
annual bill $26.06; and the average
con¬
sumption per residence, 365 kilowatt hours.
In 1937, the
average residence rate per kilowatt hour was 4.48c; the
average annual bill, $39.58; and the average annual con¬
sumption per residence, 884 kilowatt hours.
The average
residential consumer, therefore, has received
142% more
electric energy at an increased cost of
52%.
You have outstanding 40,000 shares of First Preferred
Stock, Series B, without nominal or par value, bearing divi¬
dends at the rate of $6.00 per share per annum
(callable at
115) wilich is quoted on the market currently at $117 to $120
per share, and 525,000 shares of common stock without
nominal or par value, both stock issues
being the same as
heretofore reported.
Your Company had no note indebtedness outstanding on
December 31, 1937.
Your Funded Debt of that date was
$38,000,000. First Mortgage Bonds, 3%%, Series due
September, 1966.
Financial
Volume
146
There is
incorporated
a part of this report, Balance
Surplus Account, as certified by
Arthur Andersen, & Co., Certified Public Accountants, and
their audit certificate is appended thereto.
The inventory and valuation of your properties located
within the State of Missouri, referred to in the last annual
report, has been completed by the Public Service Commission
of Missouri
An inventory and valuation of your properties
located witmn the State of Kansas has been completed and
an
inventory and valuation of your properties located
within the State of Iowa, which were acquired in 1932, has
likewise been brought down to date.
It is expected that the Public Service Commission of
Missouri will shortly determine the rate base and rate of
return as a result of its exhaustive investigations.
Your industrial rates are in competition with all classes of
fuel and equipment and are generally satisfactory to your
Sheet
and
as
The installation of electric
meter and
ACCOUNTS
DECEMBER 31,
MARY
OF
FOR
THE
YEARS
ENDED
1937 AND 1936 AND SUM-
EARNED-SURPLUS ACCOUNT
income accounts
Year Ended December 31
_
7
Gross Earnings-
J
Blectric
increase or
De^ease*
1936
$697,250
$15,505,864 $14,808,614
Gas
1,008,678
888,696
*119,982
458,802
437,634
2L168
69,706
75.242
*5,536
229,059
191,585
37,474
$17,272,109 $16,401,771
$870,338
$6,125,554
$5,773,735
$351,819
745,451
637,695
107,756
2,249,885
2,214,097
35,788
^F^derai08,1 and mlscellanemif
1>367i94o
1252202
115 738
and¥t~ate"income—II"
'936i035
' 79',596
856|439
$11,424,865
I
Heating
Water and ice
Miscellaneous.—
-
Total gross earnings
Operating Expenses and Taxes:
Operation.
Maintenance
uses
as
a
to balances eet)
appliances in the home and for
has materially increased consumption per
result reductions in these classes of service
Federal
n£he was abandoned on the. datePlan adopted in September,
EmPl°yef Representation the
1933,
Tota, operatlng exp6nscs and
Supreme Court of the
wishes to thank its officers and
ployees for their loyal support during the past year.
management
em-
$1,467,540
*$697.202
$1,425,000
$1,671,552
*$246,552
*4°'°75
*45,039
4,964
107,528
Net earnings
$9,957,325
$5,847,244 $6,444,446
taxes
the Validity °f the Wagner Lab°r
Relation's AcT
——
Taxes-
warranted.
The
2069
Depreciation (see Note 2 attached
commercial
,
INCOME
and
Income
customers
are
Chronicle
'5.352
$1,734,041
*$246,940
interest Deductions:
interest
on
funded debt.
Respectfully submitted,
JOSEPH F.
PORTER, President.
ACCOUNTANTS
Note—The Federal and State income tax provisions (excluding surtax
undistributed profits) for the year 1936 were reduced by approximately
AUDITORS
AND
HME.
Ne™&
CO.
ANDERSEN &
ARTHUR
$1,487,101
Total interest deductions
.
on
Commerce Building
KANSAS
CITY
$715,000
on
account
of bond refunding charges which were not charged
against income in that year.
WO
Furthermore, as a result of these deductions
and of dividends paid during 1936 and
To the Board
of Directors of
Kansas City Power &
We have made
POWER
an
COMPANY
(a
Missouri corporation)
as
at
Decern-
ber 31, 1937 and of the statement of income and surplus for the year ended
that date.
j.n
connection therewith, we examined or tested accounting
the^ coTnI- an^ °tfaer supporting evidence and obtained
information and explanations from officers and employees of the company;
we also made a general review of the accounting methods and of the oper-
ating and income accounts for the year, but we did not make a detailed
audit of the transactions.
n
«a
ioor
year ended that date.
&
4,360,143
N t income for the year ended December 31, 1937, as above
«g 466 609
Deduct-
'
,
a., -
On preferred stock
On common stock.
^
$240,000
1,758,750
.—
_
,
$1,998,750
4
Payment to insurance company in settlement of
past service annuities for employees under
pension plan
-V
224,951
-
2,223,701
-
$6,242,908
CO.
—
Balance December 31, 1937.
-
—
LIABILITIES
ASSETS
Fixed
capital (including intangibles):
Fixed capital accounts include (a) tangible property ($79,678,185), stated on the basis of cost (which for property
constructed by the company represents cost at date of
installation and, for properties acquired from predecessor
companies, represents substantially the cost to such
companies at date of installation), and
(b) intangibles
($729,740), stated at cost.
$80,407,925
______
Investments (stated at cost or less);
Kansas City, Missouri, tax purchase certificates
affiliates
of
arr
Add:
_
ANDERSEN
ARTHUR
Kansas City, Missouri,
February 9, 1938.
tor
$4,106,466
Balance December 31, 1936
Dividends
the accompanying balance
sheet and related statement of income and surplus fairly present, in accordance
with accepted principles of accounting consistently maintained by
the company during the year under review, the financial position of the
company at December 31, 1937, and the results of its operations for the
stocks
necessary
SUMMARY OF EARNED-SURPLUS ACCOUNT
r>„iOTir,„
We had previously made a similar examination
for the year ended December 31. 1936.
In our opinion, based upon such examination,
Capital
was
Light Company:
examination of the balance sheet of KANSAS CITY
LIGHT
&
1937, no provision
in either year for the Federal surtax on undistributed profits.
v
($92,600)
miscellaneous—
$399,413
Capital Stock:
First
preferred—authorized 250,000 shares,
without par value—issued and outstanding
40,00u shares
Series
B—$6 cumulative—
$4,015,000
stated value
Participating
preferred—authorized
luO.OOO
shares, without par value—issued and out¬
standing no shares—
—
Common—authorized 600,000 shares, without
par value—issued and outstanding 525,000
_
shares—stated value.
and
14.3,667
....
24,380,000 $28,395,000
—■—
543,080
Funded Debt:
First mortgage
Deferred Charges and Prepaid Accounts:
Debt
discount,
premium
and
expense
38,000,000
423,441
— ....
$581,571
37,620
Accounts
Due to
payableaffiliated companies
Accrued interest
to
Accrued
$6,209,466
on
......
Current Liabilities:
of
maturity..
Less—Premiums, net of expenses,
presently outstanding bonds
bonds, 3H% Series due September 1, 1966.
Deferred Liabilities—consumers' deposits
in
amortization
over
life
of
presently outstanding bond issue—
Discount and expense and redemption pre¬
miums applicable to bonds refunded prior
process
497,474
-
465,101
general taxes
Federal and State income taxes
sale of
Preferred stock dividends payable..
3,271,731
Miscellaneous
-
... .
—
....
1,050,268
60,000
39,071
2,731,105
$2,937,735
Expenses
of appraisal and
Public
Service
lienorVGS4
audit per order of
Commission
of
Depreciation (Note 2)
Casualty and insurance ($188,700) and miscel-
Missouri
(Note 1)..
Prepaid insurance, taxes and rents
Miscellaneous deferred and unadjusted items..
598,611
180,344
70,028
■
laneous
—
$16,894,808
17,157,494
262,686
3,786,718
Earned surplus
.
6,242,908
—
Current Assets:
Cash
(including working funds of $40,615)
Deposit for payment of preferred stock divi¬
—
$4,143,594
.
dends
60,000
71,960
Due from affiliated companies
Accounts and notes receivable—
Consumers'
chandise
service
accounts
and
mer¬
receivable
(including installment accounts
due in more than one year)— $1,978,946
Notes
($70,244)
neous
accounts
and
miscella¬
receivable
Less—Reserve
Unbilled
revenues
Materials
dition
and
185,633
$2,164,579
353,231
—
—
,
1,811,348
643,991
supplies—quantities and con¬
by the company—priced
determined
at average cost
1,481,332
8,212,225
$92,949,948
$92,949,948
"depreciation" and "reserve for depreciation'
the provision and reserve which formerly were designated
for retirement reserve" and "retirement reserve," respectively.
Cash dividends in the amount of $2,100,000 were declared on the com¬
NOTES:
therewith, has designated as
Pending the completion of this appraisal and audit and the deter¬
by the Commission of the period over which the expenses in¬
curred in connection therewith are to be amortized, the entire amount
thereof has been carried forward as a deferred charged to future operations.
(2) The company as of January 1, 1937 adopted the uniform system of
accounts prescribed by the Federa IPower Commission and, in accordance
respectively,
(1)
mination
as
^provision
pany's common stock on January 3, 1938 and were paid on
1938.
Since these dividends were declared in January 1938
balance sheets does not reflect this declaration.
January 4,
the above
2070
Financial
COMMERCIAL EPITOME
Friday Night, March 25, 1938
Coffee—On the
2 points
19th inst. futures closed
unchanged to
higher in the Santos contracts, with sales totaling
35 lots. }The
Rio contracts closed unchanged to 2 points
lower, with sales totaling only 11 lots. There was nothing
injthe news to serve as an incentive to traders on either side
of|the market. Although cost and freight offerings were
about unchanged, spot prices in Brazil were lower again.
Soft Santos 4s
were
off 100 reis at 18.900, and hard 4s were
down 300 at 16.500.
Rio 5s dropped 200 at 13.400 and 7s at
11.600Awere 200 lower. Havre closed 2 to 4 francs lower,
but that market is following the trend of the franc. On the
21st inst. futures closed 5 to 7 points net lower in the Santos
contracts, with the exception of March, which was un¬
changed.
The Rio contracts closed 4 to 10 points off.
Volume of business in both contracts was light,
amounting
to
37 lots in the Santos and
17 lots in the Rio contracts.
Against the March position, in which trading will cease this
week, there were 16 notices issued, repoitedly by T. Barbour
Brown mostly, and they were said to nave been
stopped by
Hard & Rand. Rio 7s in Brazil's spot market were 400 reis
lower at 11.200,
but prices otherwise were unchanged.
Havre^closed A to % franc higher. On the 22d inst. futures
closed 3 to 5 points off in the Santos contracts, with the
exception of March, which was 1 point net higher. Sales
inj Santos contracts totaled 69 lots. The Rio contract closed
2|to 3 points net lower, with sales totaling only 8 lots.
Selling in this contract and in the Santos contract was
believed to be liquidation of stale long accounts and
hedging
against cheap purchases in the actual market. Demand was
nrofit-taKing on the short side mostly, although a scattering
of new demand, based on price, was entered.
In Brazil,
prices were weaker. Soft Santos 4s on the spot were 200
reis lower at 18.700 milreis, and hard 4s were 300 lower at
lb.200 milreis.
Rio 5s
were
400 reis lower at 13.000 milreis.
Hav^e closed
inst.
with
unchange to IA francs higher. On the 23d
futures closed 14 to 7 points up in all Santos contracts
the exception of the May
delivery, which was off 1
point at the close.
114 lots.
The
Transactions in Santos contracts totaled
Rio contract closed 3
to 8 points up, with
expanded volume of trading
Santos coffee futures dipped to the
previous record low,
5.65c., made last Nov. 30. Selling came chiefly from Bra¬
zilian sources. Santos contracts opened 2
higher to 1 point
lower, while Rios were 1 to 2 points higher at the opening.
Fifteen Santos notices were soon
stopped. Cost and freight
offers from Brazil, for prompt
shipment, continued openly
at from 6.10 to 6.70c., but it was said that distant
shipment
coffees were offered as low as 5.65c. for old
crops.
Victoria
yss were said to have been offered yesterday at 3.90c., the
lowest quotation in over 20
years.
In Santos at the close
yesterday the official spot price dropped 400 reis per 10 kilos.
Milds were also reported easier and
pressing as the full
weight of the crops made itself felt. Havre futures were
A to K franc higher.
sales
totaling 26 lots.
On
an
Chronicle
Rio coffee
March
March
prices closed
as
Santos coffee
prices closed
March.
3.85
....
as follows:
September.
.5.94
-5.77
May.
July.
1938
follows:
September
4.00 December3.85
—
May.
July...
26,
December.
3.84
.5.73
.5.73
Cocoa—On the 19th inst. futures closed unchanged to 3
points lower.
The opening range was 1 to 5 points higher
than the previous finals.
Sales fell to 125 lots, or 1,675 tons.
London noted a 3d. easing of outside prices and reported
futures unchanged to 13^d. higher on the Terminal Cocoa
Market, with only 100 tons trading. In the local market no
sales were recorded in the March delivery, bearing out the
growing belief that the spot delivery is fairly well liquidated.
Local closing: March, 5.63; May, 5.67; July, 5.66; Sept.,
5.67; Dec., 5.75.
On the 21st inst. futures closed 3 to 6
points net lower. Opening sales registered a 3-point gain in
all active deliveries.
Transactions totaled 239 lots, or 3,203
tons.
London noted no change on the outside market, while
futures on the Terminal Cocoa Market ran unchanged to
13^d. easier, with only 110 tons trading.
There were 21
more Bahia notices, so that the total
against March is now
937.
Local closing: March, 5.74; May, 5.61; July, 5.61;
Sept., 5.63; Oct., 5.65; Dec., 5.71. On the 22d inst. futures
closed 15 to 11 points net lower.
The market opened 1 to
5 points off compared with the previous closing.
Trans¬
actions totaled 325 lots or 4,355 tons.
May and September
are currently the active
months, March being pretty much
out of the picture.
London noted no change on the outside
market.
Futures on the Terminal Cocoa Market ranged
3 to 6d. easier, with 480 tons trading.
Local closing: March,
5.45; May, 5.48; July, 5.50; Sept., 5.50; Oct., 5.53; Dec.,
5.58.
On the. 23d. inst. futures closed 8 to 3 points net higher.
The opening range was 2 to 7 points down
compared with the
previous close. Prior to the strong turn, the various options
had sold off as much as 8 to 12
points. Transactions rose to
522 lots, or 6,995 tons.
London came in 9d. lower for
actuals, while futures on the Terminal Cocoa Market ranged
3 to 73^d. weaker, with 1,190 tons
changing hands.
The
firm turn in the local market
was attributed to hedge covering
against a substantial actual demand, some fairly extensive
short covering and also the entrance of new outside buying
at the low levels of the
day.
Local closing: March, 5.52;
May, 5.55; July, 5.55; Oct., 5.60; Dec., 6.62.
On the 24th inst. futures closed 10 to 2 points net higher.
Pressure against cocoa futures relaxed when it was found
that 40 transferable March notices were being stopped
apparently by the same people who had issued them. March
went to a premium over May, whereas yesterday it sold at
a discount.
In early afternoon March was quoted at 5.61c.,
up 9 points, and May at 5.59, up 3 points.
Sales to that
time totaled 160 lots.
London also was steady.
Warehouse
stocks decreased 5,800 bags.
The total now is 567,188 bags.
Sales in the local futures market totaled 310 lots.
Local
closing: March, 5.62; May, 5.59; July, 5.58; Sept., 5.60;
Dec., 5.67. Today futures closed 20 to 15 points net lower.
On the 24th inst. futures closed
in the Santos contracts,
Transactions totaled 286 lots.
Unsettlement in the stock
market coupled with issuance of 103 March notices on this
the last day they may be put out, proved too heavy a burden
Santos contracts
for the cocoa market.
Prices dropped 10 to 12 points, with
March falling to 5.50c.
The trade heard that the cocoa
commission had arrived on the Gold Coast.
Warehouse
stocks increased 3,200 bags, the first gain in some time.
unchanged to 3 points up
excepting the March delivery,
which closed 16 points net
higher.
This sharp rise in the
spot month was due to covering.
The Rio contract closed
5 to 1 point down, with sales
totaling 35 lots. Sales in the
were
issued
were
and
144 lots.
Ten further Santos notices
immediately
accepted, which brought
covering into the spot month.
Tomorrow is last
.trading day for the March position. Cost and freight offers
from Brazil were
unchanged, with Santos 4s. at from 6.10
to 6.70c.
Milds were also steadier, with Manizales for
ship¬
ment held generally at 9c.
In Brazil Santos soft 4s. were
100 reis per 10 kilos lower.
Havre futures were unchanged
further
to
franc lower.
Today futures closed 3 to 6 points off in
the Santos contracts, with the
exception of May, which was
up
3 points.
Sales in this contract totaled 75 lots. The Rio
2 points up to
unchanged, with sales 12
Trading in coffee futures was featured by further
contracts
lots.
closed
declines reflecting an easier actual
market, and the final
trading in the March position under the influence of 69
Santos and 11 "A" notices.
Santos were 3 to 9
points lower,
September at 5.70c., off 9 points, while Rios were 1 to
4 points lower, with
Sept. at 3.83c., off 1 point.
In the
actual market Brazilian cost and
freight offers were un¬
changed to 10 points lower, with Santos 4s. at from 6.00
to 6.70c.
Of interest was a reported sale of
16,000 bags of
with
Santos coffee to the United States
Army at from 6.55c. for
crops to 7.60c. on better grades.
Milds were easier,
with Manizales reported sold at
old
8%c.
In Brazil yesterday,
hard Santos 4s. were off 200 reis on the
spot, while type Rio
No. 5s. were off 100 reis.
Havre futures were % franc
igher to 1 franc lower.
They now total 570,349 bags.
Local closing: May, 5.39;
July, 5.40; Sept., 5.45; Oct., 5.47; Dec., 5.52.
Sugar—On the 19th inst. futures closed 1 to 2 points off
contracts.
Transactions were small, and the
in domestic
undertone
raw
was
easier.
Transactions totaled 64 lots.
In the
market the only sale reported was 800 tons of
Ricos, clearing March 30, at 3.05 delivered to
sugar
Puerto
National.
That was a new spot price, up 4 points from the
previous nominal basis. Sellers were asking 3.05c. to 3.08c.
for prompt arrival duty frees, and 3.10c. for April shipments.
The world sugar contract closed 2 A to 4 points off.
These
sharp declines were attributed largely to the easing of the
political tension abroad.
Transactions in this contract
totaled 261 lots.
In London the market was firm.
Sellers
asking 5s. 5Ltd., equal to 1.02c. f. o. b. Cuba, with
freight at 16s., although it was possible that some sellers
would accept 5s. 4^d., equal to 1.00Ac.
Refined was
advanced I Ad.
On the 21st inst. futures closed 1 point
lower to 2 points higher.
Trading was quiet, with only 79
lots changing hands.
It was said that there was nothing in
the general situation to arouse any enthusiasm for the bull
side, it being pointed out that refiners are well stocked with
raws, and refined is moving slowly, and that at present
prices there is no indication of an improvement.
In the
market for raws a lot of 2,000 tons of Philippines, due next
week was available today at 3.03c., but the best indicated
were
Volume
interest
For positions beyond spot, best interest
3.05c., with, sellers asking 3.08c. and 3.10c.
3.01e.
was
3.04c.
was
Financial
146
or
closed 1 to 2 points net lower, with
only 82 lots. The London market was steady. Sales
of afloats were effected at 5s. 3%d., equal to lc. per pound,
f. o. b. Cuba, with freight at 16s. per ton.
Futures were Id.
to 2d. lower.
On the 22d inst. futures closed 2 to 3 points
net lower in the domestic contract.
This brought values
back to the seasonal lows in most positions.
On the decline
the volume of trading expanded and transactions totaled
336 lots, the bulk of which was against transactions in the
Chronicle
one
during 1938
When
The world sugar contract
be
sales of
such
Successive declines from 3.03c. to 3c. were
actual market.
market today as pressure to sell
developed and demand was restricted to scale-down buying.
The price of 3c. vras the lowest since early March 15, 1935,
for a spot position.
The new spot basis was established on a
scale of 2,000 tons of Philippines, due March 28, to National.
Earlier, Pennsylvania bought 1,000 tons of Philippines,
April arrival, and McCahan got 1,000 tons in the same
position at the same price.
Still earlier an operator paid
3.03c. for a cargo of Puerto Ricos second half April ship¬
ment.
The world sugar contract closed H to 1H points net
lower, with sales totaling 82 lots. London raws were held at
5s. 2Hd., equal to .96He. f. o. b. Cuba, with freight at 16s.
per ton.
Futures were Id. to lHd. lower. On the 23d inst.
futures closed unchanged to 2 points off in the domestic
contract, with sales totaling 432 lots.
This market dipped 1
to 2 points to new seasonal lows.
Up to one o'clock 15,000
tons, or 300 contracts, had been traded.
Selling was general,
including some light hedging.
The decline reflected the
easier tone in the raw market where a new low of 3c. was
recorded in the
raw
sugar
yesterday and duplicated again this morning. The
sugar contracts reflected the news that President
Roosevelt had signed the international sugar agreement, by
dipping to new record lows.
In the early afternoon this
market was 2 to 2H points lower, with May at .95c., off 2H
points. In London futures were H to Id. lower except for
spot March, which held unchanged.
Raws were offered
there at 5s. lHd. per cwt.
equal to about .95c. per pound
f. o. b. Cuba, with freight at 16 shillings per ton.
On the 24th inst. futures closed unchanged to 1 point up
in the domestic contract, with sales totaling 552 lots.^ This
market held fairly steady despite further weakness in the
actual market.
Final trading in the spot March position
brought out four notices, the first to be issued. A new low
since February, 1935, was set when Revere obtained 3,000
tons of Philippines, due Monday, at 2.96c., off 4 points.
World sugar contracts after dipping to new lows for some
positions, rallied on covering from trade and European
sources, and finally closed unchanged to H point off.
Sales
in this contract were 285 lots. London futures were a farthing
and
'
is
for
consist
to
approved
Closing prices
follows:
were as
Practice
Farming
Requirements
for 1938 Sugar
Producers Announced
The
addition
The
ducers,
23
the
Beet
of
of
sugar
Five practices are specified which sugar
beet producers may use to meet this condition.
The Ad¬
program.
said:
ministration
least
At
land
beets
of
of
time
one
of
(b)
of
of
sugar
Not
1938.
beets,
applies
1.9%
less
than
each
one
of which will credit the grower
practice:
until
after
perennial
adapted
July
or
1938, one acre of a protective
biennial legumes, adapted perennial
1,
of 6uch legumes and grasses.
1938 one acre of land to adapted perennial or biennial
mixtures
Seeding
in
the time for filing
Western States on
Greenley,
held at
the hearings
to
Compared with Last Year
as
1937,
September,
through
1938, totaled 3,201,779
January,
long tons, raw sugar value, as compared with 3,264,345 tons
similar period last season, a decrease
consumed during the
of
&
62,566 tons,
or
approximately 1.9%, according to Lamborn
The firm further announced:
Co., New York.
Sugar
stocks
5,360,600
increase
received
of
4,865,300
tons
the same date in
on
long, tons,
an
countries
14
Poland,
14
principal
as
the
.contrasted with
sugar,
raw
increase of 557,000 tons,
included in the survey
or
are
Holland,
Germany,
France,
5,910,000 tons in the
9.4%.
Harvesting of the
Austria, Belgium, Bulgaria,
Hungary,
Irish
Free
State,
Sweden and the United Kingdom.
Roumania,
Season's
1937-38
Price Basis for
Reported by AAA
Average
Cane Sugar
Announcement was made
Louisiana
March 5 by the Agricultural
on
that the 1937-38 season's aver¬
Adjustment Administration
price for 96 degree raw sugar in
age
1937, an
approximately 10.2%.
or
for
6Ugar
season,
Czechoslovakia,
Italy,
tons,
completed.
is
The
against
as
495,300
European countries for the
season,
which started on
Sept. 1, 1937, according to advices
from
F.
O.
Licht, the European sugar authority, is placed at
current
crop
Feb. 1, 1938, amounted to
hand for these countries on
on
tons
of
Production
Louisiana is 3.1921c.
pound, based on quotations on the Louisiana Sugar and
Rice Exchange.
This price is to be used as the basis of pay¬
ment of "fair and reasonable" prices for the 1937 crop of
per
Louisiana
announcement
The
cane.
sugar
of
the
AAA
continued:
The
Sugar
certain
Act
of
requirements.
requirements
is
1937 provides for payments to producers who meet
For producers who are also processors one of these
reasonable"
and
"fair
of
payment
prices for sugar cane
bought from other producers.
In the Louisiana sugar industry practically
all processors are also producers.
With a base price of 3.1924c. per pound for 96 degree raw sugar, the
ton for so-called
quality of the cane.
Producers who also are processors can make any necessary adjustments in
amounts already paid to growers for the 1937 crop.
In addition, under
the
Sugar Act of 1937, growers will receive conditional payments on
"fair
par
and
sugar
the
reasonable"
price
to
growers
is
according
variations
with
cane,
$3,075
to
per
the
crop.
Wages Rates for Puerto Rican Sugarcane Laborers
Sugar Program Increased 10% Above 1937
1938
Under
by AAA
The
Agricultural
Feb.
on
Adjustment Administration announced
and reasonable" wages, to be paid
"fair
that
24
by Puerto Rican sugar cane producers who apply for pay¬
Sugar Act of 1937 have been determined as
ments under the
The determination applies to labor per¬
production of
sugar cane in Puerto Rico.
The wage rates established by
the determination represents, it is stated, an increase of
approximately 10% over the highest standard rates paid by
any group of Puerto Rican producers in 1937.
The deter¬
mination also provides for a general minimum rate of $1.00
per day of eight hours, with double pay for overtime.
The
required by law.
formed
during the calendar year 1938 in the
announcement of the AAA continued, in part:
minimum
determination
day
for
for various
rates
eight-hour
an
day
types of work established
for persons of either sex
by the
are
as
follows:
handling carts in operations other than
"For
harvesting, $1.10: cutting cane,
operating winches and making ditches, $1.21; loading cane cars, $1.32; handling
carts in harvesting operations, $1.38; loading vehicles other than cane cars, $1.45;
repairing and operating tractors, $1.70; all
be guaranteed
to
are
other kinds of work, $1.00."
payment to laborers is made on the basis
If
It
for work
is
a
minimum
performed
also provided
a
on
wage
Sugar
Act
per
requires,
time basis.
one
as
1937 and laborers
day equal to the rates deter¬
that laborers are to continue to be
charge, with the perquisites provided for
The
of piece rates agreements,
be 10% higher than rates paid in
such piece rates are to
the farm, on
each acre of sugar
25% of the required
for
is to consist of any one or a combination
following practices,
acre
or
grasses,
in
harvest
for
(a) Maintaining
covering
production
of
three
Consumption of sugar in the 14 principal European coun¬
tries during tlie first five months of the current crop year,
mined
of these practices must be carried out on
the
practices, however,
three
the
acre
to
planted
acreage
with
one
adapted
10
in
beet labor rates and grower-processor contracts.
Sugar Consumption in 14 European Countries During
First Five Months of Current Crop Year Decreased
farming practice requirements which com¬
beets in order to qualify for payments under the
sugar
sugar
held
of
practices
The extension
Colo., on Feb. 10; at
Scottsbluff, Neb., Feb. 14, and at Billings, Mont., on Feb. 17.
1938
The
prise one of the conditions to be met in 1938 by producers
25
to March
made
hearings
may
farm
such
other
Feb.
on
the
the
but
qualify
been
had
acreage
be met by any of
which the rented
are to be in
acreages of sugar beets.
that, upon request by pro¬
acreage
on
part,
to
with
connection
rented
out
a
announced
extension
an
in
required
further
rented
the
on
crops.
carried
be
out
maintaining legumes or grasses or the
The remainder of the requirement
or
such
on
qualify
the practices required to
be carried
to
manure
would otherwise
rented acreage which
on
is
seeding
otherwise
those
to
AAA
briefs
by AAA
Adjustment Administration announced
Agricultural
Feb.
on
2.15
2.16
2.121 January (new)
2.141 March (new)
2.16|
of
green
practices
would
acreage
beets
planted
beets
sugar
the
6,467,000
May
July_September
planted
are
sugar
plowing under of
previous
offered at 5s lHd. Afloat lots were
said to be available at 5s %d, equal to about 94c. per pound
f .o.b. Cuba.
Today futures closed unchanged to 1 point up
in the domestic contract, with sales totaling 198 lots.
The
world sugar contract closed 3H to 4 points up, with^sales of
117 lots. Domestic sugar futures advanced for gains* of 1 to
2 points when the actual market turned steadier, and sales
were again made at 3.00c., up 4 points from yesterday's low
mark.
An operator was reported to have paid 2.10c. for
25,000 bags of Cubas, second half of April shipment. It was
thought a local refiner had secured a cargo of Cubas, now
loading, at 2.07c.
William Henderson, a New Orleans
refiner, announced a 5c. reduction to $4.60, applicable in all
territories.
World sugar contracts were unchanged to 1
point higher in quiet trading.
In London futures were a
farthing either way, duplicating yesterday's performance.
Raws were still offered at 5s lHd per cwt.
The tone was
hesitant. From Amsterdam came reports that Java will now
accept a 5 per cent cut in her export quota.
of
acreage
World
raws were
beets
sugar
land adapted to the production of sugar beets.
upon
part of another farm, at least 25% of
made late
lower, while
These applications may be made at any
by two mature cattle.
year
time
2071
.
supplied, without
laborers on the farm in 1937.
.
.
.
of the conditions of payment to sugar
the farm in the production,
cultivation and harvesting of sugar beets and sugar cane shall be paid
in full for such work and at rates not less than those determined by the
Secretary of Agriculture to be fair and reasonable.
The determination
for Puerto Rico was made, following a public hearing held in San Juan,
Puerto Rico, on Nov. 30, 1937, on the basis of evidence presented at the
cane
growers,
that all
persons
hearing and other available
employed
on
information.
legumes, adapted perennial grasses, or mixtures of such legumes and grasses
either
with
or
without
a
nurse
(c) Plowing under in 1938 one acre of a good
of
an
stand and a good growth
adapted green manure crop.
Each
which
Lard—On
crop.
is
acre
of
the
not met
total
farming
125 pounds of net
fertilizer
or
an
practice requirement in excess of 25%
by these three practices may be met by the application
of either
amount
of
available plant food in the form of commercial
manure equivalent to that produced in
animal
the
19th
inst.
futures
closed unchanged to
points lower. The opening range was 7 to 12 points below
previous finals.
Trading was light and without special
feature.
No export clearances of lard were reported today
(Saturday). Liverpool lard futures were unchanged to 3a.
lower.
Hog prices at Chicago today closed 15c.- to 20c.
5
Financial
2072
Total receipts for the Western run were 12,300 head,
against 16,800 head for the same day a year ago. On the
21st inst. futures closed 1 to 7 points net lower.
Prices on
the opening were 2 to 5 points lower, but later eased 5 to 7
points below the previous closings.
Weakness in grains,
hogs and lack of export demand were contributing factors
in the market's decline. Export shipments of lard from the
Port of New York were very light and totaled only 336
lower.
pounds. Liverpool lard futures were very quiet, and closed
unchanged to 3d. lower.
Western hog receipts were mod¬
erately heavy and totaled 57,600 head, against 58,600
head for the same day last year.
Prices at Chicago closed
10c. to 15c. lower.
Most of the sales reported during
the day ranged from $8.75 to $9.50.
On the 22d inst.
futures
closed
5 to
10 points net lower.
The opening
2 to 10 points off compared with the previous
day's finals. Prices showed a maximum decline of 10 to 12
range
was
points during the session. No export clearances of lard
were reported today.
Chicago hog prices closed 10c. to 20c.
lower, the top price registering $9.35.
Sales generally
ranged from $8.50 to $9.30.
Total receipts for the Western
run were 54,200 head, against 60,200 head for the same
day
last year. On the 23d inst. futures closed 2 to 7 points net
lower. The opening range was 2 to 7 points lower. Trading
was fairly active,
though the market showed little appreciable
rallying power. Export shipments of lard from the Port of
New York were 203,660 pounds, destined for London,
Liverpool and Manchester. Liverpool lard futures were easy
and prices closed 6d. to 9d. lower following the break in
American prices the past few days.
Hog prices at Chicago
ended 10c. to 20c. higher.
The top price on the day was
$9.40, with transactions generally ranging from $8.85 to
$9.30. Total receipts for the Western run were 41,200 head,
against 44,800 head for the same day last year.
On the 24th inst. futures closed
unchanged from the
previous finals.
The market was reported as very steady
throughout the entire session. Outside markets were feature¬
less and furnished very little incentive to make
heavy com¬
mittments in either direction.
Export clearances of lard
from the Port of New York
today totaled 461,770 pounds,
destined for Glasgow, Aberdeen, Hull, Newcastle and South¬
ampton. Lard shipments from New Orleans during the early
part of this week totaled about 210,(XX) pounds, destined for
the United Kingdom.
Liverpool lard futures were reported
very quiet at unchanged to 3d higher.
Hog receipts at the
leading Western packing centers today totaled 43,300 head,
against 32,300 head for the same day last year.
Prices at
Chicago ended 10c. higher, the top price for hogs being $9.55,
with sales generally ranging from $9.00 to $9.50.
Today
futures closed 2 to 5 points off.
This market was affected
more or less
by the weakness of the other markets, especially
wheat,
DAILY CLOSING PRICES
,,
OF LARD
FUTURES
IN CHICAGO
Sat.
9.00
8.75
8.97
8.87
8.82
8.82
8.80
9.22
May
July-...
September
Mon.
8.82
,
March
9.20
9.10
9.05
9.05
9.00
Tues.
Wed.
8.67
~8.60
Thurs.
Fri.
8.60
8.55
Pork—(Export), mess, $28.37L2 por barrel (per 200
pounds); family, $29.50 (40-50 pieces to barrel), nominal,
per barrel.
Beef: (export) steady.
Family (export), $27
per barrel (200 pounds), nominal.
Cut meats: pickled hams:
picnic, loose, c. a. f.—4 to 6 lbs., 13%.; 6 to 8 lbs., 12%.;
8 to 10 lbs., 11%.
Skinned, loose, c. a. f.—14 to 16 lbs.,
17%.; 18 to 20 lbs., 15%. Bellies: clear, f. o. b. New York
—6 to 8 lbs.,
20c.; 8 to 10 lbs., 19%.;'10 to 12 lbs., 17%.
Bellies: clear, dry salted,
boxed, N. Y.—16 to 18 lbs., 12%.;
18 to 20 lbs., 12%}.; 20%) 25
lbs., 12%}.; 25 to 30 lbs.,
12%.
Butter: creamery, firsts to higher than extra and
Premium marks: 25 to
30%}.
Cheese: State, held '36, 22
to 24c.; held
'37, 19 to 21c.
Eggs: mixed colors, checks to
special packs: 16 to 20%}.
Oils—Linseed oil in tank
cars is
quoted at 9.0 to 9.3c.
lb.
Quotations: China wood: tanks, spot and nearby,
114 to 12c.; cocoanut: crude, tanks, Pacific coast—.03%}.
Corn: crude, west,
tanks, nearby, .07%. Olive: denatured,
spot, drums, 93 to 97c.
Soy bean: crude, tanks, west, for¬
ward, .06 to .06%.; L. C. L., N. Y., .08c.
Edible: 76
degrees, 10c.
Lard: prime, 10%.; extra winter
strained,
9%.
Cod: crude, Norwegian, light
filtered, 27)4 to 28c.
per
Turpentine: 30
to 32c.
Rosins: $4.90 to $8.00.
Cottonseed Oil sales,
including
Crude, S. E., 6)%.
Prices closed
MPay
"
June
July
" B°®
8.15®
8.05@
8.07 @
11
n
switches, 84 contracts.
as
follows:
8.10@
October
November..
n
8.09©
8.02®
8.00@
September
n
Rubber—On the 19th inst. futures closed 9 to
12 points
higher
The opening range was 10 to 22
net
.
points above the
dull, with the
principal feature some commission house buying and scat¬
tered trade selling.
Prices for spot plantation rubber in the
trade advanced
to
13%}.
London and Singapore
closed steady and
quiet, respectively, the former unchanged
to y8d. higher, and the latter
%. to 5-32d. lower.
Local
closing:
March
13.82; May, 13.90; July, 13.99; Sept.
14-10; Dec., 14.37; Jan., 14.42.
On the 21st inst. futures
closed 4 to 11 points net lowrer.
The market opened un¬
changed to 13 points higher on a stronger stock market.
finals.
previous
Trading
was
reported
as
.
The weakness of the securities market in the
afternoon
more
Chronicle
or
March
26,
1938
less influenced rubber prices, and the closing ruled at about
of the day.
The spot price for spot plantation
the lows
rubber
was
futures
totaled
l-16c.
670
lower
at
13 13-16c.
Transactions
in
the dullest day for some time.
Local closing:
March, 13.75; May, 13.83; Sept., 14.06;
Dec. 14.26; Jan., 14.32.
On the 22d inst. futures closed
42 to 51 points net lower.
The market opened 11 points up
tons,
to 19 points down, with prices easing lower as the session
progressed.
Commission house and trade selling and trade
short covering were some of the principal features of the
session.
Spot prices declined in sympathy with the futures
market, hitting a new low since Dec. 24, 1935.
London and
Singapore markets closed easy and steady, respectively,
prices declining l-32d. to %I.
In the futures market on the
local Board the heavy decline was attributed to weaker
foreign cables, an easier stock market and the continued lack
of demand here.
Local closing: March, 13.75; May, 13.35;
July 13.47; Sept., 13.58; Oct., 13.62; Dec., 13.77.
On the
23d inst. futures closed 49 to 39 points net lower.
Weak
cables and a sharp decline in the stock market caused general
liquidation of rubber futures with the result that the market
sold at the lowest prices since November, 1935.
Trading
was active on the decline of nearly half a cent a
pound, sales
totaling 4,160 tons to early afternoon.
One reason for the
selling was said to be reports from London that the Inter¬
national Committee probably wrould not revise quotas at its
next meeting, March 29.
The Committee already has fixed
the quota for the second quarter at 60% of standard ton¬
nages.
In early afternoon May rubber stood at 12.91c.,
off 44 points; July at 13.04, off 43 points.
London closed
5-16d. lower.
Singapore also was weak.
Local closing:
March, 12.84; May, 12.89; July, 13.00; Sept., 13.15;
Oct., 13.23; Dec., 13.37; Jan., 13.43.
On the 24th inst. futures closed unchanged to 6 points off.
Transaction totaled 354 lots.
With other markets tending
higher, rubber futures rallied some, subsequently becoming
heavy again. After opening 2 to 14 points lower, prices in
the early afternoon were 3 to 10 points higher.
Sales to that
time totaled 2,470 tons.
The trade heard that Ceylon and
other small rubber countries were demanding larger basic
quotas, but this had little or no effect market wise.
London
closed unchanged to %I. lower.
Singapore also closed
easier.
Local closing: March, 12.84; May, 12.89; July,
13.00; Sept., 13.10; Oct., 13.18; Dec., 13.31; Jan., 13.38.
Today futures closed 7 to 20 points net higher, with sales
totaling 345 lots. Rubber futures rallied strongly with the
exception of the spot March position. Circulation of twelve
transferable notices caused liquidation in that month, caus¬
ing a decline of 9 points.
Other positions were 30 to 35
points higher, with July at 13.34 and September at 13.40
cents, respectively.
Sales to that time totaled 2,630 tons.
London closed steady at advances of 5-32d. to %!., reflecting
better sentiment following publication of statistics.
It was
estimated United Kingdom stocks this week had increased
about 1,100 tons.
Local closing: March, 12.91; May, 13.04;
July, 13.19; Sept., 13.30; Oct., 13.31; Dec., 13.48.
Hides—On the 19th inst. futures closed 12
to 18 points
higher. Influenced by the improvement in the other
commodity markets as well as in securities, hide futures were
appreciably firmer today (Saturday). The market opened
22 to 32 points up, but most
positions worked toward lower
levels during the later dealings. Easing of the tense European
political situation was held mainly responsible for the better
net
tone in the futures market.
Transactions totaled 2,080,000
pounds. Stocks of certificated hides in warehouses licensed
by the Exchange decreased by 1,830 hides to a total of 759,678
hides. Local closing: March, 8.85; June, 9.07; Sept., 9.37;
Dec., 9.70. On the 21st inst. futures closed 12 to 15 points
net lower.
The opening range was 1 point decline to 5 points
advance, with the market easing steadily up to the close.
Trading was relatively quiet, with transactions totaling
1,920,000 pounds.
Stocks of certificated hides in ware¬
houses licensed by the Exchange decreased by 1,851 hides
to a total of 757,827 hides.
There was nothing of interest
in the spot markets. Local
closing: March, 8.73; June, 8.93;
Sept., 9.25; Dec., 9.55. On the 22d inst. futures closed 18 to
22 points net lower. The market
opened weak and from 3 to
18 points decline.
Buying power was weak and the list
gradually drafted lower to close substantially below the
previous day's finals. Transactions totaled 5,280,000 pounds.
Weakness in the securities market was held largely respon¬
sible for the easy tone in hide futures. The condition of the
spot market was reported quiet and many tanners apparently
are
fairly well stocked up as a result of the buying several
weeks ago.
Local closing: March, 8.52; June, 8.75; Sept.,
9.03; Dec., 9.35; March (1939), 9.66.
On the 23d inst.
futures closed 12 to 15 points net lower.
Trading was un¬
usually active today. Weakness in the domestic spot hide
market resulted in increased selling orders and the list
gradually fell off. The market opened with initial losses of
from 4 to 32 points.
During the rest of the session prices
moved within
a
relatively
9,760,000 pounds.
narrow range.
^
Transactions totaled
Business reported in the domestic spot
hide market included from 3,000 to 4,000 hides, which were
sold on a basis of 9c. for Colorado steers, representing a
fractional decline from the last previous transactions.
Local
closing: March, 8.40; June, 8.62; Sept., 8.90; Dec., 9.20.
On the 24th inst. futures closed 13 points up on all active
deliveries.
Transactions totaled 125 lots.
The market
was
Volume
Financial
146
higher today in sympathy with other markets, prices register¬
ing maximum gains of 20 to 22 points during the early after¬
noon, with sales to that time totaling 3,000,000 pounds.
The improvement
occurred in spite of news that a Chicago
packer had sold spot hides at concessions of
to lA cent a
pound.
Local closing: June, 8.75; Sept., 9.03; Dec., 9.33.
Today futures closed 22 to 19 points off. Sales totaled 179
lots.
News of heavy resales of raw hides by dealers caused
renewed selling in hide futures, which already were unsettled
by weakness in stocks. This afternoon prices were 16 to 17
points lower, with June at 8.58 cents and September at 8.87
cents on transactions totaling 2,960,000 pounds.
Apathy
among
tanners continued, but packers were
ideas.
Local closing: June, 8.53; Sept.,
Ocean
firm in their
8.83; Dec., 9.14.
Freights—The market for charters was
2073
Chronicle
relatively
quiet during the past week, with the demand for tonnage
generally light at fairly steady rates.
Charters included:
Grain Booked: West St. John to Antwerp or Rotterdam, 2
loads, April, 14c.
Two loads New York to Liverpool,
March, 2s lid. Albany to Antwerp, 15 loads, March, 14c.
New York to Liverpool, 1 load, March 2s ll^d. Albany to
Rotterdam, 15 loads, March, 14c. Montreal to Scandinavia,
15 loads, May, rumored 20c. Grain: Albany to picked ports,
U. K., March 29-April 10, 2s 9d, full range U. K., 3s. Gulf
to Antwerp or Rotterdam,
April 1-10, 2s 73^d, option
United Kingdom 2s 10H>d. Gulf to Antwerp or Rotterdam,
April 18-March 10, 2s 43^d, option United Kingdom, 2s
7j^d. Scrap: Two ports loading Atlantic Range to Japan,
mid-April, 18s 6d. Atlantic Range to Genoa-Savona, April
$5.05, option Piombino $5.30.
Atlantic Range to GenoaSavona, April 10-25, $5.
Atlantic Range to Japan, April,
19s, Gulf loading, 20s.
Sugar: West Indies to U. K.Continent, April, loading, 16s. Cuba to three ports United
steady on sales of 600 bales.
In early after¬
1% to 2c. lower, with May at $1.50, July
$1,483^ and September at $1.46.
The price of cralck
double extra silk in the New York spot market declined 23^c.
to $1.62 a pound.
Yokohama closed 14 to 16 yen lower.
Local closing:
March, 1.52K; May, 1.493^; July, 1.483^;
Aug., 1.46^; Sept., 1.46; Oct., 1.463^.
On the 24th inst. futures closed unchanged to 13^c. down.
The market started unchanged to 13^c. lower; but firmed
up somewhat after the initial trading on sales of 800 bales.
Japanese cables were firmer and other markets showed
better resistance to selling.
There was no appreciable
rallying power, however, and prices closed little changed
from the previous finals.
The price of crack double extra
silk declined lc. to $1.61.
The Yokohama Bourse closed
1 to 2 yen higher.
Grade D silk in the outside market
declined 10 yen to 6973^2 yen a bale.
Local closing: March,
1.52]/2; May, 1.493^; July, 1.47^; Sept., 1.463^; Oct., 1.46.
Today futures closed unchanged to 2 points off.
Sales
totaled 147 lots.
There was liquidation in July silk today
which was attributed to foreign interest.
Trade people were
believed to have taken the contracts.
Japanese cables were
the market held
noon
prices
were
at
,
silk declined. The result was that futures in
early afternoon were Vi to lc. a pound lower, with May at
$1.49 and July at $1.46H.
Transactions at' that time
totaled 1,070 bales.
The price of crack double extra silk in
the New York spot market declined 3^c. to $1,603^.
Yoko¬
hama Bourse prices were 1 to 6 yen lower.
Grade D silk
declined 2H yen to 695 yen a bale.
Local closing: March,
1.523-^; April, 1.48^; May, 1.48; July, 1.46; Sept., 1.45;
Oct., 1.45.
lower and spot
COTTON
Kingdon, April, 16s.
Friday Night, March 25, 1938.
Coal—According to figures furnished by the Association
of American Railroads, the shipments of anthracite into
eastern New York and New England for the week ended
March 5th have amounted to 1,634 cars as compared with
during the same week in 1937, showing an increase
or approximately 26,750 tons.
Shipments of
anthracite for the current calendar year up to and including
the week ended March 5th have amounted to 16,596 cars as
1,099
cars
of 535 cars,
compared with 13,760 cars during* the same period in 1937,
showing an increase of close to 141,000 tons. Shipments of
bituminous coal into this territory during the week ended
compared with
2,729 cars during the corresponding week in 1937. Calendar
year shipments of bituminous coal have amounted to 18,338
cars as compared with 25,245 cars during the same period in
1937, indicating a decrease estimated at 345,350 tons.
March 5th have amounted to 1,729 cars as
of Copper, Tin, Lead, Zinc, Steel
and Pig Iron, usually appearing here, will be found in the
articles appearing at the end of the department headed
"Indications of Business Activity," where they are covered
Metals—The
more
report
fully.
the
raw
decidedly
more
material.
unchanged to ^c.
This closing range "was the same as the opening.
Transactions totaled 700 bales, which is a fair volume when
higher.
compared with recent sessions.
crack
double
extra
silk
The
declined
average
^c.
to
quotation of
$1,64^.
The
Japanese silk markets were closed today, the Nation cele¬
brating an holiday on the first day of spring.
Local closing:
March, 1.53; May, 1.52; July, 1.50; Aug., 1.48^; Sept.,
1.483^; Oct., 1.48.
On the 22d inst. futures closed un¬
changed to lc. lower.
The market opened lc. to 13^c.
higher.
Activity was small, with only 550 bales changing
hands.
Features of this sesision were trade selling, foreign
luqidation and new selling in October.
The average quo¬
tation of crack double extra remained unchanged at $1,643^.
a higher spread of 8 to 14 yen and Kobe
Grade D, however, remained the same at
710 yen in both centers.
Spot sales totaled 675 bales, while
futures amounted to 2,875 bales.
Local closing: March,
1.55; May, 1.513^; July, 1.50; Aug., 1.48; Sept., 1.48;
Oct., 1.48.
On the 23d inst. futures closed ll^c. to 3c. net
lowrer.
The local market was adversely affected by weak
Japanese cables and the general decline in markets on this
side.
The opening was 1 to 2c. a pound lower, after which
Yokohama
from the South tonight, is given below.
908,683 bales.
1,327
911
479
Houston
Corpus
9,179
New Orleans
_
593
10
—
Savannah
_
reported
6 to 13 yen up.
»
—
195
—
2,155
715
2,158
77
791
403
633
21,665
2,638
4
180
141
58
8
457
156
93
116
87
97
257
142
34
661
457
136
—
264
163
4
162
Lake Charles
Wilmington
—
5,934
—
165
-
1,524
336
Charleston
864
—
9,879
8,986
1,074
3,342
■
«•
Total
Fri.
1,107
716
195
Christi.-
Mobile
530
2,005
2,674
3,836
Thurs.
Wed.
Tues.
Mon.
Sat.
Receipts at—
Galveston.
763
184
743
781
39
Norfolk--;
781
8,936
47,032
Baltimore.
12,224
Totals this week.
4,205
12,022
6,610
3,035
table shows the week's total receipts, the
1937, and the stocks tonight, compared
total since Aug. 1,
with last year:
This
1, 1937
Houston
Corpus Christi—
Beaumont
264
Charleston.
661
457
Lake Charles
763
Wilmington
743
—
2,389
"20
1,864
1,311
1,080
100
781
-
100
975
4,260
1,250
61,190 5,775,107 2,932,153
1,743.721
18,791
47,032 6,683,790
In order that
we
comparison may be made with other years,
give below the totals at
1937-38
Receipts at-
9,879
8,986
21,665
2,638
Galveston
Houston
New Orleans
.
Mobile
264
Savannah
Brunswick
leading ports for six seasons:
1936-37
9,655
9,898
26,988
6,353
1,864
1935-36
14,337
10,745
16,352
1,287
2,124
1934-35
3,216
7,036
11,040
1932-33
1933-34
25,708
9,358
18,000
1,524
2,650
453
438
,
12,683
21,077
26,274
2,986
630
"
~
""661
Charleston
763
558
743
1,509
"i",3n
901
Wilmington _Norfolk
Newport News
All others
Total this wk_
Since Aug.
500,602
354,647
41,479
33,126
480,378
75,267
4,464
1,872
152,929
30,469
11,277
20,147
31,454
3,670
—
Boston
Baltimore.-
1937
1938
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
45,144
6,353
Savannah
— -
558
901
26",988
191,563
73,698
3,607
122,956
183,707
78,750
24,839
51,792
2,638
Jacksonville
New York-
22,936
1,813,270
241,875
90,440
3,635
122,908
155,658
55,870
22,822
34,361
21",665 1,950.894
Now Orleans
Mobile
Pensacola, &c—
Since Aug
1. 1936
9,655 1,641,040
9,898 1,242,005
173
283,143
9.879 1,825,345
8,986 1,748.219
195
398,107
11,522
Galveston
Norfolk
This
Week
Since Aug
Week
Mar. 25
Stock
1936-37
1937-38
Receipts to
Totals,.-
Silk—On the 21st inst. futures closed
tele¬
the Crop, as indicated by our
For the week
ending this evening the total receipts have reached 47,032
bales, against 67,994 bales last week and 92,663 bales the
previous week, making the total receipts since Aug. 1, 1937,
6,083,790 bales, against 5,775,107 bales for the same period
of 1936-37, showing an increase since Aug. 1, 1937, of
grams
The following
cheerful feeling appears to pre¬
vail in the wool trade, even though very little change has
taken place in the wool markets.
It is stated that leaders
concur generally in the opinion that wool has touched bottom
and that manufacturers expecting lower rates are likely to
miss their market.
Already some increase of interest is seen
as several large manufacturers expecting cloth orders inspect
available stocks and talk prices with the holders.
Prices to
some
observers seem settling rather definitely on a basis
around 60c for good combing wool, which level, it is believed,
will be acceptable to those who use and those who produce
the raw material. It is pointed out that domestic wool prices
can hardly
be expected to decline below the Government
loan rates, while a strong Australasian market relieves fear
of imports to disrupt the program.
Domestic wools as a
whole are from 12 to 15c., scoured basis, below the importing
parity.
The opening of fall fabrics and the appearance of
cloth business are expected to stir up a substantial call for
Wool—A
Movement of
The
""581
1,632
1,579
866
38
654
82
460
616
106
598
"5",519
5.223
64,579
71,916
"
"
"l",433
"3",662
1,945
""457
47,032
61,190
48,797
24,491
6,530,196 7,413,485
1- 6,683,790 5,775,107 6,177,234 3,749,947
for the week ending this evening reach a total
of which 19,968 were to Great Britain, 4,628
to France, 9,218 to Germany, 5,041 to Italy, 13,975 to
Japan, 3,195 to China and 15,926 to other destinations.
In
the corresponding week last year total exports were 73,582
bales.
For the season to date aggregate exports have been
4,650,342 bales, against 4,336,530 bales in the same period
of the previous season.
Below are the exports for the week: j|
The exports
of 71,951 bales,
2074
Financial
Chronicle
under
Mar. 25, 1938
Great
Exports from—
Ger¬
Britain
France
Galveston
Italy
many
9,113
3*972
Houston
Mobile
3,699
1,119
27,357
1,131
"25
25
"l07
107
"74
Norfolk
San Francisco
Total
10,709
15,926
71,951
4,628
9,218
5,041
13,975
11,793
12,450
1936
2,565
9,698
32,452
4,093
40,129
5,304
73,582
7,281
11,436
11,219
77,130
2,292
From
3,195
Exported to—
Aug. I, mi to
Mar. 25, 1938
Exports from—
Galveston
Great
Ger¬
Britain
France
Corpus Chrlstl
92 349
Japan
220,272 133,881
China
131,319
Italy
many
270,456 177,789
241,996 156,270
.
Houston
Beaumont
*310
19,968
1937
Total
74
4*862
5,537
Total....
30,435 222,902 1187,054
23,626 179,258 951,873
3,556 58,012 367,097
154,964 102,700
93,059
57,261
3,625
52,979
28,940
61
406,518 236,866
30 J 72
74,000
4,250
...
Other
500
8,436
181,079 1099,169
21,821
55,871
Mobile
127,754
113*315
6,795
2,675
1,284
86,281
.
18,522
36,983
13,085
16,678
133
11,510
*3.57
280
49,621
32,364
648
4,851
89.485
36,523
100
5,438
1,000
137,453
1,000
1,621
31,777
Jacksonville..
1,543
Peasacola, &c.
Charleston
37,341
51,622
95,392
Wilmington..
Norfolk
"4*991
4,13.5
20*610
7,058
2,337
5,341
980
1,160
3~ 465
2,157
Savannah
Gulf port
York..
Boston
139
300
Baltimore
420
Los Angeles
1,785
16,341
"10
7,861
13,172
286
250
5,340
6,203
1*977
3,301
398
561
"".322
99,556
18,064
20,313
454
200
1,162
Francisco
22,378
98,926
75,974
315,466
36,925
10.863
1,471
950
72,112
143,228
50
-.
50
Seattle
Total
Total
1,742
824
27
241
.
171,549
60
56
Philadelphia
Total
Total
23,296
Orleans-
Lake Charles
San
9,988
101
Pensacola, <te—
New
21,441
5,380
4*934
6,876
Jacksonville
New
6,436
"266
1,731
Total
Other
3,195
2,317
818
8,436
1,131
Corpus Chrlstl..
New Orleans
China
Japan
2,697
1447,961 699,517
1936-37 994,177 661,455
1935-36 1108.880 608,373
739,522 421,219
420,021
63,503 858,599 4650,342
576,805 277,777 1247,836
700.194 296,503 1264,022
21,689 556,791 4336,530
34,352 777,992 4790.316
districts
concerning the samerfrom|week to week, while reports from the customs
on the Canadian border are
alwaysfvery slow Incoming to hand.
In view,
however, of the numerous*Inquiries
say that for the month of
have
been
17,910
bales.
receiving regarding the matter,
we are
Februaryfthe*exportsfto the Dominion the
we
will
present season
In
the/corresponding* month? of the preceding season
the exports were 26,626 bales.*
Forlthelsevenfmonths ended Feb. 28, 1938, there
were 161,865 bales exported, as
against 191,922 bales for the seven months of 1936-37.
In addition to above
exports, our
telegrams tonight also
the following amounts of cotton on shipboard, not
cleared, at the ports named:
give
us
On
Mar. 25 at—
Shipboard Not Cleared for—
Leaving
Great
Ger¬
Britain
Galveston.....
4,100
3,436
2,663
Houston
New
Orleans..
Savannah.
Charleston
900
1,018
2,589
Other
Coast¬
many
France
Foreign
wise
2,200
1,542
398
30,000
18,570
13,282
Stock
Total
2,000
17
5,258
39,200
24,583
24,190
600
Mobile
2",262
0
794,531
834,824
782,535
146,843
59,410
54,590
30,236
137,944
600
*126
*279
2* 667
Norfolk
Other
ports
Total
1938.
Total
1937.
Total
1936.
12,461
8,190
.
.
4,633
7,923
11,196
14,676
.
Speculation
in
4,740
3,994
11,193
cotton
for
62,131
28,551
37,885
future
7,275
3,220
2,433
91,240 2,840,913
51,878 1,691,843
77,383 2,026,011
26,
1938
of selling that was
variously credited to
speculative liquidation or hedging. A substantial part of
the offerings represented hedging, either
against foreign
growth or jiossibly a continuation of the selling movement
in progress last week from mills and Western
mail order
houses.
The latter supposedly was a reflection of the
con¬
tinued dulness of the textile trade and
represented
hedging
depressing factors in¬
ginnings from the
bales, equivalent to an
against unsold merchandise.
Other
cluded the Census Bureau report
placing
1937 crop at 18,241,726 running
record production.
Southern spot markets, as
officially reported, were 9 to 10 points lower. Average price
of middling at the 10 designated
spot markets was 8.69c.
On the 22d inst. prices closed 4 to 6
points net lower. The
liquidating movement broadened and included offerings
from domestic and foreign accounts, as well as
re-selling by
tired speculative longs. Trade interests, as well as
covering
by satisfied shorts, offered most of the support, but ap¬
parently was limited to a scale-down basis. May reacted
from 8.67c. to 8.50c., then steadied and closed at 8.60
to 8.63.
July likewise sold from 8.74 to 8.56, then back to 8.64 to
8.68.
The market opened steady and 1
point lower to 1
point higher. Owing to the narrower Bombay differences,
all-time
there
less evidence of
was
straddle-reversing operations, and
moderate buying credited to New
Orleans, locals and the
on
Far East, prices exhibited early steadiness.
the stock market started to decline, the
However, when
liquidating move¬
prices thereafter settled back grad¬
ually. Southern spot markets, as officially reported, were
5 to 7 points lower.
Average price of middling at the 10
designated spot markets was 8.64c.
On the 23d inst. prices
closed 1 to 6 points net higher. The market showed
quite
an appreciable
rally in the late trading today, making more
than a full recovery of early losses of 50c. to 65c. a
bale,
ment was resumed and
which had carried the list into
NOTE—Exports to Canada—It has never been our practice to Include In the
above table rpportB of cotton
shipments}to!Canada, the reason being that virtually
all the cotton destined
to|thelDomlnion comes overland and It Is Impossible to give
returns
March
dribble
a
lows for the movement.
new
At the low
point today prices were off 85 to 95 points from
the highs of late February, or the
equivalent of $4.25 to
$4.75 a bale. Evidently the drastic shake-out during that
time had created a stronger technical
position, and prices
moved ahead easily when a moderate
covering movement
developed. There was nothing particularly new to account
for the early action of the market. The consensus was that
it probably reflected the reiterated
complaints of a slow
demand, sluggishness of textiles, the unfavorable statistical
position, weakness of the stock market, and the unfavorable
action of business generally.
The New York Cotton Ex¬
change Service has increased by 400,000 bales its estimate
of total world production of commercial cotton to
36,950,000
bales, compared with 30,700,000 produced in 1936-37.
Southern spot markets as officially
reported, were unchanged
to 1 point higher.
Average price of middling at the 10
designated spot markets was 8.64c.
On
24th inst. prices closed 1 point off to 5
points
The market opened steady at 3 to 5 points higher.
A scarcity of contracts and a continuation of
the covering
the
higher.
movement in progress at the
previous close lifted prices at
Later, reactions followed on Bombay and Liv¬
erpool selling on balance, together with further liquidation
by timid longs.
Prices rallied at mid-day with trade fixa¬
tions, scattered covering and fresh buying on technical con¬
the outset.
siderations
delivery
during the
facilitating the rise.
While buying
interest
aggressiveness, underlying sentiment was improved,
by the latest reports from Washington in con¬
lacked
past week lias been moderately active, with the
price trend
influenced
generally
nection with
lower.
encourage those
a
bearish
mill
There
statistical
offtake
due
uncertainty
was
nothing
in
the
outlook
to
friendly to the up-side of the market, with
to
position
the
concerning
and
existing
prospects
dulness
developments
at
of
of
a
smaller
textiles
Washington
all
On the 19th inst.
prices closed 19 to 22 points net higher.
The distinct easing of war tension abroad
brought about a
radical change in the local cotton
market.
The recent
severe
depression
developed
There
was a
was
on
in sharp contrast to the life and
activity
the
more
favorable
sharp rebound in the
news
from abroad.
cotton market with
foreign and general buying. All of the early gains
maintained, but the market closed very
the previous finals.
heavy
were not
substantially above
The market opened firm at 20
to
32
points advance, and continued higher until
prices showed
net gains of 29 to 33
points, or a recovery of practically all
of Friday's decline.
After the early
buying had run its
course, the market was subject to partial
reactions, and at
times moved
feverishly.
Southern spot markets as
officially
20 to 22 points higher. The
average price of
middling cotton at the 10 designated spot markets was
8.79c.
On the 21st inst.
prices closed 9 to 12 points off.
Despite the fact that sentiment was somewhat
improved
because of the less
threatening aspect in Europe, the market
failed to hold the early
gains of 5 to 7 points. Other factors
that ordinarily should have
given quite a stimulus to the
market, failed to have any appreciable effect.
reported
buying
were
on
differences and scattered support
Liverpool
on
amendment to the 1938 farm Act to "freeze"
5,000,000 bales of
cotton
held
reports of
an
approximately
by the Commodity Credit
Corporation, were factors that should have had a
strengthen¬
ing effect, but prices failed to hold. Around 8.89c. for
July
demand ebbed and prices thereafter moved
gradually lower
While elimination of the proces¬
reaction
and
playing their part in depressing the cotton market.
that
the tax bill.
sing tax might discourage any rush to buy goods in antici¬
pation of new levies, the feeling was that ultimately the
would
be favorable in the movement
of goods
consuming channels.
Liverpool opened steady, 4 to
6 points higher, and closed net 3
points higher.
Today prices closed 4 to 10 points higher.
The early
toward
gains in prices for cotton
futures
were
mostly maintained
this
afternoon, although there was a slight recession from
the morning highs.
A short time before the close of busi¬
active positions showed advances of 6 to 9
points from
the closing levels of the previous day in a moderate volume
of sales.
The opening was quiet, with
prices 6 to 9
ness
higher.
The
cheerful
cables
displayed
Minister
a
early gains were attributed
Neville
eign
policy.
with
futures
tension
from
better
London.
tone,
The
w7hich
Chamberlain's
After
the
call
market
was
that
at
largely due
statement
the
points
large part to
in
market
on
1937-38 cotton
continued
loan
center
Prime
British
registering further slight advances.
of loans under the
to
for¬
quiet,
The
ex¬
by
program
the
of
Commodity Credit Corporation brought in some buying
positions.
A better feeling was noticed generally through¬
out
the
trade.
The official quotation for
middling upland cotton in the
New York market each
day for the past week has been:
March 19 to March 25—■
New York
The
quotations
for
Sat.
Mon.
Tues.
8.82
Middling upland
8.73
8.66
Wed.Thurs.
8.67
8.67
Fri.
8.73
Quotations for 32 Years
middling upland at New
York
on
Mar. 25 for each of the past 32
years have been as follows:
1938
8.73c.
14.55c.
1030
15.80c.
1922
17.85c.
1914
1929... ..20.80c.
1928
19.85c.
1921
12.35c.
1913
11.46c.
1920
11.40c.
12.25c.
6.45c.
1919
41.50c.
27.65c.
1912
1935
1934
1933
1926
19.30c.
1918
34.25c.
1925
25.65c.
1917
19.30c.
1910
1909
1932
6.60c.
10.80c.
1924
27.35c.
1916
1923
29.55c.
1915
12.05c.
9.55c.
1907
1937
1936
1931
.....
1927
14.40c.
1911
1908
13.50c.
12.60c.
10.60c.
14.55c.
15.15c.
9.70c.
10.50c.
10.90c.
Volume
Financial
146
Futures—The
highest,
and
lowest
closing
priqes
at
New York for the past week have been as follows:
Saturday
Monday
Tuesday
Mar. 19
Mar. 21
Mar
Wednesday
22
.
Thursday
Friday
Mar. 24
Mar. 25
Mar. 23
Apr.(1938)
t
t
Range.:
Closing.
8.72 n
8.63k
8.56k
8.57 n
8.57k
8.63k
8.64- 8.82
8.50-
8.67
8.48- 8.62
8.57- 8.68
8.67
8.60-
8.63
8.61- 8.62
8.61- 8.62
8.70k
8.62n
8.64k
8.64k
8.69k
8.76- 8.90
8.70-
8.62-
8.72- 8.79
Commodity
Exchange Administration of the United States Department
of Agriculture makes public each
day the- volume of
for future delivery and open contracts on the New
sales
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.
8.67
8.7 9n
2075
Volume of Sales for Future Delivery—The
8.65- 8.72
8.76
Chronicle
May—
h.
I-
8.70-
Range..
Closing.
8.85
Open
Contracts
New York
Mar. 18 Mar. 19 Mar. 21 Mar. 22 Mar. 23 Mar. 24
June—
Range..
Closing.
March
Range..
Closing.
8.83
8.89
8.56-
8.74
8.73-
8.74
8.53-
8.64- 8.68
8.69
8.69
8.68-
8.74
8.73
8.72-
8.67
(.1938)
52",666
Aug.—
July
December
January
Range..
(1939)
March
8.8 on
8.74k
8.64k
8.69n
8.69 k
8.74k
Closing.
8.87 n
8.7 5n
8.65«
8.71K
8.71k
8.76k
Range..
8.81- 8.97
8.72- 8.95
S.60- 8.77
8.56- 8.72
8.67-
Closing.
8.88-
8.77
8.66-
8.72
8.73
Closing.
v
September
Range..
8.90
8.68
—
26",400
22^700
44,500
35,000
41,400
35,200
32,900 1,139,900
14,500
543,100
16,500
5,600
23,300
2,600
21,900
3,200
1,200
5,100
6,000
14,500
5,000
4,400
24,700
1,800
3,300
577", 300
238,800
80,100
15,500
300
(1938)—.
Total all futures
208,500 127,600 130,900 138,700 126,900
99,900 2,594,800
8.76- 8.85
Open
8.79
8.78-
—
28", 166
43,400
37,700
Inactive months—
Sept.—
8.80
18",800
38,000
9,900
_
42,500
3,500
_
October
23",800
68,600
46,500
27,700
May
July-
Mar. 24
Contracts
Nov.—
Mar. 16 Mar. 17 Mar. 18 Mar. 19 Mar. 21 Mar. 22
New Orleans
Mar. 22
Range..
Closing.
8.88 n
8.77 n
8.67 n
8.72k
8.74k
8.78k
8.82- 9.00
8.75- 8.94
8.61- 8.77
8.55- 8.74
8.70- 8.82
8.78-
8.89
8.73
8.75
8.79
March
Dec.—
Range
Closing.
8.86
8.77-8.79
8.68
Range..
8.85-9.04
8.79- 8.96
8.62- 8.80
8.58-
Closing.
8.91
8.80
8.69 n
8.75- 8.77
8.76
8.8 In
8.71n
8.75k
8.78 n
450
1,150
8.80- 8.
8.68- 8.84
8.62- 8.76
8.75- 8.82
8.82k
8.73k
8.76
8.81- 8.82
8.87- 8.90
8.86n
—
—
3",250
6,700
3~,700
8,950
3,850
1,350
6,050
8,000
10,100
10,200
6,400
7,800
9,100
3,400
800
200
100
100
35,700
2,450
53,850
28,300
33,500
24,100
411,650
3,100
6,850
3,200
——
——
5,850
2,750
October.
December
—
—
8.77
8.71-
8.80
8.84-8.86
8.81k
—
January
700
(1939)
All inactive
2,300
85,150
8", 950
22,950
15,100
3,600
July
8.83k
—
Jan. (1939)
;
(1938).'
May
..
7,900
162,200
123,850
months...
Feb.—
Range..
Total all futures
8.91 n
Closing.
20,900
11,950
March—
Range..
8.92-
Closing.
8.92
n
9.03
;■
—
Nominal.
Range for future prices at New York for week ending
trading began on each option:
Mar. 25, 1938, and since
1/Range for/Weeik '/kj/
Option for—
At
8^48
July
1938-
Mar
.
23
8385
Mar.19
7.60
1938-.
8*53 "Mar .*23 ~8~90
8 1937 12.96
8^97
Mar .19
~Mar ~ "l~2~ 1938
7.85 Nov.
4 1937
Stocks
ments
Mar.
Week
25
Season
Week
Receipts
9 "39
Feb."
18 1938
Eufaula
9.48
Feb.
23 1938
Montgom 'y
513
109
438
1,593
244
61,929
11,837
50,483
68,694
365
Ala., Blrm'am
Nov. 1938—
Dec. 1938-
8.55
Mar. 23
9.00
Mar. 19
8.55 Mar. 23 1938
9.50
Feb. 23 1938
Jan.
1939-
8.58
Mar. 23
9.04
Mar. 19
8.58
9.51
Feb. 23 1938
Feb.
1939—
78
194
1,062
8.62"
Mar. 23
The Visible
cable and
afloat
9.03
Mar. 19
8.62 Mar. 23 1938
Supply of Cotton tonight,
telegraph, is
follows.
as
9.03 Mar. 18 1938
as
made
Foreign stocks
up
as
by
well
2,566
are
1,909
100,107
1,243
Hope......
47
166
11
Rock
364
Newport—
115
Bluff.
1,011
65,389
36,456
143,584
46,278
182,250
61,832
Little
Pine
607
551
502
3,240
271
17
Ga., Albany—
48
17.088
49
15
45,066
370
6,096
203,383
4,097
2,444
Athens
Atlanta..
__
500
160,444
27,000
1,183
Columbus-
Macon
156
45,400
244
45
16,662
WW.
La., Shrevep't
only.
Mar. 25—
1938
— — ...
bales. 1,020.000
184,000
1937
832,000
136,000
1936
606,000
110,000
266
146,243
252
Miss., Clarksd
Augusta
1935
716,000
98,000
...1,204,000
255,000
314,000
12,000
51,000
14,000
9,000
23,000
8,000
6,000
716,000
224,000
200,000
18,000
73,000
72,000
10,000
5,000
655,000
Stock at BremenStock at Havre
968,000
188,000
281,000
12,000
518,000
602,000
.——
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre.
Stock at Trieste....
814,000
247,000
154,000
26,000
71,000
25,000
9,000
7,000
539,000
American cotton afloat for Europe
253,000
Egypt, Brazil ,&c., afl't for Europe
91,000
Stock in Alexandria, Egypt
Stock in Bombay, India
Stock in U. S. ports
Stock in U. S. interior towns
U. S, exports today
385,000
1,009,000
-.2,932,153
2,431.771
4,462
.
Total visible supply
bales.
Liverpool stock—....
Manch ester stock
Bremen stock
—
Havre stock
Other Continental stock—
American afloat for Europe.
.
TJ. S. port stock
U. S. interior stock
1,486,000 1,318,000 1,353,000
167.000
222,000
231,000
195,000
262,000
256,000
105,000
80,000
125,000
294,000
307,000
315,000
708,000
1,116,000
935,000
1,743,721 2,103,394 2,269,597
1,622,611 1,940,895 1,535,485
6,957
7,133
3,781
9,068,386 6,879,113 6,948,422 6,881,039
Of the above, totals of American
American—
.
663,000
131,000
212,000
—
9,086
130
50,157
8
54,850
39
167,769
3,425
1,870
1,944
35
32,449
59,746
136
65
54,133
19,553
181,766
27,744
134,261
46,162
13,381
29,188
328,996
180,174
15,125
40,782
21,083
2
873
54
23,481
74,293
34,691
755
58
17,108
35,384
'
5,964
177,819
141,580
2,220
200
1,202
928
903
586
2,968
367
2,836
118
64,368
10,943
33,432
14,433
560
15,992
200
27,930
215,894
100,847
35,300
9,603
5,217
600
2,393
253,545
6,153
353
38,750
296,298
65,223
56
29,797
7,065
.81,947
257
159,626
38,596
257,634
457
1,260
2,651
20,827
947
27,504
112
61,180
682
13,544
3,970
3,158
480
636
;'
mim
_
«
200
2,000
2,391
31
32,909
29,392
9,604
8,479
200
99,878
197
1,429
9
11,378
20
20,544
677
189
17,973
51,227
674
111
38,940
393
City
34
75,791
789
18,097
31,310
7
797
Mo., St. Louis
N.C., Gr'boro
5,023
154,726
4,953
3,440
3,560
51,366
271,719
373
6,568
180
3,252
42
8,797
1,003 517,636
122,842
3,861
44,020 2415,423
27
45,928
4,148
164,720
227
174,694
2,408
3,564
Natchez
...
Vicksburg—
Yazoo
1
'■v-',
3,587
3,292
3,592
260
3,285
3,166
78,454
195,159
6,004
29,518 2367,239
.
v
Oklahoma—
15 towns
*.
63
17.952
179
90
13,750
76
95,045
656,402
7,653
1,547
2,596
618
111,695
954
36,875
90
S. C., Gr'vllle
Texas, Abilene
Brenham
_.
93,158
501
24,304
;
Dallas
Paris..
53,088
267
48,985
90,565
501,622
38,841
87
3,650
104
16,222
6,320
195
1,700
312
81,218
484
7,310
58
70,154
1,765
1,693
26
'
'
m
816
'
*
-
San Antonio
"■£ ^ ' -
7,585
303
15
Texarkana.
42
41,778
19,424
6
13,701
8,894
34,813
100
90,190
301
79,274
Robstown..
m
Waco.
Total,56 towns
*
'
15,661
_
*.«.
-
_
350
•
15,956
74,737 6173,085 103,840 2431,771
»«
618
—
280
108
308
152
6,008
592
1,340
50,421 5634,208 113,294 1622,611
Includes the combined totals of 16 towns In Oklahoma.
The
totals
above
show
that
interior
the
stocks
have
and are tonight
809,160 bales more than at the same period last year. The
receipts at all the towns have been 24,316 bales more than
decreased
during the week
the
bales
week last year.
same
29,103
—
— —
U.S. exports today
-
-
Total American
6,979.386 4,456,113 5,129,422 4,715,039
East Indian, Brazil, &c.—
Liverpool stock—..
357,000
Sgypt, Brazil, &c.f afloat
Jtock in Alexandria, Egypt
Jtock in Bombay. India
—
306,000
25,000
103,000
70,000
48,000
37,000
26,000
231,000
60,000
50,000
21,000
65,000
222,000
91,000
—
475,000
53,000
43.000
23,000
Manchester stock...
Bremen stock
lavre stock—
It her Continental stock
Indian afloat for Europe
and other descriptions are as follows:
243,000
357,000
300,000
50,000
50,000
66,000
176,000
207,000
144,000
291.000
132,000
244,000
179,000
61,000
111,000
19,000
76,000
253,000
256,000
262,000
195,000
.2,932,153 1,743,721 2,103,394 2,269,597
2,431,771 1,622,611 1,940,895 1,535,485
4,462
3,781
7,133
6,957
_
26
36,557
9,885
51,654
53,808
59,817
6,691
9,757
10,149
9,757
Greenwood-
Austin.....
Total European stocks.
1,859,000
India cotton afloat for Europe...
103,000
2,775
Columbus..
Tenn., Mem's
Total Continental stocks
700
72,994
34,950
35,456
21,809
63,399
63,859
32,799
Jackson
Total Great Britain
Mar.
7
27,633
37,187
25,262
25,070
92,267
City
Rome
Stock at Liverpool.
Stock at Manchester....
Stocks
Week
162
101,709
59,468
441
Forest
Walnut Rge
this week's returns, and
consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
as
169,793
1,638
Ark.,Blythev.
Helena
Mar. 1939—
Season
609
42,054
8,441
52,959
59,992
Jonesboro—
Mar. 23 1938
Ship¬
ments
Week
27 1937
Selma.
8.90
8~56Mar.~23
1938—
Movement to Mar. 26. 1937
Ship¬
Receipts
27 1937
"
Sept. 1938..
movement—that
Movement to Mar. 25, 1938
Mar. 21 1937
Aug. 27 1937 11.36 July
7.65 Oct.
8 1937 11.36 July
Mar.19
Aug. 1938Oct.
Oct.
9.63
the
detail below:
Range Since Beginning of Option
Towns
May 1938-
Towns
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
Apr. 1938—
June
Interior
the
105,000
80,000
307,000
708,000
week at New York
For
the
294,000
935,000
473,000
48,000
50,000
22,000
52,000
167,000
which show at
closed
are
on same
each day during the
indicated in the following statement.
convenience of the reader,
125,000
385,000
315,000
1,009,000 1,116,000
Market and Sales at New York
The total sales of cotton on the spot
we
also add columns
glance how the market for spot and futures
days.
a
SALES
Futures
Spot Market
Market
Closed
Closed
Contr 'ct
Spot
Total
1
Total East India, &c
Total American—
..—2,089,000 2,423,000 1,819,000 2,166,000
.....6,979,386 4,456,113 5,129,422 4,715,039
Steady,
Quiet, 9
Quiet, 7
Tuesday
Wednesday- Steady,
Steady
Thursday
Steady,
Friday
Saturday.,
Monday
.
...
—
Total visible supply
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool—
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple,s'fine,Liv
9,068,386 6,879,113 6,948,422 6,881,039
4.97d.
8.73c.
9.37d.
4.10d.
6.12d.
4.22d.
7.95d.
14.55c.
13.73d.
6.25d.
6.44d.
11.64c.
9.60d.
5.43d.
6.36d.
11.30c.
8.69d.
5.58d.
9.50d.
6.40d.
Continental imports for past week have been 80,000 bales.
The
above
figures for 1938 shows a decrease from last
week of 58,826 bales, a gain of 2,189,273 over 1937, an
increase of 2,119,964
bales over
1936, and a gain of
2 187,347 bales from 1935.
22 pts. adv.
pts. dec.—
pts. dec
1 pt. adv.—
unchanged.
6 pts. adv.
Steady
Steady.
Steady
Very steady
Steady
Steady.
i
II
1
1
«
—
11
i
1
t
t
»
1
1
1
2",606
12,300
39,200
12,300
80,426
1
Total week.
Since Aug. 1
10",300
2",606
i
I
10",300
1
1
I
1
41,226
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
Aug. 1 in the last two years are as follows:
week and since
Financial
2076
-1936-37—
Since
Week
Aug. 1
270,409
3,587
134,152
1,785
133
4,189
7,861
5",480
162,127
10,023
545,300
1937-38
Since
Mar. 25—
„
,
Aug. 1
153,901
107,656
3,000
4,627
124,952
739,339
Week
Shipped—
Via St. Louis
4,953
3.375
..
Via Mounds, &c
Via Rock Island..
—-
Via Louisville
.....
...
4,362
Via
Virginia points
Via other routes, &c
21,024
21,008 1,124,038
..33,714 1,133,475
overland
Deduct Shipments—
781
18,579
Overland to N. Y., Boston, &c.
f
2,389
..21.124
7,299
222,701
r
13,645
45,144
9,655
369,203
.22,301
248,579
16,3$2
424,002
.11,413
884,896
4,626
700,036
Total gross
..
Between interior towns
—
Total to be deducted.
*
396
..
Inland, &c., from South
348
Including movement by rail to Canada.
foregoing shows the week's net overland movement
has been 11.,413 bales, against 4,626
bales for
The
this
year
the
week
last
and that for the season to date the
year,
aggregate net overland exhibits an increase over a year ago
of 184,860 bales.
1936-37
Since
Week
Aug. 1
1937-38In
Sight and Spinners'
Takings
Receipts at ports to March 25
Since
„
Aug. 1
6,683,790
Week
47,032
,
11.413
61,190
4,626
145,000
884,896
Southern consumption to Mar. 25-100,000
3,570,000
Net overland to March 25
-
210,816
*62,873
158,445 11,138.686
Interior stocks in excess March 1-*29,103
1,680,440
Excess of Southern mill takings
over consumption to
576,241
■
1,085,850
13,395,367
26,888
994,323
*
Decrease.
11,040,143
438,548
147,943
Came into sight during week...129,342
Total in sight March 25
....
12,564,541
1,422,477
6,496
■
■
Movement into
sight in previous
1935
Galveston
Monday
8.61
New Orleans
8.98
Mobile.
8.71
Afar. 25, 1938
Feet
Above
New Orleans
zero
of
'
gauge-
...Above zero of gauge-
Memphis
Mar. 26, 1937
Feet
13.0
29.1
Nashville
Above
gauge-
13.0
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gauge-
33.7
15.1
21.1
zero
of
11.3
12.1
13.7
I
31.4
Cotton Loans of CCC
Through March 17 Aggregated
5,112,474 Bales—Announcement was made
on March
18 by the Commodity Credit Corporation that
"Advices of Cotton Loans" received by it through March 17,
1938, showed loans disbursed by the Corporation and held
by lending agencies on 5,112,474 bales of cotton.
The
amount of the loans aggregated .1223,416,062.13 and repre¬
sented an average loan of 8.38 cents per pound.
Figures shoving the number of bales on which loans
have been made by States are given below:
$223,416,062
on
State—
Bales
State—
Bales
Alabama
754,345
Missouri
Arizona.-.---
107,824
544,774
New Mexico.
Arkansas
55,360
California
Florida
992
-
414,528
Georgia...
—
North
76,545
48,108
Carolina
103,937
84,013
227,013
Oklahoma
South
Carolina
Tennessee
263,248
272,599 Texas
537,940
Mississippi
1,611,873
Virginia
9,375
Bureau
Census
Report on Cotton Ginning—The
Bureau of the Census of the Department of Commerce at
Washington issued on March 21 its final report on cotton
ginning (excluding linters). This report shows that for the
present season there were 18,934,153 500-Ib. bales of lint
cotton ginned, including: 59,331 bales which ginners estimated
The piesent
canvass.
8.83
8.83
8.83
8.50
8.88
8.56
8.56
8.62
follows:
Closing Quotations for Middling Cotton on—
Saturday
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a.m. on the dates given:
8.55
Bales
11,836,603
7,906,345
11,039,086
Quotations for Middling Cotton at Other Markets
Mar. 25
1938
therefore, exceeds by far the previous record cropfof
17,977,374 bales, raised in 1926. The 1936 crop yielded but
12,398,882 bales, and the 1935 crop only 10,638,391 bales.
Taking linters into consideration, the aggregate production
will probably exceed 20,000,000 bales.
This computation is
based on the report of the Bureau of Census, which shows
that 1,130,688 running bales of linters were produced from
Aug. 1, 1937 to Feb. 28, 1938. 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
1—
152,122
112,952 1934
150,877 1933
1936
1934
26,
The
would be turned out after the March
years:
Since Aug
1935
Bales
Week—
March
Louisiana..
Total marketed
North spinn's'takings to Mar. 25-
5,775,107
700,036
4,565,000
Chronicle
Tuesday
Wed'day Thursday
8.45
8.45
Friday
8.45
Savannah
8.96
8.52
8.88
8.62
8.87
8.81
8.82
8.81
8.88
Norfolk..
9.00
8.90
8.85
8.85
8.85
Montgomery
Augusta
Memphis
8.90
8.80
8.75
8.75
8.75
9.11
9.02
8.96
8.96
8.96
8.90
8.80
9.02
8.75
8.65
8.60
8.60
8.60
8.65
Houston
8.60
8.50
8.45
8.45
8.45
8.50
Little Rock
8.60
8.50
8.45
8.45
8.45
8.50
Dallas
8.39
8.30
8.24
8.24
8.24
8.29
Fort Worth
8.39
8.30
8.24
8.24
8.24
crop,
8.29
New Orleans Contract Market
OF
REPORT
Monday
Tuesday
19
Mar. 21
Mar. 22
Mar. 23
Thursday
Friday
Mar. 25
(<Counting Round
State
8.79
8.73
8.74
8.74
8.77-
July
August
September
8.93- 8.94
8.85
8.77
8.80
8.80
8.85
October
8.99
May
8.78
June
Arkansas
...
Georgia
Kentucky..
Louisiana
Mississippi
Missouri..
..
8.89- 8.91
8.82
8.80
8.84
8.89
New
November
9.02
8.91
8.79
Jan.(1939)
9.04
8.93
8.80
8.86
8.84
8.86
February
8.91
8.89
Oklahoma
8.93
South
8.93
—
8.96
—
Tone—
-
Texas
Virginia
.
Very quiet. Very quiet.
Steady.
Steady.
Dull.
Quiet.
Quiet.
Steady
Steady.
Steady.
Steady.
Returns by Telegraph—Reports to us by telegraph this
evening denote that a great deal of planting has been done in
the south of Texas.
More or less seed has also been put into
the ground in the southern half of Louisiana and about the
usual amount of planting has been done in the extreme south
of Georgia.
More sections than usual claim that the season
is late.
Rain
Days
Rainfall
Inches
High
0.32
0.18
90
86
44
1
0.24
50
1
0.70
0.06
84
82
1
.
Abilene
1
Brownsville
Corpus Christ!
-
-
Dallas
Del Rio
El Paso
1
dry
Houston
Palestine
2
Oklahoma—Oklahoma City
1
0.06
Arkansas—Fort Smith
Little Rock
1
2
3
0.10
0.52
0.70
2
2.16
2
1.16
3
2.62
0.32
3
2
.
Port Arthur—
San Antonio
4
-
Louisiana—New Orleans
Shreveport
Mississippi—Meridian
Vicksburg
Alabama—Mobile
4
Birmingham
Montgomery
2
1
.
Florida—Jacksonville
Miami
Pensacola
2.30
0.80
0.10
0.36
0.18
1
-
2
„
1
Tampa
dry
dry
...
Georgia—Savannah
Atlanta
....
1
...
Augusta
Carolina—Charleston--
North Carolina—Asheville
Charlotte—
Raleigh
"Wilmington
0.30
0.06
0.53
1
2
....
Macon
dry
3
....
0.50
0.24
2
1
........
3
...
...
0.02
0.06
1
...
Tennessee—Memphis
1.55
0.98
2
dry
88
80
0.46
0.84
1.20
0.36
-
Mean
70
32
0.70
82
84
dry
Austin
Nashville
Low
1.55
4
Amarillo
Chattanooga
-Thermometer-
1
Texas—Galveston
1936, AND
1935
Half Bales)
Equivalent—500 Pound Bales
*1935
1937
1936
1935
18,241,726 12,141,376 10,420.346 18,934,153 12,398,882 10,638,391
1,566,038
309,795
1,808,237
725,880
35,363
1,474,603
1,135,027
1,033,457
131,541
1,635,776
312,501
1,148,524
187,771
1,265,622
436,322
27,654
841,518
1,914,557
1,302,992
232,725
26,653
741,582
442,444
34,605
26,789
1,086,458
1,052,662
6,606
541,360
1,506,547
15,472
1,103,829
1,090,085
10,445
742,565
1,862,515
1,226,295
2,689;915
761,149
1,910,661
301,267
182,823
395,458
303,252
104,999
606,681
155,769
780,922
'289,740
70,178
579,313
562,704
804,232
422,197
2,825,420
30,543
738,744
315,602
2,849,750
27,619
107,380
599,746
286,379
815,788
432,757
2,938,479
3,008
1,918
796
15,410
1,050,836
2,559,427
388,510
153,182
780,028
755,984
995,231
632,948
4,947.099
762,970
1,022,340
660,005
5,158,412
40,307
3,186
189,963
10,170
30,296
1,061,314
134,335
857,156
239,848
26,632
1,062,526
6,342
556,288
1,259.482
173,979
71,835
574,201
564,982
744,182
316,509
2,960,774
27,246
Steady
All other States
*
South
Carolina
Tennessee
.
March....
Spot
Options..
Mexico..
North Carolina
December.
1937,
40,147
Arizona...
Florida
8.87- 8.88
as
*1936
*1937
California
Apr. (1938)
OF
Cotton Ginned (Exclusive of Linters)
United States
Mar. 24
Wednesday
GINNED—DROPS
Running Bales
Alabama
Saturday
Mar.
COTTON
82
82
82
84
84
84
80
82
82
84
82
80
80
82
86
82
76
86
87
82
86
84
82
80
84
82
80
80
61
57
70
67
76
67
68
71
59
71
68
72
56
66
54
54
38
60
54
62
52
68
63
64
42
44
65
71
50
60
58
60
56
56
48
54
58
64
64
60
49
Includes
counted
142,983 bales of the
crop
2,028
of 1937 ginned prior to Aug.
in the supply for the season of
1
760
which
was
1936-37, compared with 41,130 and 94,346
bales of the crops of 1936 and 1935.
The statistics in this report for 1937 are subject to revision.
Included
in the total for 1937 are 59,331 bales which ginners estimated would be
turned out after the March canvass; round bales 326,425 for 1937: 282,262
for 1936; and 294,253 for 1935; American-Egyptian bales 10,968 for 1937;
17,551 for 1936; and 17,619 for 1935.
Sea-Island 4,129 for 1937; 889 for
1936; and 175 for 1935.
The average gross weight of the bale for the crop, counting round
as
half
bales and excluding linters is 519.0 pounds for 1937; 510.6 for 1936; and
510.5 for 1935. The number of ginneries operated for the crop of 1937 is
12,837 compared with 12,625 for 1936, and 12,812 for 1935.
UNITED
STATES
CONSUMPTION,
STOCKS,
IMPORTS,
AND
EXPORTS
For February, 1938
cotton consumed amounted to 427,528 bales; im¬
ports "for consumption" 18,797 bales, exports of domestic cotton, excluding
linters, 398,744 bales, cotton spindles active 22,356,638; and stocks end of
month in
consuming establishments 1,814,997 bales and in public storage
and at compresses 11,655,837 bales.
WORLD
STATISTICS
The
world's production of commercial cotton, exclusive of linters,
in 1936, as compiled from various sources, was 302204,000 bales,
counting American in running bales and foreign in bales of 478 pounds lint,
while the consumption of cotton (exclusive of linters in the United States)
for the year ending July 31, 1937, was 30,820,000 bales. The total number
of spinning cotton spindles, both active and idle, is about 149,000,000.
grown
69
Activity in the Cotton Spinning Industry for Feb¬
1938—The Bureau of the Census announced on
March 19 that, according to preliminaiy figures, 26,549,720
71
cotton
70
72
64
68
72
44
44
42
49
'
32
42
40
73
70
73
69
63
65
63
66
56
63
61
48
49
64
64
80
44
62
80
40
•
60
ruary,
spinning spindles were in place in the United States
February 28, 1938 of which 22,356,638 were operated at
time during the month, compared with 22,327,444 for
Januaiy, 22,328,472for December, 22,791,550for November,
23,724,272 for October, 23,886,948 for September, and
24,517,706 for February, 1937.
The aggregate number of
active spindle hours reported for the month was 5,588,526,740.
Since the inauguration of this inquiry in 1921, the
average hours of operation for the day shift for all of the mills
was used in
computing the monthly percentage of activity.
The hours of employment and of productive machinery are
not uniform throughout the industry.
However, in order
that the statistics may be comparable with those of earlier
on
some
Volume
Financial
146
rqonths and
the
method of computing the per¬
Computed on this basis
the cotton spindles in the United States were operated during
February, 1938 at 98.9% capacity on a single-shift basis.
This percentage compares with 93.5 for January, 92.0 for
December, 105.2 for November, 111.1 for October, 124.1 for
September, and 144.2 for February, 1937.
The average
number of active spindle hours per spindle in place for the
month was 210.
The total number of cotton spinning
spindles in place, the number active, the number of active
spindle hours, and the average hours per spindle in place,
by States, are shown in the following statement:
years,
same
centage of activity has been used.
Chronicle
2077
India Cotton
Movement from All Ports-—The
receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 are cabled,
of Indian cotton at
for three years,
have been
1937-38
Spinning Spindles
Since
Week
Bombay
for February
Active Dur¬
Feb. 28
ing
Week
Aug. 1
77,000 1,587,000
Week
Aug. 1.
Aug. 1
81,000 2,211,000 106,000 1,821,000
For the Week
Since Aug. l
Exports
Great
from—
1937-381936-37-
Average per
Total
February
Since
Since
Conti¬
Jap'ndt
nent
China
Great
Japan &
Britain
Total
Conti¬
nent
China
Total
Bombay—
State
In Place
1935-36
1936-37
Mar. 24
Receipts—
Britain
Active Soindle Hourft
follows:
as
Swindle in Place
1935-36-
6,000
4,000
11,000
18,000
25,000
24,000
29,000
30"666
59,000
56,000
66,000
77,000
67,000
174,000 447,000 650,000
245,000 1002,000 1303,000
266,000
774,000 1107,000
Other India1937-38..
United States
26,549,720
22,356,638
5,588,526,740
210
Cotton growing States
18,809,376
6,927,010
813,334
16,882,508
4,892,508
4,383,169,001
233
1,090,455,180
114,902,559
141
1,922,570
628,360
1,473,620
395,237,762
206
93,812,940
742,429,790
149
1935-36-
25,000
29,000
16,000
35,000
4,000
50,000
3o",66o
21,000
29,000
66,000 116,000
1936-37-
478,142
17,000
io'ooo
27,000
25,000
133,000
267,000
253,000
239,000
382,000
400,000
715,000
621,000
162,000
441,000
447,000 1050,000
309,000
306,000
707,000 1002,000 2018,000
648,000 774,000 1728,000
157
581,622
10,000
1936-37-
New England
States.
All other States
1935-36-
Connecticut
_
Georgia
3.243,658
Maine
2,889,756
599,702
704,924
Massachusetts
Mississippi
New Hampshire
New York
146
165,112
56,154,744
113,907,533
270
511,570
365,138
238,380
5,386,104
726,782
44,457,700
122
of 33,000 bales
1,288,259,870
213
155,720,034
153
decrease of 968,000 bales.
5,412,050
1,479,985,125
259
562,840
178,923,048
62,510.698
298
222,852
622,990
567,942
144,442,388
124,024.963
228
6,047,568
Rhode Island
1,016,416
5,703,810
600,068
South Carolina
Tennessee
...
256,998
634,064
Virginia
All other States
CCC
739,712
Announces
Program
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
4,000 bales.
Exports from all India ports record a decrease
209
561,254,929
635,530
North Carolina
Texas
Loans
Continue
to
Under
Until
1937-38
July
179
Alexandria
243
168
Commodity
1—The
producers until July 1, 1938.
The loans will be available
to producers through banks and other lending agencies or
directly from CCC and at Reconstruction Finance Corpora¬
tion loan agencies, as in the past.
Under the original in¬
structions, loans would not have been available subsequent
March 31,
for
the past
19381
the
from
Plantations—The
following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
previous two
The following
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Stocks at Interior Towns
Receipts at Ports
1935
1936
1937
1935
1936
1937
1935
1936
re¬
the receipts and shipments
are
1937-38
1936-37
1935-36
200,000
8,440.748
115,000
8,741,953
140,000
7,561,109
Mar. 23
Receipts (centars)—
This week
.
Since Aug. 1
This
Since
Week
Exports (Bales)—
Liverpool
To
Manchester, &c
Aug.
This
1
Since
Week
Aug.
This
Week
1
Since
Aug.
1
5,000 139,789
129,507
16",5o6 532,410
19.643
To America
Total exports
4,000 160,344
9,000 163,654
2,000 533,706
33,671
6,000 167,333
5,000 119,642
7.000 496,918
29,902
21,000 821,349
To Continent & India
15,000 891,375
18,000 813,795
This statement shows that the receipts for the week ended Mar. 23
200,000 cantars and the foreign shipments were 21,000 bales.
Manchester
Receipts from Plantations
End.
1937
now
years:
Alexandria. Egypt,
Southern
Week
Shipments—We
a
week and for the corresponding week of the
To
Receipts
and
Receipts
dria, Egypt.
Loan
Cotton
during the week, and since Aug. 1 show
ceive weekly a cable of the movements of cotton at Alexan¬
Credit Corporation announced on March 24 that loans under
the 1937-38 cotton loan program would be available to
to
51,000
84,000
229
147,405,216
2,498,796
3,843,268
207,636
462,000
Total all—
1937-38Alabama
39,000
Market—Our report received
by cable to¬
night from Manchester states that the market in both
and in cloths is
Merchants
steady.
buying
are
were
yarns
very spar¬
Dec
24.
139,333 119,319 158,812 2663,852 2253,715 1911,138 162,762 82/67 169,268
99,705 2658,348 2250,247 2361,505 147,067 112,749 78,953
31. 141,663 117,505
1938
Jan.
1936
1937
'7.
125,265
121,714
21. 116,840
28. 120,588
14.
1938
1937
98,804 2619,799
96,101
61,240
92,756 2613,016
82,643 103,103 2629,639
86,523 2628,795
61,831
1936
1938
26.355
50.871
32s Cop
Middl'g
Twist
104,958
54,826
70,572 2598,040 2001,896 2196,265
11. 112,608
18. 101.785
57,820
82.257
25.
66,019
63,630 2575,215 1952,548 2158,658 135,433
56.534 2570,224 1926,804 2124,667 96,794
64,035 2543,310 1880,455 2103,575
59,413
86,337
74,203
10,309
8,472
56,513
to Finest
Upl'ds
4.
82,658
92,663
64,149
ls.
67,994
67,954
54,793
25-
47,032
61,190
48,205 2500,609 1810,771
38,439 2479,799 1744,860
47,370 2460,874 1685,484
48,797 2431,771 1622,611
32s Cop
Twist
19,670
ings. Common
Middl'g
to Finest
Upl'ds
2057,037
39,957
Nil
71,853
49,069
17,929
2,043
B.
24-
10%@11%
31— 10%@11%
d.
s
9
d.
.
d.
d.
8.
IX
IX
4.88
10%@10
10%@10
IX
IX
4.97
9 10%@10
IX
IX
4.93
IX
3
5.21
12% @13%
10%@10
9 10%@10
11%@12% 10
11%@12% 10
4.84
Nil
1,713
Nil
22,525
(1) That the total receipts
from the plantations since Aug. 1, 1937, are 8,353,076 bales;
in 1936-37 were 6,210,567 bales and in 1935-36 were 6,966,396
bales.
(2) That, although the receipts at the outports the
past week were 47,032 bales, the actual movement from
plantations was 17,929 bales, stock at interior towns having
decreased 29,103 bales during the week.
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
are
obtainable;
seasons
also
from all
the
sources
takings
or
from -which statistics
amounts
gone
out
of
7~ 10%@12
io%@n h
21- 10%@11%
28- 10% @11%
Takings,
1937-38
1936-37
Week and Season
Week
Visible supply March 18
Visible supply Aug. 1
American in sight to March 25
Bombay receipts to March 24
Other India ship'ts to Mar. 24
Alexandria receipts to Mar. 23
Other supply to Mar. 23 *&--
Season
Week
•
9.127,212
129",342
Season
7,016,927
4,339", 022
13,395,367
1,587,000
400,000
4,899",258
9,416,554 21,744,589
Total supply
1,680,200
343,000
147,943 12,564,541
81,000 2,211,000
25,000
715,000
23,000
1,750,200
15,000
412,000
7,308,780 22,551,999
9,068,386
6,879,113
37,000
27,000
40,000
16,000
Deduct—
Visible supply
March 25
Total takings to March
Of which American
Of which other
*
Embraces
25 .o.
9,068.386
348,168 12.676,203
241,168 8,833.403
107,000 3.842,800
.
6,879,113
429,757 15,672,886
289,757 11,199,686
140,000 4,473,200
receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,570,000 bales in 1937-38 and 4,565,000 bales in 1936-37—
takings not being available—and the aggregate amount taken by North¬
ern
and foreign spinners, 7,106,203 bales in
1937-38 and 11,107,886
bales in 1936-37, of which 3,263,403 bales and 6,634,686 bales American.
^Estimated.
d.
d.
6
9
9
7.01
7.J1
7.10
9
9
9 10%@10
U%@12%
11X®12%
9
4
9
4
@96
@96
12
@12X
12%@13%
9
6
@10
0
7.16
9
6
@10
0
7.34
12% @13%
12%@13%
9
6
@10
0
7.30
5.02
9
6
@10
0
7.30
5.16
12X@13X
9
4
7.22
9
6
@96
@10
0
5.02
o
4.82
7.20
Leo.
4— io%@n%
18-
10%@11%
io%@n%
25-
10%@11%
11-
9
9
@10
9
9
@10
9 10%@10
10
@10
4.93
i-
Mar.
4— 10%@11% 10
@10
3
5.13
13
@14%
10
@10
3
5.06
13% @15
10
@10
@10
3
5.10
14
@15% 10
3
4.97
14
@15% 10
25..
io
mix 10
Shipping
News—As
shown
on
a
7.41
ii:
10
10%@11%
11-
10
2
@10
4%@10 7X
7% @10 10%
7%@10 10%
previous
page,
7.70
7.94
7.88
7.95
the
exports of cotton from the UnitecP States the past week have
reached 71,951 bales.
The shipments in detail, as made
up
sight for the like period:
Cotton
8.
@10
@10
19 37
19 38
Jan.-
lS- 10%@11 H
for the last two
6
Nil
The above statement shows:
s
d.
1,667
2012,824
1967,167
1940,895
d.
Dec.
14—
World
Cotton
Lbs. Shirt¬
8%
17,101
26,023
22,543
42,943
Mar.
il¬
Cotton
8M Lbs. Shirt¬
ings, Gommon
77,204
Feb J
4.
1936
66,834
17,573
1937
74,508
23,351
30,702
86,716
2142,612 2311,287 128,497
2090,671 2285,388 133,463
2046,413 2249,736 119.744
pre¬
vious weeks of this and last year
1936
1937
2180,501 2337,209
We give prices today below and leave those for
for comparison:
ingly.
from mail and telegraphic reports, are as follows:
GALVESTON—To Ghent—March 18—Ostende, 698
To Havre—March 18—Ostende, 1,407
To Dunkirk—March 18—Ostende, 1,290
To Copenhagen—March 21—Stureholm, 782
To Oslo—March 21—Stureholm, 200
To
Gdynia—March
21—Stureholm,
713
March
23—
Vigrid, 2,826
To Gothenburg—March 21—Stureholm, 1,026.
To Japan—March 18— Kiyosami Maru, 9,113
To China—March 18—Kiyosami Maru, 3,195
To Bruna Ventura—March 17—Almeria Lykes, 169
To Puerto Colombia—March 17—Almeria Lykes, 22
HOUSTON—To Liverpool—March 18—Director, 3,406
.....
To Manchester—March
18—Director, 566
To Ghent—March 23—Burgerdijk, 7i
To Copenhagen—March 22—Stureholm, 416
To Bremen—March 23—Keiston Miles, 1,609
;
To Hamburg—March 23—Keiston Miles, 708
—
To Rotterdam—March 23—Burgerdijk, 246
To Enchede—March 23—Burgerdijk, 39
To Oslo—March 22—Stureholm, 44
To Gdynia—March 21—Motor Ship Vigrid, 2,114—March 22
—Stureholm ,387
To Gothenburg—March 22—Stureholm, 119
i
To Havana—March 16—America Almiria Lykes, 50
To Valparaiso—-March 16—America Almiria Lykes, 15
To Burna Ventura—March 23—America Almiria Lykes, CO..
To Puerto Colombia—March 16—America Almiria Lykes, 178
....
.
Bales
698
1,407
1,290
782
200
3,539
1,026
9,113
3,195
169
22
3,406
566
71
416
1,609
708
246
39
44
2,501
119
50
15
20
178
*
Financial
2078
Bales
ORLEANS—To Gdynia—March
15—Stureholni, 550—
March 18~-Vigrid. 1.010...March 21—Maryland, 300--March 19—Taurus, 250
To Gothenburg—March
15—Sturehohn, 150—March 19—
Taurus, 200
*»•
To Nordkops—March 15—Sturehohn, 125
To Abo—March 15—Sturehohn, 70
NEW
2,710
r
350
-
125
—
70
-
6,249
2,187
2,748
1,686
Liverpool—March 19—West Tacook, 6,249
- —
19—West Tacook, 2,187.To Genoa—March 22—Elmsport, 2,748
To Venice—March 22—Elmsport, 1,686---------To Trieste—March 22—Elmsport, 500
To Valparaiso—March 22—Cefala, 700
To Bremen—March 18—Edgehill, 1,726-.—
To Nordkoping—March 21—Maryland, 100—
-------To Antwerp—March 19—Indiana, 350—March 23—Ostende,
To
To Manchester—March
,
500
-
700
1,726
100
To Ila vreT^March"lO^Indiana",
To
To
To
163
28March 23—Ostende, 135
19—Indiana, 583--March 23—Ostende,
98 5
~ - mam
To Bremen—March lS—Porta, 2,739
rn'm
mm --
mmmmrn'mmmrnm
1,568
2,739
2,411
mm m 4mm
—
Hamburg—March 18—Porta, 2,411
Noorkoplng—March 19—Taurus, 500—--------Iieval—March 19—Taurus, 175---.—
To Buena Ventura—March 19—Ulua, 200------
500
—- — ---
175
.-—--
200
—
19—Cripple Creek, 818—
To Ghent—March 19—Cripple Creek, 25.
To Rotterdam—March 19—Cripple Creek, 76
To Havre—March 19—Cripple Creek, 200
JACKSONVILLE—To Bremen—March 24r-Thirlby, 25
MOBILE-—To Liverpool—March 15—Custodian, 823
CORPUS CH.RISTI—To Hull—March
818
25
—
76
200
—
25
823
308
15—Custodian, 308
To Manchester—March
107
PENSACOLA, &c.—To Mestre—March 22—Lucia C, 107—.
NORFOLK—To Liverpool—March 23—Artigas, 54
To Manchester—March 23-—Artigas, 20
SAN FRANCISCO—To Great Britain—?—5,537
To Holland—7—310
To Japan—?—4,852
54
-
20
—
5,537
310
-
4,862
— -
— -
Total
71,951
—
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Mar. 4
!——
Forwarded
-----
Mar. 11
Mar. 18
51,000
—
59,000
46,000
Mar. 25
55,000
——1,209,000 1,203,000 1,215,000 1.204,000
Total stocks..
Of which American..
——
794,000
56,000
38,000
164,000
96,000
781,000
Total imports
Of which American..
71,000
22,000
153,000
88,000
Amount afloat.
Of which American
790,000
794,000
60,000
46,000
19,000
155,000
102,000
28,000
147,000
91,000
of the Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone
each
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Quiet
Spot
Quiet
Dull
Quiet
Quiet
Quiet
f
Market,
12:15
1
P. M.
Futures
(
j
Market
opened
5.07d.
4.95d.
4.95d.
Steady
Quiet
Steady
Steady
Steady at
5 to 7 pts.
4 to 6 pts.
3 to 6 pts.
3 to 4 pts.
4 to 6 pts.
1 to 2 pts.
decline
advance
decline
decline
advance
advance
I
Quiet
Steady
Quiet
6
1 to 2 pts.
6 to 7 pts.
decline
4
4.97d.
Barely
7 to 8 pts.
points
Prices of futures at Liverpool for each
Mar. 19
Tues.
Mon.
Sat.
Steady at
sty., 3 to 5
5 to 8 pts.
decline
decline
advance
Quiet but
st'y
advance
pts.
are
day
adv.
given below:
Wed.
Thurs.
Fri.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
4.89
4.92
4.90
4.87
4.84
4.80
4.76
4.80
4.79
4.82
4.85
4.92
4.95
4.93
4.90
4.87
4.83
4.79
4.83
4.82
4.85
4.88
July
4.98
5.02
5.00
4.97
4.94
4.90
4.86
4.90
4.89
4.92
October.
5.04
5.08
5.06
5.03
5.00
4.96
4.92
4.96
4.97
4.98
December....
5.06
1939—
5.08
March
5.12
July
5.12
5.10
May
5.14
•
-
5.10
mmm
5.07
5.12
5.14
1
-
5.16
5.02
«.'■«.
5.04
mm
♦
»
~
5.08
5.10
4.94
-
^
-
-
«.
-
-
-
4.99
-
-
-
.
tion
prices.
World shipments of wheat
harvested in 1937.
On the 24th inst. prices closed
34 to %c. net higher. Re¬
European political outlook did
today to move Chicago wheat values briskly upward
134c., but then profit-taking curtailed gains.
Contributing
uneasiness
the
over
much
factors in the upward movement were further export tak¬
ings of North American wheat, which today totaled 500,000
bushels, largely United States hard winter grades; also
upturns
flected
trade
of Liverpool wheat quotations, which re¬
misgivings over the threatening European
situation, and so, too, did large purchases of
Australian wheat
by Great Britain and Portugal.
4.95
bullish
the
5.02
areas
item
was
fact
5.06
in
5.02
5.09
for
that
weather in
-
«*
-
-
4.99
5.06
5.02
-
w
—
-
which
to
Today prices
5.14
cause
of
found
•
Flour—Observers
a
the
%
closed
lc. net lower.
to
no
Chicago Board.
of
offered
wheat
futures
were
Forecasts
United
States
of
freezing
winter
to-mouth
impetus toward higher prices here
week
is
believed
before last has taken
care
that
the
of the
buying flurry of
trade for
a
time.
prices closed % to 13^c. net
lower.
The market plunged as much as
a bushel in
the first five minutes of trafding, and for the balance of the
session prices fluctuated nervously around the lows of the
day. Trading on the whole was quiet. Reports of an appre¬
ciable easing of the war tension abroad caused wheat
prices
to drop in all the major world markets
today. Additional
factors influencing selling of wheat included small
export
business, favorable weather in the Southwest and good crop
prospects in Europe.
The official estimate of domestic
acreage indicated
that under normal conditions a large
wheat harvest in the United States was
possible thia summer.
Favorable new crop conditions in most sections of the world
depressed the July and September contracts, which showed
little rallying power.
Ten days of market activity dominated
by the foreign political situation, has made little net change
in wheat prices.
There was little overnight export business,
although Mexico was reported to have taken 400,000 bushels
net lower.
bushel
The
On the 21st inst. prices closed
market experienced a
% to l^c.
sharp drop of 2c. a
today, which brought the Chicago wheat market
y8e. of the season's bottom price record.
Eastern connections led the
selling, which
the
to
out
decided
advances
American
of
of
of
in
given
2
to
Liverpool
dark
go
Southern
to
the
as
Southwest.
No.
Duluth
letup
was
It
Hemisphere
chief
Eastern
Adding
per¬
to
lack of rainfall
was
reported
was
northern
ship¬
for
reason
quotations.
wheat
had
Canadian
of
parts
practically
the
over
that
100,000
been
worked
mills
upon
the
opening of Lake navigation.
DAILY
CLOSING
PRICES
OF
Sat.
No.2 red.
DAILY
.104%
CLOSING
PRICES
OF
Season's
May
July
Sept
*
Based
Mori.
_•
NEW
84
Tues.
85%
Thurs.
103%
82%
83%
Low
transactions since official opening,
to July 29
July
104
IN
Wed.
86
83%
84%
High and When Made
Season's
*122%
July 29. 1937 May
105%
Sept.28. 1937 July
92%
Feb. 9. 19381 September
on
YORK
Wed.
103%
FUTURES
Mon.
87%
84%
-
IN
Tues.
103%
WHEAT
Sat.
May
July.September
WHEAT
CHICAGO
Thurs.
86%
83%
83%
and
84%
81%
82%
Fri.
103%
86%
83%
84%
When
Fri.
86
82%
83%
Made
Mar. 22. 1938
Nov. 8. 1937
Mar. 15,1938
29; sold
as
high
as
132% in unofficial trading prior
DAILY CLOSING PRICES OF BONDED WHEAT IN WINNIPEG
Sat.
MayJuly
119%
110%
92%
-
October.
Corn—On the
lower.
t
19th inst.
Mon.
117%
108%
91%
Tues.
115%
107%
90%
prices closed
Wed.
115%
106%
90%
Thurs.
116%
107%
91%
3/sC. to
Fri.
117
107%
90%
34c. net
Notwithstanding the fact that professional and
export interests bought July corn, the market ruled heavy
throughout the session.
The heaviness of wheat values
appeared
demand
Europe.
together with the generally bearish weather and crop news
were more than sufficient to hold
prices down.
However,
reports from abroad indicated United States corn was in
to be mainly due to pronounced scantiness of
export
for North American wheat and to
peace talk from
wheat
of
in
were
Houses
within
with
A
ments
bushels
Wheat—On the 19th inst.
of winter wheat.
ignored.
belt
who
declines in quo¬
temperatures
wheat
sistent
It
be¬
Liberal
by holders
purchasers except at substantial
state the flour business has quieted
Leading sellers report little buying inter¬
est, with sales again strictly confined to covering of hand-
definitely.
Reactions
bushel late today on the
a
tations.
Friday Night, March 25, 1938.
up
sympathy with tumbles of securities carried wheat
quantities
BREADSTUFFS
make
March.
down lc.
needs.
wheat
dry, with only a week remaining
substantial deficiency of moisture
5.12
5.00
October
down
Another
domestic
southwest continued
5.04
5.04
5.02
-
lower
harvested this year may be larger than the
May wheat contracts led the down¬
ward slide of prices on the Chicago Board, and reached the
low of 8524c., with a late recovery to 86.
On the 22d inst.
prices closed unchanged to y8e. higher.
The market ex¬
perienced further temporary setbacks today, bringing prices
down to the lows of three years ago
However, prices rose
again in the late trading, and on most transactions showed
gains.
Trade authorities stated that there was a growing
feeling in Chicago grain circles that recent extreme weakness
of the Liverpool wheat market was based not on news but
on
a
desire for low priced ownership, and particularly of
United States wheat.
Persistent downturns of Liverpool
wheaV quotations were largely responsible for today's
transient setbacks of prices on the Chicago Board.
No
export business of consequence developed today in wheat
from North America.
Notable scarcity of wheat offerings
featured the Chicago market in the late dealings.
Among
the stimulating factors at this stage were prevalence of
abnormal high temperatures and dusty winds.
There was
also a forecast of freezing weather in parts of Oklahoma and
Texas.
On the 23d inst. prices closed %c. lower to 34c.
net higher.
The market's action today was disappointing,
especially in view of export purchasing of fully a million
bushels of North American wheat, values here suffering
repeated setbacks, influenced apparently by the weakness
of security markets.
The severity of declines in the stock
market more than countered late reports of dust storms in
domestic crop territory southwest, and likewise offset liberal
export buying of corn.
Advances of nearly a cent a bushel
for wheat in Chicago were scored at times, but depressed by
the weakness of the securities market, the wheat market
fell back nervously and often below yesterday's latest level.
Adding to the stimulus of big buying of North American
wheat for overseas were reports that Australian shippers
were asking much higher
prices.
Cables also said Portugal
was bidding for substantial
quantities of wheat.
5.01
-
1938
wheat acreage
4.98
^
*,'•»
—
4.96
5.00
5.06
-
-
26,
accelerated decrease
meanwhile enlarged, and traders gave particular atten¬
to official figures indicating the final United States
were
'
5.08
an
told of futile efforts abroad to sell Australian
much
at
political
d.
d.
March, 1938
May
January,
cables that
wheat
sudden
to
Mar. 25
in the face of
were
of the United States wheat visible supply total, and not¬
withstanding late reports of dust storms in Kansas.
All
deliveries of wheat at Liverpool fell today below the season's
previous bottom quotations. Emphasizing the sharp down¬
turns both of Liverpool and Chicago wheat values were
newed
Market,
P. M.
5.02d.
5.04d.
Steady
Mid. upl'ds
March
Tumbles of values
area
450
To Dunkirk—March
Chronicle
Volume
demand.
Financial
146
Chronicle
On the 21st inst.
prices closed 1/§g. off to }{g. up.
displayed relative firmness in the face of weak¬
ness in the wheat
department, the corn market apparently
being helped by export purchases of more than 500,000
bushels.
Most export buying was of corn already afloat.
On
the 22d inst. prices closed unchanged to Y±g. lower.
Rural
sales of corn to arrive were larger, and no export purchases
confirmed.
With markets declining generally, and no sub¬
stantial demand from abroad, trading in corn futures was
relatively light and without special significance. In view of
these bearish features, the corn market was regarded as
holding up fairly well.
On the 23d inst. prices closed un¬
changed to Mc. higher.
The corn market was rather dis¬
appointing in its action today, especially in view of the
increased European demand.
Export purchases- of corn
today totaled upward of 500,000 bushels, mostlv corn now
2079
Closing quotations
afloat.
On
the 24th inst. prices closed
% to ^c. net higher. An
400,000
bushels, with exporters buying futures, accounted for con¬
tinued
firmness.
Primary receipts jumped to 1,085,000
bushels on Wednesday from 642,000 bushels the week be¬
fore and 246,000 bushels a year ago, a reflection of better
shipping weather. Today prices closed % to %c. net higher.
In spite of the heaviness of wheat values, corn advanced
follows:
were as
This market
FLOUR
Spring oats, high protein _6.10@6.40
5.65@5.80
Rye flour patents
4.85 @ 4.95
Seminola, bbl.,Nos.l-3- 7.20 @
Oats, good
1
2.52%
Spring patents
Clears, first spring
Soft winter straights
Hard winter straights
5 20 @5.40
4.45 @4.80
5.20 @5.40
Hard winter patents
Eard winter clears
5.40@5.60
4.70 @4.90
Cornflour
Coarse
j
Oats, New YorkNo. 2 white
103%
Manitoba No. l.f.o.b. N.Y..160
44%
Rye, No. 2, f.o.b. bond N. Y_. 80%
Barley, New York47% lbs. malting
Chicago, cash
45
Corn, New York—
No. 2 yellow, all rail
4.00
Fancy pearl, Nos.2.4&7 5.25@5.60
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic
1.90
Barley goods—
62J^
73%
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:
excellent cash demand, and export sales of 300,000 to
and
held
steady at the close.
DAILY CLOSING
PRICES
1
Corn
Oats
bush 56 lbs
bush 32 lbs
Chicago
Minneapolis
—
OF
73
DAILY CLOSING
72%
May
July..
September
Season's
High
and
*74
66%
63%
When
July
Sept.
Feb.
72%
73%
73%
Tues.
59%
61%
62%
Wed.
254,000
244,000
174,000
63,000
430,000
60,000
2,000
114,000
76,000
111,000
96,000
1,000
16,000
.
Indianapolis
-W-,.
Louis
-
-
59%
61%
62%
59%
61%
62%
60%
62%
63%
60%
62%
63
was
little feature to the trading in this grain, though
prices were steady.
higher.
DAILY
Trading
Today prices closed
light and without special feature.
was
CLOSING
PRICES
OF
OATS
Sat.
May
July
September.
Season's
May
July
September
_
Tues.
30
28%
29
Thurs.
Wed.
30
28%
28%
30
28%
28%
30
29
29
2,000
2,000
96,000
3,000
384,000
27,000
37,000
36,000
105,000
87,000
34,000
172,000
26,000
39,000
41,000
17,000
St.
Joseph.
Sioux
Tot. wk. '38
as
46%
42%
46%
42%
46%
42%
Same wk '36
rather
were
said
liberal
to
be
A lack of appreciable demand
offerings
largely
the
on
responsible
of tired
part
for
the
holders
heaviness
Today prices closed Vs to %e. net lower.
this grain.
of
Trad¬
ing was light and without any particular feature.
DAILY
CLOSING
PRICES
OF
RYE
Sat.
68
65%
64%
May
July
September
Season's
High and
May
84
July
72%
September
69%
FUTURES
Mon.
Tues.
66%
64%
63%
1937
....
CLOSING
PRICES
OF
RYE
Sat.
Low
Thurs.
66%
64%
63%
65%
63%
62%
Fri.
64%
63
63%
When Made
Nov. 8.1937
Nov. 8, 1937
Mar. 22,1938
and
63%
62
62%
73%
74
May
July...
FUTURES IN
Mon.
Tues.
71%
71%
71%
71%
WINNIPEG
Wed.
70%
70%
Thurs.
70%
70%
Fri.
69
69%
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
May
July
October
61%
—
.
—
——
59%
57
59%
57%
52%
52%
52%
60%
157,000
75,000
1,402,000
202,000
823,000
494,000
2,278,000
Total
receipts of flour and grain at the seaboard ports for
Saturday, March 19, 1938, follow:
the week ended
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
New
Rye
York.
161,000
109,000
9,000
Philadelp 'la
29,000
8,000
19,000
New Orl'ns*
24,000
189,000
350,000
Barley
|
bush 56 lbs bush 48 lbs
15,000
15,000
1,000
1,000
16,000
Baltimore
19,000
721,000
28",666
St. John W.
Boston
....
2,000
Halifax
2,000
20",000
*17,000
17,000
"lb*,666
18,000
28,000
.
70,000
■
148,000
192,000
Galveston..
5,000
-
303,000
1,213,000
548,000
70,000
20,000
89,000
1938
3,127,000
18,728,000
10,893,000
728,000
912,000
2,084,000
270,000
512,000
940,000
40,000
16,000
145,000
3,141,000
—
6,716,000
10,738,000
527,000
229,000
203,000
Week 19371937
*
on
New Orleans for foreign ports
Receipts do not include grain passing through
through bills of lading.
The exports
xArgent'ne corn.
from the several seaboard ports for the week
1938, are shown in the annexed
ended Saturday, March 19,
statement:
Wheat
59%
57%
59%
57%
57%
52%
Corn
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
Exports from-
383,000
—.—-
115,000
"2,000
*„>r
4,000
Baltimore.
596,666
Mobile
New
30,COO
47,660
16,000
116,000
York...
Albany..
Philadelphia
Galveston
—
Halifax
558,000
—
——- -
192,000
247,000
17,000
32,000
574,000
------
5^666
28,000
17,000
Texas—
13,000
6,000
"
28~66o
—------
17,000
Total week 1938—
119,660
773,000
6,000
115,656
2,413,000 2,142,000
1937
Same week
1,000
228,000
-
St. John West
Port Arthur,
Texas City.
10,000
343,000 1,121,000
Orleans.
47,000
8,000
The destination of these exports
19,000
for the week and since
Corn
Wheat
Flour
Exports for Week
Week
Week
Since
Mar. 19
July 1
1938
1937
1938
Barrels
Bushels
and Since
July 1 to—
Barrels
Mar.
46,205
20,455
11,500
376,396
453.000
West Indies—
38,500
Kingdom.
United
Continent
Col.
1,000
2,000
212,278
119,660
22,000
10,000
1,029,500
8,000
Other countries—
19
826,000
1,555,000
1,767,531
—
So. & Cent. Amer_
3,846,705
3,987,402
Brit. No. Am.
—
Total 1938
115,656
Total 1937.
visible
Since
Week
Since
July 1
Mar. 19
July 1
1937
1938
1937
Bushels
Bushels
Bushels
52,474,000 1,520,000 22,305,000
622,000 16,857,000
42,098,000
170,000
1,119,000
53,000
2,413,000
773.000
5,000
.
"5",000
1,501", 000
97,245,000 2,142,000 39,342,000
6.000
91,349,000
comprising the stocks in
of accumulation at lake and
March 19, were as follows:
supply of grain,
at principal points
granary
seaboard ports Saturday,
GRAIN STOCKS
Wheat
Boston--—_
New York.
—
— -
— —
—-----——
Philadelphia--
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson—
St. Joseph
Kansas
Omaha
Sioux
—
City
-
City
Corn
Oats
Rye
Barley
Bushels
United States—
Baltimore
DAILY
2 ,000
1,100,000
1,232,000
2,229,000
5,504,000
"
4,000
12,640,000 228,193,000 197,149,000 84,494,000 22,655,000 77,981,000
58,361,000 12,740,000 68,020,000
13,952,000 169,874,000 117,229,000
12,417,000 263,881,000 118,036,000 105,491,000 17,962,000 69,906,000
'.936
The
CHICAGO
IN
Wed.
66%
64%
63%
When Made
I
Season's
Aug. 10. 19371 May
Feb.
9, 1938IJuly
Feb
9. 1938 (September
2,933,000
2,808,000
-
.
2,000
243,000
Since Aug. 1
New
Rye—On the 19th inst. prices closed V%g. to lc. net lower.
grain almost paralleled those of wheat.
The heaviness of wheat and the excellent crop outlook,
together with the bearish news from abroad regarding crops,
&c., were factors that played their part in the decline of rye
values.
On the 21st inst. prices closed l%c. to lc. down.
The pronounced weakness of wheat markets the world over,
and
news
from most quarters
being generally bearish,
especially weather and crop news, rye values followed closely
the downward plunge of wheat.
There appears little in the
general situation to encourage those friendly to the upward
side.
On the 22d inst. prices closed 34c. decline to 34c.
advance.
Trading and flucuations'were in sharp contrast
with the previous day's session, when prices suffered quite a
setback and trading was feverishly active. Today the volume
of trading was light, with fluctuations narrow.
On the 23d
inst. prices closed unchanged to 34c. off.
Trading was light
and without any particular significance.
On the 24th inst. prices closed % to lc. net lower.
The
action of rye was disappointing, especially in view of the
The declines in this
corn.
2,552,000
2,105,000
2,748,000
381,000
367,000
348,000
Same wk '37
38
firmness of wheat and
151,000
Bushels
47%
43%
47%
43%
194,000
Since Jan. 1
29
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
48%
44%
43,000
Since Jan. 1
28%
*
October
1,000
6,000
■
30%
Based on transactions since official opening, July 29; sold as high
42% In unofficial trading prior to July 29.
May
July
247,000
...
City.
Buffalo
Fri.
When Made
Oct. 13. 1937
Nov. 6,1937
Mar. 7,1938
When Made
I
Season's Low and
July 29. 19371 May
28%
Oct.
2, 1937 July
28
Jan. 10, 19381 September
28%
2,000
132,000
15,000
Total wk'38
CHICAGO
FUTURES IN
Mon.
30%
29
29%
.
High and
*33%
32%
30%
34c. lower to 34c.
197,000
163,000
170,000
Oats—On the
There
361,000
490,000
664,000
*935
19th inst. prices closed 34 to 34c. lower.
light and devoid of any significant feature.
On the 21st inst. prices closed 34c. down.
Trading wras
light and without particular interest.
On the 22d inst.
prices closed 34c. off to 34c. up.
Trading was light and
largely of a routine character. On the 23d inst. prices closed
unchanged from the previous closing finals.
This market
was a
comparatively dull affair.
On the 24tli inst. prices closed unchanged to %c. higher.
265,000
425,000
11,000
46,000
opening, July 29; sold as high as.
was
35,000
45,000
7,000
205,000
*
107,000
"12,000
81 in unofficial trading prior to July 29.
Trading
33,000
v
»
Kansas City
Omaha
Wichita
Fri.
Thurs.
Season's Low and
When Made
Made
55%
Nov. 30, 1937
29, 1937 May
30. 1937 July
56%
Nov. 30. 1937
17.1938 September
59#
Feb.
2, 1938
transactions since official
on
Fri.
Thurs.
Wed.
72%
Mon.
59%
61%
62%
May
July
September
YORK
NEW
IN
Tues.
PRICES OF CORN FUTURES IN CHICAGO
Sat.
♦Based
CORN
Mon.
Barley
194,000
285,000
............
Milwaukee.
Toledo
Rye
bush 56 lbs bush 48 lbs
444,000
200,000
—-
Uuluth.—
St.
Sat.
No. 2 yellow...
1
Wheat
bush 60 lbs
Peoria..-..
•
and
Flour
bbls.196 lbs
Receipts at—
Bushels
Bushels
Bushels
Bushels
1,000
134,000
532.000
533,000
48,000
752,000
1,000
591,000
217,000
7,000
27,000
12,000
1.689,000
15,000
26,000
1,000
4,000
19,000
144,000
152,000
56,000
1,000
1,000
24,000
61,000
75,000
7,000
8,000
2,846,000
687,000
1,914,000
2,201,000
11,187,000
2,759,000
816,000
199^666
9,000
12,000
2,262,000
4,347,000
574,000
222,000
738,000
356,000
142,000
83,000
13,000
18,000
62,000
802,000
6,000
I
1
.1
1
I
18,000
Financial
2080
Wheal
Oats
Bushels
United States—
Corn
Bushels
Bushels
851,000
1,351,000
10,000
58,000
8,650,000 10.760,000
Indianapolis.
Peoria................
Chicago
Milwaukee
1,462,000
Mnneapolis...........
7,127,000
3,684,000
155,000
50,000
"
afloat
—
4,815,000
2,284,000
86,000
129,000
afloat
Total Mar.
Note—Bonded
5,127,000
2,437,000
185,000
190,000
90,000
-
53,771,000 38,437,000 21,651,000
12, 1938— 56,637,000 38,314,000 22,350,000
20, 1937— 34,749,000 12,591,000 20,594,000
Total Mar. 19, 1938.Total Mar.
336,000
690,000
252,000
324,000
869,000
Buffalo
—
-
666,000
95,000
896,000
1,220,000
2,000
775,000
Duluth
Detroit.
271.000
13,000
210,000
2,791,000 13,205,000
8,628,000
4,177,000
2,000
5,000
1,650,000
—...
9,000
6,000
65,000
1,960,000
Barley
Bushels
Rye
Bushels
6.56,000
St. Louis.
3,587,000
9,239,000
3,730,000 9,459,000
3,203,000 11.001,000
80,000 bushels; New
bushels in 1937.
Wheat-
grain not Included al>ove: Barley—Duluth,
York, 55,000; total, 135,000 bushels, against 3,317,000
Buffalo, 25,000; Albany, 213,000; Erie, 695,000; Boston,
229,000: total, 1,735,000 bushels, against 15,875,000 bushels in 1937.
New York, 673,000 bushels;
Wheat
Corn
Bushels
Bushels
Bushels
537,000
458,000
8.714,000
Bushels
28,000
946,000
316,000
Bushels
1,270,000
1,632,000
5,982,000
9,709,000
9,724,000
11,794,000
1,290,000
1,278,000
1,559,000
8,884,000
8,910,000
8,626,000
53,771,000 38,437,000 21,651,000
44,266,000
9,709,000
3,587,000
1,290,000
9,239,000
8,884,000
Canadian—
Lake, bay, river & seabd.
8,156,000
Ft. William &Pt. Arthur 12,693,000
Other Can. & other elev_ 23,517,000
Total Mar. 19, 1938Total Mar.
Barley
Rye
Oats
44,266,000
12, 1938- 45,121,000
69,338,000
Total Mar. 20, 1937—
—
Summary—
American...
Canadian
——
Total Mar. 19, 1938—
98,037,000 38,437,000 31,360,000
32,074,000
1937-104,087,000 12,591,000 32,388,000
Total Mar. 12, 1938-101,758,000 38,314,000
Total Mar. 20,
The world's
shipment of wheat and
4,877,000 18,123,000
5,008,000 18,369,000
4,762,000 19,627,000
corn, as
furnished by
Broomhall to the New York Produce Exchange, for the week
ended March 18, and since July 1, 1937, and July 1, 1936, are
shown in the
following:
Corn
Wheat
Since
Week
Exports
Australia
July 1,
1938
1937
1936
Bushels
Bushels
Bushels
Bushels
Bushels
July
1,
1,
3,590,000 137,535,000 148,523,000
1,680,000 67,546,000 47,704,000
1,969,000 47,097,000 116,532,000
480,000 71,675,000 67,799,000
12,080,000
7,984,000
80,000
Black Sea.
_
India
Since
1,
Mar. 18,
1936
July
Bushels
Argentina.
Since
1937
Mar. 18,
1938
North Am.
Week
Since
2,117,000
~~4~, 000
July
6,000
39,706,000
3,264,000 18,472,000
177,555,000 297,057,000
Other
3,842,000
countries
20,706,000
19,520,000
Total— 11,641,000 356,639,000 408,062,000
Announces
CCC
Time
1,096,000
68,396,000
16,680,000
3,217,000 288,921,000 332,215,000
Extended
Indefinitely for
Application
for
Corn
Loans — $16,815,119
Loaned
Through March 17 on 34,708,285 Bushels—The Com¬
modity Credit Corporation announced on March 16 that
loans to producers under the 1937-38 corn loan program
would be available until further notice.
Under the original
instructions, the loans were available only through March 31,
1938.
The
announced on March 18 that
by it through March 17,
1938, show loans disbursed by the Corporation and held
by lending agencies on 34,708,285 bushels of corn.
Such
loans aggregated $16,815,118.61, based on a loan rate of
50 cents per bushel, of 2Yi cubic feet of ear corn testing up
to 14^% moisture; the average amount loaned per bushel
Corporation
also
"Advices of Corn Loans" received
determined in this
manner
thus far has been 0.4845 cents.
Figures showing the number of bushels
have been made by States are given below:
State—
Bushels
Colorado
on
which loans
Bushels
State—
2,327 Missouri
5,663,092 Nebraska
838,360 Ohio
20,019,130 South Dakota
Illinois
Indiana
Iowa
Kansas
Wisconsin
23,713
3,003,847
Minnesota...
-
1,171,621
2,946,792
71,956
964,716
2,786
Planting Intentions as of March 1, 1937—-The United
States Department of Agriculture issued on March 18 its
on farmers' intentions to plant wheat, corn, oats,
tobacco, potatoes, &c., in 1938. The report follows:
report
The Crop
Reporting Board of the Bureau of Agricultural Economics
makes the following report on the indicated acreages of certain crops in
1938, 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
1938 season.
The acreages shown herein for 1938 are interpretations of reports from
growers
acreages
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 1938 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.
UNITED
"
STATES
(In Thousands of Bushels)
Planted Acreages
Crop
Indi¬
Corn, all..
All spring wheat
Rice
20,404
39,117
13,140
2,392
23,959
12,121
2,548
816
Sweetpotatoes and yams.
Tobacco
Beans, dry edible
Soybeans a...
Cowpeas a...
....
a
Tame hay b.
969
11,232
3,592
Grain sorghums, all
Potatoes
a
3,555
40,690
....
Flaxseed
Peanuts
100,599
19,716
Other spring
Oats
98,372
22,143
2,427
....
Durum.
Barley
1936
9,153
96,483
23,750
3,226
20,524
37,101
11,570
1,302
1,093
8,377
3,216
1938
Percent
of 1937
as
94,595
22,282
98.0
3,613
18,669
36,333
10,947
1,112
1,073
8,826
3,102
112.0
93.8
91.0
97.9
94.6
85.4
98.2
105.4
96.4
969
822
843
855
101.4
1,437
2,104
1,437
1,706
1,943
6,139
3,448
1,945
54,792
1,784
104.6
6,640
2,319
1.946
55,647
Grown alone for all purposes.
harvested.
3,191
1937
cated
1938
1935
1,915
5,811
3,176
2,087
57,289
Partly duplicated In hay
1,837
5,906
3,464
2,050
94.5
96.2
100.6
105.4
57,000
acreage
104.0
b
Acreage
March
Chronicle
26,
1938
Comments Concerning Crop Report—The Agricultural
Department at Washington, in giving out its report on cereal
stocks on March 19, also made the following comments:
Reports from farmers listing the acreages of principal crops (except
cotton) they are planning to grow for harvest this year, point to spring
plantings about 2% below those of a year ago, partially offset by some
increase in the acreage expected to be cut for hay. As the acreages or winter
harvested are likely to show some increase, the total acreage
principal crops (except cotton) Indicated by these reports as to be planted
left for harvest is less than 1% below the acreage grown Jast year and
almost equal to the average acreage grown during the past three years.
The principal decreases in prospective plantings indicated by current
reports include flaxseed 15%, spring wheat 6%, barley and beans about
5%, potatoes and soybeans 4%, and corn, oats and rice each 2%.
The
increases in prospect include hay crops 4%, and tobacco, grain sorghum
and peanuts each about 5%.
Sweetpotatoes and cowpeas show normal
wheat and rye
in
or
increases.
The prospective plantings of corn and oats are below plantings in any
year<and are 8 and 10% below the 10-year (1927-37) averages.
Plantings of potatoes also seem likely to be unusually light and flaxseed
plantings may be only about 40% of average.
On the other hand, when the
indicated plantings of spring wheat are added to the acreage of winter
wheat that now seems likely to survive to harvest, they indicate a nearrecord acreage of all wheat growing next summer.
It is, of course, too early for indications of prospective plantings to be
precise, particularly as many farmers reported that they were expecting to
adjust their plantings to meet the requirements of the new Agricultural
Adjustment program.
The reports from farmers do, however, show rather
definitely the major changes that farmers are now planning to make.
They show that farmers in the main Cotton Belt are planning a moderate
but general increase in food and feed crops.
The nature of the shift taking
place is shown by the indicated acreage to be cut for hay in these States.
This is about 5% over the acreage cut for hay last year and nearly 38%
over the average acreage cut in these States during the 1928 to 1932 period.
In the group of States extending from Ohio and Michigan westward to
Minnesota, Iowa and Missouri, where prior to 1937 there was a succession
of unfavorable seasons for a new seedings of timothy and clover, there
will be a general increase in the acreage of hay this year, current repdrts
indicating an increase of about 8%.
In these States, this increase in hay
will probably be about balanced by decreases in winter wheat and corn as
farmers do not appear to be planning any material changes in the total
acreage in crops.
In the Dakotas, Kansas and Colorado, reports from the
farmers now on the farms point to a two million acre decrease in the acreage
of crops planted or grown this season due chiefly to a heavy loss of winter
wheat again this season and to the discouragement and financial difficulties
of farmers in the areas which have suffered most from successive crop
failures.
There is also fear of further losses in 1938 because of the acute
recent
shortage of subsoil moisture and prospects for a repetition of severe grass¬
hopper damage.
However, adequate rainfall during the next two months
could change this situation materially.
In the western two-thirds of North
Dakota, much of South Dakota, the western third of Kansas, and the dry
plains of eastern Colorado, an increasing number of farmers are leaving,
and their farms are being abandoned or consolidated.
As no reports are
received from the farmers who have left, neither the full extent of the
outward movement from these areas, nor the full decrease in crops can be
accurately determined now.
In Montana and Nebraska conditions are not very promising but loss of
winter wheat acreage is expected to be less than it was last year and the
total acreage of crops growing next summer is expected to exceed the
unusually small acreage grown last year.
In general surface moisture
conditions in the western portion of the Great Plains area, as a whole, are
favorable for planting a large acreage of spring crops.
However, over con¬
siderable areas, reserve moisture stored in the deeper subsoil normally
provides some protection to crops during drought periods.
Now, after
most of this area north of Texas has passed through the driest five-year
period since it was first used for crops, subsoil moisture reserves are depleted
and crops are more than usually dependent on timely rains during the
growing season.
For this reason the acreage of crops planted or grown in
this area may not indicate the acreage that will finally be harvested.
West of the Rockies, except in Arizona and parts of New Mexico, there
has been more than the usual amount of winter rain and snow, and supplies
of irrigation water are expected to be above average on the majority of
projects.
Farmers in these States appear to be planning a full acreage of
crops and there is little prospective evidence of important changes in acreage
except for continued expansion in Arizona, a marked increase in winter
wheat in the Pacific Northwest with a corresponding decrease in spring
wheat, and increased seedings, chiefly, barley in areas benefited by the
liberal rainfall in California.
The Western States also share with most
other sections of the country in a general decrease in the acreages of beans
and potatoes, for both of these crops have been bringing low prices.
For the country as a whole, the reports from farmers indicate rather
conservative changes in their cropping programs, chiefly adjustments to
particularly low prices, adjustments to changes in the acreage of winter
grains and grass crops expected to survive, returns toward nprmal acreages
where adverse weather necessitated changes last year, reductions in total
crops and shifts toward drought resistant crops in areas where losses have
been severe, and shifts between crops to comply with expected requirements
of the agricultural adjustment program.
There is little evidence yet that
the 37% decline in prices of field crops other than cotton during the past
12 months, or the 8% increase in farm wage rates reported early this year,
will cause any material change in the total acreage used for crop production
next slimmer.
*
While these reports show about what farmers have in mind they are a
less precise measure of the acreage that will be harvested.
Plantings of
such as oats, are somewhat dependent on weather conditions
planting time, and farmers do not yet know how much of the acreage
Some crops,
some crops,
at
that will be in soybeans and lespedeza will be cut for hay.
such as grain sorghums may not be planted for several months
and much of
the acreage may
be planted where other crops have failed.
On the other
hand, plantings of some other crops, such as potatoes usually follow March
intentions fairly closely.
A further difficulty is the very wide spread in
recent years between the acreages planted and the acreages harvested,
particularly in the Great Plains States where recent droughts have been
most disastrous.
From 1923 through 1927 the percentage of the United
States spring wheat crop that was abandoned averaged less than 2J4%«
During the following five years the abandonment averaged over 8% and
during the last five years, due to rust and drought, nearly 35%.
This
year the lack of the uhual reserve of subsoil moisture in the main spring
wheat belt may again be a factor in causingfheavy losses
well distributed rains could result in excellent yields.
In
fromjdrought, but
adjusting planting
in recent
1929-37 period, with the great
drought years 1934 and 1936 excluded, has been arbitrarily taken as a
period representative of the loss that should be allowed for this year.
On this basis spring wheat plantings adjusted for about 15% abandonment
would indicate around 19,000,000 acres for harvest in 1938, or about 5%
more than the!1927 to 1936 average.
Similarly, adjusting oats for 3%
abandonment,«barley for 10%, and corn for 1.6%, the indicated acreages
of these crops for harvest all fall within about 1 % of the estimated acreages
harvested last year.
Potato reports, adjusted for 1.3% loss, indicate only
3,062,000 acres or the third lowest acreage harvested in 10 years.
The
prospective acreage of grain sorghums, adjusted for 7% loss, would be
8,208,000, or higher than in any recent year except 1935.
The increase
over last year is expected to be mostly in Kansas and Nebraska where it
has proved resistant to drought conditions and grasshoppers.
Combining these acreages with the indicated harvested acreages of other
main crops (excluding cotton and wild hay), including those which ordinarily
show no abandonment, and adding for winter wheat and rye to be harvested,
gives a total that is about 2% above the total actually harvested last
season and about equally above the average acreage of these crops harvested
during the preceding 10 years.
This method of computation, however,
allows only about 8,000,000 acres for abandonment of spring planted crops
other than cotton.
Abandonment of these crops was over 14,000,000 acres
last year, nearly 34,000,000 acres in 1936, nearly 11,000,000 acres in 1935,
nearly 35,000,000 acres in 1934, and averaged nearly 8,000,000 during the
preceding five years.
In some of these years weather conditions also
reduced plantings materially.
indications to allow for something like the usual abandonment
years, the average abandonment during the
Wheat—The acreage of all spring wheat to be seeded In 1938 is expected
,to total 22,282,000 acres, which would be about 6% below the acreage
seeded in 1937 and about 1% above the average during 1927-1936.
The
above total includes prospective seedings of 3,613,000 acres of Durum
wheat, which is 12%fabove the acreage sown in 1937, and 18,669,000 acres
of other spring wheat, which is 9% below last year.
In comparison with
Volume
146
Financial
Chronicle
this year's probable seeding of Durum wheat is 14% below the
acreage seeded during the 1927-1936 period, while probable seedings of
average,
other spring wheat are 4% above the
average for this period.
Because of the wide range in the annual
percentage abandonment of
spring wheat, it is impossible to forecast the harvested acreage with any
degree of accuracy at this time.
During the period from 1924 to 1933, the
abandonment of all spring wheat averaged only 6.9%, while during the
seedingfon
light soils in Minnesota, the earliest in years.
In portions of the far North¬
west, many fields are too wet and little spring wheat was sown.
Soil
drifting and occasional duststorms were reported locally from New Mexico
Sears from 1927-1936 the average abandonment was 18.8%. During onethis
ktter period, the abandonment in 1934 and 1936
approximately
was
half of the
seeded acreage.
Assuming that abandonment for 1938 will
approximate the average from 1929-1937, excluding the heavy losses during
1934 and 1936, the indicated acreage for harvest of Durum wheat would
be around 3,200,000 acres; other
spring wheat about 15,800,000; and all
spring wheat 19,000,000 acres.
northward to Montana and in portions of southwestern Kansas.
Some oats and barley were sown in Nebraska and oat
acres
havested
in
1937
and
an
average
of 55,325,000
acres
during 1927-1936.
THE DRY GOODS TRADE
Corn—The prospective acreage of corn to be planted in 1938 is 94,595,000
acres, which is 2% below last year's planted acreage and 3% below the
1927-1936 average.
Decreases from last year's plantings are general
throughout the Corn Belt States except in Michigan, which shows no change,
and
Missouri where
a
1% increase is expected.
Increased
plantings
New York, Friday Night, March 25, 1938.
Although favorable weather conditions prevailing during
are
the larger part of the week, tended to stimulate retail
busi¬
indicated in most of the southern States.
Ordinarily, only a small percentage of the corn acreage is abandoned, the
the average abandonment during the 1924-33 period being 0.7%, and the
average from 1927 to 1936, 2.3%.
Assuming an abandonment in 1938 of
ness
satisfactory
response.
An interesting feature was the
sudden increase in the demand for cotton dresses and
other
seasonal apparel lines, due to the advent of
unusually warm
temperatures in many sections of the country. Department
store sales
in the metropolitan area
during the second
March week, according to the
survey of the Federal Reserve
Bank of New York, declined
11% from the
Oats—The prospective seedings of oats for harvest in 1938 are estimated
36,333,000 acres, which is 2.1% less than the seedings of 37,101,000
for the 1937 crop.
This would be the smallest acreage seeded to oats
in about 30 years.
Assuming an abandonment of 3 %, the acreage for havest
acres
this year would be 35,243,000 acres.
Approximately three-fourths of the oats acreage is grown in the North
Central States and in that group a decrease of
2.1% in seeded acreage is
anticipated. Iowa, the most important oats producing State in the country,
plans an increase of 3% compared with last year; Minnesota, the second
corresponding
most important,
a decrease of 6%; and Illinois, which ranks third, no
change.
Decreases in oats acreage are also expected in the North Atlantic,
South Atlantic, and South Central groups of States.
The Western group
of States is the only one showing an indicated increase.
period of 1937. Stores in Newark registered a drop of 14%.
Trading in the wholesale dry goods markets continued
spotty. While the approach of the pre-Easter buying period
Barley—The prospective acreage of barley that will be seeded this spring
10,947,000 acres.
This is 94.6% of the acreage seeded in
1937, and is 87% of the 10-year (1927-37) average seeded acreage.
Of the
principal barley States, the decline in prospective seeded acreage is most
pronounced in the Dakotas, while the decline is less marked in Minnesota
and Wisconsin.
Southern and Western States show moderate
increase.
Assuming a loss of acreage during the growing season of 10%, the acreage
to be harvested this year would be about
equal* to that harvested in 1937.
caused retailers to place
the children's wear
orders for popular items notably in
division, total sales remained far below
is estimated at
expectations.
widespread precipitation to eastern sections and rather general, moderate
heavy rains to the Southeast.
*
Low pressure had developed over the Great Basin on the 17th and as
this moved slowly eastward on the 18-21st, scattered light to moderate
to
{jrecipitation occurred over noted
the central the central Gulf States, with several
and eastern districts. On the 20th
ocally heavy showers
were
over
stations reporting from
1 to over 2 inches.
Precipitation continued over
portions or the Northwest from the 18-22d, but the amounts were mostly
light to moderate.
At the close of the week temperatures moderated markedly under the
influence of a low-pressure area over north-central sections.
The maxima
during the last 2 days ranged from 70 degrees to over 80 degrees over much
of the country from the upper Mississippi Valley southward, but at the close
of the week
a
reaction to cooler had occurred
over some
Great Plains and
Rocky Mountain districts.
The week was warm in all sections of the country, except in the South¬
and Northwest.
The temperatures were especially high from the
Lake region to the northern Great Plains, with the plus departures from
normal ranging from 15 degrees to 24 degrees.
Throughout most of the
Oftio, lower Mississippi and Missouri Valleys the week averaged from 9 de¬
grees to 12 degrees above the seasonal average.
In the Northwest tem¬
peratures ranged from 3 degrees to 9 degrees cooler than normal, while in
west
the extreme Southwest they were slightly subnormal.
Minimum temperatures for the week were generally
high, with subfreezing weather confined to the Northeast, the upper Lake region, and
the upper Mississippi Valley, although in the West freezing or lower was
noted over most districts, except extreme southern and western
parts.
Throughout most of the South minimum temperatures ranged from 45 de-
Sees to 50 Valley. and they were generally from 35week, as reported from
degrees to 40 degrees
the Ohio degrees
The lowest temperature for the
first-order stations, was 4 degrees below zero at Greenville, Me.
Rainfall for the week was heavy to excessive in many central and eastern
Gulf sections, the totals being particularly heavy in central Alabama and
Mississippi, where they ranged from 2 to over 5 inches.
Moderate to
heavy precipitation was noted in portions of the Atlantic coast, the Lake
region, and upper Mississippi Valley, as well as in much of the Northwest.
The week was rather dry from the lower Great Plains westward, with most
stations reporting amounts too light to measure, while similar conditions
prevailed in portions of the upper Plains.
The very mild weather and generally ample surface soil moisture in most
sections from the Great Plains eastward were very favorable for
spring
crops and vegetation generally made unusually rapid advance.
In some
sections of the Mississippi Valley vegetation is reported as 3 to 4 weeks
ahead of normal, while in Minnesota some scattered
spring-wheat seeding
has been done at the earliest date for some years.
Throughout practically
all the eastern section of the country soil moisture is
ample, with a general
replenishment in the Southeast where the droughty conditions were con¬
siderably relieved, except locally in the Carolinas.
Some spring-oat seed¬
ing has begun northward to Iowa and Nebraska, while other spring-grain
crops are being seeded in North Dakota.
The week was somewhat too wet for best outside operations in the Ohio
Valley, where many fields were reported too wet to work and spring-oats
seeding considerably delayed.
On the other hand, the soil is again becoming
unfavorably dry in the southwestern Great Plains, where dust-storms were
reported on two
or three dates.
At the present time surface moisture is
immediate needs practically everywhere throughout the
country, excepting the above-mentioned area; local areas are still in need of
moisture, particularly north-central Montana and locally in the Carolinas.
Mountain snowfall storage is reported as normal or above in the Pacific
States and adjacent mountains, while it is also adequate in the eastern
Great Basin and some adjoining sections.
Corn planting is progressing under favorable conditions in Texas, with
much coming up, while some has been planted in eastern and southern
Oklahoma.
Planting has begun in southern Arkansas, southeastern North
Carolina, and quite generally in Gulf States.
Cotton planting continued
to make good progress in southern Texas, with much
up to nice stands in
the southern coastal plain.
This work has begun in Louisiana, but was
delayed In southern Georgia due to rains; much land is ready for this crop.
Small Grains—The week was
generally favorable for small grains;
adequate
for
winter wheat is greening in most eastern sections as far north as Wisconsin
locally, in portions of the Lake region, where the
ground is too wet, and in portions of Colorado, Kansas, and Missouri where
the soil is too dry, were conditions less favorable than a week
ago.
The
and Minnesota, and only
frost is out of the ground in most of the Wheat Belt, and grains are
reviving
or continuing growth in practically all sections with progress and condition
ranging from satisfactory to excellent.
The wheat crop improved in Kansas, except in the extreme
southwest,
where most fields
are
bare.
In the eastern half of that State it
covers
the
Wholesalers
on
their part also refrained from
adding to their commitments preferring to keep inventories
at the prevailing low levels
pending a greater willingness on
the part of retailers to enter the market.
however as the trade envisaged an
early
Weather Report for the
The Illinois "low" moved slowly eastward on'the 17-18th
bringing
extent, total sales continued to show substantial
compared with the corresponding period of 1937,
buying was at its peak.
Rather numerous
promotions stressing reductions in prices were launched
during the week, and in some instances met with fairly
at
At the beginning of the week a "low" was central over Illinois, with
rather widespread precipitation over the East, except the extreme South¬
east.
At the same time, fair weather and moderate' temperatures
pre¬
vailed over the West, except for general precipitation over the far North¬
some
as
when Easter
acres.
Week Ended March 23—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended March 23, follows:
to
losses
1.6%, which is about the average for the years from 1929 to 1937 exclud¬
ing the heavy losses in 1934 and 1936, the probable acreage for harvest in
1938 would be about 93,000,000 acres.
This would compare with harvested
acreages of 93,810.000 in 1937 and the 1929-37 average of 100,259,000
west.
M
sowing is mostly
completed in eastern and south-central'Kansas, with the crop coming
up
good stands.
This work is about completed in Oklahoma, is over onehalf done in Missouri, and has
begun in portions of Iowa and Wisconsin,
but wet soil has hindered
sowing in much of the Lake region. , Oats, rye,
and barley were
generally favored in more southern and eastern sections.
to
If abandonment of winter wheat should turn out as indicated in th
board's December, 1937 report and if about
19,000,000 acres of spring
wheat are harvested, the total wheat
acreage for harvest in the United
States in 1938 would be about 66,000,000 acres.
This compares with
64,460,000
2081
ground and is furnishing needed pasture; in the northwest quarter it is
showing well in drill rows.
Plants are beginning to joint in south-central
Oklahoma, affording good pasture, and some fields are stooling in portions
of Illinois.
From Nebraska northward, and in Texas and much of the far
West, good to excellent progress was noted.
Pt
Considerable soil preparation was accomplished and
spring-wheat seed¬
ing is under way in much of the belt, with scattered reports of
in preparation for the
goods
season.
on
steady
business,
Business in silk
continued
centering
on
rayon yarns
jected
pre-Easter
Prices held
pick-up
fairly active, with the demand again
sheer fabrics for quick deliveries.
Trading in
was spotty as talk of a 6c.
processing tax in¬
element of uncertainty into the market.
Ship¬
during the current month were reported to
have exceeded those of the
previous month by a small margin.
While the current demand for
a new
ments of yarns
yarns
is holding
up
fairly well,
further moderate increase in
surplus stocks is anticipated,
despite efforts on the part of producers to bring their output
in line with present sales.
a
Domestic
markets
reaction in
an
Cotton
remained
raw
Goods—Trading in the gray cloths
Deterring factors were the
inactive.
cotton
values, reports from Washington that
effort would be made to impose a
processing tax on both
and rayon, and the continued slow movement of
cotton
finished
goods.
somewhat
as
it
„
Later
in
became
the
yeek,
known
sentiment improved
that
the Senate Finance
Committee had rejected the proposed
processing levy, and
reports became current that, spurred 'by the advent of
Spring-like weather, the demand for cotton goods was
showing a gratifying expansion.
Advices from mill centers
to
the effect that further curtailment in
output was under
consideration, also helped to improve the tone of the market,
although actual sales remained within narrow limits. Prices
held fairly steady,
notwithstanding the frequent appearance
of second-hand offerings at
slight concessions.
Business in
fine goods continued dull, and sales
again were confined to
small fill-in lots.
Towards the end of the week, increased
interest was shown in slub
yarn broadcloths, and combed
lawns and voiles also moved, in
slightly better volume.
Closing prices in print cloths were as follows:
39-inch
80's, 6Kc.; 39-inch 72-76's, 6^c.; 39-inch 68-72's, 53^c.;
383^-inch 64-60's, 4^g to 4%c.; 38K-inch 60-48's, 3% to 4c.
Woolen
Goods—Trading in men's wear fabrics failed to
opening on Fall
suitings, at price reductions ranging from
373^ to 55c. a
yard. While the new quotations were in line with expecta¬
tions, clothing manufacturers maintained their waiting
attitude, chiefly in view of the heavy carry-over of Fall
derive any real stimulus from the scattered
garments in both manufacturers' and retailers' hands.
An
improved call developed for tropical worsteds, and addi¬
tional fill-in orders on flannels and
gabardines were received.
Reports from retail clothing centers made a more satisfactory
showing as the arrival of Spring weather stimulated the sale
of top coats and Spring suits.
Business in women's wear
goods continued fairly active, with garment manufacturers
as
well
as
retailers
entering the market for additional supplies
Attention again centered in shetlands,
of popular materials.
tweeds and fleeces.
Foreign Dry Goods—Trading in linens continued quiet,
the demand for household items experienced a
although
moderate
seasonal improvement.
Reports from foreign
primary centers predict a steady gain in the importance of
the color factor for household linens.
Business in burlap
remained inactive and prices showed an easier
trend, chiefly
due to the inability of Indian jute producers to
agree on a
curtailment
program.
Domestically lightweights were
quoted at 3.65c., heavies at 5.00c.
Financial
2082
March
Chronicle
of
additional
State
aid
for
relief
in
case
after Governor Lehman had
against the plan.
emergency
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
314 N. Broadway
DIRECT
CHICAGO
WIRE
ST.
LOUIS
News Items
Louisiana—Bonded Debt
of State and Certain Subdivisions
been published by New¬
man, Harris & Co., Maritime Building, New Orleans, the
third in a series dealing with the subject, furnishing essential
information concerning the bonded, debt of the State of
Louisiana, the Louisiana State University, the Charity
Hospital of Louisiana, the City of New Orleans, the Orleans
Levee District, and the Orleans Parish School Board.
Detailed financial information, taken from official and
other reliable sources, presents a reliable jncture of the status
of these public bodies and makes an interesting study for
Discussed—A
booklet has just
new
dealers and investors.
New
Jersey—Court
Commission
Act
Holds
Decision
Unconstitutional
in
Municipal
Part—In
a
Finance
decision
handed down at
Trenton on March 21, it was ruled by a
special three-year Federal Court that the Municipal Finance
Commission* Act is unconstitutional, in so far as it interferes
with remedies on municipal bonds issued prior to the passage
of the act.
In effect, the decision would appear to strengthen
the enforceability of municipal and school district bonds
issued in New Jersey prior to 1933.
In the decision, rendered in a suit filed by the Woodmen
of the World against the Borough of Runnemede more than
a
year ago, it was further held by the court that the members
of the Municipal Finance Commission are to be restrained
from functioning in the borough to an extent inconsistent
with the right of the complainant to enforce its judgment
against the borough.
To holders of New Jersey municipal bonds affected, the decision means
that their bond contracts are enforceable without the intervention of the
State Finance Commission.
Furthermore, any action against a municipality
half of the bondholders, and not—as previously—
It means that the creditor, on occasions of default
can sue directly under the State execution act which provides a simple
prompt method of collecting judgments.
Under the Finance Commission Act, the procedure of a bondholder, who
sought judgment against a municipality or school district, was first to ask
permission of the court to sue.
After such permission was obtained—it
was
sometimes a lengthy procedure—the bondholder brought his suit
against the municipality, but on behalf of all the bondholders.
There was
the work of ascertaining who other bondholders were, and the necessity of
getting concurrent action.
In actual practice, there were more than occas¬
ional disagreements with other bondholders, and that meant added expense
can
on
be had
on
the plea of
behalf of all creditors.
and wated time.
Perhaps most distressing of all to litigating bondholders was the difficulty
of obtaining actual cash when judgments had been obtained.
Under the
Finance Commission Act all tax collections go into one fund from which
the State took the first moneys, the county second moneys, the school
district third, and city operations fourth.
In effect,
some
lawyers contended,
the bondholder held a fifth lien, in that he could take what was left when the
other four creditors had finished.
The bondholders' prospects of actually
obtaining cash in such cases was in proportion to the amount of current
taxes collected, and average delinquency in New Jersey is estimated above
eliminating application of the Finance Commission Act, the bond¬
holder will sue to obtain judgment under the State Execution Act.
A
judgment obtained in that way will provide for a tax levy against municipal
property, the collection of which will be segregated for payment to a court
officer.
Other tax money will go to the city treasurer.
In other words,
funds, thus collected will be turned over to the bondholder as they are
received rather than put in a general fund against which four other creditors
will have prior liens.
The Municipal Finance Commission Act was passed in 1931, but the
provisions against which objections were filed were not enacted until 1933.
The opinion is, therefore, that all bonds issued prior to 1933, will be free
from application of the act.
New York, N. Y.—Mayor Proposes New Taxes to Yield
Relief Revenue—Bills were submitted to the City Council on
March 22, following the recommendations made by Mayor
LaGuardia earlier in the day, which would increase present
emergency relief taxes to yield an estimated $9,000,000 in
new revenue for relief
expenditures.
He proposed that the exemptions for business firms now subject to a tax
of l-10th of 1% on gross receipts be reduced from $15,000 to $10,000 and
that the exemptions be allowed only to firms earning gross receipts of less
than $20,000.
Another proposal was the elimination entirely of the $5,000
exemption
for finance corporations now taxed l-5th of 1% of gross
receipts.
The
Mavor recommended that conduit companies be included under the present
utility tax and be taxed at the
the State utility
ta^.
rate of
3% because they are not included in
As to increases in the sales tax he recommended that the
levy on meal
checks over $1 be increased from 2% to 3 % with a similar increase from
2%,
3% on liquors sold over bars and in restaurants and a 1-cent tax on every
package of cigarettes.
h An Increase from 2% to 3% in the present tax on telephone, gas, elec¬
tricity and refrigeration services also is provided.
City Sales Tax Continued by Legislative Action—In its'
closing hours the 1938 session of the State Legislature
witnessed the extension of the city's emergency taxing powers
for another year, but the said body refused to
accept the
final effort of Mayor La Guardia to obtain some assurance
of
26,
a
come
1938
municipal
bluntly
out
Mayor La Guardia went down fighting, however, after almost a month r.f
long and bitter exchanges with the Governor over the city's relief crisis.
His parting shot was insistence that he would be required to call upon
Governor Lehman for a special session by September when city relief funds
will be, in his opinion almost gone.
"It is obvious that a special session of the Legislature will have to be
called," the Mayor said, in a statement released March 19.
"If the Legis¬
lature does not deal with the problem now, it will have to within a short
time, because adequate relief must be maintained, and the money must
be made available.
The people are not going to be allowed to starve."
The Governor's action came as something of a surprise since, it was
understood, the Legislative leaders of both parties had agreed to go along
with his final suggestion as not too binding on the State.
Originally, the
Mayor had demanded return of the 2% State tax on public utilities to the
city, and engaged in a controversy with the Governor on the subject.
Giving up this fight, the Mayor sent up a bill, which would have per¬
mitted the State Board of Social Welfare, at its discretion, to make appro¬
priations above the normal 40% of the relief load carried by the State to
cities in need.
The present law provides that such money must be taken
from a definite "discretionary fund," but the Mayor's bill would have
wiped out this fund, thus placing no limitation on the board.
In his special message to the Legislature, the Governor admitted that
at "first glance it appears to be insignificant," but "actually it is extremely
important."
Its adoption, he felt, would constitute a complete delegation
to a State agency "of the authority of the Legislature to make appropria¬
tions for relief."
Under existing law, the Governor explained, additional grants must be
made from the discretionary funds, which are set by the Legislature and
this year amount to $2,500,000.
The proposed law would eliminate all
mention of the funds he added, and permit the board "to make unrestricted
grants to municipalities for relief in addition to the 40% reimbursement
provided by existing law."
York
New
State—Legislative Session Ends—The 161st
State Legislature adjourned at 6:16 p. m.
on March 19, having set an all-time record for continuous
labor in the closing hours over the hundreds of bills which
jammed both houses.
It is said that legislative leaders
joined in expressing complete satisfaction with what was
one of
the shortest sessions in the last 25 years, but one
that did not leave either party with any particular advantage
politically.
One of the major reasons for the unusually dull session
in an election year is said to have been the realization by
leaders that they could leave the making of issues for the
coming election to the constitutional convention, which
opens in Albany on April 5.
With the exception of amend¬
ments permitting the State and localities to help finance
low-cost housing and another which would allow pari-mutuel
betting at the racetracks, the Legislature left all others
session
over
of
the
to the convention.
Governor
Lehman lost only one of his major program
although it must be admitted that he had fewer
than at any time during his six years in office.
This pro¬
posal—to permit the creation of mortgage banks in the
State—was the only one not brought to a vote in the
Republican Assembly.
Among the more important bills
upon which final action was taken in the closing hours were
the Governor's proposal to modify the capital gains and
loss provision of the personal income tax law; several of
Mayor La Guardia's measures, including an occupancy
tax of from $1 to $6 for housing, and a $1,882,007 supple¬
mental budget.
Mr. Lehman's proposal to segregate the
capital gain and loss provision of the personal income levy
and tax it at half the present rate for income received the
unanimous approval of the Assembly.
The so-called omnibus and county bills, which were de¬
signed simply to recodify certain laws left out of the admin¬
istrative code under the new New York City charter, were
passed by the Senate about an hour before adjournment.
Mayor La Guardia failed in his attempt to abolish the
Transit Commission.
The Senate passed a resolution calling
upon the Mayor "to confer and cooperate with the Transit
Commission in order to bring about unification in New
York City."
The following is a summary of the more important measures
approved at this session:
measures,
Appropriate $386,364,000 to finance State Government through 1938 39,
of
a
supplemental appropriation aggregating approximately
$800,000 (approved by Governor).
K eta in "emergency" taxes for another year (enacted by the Governor).
Extend benefits under the State's unemployment insurance law to
employees earning more than $3,000 annually (enacted by the Governor).
exclusive
Require prospective mothers to undergo blood tests for syphilis (en¬
acted by the Governor).
Prohibit issuance of
and bridegroom certify
of
marriage license unless the prospective bride
they have been examined and found to be free
a
syphilis.
Establish classification bureau in the State
and revive the Salary Standardization Board.
Civil
Department
Service
Propose three constitutional amendments designed to spur low-cost
housing projects.
Exempt the trucking industry from the gross utility income tax.
Permit women to serve on city court and grand juries as well as oh
trial panels.
Permit the State Insurance Superintendent to revise and
amount of interest to be charged by companies on life insurance
regulate the
policy loans.
Permit savings banks to sell life insurance.
Appropriate $21,000,000 of 1937 bond issue for construction of new State
institutions.
...
Prohioit any civil service commission from imposing age limitations on
applicants, designed to remove the existing barrier of age.
Require State public works contracts to include provision for bonding
Of contractors to guarantee payment of what they owe to supply dealers.
*
Continue State milk publicity and advertising for another year with
$310,000 appropriation to be paid by fanners and dealers through a tax
fluid milk handled.
Provide new "base year"
on
,
for
unemployment insurance
benefits
and
eermits the unemployed to earn up to $2 during "idle" periods and still :
eligible for benefit payments.
e
Extend New York City's five-cent subway fare
beginning Sept. 1.
.
-
for another two years,
2083
'
Volume
r
Financial
146
Extend the four-ve^r-old mortgage
continue
exemption
Chronicle
Governments said on March 7.
On April 5 and
May 11, respectively, convention delegates will gather in
New York and New Hampshire capitals to discuss proposals
for amendments that may later come before the voters.
of ,State
moratorium until Jan. 1, 1940, and
in mortgage foreclosures
from deficiency judgments
until Jan. 1, 1943.
$150,000 for
^Appropriate
State participation in a Federal long-range
flood-control program.
Bills Awaiting
Signature
Probable
Among the bills approved and sent to Governor Lehman during the
closing session were those to:
Provide that age limitations for employment in State and local civil
service shall not apply to honorably discharged veterans.
Appropriate $17,500 to the legislative commission studying the ad¬
ministration of justice, which is continued until March 15, 1939.
Make bonds of housing
authorities issued on a Federal low-cost housing
State, municipalities, insurance companies
project legal investments for
and banks.
and local civil service, including pension
shares and certificates issued under a
of management or restricted management
Eliminate stock transfer tax on
non-corporate trust agreement
^Permit
or any
removal
or
whom
a charge
",:i '■ .^v*
without pay,
of misconduct has been
sessions; (3) Reduction of size of the lower legislative house, now numbering
418 members; (4) Possibility of establishing the office of lieutenant-governor.
Whatever amendments are recommended by the New York convention
Define grand jury as a
women
to
civil
those that
of race, color or creed in appointment
service position in competitive class and to positions in the labor
class in cities.
Provide that fifty-mile-an-hour speed of motor vehicles on highways shall
not be deemed "excessive" instead of present forty-mile rate.
Prohibit employment in civil service, classified service or in appointive
:
as
appointed by the Governor, instead of by the
Labor Department
at present.
Reduce from
twenty to six years
the period for actions on bonds and
mortgages under the statute of limitations.
Limit to Jan. 1,1943, actions on bonds on
prior to Jan. 1. 1940.
Prohibit issuance of
a
real property mortgages
marriage license unless the
bridgroom have certified they
free of, syphillis.
issued
prospective bride and
have been examined for, and been
found
Appropriate an additional $150,000 for participation in a Federal longrange flood control program.
Appropriate $345,000 for extension of the Cross County Parkway through
Tibbetts Brook Park connecting Sawmill River Parkway with Cross County
Pftrkwfty in Vonkors•
1
.
v1 *.
v
Ik- Require a favorable vote of 75% of the members of any local pension
system, instead of a majority, before participation in the state employees'
retirement system.
additional emergency stock transfer taxes
securities exchange, of less than
the tax law and acting as a dealer,
fcf Prohibit any requirement by the agent of an insurer, on loaning money
on real property bonds or a mortgage, that the property owner negotiate
Exempt
normal and
from
sale or transfer, on an organized
100 shares by a person registered under
any
insurance through a
particular insurance broker.
Make false statements made in tax returns
Make dealers in securities who
and reports perjury.
transact business after insolvency
guilty
of executing a felony.
Limit absentee voting
rights to State or United States employees, husband
or wife tnereof, traveling salesmen, railroad employees and actors.
Permit second-class towns having 5,000 or more population, or more
than $10,000,000 assessed valuation, or adjoining a city of 300,000 or more,
to become a first-class town by resolution of the town board, subject to a
permissive referendum, or by a special election of town voters.
Make laws governing the operation of private banks more specific.
Broaden the powers of the State Unemployment Insurance Appeal
Board.
Bills—At this session legislative
completed on a series of bills recommended by
the Joint Legislative Committee on Mortgage Moratorium
and Deficiency Judgments, designed to ease the mortgage
situation and taper off the foreclosures, prohibit such action
where taxes and principal are paid, according to Albany
Governor Receives Mortgage
action
was
advices of March 19.
Lehman now has before him two
Governor
bills which would continue
moratorium, one for another year from the expiration of the
existing moratorium on July 1, and the other for a year-and-a-half, until
Jan. 1, 1940.
Other bills which would carry out the joint committee program and which
the present
now pending before the Governor are designed to outlaw deficiency
judgments and mortgage bonds after Jan. 1, 1940, and extend the mora¬
torium until 1943, with the provision, however, that there be payments of
are
2% on principal beginning 1940.
The bills were sponsored by Senator
Joseph D. Nunan, Jr., Queens Democrat, Chairman of the Joint Com¬
mittee, and Assemblyman George B. Parsons, Syracuse Republican, ViceChairman.
•
District
System—
Sherwood & Reiehard, 40 Wall St., New York,
specialists
New
York
State
Central
School
are
Hampshire voters will ballot at a
New
positions of any person who advocates the overthrow "by force or violence,"
of existing American Government.
Provide that the State Insurance Fund be administered by eight com¬
missioners
within six weeks of the convention's adjournment, and
approved by the electrorate will take effect Jan. 1, 1939.
must be voted upon
trial jurors.
Prohibit discrimination by reason
to
systems;(9) Labor and social welfare
Among subjects reported as facing the New Hampshire convention are:
(l)Tax revision, including graduated personal income and sales tax proposals
and revision of forest and real estate levies; (2) Time limit on legislative
•.
>v,.
.■'..
body of persons, instead of men, thus permitting
become members, in accordance with their rights to serve as
>
■ >-
(1) Reor¬
matters.
suspension, for not exceeding 30 days
in civil service against
person
sustained.
153 delegates include:
before New York's
measures
ganization of the judicial system and changes in State administrative
departments, and creation of a State department of justice to coordinate
State and local agencies for crime control; (2) Broadening of city and county
home rule, and limiting of local mandatory expenditures and municipal
indebtedness; (3) Proportional representation; (4) Improvement of State
budgeting methods; (5) State aid to highways, public and sectarian schools,
health and poor relief; (6) Tax exemptions and tax limitation; (7) Considera¬
tion of initiative and referendum proposal;
(8) Reorganization of State
date to be specified later and the
Legislature will fix the effective date of approved amendments.
According to the Council of State Governments, there are 13 different
combinations of requirements governing the calling of conventions among
the States.
requisite is a two-thirds vote of approval
majority of the referendum.
New Hampshire must
they desire to hold a convention;
The most common
by each house and
a
ask its voters every seven years whether
New York must do so every 20 years.
States have not been
particularly quick to change their constitutions by
constitutions were adopted in their present
total of 185 conventions, 128 have seen their pro¬
convention, although 37 of the
form before 1900.
Of
a
beeto,partially successful, and 30 have failed entirely.
of three ways to amend State constitutions: the
changes by legislatures and revisions by popular
initiative.
During recent years conventions have been replaced frequently
by constitutional commissions, which suggest to the legislatures amendments
that may later be submitted to popular vote.
Virginia got a fresh constitu¬
tion in 1928 by this method; others utilizing it have been New Jersey, New
York, Michigan and Maine.
posals adopted; 27 have
The convention is one
other
two
are
referred
Municipal Water Works to Receive
No
new
No Further Federal Aid—
provision for Federal aid to municipalities for
of their water facilities is contained in the
extension
the
re¬
water conservation approved by President Roose¬
velt and transmitted to Congress, it was pointed out re¬
port
on
cently by Eugene F. Dugger, President of the American
Water
Works
Association, whose membership includes
water officials and operators of the leading cities through¬
out the country.
Mr. Dugger said that hundreds of mu¬
nicipal water systems must be improved to meet growing
demands for water and that the provision of funds for such
purposes
should be through customary financing
long familiar to the
methods
profession.
water conservation plan, prepared several years ago and revised
in its present form that the Federal Govern¬
spend $891,091,000 in water projects of Federal character over a
period of six years.
A considerable part of the recommended Federal
projects are of the multiple purpose type to serve for the development of
hydro-electric power, as well as water conservation, flood control, naviga¬
tion and irrigation.
<
An expenditure of $566,765,000 for improvement of municipal water
supplies is recommended in the report transmitted to Congress by the
President.
However, that outlay Is to be made wholly by the States and
the municipalities, the report refraining from recommending Federal aid
for such projects except in emergency periods.
This is in line with recent
local water supply policy of the Government.
Last year there was a sharp
curtailment of Federal financial co-operation in municipal water works
improvements, with the result that most cities must now return to devising
their own means for financing needed improvements without Federal aid.
Water plants of many cities are now approaching their capacity and are
in urgent need of extension during the next few years, Mr. Dugger said.
Built originally for smaller populations, such plants now require consider¬
able capital expenditures to keep abreast the march of progress.
It is now
becoming evident that such projects, as in the period prior to 1933, will
have to be financed wholly by the cities themselves.
The
from time to time, proposes
ment
Relief Revenue Problem—With many
cupboards scraped bare, cities and States are struggling
desperately with the.problem of how to find money for direct
relief, during the recession, the American Public Welfare
Association said on March 21.
Reports reaching the association from all over the country show inadequate
States and Cities Face
relief
in
financing of relief for the needy millions not covered by work relief programs
such as the Works Progress Administration.
Some of these reports, how¬
entitled
ever,
municipal bonds, are distributing an interesting booklet
"Central Rural School Districts in the State of
New York."
This report contrasts the present system of
providing education through the creation of central school
districts with the situation which obtained in the "little red
schoolhouse"
era.
practical advantages, both in the matter of efficiency and economy,
individual districts into a central unit is discussed
length. With regard to this subject, the bankers point out that the
special committee which was appointed to conduct a survey into the charac¬
ter and cost of public education in New York State, has recently made
public its initial report. The committee, it is said, characterized the old
common school system to be both inefficient and uneconomical, and recom¬
mended that the Central Rural School System should be extended to all
sections of the State, with the exception of the cities.
Another feature of
the booklet bears on the main factors, such as State aid and assurance of
collection of the entire tax levy, which contribute to the excellent credit
standing of school districts in the State.
The
in consolidating existing
at some
United
Assessment
States—•Trend
Shown
Toward
Procedures—Improvement
cedures through
in
Improvement
assessment
in
pro¬
installation of up-to-date systems is a grow¬
ing trend throughout the country, the National Association
of Assessing Officers reports. During the past year numerous
cities and counties, as well as a few States, have sponsored
major reassessment projects for the purpose.
N. Y., most recent to enter upon a reassessment pro¬
will spend $570,000 for the preparation of permanent land and tax
as authorized by a bond issue.
Providence, R. I., has embarked
upon a Works Progress Administration reassessment project which will
take a year to complete will employ between 125 and 135 workers, and cost
about $100,000.
A WPA project to modernize tax administration procedure
was recently announced for New Orleans.
Included will be establishment
of accruate property records, construction of up-to-date tax maps, analysis
of existing tax delinquency and installation of delinquency tax records.
Lucas County (Toledo) Ohio completed a survey of real estate parcels
in a reassessment project last year; in Texas rural land was surveyed and
classified.
Other cities where reassessment projects have been undertaken
or are in progress are Paterson, Hackensack and Trenton, N. J.: St. Louis,
Mo.; New York City, and Tampa. Fla.
Nassau County,
indicate a direct effort to meet
The Ohio Legislature, in a special
the problem through legislation.
session just ended, appropriated $11,to cover deficits and
tax of .65 of 1% on
000,000 for direct relief in 1938 and nearly $6,400,000
debts incurred during 1937.
The legislature levied a
gross
replace a tax expired December 31, and provided
receipts of municipally-owned utilities for
next two years.
In addition provision was made to use
receipts of utilities to
transfer of 3% of the gross
for
poor relief for the
the proceeds from
taxes on
alcoholic beverages and amusement admissions
for F6li6f
H. Lehman, of New York, has just signed bills con¬
tinuing the 2-cent a gallon emergency gasoline levy and 2% tax on gross
receipts of utilities, permitting localities to add 1% tax besides.
New York
City, facing an estimated relief deficit of $21,200,000 for this year, asked
indefinite continuance of its special taxing powers, and a full return on
utilities'taxes from the State.
New Jersey municipalities anticipate 1938 relief cash needs at $13,503,000.
The State Legislature is considering waiver of municipal debt limits to allow
temporary borrowing to be made up by proceeds from a proposed State
bond issue.
In addition a State-wide road program has been started to
substitute work relief for cash relief covering at least 20,000 families.
A sales tax proposal of 2% on retail sales is before the Massachusetts
Legislature as a relief financing measure.
An estimated revenue of $45,000,000 a year would be distributed to cities and towns on the basis of welGovernor Herbert
t
'■
{OfCG COStiS»
"Much 'of the trouole in financing
administrative weaknesses," said Fred
Public Welfare Association.
"There
and.handling direct relief is due to
K. Hoehler, director of the American
is a lack of definite responsibility
Fewer difficulties
and supervision in
assuming definite local
except in a few States which match locai relief funds.
found in those States having good administration
are
public assistance and relief, and having counties
responsibility as a part of the relief program."
gram,
maps,
Two
May Alter Constitutions—Constitutional con¬
two States will meet this spring to attempt re-
States
ventions
m
vions of their State
governmental frameworks, the Council
Bond
Proposals and Negotiations
ALABAMA
Ala.—BOND OFFERING—Sealed bids will be received
until 11 a. m. on March 29, by H. C. Thomas, City Clerk, for the purchase
of four issues of coupon bonds, aggregating $53,000, divided as follows:
GADSDEN,
Due on April 1 as follows;
1944 to 1951 inclusive.
Due $1,000 from April 1, 1942 to 1950
$37,000 refunding public improvement bonds.
$2,000, 1942; $3,000, 1943. and $4,000.
9,000 refunding school bonds.
inclusive.
5,000 refunding bonds. Due $1,000 from April 1, 1942
2,000 refunding water bonds.
Due $1,000 on April 1,
to 1946, inclusive.
1942 and 1943.
2084
Financial
Chronicle
Rate of interest to be in multiples of
of 1%. and must be tue same for
all of the bonds.
Denom. $1,000.
Dated April 1, 1938.
Prin. and Int.
payable at the Central Hanover Bank & Trust Co., New York.
No bid
for less than par and accrued inter *t will be considered.
The approving
opinion of Storey, Thorndike Palmer & Dodge, of Boston, is to be furnished.
A certified chock for $1 000, payable to the City Clerk, must
accompany
the bid.
JASPER, Ala.—BOND OFFERING—It is stated by F. L. Crocker, City
Clerk, that he will offer for sale at public auction on March 25, at noon, a
$21,000 issue of 5% sewer bonds.
Denom. 1,000.
Dated March 1, 1938.
Due
March
1
as
MONTEREY
193654
COUNTY
Birmingham), Ala.—BONDS OFFERED TO INVESTORS—A new issue of $313,000 3y2 % bonds, due
April 1,
1941 to 1953, incl. was awarded to Watkins, Morrow & Co. of
Birmingham,
and
associates,
March
19.
on
The
their bid of 99.70,
bonds
were
as
reported in detail in
reoffered at
prices
to yield
issue of
our
from 2.50%
to
3.50%, according to maturity.
Those associated with Watkins, Morrow & Co. in the purchase of
these
bonds were Marx & Co. of Birmingham, and Kalmap & Co. of St.
Paul.
Financial Statement (as Officially Reported)
Assessed valuation
1936
(60%)
$262,864,944
12,351,500
12,351,500
Total indebtedness
Net debt
Population
(1930 census), 431,495.
The above statement as to bonded debt does not include
overlapping
debt of other political subdivisions for which the property represented
by
the assessed valuation is subject to a tax.
These bonds are direct general obligations
out of a constitutional
of Jefferson County, payable
There is a constitutional
special tax of 2K mills.
debt limit of 3H % of the assessed valuation for road, court house and
jail,
and
bridge bonds.
Tax Collections
Fiscal Year End. Sept. 30—
$10,786,762
9,885,561
8,723,692
8,116,876
7,704,199
-
-
Total Levy
,
1932.
—-
-
% Uncollected
Sale Day
3.3%
4.3%
2.1%
1.5%
at
ARIZONA
(P. O. Safford), Ariz .—BONDS SOLD—
The County Board of Supervisors recently concluded the sale to
Iiefsnes,
construction bonds on a bid
of $850 premium plus
accrued interest from Oct. 15, 1937.
Issue was
Ely* Beck & Co., Phoenix, of $34,000 school
new
school
146, p. 1749—were sold as 6s at par.
$1,000 from Jan. 1. 1948 to 1957 inclusive.
Dated Jan.
1,
1938.
Due
nterest rate
County
rates of interest for
4%
Ark.—BOARDS SOLD
semi-ann.
bonds
revenue
TO
were
PWA—It
purchased
a sum not less than 10
% of the par value
for, payable to the order of the Clerk of the Board of
Supervisors, must accompany each bid.
is
reported
at
par
by
Said
the
CALIFORNIA
Nathan Straus, Administrator of the United States
Housing Authority,
today hailed the action of Governor Frank F. Merriam in signing four bills
giving the State of California effective housing legislation, as the "green
light' for slum clearance and low-rent housing construction in that State.
"The Governor's action clears the way for California's
participation in
the nation-wide $500,000,000 program of slum clearance and
low-rent
housing, financed by loans and annual subsidies from the United States
Housing Authority," the Administrator declared.
He pointed out that California thus enters the "honor list" of
States
having adequate enabling legislation under which they can share in the
benefits of the Government's gigantic housing
program.
now
have
no
housing legislation whatever.
Alabama,
Illinois, Massachusetts and Montana have Acts which are held to be in¬
complete in that they fail to provide for tax exemption or remission of taxes
on projects to be constructed under the
Wagner-Steagall Housing Act.
California is the 32d State to enact housing laws
providing for the es-"
tablishment of local Housing Authorities.
When Virginia's Legislature
passed its housing law on last Friday, Mr. Straus predicted the
beginning
of a parade of States to place themselves within the
provisions of the United
States Housing Act.
The prophesy was fulfilled a few hours later when
the California Legislature took similar action.
"Today every State along the entire Atlantic seaboard, from Massa¬
chusetts to Florida, inclusive, has legislation
permitting them to participate
in the public low-rent housing and slum clearance
program in which the
United States Housing Authority lends up to
90% of the development cost
of the
projects to be initiated by local Housing Authorities," Mr.
Straus said.
"It is exceedingly gratifying to see the drive for
decent housing for the
lower third reach the West Coast.
So far, the most westerly cities
Government housing projects
Enid and Oklahoma City, in Oklahoma,
long has had
a
Municipal Housing Commission under the leadership of Walter Wright
Alley, its Executive Director, and has prepared to be among the first
California cities to apply for a loan from the United
States Housing Au¬
thority.
just enacted provide for tax exemption of low-rent
housing property, for cooperation with the Federal Government in the
construction of developments and for the
expeditious condemnation method
of acquiring land through the exercise
by the State of the right of eminent
domain.
CALIFORNIA, State of—WARRANT SALE—The $2,000,000 issue of
unemployment relief registered warrants offered for sale on March 21—
V. 146, p. 1919—was purchased by a
group composed of Blyth & Co.,
Inc., Schwabacher & Co. and Kaiser & Co., all of San
Francisco, paying an
interest rate of 0.75% plus a premium of $1,442.
To be dated and delivered
March 23, 1938.
To mature on or about Aug. 31, 1938.
The second highest bid was submitted
jointly by the American Trust Co.,
and the Bankamerica Co., both of San
Francisco, offering a tender of $175
premium
on
the same interest rate
as
will
We are informed that no other bid
was
received.
be
delivered at the office
of the
County Treasurer of
_
Union
High
School
District
has
district under the laws of the State of California
The assessed valuation of the taxable
been
acting as a school
continuously since 1882.
property in said school district is
$27,057,758.00, and the outstanding bonded indebtedness is $244,000.00.
NEVADA
IRRIGATION
DISTRICT
(P.
O.
Grass Valley)
Calif.—
REPORT ON BOND TENDERS ACCEPTED—In connection with the call
for tenders for the sale to the above district of
refunding bonds in the
principal sum of $218,000, as noted in these columns recently—V. 146. p.
1750—it is stated that a total of $287,000 in bonds were
purchased, the
maximum price paid being 61.75.
The principal offerings are said to have
come from the Bankamerica Co. of San Francisco, at the
top quotation,
other tenders were received by the district from Brush
Slocumb & Co. of
San Francisco, at prices ranging from 59.75 to a peak of 61.50.
ORANGE COUNTY (P. O. Santa Ana) Calif —BOND
OFFERING—
Bids will be received until April 12, according to report, for the
purchase of
an issue of $1,455,000 flood control bonds
by J. M. Hacks, County Clerk.
Interest rate is not to exceed 5% payable J. & J. Due on Jan. 2 as
follows:
$125,000 in 1939, and $70,000 from 1940 to 1958.
(We reported in these columns last August that the
the issuance of $2,500,000 in bonds toward
a
voters had approved
water conversation and flood
control program.
In September the issuance of these bonds was authorized
by the Board of County Supervisors, as was also noted here.)
SAN CARLOS, Calif.—BONDS VOTED—The proposal to issue
$28,100
park site purchase bonds was approved by the voters at a recent election.
from
10 years.
to
one
SANTA
BARBARA
COUNTY
(P.
O.
Santa
Barbara), Calif.—OF.
FERING
OF
$40,000
CARPINTERIA
UNION
SCHOOL
DISTRICT
BONDS—J. E. Lewis, County Clerk, will receive sealed bids until 10 a. m.
on April 11 for the purchase of S4O.0OO
3M% bonds of the above district.
Dated Sept. 13, 1937.
Denom. $1,000.
Due $5,000
annually on Sept.
13 from 1950 to 1957 incl.
Interest payable annually for the first
year and
semi-annually thereafter.
A certified check for 3% of the amount bid,
payable to the order of the County Treasurer, must accompany each pro¬
posal
(This notice supplements the offering report given in our issue of Mar. 19.)
.
BEACH, Calif.—BOND ELECTION—The proposal to issue
$101,500 of bonds for the construction of a new pier will be submitted to
an election to be held on April 12.
the voters at
VENTURA
SCHOOL
COUNTY
(P. O. Ventura), Calif.—SANTA PAULA
ELECTION INVALIDATED—A bond
election! at
considering the proposed issuance of $115,000 inischooi
recently invalidated when high watersj^caused the!closinglof the
DISTRICT
was
were
COLORADO
BENT COUNTY
SCHOOL DISTRICTING." 10 (P. O. Las
Animas)
Colo.—BOND SALE DETAILS—It is stated by the Superintendent o
Schools that the $66,000 construction bonds purchased
jointlylby Oswald
F. Benwell and Donald F. Brown & Co., both of Denver, as noted in
these
columns recently—V. 146, p. 1750—were sold as 3s, at a
pricelof 98.867,
a basis of about 3.22%.
Due$6,000 from Sept. 1,1939 to 1949, inclusive.
CORRECTION—It was later reported by the above-mentioned Superin¬
tendent of Schools, that the said bonds were issued for the account of the
County High School District, not for School District No. 10.
MONTEZUMA COUNTY SCHOOL DISTRICT NO. 1 (P. O.
Cortez),
Colo.—BONDS SOLD—An $18,000 issue of 4K% funding bonds has been
purchased recently by Brown, Schlessman, Owen & Co. of Denver.
Denom.
$1,000.
Dated March 1, 1938.
Due on March 1 as follows: $1,000 in
1939 and 1940 and $2,000 from 1941 to 1948, incl.
Prin. and int. (M. & S.)
payable at the office of the County Treasurer.
Legality to be approved by
Myles P. Tallmadge, of Denver.
PUEBLO, Colo.—BONDS CALLED—It is stated by George J. Stumpf,
City Treasurer, that the following special improvement district bonds were
called for payment on March
15:
Mesa No. 2, bond No. 99.
Lake Avenue, bond No. 89.
Fountain, bonds Nos. 137 and 138.
Bay State, bond No. 61.
Mesa No. 1, bonds Nos. 301 to 305.
East Evans, bond No. 86.
East 8th, bonds Nos. 84 to 86.
North Side, bonds Nos. 396 to 401.
Bruner Park, bonds Nos. 69 and 70.
East Abriendo, bonds Nos. 91 and 92.
East 4th, bonds Nos. 97 and 98.
Newport, bond No. 93.
Northern, bond No. 33.
Eiler, bond No. 40.
Blake, bonds Nos. Ill to 113.
West, bond No. 38.
State, bond No. 14.
Berkley, bond No. 37.
Somerlid, bond No. 58.
S. & S. Sewer B, bond No. 149.
CONNECTICUT
NEW LONDON, Conn.-FINANCIAL STATEMENT—
Carey Congdon, Director of Finance, has prepared the following:
Financial Statement, Jan, 1,1938
Officially estimated actual value
levy.
Assessed
of all property, Oct. 1,1936
$67,272,736.00
_
value
of all prop. for taxation Oct. 1,1936 levy
Assessed value of real prop, for taxation Oct. 1,1936
51',364.541.00
_
Assessed value of exempted
prop, allowed by statute for com¬
puting bonded debt limit Oct. 1,1936 levy
Assessed value of real property is based on
95%
approximately 65% of the total value of real estate
r6sid.6ntiEl
Gross bonded debt
Less: Water bonds
46,678,924.00
9,176,543.00
of its actual value,
be classified as
may
$2,404,000.00
Sinking fund, other than
Sinking fund, water
Special assessment bonds
$1,034,000.00
48,343.87
222,669.07
water
None
1,082,343.87
Net bonded debt
$1,321,656.13
Legal debt limit additional
Short term debt: Tax anticipation notes
Short-term debt issued for other purposes
Cash on hand, Dec. 31, 1937
Population,
above.
ADDITIONAL WARRANT SALE—The
$1,624,075 issue of registered,
revolving fund replenishment warrants offered for sale on March 25 were
awarded jointly to the Bankamerica Co. and the American
Trust Co., both
of San Francisco, at 1% plus a premium of
$1,024.79, according to Harry
B. Riley, State Controller.
Warrants to be dated and delivered as of
March 29, 1938.
To be called for retirement on or about Aug. 31. 1938.
bonds
said county.
The Salinas
having
are
Dallas, Texas, and Omaha, Neb. California is now in a position to eliminate
slum and blighted areas in its cities
along the Pacific and to provide modern
ow-rent housing for families in the lowest income
groups."
Despite the absence of State housing laws, Los Angeles
The California laws
bid
that
CALIFORNIA, State of—LEGISLATURE ENACTS SLUM CLEAR¬
ANCE MEASURES—The following press release was made
available from
Washington on March 16:
States
bonds
polls.
Public Works Administration.
Sixteen
different maturities of said bonds.
A certified or cashier's check for
of the
bonds
PARAGOULD,
not
Treasury.
A satisfactory legal approving opinion will be furnished to the
successful bidder without charge.
Said bonds will be sold for cash and at not less than par and accrued
interest to date of delivery, and each bid must specify the rate of interest
offered and must state that the bidder offers par and accrued interest to
date of delivery, and state separately the premium, if any, offered for the
bonds for which the bid is made.
Bidders will be permitted to bid different
which voters
ARKANSAS
$100,000
Calif.—SALINAS UNION
SEAL
TOLLESON, Ariz.—PRICE PAID—It is now reported by H. C.
Arnold, Town Clerk, that the $10,000 water works bonds purchasedfby
Kirby L. Vidrine & Co. of Phoenix, as noted in these columns
recently
—V.
O. Salinas),
SANGER, Calif.—BOND SALE DETAILS—It is now reported by the
City Clerk that the $50,000 water system bonds purchased by E. H. Rollins
Sons of San Francisco, as noted in these columns last
December, were
sold as 2?^s at a price of 100.253, a basis of about
2.70%.
Due serially in
PIMA SCHOOL DISTRICT
by the district as the basis for a fund of $62,000 to erect a
building under a grant of Public Works Administration funds.
(P.
&
Taxes are delinquent after Dec. 31.
Tax sales are held annually about
May or June. The excellence of ad valorem tax collections is demonstrated
by the above record,
voted
COUNTY
Dated April 15, 1938.
Due as follows: $12,000, 1939 to 1948, and $13,000,
1949 to 1958.
Principal and interest payable in lawful money at the
O.
(P.
1938
Jurchase of a is
$250,000 exceedof Salinas Union High SchoolDenom. $1,000.
to issue
District bonds.
5%, payable A. & O. 15.
Prin. and semi-ann. int.
JEFFERSON
26,
HIGH SCHOOL DISTRICT OFFERING—Sealed bids will be received until
10 a. m. on April 1, by C. F. Joy, Clerk of the Board of Supervisors, for the
follows:
$2,000. 1939 to 1948, and $1,000 in 1949.
payable at the First National Bank of Birmingham.
A certified check for 1% of the amount of the bonds bid for, payable to the
city, is required.
The city reserves the right to redeem said bonds, as a whole or in
part,
solely for the sinking fund securing the same at the option of the said city,
on any interest payment date before maturity, at par and accrued
interest
plus a premium of 2M% of the principal if redeemed during the first five
years after date of said bonds, a premium of 2% if redeemed during the
sixth year, a premium of
1}4% if redeemed during the seventh year, a
premium of 1% if redeemed during the eighth year, a premium of J£%
if redeemed during the ninth year, and without any premium if
redeemed
during the tenth year.
If less than all of said bonds then outstanding
shall be called for redemption at one time, the bonds so to be
redeemed
shall be drawn by the City Treasurer by lot from the said bonds then
outstanding.
on
March
LOS ANGELES COUNTY (P. O. Los Angeles), Calif.—ROSEMEAD
ELEMENTARY SCHOOL DISTRICT BOND ELECTION—At an election
to be held on April 22, voters will be asked to approve the
issuanceiof
$50,000 school construction bonds.
census
$1,700,000.00
$400,000.00
None
150,717.37
1930, 29,640; estimated. 1936, 32,000.
Taxes, Rate per $1,000
1933
Levies
1934
$30.00
$28.50
1935
-
$29.00
1936
$27.50
Grand List
Levy, 1936
Levy, 1935
Increase
$51,364,541.00
51,136.055.00
$228,486.00
11199933312456
for the Fiscal Years Ended Sept.
Tax Collections
1937, Incl.
30. from 1931 to
$1,475,219.73
1936 to Sept. 30, 1937—
31, 1937:
$42,791.15
32,722.42
71,020.58
118,084.19
183,162.17
Levy—1932 and all prior levies
Levy—1933—
Levy—1934
Levy—
.
Levy—1936
$447,780.51
Total.
Oct. 1, 1937 to Sept. 30,
debt—Serial
bonded debt—Long-term
Debt service for fiscal year
1938:
$46,051.25
14,875.00
150,000.00
35,000-00
Interest on bonded
Interest on
Serial bonds maturing
Long-term bonds
maturing
P* FORT
debt
capita tax
Per capita
from current operation for the fiscal year ended:
30, 1933
30, 1934
30, 1935
30, 1936
for fiscal year Oct. 1, 1936—Sept. 30, 1937
for fiscal year Oct. 1, 1937—Sept. 30, 1938
Increase (all salary
and wage cuts restored Oct.
July I and
2% for the
$100,614.98
66,333.98
102,775.01
89,017.32
1,606,742.00
1,714,355.91
$107,613.91
1,1937)
operating on a cash balanced budget. The principal and
interest of all obligations issued by the city have been paid promptly at
maturity.
There is no litigation pending, affecting the validity of any
bond issue.
'
'
.r"
■
,
The city is now
BROOKFIELD
(P.
The Board of Selectmen
for
the
O. Brookfield), Conn.—BOND OFFERING—
will receive sealed bids until 2 p. m. on April 15
2%% coupon, registerable as to principal
purchase of $50,000
1, 1937. Denom. $1,000. Due $2,000
Principal and interest (A. & O.) payable
The bonds are general
and direct obligations of the town, payable from ad valorem taxes on all its
taxable property.
A certified check for $1,000, payable to the order of the
Treasurer, must accompany eacn proposal.
The approving legal opinion
of Ropes, Gray, Boyden & Perkins of Boston will be furnished the successful
only, school bonds.
Dated Oct.
on Oct. 1 from 1938 to 1963, incl.
at the
City National Bank
Conn.—BOND
SALE— The
$1,085,000 coupon or
1750—were awarded to a
Inc., First Boston Corp.,
Co., all of New York, as
of $2,060.40, equal to 100.189, a basis of about
registered bonds offered March 16—V. 146, p.
syndicate composed of Brown Harriman & Co.,
Harris Trust & Savings Bank, and Eldredge &
2%s, at par plus a premium
2.734%.
The sale included:
$10,000
$500,000 funding bonds, series of 1938.
Due March 15 as follows:
from 1939 to 1948 incl. and $40,000 from 1949 to 1958 incl.
of 1937.
585,000 street and general improvement bonds, series
$65,000 each March 15 from 1950 to 1958 incl.
Due
dated March 15, 1938.
They were re-offered by the
bankers to yield from 0.75% to 2.75%, according to maturity.
Phelps,
Fenn & Co. of New York, second high bidder, offered a premium of $683.55
for a combination of $245,000 4s, due from 1939 to 1950 incl., and $840,000
2^s, maturing from 1951 to 1958 incl.
Financial Statement March 8,1938
$200,962,056.00
31 mills
Grand list 1937
1937, payable May 1 and
Estimated Revenues for
From
Oct. 1,1938
the Year 1938
general property taxes
items—including State school grants,
grants and gifts
Miscellaneous
licenses,
$5,177,000.00
assessments, water rents,
1,083,715.00
Total estimated revenues
$6,260,715.00
Bonded Indebtedness
$6,555,000.00
1,350,000.00
747,000.00
Department
School buildings
Other public buildings
Highways
Water
2,768,000.00
1,494,000.00
Sewerage
Parks
255,500.00
3,490,000.00
1,500,000.00
Funding
ReUef...————
indebtedness
Total bonded
$18,159,500.00
6,555,000-00
m
„
Less water bonds
Net bonded
1880
1910
$11,604,500.00
indebtedness
Statistics of the City
of Waterbury Population at
33,202
91,715
1890
1920
—20,270
73,141
51,139
101,025
Department is owned and operated by the municipal govern¬
ment and has a total storage capacity in excess of three billion gallons.
The city is noted for the diversity of its many industries and business.
Its principal industries being the manufacture of rolled and cast brass,
copper and German silver wares, lamp trimmings, boilers, buttons,
clocks, watches, plated ware, pins, eylets, electric light and telephone wire,
machinery, chemicals and munitions of war.
Waterbury is the center of the brass industry of the United States and
The Water
buckles,
produces more
than one-half of the
country.
Annual factory
bonds.
Bidders
to
name
the
manufactured brass and copper in the
payroll estimated at
There is no controversy or
$125,000,000.
threatened affecting the
of said municipality, or the title of
offices, or the validity of its bonds
payment of any obligations.
BONDS
FLORIDA
of interest.
trie),
SCHOOL DISTRICT (P. O. Moul¬
SALE—The $2,500 issue of auditorium-gymnasium
for sale on March 18—V. 146, p. 1751—was
of Macon as 5s, at a price of 105.50, a basis
Dated Feb. 15. 1938.
Due $500 from Feb. 15, 1943 to
Ga.—BOND
and equipment bonds offered
awarded to Brown & Groover
of about 4.10%.
1947, inclusive.
/.
-
DISTRICT NO. 42 (P. O. Carrollton)#
Ga.—BOND OFFERING—Sealed bids will be received until 7:30 p. m. on
April 1 by C. R. Hart, Secretary-Treasurer of the Board of Trustees, for
the purchase of a $20,000 issue of 4% construction bonds.
Denom. $1,000.
Dated Jan. 1, 1938.
Due $1,000 from Jan. 1, 1940 to 1959, incl.
In¬
terest payable annually on Jan. 1.
Legality to be approved by J. L. Smith
TEMPLE LOCAL SCHOOL
of Carrollton.
IDAHO
INDEPENDENT SCHOOL DISTRICT, CLASS A,
NO. 1 (P. O. Idaho Falls), Idaho—BOND OFFERING— Sealed bids will
be received until 7:30 p. m. on April 1 by the District Clerk for $35,000
negotiable coupon bonds dated Jan. 1, 1938, due and payable in numerical
order upon an amortization plan as provided by the Session Laws, Cnap.
65, 1937, first payment due Jan. 1, 1939, and annually thereafter to Jan. 1.
1957.
Denom. $1,000.
Interest rate not to exceed 4% per annum,
payable Jan. 1 and July 1.
Cash or certified check for 5% of amount of
IDAHO
FALLS
bid required.
ILLINOIS
TOWNSHIP. Iroquois County, 111.—BOND SALE—John
Nuveen & Co. of Chicago nave purchased an issue of $80,000 4% coupon
road bonds.
Dated March 1, 1938.
Denom. $1,000. Due Dec. 15 as
follows:
$7,000,
1940 to 1942 incl.;
Clyde C. Pierce Corporation
Bank Building
National
made by the bankers
maturity. Principal
payable at the First
by Chapman &
CANTON, 111.—BOND
Branch Office:
Bank Building
TAMPA
T. S. Pierce, Resident Manager
FLORIDA,
&
equip¬
Pre¬
bankers purchased an issue of $35,000.
amount of $35,000 and $31,000. Other
ment bonds at par
reported that the
bonds in the
$31,000, were as follows:
viously it was
Bids were asked for
bids, also for
Premium
$4,200.00
3,437.90
—
3,081.00
Channer Securities Co
2,247.50
CHEBANSE,
111.—BONDS VOTED—At a recent election voters
approved the issuance of $60,000 bonds for new stone highway.
COOK COUNTY (P. O. Chicago), 111.—WARRANT SALE—A group
composed of Stifel, Nicolaus & Co., A. C. Allyn & Co., Inc. and John W.
Clarke, Inc., all of Chicago, purchased on March 21 an issue of $4,350,000
Bidder—
John Nuveen &
Co__
Mississippi Valley Trust
Harris Trust & Savings
Co
Bank
anticipation warrants of
$3,500,000 Cook County
.
'2
1938, divided as follows:
warrants, comprising
(State of)—REPORT ON MUNICIPAL SITUATION—
is taken from the March bulletin on municipal
& Co., Congress Building, Miami:
developments of any particular moment
in the Florida municipal bond situation since our last bulletin.
Prices are
somewhat firmer, with a fair demand. Offerings, however, are still relatively
scarce.
It appears that owners of Florida municipals are beginning to
realize that many of their Florida bonds are cheap in comparison with
bonds, issued by A. B. Morrison
There have been no changes or
States.
Florida, as a whole, has enjoyed a good winter season.
Tourists
not been confined to a few favored sections but pretty well scattered
the State.
There hasn't been the lavish spending that has
' -V
- ..
$750,000 2s and $2,750,000
.
have
over
characterized
'
••
'■
'
\* '
$100,000 2s
200,000 Cook County Forest Preserve District warrants bearing 2K%
interest.
1
The bankers paid par plus a premium of $250 for the warrants, the
average interest cost being about 2.18%.
Re-offering was made at prices
to yield from 13^% to 2%, according to numerical order.
Immediate
650,000 Cook County highway
and $550,000 2Ms.
fund warrants, comprising
_
re-sale was
reported by the
underwriters.
Lindheimer, County
anticipation warrants
Financing has already
WARRANT SALE NOT SCHEDULED—Horace G.
reports that an issue of $3,500,000 tax
will not be sold on March 28, as previously stated.
been completed as noted above.
DISTRICT NO. 216 (P. O.
$300,000 4% funding bonds
COOK COUNTY NON HIGH SCHOOL
Chicago), III.—BOND SALE DETAILS—'The
reported in
a price
semi-annual interest
approved
the bonds are
of the school district, payable from un¬
C. Speer & Sons Co. of Chicago, as previously
these columns—V. 146, p. 1920—were purchased by the bankers at
of par.
Dated March 15, 1938.
Principal and
(J & J.) payable at the First National Bank, Chicago.
Legality
by Holland M. Cassidy of Chicago.
According to counsel,
sold to the H.
taxable property.
authoriz¬
bonds and $15,000 water-
COULTERVILLE, III.—BONDS A UTHOR1ZED—Ordinances
ing the
issuance of
bonds were
$20,000 general obligation
Village Board.
GALENA SCHOOL DISTRICT NO. 120 (P. O. Galena), 111.—BONDS
DEFEATED—At a recent election the proposal to issue $110,000 school
recently passed by the
bonds was defeated.
MORA (P. O.
Phillios Corp. of
The following statement
bonds of other
bonds sold to Doyle, O'Connor &
previously reported in these columns
Interest cost about 3.46%.
CHAMPAIGN, 111.—BOND SALE CORRECTION—Bartlett, Knight
awarded on March 17 an issue of $31,000 4% fire
plus a premium of $4,725.95, equal to 115.24.
Co. of Chicago were
construction
FLORIDA
$450,000 3M% sewage
SALE DETAILS—'The
plant and water department revenue
Co. of Chicago, at a price of 100.666, as
—V. 146, p. 1920. mature in 30 years.
revenue
FLORIDA
JACKSONVILLE
First National
incl. and
$8,000 from 1943 to 1946
$9,000 from 1947 to 1949 incl.
Reoffering is being
at prices to yield from 1.50% to 2.90%, according to
and interest (J. & D. 15, first payment June 15, 1939)
National Bank of Chicago.
Legality to be approved
Cutler of Chicago.
full and direct general obligations
limited ad valorem taxes on all of its
Barnett
the Town Clerk, until
$25,000 school building
Denom. $1,000. Due
ROSE HILL CONSOLIDATED
Treasurer,
litigation pending or
corporate existence, or the boundaries
its present officials to their respective
and no default has ever been made in
rate
1967, inclusive.
$1,000 from June 1, 1943 to
tax
Different Periods
1900
1930
Aiken, S. C.),
It is reported that sealed bids will be received by
11 a. m. on March 3Qjfor the purchase of an issue of
ASHKUM
All of the bonds are
Tax rate on list
GEORGIA
NORTH AUGUSTA, (P. O.
& Trust'Co., Danbury.
bidder.
WATERBURY,
Fla.—BONDS
the next five and 5% thereafter.
General
Surplus
Sept.
Sept.
Sept.
Sept.
Budget
Budget
VALIDATED—A proposed issue of
A. Smith of the
dated as of last
bearing interest at the following rates: 1 )4 % for the first year;
next three years; 234% the next three; 3% the next three; 4%
PIERCE,
$3,456,000 refunding bonds was validated by Judge Frank
Circuit Court.
New bonds are 35-year term obligations^
$245,926.25
$41.30
$44.14
Total
Per
season in some previous years, but the total number of tourists has
probably been at least equal to that of any other year.
Tax delinquencies have always been a major problem in Florida.
Un¬
fortunately, some shortsighted politicians, intent only on continuing to hold
office, have busied themselves with passing laws to help the tax dodger.
The Murphy bill, mentioned in previous bulletins, allowing certain delin¬
quent taxes to be settled for a few cents on the dollar, is a case in point.
And many city officials have refused to push collection of delinquent taxes
on one excuse or another, but actually
because they didn't want to lose
votes.
It has taken a long time, but finally the tax-paying citizens are
beginning to demand, in no uncertain terms, that an end be put to taxdodging. Fort Myers has shown one way to make delinquents pay. The
officials simply decided to cut off water, sewer, gas, garbage, and other
city services until taxes were paid.
Result, taxes came in in a stream.
More power to the officials of Fort Myers and may their example be con¬
tagious.
From the indignation against the Murphy bill and the wide¬
spread efforts being made toward a more equitable tax system, it really
looks as though perhaps tax delinquency would be penalized in future and
not tolerated or considered smart.
the
Tax Levy
Collected
P.C.Coll'Vd
$1,313,113.45
.$990,518.98
75.4
1,326,192.90
966,470.75
73
1,585,586.49
1,183,480.77
75
1,514,923.80
1,172,130.24
77.6
1,482,945.72
1,199,731.53
81.2
1,412,524.88
1,182,762.-53
83.8
Taxes Due—First instalment, April 15, penalty date. May 15.
Second
instalment Aug. 15, penalty date, Sept. 15.
Total tax collections on all levies for the fiscal year Oct. 1,
Levy—
Delinquent taxes as of Dec.
2085
Chronicle
Financial
146
Volume
SALE DETAILS—The Wh.tethe issue of $58,000 4% road bonds
146, p. 1751. Price paid was par and
Kempton), III.—BOND
Davenport purchased
reported sold in a recent issue—V.
premium of $683.40, equal to
101.178.
III.—BONDS SOLD—The $120,000 highway improvement
authorized at an election last July were sold to Ballman & Main
OAKLEY,
bond issue
of Chicago.
RIVER
voters on
FOREST PAR Z
March 29 will be
DISTRICT, III.—BOND
asked to approve an issue
as 3J4s.°n
provement bonds.
This issue was offered
returned unopened and action in the sale
election now scheduled.
ELECTION—The
of $50,000 park im¬
Feb. 8. Bids were
deferred pending result of the
2086
ELECTION
voters the
vious
Financial Chronicle
FRANCIS
ST.
TOWNSHIP, Effingham County, III.-—'NEW BOND
PLANNED—The
for $25,000 bond issue
basis
about
March
III.—BONDS
to the
H. C.
SOLD—An issue of
an
offer of $839 premium on 3s, submitted
Co., Inc., New
York, as 24.8, at par plus a premium of $3,880, equal to
101.94, a basis of
about 2.05%, as previously reported in these
columns—V. 146, p. 1920—
were also bid for as follows:
Bidder—
1948.
Harris Trust &
Int. Rate
Savings Bank, Chicago
The First National Bank of
Chicago, Chicago.
Mercantile-Commerce Bank & Trust Co. and Almstedt
Brothers, Louisville
ALEXANDRIA,
Ind.—BOND
SALE—The
$20,000
swimming
pool
—
construction bonds offered March 18—V. 146, p. 1751—was awarded
as
3s at par plus a premium of $401, equal to 102.005, a basis of about
2.78%.
Dated March 18, 1938 and due $1,000 on July 1 from 1939 to
1958. incl.
Name of purchaser not disclosed.
The Indianapolis Bond & Share Corp.,
Indianapolis, second high bidder, offered a premium of $238.
The bonds were purchased by the Commercial Bank & Trust Co.
of
Alexandria. Dated March 18, 1938 and due $1,000 on July 1 from
1939 to
1958 incl. Other bids were as follows:
Bidder—
____
McNurlen & Huncilman
„
$238.00
211.50
of the cost of a high school building to be located in Brownstown
and to be
through the joint efforts of the civil town, Brownstown School
Town and Brownstown School Township.
Bonds will be direct obligations
of the civil town, payable from ad valorem taxes to be
levied on all of its
property within the limits prescribed by law.
No conditional bids will be
considered.
Bonds will be ready for
delivery within 10 days after award.
The civil town will furnish at its own
expense the
__
Successful bidder,
$735.00
104.00
292.40
2%%
2)4%
2)4%
2%
2A%
2)4%
2)4 %
215.00
121.00
376.00
27.20
304.00
251.50
33.00
BROWNSTOWN
SCHOOL TOWN (P. O.
Brownstown), Ind.—
BOND OFFERING—The Board of School Trustees will receive
sealed bids
until 2 p. m. (Central Standard Town) on April 8 for the
purchase of $11,000
not to exceed 5% interest school bonds.
Dated March 1, 1938.
Denom.
$500.
Due as follows: $500 on Jan. 1 from 1940 to
1944, incl.; $500 Jan. 1
and
poor
July 1 from 1945 to 1952, incl., and $500 Jan. 1, 1953.
Bidder to
single rate of interest, expressed in a multiple of 4 of 1%.
Pro¬
name a
ceeds of issue will be used to pay the school town's
portion of cost of new
school building to be constructed in Brownstown in
conjunction with the
Brownstown School Township.
The bonds are direct obligations of the
school town, payable from ad valorem taxes to be levied on its
property
within the limits prescribed by law.
No conditional bids will be
considered.
School town will furnish at its
the approving legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis.
Bonds will be ready
for delivery within 10 days after award.
own
expense
V BROWNSTOWN SCHOOL TOWNSHIP
(P. O. Brownstown), Ind.
—BOND OFFERING— Frank Ratcliff, Trustee, will receive sealed bids
until
2 p. m. (Central Standard Time) on April 8 for the
purchase of $30,000
not to exceed 5% interest school
building bonds.
Dated March 1, 1938.
Denom. $500.
Due as follows:
$1,000 on Jan. 1 and July 1 from 1940
1947 incl.; $1,500, Jan. 1 and $1,000 July 1 from 1948 to 1952 incl.;
$1,500 Jan. 1, 1953.
Bidder to name a single rate of interest, expressed
a multiple of M of 1%,
The bonds are direct obligations of the school
township, payable out of ad valorem taxes to be levied on all of its taxable
property within the limits prescribed by law.
No conditional bids will be
to
in
MIDDLETOWN SCHOOL TOWN (P. O.
Middletown), Ind.—BOND
OFFERING—The Board of Trustees will receive sealed
bids at the Farmers
State Bank, Middletown, until 2
p. m. on April 2 for the purchase of $8,906.05 not to exceed 4% interest school
building bonds.
Dated Feb. 1,
1938.
Due as follows: $500 July 1, 1939; $500 Jan. 1 and
July 1 from 1940
to 1947 incl. and $406.05 Jan.
1, 1948.
Principal and interest (J. & J.)
payable at the Farmers State Bank, Middletown.
Bidder to name the rate
of interest.
(The above issue is being in conjunction with an offering on the
same day
by Fall Creek School Township, also announced in this
issue, for the purpose
of financing an addition to the
high school bldg. in Middletown,
owned and
EDINBURG, Ind.—BOND ELECTION—At an election to be held on
March 29, voters will be asked to approve the issuance of
$111,000 sewage
system revenue bonds.
ELKHART COUNTY (P. O.
Goshen), Ind.—BOND OFFERING—
F. C. Mishler, County Auditor, will receive sealed bids
until 2 p. m. on
18 for the purchase of $49,500 not to exceed
4% interest "Com¬
missariat fund bonds."
Dated April 15, 1938.
Denoms. $1,000 and $500.
Due $5,500 on Nov. 15 from 1939 to
1947, incl.
Bidder to name a single
rate of interets, expressed in a
multiple of )4 of 1%.
Interest payable
M. & N. 15.
A certified check for 3% of the bonds bid
for, payable to
the order of the Board of
Commissioners, must accompany each proposal.
County will furnish at its own expense the approving legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis.
No conditional bids
will be considered.
The bonds will be
ready for delivery within 12 days
after the award.
The bonds are issued pursuant to
Chapter 50 of Acts of
1932, as amended, to provide funds for the Commissariat of Concord Town¬
ship and will be direct obligations of the county, payable out of unlimited
April
ad valorem taxes.
Financial Statement
Net assessed value of taxable
property
Outstanding debt (excl.
FALL
$81,605,217
present issue).
717,685
CREEK
SCHOOL TOWNSHIP (P. O.
Middletown), Ind.—
BOND OFFERING—A. J. Hupp,
Trustee, will receive sealed bias until 2
p. m. on April 2 for the purchase of $16,093.95 not to
exceed 4% interest
school building bonds.
Dated Feb. 1, 1938.
One bond for $593.95, others
$500 each.
Due as follows: $500
July 1, 1939: $500 Jan. 1 and July 1
from 1940 to 1942 incl.; $500 Jan. 1 and
$1,000 July 1, 1943; $1,000 Jan. 1
and July 1 from'1944 to 1948 incl.; and
$1,093.95 on Jan. 1,1949.
Principal
and Interest (J. & J.) payable at the Farmers
State Bank, Middletown.
(Proceeds of the sale will be used to pay township's share of the cost of
constructing an addition to the high school building in
Middletown, jointly
owned and operated by the
township and the Middletown School Town.
The latter unit, as also noted in this
issue, is offering for sale on the same day
$8,906.05 bonds to pay its proportion of the
expense.)
FARMLAND, Ind.—BOND OFFERING—Henry D. James, Town
Clerk,
will receive sealed bids until 7.30 p. m. on
April 4 for the purchase of $5,000
3%% bonds.
Denom. $250.
Due $500, July 15,
1940; $500, Jan. and
July 15 from 1941 to 1944 incl. and $500, Jan. 15, 1945. Cashier's
check
for not less than $200 must
accompany each bid.
GARY, Ind.—BOND OFFERING DELAYED—The
Library Board re¬
cently decided on a month's delay in advertising for bids on
an issue of
$75,000 bonds to finance the construction of a new
wing on the central
library.
HAMMOND SCHOOL CITY (P. O.
—The $183,500 issue of school
sale on March 25—V. 146, p.
Hammond), Ind.—BOND SALE
biulding and equipment bonds offered for
1920—was awarded
to
the
Bancamerica-
jointly
operated by tne two units.)
MUNCIE, Ind.—BONDS AUTHORIZED—'The City Council
recently
passed an ordinance authorizing the issuance of
$880,000 sewer disposal
plant bonds.
Sale of the bonds to Walter,
Woody and Heimerdinger of
Cincinnati at a 4% interest rate is
contemplated.
NORTH ANDERSON CONSOLIDATED SCHOOL
DISTRICT (P. O.
Anderson), Ind.—BONDS AUTHORIZED—City Board of Education
recently authorized the issuance of $70,000 school construction
bonds.
ROBB
TOWNSHIP
SCHOOL
TOWNSHIP
(P.
O.
Stewartsville),
Ind.—BOND OFFERING—Sealed bids will be received
by the Township
Trustee until 2 p. m. on April 9 for the
purchase of $14,000 4^% building
bonds.
Dated March 5, 1938.
Denom. $500.
Due as
follows: $500,
July 1, 1939 $500, Jan. 1 and July 1 from 1940 to 1952 incl. and
$500,
Jan. 1, 1953.
Interest payable J. & J.
The bonds are a direct
obligation
of the township, payable out of taxes to be
levied and collected on all of
its taxable property within the limits
prescribed by law.
TIPTON, Ind.—BOND SALE—The $144,000 municipal utility
revenue
bonds offered March 23—V. 146, p. 1751—were
awarded to John Nuveen
& Co. of Chicago, and Shannon, Kenower & Co.
of Detroit, jointly, as 3s,
at par plus a premium of $915.55,
equal to 100.635, a basis of about 2.92%
Dated April 1, 1938 and due as follows:
$5,000, April 1 and Oct. 1 from
1940 to 1952 incl. and $5,000 April 1 and
$9,000 Oct.
1, 1953.
IOWA
considered.
Bonds will be ready for delivery within 10
days after the
award.
The school township will furnish at its own
expense the approving
legal opinion of Matson, Ross, McCord & Clifford of Indianapolis.
taxable
property within the county.
Premium
2)4%
2,578.00
relief purposes, and are the direct
obligations of the county, payable out
of unlimited ad valorem taxes to be levied and
collected on all of the
approving legal opinion
Ross, McCord & Clifford of Indianapolis.
2)4%
2M%
61.00
3,667.50
2,711.00
Indianapolis), Ind —BOND OFFERING—
County Auditor, will receive sealed bids until 10 a.m.
April 4 for the purchase of $737,000 not to exceed
4% interest series of
1938 advancement fund bonds.
Dated April 1, 1938.
Denom. $1,000.
Due as follows: $36,000, June 1 and Dec.
1, 1939; $36,000, June 1 and
$37,000, Dec. 1, 1940; $37,000 on June 1 and Dec. 1 from
1941 to 1947
incl.
Bidder to name a single rate of
interest, expressed in a multiple of
)4 of 1%.
Interest payable J. & D.
A certified check for
3% of the
bonds bid for, payable to the order of the Board of
County Commissioners,
must accompany each proposal.
County will furnish the successful bidder
with the approving legal opinion of
Matson, Ross, McCord & Clifford of
Indianapolis.
No conditional bids will be considered.
The bonds will be
ready for delivery on April 11, 1938, and the successful bidder or
bidders
shall accept delivery and make
payment in full prior to the close of business
on that date, either at the office of the
Treasurer of Marion
County, located
in the court house, Indianapolis, or at such
bank in said city as shall be
designated by the purchaser.
Said bonds are being issued under
the
provisions of Chapter 117, Acts of
1935, for the purpose of securing
funds to be advanced by the
county to several townships thereof for
1, 1952.
multiple of )4 of 1%.
the civil town's share
Int. Rate
1,159.80
828.00
MARION COUNTY (P. O.
erected
Bartlett, Knight & Co., Chicago
Braun, Bosworth & Co., Toledo..
Brown, Harriman & Co., Chicago
City Securities Corp., Indianapolis
Fletcher Trust Co., Indianapolis
The First National Bank, Chicago
♦
Halsey, Stuart & Co., Chicago
Indianapolis Bond & Share Corp., Indianapolis
McNurlen & Huncilman, Indianapolis
John Nuveen & Co., Chicago
...
Charles A. Grossart.
BROWNSTOWN CIVIL TOWN (P. O.
Browndown), Ind.—BOND
OFFERING—Allan L. Lucas, Clerk-Treasurer of the Board of
Trustees,
bids until 2 p. m. (Central Standard
Time) on April 8
for the purchase of $13,000 not to exceed 5% interest school
building bonds.
Dated March 1, 1938.
Denom. $500.
Due as follows: $500 July 1, 1939;
$500 Jan. 1 and July 1 from 1940 to 1951, incl., and $500 Jan.
Bidder—
1,181.00
1,180.00
on
will receive sealed
pay
2,041.50
2)4%
BLOOMINGTON SCHOOL CITY, Ind.— LIST OF BIDS—The
$68,000
gymnasium bonds awarded to Halsey, Stuart & Co., Inc., Chicago, as 2s,
at a price of 100.04, a basis of about
1.99%, as previously reported in these
columns—V. 146, p. 1290—were bid for as follows:
Bidder to name a single rate of interest, expressed in a
Interest payable J. & J.
Funds will be used to
2,060.00
2M%
KENDALLVILLE, Ind.—BONDS AUTHORIZED—A special ordinance
authorizing construction of a new sewage disposal
plant and issuance of
$35,000 bonds was recently passed by the City Council.
Premium
Indianapolis Bond & Share Corp
$2,718.00
Chicago
Mississippi Valley Trust Co. and Boatmen's National
Bank, St. Louis
2)4%
Braun Bosworth & Co., Toledo
2)4%
Fletcher Trust Co., Indianapolis, and
Phelps, Fenn &
Co., New York
--2)4%
Bancamerica-Blair Corp., Chicago, and
City Securities
Corp., Indianapolis2J^%
Halsey, Stuart & Co.. Inc., Chicago
2)4%
Union Trust Co., Indianapolis Bond & Share
Corp.,
Indianapolis, and the Northern Trust Co., Chicago..
INDIANA
Premium
2)4%
2^ %
2)4%
2)4%
Smith, Barney & Co. and Bartlett, Knight & Co., Chic.
Brown Harriman & Co., Inc.,
*
1938
paying a premium of $1,582.75, equal to 100.862, a
2.91%.
Dated March 15, 1938.
Due from March 15,
INDIANAPOLIS SCHOOL CITY, Ind.—OTHER
BIDS—The $200,000 school construction bonds awarded to Barr Bros. &
Speer & Sons Co. of
WHITEHALL, 111.—BONDS SOLD TO PWA-'The Public Works Ad¬
ministration purchased at par the $68,000 4% gas revenue bond issue
which
was approved at an election last October.
of Matson,
26,
3s,
1949 to 1953, inclusive.
The second highest bid was
VIRGINIA, III.—BOND SALE CONTRACT-—C. W. McNear & Co. of
Chicago have contracted to purchase the $45,000 3% road bond issue which
was voted on March
15, according to Florence M. Graves, Town Clerk.
in
as
by the Harris Trust & Savings Bank of Chicago.
SCHOOL
DISTRICT.
$11,000 school building bonds was sold
Chicago.
Due
of
planning to resubmit to the
construction of new roads.
Pre¬
defeated.
New issue will be
was
for $30,000.
SULLIVAN
Corp.
township is
proposal to issue bonds for the
proposal
Blair
BELLE
PLAINE, Iowa—BOND SALE—The $66,000 issue of
sewage disposal plant bonds offered for sale on March 18—V.
—was awarded to W. D. Hanna &
Co. of
coupon
146, p. 1921
Burlington, Iowa, as 2 As, paying
premium of $25, equal to 100.037, a basis of about
2.49%.
Dated March
1, 1938.
Due from Nov. 1, 1943 to 1957 inclusive.
The second highest bid was an offer of
par on 2)48, tendered by the
a
Iowa-Des Moines National Bank of Des Moines.
GRAETTINGER, Iowa—BOND OFFERING—Sealed bids will be re¬
ceived until 8 p. m. on March 28,
by C. E. Norris Town Clerk, for the
a $7,500 issue of sewer bonds.
After the receipt of sealed bids,
open bids will be received and the bonds will then be sold to
the highest
bidder for cash.
Dated March 1, 1938.
Due $500 from Nov. 1
1940
to 1954 incl.
The bid of par and accrued interest or better
specifying the
lowest interest rate will be
given preference.
The approving opinion of
Chapman & Cutler of Chicago will be furnished and all bids
must be so
conditioned.
A certified check for $750
must accompany the bid.
purchase of
MAPLETON, Iowa—BOND SALE DETAILS—We are now informed
by the Town Clerk that the $7,500 5% swimming
pool bonds purcnased
by local investors, as noted here recently—V. 146,
p. 1921—were sold at
par. Denom. $1,000, and $100.
Dated April 1, 1938. Due on Oct.
1, 1942;
optional at any time prior to maturity. Interest
payable Oct. 1.
MARCUS, Iowa—BOND
Town
OFFERING— It is stated by William A.
Muller,
Clerk, that he will receive bids until 10 a. m. on March
26, for the
a total of $31,755.57
bonds, divided as follows:
$16,255.57
purchase of
street
improvement bonds $8,000 improvement fund
$4,000 sewer, and
$3,500 grading fund bonds.
Bonds and attorney's
opinion will be furnished
by the town.
Prin. and int. payable in Marcus.
SCOTT COUNTY (P. O.
Davenport), Iowa—FUNDING OF WAR¬
RANTS PLANNED—The Board of
Supervisors has passed a resolution
to retire and fund $89,000 of
poor relief warrants now outstanding by the
issuance of $89,000 negotiable
funding bonds; denom. $1,000, dated March
1, 1938 and due and payable in their numerical order
as follows:
$4,000,
Nov. 1, 1940; $31,000, Nov.
1, 1941; $28,000, Nov. 1, 1942; $26,000,
Nov. 1, 1943.
Bonds shall bear interest at the rate of
14% per annum,
payable Nov. 1, 1938 and semi-annually
thereafter, May 1 and Nov. 1.
Interest shall be evidenced by
coupons.
WRIGHT
COUNTY
(P. O. Clarion), Iowa—BOND
SALE—The
$530,000 Issue of primary road refunding bonds offered for sale on
March 24
—V. 146, p. 1752—was awarded to
Halsey, Stuart & Co., Inc., of Chicago,
as l^s, paying a
price of 100.83, a basis of about 1.55%.
Dated May 1,
1938.
Due $70,000 from 1939 to
1944, and $110,000 in 1945.
We
are
informed that these bonds will not be reoffered for
public sub¬
a few days.
scription for
KANSAS
BAXTER
SPRINGS, Kan .—BOND ELECTION—The proposed issu¬
of $35,000 hospital construction bonds will be
submitted to the voters
at an election to be held on
April 5.
ance
Volume
Financial
146
Chronicle
2087
BUHLER, Kan.—BONDS SOLD—It is stated by F. F. Matthies, City
Clerk, that $19,250 water works extension bonds have been purchased by
SPRINGHILL, La.—BONDS SOLD—We are now informed that the
$100,000 public utility extension and improvement, 1st. mortgage bonds
the State School Fund Commission, as 3s at par.i
offered for sale without success on March 14, as noted in these columns
—V. 146, p. 1921—were sold later to Lachlan M. Vass & Oo. of New Orleans,
as 5s at par.
Dated Feb. 1, 1938.
Due from Feb. 1,1940 to 1948 callable
V CLAY CENTER, Kan.—BOND ELECTION—At an election to be held
on April 5, voters will be asked to approve the issuance of $65,000 grade
after Feb.
1, J943.
school bonds,
WEST
ELLIS, Kan.—BOND SALE DETAILS—It is now reported by the
City Clerk that the $10,000 3M% semi-ann. pool construction bonds sold
recently, as noted in these columns—V. 146, p. 1921—were purchased
jointly by the Ellis State Bank, and the Farmers State Bank, ootn of Ellis,
at par.
Dated Feb. 15, 1938. Due in from one to 10 years.
ELLSWORTH COUNTY
SCHOOL
DISTRICT
NO.
April 1.
originally reported in these columns—V. 146, p. 1921—and
was awarded to Beecroft, Cole & Co. of Topeka, as Is, paying a premium
of $5.50, equal to 100-0022, a basis of about 0.997%.
Denom. $1,000.
Dated April 1. 1938.
Due $50,000 from July 1, 1939 to 1943 incl.
Pay¬
able at the State Treasurer's office or at the fiscal agency of the State in
New York City.
The second best bid was an offer of $595 premium on 1M% bonds, sub¬
mitted by Stern Bros. & Co. of Kansas City, Mo.
as
PARADISE, Kan.—BONDS SOLD—It is stated by L. E. Hutchcroft,
City Clerk, that $12,500 water system bonds were purchased by the RussellFarmers State Bank of Russell, as 4Ms, at par. Denom. $400, one for $500.
Dated Npv. 1, 1937. Due in 1954.
a special election to be
29, voters will be asked to approve the issuance of $100,000
in bonds for the construction of an electric generating plant and distribution
PLAINVILLE, Kan.—BOND ELECTION—At
held
March
on
system.
'
ST,. PAUL, Kan.—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. on April 4, by Roy J. Madl, City Clerk, for the purchase of a
$6,000 issue of 4% semi-ann. sewage disposal plant and sewer system bonds.
Dated March 15, 1938. Due $500 from 1939 to 1950 incl. These bonds were
approved by the voters at an election held on Feb. 8.
SMITH
CENTER, Kan.—BONDS AUTHORIZED—An ordinance has
of $41,000 refunding bonds.
been passed which authorizes the issuance
this bid.
'
_
_
.
|
^
Interest
rate is
MAINE
BRUNSWICK, Me.—OTHER BIDS—The $50,000 notes
the National
Rockland Bank of Boston, at 0.46% discount,
awarded to
previously
as
reported in these columns—V. 146, p. 1921—were also bid for
as
follows:
Bidder—
Discount
Merchants National Bank. Boston
Chase, Whiteside & Co., Boston
0.47%
0.475%
0.49%
0.54%
—
E. H. Rollins & Sons, Boston
Fredk. M. Swan & Co., Boston
—
Mansfield & Co., Hartford, Conn
Bancamerica-Blair Corp., Boston
0.59%
0.67%
_—
LEWISTON, Me.—NOTE SALE—A
sum of $90,000 w'as borrowed from
the Manufacturers National Bank of Lewiston at 2% interest.
MASSACHUSETTS
AMESBURY, Mass.—NOTE SALE—The First & Ocean National Bank
of Newburypot purchased on March 21 an issue of $75,000 notes at 0.45%
Due Nov. 25. 1938.
Other bids
were:
Discount
KENTUCKY, (State ot)—LOUISVILLE BRIDGE REFUNDING PRO¬
approximately $4,250,000 Louisville Bridge Commission 3 % revenue bonds,
due Nov. 1, 1955, through the substitution of Kentucky bridge revenue
obligations, appears in prospect if the Legislature in its current special
session passes the proposal to have the State Highway Department take
the Louisville-Jeffersonville structure.
First National Bank of Boston
Wrenn Bros. & Co
AMHERST,
Boston
was
State and municipal backing,
a
bill to that effect is being
accomplished with 2%% coupons.
They were issued
obligations.
originally were issued as 4^% securities.
Louisville Bridge Commission was created in 1928 by the General As¬
sembly for the purpose of constructing a bridge between downtown Louis¬
ville and Jeffersonville, Ind.
The span is a 6,000 foot structure, including
approaches, and is of modern steel and masonry construction, with four
traffic lanes.
Cost was $4,823,000.
It was opened to the public Nov. 1,
1929, and has been operated as a toll project since.
Earnings have shown
The bonds
Second
1938.
National
Bank
of
Other bids were:
Discount
-
—
0.29%
0.37%
^
revenue notes
1921—was awarded to Chace, Whiteside &
Boston, at 0.219% discount.
Dated March 21, 1938 and due
Nov. 5, 1938.
The New England Trust Co. of Boston, second high bidder,
of
rate of
a
0.27%, plus $1 premium.
OTHER BIDS—
Bidder—
Discount
Merchants National Bank of Boston..
Jackson & Curtis
(plus $1)
First National Bank of Boston
Bancamerica-Blair Corp. (plus $1).____...
R. L. Day & Co.
—
......
0.28%
0.29%
0.32%
0.44%
0.46%
BOSTON, Mass .—MAYOR PROPOSES $9,000,000 BOND ISSUE TO
RETIRE DOUBTFUL ASSETS—A $7,000,000 bond issue would be floated
to
fund
a
like amount of items of "questionable and doubtful" value that
city's books as assets for several years, under the
bill filed with the Legislature March 14 on petition of Mayor
have been carried on the
terms
substantial increases in recent years.
SALE—The
ANDOVER, Mass.—NOTE SALE—The issue of $125,000
named
The 3s are callable on 30 days'
_
Mass.—NOTE
offered March 21—V. 146, p.
effected at a saving in interest,
obligations issued since their flotation on representative projects having
notice until 1939, after which the premium decreases.
Nov. 1, 1936, to provide funds to retire outstanding
0.47%
0.49%
awarded March 21 an issue of $40,000 notes at 0.275% discount
Bidder—
Merchants National Bank of Boston
National Shawmut Bank
Co.
considered by a Senate committee.
It is expected that the change could be
0.46%
0.46%
Jackson & Curtis
Due Nov. 1,
POSAL BEFORE LEGISLATURE—Another refunding of the outstanding
,
not to exceed'6
%7~payable'mT&TNT""Th'e approving
opinion of Holmes & Ferguson of New Orleans, and the concurring opinion
of Clay, Dillon & Vandewater of New York, together with a
transcript of
the record of proceedings relating to the issuance of and sale of said
bonds
will be furnished the purchaser.
Bidder—
(P. O. Catlettsburg), Ky.—BONDS SOLD—We are
informed by the County Auditor that two issbbs of 4% coupon semi-annual
bonds aggregating $313,000 have been purchased by the Bankers Bond Co.
of Louisville, at a price of 100.01.
The bonds are divided as follows:
$213,000 funding and $100,000 refunding bonds.
Denom. $1,000.
Dated
July 1,1938.
Due over a period of 20 years, optional after five years.
Oak
School District No. 1 bonds.
Denom. $500.
Due
May 2, 1939 to 1958.
These bonds are the remainder of a
$65,000 issue, approved by the voters at the same election as above.
A $500 certified check, payable to the Treasurer, must
accompanv
Merchants National Bank of Boston
BOYD COUNTY
been
O.
bonds.
discount.
With both
(P.
from
KENTUCKY
over
DISTRICTS
20,000 Consolidated
as 2Ms, as noted
in these columns in February, were sold at par, and mature $2,000 from
Aug. 1, 1939 to 1953 inclusive.
on
SCHOOL
May 2, 1939 to 1963.
These bonds are the remainder of a $30,000
issue, authorized by the voters on May 18, 1937.
A $250 certified
check, payable to the Treasurer, must accompany the bid on these
purchased by the Lathrop-Hawk-Herrick Co. of Wichita,
KANSAS, State of—BOND SALE—The $250,000 issue of coupon
soldiers' compensation bonds was offered for sale on March 24, instead of
PARISH
Grove), La.—BOND OFFERING—Sealed bids will be received until 2 p.m.
April 18, by O. E. Huey, Secretary of the Parish School Board, for the
purchase of two issues of bonds aggregating $25,000, divided as follows:
$5,000 Epps School District No. 1 bonds.
Denom. $100.
Due from
on
24
(P. O. Ells¬
worth), Kan.—BOND SALE DETAILS—It is now reported by the Clerk
of the Board of Education that the $30,000 building construction bonds
CARROLL
of
a
Tobin.
KENTUCKY, State—COUNTY AID MEASURE TERMED VOID—
Possibility that the State will be unable to enact pending legislation which
would divert part of the rural road funds for payment of defaulted county
road and bridge bonds after 1940 developed on March 22 when the State's
Attorney General advised Governor A. B. Chandler that the bill now before
the Legislature would be "contrary to the constitution and void."
Some
of the bonds in default, he inferred, were issued in excess of the constitu¬
tional limitation and tnerefore, void.
Louisiana
The bill seeks authorization
for
an
imediate issuance of bonds
to eliminate
from the city's balance sheet at least $7,000,000 in uncollectable poll and personal property taxes, overlay deficits
and other items treated in past years as assets, but now regarded as having
little or no value.
issuance of bonds to eliminate
.
„
Actually, the bill seeks authorisation for the city to borrow $9,000,000
Purpose, but if the measure is passed it is
inside the debt limit for the
planned to borrow but $7,000,000 immediately, with recourse to be had to
the remaining $2,000,000 only in the event that the proceeds of the first
bond issue are found "inadequate to correct existing conditions."
Both Parties Back Bill
Municipal Bonds
filed in the mayor's behalf by Rep. John Aspell, Democratic
and Rep. Christian Herter, Republican leader. Besides
having the backing of the leaders of the two parties, it is said to have the
indorsement of prominent Boston bankers.
Virtual cancelation of assets of uncertain value and the substitution of
the bonds, which would be of the serial type maturing in from one to
15 years, would strengthen the city's financial position and improve its
credit rating, according to bankers.
It is planned to use the proceeds of the bonds to redeem short term, tax
anticipation notes issued last year against a like amount of "assets" now
scheduled to be wiped from the city's balance sheet.
Should the Legislature allow the mayor to pay off the short-term indebted¬
ness in this way, it would mean that he would be freed of the necessity of
meeting it through the proceeds of this year's taxes, thus enabling him to
make a start toward keeping tne tax rate down.
Under the bill, the bond issue would be paid off in 15 equal instalments
The bill was
leader of the house
Bought and Sold
WHITNEY NATIONAL BANK
OF
NEW
ORLEANS
LOUISIANA
ASSUMPTION PARISH SCHOOL DISTRICT NO. 1 (P. O. Napoleonville), La.—BOND SALE—We are informed that the $400,000 build¬
ing bonds offered for sale on March 23—V. 146, p. 1592—were awarded to
a group headed by the National Bank of Commerce in New Orleans.
Dated
April 1, 1938.
Due from April 1, 1939 to 1978.
IBERIA PARISH (P. O. New Iberia), Ua.—BOND OFFERING—It is
reported tnat sealed bids will be received until April 7, by the Secretary of
the Police Jury, for the purchase of an issue of $165,000 court house and
jail bonds.
Legality to be approved by B. A. Campbell of New Orleans.
LIVINGSTON
PARISH SCHOOL DISTRICTS
(P. O. Springville)
La.—BONDS NOT SOLD—It is reported by E. Easterly, Secretary of the
School Board, that the two issues of not to exceed 6% semi-ann.
Parish
school bonds aggregating $60,000, offered on March 11—V. 146, p. 1592—
were not sold.
The issues are divided as follows:
$30,000 School District No. 26 bonds.
30,000 School District No. 24 bonds.
Due from March 1, 1940 to 1958.
Due from March 1, 1940 to 1958.
LOUISIANA, State of—COLLEGE BOND PAYING AGENT AP¬
POINTED—Manufacturers Trust Co. is Paying Agent for $300,000 4M%
bonds, and $200,000 4M% revenue bonds of the Louisiana State
revenue
University
and Agricultural and Mechanical College.
dated April 1,
ST.
The
bonds
are
1937.
LANDRY PARISH
La.—BOND
follows*
SCHOOL DISTRICTS (P. O. Opelousas),
five issues of bonds, aggregating $126,000,
17—V. 146, p. 789 and 948—were awarded as
SALES—The
offered for sale on March
felsA ■KMHfe*
$30,000 Arnaudville
School
District
bonds to Dr. C. F. Boagni of
No. 1, Third Police Jury Ward,
Opelousas, as 4J^s and 4Ms.
31,000 Leonville and Pecanire School District No. 2, Third Police Jury
Ward, bonds to the above purchaser as 4Ms.
37,000 Opelousas School District No. 1, First Police Jury Ward, bonds to
Morris A. Hirsch of Opelousas as 4s.
10,000 Eunice School District, Sixth Police Jury Ward, certificates of
indebtedness as 4s, to the above-named purchaser.
18,000 Port Barre School District bonds to Scbarff & Jones of New Orleans
as4Ms.
spread over the next 15 years.
The mayor, in announcing that the bill had been filed, issued this ex¬
planatory statement:
"The funding bill for the City of Boston filed today by Mayor Tobin
provides for the borrowing of an amount not exceeding $9,000,000 within
the debt incurring year of the city.
Of the total amount $7,000,000 is to
be issued forthwith by the city.
In the event this amount is found inade¬
quate to correct existing conditions, the balance of $2,000,000 may be issued
with the approval of the emergency finance board.
"The proceeds of the borrowing will be used to remove from the city's
balance sheet doubtful and questionable items which have accumulated in
the past.
The practical effect of the borrowings will be to provide the city
with funds which will be used to redeem the tax anticipation notes of 1937,
supported by the presence of the so-called doubtful
the city's balance sheet.
The questionable items referred to are:
Approximately $2,000,000 created by the inadequacy of the overlay
to meet abatements granted in the past for the years 1932 to 1936.
2. About $2,500,000 of poll and personal property taxes assessed prior
to 1936 and so long outstanding as to be probably uncollectable.
3. Roughly $175,000 representing a claim by the city against the State
for old age assistance rendered in 1933 and prior years which was not filed
in time to secure payment from the Commonwealtn.
4. The balance to cover the excess of abatments over overlay which will
still have to be made in cases now pending in the Board of Tax Appeals
for the years 1936 and 1937 and on tax title accounts.
"The oill provides a number of safeguards for the future which are
intended to prevent a repetition of the practices of the past which have
contributed manifestly to the present financial condition of the city."
Among the items cited by the mayor as being carried on the city s books
as assets were poll taxes of $1,500,000 due since 1935 and prior years, and
$800,000 in personal property taxes as long overdue.
"While these taxes are earned on the books of the city as assets," said
the mayor, "the possibility of their collection is very remote.
If, after a
thorough study and Investigation, it becomes certain that these items are
uncollectable, they should be abated and removed from the books.
"In short, the proposed funding account may be said to provide for
three definite accomplishments.
the issuance of which was
items on
1.
Financial
2088
Chronicle
"1. Removal from the books and financial records of the city of asset
accounts of doubtful value.
office of the City Treasurer.
tion at the office of the Treasurer for cancellation of coupons and for appro¬
that the 55,000,000 notes offered March
25
were
They are exempt from taxation in Massachusetts and
engraved under the supervision of and certified as to genuineness by
National Bank of Boston; their legality will be approved by
Ropes, Gray, Boyden & Perkins, Boston, whose opinion will be furnished
the purchaser.
All legal papers incident to this issue will be filed with
said bank where they may be inspected.
These bonds will be delivered
to the purchaser at the Second National Bank of Boston, 111 Franklin
St., Boston, on or about April 7, 1938.
will be
awarded to
the
account
BOSTON METROPOLITAN DISTRICT, Mass .—GOVERNOR URGES
ISSUE TO RETIRE "EL" STOCK—At a recent hearing of the
_
tion in another form.
_
Present issue
were:
Bidder:
Discoun
Merchants National Bank of Boston
&
Curtis
-.
Jackson
0.49%
i 0.52%
awarded
Boston, at 0.40% discount, plus $15 premium,
1921—were also bid for as follows:
to
as
p.
Bidder
Discount
0.40%
0.41%
0.414%
0.42%
0.45%
-
.
Second National Bank of Boston
Wrenn Bros. & Co.
COHASSET, Mass .—NOTE OFFERING—Bids will be received until
2 p. m. on March 28 for the purchase at discount of $50,000 notes, due in
instalments of
$25,000 each
Oct. 11 and Oct. 25, 1938.
on
DAN VERS, Mas 8.—NOTE SALE—The Second National Bank of Boston
awarded March 21 an issue of $100,000 notes at 0.329% discount.
Due $50,000 each on Nov. 1 and Dec. 15, 1938.
Other bids were:
was
Bidder—
Discount
Chace, Whiteside & Co
0.34%
0.43%
Merchants National Bank of Salem
First National Bank of Boston
aO.347%
First National Bank of Boston
a
For $50,000 due Nov. 1.
bO.431%
DEDHAM, Mass.—NOTE SALE— The issue of $100,000 tax anticipation
notes offered March 23 was awarded to the Boston Safe
Deposit & Trust
Co. of Boston, at 0.183% discount, according to John T. Gaynor, Town
Treasurer.
Notes are dated March 24, 1938 and due Dec. 9, 1938.
The
New England Trust Co. of Boston, second high bidder, named a rate of
0.21% and $1 premium.
bid for
as
ESSEX COUNTY
Discount
0.21%
0.28%
0.28%
0.30%
0.37%
0.38%
-
(P. O. Salem), Mass.—NOTE SALE—The $28,000
industrial farm loan notes offered March 22—V. 146, p. 1921—were awarded
to the Merchants National Bank of
Salem, at 0.39% discount.
Dated
March 22, 1938, and due March 22, 1939.
Second high bidder was the
Manchester Trust Co., Manchester, which bid a rate of 0.42%.
Other bids:
Bidder—
Discount
Cape Ann National Bank____0.47%
Gloucester National Bank
0.47%
Beverley National Bank
0.48%
GREAT
Trust
Co.
discount.
BARRINGTON,
Bidder—
Discount
New
of Boston was awarded an
Due Dec. 21, 1938.
Other bids were:
Bidder—
Discount
Merchants National Bank of Boston
HAMPSHIRE
COUNTY
(P.
O.
Northampton),
receive bids until
Bidder—
Wrenn
on
March 28
15, 1938.«dMtf
$500,000 notes offered at discount on March 22.
They were to be
dated March 22, 1938, and due Nov.
22, 1938.
A new offering will be
made shortly.
M
HUDSON, Mass.—NOTES
AND BONDS SOLD—The issue of $150,000
March 23 was awarded in amounts of
$75,000 each to the
First National Bank of Boston and E. H. Rollins &
Sons, Inc., as each
bid a rate of
0.48% for the loan. Due Dec. 15,1938. Other bids were:
Bidder
•
Discount
Second National Bank of Boston
notes offered
0.547%
(L64%
Bancamerica-Blair Corp
III" 0.78%
BOND SALE—The issue of $10,000 water main bonds
offered at the
time was awarded to Tyler &
Co., Inc., Boston, as 2j^s, at a price
of 100.55, a basis of about
2.39%.
Due serially from 1939 to 1948 incl.
Other bids were: Whiting, Weeks &
Knowles, 100.0(Tfor 2Ks, and Bancamerica-Blair Corp., 100.08 for
2Ms.
same
was
SALE—An issue
of
$25,000 revenue
sold March 16 at
0.295% discount.
Due Dec. 30,
»
PURCHASER—The Second National Bank of Boston
$£.,!:hej£ove issue*
Other
bias:
T
First National Bank of Boston
Plymouth National Bank
the purchaser
Dec. 30, 1938.
*
Discount
0 45%
—.III."" 0A6%
IIIIIIII 0.50%
LAWRENCE, Mass.—BOND OFFERING—William A. Kelleher, City
Treasurer, will receive sealed bids until noon (Eastern Standard
Time)
0.47%
Co
0.58%
Bancamerica-Blair Corp
0.71%
1
NEWTON, Mass.—NOTE SALE—The issue of $300,000 revenue an¬
ticipation notes offered March 23 was awarded to the Boston Safe Deposit
&
Trust
Co.
of Buffalo, at 0.183% discount.
National Bank and the National
Due Dec. 9, 1938.
The
Shawmut Bank, both of
Boston, each named a rate of 0.26%.
OTHER BIDS—The above notes
193765
were
also
bid for
as
follows:
Bidder—
Discount
Merchants National Bank of Boston.
Second National Bank of Boston.
.26
;
.26
...
Day Trust Co
.28
National Shawmut Bank of Boston
.38
First National Bank of Boston
.42
Leavitt Co., New York
NORFOLK
COUNTY
(P. O. Dedham), Mass .—OTHER BIDS—The
issue of $200,000 court house bonds awarded March
Inc., Boston, as Is, at 100.55,
V. 146, p.
.474
—
a
1922—was also bid for
15 to Blyth
basis of about 0.78%,
follows:
& Co.,
reported in—
as
as
Bidder
Int. Rate
First Boston Corp
First National Bank of Boston
Second National Bank of Boston
Rate Bid
1%
1%
Merchants National Bank of Boston
Tyler & Co., Inc
Goldman, Sachs & Co
100.509
100.437
100.305
1%
1%
1%
100.299
1%
100.27
100.231
100.172
100.167
Coffin & Burr
1%
Smith, Barney & Co
1%
Chace, Whiteside & Co. and E. H. Rollins & Sons, Inc.,
jointly
1%
Whiting, Weeks & Knowles, R. L. Day & Co. and
Estabrook & Co., jointly
Jackson & Curtis
C.F.Childs&Co
100.155
—1%
1%
100.139
100.137
100.13
100.127
100.079
100.067
1%
1H %
l-H%
100.033
100.267
100.015
1%
1%
Putnam & Co. of Hartford
1%
1%
..
Newton, Abbe & Co
Bancamerica-Blair Corp
Hornblower & Weeks
ROCKPORT,
Mass.—NOTE SALE— The Second National Bank of
was awarded March 21
a $4,875 sewer project registered note as
100.375.
Due on April 1 from 1939 to 1941, incl., according to
J. H. Mills, Town Treasurer.
The Merchants National Bank of Boston,
second high bidder, offered 100.09 for Is.
Boston
SOUTHBRIDGE, Mass.—NOTE SALE—The Second National Bank
Boston
count.
awarded
was
Due Nov.
Bidder—
March 21
an
of
issue of $150,000 notes at 0.449% dis¬
Other bids
10, 1938.
were:
'
Discount
Bancamerica-Blair Corp
E. H. Rollins & Sons, Inc
0.47%
Wrenn Bros. & Co
0.48%
0.46%
Merchants National Bank of Boston-
SPRINGFIELD,
form
0.48%
Mass.—SINGLE
committee
has
MUNICIPAL
recommended
BODY
URGED—
the creation of
a uni¬
of city government, to replace the present aldermanic and
The proposal must be approved at a referendum, which
council chambers.
can
only be held after city council authorizes the Mayor to take the necessary
steps to obtain legislative sanction of the enabling legislation.
WELLFLEET, Mass.—NOTE OFFERING—B. Milton Kemp, Town
Treasurer, will receive sealed bids until 2 p. m. on April 1 for the purchase
of $59,000 coupon school notes.
Dated April 15, 1938.
Denom. $1,000.
Due April 15 as follows:
$3,000 from 1939 to 1957 incl. and $2,000 in
1958.
Principal and semi-annual interest payable at the Merchants
National Bank of Boston.
Bidder to name the rate of interest in multiples
Notes will be certified as to their genuineness by the Director
of Corporations and Taxation, Commonwealth
Financial Statement
Uncollected
Year—
Tax Levy
$52,116.50
59,424.65
58,560.32
1937 assessed valuation
Tax rate 1937
Tax titles March 1, 1938
Borrowed against tax titles
March 1,1938
None
$4,833.38
13,208.75
$2,037,345.00
28.50
10,674.06
1,000.00
<.
Population
925
Funded Debt
as
of March
1, 1938
Highway—Chapter 90
$2,000
This issue
59,000
Total
-
WORCESTER, Mass.—OTHER BIDS—The $500,000
$61,000
revenue
antici¬
pation notes awarded to the Second National Bank of Boston at 0.28%
discount, as previously reported in these columns—Y. 146, p. 1922—
were also bid for as follows:
Bidder—
Discount
First National Bank of Boston
Day Trust Co
0.289%
0.29%
Merchants National Bank of Boston
0.293%
0.33%
was
Due $10,000 Nov. 15 and $15,000
Blyth & Co., Inc
&
Whiting, Weeks & Knowles
Mass.s-NOTE
J.«700»
I
Co
Swan
M.
Discount
'
,
&
Bros.
Frederick
of M of 1 %.
HOLYOKE, Mass.—BIDS REJECTED—The city rejected all bids for
anticipation notes
$2,765,821
LUDLOW, Mass.—NOTE SALE—The issue of $60,000 notes offered
March 24 was awarded to the Springfield Safe Deposit & Trust Co. at
0*U% discount. Due Nov. 28, 1938. Other bids were:
of Accounts, Department
of Massachusetts.
Mass.—NOTE
noon
Merchants National Bank of Boston
$3,253,821
488,000
Population, 1935—86,785.
0.33%
the
KINGSTON,
—
0.34%
0.38%
Second National Bank of Boston
First National Bank of Boston
for the purchase at discount of
$160,000 notes, due Nov.
100,000
...
Net debt
cameral
England
issue of $50,000 notes at 0.21%
OFFERING—County Treasurer will
...
The charter revision
Naumkeag Trust Co., Salem__0.48%
First & Ocean National Bank,
N ewburyport
0.49%
Mass.—NOTE SALE—The
$3,153,821
Is, at
follows:
Norfolk County Trust Co
Jackson & Curtis
National Shawmut Bank-
36
(net), $89,156.
Brown Harriman & Co., Inc
Stone & Webster and Biodget, Inc
b $50,000 due Dec. 15, 1938.
OTHER BIDS—The notes were also
Bidder—
New England Trust Co. (plus $1)
Merchants National Bank of Boston
Second National Bank
$37.60
$3,764,244
Less water debt
Merchants
awarded on March 22 an issue of $100,000 notes at 0.47% discount.
Due in payments of $50,000 each on Oct. 21 and Dec. 2, 1938.
Other
Merchants National Bank of Boston
First National Bank of Boston
National Shawmut Bank
$37.60
$3,735,275
23,812
_
was
of
$36.80
$3,333,439
563,074
Tax titles held, $196,445; tax title loans
BRIDGEWATER, Mass.—NOTE SALE—The Bridgewater Trust Co.
Curtis
1935
..$100,736,495 $100,478,800 $100,184,733
Total bonded debt
prietary corporation for the system.
notes
1936
motor
Tax rate
He said that such levies should be reduced.
CAMBRIDGE, Mass—OTHER BIDS—'The $500,000
(incl.
Tax levy
Uncollected taxes
over the 5% now paid on the common stock.
This would bring
reduction of interest charges of $920,000 a year, he said.
The Elevated trustees, Mr. Downey stated, favor a Government pro¬
&
valuation
vehicles)
realized
Jackson
1937
Year—
Assessed
Mr. Downey told the Committee that if the Metropolitan District, the
State's agency, floated a bond issue at 32^%, a 1A% saving would be
reported in—V. 146,
Second
Financial Information—March 21, 1938
BOND
Legislative Committee on Metropolitan affairs, a spokesman for Governor
Hurley named $60 as the "fair" price he spoke of in bis annual message to
the Legislature for purchase of common stock of the Boston Elevated
Railway.
This figure, according to Boston press sources, is considerably
less than the $85 set by statute as the optional price which the State was
previously offered the stock, of which there are 238,794 shares.
Representative Christian A. Herter told the Committee he doubted that
the Legislature would approve a price of $60 on stock which he said was
selling on the market at about $50.
Frank M. McKeown, representing the Governor, said retirement of
preferred stock of the Elevated in 1931 saved $1,000,000 yearly.
He said
purchase of the common stock would relieve taxpayers of the burden of a
$5 guaranteed dividend now paid to stockholders.
Mr. Dewey estimated
that the savings effected by the 1931 retirement as $5,886,580.34 from
July 1, 1931 to March 31, 1938.
The Elevated trustees stated their position through Willis B. Downey,
General Counsel, who appeared before the Legislative Committee on
Metropolitan Affairs.
I
Edward E. Whiting, chairman of the Elevated trustees, urging that action
be taken by the Legislature, said that the present deficit is "merely taxa¬
bids
Bank of Boston in
priate endorsement.
composed of the First Boston Corp.; Brown Harriman & Co.,
Inc., and F. S. Moseley & Co., all of New York, at an interest rate of
0.97% at par plus $63 premium.
Dated March 28, 1938, and due Nov. 7,
1938.
Second high bidder was C. J. Devine & Co. of New York, which
bid an interest rate of 1.05%, plus $53 premium.
a
the rate of interest in a multiple of K of 1 %.
Both principal and interest are payable at the
Boston, or at holder's option at the
These bonds may be registered upon presenta¬
name
Interest payable A. & O.
Second National
BOSTON, Mass.—NOTE .SALE—James J. McCarthy, City Treasurer,
us
Bidder to
to 1948 incl.
necessary."
an
26, 1938
March 29 for the purchase of $100,000 coupon municipal felief bonds.
Dated April 1, 1938.
Denom. $1,000.
Due $10,000 on April 1 from 1939
on
"2. Restoring to the city treasury funds in lieu of doubtful assets against
which tax anticipation notes have been issued.
"3. Establishment of safeguards to prevent the recurrence of conditions,
existence of which at the present time makes the proposed legislation
informs
March
WORCESTER COUNTY (P. O. Worcester), Mass.—OTHER BIDS
—The $500,000 notes awarded to the New England Trust Co. and the
Second National Bank of Boston jointly at 0.20% discount plus $1 pre¬
mium, as previously reported in these columns—V. 146, p. 1922—were
also bid for
as
follows:
'
Bidder—
Worcester County Trust Co
Chace, Whiteside & Co
Bancamerica-Blair Corp
Discount
0.22%
0.23%
0.26%
Volume
Financial
146
Cray, McFawn & Petter
DETROIT
GRAND
RAPIDS
Telephone Cherfy 6828
2089
Parkin, Secretary of the Board of Education, will receive sealed tenders
of 1937 certificates of indebtedness dated
Sept. 1, 1937, up to 8:00 p. m.,
Eastern Standard Time, April 11, 1938, at which time they will be publicly
opened.
Money will be made available before April 15, 1938, on tenders
accepted.
The amount available for retirement of certificates is approxi¬
mately $15,000.
Tenders specifying the lowest price will be accepted
up to the amount available in the fund.
Tenders should fully describe
the certificates offered, including serial numbers, and should specify the
sum for
which they will be sold to the school district.
The Board of
Education reserves the right to reject any or all tenders and to waive any
irregularities in said tenders, and to accept the tender or tenders which,
in the opinion of the Board, are most favorable for the district, and to
purchase additional certificates up to the amount of money available for
MICHIGAN MUNICIPALS
Telephone 9-8255
A.T.T. Tel. DET 540-541
Chronicle
A.T.T. Tel. Grpe. 7
this
purpose on April
should be marked
MICHIGAN
BIRMINGHAM, Mich.—BONDS NOT SOLD—H. H. Corson, City
Treasurer, reports that no bids were submitted for the $180,000 not to
exceed 6% interest sewage disposal plant revenue bonds offered March 18
—V. 146, p. 1753.
Dated April 1, 1938, and due serially on April 1 from
1941 to 1962 incl.; callable after April 1,
of 102 and accrued interest.
1944, at city's option at a price
COVINGTON TOWNSHIP SCHOOL DISTRICT (P. O. Covington),
Mich.—BOND SALE DETAILS—The $15,000 school building bona issue
reported sold in these columns last January—V. 146, p. 139, were purchased
by the Commercial Bank of L'Anse, as 5s, at par. Due $3,000 each Feb. 1
from 1938 to 1942 incl.
DEARBORN, Mich.—BOND OFFERING—Myron A. Stevens, City
Clerk, will receive sealed bids until 8 p. m. on April 5 for the purchase of
$113,000 not to exceed 6% interest coupon special assessment paving
bonds, divided as follows:
$18,200 Special Asst. Dist. No. 336 bonds.
Due Oct. 1 as follows:
in 1939, and $3,800 from 1940 to 1943 incl.
17,000 Special Asst. Dist. No. 340 bonds.
Due Oct. 1 as follows:
in 1939, and $3,500 from 1940 to 1943 incl.
19,700 Special Asst. Dist. No. 341 bonds.
Due Oct. 1 as follows:
in 1939, and $4,000 from 1940 to 1943 incl.
9,500 Special Asst. Dist. No. 342 bonds.
Due $1,900 on Oct.
$3,000
$3,000
Due $2,300 on
Oct. 1 from
1939 to 1943 incl.
7,500 Special Asst. Dist. No. 344 bonds.
Due
on
Oct.
1 from
1939 to 1943 incl.
Due Oct. 1 as follows: $800,
4,500 Special Asst. Dist. No. 345 bonds.
1939: $1,000 in 1940, and $900 from 1941 to 1943 incl.
14,700 Special Asst. Dist. No. 346 bonds.
Due Oct. 1 as follows: $2,700
in 1939, and $3,000 from 1940 to 1943 incl.
3,900 Special Asst. Dist. No. 347 bonds.
Due Oct. 1 as follows: $700
in 1939, and $800 from 1940 to 1943 incl.
6,500 Special Asst. Dist. No. 348 bonds.
Due $1,300 qn Oct. 1 from
1939 to 1943 incl.
_
""All
of the bonds will be dated Oct. 1, 1938.
Callable in numerical order
date upon 10 days' written notice to the last
known holder, and by publication of a notice in three successive issues of the
City's offcial newspaper.
The bonds may be registered as to principal.
Both principal ana interest (A. & O.) payable at the City Treasurer's
office.
The bonds will bear the full faith and credit of the city.
Proposals
to be conditioned only as to validity by Chapman & Cutler of Chicago.
A
certified check for $1,000 must accompany each proposal.
on
any
interest payment
DETROIT, Mich.—CITY TREASURER COMMENTS ON IMPROVED
FISCAL
CONDITION—Improvement in the financial condition of city
during the last five years was explained by Albert E. Cobo, City Treasurer,
in an address before the conference of the Central States group of the In¬
vestment Bankers Association of America.
The speaker
attributed this betterment to the financial reorganization
and to increased tax collections.
He pointed out factors
possible a reduction of $26,000,000 in the total amount of taxes
outstanding during the period from June 30,1933, to June 30, 1938.
These factors, he said, are (1) the refunding plan, (2) the lower current
tax budgets, making it possible for taxpayers to pay both new and old taxes,
(3) the 7-year plan for payment of delinquent taxes, (4) the decrease in
interest in delinquent taxes, (5) the elimination of the tax title buyer,
(6) the 5% plan of payment, (7) the new law, permitting the city to obtain a
deed, when required, and (8) the advertising campaigns carried on advising
people to pay their taxes, under the plans offered.
Mr. Cobo asserted that the percentage of current taxes collected at the end
of each current year steadily declined from 95% in 1925 to 65% in 1932.
Starting as of July 1, 1933, under lowered tax budgets, he continued,
collections immediately began to increase and rose from 68% at the end of
1933 to 88% at the close of 1937.
Citing results obtained during the period from June 30, 1933 to June 30,
1938, the speaker said a $25,000,000 improvement in the city's cash position
was shown, and the net debt had been reduced from approximately $385,v>u0,000 to $364,529,000.
In addition.to this reduction, he addea, $22,746,000 in obligations in the sinking fund were canceled under the terms of the
refunding agreement, and $17,000,000 in capital improvements have been
made and paid for without issuance of bonds.
effected in 1933
that made
HOMER, Mich.—BONDS VOTED—At
recent election, voters approved
the issuance of $31,000 sanitary sewer system and sewage disposal plant
construction bonds.
LEXINGTON, Mich.—BOND SALE— The issue of $34,500 4% general
obligation water bonds offered March 21—V. 146, p. 1593—was awarded
to Stranahan, Harris & Co. of Toledo.
Dated Jan. 1, 1938 and due Jan. 1
as follows: $1,000, 1939 to 1947 incl.; $1,500 in 1948 and 1949, and $2,500
from 1950 to 1958 incl.
MICHIGAN
the
result
call
for
tenders
on
March
23
of Assessement
on
District
Highway refunding bonds, L. B. Reid, Director of Finance of State High¬
way Department, states that 12 tenders were received on issues of Road
Districts Nos. 481 and 492 at prives ranging from 93 to par.
MUSKEGON,
ment of certificates of indebtedness is reached.
ROYAL
OAK,
Mich.—APPROVES BOND TRADE—A proposal of
H. V. Sattley & Co., Detroit, to trade the city $25,000 in series D Royal
Oak refunding bonds for $25,000 refunding bonds and $6,793 non-interestbearing certificates of indebtedness of Southfield School District No. 11,
held in the city's sinking fund, was
approved by the Royal Oak Commis¬
sion.
The Commission considered the deal advantageous because the Royal
Oak bonds have a market price of about 85 cents on the dollar and the school
bonds a price of about 50 cents on the dollar.
WADHAM SCHOOL DISTRICT (P. O. Port Huron, Route No. 3),
Mich.—BONDS SOLD—The $5,000 building bond issue offered last
November was sold to John Watkins of Goodells as 4s at par.
MINNESOTA
HENNEPIN COUNTY INDEPENDENT CONSOLIDATED SCHOOL
DISTRICT NO. 85 (P. O. Mound), Minn.—BONDS SOLD—It is stated
by L. L. Riantz, Superintendent of Schools, that $200,000 3% semi-annual
voters on March 4 have been sold to the
school bonds approved by the
State of Minnesota.
INTERNATIONAL FALLS,
Minn.—BONDS DEFEATED—The
pro¬
posal to issue $70,000 hospital construction bonds was defeated at a recent
election.
OF
THE
WOODS
COUNTY
INDEPENDENT
SCHOOL
NO. Ill (P. O. Baudette), Minn.—BONDS SOLD—It is
by H. A. Hanson, District Clerk, that $17,000 3% semi-ann. building
and remodeling bonds have been)purchased by the State of Minnesota.
LAKE
DISTRICT
stated
LINCOLN
now
COUNTY
(P. O. Ivanhoe), Minn.—BONDS SOLD—It is
reported by E. E. Swenson, County Auditor, that the $60,000 funding
bonds have been purchased by the State of Minnesota, as 3s„at par.
Due
$5,000 from July 1, 1943 to 1954 incl.
MINNESOTA, State of—DEBT INCREASE REPORTED—One of the
speakers at the recent University of Michigan conference was Harry Fitertax consultant, whose topic was a recent survey of fiscal affairs in
Minnesota.
Minnesota is rapidly increasing its debt, he said, jumping
raan,
from $86,000,000 in
1930 to $130,000,000 in 1937.
If relief needs are to be
adequately met, he declared, the State will need in the five-year period
1937-42 about $330,000,000, compared with $233,000,000 in the five-year
period 1933-37.
Unemployment and public relief have aggravated the debt situation not
only in Minnesota but in nearly every other State, he went on.
But Minne¬
sota has the fourth largest per capita debt in the Nation, $49.70, while the
combined State, county and local per capita debt is $129.45, eleventh high¬
est in the Nation, against a population ranking nineteenth.
Combined per capita debt of other representative States, he said, are"
Florida, $274.05: Arkansas, $103.83; Wisconsin, $51.87: Iowa, $80.25.
In eight Northwest States the State per capital debt is $24.10 and the
combined per capita debt $86.46.
ROCHESTER,
that
Minn.—CERTIFICATE OFFERING—It is reported
bp received by Amiel L. Glable, City Clerk, until
will
bids
sealed
7 30 p. m. on March 28 for the purchase of a $9,000 issue of 2% semi-ann.
certificates of indebtedness.
Dated March 3l, 1938.
Due $5,000 on
July 1 and $4,000 on
A certified check for
Dec. 1, 1938.
Payable at the City Treasurer s office.
2% of the bid, payable to the City Treasurer, is re¬
quired.
MISSISSIPPI
O. Corinth), Miss.—BOND SALE—An issue
bonds to refund $29,000 county-wide road bonds and $2,000
Iuka road bonds was sold to Walton and Jones, Jackson, on a bid of $300
ALCORN COUNTY (P.
of $31,000
The general county bonds had car¬
premium and interest rate of 3 Yi %.
ried an i nterest rate of 5 y2 %.
COUNTY
(P.
Gulfport),
O.
STILL PENDING—In connection
Miss.—BOND
AWARD
with a report given in these columns
in January, that $18,000 funding bonds had been purchased by Dane &
Weil of New Orleans, at 101.04, subject to validation, it is stated by the
Clerk of the Chancery Court that a decision on a
similar case in the State
Supreme Court is now pending and it is doubtful
that the above sale will
be consummated.
HAZLEHURST, Miss.—BONDS SOLD—It is stated by J. L. Watson,
City Clerk, that $60,000 refunding bonds have been purchased by Kenneth
(State of)—BOND TENDERS RECEIVED—Reporting
of the
refunding prospectus dated Sept. 7, 1937, and may be considered as a
non-recurring item.
Subsequent collections will be segregated in accord¬
ance with conditions outlined in the prospectus and cads for tenders made
from time to time as a balance of $4,000 in the sinking fund for the retire¬
HARRISON
a
Offerings should be firm for 10 days and
certificates, reports Matthew Carey, 2149 Union Guardian Bldg., Detroit,
as
refunding agent, represents amounts reserved from the balance of
$49,391.10 in the debt service account prior to refunding, as set forth in
$3,700
1 from
1939 to 1943 incl.
11,500 Special Asst. Dist. No. 343 bonds.
11, 1938.
on the outside of a sealed envelope, "Tenders of 1937
Certificates of Indebtedness."
A substantial portion of the funds now available for the retiremenfof
Mich.—LIST OF BIDS—The following is
an
official
list of the bids submitted for the $100,000 general refunding bonds which
were awarded March
15 to Stranahan, Harris & Co. of Toledo, as pre¬
viously reported in these columns—V. 146, p. 1922:
♦Stranahan, Harris & Co., Toledo—$100,000 at 2% % plus accrued interest
to date of delivery and a premium of $316.
Purchaser to pay for
printing of bonds.
Braun, Boswortb & Co., Toledo—$100,000 at 3%, plus accrued interest
to date of delivery and a premium of $141.
Purchaser to pay for
printing of bonds.
First of Michigan Corp., Detroit—$100,000 at 3% plus a premium of
$135.10.
Channer Securities Co., Chicago—$72,000 due 1940 to 1952 at 3J£%;
$28,000 due 1953 to 1956 at 3%; plus a premium of $357.
Purchaser
to furnish printed bonds.
Martin-Smith Co., Detroit—$58,000 due 1940 to .1950 at 3%; $42,000
due 1951 to 1956 at 3M% \ plus a premium of $1.
Purchaser to furnish
printed bonds.
Ryan, Sutherland & Co., Toledo—$100,000 at 324% Phis a premium of
G. Price & Co. of McComb, and another firm.
ITAWAMBA COUNTY (P. O. Fulton), Miss.—BONDS SOLD—It is
reported that $82,000 5% semi-annual county, general obligation bonds
have been purchased jointly by M. A. Saunders & Co. of Memphis, and
Cady & Co. of Columbus.
Dated March 1, 1938.
MERIDIAN, Miss.—MATURITY—It is now stated by the City Clerk
that the $30,000 4% semi-ann. street improvement, series A bonds purchased
jointly by George T. Carter, Inc. of Meridian, and J. G. Hickman, Inc. of
Vicksburg, at 100.50, as noted here recently—V. 146, p. 1923—are due
$3,000 from Jan. 1, 1939 to 1948, giving a basis of about 3.89%.
QUITMAN, Miss.—BONDS SOLD—It is stated by the Town Clerk
approved by the voters in September, have
thai $7,000 water tank bonds
been sold.
TUPELO
SCHOOL
DISTRICT
(P.
O.
Tupelo),
Miss.—CORRECT
bonds will be
OFFERING DATE—It is now stated that the $20,000 school
offered for sale on March 29, not on
March 28, as we had previously re¬
ported in these columns.—V. 146, p. 1923.
WADE CONSOLIDATED SCHOOL DISTRICT (P. O.
Pascagoula),
of Schools
Miss.—BOND OFFERING— It is stated by the Superintendent
that he will receive sealed bids until
issue of
April 4, for the purchase of an $11,000
gymnasium-auditorium bonds.
$379.
& Co., Chicago—$100,000 at 3H% plus a premium of
Purchaser to furnish printed bonds.
&
Hayes,
Inc., Detroit—$100,000 at 3M% plus a
premium of $141.
Halsey, Stuart & Co., Inc., Chicago—$100,000 at 314% Plus a premium
of $139.
Purchaser to furnish printed bonds.
John
Nuveen
$289.18.
McDonald-Moore
*
MISSOURI BONDS
Markets in all State, County &
Town Issues
Successful bidder.
NEW
HAVEN,
Mich.—BOND
OFFERING—A.
J.
Bennett.
Village
Clerk, will receive sealed bids until 6 p. m. on April 4 for the purchase of
$26,000 not to exceed 6% interest water works mortgage bonds.
Dated
March 1, 1938.
Denom. $500.
Due March 1 as follows:
$1,500 from
1941 to 1944 incl., and $2,000 from 1945 to 1954 incl.
Interest payabe
M. & S.
A certified check for 2% of the issue, payable to the order of
the Village Treasurer, must accompany each proposal.
The bonds will
be furnished by the village at its expense as well as the favorable legal
opinion of Claude H. Stevens of Berry & Stevens, Detroit.
ROYAL
OAK
TOWNSHIP
SCHOOL
DISTRICT
No.
7
(P.
O.
Berkley Branch, Royal Oak), Mich.—TENDERS WANTED-—Edward
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING,
ST. LOUIS, MO.
MISSOURI
CASSVILLE, Mo.—BOND SALE DETAILS—It is now reported by the
City Clerk that the $12,500 (not $13,000), sewer bonds purchased by the
2090
Financial
Chronicle
Prescott, Wright, Snider Co. of Kansas City, at a price of 101.34, as noted
here in January, were sold as 4%'s.
Denoms, $1,000 and $500.
Dated
March
16, 1938.
Due from 1940 to
ELLINGTON,
April 5 voters will be asked
works construction bonds.
on
Commission.
Dec. 1, 1966.
1£51.
ELECTION—At
Mo.—BOND
to approve
election
an
to
the result of the call for tenders on March 14:
were 65
tenders of refunding bonds submitted.
refunding bonds offered is $1,441,000.
Refunding bonds for
were
Service Co.
will be submitted
CREEK
the
to
—BONDS SOLD
have
been
voters
at
Gas
&
election to
an
at par.
DRAINAGE
Dated April 1,
MARION
DISTRICT
(P.
O.
be held
on
water retirement fund to
BELLEVILLE,
TO
1937.
RFC— It
FRANCOIS
COUNTY
COMMON
SCHOOL DISTRICT No. 4
SOLD—It is stated by the Clerk of
4% school bonds have been
Dated Jan. 1, 1938.
Farmington), Mo.—BONDS
Board
of
Education that the $32,000
purchased by Whitaker & Co. of St. Louis.
ST.
JOSEPH,
Mo.—FINANCIAL
STATEMENT—The
following
official information is furnished in connection with the
offering scheduled
for April 6 of the $136,000
refunding bonds, described in detail in these
columns recently—V. 146, p.
1754;
Statement
Fiscal Year Ends April 18, 1938
Population
81,000
$85,906,561.00
Estimated value of property
Assessed valuation for 1937:
Real
estate,
personal $17,518,030.00; total
Tax
rate
$100:
General
interest fund, $0.40; total
per
Indebtedness
on
$47,486,290.00;
65.004,320.00
fund,
$1.00;
sinking
and
1.40
—
bonds
3,727,000.00
82,283.23
_
Sinking fund, $54,469.83; interest fund, $27,813.40; total...
Indebtedness to banks
None
Judgments against city
Indebtedness by open account:
Balance, purchase price,
new avaiation field
$28,421.00; balance new athletic field,
$3,000.00; total..
Balance in banks and cash
13,674.89
1937-38 to
1935-6
$51,866
1,403,752
Receipts..
Total..
1936-7
Mar.
$88,552
1,590,840
$1,455,618
1.367.066
Balance at end of fiscal year
$1,679,392
1,520,458
$88,552
Disbursements
$158,934
193.5-6
Collected during fiscal
year..
Collected to March 1, 1938
Percentage collected
to March
SPRINGFIELD,
1, 1938
Mo.—BONDS
$925,148
824,288
862,004
93.17%
$1,527,267
1,303,792
$223,475
1936-7
$909,104
839,373
846,087
1937-8 to
Mar.
1 *38
93.07%
AUTHORIZED—The
State
836,434
91.89%
Public
WENTZVILLE, Mo —BONDS SOLD—It is stated by the City Clerk
that $15,000 4% semi-annual
public sewer bonds have been sold.
Dated
July 1, 1937.
MONTANA
CIRCLE, Mont.—BOND SALE—The $22,000 issue of sewer system
bonds offered for sale on March
22—V. 146, p. 1754—was purchased by
the State of Montana, as 4s at
par, according to the Town Clerk.
No
other bid was received, he states.
THOMPSON
FALLS, Mont.—BOND ELECTION—An election will be
held on April 2 at which voters will be
asked to approve issuance of $60,000
school enlarging and repair bonds and
$40,000
dormitory building bonds.
NEBRASKA
SCHOOL
DISTRICT
NO.
16 (P. O. A.hton), Neb.—
School Director that $22,000 3>£%
by the Greenway-Raynor Co. of Omaha.
BONDS SOLD—It is stated
by the
school bonds have been
purchased
"BRIDGEPORT,
Neb.—MAT
Neb.—BONDS
VALIDATED—District
Jodge
F.
L.
GORDON, Neb.—BONDS AUTHORIZED—The
City Council recently
an ordinance
authorizing the issuance of $35,000
3%% refunding
bonds, dated March 1, 1938.
Denom. $1,000.
Interest
passed
Sept.
1.
Principal shall become due $2,000
1939 to 1954 incl. and $3,000 on
March 1, 1955.
payable March 1
annually on March 1,
Neb.—REFUNDING VOTED—City Council
recently voted
refund $36,000 of district
paving bonds.
6% to 4%.
rate will be reduced from
It is
expected that interest
RIVERDALE SCHOOL DISTRICT
(P. O. Riverdale), Neb.—BONDS
SOLD—It is stated by J. S.
Knox, Secretary of the Board of Education,
that $22,000 school bonds have been
sold.
NEW
HAMPSHIRE
MANCHESTER, N. H.—NOTE SALE—The $500,000
offered March
notes
23—Y.
146,
Nat. Bank of Boston, at
0.78%
due on Dec. 15, 1938.
Second
Bank of
Manchester, the
rate
PARK,
N-
p.
1923—were
tax anticipation
awarded to the First
discount.
Dated March 23, 1938, and
high bidder was the Merchants National
being 0.82%.
NEW
„
REFUNDING
agreed that
$5
a
$5.50 tax rate would
or
The departmental appropriations for
1938 and 1937,
respectively, are:
Public Affairs Department,
$80,150—$76,575; Public Works, $43,550—
$45,020; Public Safety, $215,20U—$199,020; Public
Property, $24,050—
$23,155; Revenue and Finance,
$31,000—$31,364.40.
Non-departmental appropriations total $61,823.50 this
year as against
$66,957.70.
The contingent fund
drops from $1,200 to $1,000.
Debt
service this year is $294,103.15 as
against $457,227.65 a year ago.
De¬
ferred charges and payments on the
Hanley suit total $4,891.70 in 1938
against $79,355.24 in 1937.
There is a cash deficit of
$5,248.86 in the new
budget which was not in the last.
The reserve for uncollected taxes is
$340,250 this year as against $342,
241.71 a year
ago.
total
a
budget for 1938 of $1,101,267.21 as against
$1,322There is appropriated this
year as anticipated
revenue
$492,000, making the amount
$609,267.21.
The school tax
to be raised by taxation for
town purposes
is $484,551.19 and the
estimated total for
State and county taxes
$267,181.60, making a total levy of
$1,361,000,
which, based on 1938 valuations, will produce a rate
of
$4.50.
BERGEN COUNTY (P. O.
R.
on
Hackensack), N. J.—BOND
S. Tipping, County
Treasurer, will receive sealed
April 6 for the purchase of either $672,000 or
OFFERING—
bids until
11
a.
m.
$472,000 not to exceed
6% interest coupon or registered bonds.
Although bids are requested on
issues of the foregoing
amounts, only one of the series will be sold.
The
$472,000 bonds are part of the issue of
$672,000 and, in the event the smaller
amount is awarded, the balance of
$200,000 not included in the total authori¬
zation will be sold to the
Bergen County Sinking Fund Commission.
The
offering is made up as follows:
$672,000 general bonds.
Due April 1 as follows:
$70,000 from 1939 to
1947 incl. and $42,000 in 1948.
472,000 general bonds.
Due April 1 as follows:
$70,000, 1939 to 1941
incl.; $10,000, 1942; $70,000 from 1945 to
1947 incl. and $42,000
in 1948.
The bonds will be dated
April 1, 1938.
Denom. $1,000.
Bidder to
the same rate for all of the bonds
of each issue bid
for, expressed in
multiple of H or 1-10 of 1%.
Principal and interest (A. & O.) payable
to the
County Treasurer's office, or at the option of the
holder, at the
Chemical Bank & Trust Co., New York
City.
The price for which the
name
a
issue of $672,000
may be sold cannot exceed
$673,000; the price for which
the issue of $472,000
may be sold cannot exceed
$473,000.
A certified
check for $13,440,
payable to the order of the county, must
accompany
each bid.
The successful bidder will be
furnished with the approving legal
opinion of Reed, Hoyt & Washburn of New
York City, that the bonds are
valid and
binding obligations of the county.
BURLINGTON, N. J .—PROPOSED REFUNDING—An ordinance was
recently introduced at a meeting of tne
Tonwship Committee which author¬
izes the issuance of
$31,000 refunding bonds to be dated April 1
1938, shall
mature in the
principal amount of $2,000 on April 1, in each of the years
1939 to 1952, both
inclusive, and $3,000 on April 1, 1953 and shall bear
interest at the rate of
4% per annum, payable on April 1 and Oct. 1 in each
year.
Said bonds or part
thereof, if so determined by resolution may be
issued subject to prior
redemption at par and accrued interest at such time
and upon such terms as
may be determined by resolution
adopted prior to
issuance of said bonds.
Ordinance will be considered for final
passage at a meeting of the Com¬
mittee on March
29.
CAMDEN COUNTY (P. O.
Camden), N. J .—BONDS AUTHORIZED
lhe Board of
Freeholders recently passed an ordinance
authorizing the
issuance of
$375,000 park bonds.
JERSEY
J.—FINANCE COMMISSION APPROVES
PLAN—Approval of a $10,735,199 bond issue to refinance
™SPJVlI)/,I:R£!AL TOWNSHIP
DETAILS—The
scnwamm &
$31,000
Co. of New
dated April 1,
5%
York,
1937 and
were
(P. O. Port Norris), N. J.—BOND SALE
general
as
refunding bonds sold to H.
previously reported in these columns,
sold
at
EAST
VINELAND,
1941 to
FORT
an
Due April 1
1946, incl.
Callable
N. J.—BONDS APPROVED—The Board of
School
Estimates recently
approved the issuance of not
construction and
L.
are
Denom. $500.
par.
follows: $1,000 in
1940 and $5,000 from
at any time.
Interest payable A. & O.
than $50,000 school
more
enlargement bonds.
LEE, N. J.—TO APPEAL JUDGMENT
ORDER—Appeal from
order signed
?•,
PIERCE,
to
are
as
Spear, in a memorandum opinion, ruled that
$250,000 municipal electric
system revenue bonds are valid.
and
little criti¬
—
URITY^lt is now reportedly the City
Clerk that the $15,000
3%% semi-annual internal improvement bonds
purchased by the
Greenway-Raynor Co. of Omaha, as noted here recently—
V. 146, p. 1923—are dated
March 1, 1938, and mature on March 1 as
follows:
$2,000, 1949 to 1953, and $1,000, 1954 to
1958; optionalfon and
after March 1, 1948.
COLUMBUS,
was
He pleaded for prompt payment of
taxes, as by the operation of
Chapter
60, which provides an overlay for the previous year's
delinquencies, those
$910,160
Service Commission has authorized the
city water company to sell bonds
in the amount of
$500,000 for construction of a new and enlarged filtration
and power plant.
ASHTON
night by Mayor
meeting in School 8.
bring into play the law of diminishing returns in
regard to collections, so
actually more money will be received at a lower rate."
Mayor Williams said that State laws were not kind to the
municipalities,
citing Chapter 60 of the Budget Act and the law which forces
towns to pay
100% of the State and county taxes, although only 60 or
70% may be col¬
lected.
1, '38
$158,934
1,368,333
Record of Tax Collections
Total amount of taxes levied..
financial minds of the State
This makes
Record of Receipts and Disbursements
Balance beginning fiscal year
mass
explained his plan for
avoiding more than 50 points by the bond
postponement.
The plan, he
said, has been approved by State Auditor
Darby "because of Belleville's
splendid record."
Mayor Williams said the town has
reduced its debt
$1,500,000 in seven years.
"The realigning of bond
maturities," the Mayor continued, "will
bring
tax relief not alone in this
year, but for the next three
years.
The best
116.70 last year.
31,421.00
223,475.00
hand
on
announced 1 ast
who pay are penalized for those who fail
to pay.
of March 1, 1938
as
was
a tax
125 residents attended the
meeting and there
cism of the proposed
budget after the Mayor had
NORTH KANSAS CITY, Mo.—BONDS SOLD—The Town
Clerk re¬
ports that the $70,000 library, lecture hall and swimming pool bonds
ap¬
proved by the voters on Feb. 8, have been sold as 2 %s.
ST.
It will require
$49,859.40 frcmthe
purchase the $56,000 refunding water bonds."
Less than
to 1961.
(P. O.
water
J.—TO
The plan to put off bond payments
Williams, who is Finance Director, at
.
BOND SALE DETAILS—In connection with the above
sale, it is stated
by Frank G. Bier, District Secretary, that the bonds were soid at par and
mature on April 1 as follows:
$500, 1942 to 1952, and $1,000 from 1953
the
N.
bonds
DEFER PAYMENT OF
$130,000 BOND
PRINCIPAL—We quote from the Newark "News" of
March 15:
Belleville will postpone payment of
$130,000 in municipal bonds falling
due this year.
By this method the budget has been reduced to
make pos¬
sible a tax rate of $4.50 instead of the rate of
$5 or more which had been
predicted on the basis of earlier figures.
Last year's Belleville rate was
3.75.
Mo.
is reported that $119,000
refunding bonds
the Reconstruction Finance Corporation, as 4s
COUNTY DRAINAGE
SOLD
from 55.70
accepted range from
85.49 to 91.50 and accrued interest.
DISTRICT (P. O. Palmyra), Mo.
is reported that $14,500 4% semi-annual
refunding bonds were purchased by the Reconstruction Finance
Corpo¬
ration.
Dated Jan. 1, 1938.
—BONDS
Refunding
for which tenders were accepted have a
par value of $56,000.
"Prices quoted on tenders of refunding water bonds
Electric
Linneus),
TO RFC—It
purchased by
value of $524,000.
a par
$102,000.
Missouri
April 26.
LOCUST
accepted have
value of
which tenders
$299,659.20 from the general
retirement fund to purchase the $524,000.
"There were 13 tenders of refunding water bonds
submitted.
Par value
of refunding water bonds offered Is
Due from Feb. 1, 1940 to 1975.
of the
follows
Par
"Prices quoted on tenders of refunding bonds
accepted range
to 57.98 and accrued interest.
It will require
LIBERTY, Mo.—BOND ELECTION—The proposal to issue bonds for
plant
would
"There
by Stranahan,
of the distributing
issued
ATLANTIC CITY, N. J.—BOND TENDERS
ACCEPTED—Frank B.
Off, Director of Department of Revenue and Finance, reports as
Harris & Co., Inc., of Toledo, and the Bancamerica-Blair
Corp., as 2s, 2%s,
and 3s, noted in these columns early in
February—V. 146, p. 949—were
sold for a premium of $500, equal to 100.10, a net interest cost of about
purchase
be
1938
by N. J. Municipal Finance
bear 4% interest and mature
on
KANSAS CITY, Mo.—-PRICE PAID— It is stated by the Director of
Finance that the $500,000 city hall bonds purchased jointly
2.98%.
to
26,
March 23
a representative of
City Council.
The terms
and provisions contained in the resolution
require a course of conduct on
the part of the city which shall tend to improve its credit
standing."
the issuance of $27,000 water
HOLDEN, Mo.—PRICE PAID—It is now reported by the City Clerk
that the $23,000 3H% semi-annual water system bonds
purchased by the
Commerce Trust Co. of Kansas City, as noted in these columns
recently—•
V. 146, p. 1283—were sold for a premium of
$28.75, equal to 100.125,
aibasis or about 3.24%.
Dated Feb. 1, 1938.
Due in 1958.
the
Bonds
voted
was
"This is the first step toward funding the
debt," said
the Commission.
"The next move is up to the
held
be
March
the city's indebtedness
until 1952 on
be carried to
by Judge Clerk of the Federal District
Court at Newark
directing the municipality to make semi-annual payments
judgment of $575,924 granted to a
bondholders' group, will
'
a
the
United
States
Circuit Court of
Appeals, Philadelphia,
according to report.
A review of the order
will be sought by both the
State Municipal
Finance
Commission, which is supervising the borough's
fiscal
affairs, and holders of the
judgment, it was said.
TOWNSHIP (P. o.
Hillside), N. J .—BOND SALE—
$38,000 coupon or registered sewer
funding bonds offered March 23—
T• 146, p. 1754—were
awarded to the Hillside National Bank
as 4Ms, at
100.76, a basis of about
4.40%. Dated April 1, 1938, and due $2,000 on
April 1 from
The
1939
to
1957 incl.
Other
bids
were:
Bidder4—
Colyer
Int. Rate
Robinson & Co., Inc
4J^%
5%
Rate Bid
100.13
100.14
N. J .—BOND SALE—A block of
$45,GOO bonds has
Schwamm & Co. of New York
City at a price of 87.
approving the sale, the State
Funding Commission pointed out that
the bonds are
part of an original authorization of
$548,000, of which $503,000
had been sold to
the investment house
pursuant to an agreement dated
March 12, 1937.
This agreement
having been abrogated because of cer¬
tain actions
by the Borough Council, the
disposition of the remaining $45,000
H.
L. Allen &
Co
KENILWORTH,
been sold to
In
bonds was
H.
L.
subject
to a
new
contract.
,
.
Volume
Financial
146
LAKEWOOD TOWNSHIP (P. O. Lakewood), N.
—The
J.—BONDS SOLD
Peoples National Bank of Lakewood purchased $50,000 refunding
bonds.
r/
.
MERCER
-.a,}
;
COUNTY
(P. O. Trenton), N. J.—BONDS PROPOSED—
At a recent meeting of the Board of Chosen Freeholders, an ordinance was
introduced which authorizes the issuance of $345,000 improvement bonds.
Proposal will come up for final passage on March 29.
MILLTOWN, N. J .—BOND SALE—The $33,500 refunding bond issue
previously reported
Co. of New Bruns¬
wick, as 3%s, at par plus a premium of $33.50, equal to 100.10, a basis of
about 3.73%.
Due as follows: $3,500 in 1939, and $3,000 from 1940 to
approved recently by the State Funding Commission, as
in these columns, was sold to the New Brunswick Trust
1949, incl.
NEWARK, N. J.—PROPOSED TAX RATE SCORED BY BUSINESS
already taken by various local business leaders
that vigorous opposition to the projected tax rate of $54 per
1,000 of assessed valuation will be presented at the public hearing on the
budget to be held March 24.
At a recent meeting, attended by business
and financial men of influence, the cost of increased taxes necessary to
finance the present year's budget was attacked, and it was announced
that "concerted action" would be discussed for protection of local industry.
Invitations to the meeting were signed by J. H. Bacheller, President of
the Fidelity Union Trust Co. and member of the Newark Sinking Fund
Commission; Albert H. Baldwin, Vice-President National Newark & Essex
Banking Co.; Chester I. Barnard, President New Jeresy Bell Telephone
Co.; William H. Loftus, Vice-President Clark Thread Co.: Charles J. Roh,
President Murphy Varnish Co., and Wiiliam J. Wells, President L.
Bamberger & Co.
Committees representing storekeepers and tenants of the city conferred
with Parks and Public Property Director Byrne on plans for combating
the increase in the tax rate.
Mr. Byrne previously had proposed that the
city economize by reducing operating costs 15%.
His proposal failed to
receive support when the budget was adopted on first reading by the City
INTERESTS—Action
indicates
Commission last week.
JERSEY, State of—BOND SINKING FUND SURPLUS MEAS¬
and school
as miscellaneous revenue surpluses in bond sinking funds
was
signed March 16 by Governor Moore, according to Trenton news
reports.
The measure, sponsored by Senator Robert C. Hendrickson,
Gloucester Republican, specifically provided only funds in excess of actual
requirements for bond retirement could be used.
^
NEW
URE SIGNED—Legislation authorizing counties, municipalities
districts to utilize
PASSAIC
COUNTY
O.
(P.
Paterson),
N.
J.—NOTE SALE—The
1M % bond antici¬
United States Trust Co. of Paterson purchased $110,000
pation notes, due in two months.
PENNSAUKEN
TOWNSHIP
CHASER—The $40,000 3K%
(P. O. Merchantville), N. J.—PUR¬
three-months' notes reported sold in these
146, p. 629—were purchased by the First
during January—V.
Bank of Camden.
columns
Camden National
;
PINE
HILL, N. J.—BONDS APPROVED—The State Funding Com¬
mission has approved the borough's proposal to issue $56,000 refunding
bonds subject to performance by the municipality of certain functions,
including the holding of a tax sale in the present year and an agreement
to provide sufficient reserves to insure payment of the debt.
SOMERDALE, N. J .—BONDS APPROVED—The State Funding Com¬
mission has approved the issuance of $63,000 funding bonds and, in so
doing, declared that the success of the borough's refinancing plan depends
Chronicle
N.
DEPEW,
Y.—BOND OFFERING—Albert Simbritz, Village Clerk,
1.
The holding of complete tax sales as and when
required by statute
and the enforcement of the collection of taxes by all legal means.
assessed valuation not lower than that on which the
approved plan is based.
3. Maintaining a budget for operating expenses which shall not at any
time exceed that used in the estimates made part of the approved plan
without first advising the State Auditor of any such increase and the reason
2.
Maintaining
an
$1,000 and $500.
from
interest, expressed in a multiple of M or l-10th of 1%.
Principal and
interest (A. & O. 1) payable at the Manufacturers & Traders Trust Co.,
Buffalo, with New York exchange.
The bonds are general obligations of
the village, payable from unlimited taxes.
A certified check for $300,
payable to the order of the village, must accompany each proposal.
The
approving legal opinion of Clay, Dillon & Vandewater of New York City
will be furnished the successful bidder.
Bonds are issued for the purpose of
refunding a like principal amount of valid and subsisting bonds of the
village for the purpose of equalizing its debt burden pursuant to the Village
Law and Chapter 295 of the Laws of 1935.
Financial Statement and Tax Data
The assessed valuation of the property subject to the taxing power of
the Village, as it appears on the last preceding Village assessment roll is
$6,038,085.
The total contract debt of said Village, including the bonds
herein advertised for sale is $201,000.
Deducting $ none tax notes, $2,500
water debt, and $98,300 paving or sewer obligations issued prior to May 22,
1934, to pay all or any part of the cost assessed against the property bene¬
fited, the net debt is $100,200.
The population of the Village (1930 census)
was 6,556.
The total debt above stated does not include the debt of any
other subdivision having power to levy taxes upon any or all of the property
subject to the taxing power of the village.
The fiscal year commences
March 1.
The amount of taxeB levied for the fiscal years commencing
March 1, 1935, March 1, 1936 and March 1, 1937, was respectively $150,538.41, $128,688.84 and $117,742.58.
The amount of such taxes un¬
collected at the end of each of said fiscal years was respectively $50,819.21,
$28,702.22 and $26,488.94.
The amount of such taxes remaining un¬
collected as of March 16, 1938, is respectively $37,047.94, $24,199.35 and
$26,488.94.
No taxes have been levied for the current fiscal year com¬
mencing March 1, 1938.
EASTCHESTER (P. O. Tuckahoe), N.
Y.—BOND SALE—The $80,000
registered street improvement bonds offered March 23—V. 146,
1755—Were awarded to R. D. White & Co. of New York, as 1.60s, at
par plus a premium of $16.26, equal to 100.02, a basis of about 1.59%.
Dated March 1, 1938, and due $20,000 on March 1 from 1939 to 1942, incl.
Campbell, Phelps & Co. of New York, second high bidder, bid a premium
coupon or
p.
of $12.80 for
a
including taxes of the year
1937 would be held forthwith after July 1 and a further resolution to the
effect that complete tax sales will be held in subsequent years, between
July 1 and Dec. 1.
ORANGE,
WEST
N.
J.—BOND
OFFERING— George
C.
Kayes,
Commission, will receive sealed bids until
April 8 for the purchase of $48,000 Board of Education 4
coupon school bonds.
Dated Aug. 1, 1922 (series A and B), and Aug. 1,
1923, respectively.
Due Aug. 1 as follows: $16,000, 1947; $5,000, 1948:
$1,000, 1952 to 1954 incl.; and $4,000 from 1955 to 1960 incl.
Bonds will
be awarded to the Didder offering the highest price.
A certified check for
Treasurer of the Sinking Fund
m.
on
2% of the amount of the bonds offered, payable to the order of the Sinking
Fund Commission, must accompany each bid.
The bonds are valid and
legal binding obligations of the Board of Education of the Town of West
Orange and have been approved by the opinion of Hawkins, Delafield &
Longfellow of New York City, to that effect.
CARLSBAD, N. M.—BOND ELECTION—At an election to be held
April 5 voters will be asked to approve the issuance of $165,000 bonds
enlarging, improving and extending the sewer system.
on
CLAYTON, N. Mex.—BOND ELECTION—At an election to be held on
April 12, voters will be asked to approve the issuance of $60,000 school
bonds.
-,'V
■
EAST
ROCK A WAY,
SANTA FE, N. M.—BOND ELECTION—At an election to be held on
April 5 voters will be asked to approve the issuance of $75,000 sewer bonds.
NEW
YORK
AMHERST COMMON SCHOOL DISTRICT NO. 18 (P. O. Snyder),
Glassman, District Clerk, will re¬
N. Y.—BOND OFFERING—Albert F.
Standard Time) on April 1 for the
purchase of $11,000 not to exceed 5% interest coupon or registered debt
equalization bonds, 1938 series.
Dated April 1, 1938.
Denom. $1,000.
Due April 1 as follows: $1,000, 1944 to 1946, incl.; $2,000 in 1947 and
1948, and $4,000 in 1949.
Bidder to name a single rate of interest, ex¬
pressed in a multiple of K or 1-10th of 1%.
The bonds are general obliga¬
ceive sealed bids until 4 p. m. (Eastern
tions of the district,
payable from unlimited taxes.
A certified check for
Emily C. Beale, District Treasurer, must ac¬
company each proposal.
The approving legal opinion of Clay, Dillon &
Vandewater of New York City will be furnished the successful bidder.
$220, payable to the order of
BELFAST, CANEADEA, ANGELICA, NEW HUDSON AND ALLEN
CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Belfast), N. Y.—BOND
SALE—The issue of $93,000 coupon or registered school bonds offered
March 18—V. 146, p. 1755—was awarded to the Bancamerica-Blair Corp.
of New York, as 3s, at a price of par plus a premium of $150, equal to
a
basis of about 2.98%.
Dated Jan. 15, 1938, and due Jan. 15
$3,000 from 1939 to 1945, incl., and $4,000 from
Other bids were:
1946 to 1963,
Int. Rate
Premium
$598.00
follows:
Bidder—
Marine Trust Co. and R. D. White &
Co., jointly
3.10%
546.84
Halsey, Stuart & Co., Inc
3.10%
A. C. Allyn 8c Co., Inc., and E. H. Rollins & Sons,
Inc., jointly
— __—
—
—3.10%
Manufacturers & Traders Trust Oo_
—
3.10%
(Previously, it had been unofficially reported that all
—V. 146, p. 1924.)
$92.00
7
Adams,
1.70%
1.90%
F. Herb & Co
C.
Prem.
1.70%
and
16.80
62.40
N. Y .—BONDS DEFEATED—.At the March 15
election the voters defeated the proposal to issue $43,000 municipal building
bonds, the vote being 295 for and 481 against.
ERIE COUNTY (P. O. Buffalo), N. Y.—LIST OF BIDS—'The $2,750,000 various purposes bonds awarded to Lehman Bros, of New York
associates, as previously reported in detail in these columns, were bid
and
for as follows:
Int. Rale
Price Bid
Lehman Brothers; Marine Trust Co.; Ladenburg,
Thalmann & Co.* Estabrook & Co.; O'Brien,
Phelps, Fenn & Co.; Schoellkopf,
Hutton&Pomeroy, and Morse Bros. & Co., Inc. 2.90%
Chase
National Bank;
Manufacturers &
Traders Trust Co.; Blyth & Co., Inc.; George
Potter & Co.;
$2,753,575.00
The
Gibbons & Co., Inc.: Stone & Webster and
Blodget, Inc.; E. H. Rollins & Sons, Inc.;
Kelley, Richardson & Co., Inc., and Roosevelt 8c Weigold, Inc
3%
Goldman, Sachs & Co.; Kean, Taylor & Co.;
Hemphill, Noyes & Co.; A. C. Allyn 8c Co.,
Inc.; R. W. Pressprich & Co.; Eldredge & Co.,
Inc.; R. H. Moulton & Co., Inc., and Washburn 8c Co., Inc
L
3]4.%
Halsey, Stuart & Co., Inc.; Banamerica^Blair
Corp.; Hallgarten & Co.; B. J. Van Ingen &
Co.; Bacon, Stevenson & Co.; Schlater, Noyes &
Gardner, Inc.; Equitable Securities Corp.; First
of Michigan Corp., and Edward Lowber Stokes
v
B.
,
2,754,647.50
^
-----
-
-
2,754,097,50
2,752,282.50
3K%
ESOPUS, N. Y.—BONDS PUBLICLY OFFERED—Adams, McEntee
Co., Inc., New York, offered a new issue of $90,000 Town of Esopus,
Port Ewen Water District 2.60% bonds.
The bonds are dated March 15.
1938, and mature March 15, 1939 to 1958 inclusive.
They are priced
to yield from 1% to 2.60%, according to maturity.
The Town of Esopus
reports that it has no overlapping debt.
Notice of award appeared in
V.146, p. 1755.
,
.
&
FORT
ANN, HARTFORD AND KINGSBURY CENTRAL
SCHOOL
DISTRICT NO. 2 (P. O. Fort Ann), N. Y.—NEW ISSUE OFFERING—
Sherwood & Reichard of New York are offering for public investment a
new issue of $116,000 3% coupon or registered school bonds priced to yield
2.75% to 3%, according to maturities, which are from 1949 to 1968,
Legality approved by Hawkins, Delafield & Longfellow of New
the bonds are free from all present
in State of New York and are legal
investment for New York State savings banks and trust funds.
from
r
VEGAS, N. M.—BOND ELECTION—At an election to be held on
5 voters will be asked to approve the issuance of $10,000 airport
bonds, $4,000 street improvement bonds, $7,500 municipal building bonds
and $10,000 fire equipment bonds.
LAS
April
100.16,
Int. Rate
Bidder—
Halsey, Stuart & Co., Inc
George B. Gibbons & Co.. Inc.,
McEntee & Co., Inc., jointly
for
as
bankers are offering the bonds for investment at prices to yield
0.75% to 1.60%, according to maturity.
Other bids were as follows:
_&Co
MEXICO
NEW
ARTESIA, N. M.—BOND ELECTION—The proposal to issue $30,000
hospital construction bonds will be submitted to the voters at an election
to be held on April 5.
Voters previously approved the issue, but the ballot
was invalidated by the State Supreme Court.
incl.
1.60s.
The
from
filed to the effect that an all inclusive tax sale
a.
Due April 1 as follows: $500 in 1940 and 1941; $1,000
1942 to 1946 incl. and $9,000 in 1947. Bidder to name a single rate
of
Bidder—
condition to the foregoing approval the Secretary was directed to
consent to no further papers unless a resolution of the Borough Council was
11
N.
OFFERING—Chester
will receive sealed bids until 3 p.m. (Eastern Standard Time) on March 30
for the purchase of $15,000 not to exceed 5% interest coupon or registered
debt equalization bonds,
1938 series.
Dated April 1, 1938.
Denom.
therefor.
As
Y.—BOND
R. Hallock, City
Chamberlain, will receive sealed bids until 10 a. m. (Eastern Standard
Time) on March 28 for the purchase of $33,000 not to exceed 4% interest
coupon or registered public welfare bonds.
Dated April 1, 1938.
Denom.
$1,000.
Due April 1 as follows: $3,000 from 1939 to 1945, incl., and $4,000
from 1946 to 1948, incl.
Bidder to name a single rate of interest, expressed
in a multiple of M
or l-10th of 1%.
Principal and interest (A. & O.)
payable at the Irving Trust Co., New York City.
The bonds are general
obligations of the city, payable from unlimited taxes.
A certified check
for $700, payable to the order of the city, must accompany each proposal.
The approving legal opinion of Clay, Dillon & Vandewater of New York
City will be furnished the successful bidder.
the following:
on
2091
CORNING,
bids
371.07
371.07
were
rejected.
incl.
York City.
The bankers report that
Federal income taxes, are tax exempt
GLOVERSVILLE, N. Y.—BONDS AUTHORIZED—Common Council
voted to issue $50,000 not to exceed 3% interest street re-surfacing
has
bonds, to mature $10,000
annually.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 9 (P. O.
FREEPORT), N. Y.—BONDS DEFEATED—A. M. Stephens, Clerk of
the Board of Education, advises that the voters refused on March 18 to
approve the issuance of $.354,500 bonds, including $24,500 for the school
site and $330,000 for construction of the building.
Each proposition was
decisively beaten.
Y.—BOND SALE—
JEFFERSON COUNTY (P. O. Watertown), N.
The $65,000 coupon or registered bonds offered March 21—V. 146, p. 1925
awarded to George B. Gibbons & Co., Inc., New York, as 1.70s, at
—were
a
price of 100.061, a
basis of about 1.69%.
The sale comprised:
$42,000 bridge bonds.
Due March 1 as follows: $4,000 from 1939
incl., and $5,000 in 1947 and 1948.
23,000 building bonds.
Due March 1 as follows: $2,000 from
1945, incl., and $3,000 from 1946 to 1948, incl.
to 1946,
1939 to
March 1, 1938.
Second high bid of 100.03
for 13*s was made by the Manufacturers & Traders Trust Co., Buffalo,
Other bids:
Bidder—
Int. Rale
Premium
Manufacturers & Traders Trust Co
1.75%
$25.35
Francis I. duPont & Co_
\'Vk%
iao'qk
Northern New York Trust Co
L£0%
103.35
Halsey, Stuart & Co., Inc
——
Ao'nn
Arthur B. Treman & Co
—
2.10%
lit'RS
Roosevelt & Weigold, Inc
2.20%
156.00
"'All of the bonds are dated
_
BONDS PUBLICLY
,
_
„
.
OFFERED—George B. Gibbons & Co., Inc., New
York, are reoffering the bonds for
to 1.80%, according to maturity.
public investment to yield from 0.50%
,
J
LIBERTY, N. Y.—BOND OFFERING—John E. Cessna, Village Treas¬
urer, will receive sealed bids until 3 p. m. on April 5 for the purchase of
Financial
2092
$50,000 not to exceed 3% interest registered building bonds.
Dated May
5, 1938.
Denom. $2,500.
Due $2,500 on May 5 from 1939 to 1958,
incl.
Bidder to name a single rate of interest, expressed in a multiple of
U or l-10th of 1%.
Principal and interest (M. & N.) payable at the
National Bank of Liberty, in Liberty, with New York exchange.
Proceeds
will be used to pay the cost of demolishing the present structure and erecting
a new village building.
Bonds are general obligations of the village, pay¬
able from unlimited taxes.
A certified check for 5% of the amount of the
bid, payable to the order of the village, must accompany each proposal.
MARLBORO AND NEW PALTZ CENTRAL SCHOOL
NO. 3 (P. O. Highland), N. Y.—BOND OFFERING—
Thomas R. Hopper, District Clerk, will receive sealed bids until noon on
March 28 for the purchase of $198,000 not to exceed 6% interest coupon or
registered building bonds.
Dated April 1, 1938.
Denom. $1,000.
Due
April 1 as follows: $10,000, 1939 to 1943, incl.; $15,000 from 1944 to 1952,
incl., and $13,000 in 1953.
Bidder to name a single rate of interest, ex¬
pressed in a multiple of lA or l-10th of 1 %.
Principal and interest (A. & O.)
payable at the Chase National Bank, New York City.
The bonds will
provide the district's portion of the cost of school construction and are
general obligations, payable from unlimited taxes on all of the district's
taxable property.
A certified check for $4,000, payable to the order of
Lorin E. Osterhoudt, District Treasurer, must accompany each proposal.
The approving legal opinion of Clay, Dillon & Vandewater of New York
City will be furnished the successful bidder.
LLOYD,
DISTRICT
LYONS FALLS, N.
Y.—BONDS VOTED—At a recent special election
village building bond issue by a count of 61
the voters approved a $15,000
to 30.
MAMARONECK, N. Y.—BONDS VOTED— F. H. Bull Jr., Village
Treasurer-Clerk, informs us that an issue of $28,500 (not $30,000) West
Basin dredging bonds carried at the March 15 election by a vote of 561 to
351.
Date of sale has not been set.
MAMARONECK
Mamaroneck),
UNION FREE SCHOOL DISTRICT NO.
N.
Y.—BONDS
renovation bond issue
was
DEFEATED—The
$270,000
1
(P. O.
budding
defeated jy a vote of 695 to 471 at the March 23
election.
N.
MOHAWK UNION FREE SCHOOL DISTRICT NO. 6 (P.O. Fonda).
Y.—BOND OFFERING—Lansing S. Thornton, District Clerk, will
receive sealed bids until 3 p.m. (Eastern Standard Time) on Apr. 19 for the
purchase of $111,500 not to exceed 6% interest coupon or registered school
bonds of 1938.
Dated May 1, 1938.
One bond for $500, others $1,000
Due Nov. 1 as follows: $3,500 in 1940, and $4,000 from 1941 to 1967,
Bidder to name a single rate of interest, expressed in a multiple of
[ or l-10th of 1%.
Principal and interest (M. & N.) payable at the
ational Mohawk River Bank, Fonda.
A certified check for 2% must
accompany each proposal.
The approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
each.
incl.
&
Chronicle
All of the bonds are dated April 1, 1938.
The bankers reoffered the bonds
yield, according to each year of maturity, as follows:
0.50%, 0.90%,
1.20%, 1.40%, 1.50%, 1.65%, 1.75%, 1.80%, 1.85% and 1.90%.
Other Bids—
<
Bidder—
Int. Rate
Premium
Troy Savings Bank
1.80%
$86.70
Manufacturers & Traders Trust Co
1.90%
270.30
Harris Trust & Savings Bank
1.90%
487.90
First & Second National Bank of Oswego
2%
387.90
Campbell, Phelps & Co
2.10%
236.30
to
19365
MORRIS, N. Y.
BOND SALE—An issue of $4,985 general
bonds was sold on March 23 to Peter Depuy of Nunda, as 2.90s.
Dated
March 1, 1938.
One bond for $485, others $500 each.
Due March 1 as
$500 from 1939 to 1947 incl. and $485 in
River National Bank of Mount Morris bid for 4s.
1948.
The
Genesee
NEW YORK,
N. Y.—CITY COUNCIL TO CONSIDER TAX ON
BANK DEPOSITS—An emergency tax of l-25th of 1% on commercial
deposits in all banks of the city will be proposed to the Finance Committee
of the City Council at the meeting on March 25 by Councilman Andrew R.
Armstrong, American Labor Party, and Robert K. Straus, Fusionist, it
was announced on March 24 by B. Charney Viadeok, Labor Party leader
of the Council.
According to present estimates of deposits in commercial banks the
proposed tax would yield about $5,000,000; if it were extended to include
deposits of savings banks it would yield another $1,500,000, Mr. Viadeck
stated.
NEW
YORK, N. Y.—$35,000,000 NOTES SOLD—An
Issue of $35,000,000 in revenue bills was sold March 24 by Comptroller Joseph D.
McGoJdrick at an interrst rate of 0 50%.
Dated March 25 the bills are
redeemable May 4 from the April tax instalment.
The following 26 banks
a ad trust companies participated in the offering:
Bankers Trust Co., Bank of the Manhattan Co., Bank of New York &
Trtst Co., Brooklyn Trust Co., Central Hanover Bank & Trust Co.,
The Chase National Bank of the City of New York, Chemical Bank ft
Trust Co., The Commercial National Bank & Trust Co. of New York,
The Continental Bank & Trust Co. of New York, Corn Exchange Bank
Trust Co., Empire Trust Co., The Fifth Avenue Bank of New York, and
The First National Bank of the City of New York.
Fulton Trust Co. of New York, Guaranty Trust Co. of New York, Irving
Trust Co., Kings County Trust Co., Lawyers Trust Co., Manufacturers
Trust Co., The Marine Midland Trust Co. of New York, The National
City Bank of New York, The New York Trust Co., The Public National
Bank & Trust Co. of New York, Title Guarantee & Trust Co., United
States Trust Co. of New York, and J. P. Morgan & Co.
NEW YORK
Financial Statement
—
—
as
of Jan. 1, 1938
franchises—$17,981,270
1,743.000
—
Deductions:
Water bonds (included in
above)
Bonds (other than water bonds) maturing in present fiscal
year, included in budget—
—
—
—
Net debt
by the subscribers for their own portfolios.
The following tabulation shows the amount of notes allotted
to
each
subscriber:
$3,600,000
Chase National Bank
National City Bank
Dominick ft
Dominick
Eastman, Dillon & Co.
Bank of the Manhattan Co.
Bankers Trust Co.
Central Hanover Bank & Trust Co.
First National Bank
Emanuel & Co.
Guaranty Trust Co.
Bronx County Trust Co.
Brown Brothers Harriman & Co.
Federation Bank ft Trust Co.
Fifth Avenue Bank of New York
Mfrs. ft Traders Trust Co., Buffalo
Marine Trust Co., Buffalo
J. P. Morgan & Co.
United States Trust Co. of New York
A. C. Allyn ft Co.
Smith-Barney & Co.
$2,000,000
Bacon, Stevenson & Co.
Cassatt & Co.
First of Michigan Corp.
Gertier & Co.
Chemical Bank ft Trust Co.
City Bank Farmers Trust Co.
Public National Bank & Trust Co.
«
$400,000
Lawyers Trust Co.
Liberty Bank, Buffalo
So. Shore Tr. Co., Rockville Center
Sterling National Bank & Trust Co.
Corp.
Lehman Bros.
R. W. Pressprich & Co.
Salomon Bros. & Hutzler
Blyth ft Co.
H. L. Schwamm & Co.
First Trust Co., Albany
Fulton Trust Co.
$2,400,000
Barr Brothers ft Co.
Bancamerica-Blair Corp.
Brown Harriman & Co.
Boston
Phelps, Fenn & Co.
$1,400,000
O.J. Devine& Co.
Goldman, Sachs ft Co
Halsey, Stuart & Co.
Laden burg, Thalmann & Co.
Shields & Co.
Lazard Freres & Co.
$200,000
Speyer & Co.
Stone ft Webster and Bldogett, Ihc.
m.
$1,000,000
Bank of New York Trust Co.
Brooklyn Trust Co.
Commercial Nat'l Bank ft Trust Co.
Continental Bank ft Trust Co.
Empire Trust Co.
Nat. Commercial B. & T. Co.,Albany
New York Hanseatic Corp.
Henry Schroder Trust Co.
State Bank of Albany, Albany
$800,000
Trust Co. of North America
C. F. Childs ft Co.
Darby & Co.
Harvey Fisk ft Sons, Inc.
Hallgarten & Co.
Hannahs, Ballin & Lee
Hemphill, Noyes & Co.
1937-
-
of Fiscal Year
$86,423.07
84,226.82
83.994.40
offered
March
22—V.
Co.,, Inc., New York,
about 1.79%.
146,
(Year ending Dec. 31, 1938):
Operating budget
—
Debt service
i
—
Unpaid taxes and estimated delinquency.
Gross budget
Tax rate per $1,000
coupon
—
—
Penalties:
April instalment, 1% per month.; July instalment, 2%
month; October instalment, 3% per month.
are held annually.
All payments of principal and interest have been met promptly when due.
Debt statement as of March 15, 1938 (including this issue):
Ml
Tax
per
Tax sales
Total bonded debt
$1,898,000
15,000
(except special assessment)
Special assessment debt
Gross
debt
Deductions:
I*
$1,913,000
—
Water debt
$123,000
Bonds maturing present year (except water)
184,000
Net debt----
-
Debt margin (including this issue):
Debt limit—10% of assessed valuation
307,000
$1,606,000
$1,798,127
Net bonded indebtedness
1,606,000
192,127
Borrowing margin
Bond principal maturing (not including this issue):
-To Be Paid From-
Local Assessments
1938.
1939
1940-1941
-
1942All bonds
-
$210,500
198,500
193.000
-
are
-
serial.
Tax Levy
$198,000
196,000
193,000
187,000
183.000
$12,500
2,500
187,000
183,000
The city maintains no sinking funds.
OSWEGO, FRUIT VALLEY WATER DISTRICT (P. O. R. D.
6), Oswego, N. Y.—BOND OFFERING—Nelson G. Thompson, Town
No.
Clerk, will receive sealed bids until 10 a. m. on March 31, for the purchase
of $16,500 not to exceed 6% interest water bonds.
This issue was originally offered March 21 and the sale postponed owing
to error in maturity schedule.
The bonds will mature $500 each April 1 from 1941 to 1973 incl.
RED HOOK,
MILAN, RHINEBECK AND CLERMONT CENTRAL
SCHOOL DISTRICT NO. 1 (P. O. Red Hook), N. Y.—BOND OFFER¬
ING—Madeline Babich, District Clerk, will receive sealed bids until 2 p. m.
on March 31, for the purchase of $251,000 not to exceed 6% interest coupon
or registered school bonds of 1938.
Dated April 1, 1938.
Denom. $1,000.
Due April 1 as follows:
$10,000, 1941 to 1949, incl.; $11,000 in 1950, and
$15,000 from 1951 to 1960, incl.
Bidder to name a single rate of interest,
expressed in a multiple of A of 1-10th of 1%.
Principal and interest
(A. ft O.) payable at the First National Bank of Red Hook.
A certified
check for 2% must accompany each proposal.
The approving legal opinion
of Hawkins, Delafield & Longfellow of New York City will be furnished
the successful bidder.
ROCKVILLE CENTRE, N. Y.—BOND SALE— The issue of $26,000
or registered drainage improvement bonds offered March 23—V.
146, p. 1756—was awarded to Bacon, Stevenson ft Co. of New York, as
2.70s, at a price of 100.10, a basis of about 2.685%.
Dated April 1, 1938
and due April 1 as follows: $2,000 from 1939 to 1942, incl. and $3,000 from
1943 to 1948, incl.
Second high bid of 100.21 for 2^s was entered by R. D.
White ft Co. of New York City.
coupon
Otner bids:
Bidder—
Bank of Rockville Centre Trust Co.
A. C.
Int. Rale
Manufacturers & Traders Trust Co
Sherwood & Reichard—
Nassau County National Bank
Prem.
2%%
2.80%
2.80%
3%
3%
Allyn ft Co., Inc
$52.00
47.00
coupon or
26.00
52.00
15.60
registered bonds
offered March 23—V. 146, p. 1925—were awarded to Barr Bros. & Co., Inc.,
New York, as 1.70s, at 100.199, a basis of about 1.66%.
The sale consisted
of:
$78,000 public welfare bonds.
Due April 1 as follows: $7,000 in 1939 and
1940, and $8,000 from 1941 to 1948, incl.
74,000 public works bonds.
Due April 1 as follows: $7,000 from 1939 to
1944, incl. and $8,000 from 1945 to 1948, incl.
All of the bonds are dated April 1, 1938.
high bidder, offered 100.115 for 1.70s.
Tne Troy Savings Bank, second
Other Bids—
Bidder—
Rate of Int.
1.70%
Premium
$175.71
Buffalo, and R. D. Wh.te &
1.75%
1.75%
Wainwright ft Co., and C. F. Herb & Co.,
jointly-.
1.80%
Geo. B. Gibbons & Co., Inc., and Dick & Merle
Smith, jointly
-1.80%
Halsey, Stuart & Co., Inc
1.90%
Harris Trust ft Savings Co
1.90%
.
214.32
59.28
registered
Halsey;
to
—
175.00
94.24
452.96
421.04
ROMULUS, VARICK AND FAYETTE CENTRAL SCHOOL DIS¬
Romulus), N. Y.—BOND OFFERING—Joseph W.
Trainor, District Clerk, will receive sealed bids until 2 p. m. (eastern
standard time) on March 31 for the purchase of $160,000 not to exceed 5%
interest coupon or registered school building bonds.
Dated April 1, 1938.
Denom. $1,000.
Due April 1 as follows: $6,000. 1941 to 1945 incl.; $7,000,
1946 to 1950 incl.; $8,000 from 1951 to 1954 incl. and $9,000 from 1955 to
1961 incl.
Bidder to name a single rate of interest, expressed m a multiple
TRICT NO. 3 (P. O.
or
awarded
-
School budget and tax rate are included in above figures.
Co., jointly
as 1.80s, at a price of 100.066, a basis of
The sale comprised:
1925—were
-
-
$811,619.96
259,236.42
110,000.00
1,180,856.38
$46.80
H. C.
Riter & Co.
E. H. Rollins ft* Sons
L. F. Rothschild & Co.
p.
of
Additional Financial Information
Current
M. & T. Trust Co., Buffalo-
Morse Bros, ft Co., Inc.
G. M.-P. Murphy & Co.
OSWEGO, N. Y.—BOND SALE—The $170,000
as
March 1, 1938
$34,532.00
45,019.93
78,248.59
City taxes are collected in three instalments, April. July and October.
The city owns its own water supply plant from which it derives a sub¬
stantial revenue over and above operating expenses.
It also owns certain
riparian rights at Dam No. 6 on the Oswego River now under lease to a
subsidiary of the Niagara Hudson Power Corp. at a net)annual rental of
$50,000.
This income is assured to the city until 1979 through the auth¬
orized extension of the existing lease by a vote of the people at a general
election held in 1937.
At the end of that period, the hydro-electric plant,
erected at a cost
of approximately $1,000,000, reverts intact to the
municipality.
The foregoing statment of bonded debt does not include the debtTof
Oswego County which is the only other subdivision having power to levy
taxes upon any or all of the property subject to the taxing power of the city
The Marme Trust Co.,
Manufacturers Trust Co.
Stuart &
Uncollected
Uncollected at End
-
Troy Savings Bank
Tucker, Anthony & Co.
White, Weld ft Co.
Wilmerdinge & Co.
Irving Trust Co.
Kings County Trust Co.
184,000
Tax Collection Record
Levy
$604,091.30
607,274.03
611,833.07
ROME, N. Y.—BOND SALE—The $152,000
George B. Gibbons & Co.
Harris Trust & Savings Bank
Heidelbach, Ickelheimer & Co.
Kidder, Peabody & Co.
Paine, Webber ft Co.
J. & W. Seligman ft Co.
123,000
$1,436,000
-
Year
(State of)—SELLS $100,000,000 NOTES—State Comp¬
troller Morris S. Tremaineon Mar. 22 allotted an issue of $100,000,000 notes
to 84 banks and investment houses.
They bear 0.25% interest, are dated
March 23, 1938 and mature June 28, 1938.
Bulk of the issue was retained
bonds
—
—
Assessed valuation of real estate, including special
Total bonded debt (excluding these issues).
—
follows:
J.
-
-
MOUNT
26, 1938
$120,000 home relief bonds. Due $12,000 on April 1 from 1939 to 1948, incl.
50,000 public works project bonds.
Due $5,000 on April 1 from 1939 to
1948, inclusive.
bidder.
First
March
Volume
Financial
146
interest (A. & O.) payable at the First
with New York exchange, or at the
York City, at the option of the
holder.
The bonds are direct general obligations of the district, payable
from unlimited taxes.
A certified check for $3,200, payable to the order
of H or 1-10th of 1%.
Principal and
National Bank of Ovid, New York,
Central Hanover Bank & Trust Co., New
Everts, District Treasurer, must accompany each proposal.
Legal opinion of Clay, Dillon & Yandewater of New York City will be furn¬
of Corna M.
ished the successful bidder.
coupon or
Wick,
A.
OFFERING—William
Y.—BOND
N.
SCHENECTADY,
Director of Finance, will receive sealed bids until noon
Time) on March 29 for the purchase of $438,000 not to
(Eastern Standard
exceed 4% interest
registered bonds, divided as follows:
$200,000 general municipal bonds, series A, issued to finance the city's
share of the cost of projects to be undertaken jointly with Federal
agencies.
Due $20,000 on March 1 from 1939 to 1948 incl.
200,000 general municipal bonds, series B, issued to finance the city's
share of home relief which is not required to be raised by taxation
under Section 49 of the Public Welfare Law of New York.
Due
$20,000 on March 1 from 1939 to 1948 incl.
38,000 high school bonds.
Due March 1 as follows: $3,000 in 1939 and
1940, and $4,000 from 1941 to 1948 incl.
Bidder to
Denom. $1,000.
All of the bonds are dated March 1, 1938.
single rate of interest on all of the bonds, expressed in a multiple
l-10th of 1%.
Prin. and int. (M. & S.) payable at the Chase
National Bank, N. Y. City.
A certified check for $8,760, payable to the
order of the city, must accompany each proposal.
The bonds will be
payable from unlimited ad valorem taxes on all of the city's taxable property.
The approving legal opinion of Reed, Hoyt & Washburn of N. Y. City will
be furnished the successful bidder.
Bonds will be delivered to the pur¬
name a
of
14
or
chaser
on or
about April 15,1938, at
N. Y. City.
the Chase National Bank,
""SEAFORD, N. Y.—BONDS VOTED—Voters
proposed issuance of $200,000 school construction
recently approved the
bonds.
(P. O. Corning), N. Y.—BONDS VOTED—At a
of the vilage approved a bond issue of $6,000 to
SOUTH CORNING
recent election the voters
finance local share of Works Progress
SOUTH
Administration projects.
issue of
$13,500 registered street improvement bonds offered on March 21—V. 146,
1925—was awarded to the Manufacturers & Traders Trust Co. of Buffalo,
as 2Ms, at a price of 100.076, a basis of about 2.225%.
Dated March 25,
1938 and due $2,700 on March 25 from 1939 to 1943, inclusive.
p.
■
Other Bids—
■
-1?
■
Bidder—
i;
:;
Pearl River National Bank
BARRINGTON, MILO,
DISTRICT NO.
STARKEY,
CENTRAL
Rate Bid
100.40
Par
Int. Rate*
2K%
4%
::
Suffern National Bank..
TYRONE
READING
AND
1 (P. O. Starkey),
OFFERED—Sherwood & Reichard of New
SCHOOL
BONDS PUBLICLY
N. Y.—
York are
making public offering of a new issue $229,000 3% coupon or registered
school bonds at prices to yield from 2.20% to 2.90%, according to maturity.
Due serially from 1944 to 1962, incl.
Legality approved by Clay, Dillon
& Vandewater of New York City.
The bonds, according to the bankers,
are
legal investment for savings banks and trust funds in New
Federal income taxes, and tax exempt in
free from all present
New York.
York State,
the State of
SYRACUSE, N. Y.—TO ISSUE $1,000,000 BONDS—Thomas E.
Kennedy, Commissioner of Finance, plans to ask the Common Council on
Monday to authorize a bond issue of $1,000,000 to finance home relief and
the city's share of Works Progress Administration improvement projects
to be started this spring.
More than 10,000 families are either on home
relief or work relief, the number being twice that which was estimated when
the 1938 budget was
prepared, according to report.
Bond Maturities to June 30, 1945
$24,500
20,500
17,500
9,500
1941-1942
1942-1943
1943-1944
1944-1945
*$55,500
22,500
22,500
22,500
*
Only $11,000 thereof remains to be paid.
Original amount of special assessments
$200,861.32
Amount of special assessments remaining unpaid
7,594.00
The Town of Lumberton has never defaulted in the payment of principal
interest.
or
Robeson County is the largest county in the State and ranks eighth in
population according to the 1930 census, with a population of 66,512, while
the town of Lumberton has a population of 4,140 and according to a census
just completed the town proper and the several small adjoining communi¬
ties within a mile radius of the corporate limits there is now a population in
excess
of
9,
'
00.
.■
of the North Carolina Constitution of interest to bond¬
adopted at the last General Election.
One amendment pro¬
hibits counties and municipalities from contracting debts during any fiscal
year to an amount exceeding two-thirds of the amount by which the out¬
standing indebtedness of the particular county or municipality shall have
been reduced during the next preceding fiscal year, unless the subject be
submitted to a vote of the people of the particular county or municipality,
and be approved by a majority of those voting thereon.
Under another
amendment the General Assembly may exempt from taxation not exceeding
$1,000 in value of property held and used as the place of residence of the
owner.
At its 1937 session the General Assembly did not pass any Act to
Amendments
holders
were
exempt property from taxation.
MEBANE, N. C —BONDS NOTSOLQ—It is stated
by W. E. Easterling,
not to exceed
sale without
Secretary of the Local Government Commission, that $32,000
6% semi-ann. sewage disposal plant bonds were offered for
success
on
15 as no bids were received.
Denom. $1,000.
Due $8,000 from March 1, 1939 to 1942, incl.
March
March 1, 1938.
PI
NEVILLE,
Dated
C .—BONDS SOLD—It is reported that the $8,500
N.
electric light bonds offered for sale without success on Feb. 1,
146, p. 951—were purchased later by the Commercial
National Bank of Charlotte as 6s at par.
Dated Feb. 1, 1938.
Due
from Feb. 1, 1940 to 1954.
coupon
noted here—V.
as
(P. O. Nyack), N. Y.—BOND SALE— The
NYACK
11993437089--1199341890
2093
Chronicle
RUTHERFORD
COUNTY
(P. O.
Rutherfordton), N. C.—NOTES
SOLD—It is reported that $25,000 revenue anticipation notes were pur¬
on March 15 by the First Industrial Bank of Rutherfordton at 2%.
It is stated by Charles R. Yopp, County Auditor, that the above notes
chased
are
dated March
15,
1938, and ma cure on
May 14, 1938.
SALISBURY, N. C.—BOND TENDERS RECEIVED—It is stated by
C. Holmes, City Manager, that he received tenders for $3,000 school
bonds at 93.00 and interest; $5,000 street and sidewalk, and $1,000 general
improvement bonds at 98.00 and interest.
H.
O. Warrenton), N. C.—BOND OFFERING—
E. Easterling, Secretary of the Local
Raleight until 11 a.m. on March 29
for the purchase of a $5,000 issue of 2}4% jail bonds.
Coupon bonds,
not registerable.
Denom. $1,000.
Dated March 15, 1938.
Due $1,000
from March 15, 1940 to 1944 incl.
Prin. and int. (M. & S. 15) payable
in lawful money in Warrenton.
Unlimited tax, no option of payment
before maturity.
There will be no auction.
Bonds will be sold at not
less than par and accrued interest.
A certified check for $100, payable
to the order of the State Treasurer, must accompany the bid.
WARREN COUNTY (P.
Sealed bids will be received by W.
Government Commission, at his office in
WILSON, N. C.—BONDS VOTED—We are informed by the City Clerk
construction bonds up for approval on March 15
146, p. 1285—were approved by the voters, 487 to 105.
Due in
from 1 to 20 years.
He states that these bonds will be offered for sale
that the $85,000 town hall
—V.
in the near future.
plans to issue $250,000
$717,000 tax certificates of in¬
maturity of $25,000 Lansingburg water works
TROY, N. Y.—BONDS AUTHORIZED—City
home and work relief bonds and to renew
In addition, a
debtedness.
will
bonds
NORTH
UTICA, N. Y.—CERTIFICATE OFFERING—'Thomas
Comptroller, will receive sealed bids until noon on March
J. Nelson. City
28 for the pur¬
chase of $1,000,000 tax anticipation certificates of indebtedness.
Dated
March 29, 1938.
Denom. $50,000.
Payalbe July 29, 1938 at the Chemical
Bank
Trust
&
Co.,
N.
NORTH
*
be refunded.
Y.
Vandewater of N. Y. City.
by Clay, Dillon &
be made in N. Y.
City.
Legality approved
Delivery of certificates to
'
City on or before March 29.
DAKOTA,
DEBTEDNESS—Since 1933
its indebtedness
DAKOTA
of—DECREASE REPORTED IN IN¬
the State of North Dakota has been liquidating
collections, Rollin G. Andrews of Wells-Dickey
State
through tax
recently.
Against a gross debt of $43,098,200 in
1933, the State reported as of June 30,1937, a total gross debt of $29,217,650.
This figure was reduced to $25,624,150 by Dec. 31, 1937.
General
Co., Minneapolis, said
property levies for debt liquidation from
19.21% of the total evy of $64,146,425.
1919 to 1936 totaled $12,325,608,
The State also diverted $2,941,780
and $1,015,000 from beer stamp revenues.
Current debt is estimated at $18,762,301, against which there is $7,692,549 in first real estate mortgages and $9,262,761 real estate free from
encumbrances.
The State has sufficient cash on hand to meet principal
on debt maturities through July 1, 1946.
Taxes levied this year will increase sinking fund maturities through
of motor vehicle taxes
$25,000
WILMINGTON, NORTH CAROLINA 6s
declining in recent
ments) in 1921, the
The State levy,
tax of 2.1 mills for
F. W. CRAIGIE & COMPANY
in
Richmond, Va.
A. T. T. Tel. Rich. Va. 83
Phone 3-9137
NORTH
LAURINBURG,
revenue
notes
were
CAROLINA
ceived until 11 a. m. on March 29
Local Government Commission, at
incorporated bank or trust company, payable unconditionally to the order
of the State Treasurer of North Carolina for $500.
The right to reject all
bids is reserved.
The approving opinion of Masslich and Mitchell, New
York City, will be
furnished the purchaser.
Financial Statement Feb. 17, 1938
Assessed
valuation
-$4,245,893
1937
Outstanding bonds for other than
bonds now offered:
Water
AKRON
BUILDING, CLEVELAND
COLUMBUS
CINCINNATI
SPRINGFIELD
OHIO
(P. O. Hamilton), Ohio—BOND SALE—The
$46,000 special assessment sewer bonds offered March 22—V. 146, p. 1597—
were awarded to Stranahan, Harris & Co. of Toledo, as 2^s, at par plus a
premium of $144.90, equal to 100.315, a basis of about 2.21%.
Dated
March 1, 1938 and due Dec. 1 as follows: $2,000,1939; $3,000,1940; $2,000.
1941 to 1943 incl. $3,000, 1944; $2,000, 1945 to 1947 incl.; $3,000, 1948;
$2,000, 1949; $3,000, 1950; $2,000, 1951 to 1953 incl.; $3,000. 1954; $2,000
from 1955 to 1957 incl. and $3,000 in 1958.
BUTLER
COUNTY
CINCINNATI CITY SCHOOL DISTRICT, Ohio—NOTE SALE—
$410,216.3(1 notes offered March 21—V. 146, p. 1926—were awarded
Meyer. Smith & O'Brien, Inc., of Cincinnati, as 2s, at par.
Dated
March 29, 1938 and due on or before March 1,
1939. The BancOhio
Securities Co. of Columbus, second high bidder, offered a premium of
$41 for 2^s.
,
The Huntington National Bank of Columbus named an interest rate of
3
% in bidding for the issue.
.
The
to
DELAWARE,
Ohio—BOND SALE
DETAILS—'The $20,000 second
works improvement bonds purchased by the
Board, as reported in a previous issue—V. 146,
series, mortgage revenue water
$216,500
—
Light bonds
Other
700 CUYAHOGA
CANTON
school purposes, exclusive of
bonds----—
MUNICIPALS
MITCHELL, HERRICK & CO.
C.—BOND
N.
year
OHIO
$192.29.
OFFERING— Sealed bids will be re¬
by W. E. Easterling, Secretary of the
his office in Raleigh, for the purchase
of a $25,000 issue of street improvement bonds.
Coupon bonds registerable
as to principal only,
Denom. $1,000.
Dated March 1, 1938.
Due on
March 1 as follows:
$1,000, 1940 to 1946, and $2,000 from 1947 to 1955.
Prin. and int. (M..& S.) payable in New York City in legal tender.
De¬
livery on or about April 5 at place of purchaser's choice.
No option of
prior payment is permitted.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum
in multiples of one-fourth 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 Did the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest
interest cost to the town, such cost to be determined by deducting the total
amount of the premium bid from the aggregate amount of interest upon
all of the bonds until their respective maturities.
No bid of less than par
and accrued interest will be entertained.
Bids are required on forms to be furnished with additional information
by the above Secretary and be accompanied by a certified check upon an
LUMBERTON,
one
preceding year.
N. C.—NOTES SOLD—It is reported that $10,000
purchased on March 15 by the Bank of Clayton at
6% plus a premium of
State and local levies, have been
years.
From a high of $31,422,054 (including assess¬
combined bill has been reduced to $20,652,495 in 1935.
says Mr. Andrews, will be higher, however, due to a
debt service.
Total miliage for 1938—the rate is levied
for payment in the next—is 6.10 mills, against 4.33 in the
Dakota taxes, including
North
1947.
April 1, 1953-62 @ 3.75% basis
Due
City Treasury Investment
18,000
--
p.
95,000
bonds..
1926—were sold as 3s, at par.
Ohio—BONDS SOLD—The City Treasury Investment
issue of $10,150 3% park bonds. Dated April 1, 1938.
$1,150 in 1939, and $1,000 from 1940 to 1948, incl.
Principal and interest (A. & O.) payable at the City Treasurer's office.
HAMILTON,
Totals
offered.
—_ — „ —
Outstanding bonded debt for schools.
Bond anticipation and revenue anticipation notes
Bonds
now
Total outstanding bonds,
Tax
Rate
Year
1937
1936
—
$1.10
1.10
1935
1.10
1934
1.40
1933
1.40
—------ — -
outstanding—.
including bonds now offered.
—
$329,500
25,000
None
None
$354,500
Tax
Amount
Valuation
Levy
$4,245,893.00
4,023,488.00
3,853,930.00
3,715,173.00
3,623,948.00
$48,226.10
45,496.47
43,616.42
52,012.42
50,735.27
Collected
$29,799.37
43,187.92
41,844.62
50,786.17
49,599.11
Assessed
Boafd
purchased
Due Oct. 1 as
an
follows:
NORWOOD, Ohio—BOND OFFERING—A. M. Schoneberger, City
will receive sealed bids until noon on April 4 for the purchase
4% coupon street, curb, gutter and sewer bonds.
Dated April 1,
1938.
Denom. $1,000 and $500.
Due $2,500 on Oct. 1 from 1939 to
1948, incl.
Principal and interest (A. & O.) payable at the First National
Bank. Norwood.
No conditional bids will be considered.
All bonds to be
Auditor,
of $25,000
paid for and delivered at the office of the City Auditor.
for 5% of the bonds, payable to the order of the City
accompany each proposal.
A certified cneck
Treasurer, must
Financial
2094
o(—LEGISLATURE GIVES $18,000,000 FOR LOCAL
RELIEF—Definite legislative action making $18,000,000 available for poor
relief during the current year, Ohio's General Assembly concluded a 14weeks* special session fully aware that another special session will be neces¬
sary within the next few months to make further appropriations to finance
the relief program.
Already it has become apparent that, with the recent
business recession, particularly as it affects the eight large metropolitan
counties, there will be a demand for supplemental legislation before midOHIO,
Chronicle
The decision
Stat*
Based upon reports compiled by the State Relief Commission offices and
furnished by approximately half of the counties of the State, the relief
load in January amounted to 116,457, or 407,599 individuals.
This repre¬
sents an increase
of 28.76% over the load of December, 1937, and a boost
of 63% over the November, 1937 case load.
An indication of the impending seriousness of the relief problem is seen
in the funds available for relief purposes in the City of Columbus.
While
it is estimated that the city's needs for 1938 will be approximately $1,200,000
$294,000 in State funds, of which about 4.0%, or $120,000,
the rate of 50 cents for every dollar in State money.
City Council already has appropriated $361,000 for relief for the first
three months of the year, and the city administration is seeking means of
raising another $800,000 to carry through the year.
Early in the special session, which began Nov. 29, 1937, the Legislature
appropriated $1,000,000 from the general fund to be handed out to the
several counties by the State Board of Control, with such advances to be
deducted from any further allocations to the respective counties.
In addition, through enactment of a series of bills, another $17,000,000
was made available for relief.
This included $12,000,000 in a single pro¬
gram which embraced $6,500,000 from sales tax collections, $3,000,000
from a 65-100ths of 1% utility excise tax, another $1,500,000 through reenactment of the admissions, beer and malt taxes, and the remainder from
unexpended relief fund balances and the surplus in intangible tax collec¬
tions over that required for the public school fund.
In addition, another $5,000,000 was appropriated, over and above the
amount necessary to retire the old poor relief bonds.
This latter fund,
together with reappropriated funds, will give the political subdivisions ap¬
proximately $7,000,000 for matching purposes.
it will receive only
March
handed
was
in the suit of the
down
and Trust Co. for return of $5,399 paid to
26,
1938
City National Bank
the State tax commission
on
1936
income.
In its petition, the
bank contended the 6% tax levied on bank incomes
by the 1935 legislature violated both the State and Federal constitutions.
It also contended government and municipal bonds were exempt from
taxation and that the State tax was discriminatory.
Citing a United States supreme court case, the judges held the State
could tax interest from bonds and securities held by banks but not if held
by individuals or certain types of business firms.
Judges in the case were Sam Hooker, Lucius Babcock and Ben Arnold.
_
SALLISAW, Okla.—BONDS AUTHORIZED—An ordinance has been
passed which authorizes the issuance of $137,000 negotiable coupon refund¬
ing bonds.
'
■
STILLWELL, Okla.—BONDS SOLD—It is reported by the Town Clerk
that the following bonds have been purchased by a local bank: $4,900 town
hall, and $4,500 park bonds.
«l
must be matched at
SILVER LAKE
(P. O. Akron), Ohio—BOND OFFERING—J. R.
Somers, Village Clerk, will receive sealed bids until noon (Eastern Standard
Time) on April 1, for the purchase of $110,000 4% refunding bonds. Dated
March 1, 1938.
Denom. $1,000.
Due $22,000 on March 1 from 1949 to
1953, incl.; callable in whole or in part on Dec. 1, 1938, or on any interest
paying date thereafter.
Interest payable J. & D.
Bidder may name a
different rate of interest, expressed in a multiple of 34 of 1%.
A certified
check for 2% of the bonds bid for, payable to the order of the Village
Treasurer, must accompany each proposal.
(Preliminary announcement of this offering was made previously in
these columns.)
TOLEDO CITY SCHOOL DISTRICT, Ohio—NOTE SALE DETAILS
—The $285,800 notes sold to the Ohio Citizens Trust Co., which bid a
rate of
of
1.65% (not 1.60%) for the first $200,000 and 1.74% for the balance
as previously reported in these columns—V. 146, p. 1926—
or before March
1, 1939, according to May P. Foster, Clerk-
STONEWALL, Okla.—BOND SALE—The $8,000 issue of
offered
for
sale
2—V.
March
on
sewer bonds
1438—were purchased by the
6s at par, according to the Town Clerk.
146*
p.
Oklahoma State Bank of Ada. as
Due $1,000 from 1942 to 1949, inclusive.
OREGON
JOSEPH. Ore—BOND OFFERING—It is stated by G. R. Patten, City
that he will receive sealed bids until 8 p. m. on April 25, for
the purchase of a $5,000 issue of civic center bonds.
Interest rate is not
Recorder,
to
exceed
6%,
Due in
payable semi-annually.
10 years; optional after
five years.
LA GRANDE,
Ore.—BOND OFFERING—Sealed bids will be received
until 8 p. m. on March 30, by J. E. Stearns, City Recorder, for the purchase
of a $12,800 issue of 3lA%
general obligation airport bonds.
Denom.
$500,
one
for $300.
Dated
April
1,
Due
1938.
on
1
April
as
follows:
$1,000, 1943 to 1954, and $800 in 1955.
All bonds shall be subject to call
and redemption in numerical order on April 1, 1943, and any semi-annual
interest paying date thereafter.
The approving opinion of Teal, Winfree,
Shuler & Kelley of Portland will be furnished.
McCulloch,
A certified
check for $1,000 must accompany the bid.
POLK COUNTY SCHOOL DISTRICT NO. 4 (P. O. Salem, R. F. D.,
No. 3, Box 456), Ore.—BOND SALE—The $2,600 issue
of interestbearing warrants offered on March 21—V. 146, p. 1757—was purchased by
the Bank of
Dallas,
as
3s, according to the District Clerk.
Due $260 from
June 1, 1939 to 1948 incl.
WALLOWA, Ore.—BOND SALE—'The $5,500 issue of refunding bonds
offered
for
sale
on
March 8—V. 146, p. 1598—was purchased by the
Association, of Wallowa, as 4s at par, according to the City
Feb. 1, 1938.
Due $500 from Feb. 1, 1943 to 1953;
or after Aug. 1,
1938.
Artisans Life
Recorder.
optional
Dated
on
$85,800,
mature on
Treasurer of the Board of Education.
The Toledo Trust Co. bid
1.95%, while the Commerce Guardian Bank of Toledo offered
a rate
to
take
of
City of Philadelphia
a
block of $50,000 at 1.90%.
TRUMBULL
5% Bonds due December 16, 1970
COUNTY
(P.
O.
Warren), Ohio—OTHER BIDS—
The $160,000 refunding bonds awarded to Fox, Einhorn & Co., Inc.,
Cincinnati, as 2 "4s, at a price of 100.172, a basis of about 2.22%, as pre¬
viously reported in these columns—V. 146, p. 1926—were also bid for
as
Price:
follows:
Bidder—
Int. Rate
BancOhio Securities Co—
Pohl & Co., Inc
Ryan, Sutherland & Co
Hayden, Miller & Co
Provident Savings Bank & Trust Co
McDonald-Coolidge & Co
Mitchell, Herrick & Co
Assel, Goetz & Moerlein, Jnc
VANDALIA.
^
2)4 %
2)4%
2 )4 %
2 )4%
214%
2>2%
2)4 %
2%%
1520 Locust St., Philadelphia
$85.00
1,858.88
947.00
903.00
832.00
CITY OF NEW
488.00
210.60
903.80
Due
To
A. Rader, Village Clerk,
April 4, for the purchase of $13,000
system and disposal plant bonds.
Dated April 15, 1938.
noon
Ohio—BOND
SERIAL
YORK
3s
July 1, 1953
net
2.95%
on
YARNALL & CO.
4% sanitary sewer
Denoms. $1,000 and $500.
Due March 15 as follows:
$500 from 1939 to
1941, incl.; $1,000 from 1942 to 1952, incl. and $500 in 1953.
Principal
and interest (M. & S. 15) payable at the Vandalia State Bank.
The bonds
are payable from taxes levied outside of tax limitations.
Bidder may name
a different rate of
interest, expressed in a multiple of )4 of 1 %.
A certified
check for $150, payable to the order of the village, must
accompany each
proposal.
WELLSTON,
3.50%
Moncure Biddle & Co.
Premium
Ohio—BOND OFFERING—L.
will receive sealed bids until
SALE—The
$15,000 sewage treatment
146, p. 1597—were awarded to Fox,
3)4s, at par plus a premium of $127.77,
basis of about 3.39%.
Dated Feb. 1, 1938 and due
plant bonds offered March 22—V.
Einhorn & Co., Inc., Cincinnati, as
equal to 100.851, a
$1,000 on Feb. 1 from 1940 to 1954 incl.
WEST UNITY, Ohio—BOND OFFERING—William F.
Held, Village
Clerk, will receive sealed bids until noon on April 2, for the purchase of
$13,000 not to exceed 5% interest first mortgage water works revenue bonds,
first series, being part of an authorized amount of
$18,000.
Dated April 1,
1938.
Denom. $1,000.
Due $1,000 on April 1 from 1940 to 1952, incl.
Principal and interest (A. & O.) payable at the office of the legal depository
of the village.
A certified check for 1% of the amount of tne bid, payable
the order of the village, must
accompany each proposal.
Bonds to be
by a first mortgage on the property and revenues of the water
system to be constructed.
to
secured
r
To Net
YOUNGSTOWN, Ohio— TO
REFUND BONDS—It is anticipated that
the city will refund $350,000 of bond
principal maturing this year.
An
equal amount was refunded in 1937.
Sinking fund has $187,447 on hand to
meet interest charges due
April 1.
Bond principal maturing throughout
1938 amounts to $838,752.
On Jan. 1, 1938 the city's outstanding general
bonds totaled $6,796,352; water
department bonds $805,000, and special
assessment bonds totaling $410,000.
A.
1628
Walnut
T.
&
T.
Teletype—Phila. 22
St.
Philadelphia
PENNSYLVANIA
ALLENTOWN
SCHOOL
DISTRICT,
Pa
OFFERING—
W. H. Rogers, District Secretary, will receive sealed bids until 7 p. m. on
April 6, for the purchase of $400,000 coupon operating revenue bonds.
Dated May 2, 1938.
Denoms. $1,000.
Due $80,000 on May 2 from 1939
to 1943, incl.
Bonds will be registerable as to principal only and sold at
not less than par and accrued interest to date of delivery.
District will
provide and pay for printing of the bonds, and for approval of issue by the
Department or Internal Affairs of Pennsylvania.
Bonds will be issued
pursuant to the Act of Assembly approved May 18, 1933, P. L. 813 and
known as Act No. 132.
A certified check for $8,000, payable to the order
of the District Treasurer, must accompany each proposal.
(The above report of the offering supersedes that given previously in
these columns.)
BETHLEHEM
CITY SCHOOL
DISTRICT, Pa .—BOND OFFERING
—Clifford F. Frey, Secretary of the Board of Directors, will receive sealed
bids until 8 p. m. (eastern standard time) on April 18 for the purchase of
$100,000 1 As, 1%, 2, 234 or 2)4% coupon, registerable as to principal only,
operating revenue bonds.
Dated May 1, 1938.
Denom. $1,000.
Due
$20,000 annually on Miay 1 from 1939 to 1943 incl.
Bidder to name a
single rate of interest.
Principal and semi-annual interest payable at the
office of the District Treasurer or at such depository as may be designated
by the Board'of School Directors.
Bonds are issued pursuant to Act of
Pennsylvania Assembly, approved May 18, 1938, P. L. 813, and known as
132.
The bonds will be issued without deduction for any and all
Act No.
taxes, now or hereafter levied or assessed thereon by any present or future
law or laws of the Commonwealth of
Pennsylvania, except succession or
inheritance taxes, all of which taxes the school district agrees to assume and
pay.
A certified check for $2,000, payable to the order of the school dis¬
R. J. EDWARDS, Inc.
trict,
must accompany each proposal.
The school district will provide
for the printing of the bonds, for legal opinion to be furnished by
Townsend, Elliott & Munson of Philadelphia, and for the approval of the
issue by the Department of Internal Affairs of Pennsylvania.
and pay
Municipal Bonds Since 1892
Oklahoma
AT&T
Ok Cy
DOWNINGTON
City, Oklahoma
19
SCHOOL
DISTRICT,
Pa.—OTHER
BIDS—'The
$60,000 2)4% refunding bonds awarded to the First Boston Corp. at a
price of 104.026, a basis of about 1.71%, as previously reported in these
columns—V. 146, p. 1926—were also bid for as follows:
Long Distance 16$
Bidder—
BAXTER
held
on
SPRINGS, Okla.—BOND
April 5, voters will be
to
of
auditorium construction and
equipment bonds.
o£SA£"TE SCHOOL DISTRICT
(P.
O.
an
$35,000
election to be
gymnasium
and
Granite),
Okla.—BOND
(State ol)—COURT UPHOLDS TAXATION OF INTER¬
EST ON MUNICIPAL BONDS HELD BY
BANKS—An Associated Press
dispatch from Oklahoma City on March 12, which has
just come to hand,
reported as follows:
i»
Three district judges sitting en banc ruled here
today the State could
a franchise or income tax on interest received
by banks from Federal
levy
government and
municipal bonds and securities.
102.026
_
Halsey, Stuart &Co
102.149
Yarnall & Co.
101.385
102.144
_
Battles & Co
§£,1zLJ^ TAILS—We are now informed by the District Clerk that the
$11,000 coupon school building bonds
purchased by the Taylor-Stuart Co.
of Oklahoma
City, as noted here recently—V. 146, p. 1757—were sold as
follows:
$2,000, as 3s, maturing $1,000 in 1941 and 1942; $5,000 as 334s.
maturing $1,000 from 1943 to 1947, and $4,000 as 3s, maturing $1,000 from
t0 *951, incl.
The price paid by the purchaser was
par, plus a premium
of$l.
gpp
OKLAHOMA
101.40
....—101.87
Francis I. duPont & Co
ELECTION—At
authorize
Rate Bid
National Bank of Malvern
E. H. Rollins & Sons_
OKLAHOMA
Mac key, Dunn & Co
Chandler & Co
-.102.5865
102.119
Granbery, Marache & Lord
Bancamerica-Blair Corp
Schmidt, Poole & Co
102.40
101.5707
102.64
C. F. Childs & Co
102.778
—
W. H. Newbold's Son & Co
Arthur P. Reid
102.0156
—
102.00
Dougherty, Corkran & Co
102.303
__
E. W. Clark & Co
101.79
-...
_
Hemphill, Noyes & Co.
_
C. C. Codings & Co
DICKSON
CITY
—
.102.353/
...101.176
SCHOOL DISTRICT, Pa.—BOND OFFERING—
the Board of Directors, will receive sealed bids
April 8 for the purchase of $85,000 not to exceed 4% interest
coupon, registerable as to principal only operating revenue, series of 1938,
John J. Turock, Secretary of
until 7 p. m. on
Volume
146
Financial
Chronicle
bonds.
Dated April 1, 1938.
Denom. $1,000.
Due April 1 as follows:
19,000 from 1939 to 1943 incl. and $8,000 from 1944 to 1948 incl.
Interest
payable A. & O.
Bonds will be sold subject to approval of the Pennsylvania
Department of Internal Affairs.
The approving legal opinion of Frank J.
TOWNSHIP
SCHOOL
™
..$810,100.00
119,800.00
.....
929,900.00
tA
^
Floating debt
60,000.00
Gross debt..
$989,900.00
Sinking Fund(a) General city
(b) Assessment
$191,396.04
20,383.99
•
211,780.03
Net funded and floating debt
Deductions—
(a)
^
(b)
OLIVER
(c)
$778,119.97
Certain outstanding liended and unliened
taxes
Assessments and assessment liens
standing (75% actual)
Certain outstanding poor taxes
$118,172.04
out¬
84,567.06
23,428.26
226,167.36
Net debt
Net debt ratio
Tax
$551,952.61
1.87%
anticipation
bank loans
notes,
or
other
evidence
of
indebtedness.
35,000.00
50,000.00
551,952.61
Bonds authorized but unissued.
Net debt after issuance of this proposed issue.
Net debt ratio after issuance of this proposed issue
Tax rate (mills) 1938
bidder.
1.87%
13
Poll tax
ELECTION—An election will-beTEeld
May 17 at which voters will be asked to approve the issuance of $50,000
refunding and general
408,354.04
(a) Interest and State tax
(b) Principal...
bonds.
purpose
1.00
Amount of tax duplicate (levy) 1938
Debt Service Charge (1938)—
**NEW BRIGHTuin, Pal—jlsu!\D
on
of Feb. 15, 1938
DISTRICT
(P. O. Pittsburgh), Pa .—BOND OFFERING—
George W. Depp, Borough Secretary, will receive sealed bids until 8:30 p.m.
on April 12 for the purchase of
$40,000 current expense bonds.
Dated
April 1, 1938.
Denom. $1,000.
Due April 1 as follows:
$7,000, 1939;
$6,000. 1940; $4,000 from 1941 to 1943 incl. and $3,000 from 1944 to 1948
incl.
Bidder to name a single rate of interest, expressed in a multiple of
M °f 1%.
Prin. and int. (A. & O.) payable in Pittsburgh.
Sale of bonds
is subjectt0 approval of proceedings by the
Department of Internal Affairs
of Pennsylvania.
A certified check for $1,000, payable to the order of the
Borough Treasurer, must accompany each proposal.
The approving legal
opinion of Burgwin, Scully & Churchill of Pittsburgh will be furnished the
successful
as
actual)..._____________.$29,486,060.00
(a) General city debt.
(b) Assessment debt.........
(P. O. Mount
Alton), Pa.—BOND OFFERING—Michael Ryan, District Secretary, will
receive sealed bids at the J.J. O'Connell Estate Shore, Mount Alton, until
3 p. m. on March 31 for the purchase of $45,000
4% coupon building bonds,
Dated April 1, 1938.
Denom. $1,000.
Due April 1 as follows: $1,000 in
1939, and $2,000 from 1940 to 1961 incl.; callable on and after April 1,
1953.
Bonds were authorized at an election on Sept. 14, 1937, and have
been approved by the
Pennsylvania Department of Internal Affairs.
Interest payable A. & O.
A certified check for 2% must accompany each
proposal. Delivery of bonds to the purchaser and payment therefor to be
made on April 1.
(The above report corrects that given in a previous issue.)
MOUNT
Financial Statement
Assessed valuation 1938 (60% of
Gross Bonded Debt—
McDonnell, Solicitor for the District, will be furnished the successful bidder.
A certified check for $1,000, payable to the order of the District Treasurer,
must accompany each proposal.
LAFAYETTE
2095
V
$32,690.15
24,417.74
PENNSYLVANIA, State of—44-HOUR WORK WEEK LAW VOIDED
57,107.89
—-A United Press
dispatch from Harrisburg on March 19 reported as follows:
Pennsylvania's 44-hour work week law, affecting nearly3,000,000 workers,
has been declared unconstitutional by the Dauphin County Court,
w*Judge W. C. Sheely ruled the maximum hours law void, in a brief decree,
m?order that an appeal might be taken by the State to the Supreme Court
by Monday. He said formal adjudication of the challenge on the law would
be handed down in
a
Population 1930 Census, 45,729;
Debt Burden
.
•Net direct debt burden
Net overlapping debt burden
few days.
Pa.—STATE
SUPREME
COURT
constant
on
delay
of several
SUSTAINS
months,
marked
Year
by
May 17.
RADNOR TOWNSHIP SCHOOL DISTRICT
(P. O. Wayne) Pa.—
ELECTION—Preliminary sketches have been drawn for a new
gymnasium to cost $120,000 and to be paid for with a bond issue, issuance
of which is to be submitted to the Voters for approval at an election in May.
1961, incl.
Callable after Jan.
1950
13
13
$273 660.82
319,046.71
325,273.85
78.7
$20,109.73
39,251.22
60,512.09
78.8.,
80.1%
*
♦
—
Operating balance.
Cash balance end of
*
1936
1937
$594,347.98
522,140.54
$506,899.47
562,301.26
$474,345.01
501,603.66
$72,207.44
60,810.53
d$55,401.79
d$27,258.65
31,737.56
__
period.,
22,657.29
d Deficit.
at par and
SUGARCREEK TOWNSHIP SCHOOL DISTRICT (P. O.
SCOTT TOWNSHIP1SCHOOL DISTRICT (P. O.
Pa.—OTHER BID—Leach Bros, of
Woodvllle), Pa.—
par
plus
a
premium of $39, equal to 100.26, a basis of about 2.69%.
Dated Feb. 1, 1938 and due $3,000 on Feb. 1 from 1941 to 1945, incl.
SPRING DALE,
YORK SCHOOL DISTRICT (P. O. York), Pa .—BONDS APPROVED
—The State Department of
proposed issuance of
$30,000 of bonds will be submitted to the voters for their approval at an
election to be held in May.
SWISSVALE
Pa.—BOND ELECTION—The
DISTRICT IP. O. Swissvale), Pa .—BOND
Davis, District Secretary, will receive sealed bids
for the purchase of $100,000 coupon school
Denom. $1,000.
Due $10,000 on April 1
from 1939 to 1948, incl.
Bidders to name a single rate of interest, expressed
in a multiplexor M of 1%.
Interest payable A. & O. 1, free of all taxes
(except gift, succession and inhejritance taxes) levied pursuant to any
SCHOOL
RHODE
until 8:30 p. m. on April 12,
bonds.
Dated April 1, 1938.
HS
A certified check for $1,000 payable to the order
thelDistrict Treasurer must accompany each proposal.
Purchaser will
be furnished with the approving legal opinion of Burgwin, Scully & Churc¬
hill of Pittsburgh
without cost and the district will provide the bonds.
ment of Internal Affairs.
City Clerk
March 30 for the purchase of
Dated April 1, 1938.
Denom.
$1,000.
Due April 1 as follows:
$5,000 from 1939 to 1943, incl.; $10,000
from 1944 to 1949, incl. and $15,000 in 1950.
Bidder to name a single
rate of interest, expressed in a multiple of M of 1%.
Interest payable
April 1 and Oct. 1 tree of all State, county and municipal taxes (except
succession, gift and inheritance taxes) levied pursuant to any present or
future law of the Commonwealth of Pennsylvania.
A certified check for
$1,000, payable to the order of the City Treasurer, must accompany each
proposal.
Sale of the bonds is subject to approval of issue by the Depart¬
ment of Internal Affairs of Pennsylvania.
Successful bidder will be furnished
1
p.
m.
on
with the
approving legal opinion of Burgwin, Scully & Churchill of Pitts¬
burgh, without cost, and the city will print the bonds.
WILLI AMSPORT,
Pa .—OTHER BIDS—The
$50,000
funding
bond
issue awarded March 15 to R. W.
100.649,
also bid for
a
as
Pressprich & Co. of New York, as 2s,
basis of about 1.875%, as reported in V. 146, p. 1928, were
follows:
Int. Rate
Bidder—
—
---■
Granberry, Marache & Lord...—
E. H. Rollins & Sons
.
E. W. Clark & Co
— -
Halsey, Stuart & Co
— _
Butcher & Sherrerd
Bank of Newberry,
—
.
_——
.
Williamsport, Pa—
Bancamerica-Blair & Co—
Williamsport National Bank._
Geo. E. Snyder & Co
Singer, Deane & Scribner.
Glover & MacGregor
.
.
Rate Bid
2M%
— _
Cassatt & Co
;
_ _ —
— ...
— —
....—__
101.11
2M%
101.02
2M%
Dougherty, Corkran & Co...
100.73
2M%
2M%
100.729
100.71
2M%
100.598
2M%
100.5786
2M%
2M%
2M%
100.50
100.3053
2j|%
2M%
234%
100.25
101.267
102-874
160.287
September
(when the present year's budget was adopted),
business conditions have become worse rather than better.
"We have discovered that a substantial portion of the
.
bids until
folIOWS!
"Since last
of
WASHINGTON, Pa .—BOND OFFERING—John Griffiths
ISLAND
PROVIDENCE, R. I.—ASKS LEGISLATURE FOR $750,000 LOAN
AUTHORITY—The City Council has instructed the City Solicitor to seek
legislative authority for a $750,000 highway bond issue.
Councilman
Howard Presel, Chairman of the Finance Committee, voted against the
recommendation.
In opposing the projected loan, Mr. Presel said in part
Sresentisor future to approval Commonwealth by Pennsylvania. Sale of the
onds
subject law of the of proceedings of the Pennsylvania Depart¬
$100,000 not to exceed 4% interest bonds.
Internal Affairs has approved the issuance of
$50,000 school construction bonds.
Bonds were awarded to Dougherty,
Corkran & Co., Philadelphia, on a bid of 2M% interest and a premium of
$361.40, but were withheld pending approval.
OFFERING—Arthur E.
will receive sealed
Franklin).
Philadelphia submitted a bid of 100.60
for 3 Ms for the $131,000 improvement bond Issue which was awarded to an
account headed by E. H. Rollins & Sons, Inc., as 3Ms, at 101.23 a basis of
about 3.14%, as previously reported in these columns—V. 146, p. 1928.
BOND SALE—The issue;of $15,000 coupon school bonds offered March 18
—V. 146, p. 1758—was awarded to Glover & MacGregor of Pittsburgh, as
at
Taxes
Feb. 15, 1938
1935
interest.
2Mb, at
13
Real Estate
in Levy
Year
Comparative Income and Expense
O. Hamlin), Pa.—
1,
11
Levy
$345,909.80
404,621.27
406,088.66
408,354.04
Operating income
Operating expense
BONDS SOLD—The issue of $33,000 3% school bonds offered Dec. 201937, was sold to the First National Bank of Newfoundland, at par.
Dated
Jan. 1, 1938 and due Jan. 1 as follows:
$1,000 from 1940 to 1950, incl. and
to
Collections
Taxes are liened, by tne City Solicitor before the end of the third year
following the year of levy. Liened taxes are filed in office of the Prothonotary.
City levies its own taxes and is independent of any .other taxing
authority.
The City of Williamsport is a third-class city and operates under authority
of an Act of Assembly of the Commonwealth of Pennsylvania being the
Act of June 23, 1931, P. L. 932, the amendments thereto and the supple¬
ments thereof.
The city may not by Statute levy a tax for general purposes
in excess of 15 mills, plus 10 mills for bonded debt.
The fiscal year of the
city is from the first Monday of January to the first Monday of January.
RICHLAND TOWNSHIP SCHOOL DISTRICT (P. O. Johnstown).
Pa.—BOND SALE DETAILS—The $14,500 operating revenue and fund¬
ing bonds awarded to Singer, Deane & Scribner of Pittsburgh, as previously
reported in these columns—V. 146, p. 1115—were sold as 3 Ms at par plus
a premium of $26, equal to 100.179, a basis of about 3.44%.
$2,000 from 1951
$33.68
Delinquent Taxes—City Treasurer collects all delinquent unliened taxes.
■READING HOUSING AUTHORITY (P. O. Reading), Pa.—PLANS
OF $190,000 BONDS—Arrangements are being made for the sale
locally the necessary 10% of the esti¬
mated $1,900,000 for a low-cost housing project.
The Federal housing
agency has been asked to earmark the latter sum and the law requires that
the local authority provide 10% of the estimated cost of a project.
It is
reported that a Philadelphia banking firm has indicated a desire to purchase
the Authority's bonds.
SALE
of $190,000 bonds in order to raise
(P.
3.31%
Outstanding liened taxes for 1934 and prior years as of Feb. 15, 1938,
$92,689.70.
*
In process of collection.
Tax Rate—Usually set about 30 days prior to year of levy.
Duplicate is
delivered to collectors for collection about Jan. 15.
Rebate—1% from March 1 to May 1, collected flat from May 1 to July 1.
Penalty—1 % per month from July 1 to Jan. 1.
BOND
DISTRICT
Mills
1935
1936
1937
1938
PITTSBURGH, Pa.—BOND ELECTION—'The proposed issuance of
$1,350,000 municipal hospital construction bonds will be submitted to the
SCHOOL
5.52%
Outstanding
bickering between City Council and Mayor Wilson, the Council
Mayor's veto was
TOWNSHIP
Capita
$11.41
22.27
Collected
March 21, passed the 1938 budget of $83,911,372.
SALEM
Per
1.12%
2.19%
Tax
overridden
voters at an election to be held on
Actual Value
3.65%
Total
no foundation for the objections to the enforcement of the
city's sales tax
ordinance," Chief Justice Tohn Kephart wrote.
The order dismissed
appeals brought before the Court by eight Philadelphia business houses and
Mayor S. Davis Wilson and his wife as taxpayers.
The law had been
upheld by Philadelphia Common Pleas Court.
a
Ratio to
'
1.87%
(a) School District of Williamsport had a gross debt on Jan. 1, 1938 o
$1,198,900; sinking fund, $291,027.07; liened and returned real estate taxes
$237,390.62 (75% used).
(b) Lycoming County had a gross debt on Jan. 1, 1938 of $799,000;
sinking fund, $177,601.01; estimated outstanding returned and liened
taxes, $250,000 (75% used)'.
SALES TAX—The State Supreme Court on March 23 handed down a
brief order holding the city sales tax ordinance constitutional.
"We find
BUDGET APPROVAL—After
Ratio to
Assessed Value
„
PENN TOWNSHIP SCHOOL^DISTRICT (P. O. Verona), Pa.—
BOND OFFERING—-Sealed, bids will be received on March 30 for the
purchase of $50,000 bonds, due serially from 1938 to 1958 incl.
^PHILADELPHIA,
1938 estimate, 48,359.
levy that we
made against intangible personal property will never be collected.
We
have learned that our share of the horse racing tax bill will be reduced
below our expectations, and we have found relief costs increasing rather
d6cr68^inf5#
"We have accepted as inevitable a deficit for the current fiscal year not¬
withstanding the fact that the finance committee, through the new bud-
getary^rocedure, has been doing its utmost "to hold down every possible
CX^Our
total net debt, excluding water, at the
beginning of the current
fiscal year was $38,880,511.65, as compared with an
first of October, 1930, of $27,748,244.93 and as of Oct.
indebtedness on the
1,1933, of $32,875,-
634 71*
and principal payments on our debt will
$3,536,427.50, which is 27.2% of our total tax levy.
Our
currently cost us too great a percentage of our total annual
revenues, 27 cents of each dollar, and I know of no way of reducing these
charges other than by reducing our indebtedness."
Mr. Presel pointed out that already this year the city has authorized bor¬
rowing totaling $824,610 and was about to authorize $300,000 more for
Works Progress Administration.
WPA will require even more during the
course of the year, he said, and it is virtually certain the city will have to
borrow a large amount in anticipation of taxes.
"To borrow $750,000," he said, "will mean an added debt charge of
$50,000 to $75,000, and that sum will have to be taken from some depart¬
ment wtiere it is badly needed."
"For the current year interest
amount
to
debt charges
WOONSOCKET,
R.
I.—TO SELL $400,000
BONDS—City Council
recently passed ordinances providing for the sale of $400,000 bonds, includ¬
ing $160,000 for highway and bridge improvements, $80,000 for construc¬
tion of sanitary sewers, $80,000 for storm water drains, $40,000 for new
water matn« and $40,000 for school building construction.
The bonds will
be dated April 1, 1938, bear interest at not more than 4% and mature
$30,000 each year from 1939 to 1951, incl. and $10,000 in 1952.
Denom.
$1,000.
They will be sold by James W. Quinn, City Treasurer.
Financial
2096
Chronicle
March 26, 1938
.
3Hs, paying a premium of
basis of about 3.32%.
Dated Jan. 1. 1938.
1939 to 1953, incl.
of Sioux Falls, as
SOUTH
CAROLINA
CHARLESTON COUNTY SCHOOL
DISTRICT NO. 1 (P. O.
Charleston), S. C.—BONDS SOLD—It is reported that $5,000 3Yi%
semi-ann. building bonds have been purchased jointly by G, H. Crawford
& Co
Inc. of Columbia, and George W. McCay & Co. of Charleston, at a
price of 100.15, a basis of about 3.47%.
Due $500 from 1939 to 1948.
SOUTH
JASPER COUNTY (P. O.
Ridgeland), S. C.—BOND SALE DETAILS
ized county.
reported by the Chairman of the School
193- 48657,.
follows:
State of—MUNICIPAL FINANCE SURVEY
ISSUED—The survey made by the University of South Dakota on muni¬
cipal affairs of the State has recently been issued.
It reports that most of
the cities and towns in South Dakota face the necessity of levying new taxes
or sharing in State collected revenue if they are to continue present service
and meet demands for additional improvements.
The survey shows that the general property tax supplies municipalities
with 60 cents out of every dollar of their present revenue. The report points
out that two important sources of revenue—taxes on automobiles and
money and credits—have been absorbed by the State Government.
The financial report shows that in 1935, 300 towns and citit* received a
total of $5,398,276 from various sources, and spent $4,551,280.
Many
towns, however, spent more than they collected from their combined tax
receipts, municipal utilities profits, special assessments, fees, license,
$6,000, 1939: $7,000, 1940, and $8,000, 1941 to 1944.
It is
bonds are general county obligations.
The legal opinion
Binkler of Charleston. 8. C. will accompany the bonds.
of Nathans &
Financial Statement
as
Refunding bonds
of June 30
1937
-
1936-37
;—
$30,531,150.00
6.716,853.00
bonds (this isue)
Kershaw County Highway reimbursement bonds
Road improvement
Total bonded indebtedness
Less: Highway
interest and
100.000.00
40,000.00
45 000.00
1.082,909.10
.,
miscellaneous accounts.
WATERTOWN,
held
GIBSON COUNTY (P. O. Tyenton),
reported by tne Clerk of the
7,971.58
County-wide sinking funds as follows: Cash
—____
owned by County Sinking Fund.
(Actual cost.
an
increase in value on present-day
market)
x Balance
due county by State Highway Dept. on re¬
imbursement agreement to apply against purchase of
Watereee Bridge, said debt paying 5% interest to county
Lands & real estate mortgages owned by County Sinking
These bonds show
_
Fund
108,794.98
—
_
...
Net debt....—
80,000.00
53,856.46
None
—
....
Tax Collections
Amount Collected
Total Amount
Year—
for Each Year
$198,310 76 (as
186,847.26 (as
190,970.79 (as
203,931.80 (as
of Levy
*--$246,612.14
239,624.09
241,749.75
252,374.01
250,273.83
I—.
of June 30, 1934)
of June 30 1935)
of June 30, 1936)
The above statement does not include the debt of other political
subdivi¬
levy taxes witnin the county.
The County of Kershaw has never defaulted in the payment of either
sions having power to
principal
or interest on any of its obligations.
x The
Wateree Bridge nas been sold to the State Highway Dept. for
$147,500 payable as follows: On or before May 1, 1934, $19,500 and there¬
after $16,000 on April x5 in each of the years 1935 through 1942.
Of this
amount due the county there remains a balance of $80,000 w lich is itemized
and shown as a part of the above County-Wide Sinking Fund.
(P. O. Spartanburg), S. C.
an election to be held on April 5, voters wiil be
asked to approve the issuance of $300,000 school construction bonds.
—BOND ELECTION—At
YORK COUNTY (P. O. York), S. C.—BOND OFFERING—Healed bids
noon on April 5, by Annie L. Wallace, Clerk of the
will be received until
Board of County Commissioners, for the purchase of a $380,000 issue of
highway bonds.
Interest rate is not to exceed 43^%, payable
& S.
Denom. $1,000.
Dated March 1, 1938.
Due $38,000 from
Sept. 1, 1945 to 1954 incl.
Rate of interest to be stated in a multiple of
34 ol 1%, and must be the same for all of the bonds;
These bonds are
registerable as to principal only.
Principal and interest payable in New
York.
J he successful bidder will be furnished with the legal approval of
Reed,,Hoyt & Washburn of New York, that the bonds are valid, binding
obligations of the county.
A certified check for 2%, payable to the county,
must accompany the bid.
Issued under authority of Act No. 633, Acts of
South Carolina, 1937 and Amendatory Act thereto and by Reimbursement
Agreement made by South Carolina State Highway Commission and the
County Board of York County, Oct. 6, 1937.
Note—Nonds are exempt from all State, county and municipal taxes.
No particular form of bid required, but same must comply with the above
coupon
M.
notice.
Statement of Bonded Indebtedness as of Dec. 31,
1937
Total bonded debt
_
SMITHVILLE, Ten n.—BOND SALE DETAILS—It is reported by the
Recorder that the $3,500 fire department bonds purchased by the
Bank of Smithville, as noted in these columns recently—V.
146, p. 1928—were sold as 4s at par, and mature in 1939 to 1943.
TEXAS
of June 30, 1937)
taxes uncollected for all purposes, incl. subdivisions of the county,
for all prior years as of June 30, 1937__....$170,822.93
_____
$1,452,000.00
50,000.00
__
-
—
—
$1,502,000.00
—
-
sold subject to
the election.
AUSTIN
SCHOOL
DISTRICT
(P. O.
Austin), Texas—BOND
ELECTION—We are informed by the Clerk of the Board of Education
that an election will be held on April 8 in order to vote on the issuance of
$750,000 in not to exceed 4% school building bonds.
Due serially over a
25-year period.
■
—
CORSICANA, Texas—BONDS SOLD—It is stated by J. P. Welch, City
Secretary, that $210,000 refunding bonds were purchased by a syndicate
composed of C. F. Childs & Co. of Chicago, Duquette & Co. of Houston,
Elliott & Eubank of Waco, and Fenner & Beane of New York.
BOND SALE DETAILS—In connection with the above report, we quote
in part as follows from an article on the sale which appeared in the Corsicana
"Sun" of March
Surplus
Texas—BOND
__
.
50,000,000.00
650,197.42
484,613.39
...
Uncollected Jan. 1, 1938
Taxes collected Jan. 1, 1938 to March 14, 1938
$165,584.03
46,928.54
...
— .
Total uncollected March 14,1938..-
Therefore,
purposes was
__
_
_
.
____
12
1M
13 34
Total
The history of York County is that it has at not time in the past been
any of its
obligations either principal
SOUTH
or
in
INDEPENDENT CONSOLIDATED SCHOOL
as
Int. &
to
sinking funds for Municipal Auditorium warrants
$1,547,362.30
540,054.28
216,738.40
Taxes due and
....
....
—
...
receivable—
receivable
Water and sewer accounts
Total
accounts
approximate uncollectible
old accounts)
$15,000
.
(see floating
cash
Less
Total
assets
^ Qg7
5,915.63
Garage
—.
General supply
Clerk, that
gymnasium-auditorium bonds re-offered on March 18—V.
1928—were purchased by the Northwest Security National Bank
$518,693.99 $1,929,338.54
18,231.69
85,649.10
receivable
Stores—Water
6g5 ^
Total
Special ass't ctfs. acct. street widening projects
debts and awards payable)
Petty
.
,
1936
City
—$1,410,644.55
School district..
67,417.41
Notes
763,112.68
delinquent, 1930-36:
1930-35
1439—has been canceled because of legal technicalities.
NEW BOND SALE—It is stated by John E. Loberg, District
213,680.85
9,746.76
deposits (see liabilities)
Taxicab deposits (see liabilities)
Street revolving fund
Feb¬
<
2,015,235.67
196.2b
funds
Operating funds
3 %s, at a
price of 101.23, a basis of about 3.32%, as noted in these columns in
prior
Cash and investments in all other funds—
Bond funds (proceeds sale of bonds)
DIS¬
TRICT NO. C-l (P. O. Harrisburg), S. Dak.—BOND SALE CANCELED
—It is now reported that the sale of the $15,000 gymnasium-auditorium
•146, p.
i—6,353.90
districts
9,249.24
Water guaranty
serially on Jan. 1 as follows: $10,000, 1941-42; $12,000, 1943-44; $14,000,
1945-46; $15,000, 1947-49, incl.; $18,000, 1950-51; $20,000, 1952; $25,000,
1953-54; $30,000, 1955-57, and $34,000 in 1958.
Bonds shall be subject
to redemption in inverse numerical order and prior payment on any interest
payment date at par and accrued interest.
p.
■
Miscellaneous trust funds--.
$1,000, to bear interest at 4% per annum, payable semi-annually Jan. 1
and July 1.
Principal and interest are to be payable at the First National
Bank & Trust Co. of Minneapolis, Minneapolis, and bonds shall mature
ruary—V. 146,
by school
Total worth of interest and sinking
of
of Sioux Falls,
...
issued
•
l,33l,Il9.30
annexation
DAKOTA
bonds to the Northwest Security National Bank
STATEMENT—We give herewith the
1 % % coupon sanitary sewer
annexation
Bonds
interest.
CORSON COUNTY (P. O. Mcintosh), S. Dak.—BONDS APPROVED
At a recent meeting, the Board of County Commissioners adopted a resolu¬
tion authorizing the issuance of $347,000 refunding bonds.
Dated Jan. 1,
1938 and numbered 1 to 347 inclusive, bonds are to be in denominations
HARRISBURG
stated by
refunding bonds,
received up to March 22,
$668,513.23
uncollected.
County-wide tax rate (in mills)
County-wide tax rate (in mills) for debt service.
TENDERS ACCEPTED—It is
that be purchased $8,500
All other bonds issued by City of Dallas.—1
Bonds issued
by water districts prior to
$118,655.49
of March 14, 1938, 18.2% of the total assessment for all
It is estimated that not more than 8% of the
be delinquent.
as
and
in connection with the award made on Jan. 10
and sewage disposal plant bonds
to a syndicate headed by Brown Harriman & Co., Inc., as reported in detail
in these columns—Y. 146, p. 475:
Financial Statement as of Sept. 30, 1937
J\.SSCtS"""~*
■
•• .•'
..
.
-!
'■
'-V V•'
Value of all city property—Inventory Sept. 30,1937—
$55,238,467.28
Interest and sinking funds—Cash and investmentsWaterworks bonds_____
$469,325.52
Sanitary sewer bonds
77,379.50
Sewage disposal bonds..
121,808.21
.
total assessment for 1937 will
the
Stevens, City Secretary,
A. J.
DALLAS, Texas—FINANCIAL
$11,974,883.00
taxation, 1937
Actual valuation, estimated.
Total amount of taxes levied for 1937
Amount of taxes collected Dec. 31, 1937.
.
by the retirement
of the waterworks issue, series 1,
following official information
Tax Record
Assessed valuation for
,
$210,000 outstanding bonds
replacement by the refunding bonds, according to Mayor J. S. Murchison.
"The Mayor pointed out the last of the original bonds, voted in 1918,
would not have been retired until 1958. but were callable at the end of 20
years.
They bore 5% interest which would have necessitated the expendi¬
ture of $115,000 in addition to the principal during the next two decades.
"The new issue of refunding bonds will mature in 13 years with an interest
cost to the city of $58,675, less a premium of $672, or a net cost of $58,053.
The saving on the interest cost would be $56,947, and the bonded indebted¬
ness reduced $210,000 at the end of 13 years instead of 20.
"The Mayor stated under the new plan, scheduled expenditures from the
interest and sinking fund for principal and interest on outstanding bonds
would be stabilized at approximately $120,000 per year."
■
,
.
$1,562,252.84 $1,502,000.00
$60,252.84
..
16:
approximately $57,000 will be effected
"A saving of
of the
of the $950,000
Total
.
dated
Highway reimbursement bonds paid by
State
.$1,132,922.24
Sinking funds—Cash
148,349.01
Sinking funds—-Invested
280,981.59
—
,
SCHOOL DISTRICT (P. O. Fort Worth), Texas—
is stated by O. H. Stowe, Superintendent of Schools,
that the $55,000 4% semi-annual gymnasium-auditorium bonds approved
by the voters on Feb. 26, as noted in these columns—Y. 146, p. 1759—were
sold on March 7 to the State Board of Education.
Dated March 15, 1938.
Due in 1968,- optional after one year.
BIRDVILLE
BONDS SOLD—It
Sept. 1, 1935, on the tenders which he
submitted at the invitation of the City Council.
Less:
_
:
VOTED—A $50,000 bond issue to
finance the construction of a storm sewer was approved by the voters at a
recent election.
As previously mentioned in these columns, bonds were
ALAMO HEIGHTS, Tex.—BONDS
DALHART,
Gross Debt
giving a basis
First National
Tota
Floating debt represented by notes
1954 and 1955, and $55,000 in 1956,
LEWISBURG, Tenn.—MATURITY—It is now reported by the City
Clerk that the $55,000 4% semi-annual electric light and transmission
line bonds purchased at par by the Public Works Administration, as noted
here recently—V.
146, p. 1439—have not as yet been delivered to the
Federal body.
Dated Jan. 1, 1936.
Due on Jan. 1 as follows:
§1,000,
1938 and 1939; $2,000, 1940 and 1941; $3,000, 1942 to 1952, and $4,000,
1953 to 1956.
'
■,
-
Town
179,833.65 (as of March 1,1938)
SPARTANBURG SCHOOL DISTRICT
Tenn.—BOND SALE DETAILS
County Court that the $225J)00
4% semi-annual funding bonds purchased by a group headed by the First
National Bank of Memphis, as noted in these columns in February—V. 146, p. 1439—were sold at a price of 98.90, and mature on March 1 as
follows:
$5,000 in 1946: $10,000, 1947 to 1949; $15,000, 1950; $20,000,
1951 to 1953; $30,000,
of about 4.10%.
County-wide tax rate (incl. 8 mills State tax), 18^ mills.
Population, 1930 census, 36,000; estimated present, 42,000,
on
building bonds.
—It is now
Bonds
default
Dak.—BOND ELECTION—An election will be
be asked to approved the issuance or
TENNESSEE
$185,000.00
Less
/
S.
April 19 at which voters will
on
$68,000 armory-auditorium
■»' $1,267,909.10
1,082,909.10
—
reimbursement bonds
unorgan¬
,
DAKOTA,
SOUTH
stated that these
Actual valuation (est.)
—
Assessed valuation (approx. 22% actual),
Bonded debt: Wateree bridge bondsx
of—RULING GIVEN ON REFUNDING
Attorney, ruled recently that the Board of
unorganized counties
property
Board that the $50,000
school bonds purchased by the Robinson-Humphrey Co. of Atlanta as
3us at a price of 100.704, as noted here in February—V. 146, p. 1439—
are due on March 1 as follows:
$3,000, 1940 to 1955, and $2,000 In 1956,
giving a basis of about 3.41%.
*
KERSHAW COUNTY (P. O. Camden), S. C.—BONDS SOLD—We
are informed by Hamilton & Co. of Chester, 8. C., that they purchased
recently a $45,000 issue of 2%% road improvement, public building and
refunding bonds.
Denom. $1,000.
Dated Jan. 1, 1938.
Due on Jan. 1
as
State
County Commissioners of organized counties to which
are attached for judicial and revenue purposes, may levy taxes on
in the unorganized areas to finance refunding bonds issued for the
,
—It is now
DAKOTA,
BONDS— C. C. Wilson, State's
$185-00, equal to 101.23, a
Due $1,000 from Jan. 1.
$106,698.75
5,977.80
S.790.14
466,378.75
3,57»o00
i
U8,466.69
1
$125,867.02
(4 years of
48,550.53
^
$63,231,234.68
Volume
Financial
146
bonds
Waterworks
■
V
,
$7,719,000.00
2,428,000.00
668,000.00
Sanitary sewers bonds
Sewage disposal bonds
$10,815,000.00
26,631,00 ).00
All other bonds issued by City of Dallas
Bonds issued by Water District prior
printing bonds and legal opinion of recognized bond attorneys if desired.
All legal matters have been handled by attorney of school board, including
approval of bonds by Attorney General of Texas:
to
annexation.,.
Bonds issued by
to
1.
District
prior
148,500.00
annexation
x37,771,500.00
269,000.00
Municipal Auditorium warrants
Bills payable (note for land and building)
Water guaranty deposits (see assets)
Taxi cab deposits (see assets)
30,000.00
213,680.85
9,746.76
Par and lowest rate of interest with optional clause to call all or any
Eart ofto be called will be after March 1, 1946. Notification tobefore any
outstanding bonds made
holders of
onds
not more than 30 days
last maturing bonds to be called first.
3. Par plus premium and interest
■•Section'2 above.
and
86,406.76
widening
$38,606,700.36
liabilities
24,624,434.32
Total surplus
$63,231,234.68
All other operating funds have cash balances,
x During the three
months following Sept. 30, 1937, outstanding bonds were reduced by
$101,000 and no new tax-supported bonds were issued.
Note—Inventory of city property does not include streets and storm sewers
*
cost value of which is $16,893,396.25.
DALLAS, Tex.—BOND ELECTION—An election is said to be scheduled
April 5 in order to have the voters pass on the proposed issuance of
$1,300,000 in bonds, divided as follows: $1,000,000 storm sewer projects,
and $300,000 airport landing improvement bonds.
for
SCHOOL DISTRICT
(P. O.
Fort Stockton), Texas—BONDS NOT SOLD—It is stated by H. Butz,
President of the Board of Education, that the $50,000 3M% semi-annual
18—V. 146, p. 1929—were not sold
He states that the bonds are now being offered
construction bonds offered on March
as
no
bids
were
received.
Board of Education, at par.
Dec. 1. 1938 to 1957.
to the State
Dated Dec. 1, 1937.
Due from
HEMPSTEAD, Texas—BOND ELECTION—The City Comftiission re¬
cently decided to call an election in April in order to submit to the voters
proposed issuance of $90,000 electric light system revenue bonds and
$60,000 water system revenue bonds.
$840,000 City Hall 3% J. & J.
Dated Jan. 15,1938.
Due $30,000 Jan. 15,
1941 to 1968.
300,000 Drainage sewers, 21A%, J. &
$15,000 Jan. 15. 1939 to 1958.
J.
Dated Jan. 15, 1938.
Due
270,000 Sanitary sewers, 2M%, J. & J
Dated Jan. 15, 19387 Due
$15,000 Jan. 15, 1941 to 1958.
300,000 Asphaltic street, 2M%, J. & J.
Dated Jan. 15, 1938.
Due
$20,000 Jan. 15, 1939 to 1953.
204,000 Concrete base streets, 2M%, J. & J.
Dated Jan. 15, 1938. Due
$12,000 Jan. 15, 1942 to 1958.
221,000 Fire station and alarm system, 2lA%, J. & J.
Dated Jan. 15,
1938.
Due $17,000 Jan. 15, 1941 to 1953.
180,000 Bridge and subways, 2M%» J. & J.
Dated Jan. 15, 1938. Due
$10,000 Jan. 15, 1941 to 1958.
130,000 Houston Ave. extension, 2M%. J. & JDated Jan. 15, 1938.
Due $10,000 Jan. 15, 1941 to 1953.
80,000 Flood control, 3%. J. & J.
Dated Jan. 15, 1938.
Due $10,000
Jan. 15, 1946 to 1953.
80,000 Park, 2H%, J. & J.
Dated Jan. 15, 1938. Due $8,000 Jan. 15.
VERMONT
(P. O. White River Junction), Vt.—OTHER BIDS—
F. W. Home & Co. of Hartford, at
0.57% discount, as previously reported in these columns—V. 146, p. 1929—
was also bid for as follows:
v.;. ••;,•••,:v;.a';..'
Bidder—
'
7-7;
] Discount
Montpelier National Bank (plus $2 premium)
0.75%
National Shawmut Bank of Boston
;
0.80%
E. H. Rollins & Sons, Inc
0.83%
TOWN SCHOOL DISTRICT
(P. O. White River
Vt.—OTHER J BIDS—The $65,000 notes awarded to the
Bank of Boston, at 0.65% discount, as previously
reported in these columns—V. 146, p. 1929—were also bid for as follows:
HARTFORD
Junction),
National
Shawmut
Bidder—
7;.\
'A' -'A
Discount
E. H. Rollins & Sons, Inc
0.68%
Montpelier National Bank (plus $2 premium)
0.90%
National Lire Insurance Co.»—1%
-
VIRGINIA
ALLEGHANY 'COUNTY
The $120,000 issue of school
& J.
split coupon rate, giving a net interest
2.14%, according to B. W. Pentz, Clerk or the County School
W. Va., an offer of $28 premium on a
cost of about
Board.
ROANOKE, Va .—BONDS VOTED—At the election hei(f on March 22
146, p. 1759—the voters approved the issuance of the $5,000,000 in
bonds, the proceeds of which are to be used to acquire the water works
plant of the local water works company and to make necessary improve¬
ments.
The affirmative vote was 69% of the total baliots recorded, it
—V.
was
stated
by Mayor Sidney Small.
It is said that
details
REASON FOR POSTPONEMENT—Postponement
of the sale was the
third time that legal quastions have developed over the issue.
scheduled for Jan. 11, the award was put over and part of the
Originally
issue sold a
couple of days later.
The first delay was occasioned by a suit contesting
the legality of the authorization.
The partial award was later rescinded
when the State's Attorney General questioned its legality.
Latest of the city's difficulties is an action seeking to prevent sale of the
bonds on a technicality over location of the city hall which would be built
through proceeds of the issue.
HUNGERFORD
Hungerford),
school
COMMON
Texas—BONDS
SCHOOL
DISTRICT
NATALIA
INDEPENDENT
NO.
25
(P.
O.
VOTED—The proposal to issue $35,100
construction bonds was recently approved
by the voters.
SCHOOL DISTRICT
(P. O.
Natalia),
Texas—BONDS SOLD—It is stated by the District Secretary that $3,000
construction bonds have been sold.
Due $500 in from one to six years.
(P. O. Orange), Texan—CORRECTION—It is
now stated by
R. Lee Davis, County Judge, that the reclamation and
conservation refunding bonds purchased by the State Board of Education
are in the amount of $236,000, not $326,000, as noted in these columns
recently—V. 146, p. 1600.
ORANGE
COUNTY
PECOS COUNTY (P. O. Fort Stockton), Texas—BONDSDEFEATED
—We are informed by J. H. Dyche, County Clerk, that at the election held
on March 12—V.
146, p. 1600—the voters rejected the proposal to issue
$250,000 in road bonds.
SINTON
INDEPENDENT SCHOOL DISTRICT (P. O. Sinton),
Texas—MATURITY—It is reported by the Secretary of the Board of
Education that the $85,000 3% semi-annual
gymnasium bonds purchased
by the Van H. Howard Co. of San Antonio at par, as noted in these columns
—V. 146, p. 1929—are due from 1939 to 1946: optional after 1942.
piTEXAS CITY, Texas—BOND ELECTION—An election will be held on
April 5 at which voters will be asked to approve the issuance of $45,000
sewer
bonds.
DISTRICT (P. O. Texas
bids will be received until
Secretary of the school board,
improvement bonds. Denom.
$1,000.
Due on March 1 as follows:
$8,000, 1939 to 1942; $9,000, 1943
to 1946: $10,000, 1947 to 1950. and $9,000, 1951 to 1953.
Optional to
call any or all bonds due after March 1, 1946.
Interest payable M. & S.
These bonds were approved at an election on March 5, by a count of 89 to 5.
Banking firm at which payment of principal and interest to be made to
be designated by purchaser of bonds if desired.
TEXAS
City),
CITY INDEPENDENT SCHOOL
Texas—BOND
OFFERING—Sealed
2:30 p. nx. on March 30, by Edward Jaeger,
for the purchase of an issue of $135,000 school
an
of the sale
offering of the oonds probably will be made as soon as
have been decided.
cDriunWtar, EhrMman & iPltih?
V ESTABLISHED 1921
MUNICIPAL
NORTHWESTERN
AND CORPORATE SECURITIES
Dated Jan. 15,
30,000 Faith Home, 2M%. J. & J.
Dated Jan. 15, 1938.
Due $2,000
Jan. 15, 1944 to 1953.
20,000 Traffic signals, 2H%, J. & J.
Dated Jan. 15, 1938. Due $2,000
Jan. 15, 1944 to 1953.
20,000 Swimming pool, 2M%. J. & J.
Dated Jan. 15, 1938.
Due
$2,000 Jan. 15, 1944 to 1953.
100,000 General improvement, 2)4%, J- & J.
Dated Jan. 15, 1938. Due
$100,000 Jan. 15, 1939 to 1948.
15,000 Civic Center, 4%, J. & J.
Dated July 1,1928. Due July 1,1955.
18,000 Macadam paving, 4%, J. & D.
Dated June 15, 1936.
Due
$6,000 June 15, 1939, 1945 and 1946.
8,000 Macadam paving, 4%, J. & D.
Dated June 15, 1936.
Due
June 15, 1947.
15,000 Park improvement, 4%, J. & D.
Dated June 15, 1936.
Due
$3,000 June 15, 1940 to 1944.
12,000 Park improvement, 4%, J. & D.
Dated June 15, 1936.
Due
$4,000 June 15, 1949 to 1951.
Denom. $1,000.
Delivery to be made within 20 days after sale. Opinion
of nationally recognized bond attorneys furnished.
Enclose a certified
check for 1% of the par value of bonds bid for, payable to R. H. Fonville,
Mayor.
Included in the above are the $1,982,000 bonds offered on Jan. 11, the
sale of which was canceled.
(P. O. Covington), Va .—BOND SALE—
bonds offered for sale on March 22—V. 146.
1930—was awarded to the Augusta National Bank of Staunton, as 2s,
paying a premium of $120, equal to 100.10, a basis of about 1.975%.
Dated April 1, 1938.
Due $15,000 from Dec. 30, 1938 to 1945 incl.
The second best bid was submitted by Young, Moore & Co. of Charleston,
p.
1944 to 1953.
40,000 Street opening and widening, 2M>%. J1938.
Due $4,000 Jan. 15, 1944 to 1953.
.
HARTFORD
W
been deferred until April 11:
in
acceptable
The issue of $70,000 notes awarded to
the
HOUSTON, Texas—BOND OFFERING POSTPONED—It is stated by
W. H. Maunsell, City Comptroller, that the sale of the following issues of
bonds, aggregating $2,883,000, previously scheduled for March 28, has
The
as
SANDY, Utah—BOND SALE DETAILS—It is now reported by the
City Clerk that the $20,000 sewer bonds purchased by the State of Utah
in January, as noted in these columns at the time—V. 146, p. 1116—were
purchased as 3 Ms, and mature in 1958.
'
INDEPENDENT
same
UTAH
226,365.99
Awards due property owners account of street opening
STOCKTON
optional clause,
v.;.--.
$92,362.11
134,003.88
assets)
FORT
with
If bidder desires to make additional proposition it will be
and will be given consideration.
•
,
General school fund
Total
or
on
interest payment date, stating date the bonds are to be surrendered.
4.
♦^Floating debt (warrants on city treasury),
►
various street opening and widening funds
P* (see
Par and lowest rate of interest.
2.
177,000.00
School
2097
Sealed bids to be accompanied with cashier's check of $3,000. School
board reserves right to reject any and all bids, or to waive irregularities and
accept the bid deemed by the board most advantageous to the district.
Sale of bonds to be in compliance with statutes, rules and regulation of
State Board of Education.
Bids to be onTfollowing bases including cost of
Liabilities—
Total bonded indebtedness—
Chronicle
Exchange
Washington
SEATTLE
Building
WASHINGTON
DAYTON, Wash.—BOiVD OFFERING— Sealed bids will be received by
H. W. Newton, City Clerk, up to 7 p. m. on April 5, for purchase of $40,000
general obligation, 25-year serial sewage disposal bonds.
Denom. $1,000
and $100.
To mature and become payable in their numerical order, lowest
number first, on the annual interest payment date; interest not to exceed
4% per annum, payable semi-annually.
Principal and interest payable at
office of city treasurer at Dayton, or at the fiscal agency of State in New
York, or at the office of State treasurer, Olympia.
All bids except the
bid of the State of Washington must be accompanied by certified check or
cash for 5% of amount of bid.
WATER DISTRICT (P. O. South Lowell), Wash.—
SALE—The $52,000 issue of coupon general ob.igation bonds
LOWELL
BOND
offered for sale on Feb.
3—V. 146, p. 796—was awarded to II. P. Pratt
Due serially in from Jan. 1,
payable at the office of the
6s.
Dated Jan. 1, 1938.
1958 incl.
Prin. and int. (J. & J.)
County Treasurer in Everett.
Legal opinion
& Co. of Seattle as
1940 to
man
by Weter, Roberts & Shefel-
of Seattle.
7
ADDITIONAL SALE—It is stated by the
also
No.
purchased $25,000 Lowell Water District.
1 guaranty fund 6% bonds.
Due over a
ORTING,
above firm that they have
Local Improvement District
12-year period.
Wash.—BONDS DEFEATED—It is stated by the Town
Feb. 19 the following bonds, aggregating
Clerk that at an election held on
$32,000, were voted down:
$20,000 sewage
sewer system bonds.
It is said that another election will probably
disposal polant and $12,00
be held in the near
future^
CALLED—C. V. Fawcett, City Treasurer,
TACOMA, Wash.—BONDS
called for payment the following bonds:
On March 5:
Nos. 59 to 65 of Local Improvement District No. 4264.
On March 6:
Nos. 458 to 492 of Local Improvement District No. 4223.
On March 8:
No. 39 of Local Improvement District No. 4217; No. 55
Local Improvement District No. 4219.
is said to have
of
TENINO, Wash.—BOND ELECTION—A third election at which voters
will be asked to approve the issuance of $45,000 water system purchase and
improvement bonds was scheduled for March 26.
YAKIMA, Wash.— BOND SALE—The
$141,840 issue of sewage disposal
plant construction bonds offered for sale on March 21—V . 146, P.. 1440—was
awarded to Wm. P. Harper & Son Co., Blyth & Co., Dean Witter & Co.,
and Ferris & Hardgrove, all of Seattle, at a price of 98.036. giving a basis
of about 3.20%, on the bonds divided as follows: $52,840 as 3s; maturing
on March 1 as follows:
$2,840 in 1940; $3,000, 1941 and 1942; $4,000, 1943
and 1944; $5,000, 1945 and 1946; $6,000, 1947 and 1948; $7,000, 1949 and
1950; the remaining $89,000 as 3Ms, nmturing on March 1 as follows:
1951 and 1952; $9,000, 1953 and 1954; $10,000, 1955 and 1956;
$11,000, 1957, and $12,000, 1958 and 1959.
The second highest bid was submitted by a group composed of Richards
$8,000,
& Blum,
on
Bramhall & Stein, and Conrad &
Bruce, bidding a price of 98.62
3 Ms.
W ash.—LIGHT
AND POWER
EARNINGS STATE¬
MENT—The following information has been compiled by Ballman &
Main, 105 West Adams St., Chicago:
Municipal Light & Power Plant and System
SEATTLE,
We give below condensed earning statement
comparative figures for 1936.
■
.
The Seattle Municipal Light & Power System
for the year 1937, with
.
.
.
.
.
has experienced the best
in its history from every standpoint.
Gross income exceeded 1936 by
$324 350, total operating expenses on the other hand decreased $17,126.25.
Further savings are anticipated in operating expenses for the year 1938
and according to W. J. McKeen, Acting Superintendent, January of 1938
year
■A
7:'7
,
,
1
V
■
v
A',
.A
.AA-
'
Financial
2098
March
Chronicle
1938
26,
PLUM
total of $55,345,000 direct
CITY, Wis.—BOND SALE— The $9,900 issue of coupon com¬
munity hall bonds offered for sale on March 21—V. 146, p. 1930—was
awarded to the Bank of Durand, Wis., as 3s, paying a premium of $10.00,
equal to 100.101
according to Caspar Kaunel, Village Clerk.
He states
that the only other bid was an offer of $5.00 premium on 3s, tendered
and
by
3% increase in gross over January of 1937. This is
particularly interesting in view of the report in the "Electrical World" that
will show from 2 to
in the industry a decrease of about 8% is anticipated for January.
In the development of this plant to its present outstanding position,'a
obligation and revenue bonds have been issued
over $17,000,000 have been paid on or prior to maturity from earnings.
During the year 1937 the system retired $1,527,000 in bonds.
Year 1936
Year 1937
% Inc.
Gross
operating
$5,383,530.31
2,214,643.89
$5,707,880.35
2,197,519.64
$3,168,886.42
1,361,456.71
.$1,807,429.71
*30,276.85
$2,136,408.62
4,812.62
—
Net operating revenues
Less:
Depreciation
Operating income
Miscel. expenses & revenue—
Less:
WYOMING
$3,510,360.71
1,373,952.09
revenues
Operating expenses
$1,837,706.56
1,319.70
90,146.38
117,940.29
45,030.00
133,943.86
'
1,967.20
93,610.18
127,627.55
45,030.00
State business tax
(P.
O.
Laramie),
Wyo . — BOND OPTION
GRANTED—It is reported that*the County Commissioners have an¬
nounced that they have made an agreement for a 90-day option on $200,000
refunding court house and jail bonds at 3
%.
ALBANY
$1,153,097.72
Interest on guaranty deposits
Funded debt disc., amortization..
City occupational tax—
Special city tax.........—
6.02
$2,131,596.00
$1,149,045.83
iocal investor.
a
COUNTY
CHUGWATER, Wyo.-BONDS VOTED—OFFERING SANCTIONED
be made at 7 p. m. on April 1, of the
$10,000 not to exceed 4M% semi-ann. water bonds, subject to the outcome
of the election held on March 21, as noted in these columns recently—
V. 146, p. 1930—we are informed that the bonds were approved by the
voters, the count being 64 to 12, thereby ratifying the scheduled sale.
Dated April 1, 1938.
Due from June 1, 1940 to 1953 incl.
Bids will be
received by Carl Good, Town Clerk.
—In connection with the offering to
144,502.76
Net operating income
.... —
Interest on revenue bonds x—
—
-
CANADA
Ont.—BOND SALE—An issue of $15,000 4% improvement
bonds, due in from 1 to 20 years, was sold to Isard, Robertson & Co. of
DELHI,
$1,537,426.06
$300,280.50
Total deductions
Net income
Merchandise sales and wiring..
Total kilowatt hours billed
_.
$1,565,835.41
$565,760.59
88.41
$551,637.87
$575,777.56
4.38
309,693,004
331,173,583
6.94
ETOBICOKE TOWNSHIP (P. O. Islington), Ont.—TOREXCHANGE
29,748
95,614
32,132
8.01
BONDS—J. R. Berry, Township Treasurer, is? ad vising holders/of past due
debentures to forward them on or before March 31 to the Royalf Bank of
Canada, Toronto, "with instructions tojhave same delivered upon payment
thereof."
Interest will not be paid on the debentures after March 31.
...
-
Ranges in service (Dec., 1937)--.
London, Ont.
96,880
1.32
Credit,
x Not
including construction interest.
For the year 1936
light fund paid for this purpose $518,984.75 and $463,571.47 for the
Total number accounts (Dec.,
*
the
1937)
According to press advices, the announcement follows conclusion of an
agreement with holders of past due township bonds tolexchange them for
4obligations.
1937.
year
WISCONSIN
new
Wis.—BOND SALE DETAILS—In connection with the
bonds to liarley, Haydon
columns—V. 146, p. 1930
—it is stated by the Village Clerk that the bonds were sold as 4s, paying
a premium of $1,261, equal to
106.636.
Due serially in from one to 20
years after date.
BALDWIN,
MONTREAL, Que.—BOND SALE DETAILS—In connection with the
sale of the $19,000 coupon sewage disposal system
& Co. of Madison, on March 10, as noted in these
previous report in these columns?of the sale by the cityjonfan option basis,
of $5,000,000 various pin-poses bonds to'an account including W. C. Pitfield
& Co., C. J. Hodgson & Co. and Savard,*Hodgson & Co., Inc., we learn
that the total includes $2,500,000 3MsrandI$2,500.000?4s.9 Financing was
accomplished by the city on a semi-private basis, various'houses* having
been invited to submit bids.
On the?basisTof the7terms in)the/accepted
EAU CLAIRE COUNTY (P. O. Eau Claire). Wis.—FINANCIAL
STATEMENT—The following official information is furnished in connec¬
tion with the offering scheduled for March 29 of the $250,000 current ex¬
offer, the money will cost about 3.974%. A tender madeiby^thejBank
Montreal and associates figures an interest cost of 4.144%.
series H, bonds, described in our issue of March 12.
by resolution of the County Board of Supervisors, dated
by Section 67.155 of the statutes.
highway
improvement
bonds
retire as follows with the county's share of the State gas tax: $75,000 in
October, 1938; $100,000 in October, 1939.
$125,000 building improve¬
ment bonds retire $8,000 each year from 1937 tq 1946 and $9,000 in 1947
to 1951.
$30,000 building improvement bonds retire $2,000 each year
for 12 years, beginning April 1, 1938; $3,000 each year for two years, be¬
ginning April 1, 1950.
Eau Claire County has a temporary loan of $60,000 which will be paid
pense,
NEW BRUNSWICK (Province of)—SEEKS TO
Authorized
soon
as
funds
New Brunswick Legislature by
This amount has also
received from sale of bonds.
are
placed in the tax levy for
been
Eau Claire County has no other
1937.
indebtedness.
to issue bonds.
Area of Eau Claire County is 648 square miles.
Assessed valuation for
1936, $43,122,860; for 1937, $43,539,410.
Population of county, 41,087.
Eau Claire County has never defaulted.
NOVA
1933
1936
$1,03.5,518
267,384
$1,069,462
290,738
25,000
45,000
62,000
COUNTY
of
$1,112,726
316,847
100,000
Approx. uncollected,
Dec. 31,1937
IOWA
1935
1934
351.901
$1,101,573
levy
County tax
sale
March
Wis.—BOND SALE—The two
for
following is an
the above issues:
Int.
Ilarriman & Co., Chicago, 111
theiri bonds to the Royal Bank at
This plan of settlement was made
by the institutional holders agreeing to exchange their holdings
for new 4&% debentures.
With the situation in Etobicoke Township now cleaned up there are good
indications that a number of the other surrounding municipalities such as
New Toronto, Mimico and Weston will shortly put forward their refinancing
possible
$651.00
Harris Trust & Savings Bank, Chicago, 111--
plans.
Other
Ontario Municipal Board for
not
Brown, Harriman Co
Halsey, Stuart & Co
Harris Trust & Savings Bank
-----
John Nuveen & Co
The Milwaukee Co
*The
Securities
until March
Co.
of Milwaukee
This award will not
25,
2.1%
2.1 %
--2%
2%
in
None
$78.00
179.82
33.00
QUEBEC (Province of)—BILL PROVIDES FOR $50,000,000 LOAN—
introduced in the Legislature, the province would
$50,000,000 for a four-year highway program.
Under the terms of a bill
be authorized to borrow up to
REVELSTOKE, B. C.—BOND SALE—An issue of $22,000 4% improve¬
bonds has been sold to Laurence Smith & Co. of Vancouver, at a
ment
1938.
price of 98.30, a basis of
KAUKAUNA, Wis.—NOTE SALE—We
are
informed by the City Clerk
KENOSHA
Due on July 15,1939.
Prin. and int. payable at the Bank
Legal opinion by Chapman & Cutler of Chicago.
and after April 1, 1943, on bonds maturing from 1944 to 1948.
The second highest bid was a joint offer by A. S. Huyck & Co.,
Channer
on
Securities
Co., both
of Chicago,
offering
a
and the
premium of $1,428
3^% bonds.
MILWAUKEE,
of
Wis .—REPORT ON BOND REDEMPTION—Holders
general obligation bonds of the city maturing dining the remainder of
the year are
1940.
being notified in
our advertising columns that they may present
April 15 and receive payment in full and interest
Of the $3,380,000 of bonds becoming due in 1938, $2,880,000
will be affected by the move, $500,000 having matured on Jan. 1.
Bonded debt of the city, after meeting the payments due this year, totals
$25,139,500. compared with the peak of $50,338,000 in 1932.
At the time
the public debt amortization fund was inaugurated in 1923 bonded debt
totaled $28,587,500.
Now the amortization fund approximates $8,000,000,
and it is estimated by city officials that at its present rate of increase it
will equal the bonded debt in 1943.
It now exceeds the bonded debt of 1945.
"The policy the city has established in recent years of financing its
permanent improvements on a cash basis in an amount equal to the dif¬
Ont .—BOND
CATHARINES,
Other bids:
Rale Bid
Bidder—
COUNTY
(P. O. Kenosha), Wis.—BOND SALE—The
$400,000 issue of poor relief, series of 1938 bonds offered for sale on March 22
—V. 146, p. 1760—was awarded jointly to Brown Harriman & Co., Inc.
and Farwell, Chapman & Co., both of Chicago, as 3 j^s, paying a premium
of $1,200, equal to 100.30, a basis of about 3.445%, to maturity.
Dated
April 1, 1938.
Due $40,000 from April 1, 1939 to 1948 incl. Optional on
Due in from 1 to 10 years.
about 4.14%.
SALE—The Dominion Securities
Corp, and the Imperial Bank, jointly, were awarded an issue of $18,000
214% Ontario Housing Loan refunding bonds at a price of 100.31, a basis
of about 2.05%.
Dated March 1, 1938 and due 9,000 each in 1939 a
ST.
$75,000 coupon corporate purpose notes authorized recently by
the Common Council, as noted nere—V. 146, p. 1930—were purchased by
T. E. Joiner & Co., Inc. of Chicago, at 2%.
Denom. $5,000.
Dated
of Kaukauna.
but it is expected that bondholders will be informed
Fort Erie and Pembroke have refunding
all are said to be in the advance stage of
Kingsville,
negotiation.
that the
March 3,1938.
yet been announced,
the near future.
plans under advisement and
27.60
.-_2%
17.00
214%
103.60
having submitted the best bid was
be approved by the County Board
—__
Paine, Webber Co.
awarded bonds.
--..„1$^%
are also said to be ready to announce
This week Leamington secured approval from the
its refinancing plan. The date of exchange has
defaulting municipalities
their refunding plans.
ment Bonds.
♦The Securities Co. of Milwaukee
,
of past due debentures should forward
Toronto up to March 31 for payment.
l%%
♦The Securities Co. of Milwaukee, Wis
year,
ONTARI O (Province of)—PROGRESS REPORTED IN SOLUTION OF
March 19 issue of the "Monetary Times" of
the following:
With negotiations having reached a satisfactory level substantial progress
towards the removal of a number of Ontario municipalities from default
was recorded during the current week.
Official notice was given this week that Etobicoke Township had reached
a settlement with its bondholders, announcement being made that holders
326.00
30.00
_--__2%
395.00
Halsey, Stuart & Co., Chicago, 111
2%
36.50
The Milwaukee Co., Milwaukee, Wis.-..2%
408.00
JohnNuveen & Co., Chicago, 1112%
124.10
Bids received on the $54,000.00 series C Iowa County Highway Improve¬
Brown
sinking funds,
beginning Dec. 1 last, leaving.a surplus of
Toronto contained
Premium
2
%
2.1%
Paine, Webber & Co., Chicago, 111
his
L. Macdonald
BALANCE—In
LOCAL DEFAULTS—The
official tabulation of the tenders
Name
IN
increase of $557,734 over that of the last
highest in the province's history.
This year the estimated
expenditure is $612,224 more than that of last year.
21—V.
LIST OF BIDS—The
received
$11,646,062 for the fiscal year
fiscal
(P. O. Dodgeville),
of)—BUDGET
The estimated revenue is an
of highway
on
(Province
$7,898.
improvement bonds aggregating $127,000, offered for
146, p. 1760—were awarded to the Securities
Co. of Milwaukee, as follows:
$73,000 Series B bonds, as ll^s, paying a premium of $30, equal to 100.04, a
basis of about 1.74%.
Due on March 1 in 1943 and 1944.
54,000 Series C bonds as 1 ^s, at par. Due on March 1 as follows: $24,000
in 1944, and $30,000 in 1945.
issues
SCOTIA
budget speech in the Legislature,'Premierfandi Treasurer A.
estimated revenue of $11,653,961 and expenditures, including
.Tax Levies
Total
CURB MUNICIPAL
of a resolution introduced in the
Attorney GeneralJJ.JB. McNair.lthe'municipalities committee in the future will not place its appro valjonj any? bills
authorizing city, town or municipal bond issues'until itshadlfirst? examined
carefully the financial status/of suchfcity, townfor municipality.
► •
The object is to preserve the credit and integrity of debenture issues of
municipalities of New Brunswick.
Bringing it into force will place added responsibility"upon the depart¬
ment of Federal and Municipal Affairs, which is presided!over* by Hon.
A. P. Paterson.
This Department will be required tolfurnish the municiaplities committeelwith a detailed statement of the financial responsibility
of each municipality, city or town applying to the Legislature for authority
DEBT INCURRENCE—Under!the terms
Feb. 21,1938, according to powers granted
Other
Bonded
Indebtedness—$175,000
as
of
Wood, Gundy & Co-w—---—
— —
-.100.18
*00.18
R. A. Daly & Co
------Midland Securities Co_--_----__-- —-----------------------
-
Dyment, Anderson & Co
100.16
100.11
*00.09
100.08
*00-02
Lampard, Marston & Co..
Bell, Gouinlock & Co.
T. E. Rogers & Co
—
99.156
Lamont & Co
F. L. Craig-
-
------
99.125
'
CORPORATION, Que.—INTEREST
PAYMENT—The Quebec Municipal Commission has authorized payment
of interest due Jan. 1, 1938, on bonds of the school corporation.
ST. JOSEPH d'ALMA SCHOOL
their bonds for payment on
to
maturity.
ference between the taxes levied to meet payments on principal and interest
on the bonded debt in former years, as compared to the
requirements in
the current year,
resulting in a reduction of 50% in the cost of such per¬
manent improvements, is being copied by other cities," asserts William H.
Wendt, city comptroller.
"Continuation of this policy should result in a
reduction of $2 per $1,000 of assessed valuation in the
city's!tax rate at the
time the bonded debt is eliminated, and provide for permanent improve¬
ments annually financed on a cash basis without the resultant interest
burden of approximately $4,000,000.
i*:
"If this policy had been followed throughout the history of the city of
Milwaukee, a saving of over $50,000,000 would have resulted, equal to
axes levied for general city purposes for
2% years."
THREE RIVERS, Que.—BOND SALE—The issue of $471,600 improve¬
21—V. 146. p. 1930—was awarded to a syndicate
ment bonds offered March
composed of Banque Canadienne Nationale'of Montreal, A. E. Ames &
Co., Toronto, Credit Anglo-Francais, Ltd., Montreal, Dominion Securities
Corp., Toronto, Rene T. Leclerc, Ltd., and Savard, Hodgson & Co., both
of Montreal, and Wood, Gundy & Co. of Toronto, as 4s. at a price of
98.58, a basis of about 4.21%.
Dated Nov. 1, 1937 and due annually in
15 years.
Principal and interest (M. & N.) payableIat*holder's
the chief office of the Banque CanadienneJNationale, Montreal,
of the branches
Quebec.
option.
of said bank in the Cities of ThreeSRivers,
Denoms.
$100
or
option at
orJatrany
Montreal or
in multiples of that amount at purchaser's
ADDITIONAL BIDS—
Rate Bid
Bidder—
Dube, Leblond & Co., Clement, Guimond, Inc., J. E.
Ltd., Paul Gontheir,& Co. and Bruno!Jeannotte
L. G. Beaubien & Co. and Hanson Bros., jointly
x
Laflamme,
98.28
x99.00
Bid for 60-day option.
VILLEROY, Que.—INTEREST PAYMENT—Payment of interest due
1, 1936, has been authorized), by theiQuebec Municipal
June 1 and Dec.
Commission.
Volume
Financial
146
Chronicle
in
Exempt from all Federal, State, municipal and local taxes, except surtaxes, estatef
gift and inheritance taxes.
'
AEW ISSUE
823,500,000
Federal Home Loan Banks
Five-Year 2% Consolidated
Dated
Debentures, Series D
NON-CALLABLE
April 1,1938
Due April lt 1943
Price 100
issued under authority of the Federal Home Loan
the joint and several obligations of the
12 Federal Home Loan Banks, designated below.
These debentures
are
Bank Act and
are
FEDE15AL
HOME
LOAN
BANK
OF
FEDERAL
HOME
LOAN
BANK
OF
NEW
FEDERAL
HOME
LOAN
BANK
OF
PITTSBURGH
FEDERAL
HOME
LOAN
BANK
OF
WINSTON-SALEM
FEDERAL
HOME
LOAN
BANK
OF
CINCINNATI
BOSTON
YORK
FEDERAL
HOME
LOAN
BANK
OF
INDIANAPOLIS
FEDERAL
HOME
LOAN
BANK
OF
CHICAGO
FEDERAL
HOME
LOAN
BANK
OF
DES
'
MOINES
FEDERAL
HOME
LOAN
BANK
OF
LITTLE
FEDERAL
HOME
LOAN
BANK
OF
TOPEKA
FEDERAL
HOME
LOAN
BANK
OF
PORTLAND
FEDERAL
HOME
LOAN
BANK
OF
LOS
ROCK
ANGELES
Copies of the prospectus may be obtained from investment dealers
in this city, or from the undersigned.
The Federal Home Loan Banks
Everett Smith, Financial
Representative, 31 Nassau St., New York City
Dividends
PACIFIC GAS AND ELECTRIC CO.
Province
DIVIDEND NOTICE
Common Stock Dividend No. 89
A cash dividend declared
by the Board
of Directors on March 9, 1938, for the
Notice
to
not
to
be closed.
San Francisco, California.
Province.
near
DEPARTMENT^
Pittsburgh, Pa., March 22, 1938.
declared
a
dividend
M.
Republic with respect to this debt of the
These negotiations should be concluded in the very
future when
a
further
announcement
will be made.
the Province.
of
twenty-five cents (25c.) per share on the Com¬
mon Stock, payable April 28, 1938, to all holders
of record April 9, 1938.
Cheques will be mailed.
OLIVER
Law of the
foregoing, bondholders are requested to defer
the presentation of the above bonds until the date fixed in such
subsequent notice which will be made prior to June 1, 1938, the
next interest payment date on the outstanding dollar Bonds of
STORES, Inc.
have
statement outlining a proposed
In view of the
Common Dividend No. 70 j|
Directors
a
Mendoza to cover the arrangements to be entered into between
the Province and the National Government under the Unification
of Taxes
The
of External 7.50% Secured Sinking Fund
1937 the Province of Mendoza
Readjustment Plan
for its outstanding dollar Bonds.
In this statement it was indi¬
cated that negotiations were in progress between the National
Government of the Argentine Republic and the Province of
published
Foote, Secretdry-Treasurer.
KAUFMANN
Holders
Under date of November 22,
shareholders of record at the close of
business on March 31, 1938. The Trans¬
D. H.
Mendoza
Gold Bonds, dated December 1,1926, due June 1,1951.
ending March 31, 1938, equal
2°lo of its par value, will be paid upon
the Common Capital Stock of this Com¬
pany by check on April 15, 1938, to
quarter
fer Books will
of
(Argentine Republic)
The Foreign Bondholders Protective Council, Inc. is being
kept advised of the progress of the negotiations between the
KAUFMANN, Treasurer.
National Government and the Province.
EDMUNDO CORREAS
SOUTHERN
CALIFORNIA
EDISON
COMPANY, LTD.
Los
Minister of Finance, Province
*
March
Angeles, California
The
regular quarterly dividend of 37He. per
the outstanding Common Stock (being
Stock Dividend No. 113) was declared
on March 18. 1938 for payment on May
15, 1938,
to
stockholders of record
on
April 20, 1938.
Checks will be mailed from Los Angeles May 14th.
share
on
Common
B.
T.
STORY, Treasurer.
|
25, 1938
of Mendoza.
Financial
IV
YALE
THE
March
Chronicle
1938
26,
TOWNE
&
MANUFACTURING COMPANY
REPORT—1937
ANNUAL
New York,
To the
In
March 21, 1938.
Stockholders:
and Surplus Accounts
and its major subsidiaries for the
Sheet of the Company
certificate of our auditors. For ease in reference, the
numbered.
Explanations in the following report also
carry numbers to tie the written comments to the various Income and
Surplus and Balance Sheet Items.
1937, with the
year
statements are
two
COMPARATIVE STATEMENT
OF INCOME AND SURPLUS
1936
1937
...$18,948,286.59 $15,302,661.44
2.
Net Sales
*Cost of Sales—Factory cost, selling,
administrative and general expenses
3.
Net Profit before
1.
17,049,058.03
287,793.34
268,843.54
of Federal Surtax on
Undistributed Profits for 1937 and
$94,974.67 for 1936)
1,729,457.00
685,941.79
Profit
Net
(from
100,000.00
1.326,080.11
for foreign
exchange contingencies)
Add:
10.
11.
Earned
1st
Earned Surplus—January
Surplus
before
the
*-$ 4,517,045.97 $ 3,812,029.90
following
5,023,149.20
5,843,126.08
charges
Deduct:
Adjustment in connection with the
conversion of net current assets
in foreign countries
Profits or Losses on sales of invest¬
ments during the year and adjust¬
ment to the lower of cost or mar¬
12.
13.
7,825.75
486,656.00
486,656.00
Cash Dividends_
Total Charges to
15.
11,621.48
135,113.50
December 31st
359,038.56 $
Earned Surplus_$
31st
5,484,087.52
31st (wholly
17.
Earned Surplus—December
Capital Surplus-—December
paid in)
18.
Surplus—December 31st
16.
7,496.06
held at
value of investments
ket
1 ^.
-;|"
Depreciation
20.
Maintenance and
COMMENTS ON
;
506,103.23
4,517,045.97
essential
Company's future purchase commitments were immaterial.
Total Current Assets of $11,693,369 increased $928,071 from
of 1936.
Reference to Item 35 will show Current Liabilities of
$1,765,914 which results in a ratio of Current Assets to Current Liabilities
.
The
end
$997,913 was spent during 1937 for modern production machin¬
tools and equipment throughout the Company and new buildings at
Philadelphia and Willenhall, England, for the extension of our materials
handling equipment lines.
The Company is now manufacturing, as well
as selling, in Great Britain YALE chain blocks (hoists) and hand lift trucks.
After depreciation and disposals of obsolete equipment, the net increase
in. the Plant Account was
"
■
'■
1
433,863.48
417,828.24
782,990.38
649,719.49
AND SURPLUS STATEMENT
INCOME
Comparing 1936 with 1937,
year
was
of $3,645,625 amounting to 23%,
volume improvement in every
a
the net sales increase for the
was encouraging, especially as there
plant, both domestic and foreign,
line of product.
Great effort was made to find new
outlets.
The Company's sales policy is based on the idea that our pro¬
ducts must be acceptable in function, design and quality; that they must
be fairly priced; that service must be as rapid as is consistent with reason¬
able manufacturing efficiency; and that our relations with customers must
cooperative and friendly.
An income tax load for 1937, of $685,941 ($267,604 more than
1936) was a heavy one to bear.
That portion ($167,124)
United States Federal Surtax on Undistributed Profits approached con¬
fiscation.
A law which attempts to force the distribution of a
representing the
cX
has afforded an unusual test of the ability and loyalty
who make up the factory, accounting and sales force.
level of devotion to duty and the commensense which have been
exhibited are not only encouraging to the officers but are deeply appreciated
by them.
The times do not allow any well founded forecast covering operations.
However, there is no reason to doubt that the Company will obtain its
full share of the business in its fields and that orders received will be pro¬
duced and delivered in a manner to build further goodwill among our trade.
In doing this, every attention will be given to developing a still stronger
organization in which every element will be treated with justice and con¬
sideration.
The shareholders' rights and interests, which run parallel with
those of the employees, certainly will not be overlooked.
By order of the Board of Directors.
W. GIBSON CAREY, Jr.,
The past year
President.
WALTER C. ALLEN,
Chairman of the Board.
COMPARATIVE
BALANCE SHEET
ASSETS
.
Dec. 31, 1937
$ 1,353,396.47
21.
Cash
22.
Marketable Securities—at
23.
Receivables.
Lower of Cost
24. Merchandise
Inventories—at Lower of
$11,693,369,91 $10,765,298.43
Total Current Assets
Employees' Loans for Stock
Purchases (Secured)
and Home
27.
28.
Investments in and Advances to
sidiaries and Other Companies
Trademarks, Patents and Goodwill
Prepaid Insurance, Taxes, etc
for Depreciation__
$ 7,963,693.70 $
29.
represents no ascertained loss.
It is rather a
conservative financial policy which the Company
follow.
The total of this reserve (see Item 36 on
Sub¬
586,562.06
1.00
94,783.73
68,178.92
...$20,559,594.74 $19,210,206.60
Dec.
Payable
3J. Dividends Payable January
country
were
unnecessarily disturbed due to
36.
37.
or
our
also to the unlawful action
In fact, because of this latter
case
all of the other employees.
The net profit per share in
1936 and $.98 in
1937 was $2.72 as
compared with $2.49 in
1935.
of foreign divisions were calculated at the average exchange
rate existing during the year, except in Germany where the old par
$.238 to the Reichsmark was used.
Item 12.
The surplus deduction of $7,496 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 by us for several years.
The Company's net current assets in Germany at the end of 1937 were
$1,177,263.
Tnis figure is mentioned because a free exchange does
exiSt in that country.
The earnings
of
not
The $135,113 figure shown in this item, covering investments,
is an addition to surplus.
A profit of this amount resulted from
of securities during the year.
Item 14.
Dividends of $1.00 per share were paid in
and of $.60 per share in 1935.
Item 13.
the sale
both 1936 and 1937,
Item
18.
Surplus increased
$967,041 during the year, to a
total of
$6,252,279.
buildings and machinery adequately,
$782,990 was spent in 1937.
This represented an advance of $133,271 for
this purpose over 1936.
The Company policy is to keep its equipment in
adequate and competitive condition.
Item
20.
In order
to maintain
COMMENTS
ON BALANCE
(See below)
SHEET
connection
(1,000,000 shares of $25.00 par
Issued—486,656 shares
200,000.00
12,166,400.00
value)
12,166,400.00
768,192.37
768,192.37
5,484,087.52
Earned
$
4,517,045.97
6.252,279.89 $
5,285,238.34
$20,559,594.74 $19,210,206.60
Total
OF DIRECTORS,
TO THE BOARD
MANUFACTURING COMPANY.
Consolidated Balance Sheet of The Yale
major subsidiaries as at December 31,
1937, and of the related Consolidated Statement of Income and Surplus for the year
ended December 31,1937.
In connection therewith, we examined or tested account¬
ing records and other supporting evidence and obtained Information and explanations
from officers and employees: 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
YALE
THE
&
We have made an
& Towne
detailed audit of the
We
TOWNE
examination of the
Manufacturing Company and its
also
transactions.
records of the minor subsidiaries not
subsidiaries not consolidated exceed, by a
advances to such subsidiaries, and the
examined the general corporate
consolidated.
The aggregate equities in
moderate amount,
the Investments in and
operating results of these subsidiaries for 1937 have
the Company's accounts.
The current assets and current liabilities in foreign
been substantially
reflected In
countries have been converted
at $4.50 for the pound sterling, S.90 for the Canadian dollar, and $.238 for the
German Reichsmark, these rates being considerably below the quoted rates at De¬
cember 31, 1937.
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 $8,713,318.08 against
possible losses, depreciation and obsolescence.
The Company's practice in calculating the profit or loss of foreign Divisions is
using the average exchange rates existing during the
German Reichsmark which has been taken at the old
1935 to 1937 inclusive.
In our opinion, based upon such examination, the foregoing Consolidated Balance
Sheet and related Consolidated Statement of Income and Surplus, together with
the above comments, fairly present, in accordance with accepted principles of
accounting consistently maintained by the Companies, the position of The Yale &
Towne Manufacturing Company and its major subsidiaries as at December 31, 1937
and the results of their operations for the year.
BARROW, WADE, GUTHRIE & CO.
year except
\Included in the December 31, 1937 cash item of $1,353,396
is $308,726 of German deposits as against $160,130 at the end of the pre¬
vious year.
These amounts, figured at $.238 to the Reichsmark, are men¬
tioned as they do not represent liquid funds, except for use in Germany itself.
Item 22.
The depletion of the Company's securities, which declined from
$1,507,512 in 1936 to $504,000 in 1937, should be considered in
with the increased inventory mentioned below.
This weakening of our
investment position and the clouded prospects for 1938 were naturally
weighed carefully when the Directors determined the final dividend disburse¬
1937.
375,000.00
accepted one of
in the case of the
the generally
Item 21.
ment in
586,101.98
1,765,914.85 $ 1,558,568.26
Surplus
Capital
39.
899,467.88
72,998.40
$25,000,000.00
Authorized
38.
Dec. 31,1936
870,683.16
tingencias
Capital Stock
35.
unwise legislation, and
of outside agitators never in our
employ.
condition our small Detroit plant
was closed permanently.
Prices for raw materials fluctuated wildly. Our
business declined considerably during the latter part of the year, in com¬
mon with the trend in all similar companies.
The tax burden increased.
The net of all this can be expressed briefly by saying that your Company
was penalized by unhappy trends beyond the control of the management
in
3rd-.
Taxes and Other Accruals..
Total Current Liabilities
—$
Reserve
for
Foreign Exchange Con-
31,1937
822,233.29 $
72,998.40
$
32. Accounts
is not in
the
-
LIABILITIES
$375,000.
Net profit for 1937 of $1,326,080, which is $114,961 over 1936/
proportion to the better sales shown in Item 1, and the increase
in inventory which will be commented upon in Item 24.
Several important
factors should, however, be borne in mind.
Labor conditions throughout
Total
31.
7,523,672.33
653,074.44
1.00
34. Reserves for
Item 9.
266,493.86
15,606,650.61
8,082,978.28
154,671.96
(16,319,872.83
8,356,179.13
Plant and Equipment
Less: Reserve
2,616,089.15
5,328,901.49
7.252,333.35
Cost or Market.
30.
reflection of the sound and
has always tried to
Balance Sheet) is now
200,000.00
s..l
Accounts.
$ 2,583,640.09 $
25.
1,312,795.36
1,507,512.43
2,816,089.15
/ 2,783,640.09
200,000.00
-
I
Less: Reserve for Doubtful
Dec. 31, 1936
$
504,000.00
Market
or
company's
of
in
1937 is
The high
profits without regard for the condition or needs of that concern
cer¬
tainly grossly unfair to stockholders, employees and customers
Naturally the Directors in determining on the dividends, which of course
affected the amount of this tax. considered most carefully every aspect
the Company's business.
It i&lfelt strongly that the policy adopted was
the long term interest of everydne concerned.
Item 8.
The foreign exchange contingency reserve of $175,000 for 1937
is
alike.
Never¬
wise to
the men and women
in
Item 6.
exchange con¬
GENERAL COMMENTS
latter
and in nearly every
be
$440,021.
blanket reserve for foreign
It is hoped that the
Item 36.
tingencies ($375,000 at December 31, 1937) may never be required.
theless, the building up of this reserve from year to year has seemed
both your directors and auditors.
Item 38.
The surplus increase of $967,041 (see Item 18) for
encouraging.
This compares with the 1936 increase of $705,016.
{See above)
Item 1.
1.
of 6.6 to
ery,
768.192.37
j—----
Repairs
doubtful accounts is not against
It is rather a blanket
which have been written off.
receivables.
$
768,192.37 _$_
$ 6,252,279.89 $ 5,285,238.34
♦Including:
19.
$200,000 reserve for
The
23.
protection against unforeseen contingencies in connection with
Item 2J).
Throughout the year close attention was given to the entire
inventory problem.
With orders rising rapidly during the forepart of the
year, with a growing difficulty in obtaining raw materials and with the
possibilities of labor difficulties in our American Divisions, it was
to increase inventories to protect deliveries to customers, who after all
are the best friends of both our stockholders and our employees.
Inventory values were conservatively figured after writing off all obsolete
1,211,119.30
operations
ordinary
after deducting Reserve
1,311.119.30
175,000.00
contingencies
418,337.70
1,501.080.11
ordinary operations—
Deduct: Reserve for foreign exchange
Net Profit from
9.
Item
known bad debts, all of
Item 27.
In¬
$167,124.78
8.
the
Item 25.
Deduct: Provision for Federal, State
and Foreign Income taxes (including
7.
the future to strengthen
unremitting effort in
essential.
the
be¬
Taxes
come
1,460,613.46
2,187,021.90
Net Profit from ordinary operations
fore Federal, State and Foreign
6.
an
product.
Add: Miscellaneous Income, Dividends
and Interest received Jess charges
for 1937, $986.49 and 1936, $969.41
5.
13,842,047.98
1,899,228.56
Miscellaneous Income,
etc
4.
to
of
the Consolidated Income
Directors submit
Your
and the Balance
addition
Company generally and to expand it soundly, the maintenance of an ade¬
quate security and cash position will not be overlooked.
For the good
everyone connected in any way with the Company, strong finances are
par
of $.238 for years
New York,
N. Y., March 9.
1938.
Accountants and Auditors.
Volume
Financial
146
Chronicle
VII
The "Monthly Earnings Record"
Shows in addition to the latest
•
returns of
Commerce Commission
in
supplementary
a
monthly, quarterly and semi-annual
earnings, all of the items in detail that the Interstate
with other items,
now
requires the railroads to file monthly
This
statement.
fixed
statement
shows, along
^harges, other income, dividends,
as
well
selected Balance Sheet items. All of the monthly, quar¬
terly and semi-annual returns of Public Utility, Industrial and
Miscellaneous companies are still continued.
as
many
STEAM RAILROADS
PUBLIC UTILITIES
INDUSTRIAL and MISCELLANEOUS COMPANIES
Nothing. Like It Ever Published
The March
number, containing the statements fox January, 1938,
and the twelve months of 1937, was
published March 24.
SUBSCRIPTION PRICE
SUBSCRIBE FOR
SINGLE COPIES $1.00
MONTHLY EARNINGS
$6.00 PER YEAR
Foreign Postage Extra
'
RECORD
WILLIAM B. DANA CO.
SPRUCE
25
Opportunity for
of
tor
an
NEW
STREET
YORK CITY
origina¬
deals requiring
public
financing, reorganizations,*
himself
etc.
to
an
experienced
connect
known
with
and
well-
financial
consultant.
Remuneration
contingent.
Box
25
S-15, Financial Chronicle,
Spruce Street,
New
York
But treatments must
City.
be started in time
FOR
Cancer
SALE
Control interest State bank
tral
Wisconsin
FDIC.
All
fidential.
town,
cen¬
now costs
America 140,000 lives
You may save one
Member
correspondence
con¬
Address Box 48
helping
care
Commercial and Financial
Chronicle.
be
can
in
to
time.
Call
at
of these lives in 1938 by
spread the information that
cured, but
First,
treatments must
inform
130 East 66th
"Expandit" Binder
Periodicals
Street, New York
For the #1
enclosed, send me a year's subscription to the
Committee's new publication of information, "The Quarterly
Review." Also send a supply of labels for my packages.
A ddress
Price
City
Or mail this coupon.
Name—
ORDERLY
In sizes up to
yourself thoroughly.
New York City Cancer Committee
The
your
cancer
be started
The Red Door of the New York
Cancer Committee.
Keeps
a year.
-
13x8 H inches
$2.00 each
Plus postage
If you are not a resident of New York City, write for information to the American
Society for the Control of Cancer, 1250 Sixth Avenue, New York.
Prices for larger sizes
on
application
The "EXPANDIT"
25
Spruce St.,
New
THE NEW YORK CITY CANCER COMMITTEE
of the AMERICAN SOCIETY FOR THE CONTROL OF CANCER
Binder
York City
i
F. H. PRINCE & CO.
March
Chronicle
Financial
VIII
Established
1866
JamesTalcott,Inc.
H. Hentz & Co.
BANKERS
]
rr^
BOSTON, MASS.
Members
York
New
New
HIGH-GRADE INVESTMENTS
Exchange
Cotton
Board
Chicago
"
'
j1 actors
Exchange
Curb
York
Winnipeg
Members New York & Boston Stock Exchanges
Stock
York
New
1
1938
26,
Exchange
Trade
of
Grain
Exchange
1854
<
1938
New Orleans Cotton Exchange
And other Exchanges
Fourth Avenue,JNew York
225
"The Factor's Almanac"
N.
Wellington & Co.
Cotton
Y.
'
•
;
#
,
•:
'
.
DETROIT
AMSTERDAM
PITTSBURGH
PARIS
LONDON
FINCH, WILSON & CO.
Broadway
Members New York Stock Exchange
YORK
NEW
>
.
GENEVA
120
'
YORK
DALLAS
MIAMI
4
request
Exchange Bldg.
NEW
BOSTON
Members New York Stock Exchange
on
Stocks
LAMBORN & CO., INC.
Bonds
and
99 Wall Street, N. Y. C.
OTTO FUERST & CO.
1
Members New York Stock Exchange
and Individuals
Export—Imports—Futures
U. S. Panama 3m, 1961
DIgby 4-2727
Territorial Issues
0.
120
Broadway
Commission Orders Carefully
Executed
for
Institutions
SUGAR
.
120
Broadway, New York
■
New York
Foreign
BANK OF MONTREAL
Foreign
Australasia and New Zealand
Royal Bank of Scotland
Established l8l7
BANK OF
-
NEW SOUTH
Head
Ooer
Montreal
Office
(ESTABLISHED
Paid
Up Capital..
Capital
Total
.
$36,000,000
Undivided Profits
Assets
Excess
in
of
Charles
Sir
Reserve
Liability of Proprietors
C.
A.
Australian
Jackson Dodds
—
G. W. Spinney
DAVIDSON, General Manager
BRANCHES
AND
States,
and
In London:
47
Office:
Agencies
47
(San
333
Capital (fully paid)
£69,674,161
Associated Bank,
the U. S.
A.
NATIONAL BANK
California
NATIONAL BANK OF NEW ZEALAND, Ltd.
of EGYPT
Established 1872
Head Office
Chief Office in New Zealand: Wellington
the canadian bank
Office: 8
Moorgate, London, E.
1867
Paid-Up Capital
Eng.
£6,000,000
Reserve Fund
The
$30,000,000
FULLY
PAID
CAPITAL
£3,000,000
.
£2,000,000
Capital
Bank
RESERVE FUND
....
3,000,000
£1,000,000
Currency Reserve
Rstablished
C, 2,
Subscribed Capital
TORONTO
Cairo
.......
P. R. M. Hanna, General Manager
Head
Paid up
of commerce
OFFICE:
£4,038,616
Deposits
Wall St.;
Street.
HEAD
£3,780,192
Reserve fund
Williams Deacon's Bank, Ltd.
Street, E.C. 2
Bank of Montreal
Francisco),
DEPARTMENT
Berkeley Square, W. 1
E.C. 2;
Place, S.W. 1.
Francisco:
FOREIGN
Bishopsgate, London, England
Offices-
Chicago: 27 South La Salle St.:
San
3
Agency Arrangements with Banks throughout
Threadneedle St.,
In the United States—New York, 64
the
George Street, SYDNEY
29 Threadneedle
Newfoundland—
9 Waterloo
in
Zealand, Fiji, Papua,
Mandated
Territory
of
New
Guinea,
and
London.
The Bank transacts every description
of Australasian Banking Business.
Wool and
other Produce Credits arranged.
Head
More than 500 Branches.
AGENCIES
New
London
Branches and
OFFICE—Edinburgh
Total number of offices. 254
CHIEF
830
General Managers
Banking
William Whyte
Gordon, G.B.E.
Drummond, Esq.
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G.
W. A. Bog, Esq.
Commercial
General Manager
Aggregate Assets 30th Sept., 1937.£123,145,000
R.
H.
of
HEAD
£23,710,000
Vice-Presidents
Canada
Years
£8,780,000
6,150,000
8,780,000
;
$800,000,000
President
In
200
$40,164,863
-
....
and
1817)
.
Reserve Fund
Rest
Incorporated by Royal Charter 1727
WALES
conducts
every
£500,000
description
LONDON
of banking
business connected vrtth New Zealand.
6 and
AGENCY
7, King William Street, E. C. 4
Correspondents throughout the World
Reserve
20,000,000
Branches in all the
London Manager, A. O. Norwood
principal Towns in
This Bank is in close touch with
the
commercial
and
financial
of Canada and is well
serve
corporations,
dividuals
interested
in
in
every
Canadian
important
Trinidad.
Hong Kong & Shanghai
BANKING
Authorized Capital (Hongkong
Exchange PI. & Hanover St.
Currency) H$50,000,000
Paid-up Capital (Hongkong Currency)___H$20,000,000
Reserve Fund in Sterling
£6,500,000
Reserve
Fund
in Silver
(Hongkong Cur¬
rency)
Reserve
——HJ10.000.000
Liability
A.
AGENCY
CORPORATION
Incorporated in the Colony of Hongkong. The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
of
kong Currency)
YORK
the
SUDAN
equipped to
and in¬
city and town in Canada and New¬
foundland,,also in Portland, Oregon;
San Francisco;
Seattle; Los An¬
geles; London, England; Havana;
Kingston, Jamaica; St. Pierre in
St. Pierre et Miquelon; Bridgetown,
Barbados,
and
Port
of
Spain,
NEW
and
firms
business.
Branches
EGYPT
life
72
G.
WALL
Proprietors
(Hong¬
.__.H$20,000,000
KELLOGG, Agent
STREET, NEW YORK
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in Kenya
and Uganda
Head Office- 26,
Branches
in
Bishopsgate, London, E. C.
India,
Burma, Ceylon,
Colony and Aden and Zanzibar
Subscribed Capital
Paid
Up Capital
£2,000,000
_
£2,200,000
The Bank conducts every description
and exchange business
and
of banking
Executorships
undertaken
Kenya
£4,000,000
.
...
Reserve Fund
Trusteeships
Colony
also
@FedFRASER